TOTAL : Third quarter and first nine months 2012
TOTAL : Third quarter and first nine months 2012
Business Wire
PARIS -- October 31, 2012
Regulatory News :
TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT) :
Change Change
3Q12 9M12
vs 3Q11 vs 9M11
Adjusted net income^1
* in billion euros (B€) 3.3 +20% 9.3 +7%
* in billion dollars (B$) 4.2 +6% 11.9 -3%
* in euros per share 1.48 +19% 4.10 +6%
* in dollars per share 1.85 +5% 5.25 -3%
Net income^2 of 3.1 B€ in 3Q12 and 8.3 B€^3 in the first nine months of
2012
Gearing ratio of 20.8% at September 30, 2012
Hydrocarbon production of 2,272 kboe/d in 3Q12
Interim dividend for 3Q12 of 0.59 €/share payable in March 2013^4
Commenting on the results, Chairman and CEO Christophe de Margerie said:
«Total reported adjusted net income of 3.3 billion euros for the third quarter
2012, an increase of 20% compared to the third quarter 2011, reflecting good
performance across all segments.
In Upstream, the Group reaffirms its confidence in its outlook for profitable
growth thanks to the ramp-up of recent start-ups and the progress of major
projects in development. Notably, Total launched the development of the Tempa
Rossa field in Italy this quarter. In exploration, the Group is entering a
period rich with high-potential wells, notably in the Gulf of Mexico, Iraq,
Ivory Coast, Kenya and Gabon, and is increasing its acreage in promising
plays.
The quarter was also marked by a sharp increase in refining margins. The
results of Refining & Chemicals increased by 54%, despite a turnaround at the
Normandy refinery which is part of the modernization of one of the Group’s
major integrated platforms and key to its strategy for the segment.
In line with the announced asset sale program, Total continued to optimize its
portfolio during the quarter and, in particular, sold Upstream assets in the
UK and Nigeria. The total proceeds for asset sales since the beginning of the
year reached about 5 billion dollars, including the sale of the Group’s
remaining shares of Sanofi.
These good results and the Group’s discipline reinforced its strong financial
position this quarter. In a responsible and sustainable manner, Total is
improving its competitiveness across all operational segments and remains
focused on creating value through the Group’s new dynamic for growth.»
* Key figures^5
in millions of
3Q12 euros 9M12
3Q12 2Q12 3Q11 vs except earnings 9M12 9M11 vs
3Q11 per share and 9M11
number of shares
49,890 49,135 46,163 +8% Sales 150,193 137,201 +9%
Adjusted
6,540 5,793 5,881 +11% operating income 19,112 18,146 +5%
from business
segments
Adjusted net
3,698 3,124 2,950 +25% operating income 10,079 9,214 +9%
from business
segments
2,891 2,560 2,388 +21% -- Upstream 8,507 7,750 +10%
564 383 367 +54% -- Refining & 1,008 813 +24%
Chemicals
243 181 195 +25% -- Supply & 564 651 -13%
Marketing
3,348 2,858 2,801 +20% Adjusted net 9,280 8,699 +7%
income
Adjusted
1.48 1.26 1.24 +19% fully-diluted 4.10 3.86 +6%
earnings per
share (euros)
Fully-diluted
2,268 2,264 2,261 - weighted-average 2,265 2,255 -
shares
(millions)
3,066 1,585 3,314 -7% Net income 8,313 9,986 -17%
(Group share)
5,416 4,964 3,921 +38% Investments^6 16,320 17,174 -5%
1,635 980 5,082 -68% Divestments 4,305 7,083 -39%
3,781 3,984 (1,161) n/a Net investments 12,015 10,091 +19%
5,163 6,167 5,964 -13% Cash flow from 16,597 16,742 -1%
operations
Adjusted cash
6,058 4,768 4,575 +32% flow from 15,921 14,195 +12%
operations
in millions of
3Q12 dollars^7 9M12
3Q12 2Q12 3Q11 vs except earnings 9M12 9M11 vs
3Q11 per share and 9M11
number of shares
62,375 62,962 65,214 -4% Sales 192,370 192,973 -
Adjusted
8,177 7,423 8,308 -2% operating income 24,479 25,522 -4%
from business
segments
Adjusted net
4,623 4,003 4,167 +11% operating income 12,909 12,959 -
from business
segments
3,614 3,280 3,374 +7% -- Upstream 10,896 10,900 -
705 491 518 +36% -- Refining & 1,291 1,143 +13%
Chemicals
304 232 275 +10% -- Supply & 722 916 -21%
Marketing
4,186 3,662 3,957 +6% Adjusted net 11,886 12,235 -3%
income
Adjusted
1.85 1.62 1.75 +5% fully-diluted 5.25 5.43 -3%
earnings per
share (dollars)
Fully-diluted
2,268 2,264 2,261 - weighted-average 2,265 2,255 -
shares
(millions)
3,833 2,031 4,682 -18% Net income 10,647 14,045 -24%
(Group share)
6,771 6,361 5,539 +22% Investments^6 20,903 24,155 -13%
2,044 1,256 7,179 -72% Divestments 5,514 9,962 -45%
4,727 5,105 (1,640) n/a Net investments 15,389 14,193 +8%
6,455 7,902 8,425 -23% Cash flow from 21,257 23,548 -10%
operations
Adjusted cash
7,574 6,110 6,463 +17% flow from 20,392 19,965 +2%
operations
* Highlights since the beginning of the third quarter 2012
* Start-up of the Atla field in the Norwegian North Sea
* Increased stake from 24% to 30% in the Ichthys LNG project in
Australia
* Exchange of assets in the Norwegian North Sea to increase Total’s
interest in the Oseberg field and the Dagny field to 14.7% and
39.54%, respectively
* Sold an indirect interest of 9.99% in Block 14 in Angola
* Sold the Group’s remaining shares of Sanofi (1.3%)
* Continued the optimization of the Refining & Chemicals portfolio with
sale of a 40% interest in Géostock
* Launched new development phase of the Yucal Placer gas field in
Venezuela and the development of Tempa Rossa in Italy
* Issued notice of commerciality for the Absheron gas discovery in
Azerbaijan
* New gas and condensate discovery on the King Lear prospect in the
Norwegian North Sea
* Acquired exploration licenses in Iraq, Bulgaria, Mozambique, Papua
New Guinea, Philippines, Myanmar and Indonesia
* Total became operator of the Xerelete block in the prolific pre-salt
area of Brazil
* Signed an agreement with Kogas for the purchase of 0.7 million metric
tons per year of LNG from the Sabine Pass terminal for a duration of
20 years
* Results for the third quarter 2012
> Operating income from business segments
In the third quarter 2012, the Brent price averaged 109.5 $/b, a decrease of
3% compared to the third quarter 2011 and an increase of 1% compared to the
second quarter 2012. The European refining margin indicator (ERMI) averaged 51
$/t for the third quarter 2012, compared to 13.4 $/t during the third quarter
2011. The favorable evolution of this indicator, having increased 34% compared
to the second quarter 2012, is mainly due to higher levels of maintenance in
European refineries and an increase in demand from the United States. In
contrast, the environment for petrochemicals deteriorated in Europe compared
to the second quarter 2012.
The euro-dollar exchange rate averaged 1.25 $/€ in the third quarter 2012,
1.41 $/€ in the third quarter 2011 and 1.28 $/€ in the second quarter 2012.
Expressed in euros, the Brent price averaged 87.6 €/b, an increase of 9%
compared to the third quarter 2011.
In this environment, the adjusted operating income^8 from business segments
was 6,540 M€, an increase of 11% compared to the third quarter 2011. Expressed
in dollars, there was a decrease of 2%.
