TOTAL: Fourth Quarter and Full-Year 2012 Results
TOTAL: Fourth Quarter and Full-Year 2012 Results
Business Wire
PARIS -- February 13, 2013
Regulatory News:
TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q12 Change 2012 Change
vs 4Q11 vs 2011
Adjusted net
income^1
- in billion euros 3.1 +13% 12.4 +8%
(B€)
- in billion dollars 4.0 +9% 15.9 -
(B$)
- in euros per share 1.36 +13% 5.45 +8%
- in dollars per 1.76 +8% 7.01 -1%
share
Net income(2) of 10.7 B€ in 2012
Net-debt-to-equity ratio of 21.4% at December 31, 2012
Upstream production of 2,300 kboe/d for full-year 2012
Dividend in 4Q12 of 0.59 €/share payable in June 2013(3)
Commenting on the results, Chairman and CEO Christophe de Margerie said:
“In 2012, Total again delivered solid performance with net income of 12.4
billion euros and reinforced its strong financial position. The environment
remained favorable in the Upstream, with Brent prices above 110 $/b and, in
the Downstream, refining margins benefited from a temporary rebound at
mid-year.
With safety as the priority, the Group continues to progress towards its three
main objectives. To successfully start-up projects, on time and in budget, for
the Group’s profitable growth over the coming years. To rely on a recently
expanded exploration portfolio for more significant discoveries. And, finally,
to continue the restructuring of downstream activities for improved
profitability and resilience in an evolving market.
The Group has embarked on an important program of investments and asset sales
to deliver value-creating growth, all while preserving a strong balance sheet,
providing shareholder returns, and keeping its environmental and social
commitments. It is thus with discipline, determination and optimism that the
Group prepares for its future.”
The Board of Directors of Total, led by Chairman and CEO Christophe de
Margerie, met on February 12, 2013, and decided to propose at the Annual
Shareholders Meeting on May 17, 2013, a dividend of 2.34 €/share for 2012, an
increase of approximately 3% compared to the previous year.
* Key figures^4
in millions of
4Q12 euros 2012
4Q12 3Q12 4Q11 vs except earnings 2012 2011 vs
4Q11 per share and 2011
number of shares
49,868 49,890 47,492 +5% Sales 200,061 184,693 +8%
Adjusted
5,874 6,540 6,263 -6% operating income 24,986 24,409 +2%
from business
segments
Adjusted net
3,358 3,698 3,049 +10% operating income 13,437 12,263 +10%
from business
segments
2,679 2,891 2,852 -6% - Upstream 11,186 10,602 +6%
406 564 35 x12 - Refining & 1,414 848 +67%
Chemicals
273 243 162 +69% - Marketing & 837 813 +3%
Services
3,081 3,348 2,725 +13% Adjusted net 12,361 11,424 +8%
income
Adjusted
1.36 1.48 1.20 +13% fully-diluted 5.45 5.06 +8%
earnings per
share (euros)
Fully-diluted
2,270 2,268 2,264 - weighted-average 2,267 2,257 -
shares
(millions)
2,381 3,066 2,290 +4% Net income 10,694 12,276 -13%
(Group share)
6,623 5,416 7,367 -10% Investments^5 22,943 24,541 -7%
1,566 1,635 1,495 +5% Divestments 5,871 8,578 -32%
5,057 3,781 5,872 -14% Net investments 17,072 15,963 +7%
5,865 5,163 2,794 x2 Cash flow from 22,462 19,536 +15%
operations
Adjusted cash
5,691 6,058 5,865 -3% flow from 21,612 20,060 +8%
operations
in millions of
4Q12 dollars^6 except 2012
4Q12 3Q12 4Q11 vs earnings per 2012 2011 vs
4Q11 share and number 2011
of shares
64,664 62,375 64,029 +1% Sales 257,038 257,093 -
Adjusted
7,617 8,177 8,444 -10% operating income 32,102 33,977 -6%
from business
segments
Adjusted net
4,354 4,623 4,111 +6% operating income 17,264 17,070 +1%
from business
segments
3,474 3,614 3,845 -10% = Upstream 14,372 14,758 -3%
526 705 47 x11 = Refining & 1,817 1,180 +54%
Chemicals
354 304 218 +62% = Marketing & 1,075 1,132 -5%
Services
3,995 4,186 3,674 +9% Adjusted net 15,881 15,902 -
income
Adjusted
1.76 1.85 1.62 +8% fully-diluted 7.01 7.05 -1%
earnings per
share (euros)
Fully-diluted
2,270 2,268 2,264 - weighted-average 2,267 2,257 -
shares
(millions)
3,087 3,833 3,087 - Net income 13,740 17,088 -20%
(Group share)
8,588 6,771 9,932 -14% Investments^5 29,477 34,161 -14%
2,031 2,044 2,016 +1% Divestments 7,543 11,941 -37%
6,557 4,727 7,917 -17% Net investments 21,934 22,220 -1%
7,605 6,455 3,767 x2 Cash flow from 28,859 27,194 +6%
operations
Adjusted cash
7,380 7,574 7,907 -7% flow from 27,767 27,924 -1%
operations
* Highlights since the beginning of the fourth quarter 2012^7
* Start-up of production on Atla in the Norwegian North Sea and South
Mahakam in Indonesia
* Significant discoveries on the North Platte prospect in the Gulf of
Mexico and on Garantiana in the Norwegian North Sea
* Expanded exploration acreage by acquiring blocks in Papua New Guinea,
Indonesia, Kazakhstan, Tajikistan, and Republic of Cyprus.
* Signed heads of agreement for 25-year extension of partnership on the
Al Khalij field in Qatar
* Announced sale of the Group’s interest in the offshore OML 138 block
in Nigeria which includes the Usan field
* Received a firm offer and entered into exclusive negotiations with a
consortium of buyers for the sale of TIGF, a natural gas transport
and storage affiliate in France
* Received a firm offer and entered into exclusive negotiations for the
sale by Total of its affiliate GPN SA and related interests in the
Belgian company Rosier SA, both of which are in the fertilizers
business
* Exchanged assets in the Norwegian North Sea to increase the Group’s
participation rights in the Oseberg and Dagny fields to 14.7% and
39.54%, respectively
* Significant commercial achievement of SunPower with its sale of the
Antelope Valley projects (AVSP) in the US, the largest photovoltaic
development in the world
* Fourth quarter 2012 results
> Operating income from business segments
In the fourth quarter 2012, the Brent price averaged 110.1 $/b, an increase of
1% compared to the fourth quarter 2011 and the third quarter 2012. The
European refining margin indicator (ERMI) averaged 33.9 $/t for the fourth
quarter 2012, compared to 15.1 $/t for the fourth quarter 2011 and 51.0 $/t
for the third quarter 2012.
The euro-dollar exchange rate averaged 1.30 $/€ in the fourth quarter 2012,
compared to 1.35 $/€ in the fourth quarter 2011 and 1.25 $/€ in the third
quarter 2012.
In this environment, the adjusted operating income^8 from business segments
was 5,874 M€, a decrease of 6% compared to the fourth quarter 2011. Expressed
in dollars, there was a decrease of 10%. This decrease is essentially due to
the decrease in Upstream results compared to the fourth quarter 2011, which
was only partially offset by improved results from Refining & Chemicals and
Marketing & Services.
The effective tax rate^9 for the business segments was 51.5% in the fourth
quarter 2012 compared to 59.0% in the fourth quarter 2011, essentially due to
a decrease in the effective tax rate for the Upstream and the increased
contribution of downstream activities to the pre-tax results of the Group.
Adjusted net operating income from the business segments was 3,358 M€ compared
to 3,049 M€ in the fourth quarter 2011, an increase of 10%. Expressed in
dollars, the adjusted net operating income from the business segments
increased to 4.4 B$, an increase of 6% compared to the fourth quarter 2011,
thanks to a stronger net contribution from Refining & Chemicals and, to a
lesser degree, Marketing & Services.
Although the adjusted operating income from business segments decreased, the
adjusted net operating income from business segments increased compared to the
fourth quarter 2011, mainly due to a lower effective tax rate for the business
segments.
> Net income (Group share)
Adjusted net income was 3,081 M€ in the fourth quarter 2012 compared to 2,725
M€ in the fourth quarter 2011, an increase of 13%. Expressed in dollars,
adjusted net income increased by 9%.
Adjusted net income excludes the after-tax inventory effect, the effect of
changes in fair value, and special items^10:
* The after-tax inventory effect had a negative impact on net income of 312
M€ in the fourth quarter 2012 compared to a positive impact of 49 M€ in
the fourth quarter 2011.
* Changes in fair value had a positive impact on net income of 10 M€ in the
fourth quarter 2012 compared with a positive impact of 20 M€ in the fourth
quarter 2011.
* Special items^11 had a negative impact on net income of 398 M€ in the
fourth quarter 2012, comprised essentially of an impairment of chemicals
assets in Europe, a reserve for the restoration of the Lacq site in France
where activities will be shut-down, and a provision for abandonment costs
relating to Elgin in the UK. These special items were partially offset by
gains on the sale of Upstream assets in Colombia. In the fourth quarter
2011, special items had a negative impact of 504 M€.
Net income (Group share) was 2,381 M€ compared to 2,290 M€ in the fourth
quarter 2011.
The effective tax rate for the Group was 52.2% in the fourth quarter 2012,
compared to 60.8% in the fourth quarter 2011, an evolution in line with the
effective tax rate of the business segments described below.
Adjusted fully-diluted earnings per share, based on 2,270.2 million
fully-diluted weighted-average shares, increased by 13% to €1.36, compared to
€1.20 in the fourth quarter 2011.
Expressed in dollars, adjusted fully-diluted earnings per share increased by
8% to $1.76.
> Investments – Divestments^12
Investments, excluding acquisitions and including changes in non-current
loans, were 5.4 B€ (7.0 B$) in the fourth quarter 2012 compared to 5.2 B€ (7.0
B$) in the fourth quarter 2011.
Acquisitions were 578 M€ (749 M$) in the fourth quarter 2012, comprised
essentially of the acquisition of exploration licenses in Iraq, Bulgaria,
Kazakhstan and Yemen, the acquisition of Upstream assets in Norway, and a
carry agreement in the Utica shale gas and condensates field in the US.
Asset sales in the fourth quarter 2012 were 881 M€ (1,142 M$), including
mainly the sale of the Upstream affiliate in Colombia, Upstream assets in the
UK, Nigeria and Norway, and the Group’s interest in the French company
Geostock.
Net investments^13 were 5.1 B€ (6.6 B$) in the fourth quarter 2012 compared
to 5.9 B€ (7.9 B$) in the fourth quarter 2011.
> Cash flow
Cash flow from operations was 5,865 M€ in the fourth quarter 2012 compared to
2,794 M€ in the fourth quarter 2011. This increase of more than 100% is
explained essentially by lower working capital requirements, noting that the
fourth quarter 2011 was impacted by a significant increase in working capital
requirements at year-end.
Adjusted cash flow from operations^14 was 5,691 M€, a decrease of 3% compared
to the fourth quarter 2011. Expressed in dollars, adjusted cash flow from
operations was 7.4 B$, a decrease of 7%.
The Group’s net cash flow^15 was positive 808 M€ compared to negative 3,087 M€
in the fourth quarter 2011, due to a significant increase in cash flow from
operations and lower net investments compared to those in the fourth quarter
2011. Expressed in dollars, the Group’s net cash flow was 1.0 B$ in the fourth
quarter 2012.
* Results for the full-year 2012
> Operating income
On average, the oil market environment was stable compared to the previous
year. For 2012, the average Brent price remained around 111.7 $/b and the
average realized price of gas for the Group increased by 3% to 6.74 $/Mbtu,
compared to 6.53 $/Mbtu in 2011. In the Downstream, the ERMI increased to 36.0
$/t on average for 2012, compared to 17.4 $/t in 2011.
The euro-dollar exchange rate averaged 1.28 $/€ in 2012 compared to 1.39 $/€
in 2011.
In this environment, the adjusted operating income from the business segments
was 24,986 M€, an increase of 2% compared to 2011^16. Expressed in dollars,
the adjusted operating income for the business segments was 32.1 B$, a
decrease of 6% compared to 2011, essentially due to lower Upstream results
which were partially offset by improved results from Refining & Chemicals and
Marketing & Services.
The effective tax rate for the business segments was 55.2% in 2012 compared to
57.9% in 2011, essentially due to a decrease in the effective tax rate for
Upstream and the increased contribution of downstream activities to the Group
results.
Adjusted net operating income from the business segments was 13,437 M€
compared to 12,263 M€ in 2011, an increase of 10%.