The effective tax rate^9 for the business segments was 53.6% in the third
quarter 2012 compared to 59.0% in the third quarter 2011, essentially due to a
decrease in the effective tax rate for the Upstream and the increased
contribution of downstream activities to the Group results.
Adjusted net operating income from the business segments was 3,698 M€ compared
to 2,950 M€ in the third quarter 2011, an increase of 25%.
Expressed in dollars, adjusted net operating income from the business segments
was 4.6 billion dollars (B$), an increase of 11% compared to the third quarter
2011. This increase essentially resulted from the good performance of Upstream
and a strong improvement in the Refining & Chemicals results, which were
supported by favorable margins.
> Net income (Group share)
Adjusted net income was 3,348 M€ in the third quarter 2012 compared to 2,801
M€ in the third quarter 2011, an increase of 20%. Expressed in dollars,
adjusted net income increased by 6%.
Adjusted net income excludes the after-tax inventory effect, the effect of
changes in fair value^10, and special items:
* The after-tax inventory effect had a positive impact on net income of 524
M€ in the third quarter 2012 and a negative impact of 87 M€ in the third
quarter 2011.
* Changes in fair value had a negative impact on net income of 6 M€ in the
third quarter 2012 compared with a negative impact of 10 M€ in the third
quarter 2011.
* Special items had a negative impact on net income of 800 M€ in the third
quarter 2012, comprised essentially of an impairment to the value of
assets in the Barnett in the US and a one-off tax of 4% on crude and
refined product inventories, which were partially offset by gains on the
sale of Sanofi shares. In the third quarter 2011, special items had a
positive impact of 610 M€.
Net income (Group share) was 3,066 M€ compared to 3,314 M€ in the third
quarter 2011.
The effective tax rate for the Group was 55.3% in the third quarter 2012. The
company-paid 3% tax on dividends is accounted for starting in the third
quarter, resulting in an increased charge of 80 M€ relating to dividends
declared in the first and second quarters of 2012.
Adjusted fully-diluted earnings per share, based on 2,268 million
fully-diluted weighted-average shares, increased by 19% to €1.48 compared to
€1.24 in the third quarter 2011.
Expressed in dollars, adjusted fully-diluted earnings per share increased by
5% to $1.85.
> Investments – Divestments^11
Investments, excluding acquisitions and including changes in non-current
loans, were 4.9 B€ (6.1 B$) in the third quarter 2012 compared to 3.3 B€ (4.7
B$) in the third quarter 2011.
Acquisitions were 294 M€ in the third quarter 2012, comprised essentially of
the acquisition of exploration licenses in Iraq, specialty chemicals in
Brazil, and a carry agreement in the Utica shale gas and condensates project
in the US.
Asset sales in the third quarter 2012 were 1,416 M€, including mainly the sale
of Sanofi shares and Upstream assets in the UK and Nigeria.
Net investments^12 were 3.8 B€ (4.7 B$) in the third quarter 2012 compared
to -1.2 B€ (-1.6 B$) in the third quarter 2011.
> Cash flow
Cash flow from operations was 5,163 M€ in the third quarter 2012 compared to
5,964 M€ in the third quarter 2011, essentially resulting from a change in
working capital requirements.
Adjusted cash flow from operations^13 was 6,058 M€, an increase of 32%
compared to the third quarter 2011. Expressed in dollars, adjusted cash flow
from operations was 7.6 B$, an increase of 17%.
The Group’s net cash flow^14 was 1,382 M€ compared to 7,125 M€ in the third
quarter 2011. Expressed in dollars, the Group’s net cash flow was 1.7 B$ in
the third quarter 2012 compared to 10.1 B$ in the third quarter 2011. This
difference is mainly due to a very high level of divestments in third quarter
2011 and significant changes in working capital requirements.
* Results for the first nine months 2012
> Operating income
Compared to the first nine months of 2011, the average Brent was stable at
112.2 $/b. The European refining margin indicator (ERMI) averaged 36.7 $/t
compared to 18.1 $/t in the first nine months of 2011.
The euro-dollar exchange rate averaged 1.28 $/€ compared to 1.41 $/€ in the
first nine months of 2011. Expressed in euros, the Brent price averaged 87.6
€/b, an increase of 10% compared to the first nine months of 2011.
In this environment, the adjusted operating income from the business segments
was 19,112 M€, an increase of 5% compared to the first nine months of 2011^15.
The effective tax rate for the business segments was 56.4% in the first nine
months of 2012 compared to 57.5% in the first nine months of 2011.
Adjusted net operating income from the business segments was 10,079 M€
compared to 9,214 M€ in the first nine months of 2011, an increase of 9%.
Expressed in dollars, adjusted net operating income from the business segments
was stable. The improved results of Refining & Chemicals were offset by a
lower contribution from Supply & Marketing, which was impacted by the sale of
certain Marketing assets and the decreased results of New Energies.
> Net income (Group share)
Adjusted net income was 9,280 M€ in the first nine months of 2012, an increase
of 7% compared to 8,699 M€ in the first nine months of 2011. Expressed in
dollars, adjusted net income decreased by 3%.
Adjusted net income excludes the after-tax inventory effect, special items and
the effect of changes in fair value^16:
* The after-tax inventory effect had a positive impact on net income of 155
M€ in the first nine months of 2012 and a positive impact of 785 M€ in the
first nine months of 2011.
* Changes in fair value had a negative impact on net income of 17 M€ in the
first nine months 2012 and a positive impact of 12 M€ in the first nine
months 2011.
* Special items had a negative impact on net income of 1,105 M€ in the first
nine months of 2012 and a positive impact on net income of 490 M€ in the
first nine months of 2011.
Net income (Group share) was 8,313 M€ compared to 9,986 M€ in the first nine
months of 2011.
On September 30, 2012, there were 2,270 million fully-diluted shares compared
to 2,263 million on September 30, 2011.
Adjusted fully-diluted earnings per share, based on 2,265 million
fully-diluted weighted-average shares, was €4.10, an increase of 6% compared
to the first nine months of 2011.
Expressed in dollars, adjusted fully-diluted earnings per share was $5.25
compared to $5.43 in the first nine months of 2011, a decrease of 3%.
> Investments – Divestments^17
Investments, excluding acquisitions and including changes in non-current
loans, were 13.2 B€ (16.9 B$) in the first nine months of 2012 compared to
9.6 B€ (13.5 B$) in the first nine months of 2011.
Acquisitions were 2.6 B€ (3.3 B$) in the first nine months of 2012, comprised
essentially of the acquisition of interests in exploration and production
licenses in Uganda, an additional 1.1% stake in Novatek, various exploration
licenses, the minority interest in Fina Antwerp Olefins and the carry
agreement in the Utica shale gas and condensates project in the US.
For the first nine months of 2012, asset sales were 3.7 B€ (4.7 B$), comprised
essentially of sales of the remainder of the Group’s shares of Sanofi, a stake
in the Gassled pipeline in Norway, Upstream assets in Nigeria, the UK and
France, and stakes in Composites One in the US and Pec-Rhin in France.
Net investments were 12 B€ (15.4 B$) in the first nine months of 2012,
compared to 10.1 B€ (14.2 B$) in the first nine months of 2011.
> Cash flow
Cash flow from operations was 16,597 M€ in the first nine months of 2012, a
decrease of 1% compared to the first nine months of 2011.
Adjusted cash flow from operations^18 was 15,921 M€, an increase of 12%.
Expressed in dollars, adjusted cash flow from operations ^ was 20.4 B$, an
increase of 2%.
The Group’s net cash flow^19 was 4,582 M€ compared to a 6,651 M€ in the first
nine months of 2011. Expressed in dollars, the Group’s net cash flow ^ was 5.9
B$ in the first nine months of 2012.
The net-debt-to-equity ratio was 20.8% on September 30, 2012, compared to
15.2% on September 30, 2011^20, in line with the Group’s target range.
* Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
3Q12 9M12
3Q12 2Q12 3Q11 vs 9M12 9M11 vs
3Q11 9M11
109.5 108.3 113.4 -3% Brent ($/b) 112.2 111.9 -
107.6 101.6 106.8 +1% Average liquids price 108.1 105.3 +3%
($/b)
6.00 7.10 6.56 -9% Average gas price 6.68 6.44 +4%
($/Mbtu)
75.8 76.0 75.3 +1% Average hydrocarbons 77.4 74.5 +4%
price ($/boe)
* consolidated subsidiaries, excluding fixed margins. Effective first quarter
2012, over/under-lifting valued at market prices.
> Production
3Q12 9M12
3Q12 2Q12 3Q11 vs Hydrocarbon production 9M12 9M11 vs
3Q11 9M11
2,272 2,261 2,319 -2% Combined production 2,302 2,333 -1%
(kboe/d)
1,225 1,218 1,176 +4% -- Liquids (kb/d) 1,224 1,222 -
5,680 5,722 6,228 -9% -- Gas (Mcf/d) 5,875 6,063 -3%
Hydrocarbon production was 2,272 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2012, a decrease of 2% compared to the third
quarter 2011, essentially as a result of:
* +5.5% for start-ups and growth from new projects,
* -4.5% for normal decline and scheduled maintenance,
* -3% for incidents in the UK North Sea and Nigeria, and
* changes in the portfolio and price effect^21 had little impact on the
quarter.
In the first nine months of 2012, hydrocarbon production was 2,302 kboe/d, a
decrease of 1.3% compared to the first nine months of 2011, essentially as a
result of:
* +4.5% for start-ups and growth from new projects,
* +2% for changes in the portfolio, comprised essentially of an increased
share of Novatek production and the impact of the sale of CEPSA and assets
in the UK,
* -4% for normal decline and scheduled maintenance,
* -2.5% for incidents in the UK North Sea and Nigeria,
* -1.5% for disruptions related to security conditions in Yemen and the
production shut-down in Syria, net of the positive effect of the return of
production in Libya, and
* price effect^21 had little impact.
> Results
Beginning on July 1, 2012, the Upstream segment no longer includes the
activities of New Energies, which are now reported with Supply & Marketing. As
a result, certain information has been restated according to the new
organization.
3Q12 9M12
3Q12 2Q12 3Q11 vs in millions of euros 9M12 9M11 vs
3Q11 9M11
5,537 5,032 5,264 +5% Adjusted operating 17,073 16,505 +3%
income*
2,891 2,560 2,388 +21% Adjusted net operating 8,507 7,750 +10%
income*
* includes income
578 433 443 +30% from equity 1,506 1,216 +24%
affiliates
4,567 4,227 3,426 +33% Investments 14,100 14,528 -3%
401 234 936 -57% Divestments 1,383 2,192 -37%
3,457 5,298 4,042 -14% Cash flow from 14,521 13,497 +8%
operations
5,105 3,994 3,899 +31% Adjusted cash flow 13,812 12,210 +13%
from operations
* detail of adjustment items shown in the business segment information annex
to financial statements.
Adjusted net operating income from the Upstream segment was 2,891 M€ in the
third quarter 2012 compared to 2,388 M€ in the third quarter 2011, an increase
of 21%. Expressed in dollars, the increase of 7% is explained principally by
an increased contribution from equity affiliates and a lower effective tax
rate.
The effective tax rate for the Upstream segment was 58.8% compared to 63.3% in
the third quarter 2011, essentially due to a portfolio mix effect, including a
more significant contribution from downstream gas activities, and the result
of exiting the bénéfice consolidé (worldwide tax) reporting regime in the
third quarter of 2011.
Adjusted net operating income from the Upstream segment in the first nine
months of 2012 was 8,507 M€ compared to 7,750 M€ in the first nine months of
2011, an increase of 10%. Expressed in dollars, adjusted net operating income
from the Upstream segment was 10,896 M$, stable compared to the first nine
months of 2011.
The return on average capital employed (ROACE^22) for the Upstream segment was
20% for the twelve months ended September 30, 2012, and was 21% for the twelve
months ended June 30, 2012 and for the full year 2011.
The annualized third quarter 2012 ROACE for the Upstream segment was 19%.
Refining & Chemicals
> Refinery throughput and utilization rates*
3Q12 9M12
3Q12 2Q12 3Q11 vs 9M12 9M11 vs
3Q11 9M11
1,790 1,878 1,922 -7% Total refinery 1,833 1,930 -5%
throughput (kb/d)
653 752 752 -13% -- France 699 731 -4%
864 876 904 -4% -- Rest of Europe 873 941 -7%
273 250 266 +3% -- Rest of world 261 258 +1%
Utilization rates**
82% 86% 77% -- Based on crude only 83% 77%
86% 90% 81% -- Based on crude and 88% 82%
other feedstock
* includes share of CEPSA, through July 31, 2011, and of TotalErg. Results for
refineries in South Africa, French Antilles and Italy are reported in the
Supply & Marketing segment.
** based on distillation capacity at the beginning of the year
In the third quarter 2012, refinery throughput decreased by 7% compared to the
third quarter 2011 and by 5% compared to the second quarter 2012. In the third
quarter 2012, throughput was impacted mainly by scheduled maintenance relating
to the modernization of the Normandy refinery and unscheduled maintenance,
notably at the Antwerp refinery.
The utilization rate based on crude and other feedstock was 86% in the third
quarter 2012 compared to 90% in the second quarter 2012 and 81% in the third
quarter 2011.
In the first nine months of 2012, refinery throughput decreased by 5% compared
to the first nine months of 2011, reflecting essentially scheduled maintenance
in the first nine months of 2012 and the portfolio effect relating to the sale
of the Group’s interest in CEPSA at the end of July 2011.
> Results
3Q12 in millions of euros 9M12 vs
3Q12 2Q12 3Q11 vs (except the ERMI) 9M12 9M11 9M11
3Q11
European refining
51.0 38.2 13.4 x3.8 margin 36.7 18.1 +103%
indicator - ERMI ($/t)
646 465 305 x2.1 Adjusted operating 1,064 739 +44%
income*
564 383 367 +54% Adjusted net operating 1,008 813 +24%
income*
* contribution of
102 100 109 -6% Specialty 290 348 -17%
Chemicals**
441 501 423 +4% Investments 1,371 1,286 +7%
55 7 2,422 -98% Divestments 203 2,451 -92%
1,036 625 1,557 -33% Cash flow from 1,625 2,795 -42%
operations
771 599 425 +81% Adjusted cash flow 1,498 1,204 +24%
from operations
* detail of adjustment items shown in the business segment information annex
to financial statements
** Hutchinson, Bostik, Atotech; including coatings and photocure resins until
they were sold in July 2011
The ERMI averaged 51 $/t in the third quarter 2012, nearly quadruple the
average of the third quarter 2011. In contrast, petrochemical margins further
deteriorated in the third quarter because of weak demand in Europe and a
slow-down in China.
Adjusted net operating income from the Refining & Chemicals segment was 564 M€
in the third quarter 2012, compared to 367 M€ in the third quarter 2011. This
increase of 54% is explained essentially by a more favorable refining
environment.
Adjusted net operating income from the Refining & Chemicals segment in the
first nine months of 2012 was 1,008 M€, an increase of 24% compared to the
first nine months of 2011. Expressed in dollars, adjusted net operating income
was 1,291 M$, an increase of 13% compared to the first nine months of 2011.
Improved refining margins in Europe explain this evolution notwithstanding the
sale of the Group’s interest in CEPSA at the end of July 2011 and a weaker
environment for petrochemicals in Europe.