Expressed in dollars, adjusted net operating income from the business segments
increased by 1%. The fact that adjusted net operating income from the business
segments increased in 2012 while the adjusted operating income from the
business segments decreased compared to 2011 is explained mainly by the
decrease in the effective tax rates in the two periods and an increase in the
contribution of equity affiliates to adjusted results.
> Net income (Group share)
Adjusted net income was 12,361 M€ in 2012, an increase of 8% compared to
11,424 M€ in 2011. Expressed in dollars, adjusted net income of 15.9 B$ was
stable compared to 2011.
Adjusted net income excludes the after-tax inventory effect, special items and
the effect of changes in fair value^17:
* The after-tax inventory effect had a negative impact on net income of 157
M€ in 2012 and a positive impact of 834 M€ in 2011.
* Changes in fair value had a negative impact on net income of 7 M€ in 2012
and a positive impact of 32 M€ in 2011.
* Special items^18 had a negative impact on net income of 1,503 M€ in 2012,
comprised essentially of an impairment of assets in the Barnett in the US,
provisions for abandonment costs relating to Elgin in the UK, a one-off
tax of 4% on petroleum stocks in France, an impairment of chemicals assets
in Europe, and a provision relating to a settlement agreement in progress
with the SEC and DoJ in the US. These special items were partially offset
by gains on asset sales. In 2011, special items had a negative impact of
14 M€.
Net income (Group share) was 10,694 M€ compared to 12,276 M€.
The effective tax rate for the Group was 56.2% in 2012 compared to 58.4% in
2011.
On December 31, 2012, there were 2,270.4 million fully-diluted shares compared
to 2,263.8 million on December 31, 2011.
In 2012, adjusted fully-diluted earnings per share, based on 2,266.6 million
fully-diluted weighted-average shares, was €5.45, an increase of 8% compared
to €5.06 in 2011.
Expressed in dollars, adjusted fully-diluted earnings per share was $7.01
compared to $7.05 in 2011, a decrease of 1%.
> Investments – divestments^19
Investments, excluding acquisitions and including changes in non-current
loans, were 18.5 B€ (23.8 B$) in 2012 compared to 14.8 B€ (20.6 B$) in 2011,
due to an increase in investments relating to new Upstream projects under
development.
Acquisitions were 3.1 B€ (4.0 B$) in 2012, comprised essentially of the
acquisition of interests in exploration and production licenses in Uganda, an
additional 1.3% stake in Novatek^20, various exploration licenses, the
minority interest in Fina Antwerp Olefins and the carry agreement in the Utica
shale gas and condensates field in the US.
For 2012, asset sales were 4.6 B€ (5.9 B$), comprised essentially of sales of
the remainder of the Group’s shares of Sanofi, a stake in the Gassled pipeline
in Norway, Upstream assets in Nigeria, the UK, Colombia and France, as well as
interests in Pec-Rhin and Geostock in France and in Composites One in the US.
Net investments were 17.1 B€ (21.9 B$) in 2012, compared to 16.0 B€ (22.2 B$)
in 2011, an increase of 7%. Expressed in dollars, net investments in 2012
decreased 1%, mainly due to a significant decrease in acquisitions compared to
2011.
> Cash flow
Cash flow from operations was 22,462 M€ (28.9 B$) in 2012, an increase of 15%
compared to 2011, essentially due to the change in working capital
requirements between the two periods.
Adjusted cash flow from operations^21 was 21,612 M€, an increase of 8%.
Expressed in dollars, adjusted cash flow from operations ^ was 27.8 B$, a
decrease of 1% compared to 2011.
The Group’s net cash flow^22 was 5,390 M€ compared to 3,573 M€ in 2011.
Expressed in dollars, the Group’s net cash flow ^ was 6.9 B$ in 2012.
The net-debt-to-equity ratio was 21.4% on December 31, 2012, compared to 23.0%
on December 31, 2011.^23
* Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
4Q12 2012
4Q12 3Q12 4Q11 vs 2012 2011 vs
4Q11 2011
110.1 109.5 109.3 +1% Brent ($/b) 111.7 111.3 -
Average
106.4 107.6 104.3 +2% liquids 107.7 105.0 +3%
price ($/b)
Average gas
6.94 6.00 6.79 +2% price 6.74 6.53 +3%
($/Mbtu)
Average
77.0 75.8 75.9 +1% hydrocarbons 77.3 74.9 +3%
price
($/boe)
* consolidated subsidiaries, excluding fixed margins. Effective first quarter
2012, over/under-lifting valued at market prices.
> Production
4Q12 2012
4Q12 3Q12 4Q11 vs Hydrocarbon production 2012 2011 vs
4Q11 2011
2,293 2,272 2,384 -4% Combined production 2,300 2,346 -2%
(kboe/d)
1,206 1,225 1,237 -3% - Liquids (kb/d) 1,220 1,226 -
5,897 5,680 6,201 -5% - Gas (Mcf/d) 5,880 6,098 -4%
Hydrocarbon production was 2,293 thousand barrels of oil equivalent per day
(kboe/d) in the fourth quarter 2012, a decrease of 4% compared to the fourth
quarter 2011, essentially as a result of:
* +4.5% for start-ups and ramp-ups from new projects,
* -3.5% for normal decline and turnarounds,
* -3% for the incident at Elgin in the UK North Sea and flooding in Nigeria,
and
* -2% 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.
In 2012, hydrocarbon production was 2,300 kboe/d, a decrease of 2% compared to
2011, essentially as a result of:
* +4.5% for start-ups and ramp-ups from new projects,
* -4% for normal decline,
* +1.5% 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, France, Nigeria, and Cameroon,
* -2% for incidents at Elgin in the UK North Sea and Ibewa in 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
* -0.5% for price effect^24.
> Reserves
Reserves at December 31 2012 2011 %
Hydrocarbon reserves (Mboe) 11,368 11,423 -
= Liquids (Mb) 5,686 5,784 -2%
= Gas (Bcf) 30,877 30,717 +1%
Proved reserves based on SEC rules (based on Brent at 111.13 $/b) were 11,368
Mboe at December 31, 2012. Based on the 2012 average rate of production, the
reserve life is more than 13 years.
The 2012 proved reserve replacement rate^25, based on SEC rules, was 93%.
The 2012 organic proved reserve replacement rate^26 was 100% in a constant
price environment.