The ROACE for the Refining & Chemicals segment was 7% for the twelve months
ended September 30, 2012, compared to 5% for the twelve months ended June 30,
2012 and for the full year 2011.
The annualized third quarter 2012 ROACE for the Refining & Chemicals segment
was 14%.
Supply & Marketing (including New Energies)
> Refined product sales
3Q12 9M12 vs
3Q12 2Q12 3Q11 vs Sales in kb/d* 9M12 9M11 9M11
3Q11
1,143 1,166 1,477 -23% Europe 1,173 1,516 -23%
563 524 540 +4% Rest of world 539 529 +2%
1,706 1,690 2,017 -15% Total Supply & 1,712 2,045 -16%
Marketing sales
* excludes trading and bulk refining sales, includes share of CEPSA, through
July 31, 2011, and of TotalErg.
In the third quarter 2012, sales decreased by 15% compared to the third
quarter 2011. This decrease was due to the sale of marketing activities in the
UK, the sale of the Group’s interest in CEPSA in 2011, and weaker demand in
Europe.
> Results
Effective July 1, 2012, Supply & Marketing includes the activities of New
Energies. As a result, certain information has been restated according to the
new organization.
3Q12 in millions of 9M12
3Q12 2Q12 3Q11 vs euros 9M12 9M11 vs
3Q11 9M11
21,574 21,519 22,124 -2% Sales 64,945 63,367 +2%
357 296 312 +14% Adjusted operating 975 902 +8%
income*
243 181 195 +25% Adjusted net 564 651 -13%
operating income*
* contribution
(6) (60) (65) n/a of New (183) (121) n/a
Energies
383 212 48 x8 Investments 793 1 289 -38%
41 20 1,380 -97% Divestments 106 1 428 -93%
692 (140) 516 +34% Cash flow from 108 407 -73%
operations
202 367 259 -22% Adjusted cash flow 839 834 +1%
from operations
* detail of adjustment items shown in the business segment information annex
to financial statements
Supply & Marketing sales were 21.6 B€, a decrease of 2% compared to the third
quarter 2011.
Adjusted net operating income from the Supply & Marketing segment was 243 M€
in the third quarter 2012, an increase of 25% compared to the third quarter
2011, reflecting the improvement of the results of New Energies compared to
the third quarter 2011 and good performance from marketing despite a weaker
environment in Europe.
Adjusted net operating income from the Supply & Marketing segment was 564 M€
in the first nine months of 2012, a decrease of 13% compared to the first nine
months of 2011. This decrease is explained principally by the sale of the
Group’s interest in CEPSA at the end of July 2011, the sale of marketing
assets in the UK at the end of 2011, and the decreased results of New
Energies. Expressed in dollars, the adjusted net operating income was 722 M$,
a decrease of 21% compared to the first nine months of 2011.
The ROACE for the Supply & Marketing segment was 10% for the twelve months
ended September 30, 2012, compared to 9% for the twelve months ended June 30,
2012, and 13% for the full-year 2011.
The annualized third quarter 2012 ROACE for the Supply & Marketing segment
was 12%.
* Summary and outlook
The ROACE for the Group for the twelve months ended September 30, 2012, was
16%, compared to 15% for the twelve months ended June 30, 2012, and 16% for
the full-year 2011.
Return on equity for the twelve months ended September 30, 2012, was 17.7%.
In the Upstream segment, the anticipated start-ups of Angola LNG, Sulige in
China, and Kashagan in Kazakhstan will contribute to production growth.
Regarding Elgin, the Group has finished cementing the G4 well and is
cooperating with British authorities with the goal of safely restarting
production on Elgin-Franklin by year end. In Nigeria, the recent flooding has
affected our installations at OML58, and these facilities stopped production
on October 7. Total has established an assistance program to provide support
to the local Nigerian population.
In addition, the Group is appraising its recent discoveries, notably in
Azerbaijan and French Guiana, and the fourth quarter includes exploration
wells in several promising plays, notably in the Gulf of Mexico, Iraq, Ivory
Coast, Kenya and Gabon.
In Refining & Chemicals, throughput in the fourth quarter will be affected by
ongoing scheduled maintenance in Normandy and unscheduled maintenance in
Antwerp completed at the end of October.
Finally, the Group continues to actively manage its portfolio across all
segments as it executes its asset sale program of 15-20 B$ for 2012-14.
The Board of Directors approved on October 30, 2012, a third quarter interim
dividend of 0.59 € per share, payable on March 21, 2013. This interim dividend
is unchanged versus the previous quarter and represents an increase of 3.5%
compared to the third quarter 2011.
■ ■ ■
To listen to CFO Patrick de la Chevardière’s conference call with financial
analysts today at 15:00 (Paris time) please log on to www.total.com or call
+44 (0)203 367 9455 in Europe or +1 866 907 5925 in the US (code: 419 868).
For a replay, please consult the website or call +44(0)203 367 9460 in Europe
or +1 877 642 3018 in the US (code: 278 506).
The September 30, 2012 notes to the consolidated financial statements are
available on the Total web site (www.total.com).This document may contain
forward-looking statements, including 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.
Such statements are based on a number of assumptions that could ultimately
prove inaccurate, and are subject to a number of risk factors, including
currency fluctuations, the price of petroleum products, the ability to realize
cost reductions and operating efficiencies without unduly disrupting business
operations, environmental regulatory considerations and general economic and
business conditions. Neither TOTAL nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking statement, whether as a
result of new information, future events or otherwise. Further information on
factors which could affect the company’s financial results is provided in
documents filed by the Group with the French Autorité des Marchés Financiers
and the U.S. 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.
Adjustment items include:
(i) Special items
Due 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 effect
The adjusted results of the Downstream and Chemicals 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 prices differential 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 value
As from January 1, 2011, the 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,
which 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.
Dollar amounts presented herein represent euro amounts converted at the
average euro-dollar exchange rate for the applicable period and are not the
result of financial statements prepared in dollars.
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 presentation, such as 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 – La Défense 6 –
92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You
can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the
SEC’s Web site: www.sec.gov.
Operating information by segment
for the third quarter and the first nine months of 2012
* Upstream
3Q12 Combined liquids 9M12
3Q12 2Q12 3Q11 vs and gas production 9M12 9M11 vs
3Q11 by region (kboe/d) 9M11
361 429 474 -24% Europe 430 510 -16%
737 706 623 +18% Africa 717 647 +11%
501 477 581 -14% Middle East 496 578 -14%
71 69 68 +4% North America 69 67 +3%
182 187 194 -6% South America 184 190 -3%
230 213 232 -1% Asia-Pacific 219 238 -8%
190 180 147 +29% CIS 187 103 +82%
2,272 2,261 2,319 -2% Total production 2,302 2,333 -1%
615 578 600 +3% Includes equity 607 569 +7%
affiliates
3Q12 Liquids production 9M12
3Q12 2Q12 3Q11 vs by region (kb/d) 9M12 9M11 vs
3Q11 9M11
179 199 234 -24% Europe 201 246 -18%
587 573 481 +22% Africa 575 505 +14%
323 310 316 +2% Middle East 311 321 -3%
25 25 28 -11% North America 25 29 -14%
56 60 67 -16% South America 60 74 -19%
28 25 26 +8% Asia-Pacific 26 27 -4%
27 26 24 +13% CIS 26 20 +30%
1,225 1,218 1,176 +4% Total production 1,224 1,222 -
316 311 312 +1% Includes equity 309 323 -4%
affiliates
3Q12 Gas production by 9M12
3Q12 2Q12 3Q11 vs region (Mcf/d) 9M12 9M11 vs
3Q11 9M11
1,011 1,264 1,299 -22% Europe 1,255 1,441 -13%
763 674 720 +6% Africa 722 724 -
971 916 1,430 -32% Middle East 1,010 1,392 -27%
260 253 228 +14% North America 252 219 +15%
650 759 707 -8% South America 691 643 +7%
1,135 1,019 1,173 -3% Asia-Pacific 1,076 1,194 -10%
890 837 671 +33% CIS 869 450 +93%
5,680 5,722 6,228 -9% Total production 5,875 6,063 -3%
1,618 1,445 1,560 +4% Includes equity 1,612 1,331 +21%
affiliates
3Q12 Liquefied natural 9M12
3Q12 2Q12 3Q11 vs gas 9M12 9M11 vs
3Q11 9M11
2.94 2.57 ** 3.36 -13% LNG sales* (Mt) 8.77 10.08 -13%
* sales, Group share, excluding trading; 2011 data restated to reflect volume
estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient
** restated number for 2Q12
* Downstream (Refining & Chemicals and Supply & Marketing)
3Q12vs Refined product 9M12vs
3Q12 2Q12 3Q11 3Q11 sales by region 9M12 9M11 9M11
(kb/d)*
1,979 2,060 2,358 -16% Europe 2,030 2,360 -14%
411 401 403 +2% Africa 401 390 +3%
535 509 474 +13% Americas 495 505 -2%
399 508 505 -21% Rest of world 497 490 +1%
3,324 3,478 3,740 -11% Total consolidated 3,423 3,745 -9%
sales
539 542 453 +19% includes bulk sales 527 434 +21%
1,080 1,246 1,270 -15% includes trading 1,184 1,266 -6%
* includes share of CEPSA, through July 31, 2011, and of TotalErg
Adjustment items
* Adjustments to operating income
3Q12 2Q12 3Q11 in millions of euros 9M12 9M11
(1,362) (89) (326) Special items affecting (1,516) (389)
operating income
(16) (48) - -- Restructuring charges (64) -
(1,134) - (245) -- Impairments (1,134) (245)
(212) (41) (81) -- Other (318) (144)
766 (1,384) (112) Pre-tax inventory effect : FIFO 228 1,157
vs. replacement cost
(8) 11 (14) Effect of changes in fair value (22) 15
(604) (1,462) (452) Total adjustments affecting (1,310) 783
operating income
* Adjustments to net income (Group share)
3Q12 2Q12 3Q11 in millions of euros 9M12 9M11
(800) (323) 610 Special items affecting net (1,105) 490
operating income (Group share)
202 73 1,054 -- Gain on asset sales 355 1,270
(33) (40) (56) -- Restructuring charges (73) (56)
(737) (18) (251) -- Impairments (775) (298)
(232) (338) (137) -- Other (612) (426)
524 (959) (87) After-tax inventory effect : FIFO 155 785
vs. replacement cost
(6) 9 (10) Effect of changes in fair value (17) 12
(282) (1 273) 513 Total adjustments affecting net (967) 1,287
income
Effective tax rates
3Q12 2Q12 3Q11 Effective tax rate* 9M12 9M11
58.8% 58.0% 63.3% Upstream 59.4% 60.7%
55.3% 56.1% 57.9% Group 57.5% 57.6%
* tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates, dividends received from investments, and
impairments of acquisition goodwill + tax on adjusted net operating income)
Investments - Divestments
3Q12 in millions of 9M12
3Q12 2Q12 3Q11 vs euros 9M12 9M11 vs
3Q11 9M11
Investments
4,903 4,381 3,349 +46% excluding 13,156 9,603 +36%
acquisitions*
303 319 287 +6% * Capitalized 972 746 +30%
exploration
* Change in
455 231 93 x5 non-recurrent 845 95 x9
loans**
294 437 445 -34% Acquisitions 2,564 6,982 -63%
Investments
5,197 4,818 3,794 +37% including 15,720 16,585 -5%
acquisitions*
1,416 834 4,955 -71% Asset sales 3,705 6,494 -43%
3,781 3,984 (1,161) n/a Net investments** 12,015 10,091 +19%
3Q12 in millions of 9M12
3Q12 2Q12 3Q11 vs dollars*** 9M12 9M11 vs
3Q11 9M11
Investments
6,130 5,614 4,731 +30% excluding 16,850 13,507 +24%
acquisitions*
379 409 405 -6% * Capitalized 1,245 1,049 +19%
exploration
* Change in
569 296 131 x4 non-recurrent 1,082 134 x8
loans**
368 560 629 -41% Acquisitions 3,284 9,820 -67%
Investments
6,498 6,174 5,360 +21% including 20,134 23,327 -14%
acquisitions*
1,770 1,069 7,000 -75% Asset sales 4,745 9,134 -48%
4,727 5,105 (1,640) n/a Net investments** 15,389 14,193 +8%
* includes changes in non-current loans.
** includes net investments in equity affiliates and
non-consolidated companies + net financing for employee-related stock purchase
plans.
*** dollar amounts represent euro amounts converted at the average €-$
exchange rate for the period.
Net-debt-to-equity ratio
in millions of euros 09/30/2012 06/30/2012 09/30/2011
Current borrowings 10,647 10,642 10,406
Net current financial assets (1,493) (1,552) (923)
Non-current financial debt 24,606 23,260 22,415
Hedging instruments of non-current debt (1,796) (1,886) (2,012)
Cash and cash equivalents (16,833) (14,998) (19,942)
Net debt 15,131 15,466 9,944
Shareholders’ equity 72,789 72,103 65,290
Estimated dividend payable (1,291) (1,299) (1,254)
Non-controlling interests 1,275 1,256 1,467
Equity 72,773 72,060 65,503
Net-debt-to-equity ratio 20.8% 21.5% 15.2%
2012 Sensitivities*
Impact on Impact on adjusted
Scenario Change adjusted net operating
operating income(e)
income(e)
Dollar 1.40 $/€ +0.1 $ per -1.8 B€ -0.95 B€
€
Brent 100 $/b +1 $/b +0.25 B€ / 0.35 +0.11 B€ / 0.15 B$
B$
European +0.06 B€ / 0.08
refining 25 $/t +1 $/t B$ +0.04 B€ / 0.05 B$
margins (ERMI)
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted
operating income and adjusted net operating income attributable to the
Upstream segment are approximately 80% and 75% respectively.
Return on average capital employed
* Twelve months ended September 30, 2012
Refining & Supply &
in millions of euros Upstream Chemicals Group
Marketing
Adjusted net operating 11,359 1,043 726 12,621
income
Capital employed at 49,791 14,692 7,253 72,764
09/30/2011*
Capital employed at 63,293 16,413 7,800 85,003
09/30/2012*
ROACE 20.1% 6.7% 9.6% 16.0%
* Twelve months ended June 30, 2012
Refining & Supply &
in millions of euros Upstream Chemicals Group
Marketing
Adjusted net operating 10,856 846 678 12,073
income
Capital employed at 45,456 16,672 7,402 72,843
06/30/2011*
Capital employed at 59,254 16,558 8,204 85,167
06/30/2012*
ROACE 20.7% 5.1% 8.7% 15.3%
* Full-year 2011
Refining & Supply &
in millions of euros Upstream Chemicals Group
Marketing
Adjusted net operating 10,602 848 813 12,045
income
Capital employed at 43,671 17,265 5,909 70,866
12/31/2010*
Capital employed at 57,331 15,883 6,999 81,066
12/31/2011*
ROACE 21.0% 5.1% 12.6% 15.9%
* at replacement cost (excluding after-tax inventory effect)
^1 Adjusted results defined on page 2 - dollar amounts represent euro amounts
converted at the average €-$ exchange rate for the period: 1.2502 $/€ for
3Q12, 1.4127 $/€ for 3Q11, 1.2814 $/€ for 2Q12, 1.2808 $/€ for the first nine
months of 2012, and 1.4065 $/€ for the first nine months of 2011.