At year-end 2012, Total had a solid and diversified portfolio of proved and
probable reserves^27 representing more than 20 years of reserve life based on
the 2012 average production rate, and resources^28 representing more than 45
years of production.
> Results
Effective July 1, 2012, the Upstream segment no longer includes the activities
of New Energies, which are now reported with Marketing & Services (previously
Supply & Marketing). As a result, certain information has been restated
according to the new organization.
4Q12 in millions 2012
4Q12 3Q12 4Q11 vs of euros 2012 2011 vs
4Q11 2011
Adjusted
5,035 5,537 6,104 -18% operating 22,108 22,609 -2%
income*
Adjusted
2,679 2,891 2,852 -6% net 11,186 10,602 +6%
operating
income*
- includes
adjusted
350 578 488 -28% income from 1,856 1,704 +9%
equity
affiliates
5,518 4,567 6,134 -10% Investments 19,618 20,662 -5%
1,415 401 399 x4 Divestments 2,798 2,591 +8%
Cash flow
4,429 3,457 3,547 +25% from 18,950 17,044 +11%
operations
Adjusted
4,494 5,105 5,451 -18% cash flow 18,306 17,661 +4%
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 2,679 M€ in the
fourth quarter 2012 compared to 2,852 M€ in the fourth quarter 2011, a
decrease of 6%.
Expressed in dollars, the decrease of 10% is explained principally by a
decrease in production between the two periods, higher exploration expenses in
the fourth quarter 2012, and the positive impact in the fourth quarter 2011 of
valuing overlifting/underlifting positions at market prices.
The effective tax rate for the Upstream segment in the fourth quarter 2012 was
54.8% compared to 59.9% in the fourth quarter 2011. This decrease was due to
portfolio mix effect and certain cyclical elements in the fourth quarter 2012,
including year-end tax adjustments relating to the exchange of assets in
Norway and the reversal of a non-deductible loss.
Adjusted net operating income from the Upstream segment in 2012 was 11,186 M€
compared to 10,602 M€ in 2011, an increase of 6%. Expressed in dollars,
adjusted net operating income from the Upstream segment was 14.4 B$, a
decrease of 3% compared to 2011 explained mainly by the decrease in
hydrocarbon production, since the increase technical costs (as discussed
below) was largely offset by the decrease in the effective tax rate for the
Upstream. The effective tax rate for the Upstream was 58.3% in 2012 compared
to 60.4% in 2011.
Technical costs for consolidated subsidiaries, in accordance with ASC 932^29,
were 22.8 $/boe in 2012, compared to 18.9 $/boe in 2011, mainly due to
increased depreciation of tangible assets relating to start-ups such as
Pazflor, Halfaya, and Usan, as well as increased exploration expenses.
The return on average capital employed (ROACE^30) for the Upstream segment was
18% in 2012 compared to 21% in 2011.
Refining & Chemicals
> Refinery throughput and utilization rates*
4Q12 2012
4Q12 3Q12 4Q11 vs 2012 2011 vs
4Q11 2011
1,648 1,790 1,674 -2% Total refinery 1,786 1,863 -4%
throughput (kb/d)
532 653 742 -28% - France 657 732 -10%
847 864 714 +19% - Rest of Europe 866 885 -2%
269 273 218 +23% - Rest of world 263 246 +7%
Utilization rates**
76% 82% 77% - Based on crude only 82% 78%
79% 86% 79% - Based on crude and 86% 83%
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
Marketing & Supply segment.
** based on distillation capacity at the beginning of the year
In the fourth quarter 2012, refinery throughput decreased by 2% compared to
the fourth quarter 2011. This decrease is essentially due to the temporary
shut-down of the Normandy refinery in connection with the upgrading project
during the entire quarter and the closure of the Rome refinery at the end of
the third quarter 2012, the effects of which were largely offset by higher
throughput, compared to the fourth quarter 2011, at the Group’s other European
refineries and at the Port Arthur refinery in the US.
In 2012, refinery throughput decreased by 4% compared to 2011, reflecting
essentially the portfolio effect relating to the sale of the Group’s interest
in CEPSA at the end of July 2011 and the closure of the Rome refinery at the
end of the third quarter 2012. Excluding these portfolio effects, throughput
increased by 4% due to increased availability of the Group’s refineries.
As in 2011, 2012 was marked by higher levels of planned maintenance at
European refineries, in particular the temporary shut-down of the Normandy
refinery during the upgrading project at the end of 2012, as well as scheduled
maintenance at the Provence and Feyzin refineries.
> Results
4Q12 in millions 2012
4Q12 3Q12 4Q11 vs of euros 2012 2011 vs
4Q11 (except the 2011
ERMI)
European
refining
33.9 51.0 15.1 x2.2 margin 36.0 17.4 x2.1
indicator -
ERMI ($/t)
Adjusted
449 646 (126) n/a operating 1,513 613 x2.5
income*
Adjusted net
406 564 35 x12 operating 1,414 848 +67%
income*
-
94 102 75 +25% contribution 384 423 -9%
of Specialty
Chemicals**
573 441 624 -8% Investments 1,944 1,910 +2%
101 55 58 +74% Divestments 304 2,509 -88%
Cash flow
502 1,036 (649) n/a from 2,127 2,146 -1%
operations
Adjusted
672 771 114 x5.9 cash flow 2,170 1,318 +65%
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 33.9 $/t in the fourth quarter 2012, nearly double the
average of 15.1 $/t during the fourth quarter 2011. For 2012, the ERMI was
36.0 $/t, more than double the average during 2011. This sharp increase in
2012 was mainly due to high levels of planned maintenance in the refining
sector, particularly in Europe during the 2012 summer.
Adjusted net operating income from the Refining & Chemicals segment was 406 M€
in the fourth quarter 2012, compared to 35 M€ in the fourth quarter 2011.
Expressed in dollars, the adjusted net operating income for the segment was
526 M$ compared to 47 M$ in the fourth quarter 2011. This significant increase
is essentially due to improvements in the refining environment between the two
periods.
Adjusted net operating income from the Refining & Chemicals segment in 2012
was 1,414 M€, an increase of 67% compared to 848 M$ in 2011. Expressed in
dollars, adjusted net operating income was 1.8 B$, an increase of 54% compared
to 2011. This increase is mainly due to the positive effect of improved
refining margins in Europe, noting that throughput at the Group’s refineries
decreased on a global basis by 4% between the two periods, and the
petrochemical environment weakened, particularly in Europe and in polymers.