^2 Net income, Group share.
^3 includes positive impact of after-tax inventory effect of 524 M€ in the
third quarter 2012. Details of adjustments on pages 4 and 17.
^4 The ex-dividend date for the interim dividend will be March 18, 2013 and
the payment date will be March 21, 2013.
^5 Adjusted results are defined as income using replacement cost, adjusted for
special items, excluding the impact of changes for fair value. Adjusted cash
flow from operations is defined as cash flow from operations before changes in
working capital at replacement cost; adjustment items are on page 17 and the
inventory valuation effect is explained on page 14.
^6 including acquisitions
^7 Dollar amounts represent euro amounts converted at the average €-$ exchange
rate for the period.
^8 Special items affecting operating income from the business segments had a
negative impact of 1,362 M€ in the third quarter 2012 and a negative impact of
326 M€ in the third quarter 2011.
^9 Defined as: (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates, dividends received from
investments and impairments of acquisition goodwill + tax on adjusted net
operating income).
^10 Adjustment items explained on page 14.
^11 Detail shown on page 18.
^12 Net investments = investments including acquisitions and changes in
non-current loans – asset sales.
^13 Cash flow from operations at replacement cost before changes in working
capital.
^14 Net cash flow = cash flow from operations - net investments.
^15 Special items affecting operating income from the business segments had a
negative impact of 1,428 M€ in the first nine months of 2012 and a negative
impact of 389 M€ in the first nine months of 2011.
^16 Adjustment items explained on page 14.
^17 Detail shown on page 18.
^18 Cash flow from operations at replacement cost before changes in working
capital.
^19 Net cash flow = cash flow from operations - net investments.
^20 Detail shown on page 19.
^21 impact of changing hydrocarbon prices on entitlement volumes
^22 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 20.
Total financial statements
_______________
Third quarter 2012 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
3^rd quarter 2^nd quarter 3^rd quarter
(M€) ^(a)
2012 2012 2011
Sales 49,890 49,135 46,163
Excise taxes (4,411) (4,559) (4,638)
Revenues from sales 45,479 44,576 41,525
Purchases, net of inventory (30,609) (32,294) (29,018)
variation
Other operating expenses (5,528) (5,827) (5,061)
Exploration costs (317) (269) (242)
Depreciation, depletion and
amortization of tangible assets (3,246) (2,028) (1,873)
and mineral interests
Other income 474 225 1,334
Other expense (129) (451) (212)
Financial interest on debt (154) (170) (262)
Financial income from marketable 8 24 114
securities & cash equivalents
Cost of net debt (146) (146) (148)
Other financial income 141 209 108
Other financial expense (135) (118) (115)
Equity in net income (loss) of 641 436 497
affiliates
Income taxes (3,488) (2,701) (3,448)
Consolidated net income 3,137 1,612 3,347
Group share 3,066 1,585 3,314
Non-controlling interests 71 27 33
Earnings per share (€) 1.36 0.70 1.47
Fully-diluted earnings per share 1.35 0.70 1.47
(€)
^(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
3^rd quarter 2^nd quarter 3^rd quarter
(M€)
2012 2012 2011
Consolidated net income 3,137 1,612 3,347
Other comprehensive income
Currency translation adjustment (1,007) 2,360 2,309
Available for sale financial (183) (93) (389)
assets
Cash flow hedge 33 (67) (54)
Share of other comprehensive 86 (57) (131)
income of associates, net amount
Other (2) (7) (2)
Tax effect 37 46 82
Total other comprehensive income (1,036) 2,182 1,815
(net amount)
Comprehensive income 2,101 3,794 5,162
- Group share 2,061 3,718 5,077
- Non-controlling interests 40 76 85
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
9 months 9 months
(M€) ^(a)
2012 2011
Sales 150,193 137,201
Excise taxes (13,363) (13,609)
Revenues from sales 136,830 123,592
Purchases, net of inventory variation (94,944) (84,659)
Other operating expenses (16,447) (14,567)
Exploration costs (942) (680)
Depreciation, depletion and amortization of tangible (7,112) (5,090)
assets and mineral interests
Other income 988 1,665
Other expense (676) (409)
Financial interest on debt (511) (557)
Financial income from marketable securities & cash 67 216
equivalents
Cost of net debt (444) (341)
Other financial income 435 518
Other financial expense (389) (327)
Equity in net income (loss) of affiliates 1,618 1,447
Income taxes (10,494) (10,952)
Consolidated net income 8,423 10,197
Group share 8,313 9,986
Non-controlling interests 110 211
Earnings per share (€) 3.69 4.45
Fully-diluted earnings per share (€) 3.67 4.43
^(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
9 months 9 months
(M€)
2012 2011
Consolidated net income 8,423 10,197
Other comprehensive income
Currency translation adjustment 299 (335)
Available for sale financial assets (342) 41
Cash flow hedge 36 (89)
Share of other comprehensive income of associates, net 191 (234)
amount
Other (15) (4)
Tax effect 72 53
Total other comprehensive income (net amount) 241 (568)
Comprehensive income 8,664 9,629
- Group share 8,562 9,433
- Non-controlling interests 102 196
CONSOLIDATED BALANCE SHEET
TOTAL
September 30, June 30, 2012 September
(M€) 2012 December 30, 2011
(unaudited) 31, 2011
(unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, 12,964 13,847 12,413 10,280
net
Property, plant and 70,583 69,868 64,457 59,729
equipment, net
Equity affiliates :
investments and 14,413 13,911 12,995 11,455
loans
Other investments 1,181 2,222 3,674 3,767
Hedging instruments
of non-current 1,796 1,886 1,976 2,012
financial debt
Other non-current 5,215 4,850 4,871 4,248
assets
Total non-current 106,152 106,584 100,386 91,491
assets
Current assets
Inventories, net 17,266 17,111 18,122 16,024
Accounts receivable, 20,331 19,768 20,049 18,786
net
Other current assets 11,377 10,435 10,767 7,938
Current financial 1,726 1,723 700 1,172
assets
Cash and cash 16,833 14,998 14,025 19,942
equivalents
Total current assets 67,533 64,035 63,663 63,862
Assets classified as - - - 1,630
held for sale
Total assets 173,685 170,619 164,049 156,983
LIABILITIES &
SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,915 5,911 5,909 5,909
Paid-in surplus and 70,703 69,181 66,506 65,862
retained earnings
Currency translation (487) 401 (988) (3,091)
adjustment
Treasury shares (3,342) (3,390) (3,390) (3,390)
Total shareholders' 72,789 72,103 68,037 65,290
equity - Group Share
Non-controlling 1,275 1,256 1,352 1,467
interests
Total shareholders' 74,064 73,359 69,389 66,757
equity
Non-current
liabilities
Deferred income 13,167 12,380 12,260 10,601
taxes
Employee benefits 1,987 2,005 2,232 2,180
Provisions and other
non-current 11,170 11,264 10,909 8,920
liabilities
Non-current 24,606 23,260 22,557 22,415
financial debt
Total non-current 50,930 48,909 47,958 44,116
liabilities
Current liabilities
Accounts payable 20,869 20,448 22,086 18,753
Other creditors and 16,942 17,090 14,774 16,361
accrued liabilities
Current borrowings 10,647 10,642 9,675 10,406
Other current
financial 233 171 167 249
liabilities
Total current 48,691 48,351 46,702 45,769
liabilities
Liabilities directly
associated with the - - - 341
assets classified as
held for sale
Total liabilities
and shareholders' 173,685 170,619 164,049 156,983
equity
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
3^rd quarter 2^nd quarter 3^rd quarter
(M€)
2012 2012 2011
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 3,137 1,612 3,347
Depreciation, depletion and 3,413 2,164 2,062
amortization
Non-current liabilities,
valuation allowances and deferred 803 (99) 312
taxes
Impact of coverage of pension - (362) -
benefit plans
(Gains) losses on sales of assets (419) (165) (1,282)
Undistributed affiliates' equity (135) 193 (34)
earnings
(Increase) decrease in working (1,661) 2,783 1,501
capital
Other changes, net 25 41 58
Cash flow from operating 5,163 6,167 5,964
activities
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, (4,512) (4,128) (3,802)
plant and equipment additions
Acquisitions of subsidiaries, net (74) (4) 170
of cash acquired
Investments in equity affiliates (156) (455) (69)
and other securities
Increase in non-current loans (674) (377) (220)
Total expenditures (5,416) (4,964) (3,921)
Proceeds from disposal of
intangible assets and property, 274 95 213
plant and equipment
Proceeds from disposal of 1 - 399
subsidiaries, net of cash sold
Proceeds from disposal of 1,141 739 4,343
non-current investments
Repayment of non-current loans 219 146 127
Total divestments 1,635 980 5,082
Cash flow used in investing (3,781) (3,984) 1,161
activities
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 1 - 77
- Treasury shares (68) - -
Dividends paid:
- Parent company shareholders (1,282) (1,284) (1,283)
- Non-controlling interests (2) (96) (35)
Other transactions with - 1 -
non-controlling interests
Net issuance (repayment) of 2,062 1,409 1,034
non-current debt
Increase (decrease) in current (98) (693) (2,541)
borrowings
Increase (decrease) in current (31) (10) 1,999
financial assets and liabilities
Cash flow used in financing 582 (673) (749)
activities
Net increase (decrease) in cash 1,964 1,510 6,376
and cash equivalents
Effect of exchange rates (129) 158 179
Cash and cash equivalents at the 14,998 13,330 13,387
beginning of the period
Cash and cash equivalents at the 16,833 14,998 19,942
end of the period
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
9 months 9 months
(M€)
2012 2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 8,423 10,197
Depreciation, depletion and amortization 7,680 5,591
Non-current liabilities, valuation allowances and 1,068 1,160
deferred taxes
Impact of coverage of pension benefit plans (362) -
(Gains) losses on sales of assets (865) (1,517)
Undistributed affiliates' equity earnings 92 (157)
(Increase) decrease in working capital 448 1,390
Other changes, net 113 78
Cash flow from operating activities 16,597 16,742
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment (13,867) (12,391)
additions
Acquisitions of subsidiaries, net of cash acquired (199) (809)
Investments in equity affiliates and other securities (809) (3,290)
Increase in non-current loans (1,445) (684)
Total expenditures (16,320) (17,174)
Proceeds from disposal of intangible assets and 936 839
property, plant and equipment
Proceeds from disposal of subsidiaries, net of cash sold 35 570
Proceeds from disposal of non-current investments 2,734 5,085
Repayment of non-current loans 600 589
Total divestments 4,305 7,083
Cash flow used in investing activities (12,015) (10,091)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 32 481
- Treasury shares (68) -
Dividends paid:
- Parent company shareholders (3,852) (3,855)
- Non controlling interests (100) (97)
Other transactions with non-controlling interests 1 59
Net issuance (repayment) of non-current debt 5,135 3,940
Increase (decrease) in current borrowings (1,892) (2,253)
Increase (decrease) in current financial assets and (970) 365
liabilities
Cash flow used in financing activities (1,714) (1,360)
Net increase (decrease) in cash and cash equivalents 2,868 5,291
Effect of exchange rates (60) 162
Cash and cash equivalents at the beginning of the period 14,025 14,489
Cash and cash equivalents at the end of the period 16,833 19,942
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Paid-in
surplus Currency Shareholders' Non-controlling Total
Common shares issued and translation Treasury shares equity Group interests shareholders'
retained adjustment Share equity
earnings
(M€) Number Amount Number Amount
As of January 2,349,640,931 5,874 60,538 (2,495) (112,487,679) (3,503) 60,414 857 61,271
1, 2011
Net income of
the first nine - - 9,986 - - - 9,986 211 10,197
months
Other
comprehensive - - 45 (598) - - (553) (15) (568)
Income
Comprehensive - - 10,031 (598) - - 9,433 196 9,629
Income
Dividend - - (5,173) - - - (5,173) (97) (5,270)
Issuance of 14,112,010 35 446 - - - 481 - 481
common shares
Purchase of - - - - - - - - -
treasury shares
Sale of
treasury shares - - (113) - 2,931,034 113 - - -
^(1)
Share-based - - 124 - - - 124 - 124
payments
Share - - - - - - - - -
cancellation
Other
operations with - - - 2 - - 2 57 59
non-controlling
interests
Other items - - 9 - - - 9 454 463
As of September 2,363,752,941 5,909 65,862 (3,091) (109,556,645) (3,390) 65,290 1,467 66,757
30, 2011
Net income of
the fourth - - 2,290 - - - 2,290 94 2,384
quarter
Other
comprehensive - - 186 2,002 - - 2,188 59 2,247
Income
Comprehensive - - 2,476 2,002 - - 4,478 153 4,631
Income
Dividend - - (1,284) - - - (1,284) (75) (1,359)
Issuance of 14,372 - - - - - - - -
common shares
Purchase of - - - - - - - - -
treasury shares
Sale of
treasury shares - - - - 2,472 - - - -
^(1)
Share-based - - 37 - - - 37 - 37
payments
Share - - - - - - - - -
cancellation
Other
operations with - - (553) 101 - - (452) (180) (632)
non-controlling
interests
Other items - - (32) - - - (32) (13) (45)
As of December 2,363,767,313 5,909 66,506 (988) (109,554,173) (3,390) 68,037 1,352 69,389
31, 2011
Net income of
the first nine - - 8,313 - - - 8,313 110 8,423
months
Other
comprehensive - - (246) 495 - - 249 (8) 241
Income
Comprehensive - - 8,067 495 - - 8,562 102 8,664
Income
Dividend - - (3,913) - - - (3,913) (100) (4,013)
Issuance of 2,151,933 6 26 - - - 32 - 32
common shares
Purchase of - - - - (1,800,000) (68) (68) - (68)
treasury shares
Sale of
treasury shares - - (116) - 2,960,542 116 - - -
^(1)
Share-based - - 114 - - - 114 - 114
payments
Share - - - - - - - - -
cancellation
Other
operations with - - 13 6 - - 19 (18) 1
non-controlling
interests
Other items - - 6 - - - 6 (61) (55)
As of September 2,365,919,246 5,915 70,703 (487) (108,393,631) (3,342) 72,789 1,275 74,064
30, 2012
^(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3^rd quarter
2012 Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€)
Non-Group sales 5,001 23,260 21,574 55 - 49,890
Intersegment 7,455 11,168 154 47 (18,824) -
sales
Excise taxes - (956) (3,455) - - (4,411)
Revenues from 12,456 33,472 18,273 102 (18,824) 45,479
sales
Operating (5,279) (31,914) (17,836) (249) 18,824 (36,454)
expenses
Depreciation,
depletion and
amortization of (2,779) (321) (136) (10) - (3,246)
tangible assets
and mineral
interests
Operating 4,398 1,237 301 (157) - 5,779
income
Equity in net
income (loss) 642 41 7 302 - 992
of affiliates
and other items
Tax on net
operating (2,961) (348) (81) (119) - (3,509)
income
Net operating 2,079 930 227 26 - 3,262
income
Net cost of net (125)
debt
Non-controlling (71)
interests
Net income 3,066
3^rd quarter
2012
(adjustments) Upstream Refining Supply Corporate Intercompany Total
^(a) Chemicals Marketing
(M€)
Non-Group sales (8) - - - - (8)
Intersegment - - - - -
sales
Excise taxes - - - - -
Revenues from (8) - - - - (8)
sales
Operating 3 593 (42) - - 554
expenses
Depreciation,
depletion and
amortization of (1,134) (2) (14) - - (1,150)
tangible assets
and mineral
interests
Operating (1,139) 591 (56) - - (604)
income ^ (b)
Equity in net
income (loss) - 5 33 293 - 331
of affiliates
and other items
Tax on net
operating 327 (230) 7 (90) - 14
income
Net operating (812) 366 (16) 203 - (259)
income ^ (b)
Net cost of net -
debt
Non-controlling (23)
interests
Net income (282)
^(a)
Adjustments
include special
items,
inventory
valuation
effect and the
effect of
changes in fair
value.