The decrease in adjusted net operating income for the Specialty Chemicals is
attributable entirely to the sale of the resins business in mid-2011.
Excluding this portfolio effect, the adjusted net operating income for the
Specialty Chemicals would have increased slightly.
The ROACE for the Refining & Chemicals segment was 9% for 2012, compared to 5%
for 2011.
Marketing & Services
> Refined product sales
4Q12 Sales in 2012vs
4Q12 3Q12 4Q11 vs kb/d* 2012 2011 2011
4Q11
1,123 1,143 1,280 -12% Europe 1,160 1,455 -20%
583 563 534 +9% Rest of 550 532 +3%
world
Total
1,706 1,706 1,814 -6% Marketing 1,710 1,987 -14%
& Supply
sales
* excludes trading and bulk sales, includes share of CEPSA, through July 31,
2011, and of TotalErg
In the fourth quarter 2012, sales of Marketing & Services decreased by 6%
compared to the fourth quarter 2011, essentially due to the sale of marketing
activities in the UK.
For 2012, the decrease in sales of 14% compared to 2011 was almost entirely
attributable to the sale of the Group’s interest in CEPSA and the sale of
marketing activities in the UK. Excluding these portfolio effects, sales would
have decreased by 1% on an annual basis with a notable decrease in Europe (3%)
partially offset by increased sales in Asia and the Middle East.
> Results
Effective July 1, 2012, Marketing & Services (previously Supply & Marketing)
includes the activities of New Energies. As a result, certain information has
been restated according to the new organization.
4Q12 in millions of 2012
4Q12 3Q12 4Q11 vs euros 2012 2011 vs
4Q11 2011
21,669 21,574 21,958 -1% Sales 86,614 85,325 +2%
Adjusted net
390 357 285 +37% operating 1,365 1,187 +15%
income*
Adjusted net
273 243 162 +69% operating 837 813 +3%
income*
* contribution
14 (6) (76) n/a of New (169) (197) n/a
Energies
508 383 545 -7% Investments 1,301 1,834 -29%
46 41 527 -91% Divestments 152 1,955 -92%
1,024 692 134 x8 Cash flow from 1,132 541 x2
operations
Adjusted cash
353 202 269 +31% flow from 1,192 1,103 +8%
operations
* detail of adjustment items shown in the business segment information annex
to financial statements
Marketing & Services sales were 21.7 B€ for the fourth quarter 2012, basically
stable compared to the fourth quarter 2011.
Adjusted net operating income from the Marketing & Services segment was 273 M€
in the fourth quarter 2012, compared to 162 M€ in the fourth quarter 2011.
This increase reflects the improvement in the results of New Energies, largely
due to the sale by SunPower of a photovoltaic project in the US, as the
results relating to marketing activities were stable between the two periods.
For 2012, Marketing & Services sales were 86.6 B€, an increase of 2% compared
2011.
Adjusted net operating income from the Marketing & Services segment was 837 M€
in 2012, an increase of 3% compared to 813 M€ in 2011. This increase is
explained principally by the improved performance of New Energies. Marketing
activities continued to provide stable results despite sales volumes generally
decreasing, due in particular to improved results from activities in the
Asia-Pacific and Eastern European regions.
The ROACE for the Marketing & Services segment was 12% for 2012, compared to
13% for 2011.
* TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was 6,520 M€ in 2012, compared
to 9,766 M€ in 2011.
* Proposed dividend
After closing the 2012 accounts, the Board of Directors decided to propose at
the May 17, 2013, Annual Shareholders Meeting a dividend of 2.34 euros per
share for 2012, an increase of approximately 3% compared to the previous year.
Based on 2012 adjusted net income, the payout ratio would be 43%.
Taking into account the three 2012 interim dividends, the remaining 0.59 euros
per share would be paid on June 27, 2013.^31
* Summary and outlook
The ROACE for the Group for 2012 was 16%, stable compared to 2011. Return on
equity for 2012 was 18%, also stable compared to 2011.
To create profitable and sustainable growth, Total invests in value-creating
projects and optimizes its portfolio, in particular by divesting non-core
assets and subsidiaries with limited growth potential or those in which the
Group has a low working interest.
The net investment budget of Total for 2013 is 22 B$, stable compared to 2011
and 2012. In executing its 2012-14 asset sale program of 15-20 B$, the Group
sold 6 B$ of assets in 2012 and anticipates reaching the low-end of its target
range by the end of 2013 with the closing of the Usan sale and other
divestments already in progress. The organic investment budget for 2013 is 28
B$, more than 80% of which will be dedicated to Upstream, principally for
highly competitive and profitable projects scheduled to start-up before 2017.
In the Upstream, Total confirms its production growth targets for 2015, 3% per
year on average over the period 2011-2015, and for 2017, a potential of 3
Mboe/d, all based on improved visibility. Total is focused on delivering its
projects on time and in budget. In 2013, production growth should be fueled by
2012 start-ups as well as anticipated 2013 start-ups, including Anguille in
Gabon, Angola LNG, Kashagan in Kazakhstan, and the extension of OML 58 in
Nigeria. In addition, the Group continues to work in cooperation with the UK
authorities towards a safe and progressive restart of Elgin-Franklin during
the first quarter 2013. Visibility on the Group’s production growth targets
will be further enhanced this year by the launch of additional major projects,
notably in West Africa.
The exploration budget has been increased to 2.8 B$ for 2013, and the
high-potential exploration program for 2013 reflects the new dynamic of the
Group, with prospects to be drilled in Ivory Coast, Gabon, Kenya, and Brazil.
In Refining & Chemicals, the restructuring in progress should yield
productivity gains and provide synergies in 2013, and in turn contribute to
increased profitability, in line with the objective of a segment ROACE of 13%
in 2015. The year 2013 also should be highlighted by the start-up of Jubail in
Saudi Arabia. This fully-integrated refinery will have a 400 kb/d capacity for
heavy crude and will provide refined products to growth markets like the
Middle East and Asia.
Marketing & Services seeks to continue to strengthen its worldwide positions
and to capitalize on its ability to respond to its customers’ needs. New
Energies will pursue its productivity, development, and innovation programs to
increase its contribution.
The Group confirms its commitment in favor of a competitive policy for returns
to shareholders, in keeping with its objective of sustainable growth.
To listen to a presentation by CEO Christophe de Margerie to financial
analysts today in London at 14:00 (London time) please log on to www.total.com
or call +44 (0)203 367 9462 in Europe or +1 866 907 5924 in the US. 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: 279 921).