^(b) Of which
inventory
valuation
effect
On operating - 627 139 -
income
On net
operating - 444 94 -
income
3^rd quarter
2012 (adjusted) Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€) ^(a)
Non-Group sales 5,009 23,260 21,574 55 - 49,898
Intersegment 7,455 11,168 154 47 (18,824) -
sales
Excise taxes - (956) (3,455) - - (4,411)
Revenues from 12,464 33,472 18,273 102 (18,824) 45,487
sales
Operating (5,282) (32,507) (17,794) (249) 18,824 (37,008)
expenses
Depreciation,
depletion and
amortization of (1,645) (319) (122) (10) - (2,096)
tangible assets
and mineral
interests
Adjusted
operating 5,537 646 357 (157) - 6,383
income
Equity in net
income (loss) 642 36 (26) 9 - 661
of affiliates
and other items
Tax on net
operating (3,288) (118) (88) (29) - (3,523)
income
Adjusted net
operating 2,891 564 243 (177) - 3,521
income
Net cost of net (125)
debt
Non-controlling (48)
interests
Ajusted net 3,348
income
Adjusted
fully-diluted 1.48
earnings per
share (€)
^(a) Except for
per share
amounts.
3^rd quarter
2012 Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€)
Total 4,567 441 383 25 - 5,416
expenditures
Total 401 55 41 1,138 - 1,635
divestments
Cash flow from
operating 3,457 1,036 692 (22) - 5,163
activities
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
2^nd quarter
2012 Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€)
Non-Group sales 4,977 22,592 21,519 47 - 49,135
Intersegment 7,751 10,474 222 48 (18,495) -
sales
Excise taxes - (874) (3,686) 1 - (4,559)
Revenues from 12,728 32,192 18,055 96 (18,495) 44,576
sales
Operating (6,190) (32,646) (17,764) (285) 18,495 (38,390)
expenses
Depreciation,
depletion and
amortization of (1,513) (319) (189) (7) - (2,028)
tangible assets
and mineral
interests
Operating 5,025 (773) 102 (196) - 4,158
income
Equity in net
income (loss) 448 23 (14) (156) - 301
of affiliates
and other items
Tax on net
operating (2,911) 256 (62) (14) - (2,731)
income
Net operating 2,562 (494) 26 (366) - 1,728
income
Net cost of net (116)
debt
Non-controlling (27)
interests
Net income 1,585
2^nd quarter
2012
(adjustments) Upstream Refining Supply Corporate Intercompany Total
^(a) Chemicals Marketing
(M€)
Non-Group sales 11 - - - - 11
Intersegment - - - - -
sales
Excise taxes - - - - -
Revenues from 11 - - - - 11
sales
Operating (18) (1,238) (148) (23) - (1,427)
expenses
Depreciation,
depletion and
amortization of - - (46) - - (46)
tangible assets
and mineral
interests
Operating (7) (1,238) (194) (23) - (1,462)
income ^ (b)
Equity in net
income (loss) - (40) (8) (244) - (292)
of affiliates
and other items
Tax on net
operating 9 401 47 (9) - 448
income
Net operating 2 (877) (155) (276) - (1,306)
income ^ (b)
Net cost of net -
debt
Non-controlling 33
interests
Net income (1,273)
^(a)
Adjustments
include special
items,
inventory
valuation
effect and the
effect of
changes in fair
value.
^(b) Of which
inventory
valuation
effect
On operating - (1,238) (146) -
income
On net
operating - (877) (99) -
income
2^nd quarter
2012 (adjusted) Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€) ^(a)
Non-Group sales 4,966 22,592 21,519 47 - 49,124
Intersegment 7,751 10,474 222 48 (18,495) -
sales
Excise taxes - (874) (3,686) 1 - (4,559)
Revenues from 12,717 32,192 18,055 96 (18,495) 44,565
sales
Operating (6,172) (31,408) (17,616) (262) 18,495 (36,963)
expenses
Depreciation,
depletion and
amortization of (1,513) (319) (143) (7) - (1,982)
tangible assets
and mineral
interests
Adjusted
operating 5,032 465 296 (173) - 5,620
income
Equity in net
income (loss) 448 63 (6) 88 - 593
of affiliates
and other items
Tax on net
operating (2,920) (145) (109) (5) - (3,179)
income
Adjusted net
operating 2,560 383 181 (90) - 3,034
income
Net cost of net (116)
debt
Non-controlling (60)
interests
Ajusted net 2,858
income
Adjusted
fully-diluted 1.26
earnings per
share (€)
^(a) Except for
per share
amounts.
2^nd quarter
2012 Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€)
Total 4,227 501 212 24 - 4,964
expenditures
Total 234 7 20 719 - 980
divestments
Cash flow from
operating 5,298 625 (140) 384 - 6,167
activities
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3^rd quarter
2011 Upstream Refining Supply Corporate Intercompany Total
Chemicals Marketing
(M€)
Non-Group sales 4,770 19,267 22,124 2 - 46,163
Intersegment 6,571 11,190 218 45 (18,024) -
sales
Excise taxes - (502) (4,136) - - (4,638)
Revenues from 11,341 29,955 18,206 47 (18,024) 41,525
sales
Operating (4,904) (29,539) (17,766) (136) 18,024 (34,321)
expenses
Depreciation,
depletion and
amortization of (1,262) (473) (129) (9) - (1,873)
tangible assets
and mineral
interests
Operating 5,175 (57) 311 (98) - 5,331
income
Equity in net
income (loss) 974 496 118 24 - 1,612
of affiliates
and other items
Tax on net
operating (3,420) 9 (93) 41 - (3,463)
income
Net operating 2,729 448 336 (33) - 3,480
income
Net cost of net (133)
debt
Non-controlling (33)
interests
Net income 3,314
3^rd quarter
2011
(adjustments) Upstream Refining Supply Corporate Intercompany Total
^(a) Chemicals Marketing
(M€)
Non-Group sales (14) - - - - (14)
Intersegment - - - - - -
sales
Excise taxes - - - - - -
Revenues from (14) - - - - (14)
sales
Operating - (191) (1) - - (192)
expenses
Depreciation,
depletion and
amortization of (75) (171) - - - (246)
tangible assets
and mineral
interests
Operating (89) (362) (1) - - (452)
income ^ (b)
Equity in net
income (loss) 554 410 148 15 - 1,127
of affiliates
and other items
Tax on net
operating (124) 33 (6) (71) - (168)
income
Net operating 341 81 141 (56) - 507
income ^ (b)
Net cost of net -
debt
Non-controlling 6
interests
Net income 513
^(a)
Adjustments
include special
items,
inventory
valuation
effect and the
effect of
changes in fair
value.
^(b) Of which
inventory
valuation
effect
On operating *Story
income - (121) 9 too
large*
[TRUNCATED]
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