^1 Definition of adjusted results on page 2 – dollar amounts represent euro
amounts converted at the average €-$ exchange rate for the period : 1.2967 $/€
for the 4^th quarter 2012, 1.3482 $/€ for the 4^th quarter 2011, 1.2502 $/€
for the 3^rd quarter 2012, 1.2848 $/€ for the full-year 2012, and 1.3920 $/€
for the full-year 2011.
^2 Group share. Net income (Group share) was 2,381 M€ for the 4^th quarter
2012.
^3 Pending approval at the May 17, 2013 Annual Shareholders Meeting,
ex-dividend date for the dividend will be June 24, 2013.
^4 Adjusted results are defined as income using replacement cost, adjusted for
special items, excluding the impact of changes for fair value. Adjusted cash
flow from operations is defined as cash flow from operations before changes in
working capital at replacement cost; adjustment items are on page 20 and the
inventory valuation effect is explained on page 17.
^5 including acquisitions
^6 Dollar amounts represent euro amounts converted at the average €-$ exchange
rate for the period.
^7 Certain transactions included in the highlights remain subject to approval
of authorities or satisfaction of conditions precedent under contractual
terms.
^8 Special items affecting operating income from the business segments had a
negative impact of 826 M€ in the 4^th quarter 2012 and a negative impact of
484 M€ in the 4^th quarter 2011.
^9 Defined as: (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates - dividends received from
investments + tax on adjusted net operating income).
^10 Adjustment items explained on page 17.
^11 Detail shown on page 20.
^12 Detail shown on page 21.
^13 Net investments = investments including acquisitions and changes in
non-current loans – asset sales.
^14 Cash flow from operations at replacement cost before changes in working
capital.
^15 Net cash flow = cash flow from operations - net investments.
^16 Special items affecting operating income from the business segments had a
negative impact of 2,342 M€ in 2012 and a negative impact of 873 M€ in 2011.
^17 Adjustment items explained on page 17.
^18 Detail shown on page 20.
^19 Detail shown on page 21.
^20 The Group’s interest in Novatek was 15.3% at December 31, 2012.
^21 Cash flow from operations at replacement cost before changes in working
capital.
^22 Net cash flow = cash flow from operations - net investments.
^23 Detail shown on page 22.
^24 Impact of changing hydrocarbon prices on entitlement volumes.
^25 Change in reserves excluding production i.e. (revisions + discoveries,
extensions + acquisitions – divestments) / production for the period.
^26 The reserve replacement rate in an environment with a constant 110.96 $/b
oil price, excluding acquisitions and divestments.
^27 Limited to proved and probable reserves covered by E&P contracts on fields
that have been drilled and for which technical studies have demonstrated
economic development in a 100 $/b Brent environment, including projects
developed by mining.
^28 Proved and probable reserves plus contingent resources (potential average
recoverable reserves from known accumulations - Society of Petroleum Engineers
- 03/07).
^29 FASB Accounting Standards Codification Topic 932, Extractive industries –
Oil and Gas
^30 Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 23.
^31 the ex-dividend date for the remainder of the 2012 dividend would be June
24, 2013 ; for the ADR (NYSE:TOT) the ex-dividend date would be June 19, 2013
This press release presents the 2012 results from the consolidated financial
statements of TOTAL S.A. as of December 31, 2012. The audit procedures by the
Statutory Auditors are underway. This document does not constitute the
Annual Financial Report (Rapport Financier Annuel) within the meaning of
article L. 451-1-2 of the French monetary and financial Code (Code monétaire
et financier).
This document may contain forward-looking information on the Group (including
objectives and trends), as well as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, notably with
respect to the financial condition, results of operations, business, strategy
and plans of TOTAL. These data do not represent forecasts within the meaning
of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future, and are subject to a number of risk factors that could lead to a
significant difference between actual results and those anticipated, including
currency fluctuations, the price of petroleum products, the ability to realize
cost reductions and operating efficiencies without unduly disrupting business
operations, environmental regulatory considerations and general economic and
business conditions. Certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets and
potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future
events or otherwise Further information on factors, risks and uncertainties
that could affect the company’s financial results or the Group’s activities is
provided in the most recent Registration Document filed by the Group 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 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 fourth quarter and full-year 2012
* Upstream
Combined
4Q12 liquids and 2012
4Q12 3Q12 4Q11 vs gas 2012 2011 vs
4Q11 production 2011
by region
(kboe/d)
421 361 518 -19% Europe 427 512 -17%
701 737 693 +1% Africa 713 659 +8%
482 501 546 -12% Middle East 493 570 -14%
67 71 67 - North 69 67 +3%
America
175 182 182 -4% South 182 188 -3%
America
227 230 212 +7% Asia-Pacific 221 231 -4%
220 190 166 +33% CIS 195 119 +64%
2,293 2,272 2,384 -4% Total 2,300 2,346 -2%
production
Includes
624 615 580 +8% equity 611 571 +7%
affiliates
4Q12 Liquids 2012
4Q12 3Q12 4Q11 vs production 2012 2011 vs
4Q11 by region 2011
(kb/d)
185 179 244 -24% Europe 197 245 -20%
568 587 553 +3% Africa 574 517 +11%
312 323 304 +3% Middle East 311 317 -2%
26 25 22 +18% North 25 27 -7%
America
57 56 62 -8% South 59 71 -17%
America
28 28 25 +12% Asia-Pacific 27 27 -
30 27 27 +11% CIS 27 22 +23%
1,206 1,225 1,237 -3% Total 1,220 1,226 -
production
Includes
307 316 295 +4% equity 308 316 -3%
affiliates
4Q12 Gas 2012
4Q12 3Q12 4Q11 vs production 2012 2011 vs
4Q11 by region 2011
(Mcf/d)
1,270 1,011 1,491 -15% Europe 1,259 1,453 -13%
654 763 688 -5% Africa 705 715 -1%
930 971 1,307 -29% Middle East 990 1,370 -28%
228 260 246 -7% North 246 227 +8%
America
657 650 664 -1% South 682 648 +5%
America
1,127 1,135 1,056 +7% Asia-Pacific 1,089 1,160 -6%
1,031 890 749 +38% CIS 909 525 +73%
5,897 5,680 6,201 -5% Total 5,880 6,098 -4%
production
Includes
1,712 1,618 1,537 +11% equity 1,637 1,383 +18%
affiliates
4Q12 Liquefied 2012
4Q12 3Q12 4Q11 vs natural gas 2012 2011 vs
4Q11 2011
2.73 2.92 3.15 -13% LNG sales* 11.42 13.19 -13%
(Mt)
* sales, Group share, excluding trading; 2012 data restated to reflect volume
estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient
* Downstream (Refining & Chemicals and Marketing & Supply)
4Q12 Refined 2012
product
4Q12 3Q12 4Q11 vs sales by 2012 2011 vs
4Q11 region 2011
(kb/d)*
1,964 1,979 2,049 -4% Europe 2,018 2,281 -12%
413 411 378 +9% Africa 404 387 +4%
435 535 409 +6% Americas 480 481 -
531 399 486 +9% Rest of 501 490 +2%
world
Total
3,343 3,324 3,322 +1% consolidated 3,403 3,639 -6%
sales
545 539 446 +22% Includes 532 437 +22%
bulk sales
1,092 1,080 1,062 +3% Includes 1,161 1,215 -4%
trading
* includes share of CEPSA, through July 31, 2011, and of TotalErg
Adjustment items
* Adjustments to operating income
4Q12 3Q12 4Q11 in millions 2012 2011
of euros
Special items
(826) (1,362) (484) affecting (2,342) (873)
operating
income
-
62 (16) - Restructuring (2) -
charges
(340) (1,134) (535) - Impairments (1,474) (781)
(548) (212) 51 - Other (866) (92)
Pre-tax
inventory
(462) 766 58 effect : FIFO (234) 1,215
vs.
replacement
cost
Effect of
13 (8) 30 changes in (9) 45
fair value
Total
adjustments
(1,275) (604) (396) affecting (2,585) 387
operating
income
* Adjustments to net income (Group share)
4Q12 3Q12 4Q11 in millions 2012 2011
of euros
Special items
affecting net
(398) (800) (504) operating (1,503) (14)
income (Group
share)
226 202 268 - Gain on 581 1,538
asset sales
-
(4) (33) (66) Restructuring (77) (122)
charges
(337) (737) (716) - Impairments (1,112) (1,014)
(283) (232) 10 - Other (895) (416)
After-tax
inventory
(312) 524 49 effect : FIFO (157) 834
vs.
replacement
cost
Effect of
10 (6) 20 changes in (7) 32
fair value
Total
(700) (282) (435) adjustments (1,667) 852
affecting net
income
Effective tax rates
4Q12 3Q12 4Q11 Effective tax 2012 2011
rate*
54.8% 58.8% 59.9% Upstream 58.3% 60.4%
52.2% 55.3% 60.8% Group 56.2% 58.4%
* tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments + tax on
adjusted net operating income)
Investments - Divestments
4Q12 in millions of 2012
4Q12 3Q12 4Q11 vs euros 2012 2011 vs
4Q11 2011
Investments
5,360 4,903 5,225 +3% excluding 18,516 14,828 +25%
acquisitions*
380 303 328 +16% * Capitalized 1,352 1,074 +26%
exploration
* Change in
(181) 455 244 n/a non-recurrent 664 339 +96%
loans**
578 294 1,858 -69% Acquisitions 3,142 8,840 -64%
Investments
5,938 5,197 7,083 -16% including 21,658 23,668 -8%
acquisitions*
881 1,416 1,211 -27% Asset sales 4,586 7,705 -40%
5,057 3,781 5,872 -14% Net investments** 17,072 15,963 +7%
4Q12 in millions of 2012
4Q12 3Q12 4Q11 vs dollars*** 2012 2011 vs
4Q11 2011
Investments
6,950 6,130 7,044 -1% excluding 23,789 20,641 +15%
acquisitions*
493 379 442 +11% * Capitalized 1,737 1,495 +16%
exploration
* Change in
(235) 569 329 n/a non-recurrent 853 472 +81%
loans**
749 368 2,505 -70% Acquisitions 4,037 12,305 -67%
Investments
7,700 6,498 9,549 -19% including 27,826 32,946 -16%
acquisitions*
1,142 1,770 1,633 -30% Asset sales 5,892 10,725 -45%
6,557 4,727 7,917 -17% Net investments** 21,934 22,220 -1%
* 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 12/31/2012 09/30/2012 12/31/2011
Current borrowings 11,016 10,647 9,675
Net current financial (1,386) (1,493) (533)
assets
Non-current financial 756 - -
debt
Hedging instruments of 22,274 24,606 22,557
non-current debt
Cash and cash (1,626) (1,796) (1,976)
equivalents
Current borrowings (15,469) (16,833) (14,025)
Net debt 15,565 15,131 15,698
Shareholders’ equity 72,912 72,789 68,037
Estimated dividend (1,299) (1,291) (1,255)
payable
Non-controlling 1,281 1,275 1,352
interests
Equity 72,894 72,773 68,134
Net-debt-to-equity 21.4% 20.8% 23.0%
ratio
2013 Sensitivities*
Impact on Impact on
Scenario Change adjusted adjusted net
operating operating
income(e) income(e)
Dollar 1.30 $/€ +0.1 $ -2.2 B€ -0.95 B€
par €
Brent 100 $/b +1 $/b +0.24 B€ / +0.11 B€ /
0.31 B$ 0.14 B$
European
refining 30 $/t +1 $/t +0.08 B€ / +0.05 B€ /
margins 0.1 B$ 0.06 B$
(ERMI)
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions of the Group’s portfolio in 2013. Actual results could vary
significantly from estimates based on the application of these sensitivities.
The impact of the €-$ sensitivity on adjusted operating income and adjusted
net operating income attributable to the Upstream segment are approximately
80% and 70% respectively. The remaining impact is essentially on the Refining
& Chemicals segment.
Return on average capital employed
* Twelve months ended December 31, 2012
in millions Refining Marketing
of euros Upstream & & Supply Group
Chemicals
Adjusted
net 11,186 1,414 837 13,012
operating
income
Capital
employed at 57,331 15,883 6,999 81,066
12/31/2011*
Capital
employed at 64,413 16,403 7,254 85,880
12/31/2012*
ROACE 18.4% 8.8% 11.7% 15.6%
* Twelve months ended September 30, 2012
in millions Refining Marketing
of euros Upstream & & Supply Group
Chemicals
Adjusted
net 11,359 1,043 726 12,621
operating
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 December 31, 2011
in millions Refining Marketing
of euros Upstream & & Supply Group
Chemicals
Adjusted
net 10,602 848 813 12,045
operating
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)
CONSOLIDATED STATEMENT
OF INCOME
TOTAL
(unaudited)
4^th 3^rd 4^th
(M€) ^(a) quarter quarter quarter
2012 2012 2011
Sales 49,868 49,890 47,492
Excise taxes (4,399) (4,411) (4,534)
Revenues from sales 45,469 45,479 42,958
Purchases, net of (31,854) (30,609) (29,233)
inventory variation
Other operating expenses (6,221) (5,528) (5,276)
Exploration costs (504) (317) (339)
Depreciation, depletion
and amortization of (2,413) (3,246) (2,416)
tangible assets and
mineral interests
Other income 474 474 281
Other expense (239) (129) (838)
Financial interest on (160) (154) (156)
debt
Financial income from
marketable securities & 33 8 57
cash equivalents
Cost of net debt (127) (146) (99)
Other financial income 123 141 91
Other financial expense (110) (135) (102)
Equity in net income 392 641 478
(loss) of affiliates
Income taxes (2,572) (3,488) (3,121)
Consolidated net income 2,418 3,137 2,384
Group share 2,381 3,066 2,290
Non-controlling 37 71 94
interests
Earnings per share (€) 1.05 1.36 1.02
Fully-diluted earnings 1.05 1.35 1.01
per share (€)
^(a) Except for per
share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TOTAL
(unaudited)
4^th 3^rd 4^th
(M€) quarter quarter quarter
2012 2012 2011
Consolidated net income 2,418 3,137 2,384
Other comprehensive income
Currency translation (1,000) (1,007) 1,833
adjustment
Available for sale 4 (183) 296
financial assets
Cash flow hedge 29 33 5
Share of other
comprehensive income of (31) 86 219
associates, net amount
Other 2 (2) 2
Tax effect (9) 37 (108)
Total other comprehensive (1,005) (1,036) 2,247
income (net amount)
Comprehensive income 1,413 2,101 4,631
- Group share 1,407 2,061 4,478
- Non-controlling 6 40 153
interests
CONSOLIDATED STATEMENT OF INCOME
TOTAL
Year Year
(M€) ^(a)
2012 2011
Sales 200,061 184,693
Excise taxes (17,762) (18,143)
Revenues from sales 182,299 166,550
Purchases, net of inventory variation (126,798) (113,892)
Other operating expenses (22,668) (19,843)
Exploration costs (1,446) (1,019)
Depreciation, depletion and amortization (9,525) (7,506)
of tangible assets and mineral interests
Other income 1,462 1,946
Other expense (915) (1,247)
Financial interest on debt (671) (713)
Financial income from marketable 100 273
securities & cash equivalents
Cost of net debt (571) (440)
Other financial income 558 609
Other financial expense (499) (429)
Equity in net income (loss) of 2,010 1,925
affiliates
Income taxes (13,066) (14,073)
Consolidated net income 10,841 12,581
Group share 10,694 12,276
Non-controlling interests 147 305
Earnings per share (€) 4.74 5.46
Fully-diluted earnings per share (€) 4.72 5.44
^(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
Year Year
(M€)
2012 2011
Consolidated net income 10,841 12,581
Other comprehensive income
Currency translation adjustment (701) 1,498
Available for sale financial assets (338) 337
Cash flow hedge 65 (84)
Share of other comprehensive income of 160 (15)
associates, net amount
Other (13) (2)
Tax effect 63 (55)
Total other comprehensive income (net amount) (764) 1,679
Comprehensive income 10,077 14,260
- Group share 9,969 13,911
- Non-controlling interests 108 349
CONSOLIDATED BALANCE
SHEET
TOTAL
September 30,
(M€) December 2012 December
31, 2012 31, 2011
(unaudited)
ASSETS
Non-current assets
Intangible assets, 12,858 12,964 12,413
net
Property, plant and 69,332 70,583 64,457
equipment, net
Equity affiliates :
investments and 13,759 14,413 12,995
loans
Other investments 1,190 1,181 3,674
Hedging instruments
of non-current 1,626 1,796 1,976
financial debt
Deferred income 1,832 1,612 1,767
taxes
Other non-current 3,715 3,603 3,104
assets
Total non-current 104,312 106,152 100,386
assets
Current assets
Inventories, net 17,397 17,266 18,122
Accounts receivable, 19,206 20,331 20,049
net
Other current assets 10,086 11,377 10,767
Current financial 1,562 1,726 700
assets
Cash and cash 15,469 16,833 14,025
equivalents
Assets classified as 3,797 - -
held for sale
Total current assets 67,517 67,533 63,663
Total assets 171,829 173,685 164,049
LIABILITIES &
SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,915 5,915 5,909
Paid-in surplus and 71,827 70,703 66,506
retained earnings
Currency translation (1,488) (487) (988)
adjustment
Treasury shares (3,342) (3,342) (3,390)
Total shareholders' 72,912 72,789 68,037
equity - Group Share
Non-controlling 1,281 1,275 1,352
interests
Total shareholders' 74,193 74,064 69,389
equity
Non-current
liabilities
Deferred income 12,785 13,167 12,260
taxes
Employee benefits 1,973 1,987 2,232
Provisions and other
non-current 11,585 11,170 10,909
liabilities
Non-current 22,274 24,606 22,557
financial debt
Total non-current 48,617 50,930 47,958
liabilities
Current liabilities
Accounts payable 21,648 20,869 22,086
Other creditors and 14,698 16,942 14,774
accrued liabilities
Current borrowings 11,016 10,647 9,675
Other current
financial 176 233 167
liabilities
Other current
financial 1,481 - -
liabilities
Total current 49,019 48,691 46,702
liabilities
Total liabilities
and shareholders' 171,829 173,685 164,049
equity
CONSOLIDATED STATEMENT OF
CASH FLOW
TOTAL
(unaudited)
4^th 3^rd 4^th
(M€) quarter quarter quarter
2012 2012 2011
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 2,418 3,137 2,384
Depreciation, depletion 2,801 3,413 3,037
and amortization
Non-current liabilities,
valuation allowances and 317 803 505
deferred taxes
Impact of coverage of - - -
pension benefit plans
(Gains) losses on sales (456) (419) (73)
of assets
Undistributed affiliates' (135)
equity earnings 119 *Story too
large*
[TRUNCATED]
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