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TOTAL SA: Second Quarter and First Half 2013 Results1


Attachment:

  TOTAL SA: Second Quarter and First Half 2013 Results1

Business Wire

PARIS -- July 26, 2013

Regulatory News:

TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):

 
                               2Q13     Change      1H13     Change
                                        vs 2Q12              vs 1H12
                                                           
Adjusted net income^2
                                                              
-- in billion euros (B€)       2.7      -3%         5.6      -5%
-- in billion dollars (B$)     3.5      -1%         7.3      -4%
                                                              
-- in euros per share          1.19     -4%         2.45     -6%
-- in dollars per share        1.55     -2%         3.22     -4%
                                                              
                                                              
                                                              
Net income^3 of 2.5 B€ in 2Q13 and 4.1 B€ in 1H13
Net-debt-to-equity ratio of 27.6 % at June 30, 2013
Hydrocarbon production of 2,290 kboe/d in 2Q13
Interim dividend for 2Q13 of 0.59 €/share payable in December 2013^4

Commenting on the results, Chairman and CEO Christophe de Margerie said:

« With adjusted net income of 2.7 billion euros this quarter, the Group
demonstrated its strong resilience in the Upstream despite lower hydrocarbon
prices.

The restart of production at Elgin/Franklin in the UK and the first cargo from
Angola LNG were notable events of the quarter. Regarding our Upstream
projects, the launch of the Egina deep-offshore project and the progress on
Yamal LNG illustrate our ability to prepare for the future in a sustainable
manner by developing competitive and diverse projects. In this way, the Group
expects to benefit from an extended series of start-ups over the next several
years.

The Downstream reaped the initial benefits of the restructuring program even
though further changes are still necessary to strengthen our position. The
modernization of the Antwerp platform announced this quarter is yet another
step in this program and demonstrates again that our economic performance is
inextricably linked with our social and environmental commitments. »

  * Key figures^5

 
                                  in millions of
                           2Q13   euros                                   1H13
2Q13     1Q13     2Q12     vs     except earnings     1H13      1H12      vs
                           2Q12   per share and                           1H12
                                  number of shares
46,973   48,130   49,135   -4%    Sales               95,103    100,303   -5%
                                  Adjusted
5,084    5,779    5,698    -11%   operating income    10,863    12,486    -13%
                                  from business
                                  segments
                                  Adjusted net
3,025    3,114    3,060    -1%    operating income    6,139     6,322     -3%
                                  from business
                                  segments
2,325    2,466    2,505    -7%    -- Upstream         4,791     5,562     -14%
370      383      378      -2%    -- Refining &       753       442       +70%
                                  Chemicals
330      265      177      +86%   -- Marketing &      595       318       +87%
                                  Services
2,699    2,863    2,791    -3%    Adjusted net        5,562     5,871     -5%
                                  income
                                  Adjusted
1.19     1.26     1.23     -4%    fully-diluted       2.45      2.59      -6%
                                  earnings per
                                  share (euros)
                                  Fully-diluted
2,274    2,269    2,264    -      weighted-average    2,272     2,264     -
                                  shares (millions)
                                                                           
2,537    1,537    1,518    +67%   Net income (Group   4,074     5,186     -21%
                                  share)
                                                                           
5,712    5,984    4,964    +15%   Investments^6       11,696    10,904    +7%
1,334    616      980      +36%   Divestments         1,950     2,670     -27%
4,378    5,368    3,984    +10%   Net investments     9,746     8,234     +18%
3,706    3,718    6,167    -40%   Cash flow from      7,424     11,434    -35%
                                  operations
                                  Adjusted cash
5,019    5,209    4,768    +5%    flow from           10,228    9,863     +4%
                                  operations
                                                                           
                                  in millions of
                           2Q13   dollars^7                               1H13
2Q13     1Q13     2Q12     vs     except earnings     1H13      1H12      vs
                           2Q12   per share and                           1H12
                                  number of shares
61,356   63,560   62,962   -3%    Sales               124,908   130,043   -4%
                                  Adjusted
6,641    7,632    7,301    -9%    operating income    14,267    16,188    -12%
                                  from business
                                  segments
                                  Adjusted net
3,951    4,112    3,921    +1%    operating income    8,063     8,196     -2%
                                  from business
                                  segments
3,037    3,257    3,210    -5%    -- Upstream         6,292     7,211     -13%
483      506      484      -      -- Refining &       989       573       +73%
                                  Chemicals
431      350      227      +90%   -- Marketing &      781       412       +90%
                                  Services
3,525    3,781    3,576    -1%    Adjusted net        7,305     7,612     -4%
                                  income
                                  Adjusted
1.55     1.67     1.58     -2%    fully-diluted       3.22      3.36      -4%
                                  earnings per
                                  share (dollars)
                                  Fully-diluted
2,274    2,269    2,264    -      weighted-average    2,272     2,264     -
                                  shares (millions)
                                                                           
3,314    2,030    1,945    +70%   Net income (Group   5,351     6,724     -20%
                                  share)
                                                                           
7,461    7,902    6,361    +17%   Investments^6       15,362    14,137    +9%
1,742    813      1,256    +39%   Divestments         2,561     3,462     -26%
5,719    7,089    5,105    +12%   Net investments     12,800    10,675    +20%
4,841    4,910    7,902    -39%   Cash flow from      9,751     14,824    -34%
                                  operations
                                  Adjusted cash
6,556    6,879    6,110    +7%    flow from           13,433    12,787    +5%
                                  operations

  * Highlights since the beginning of the second quarter 2013

       * Start-up of Angola LNG, in which the Group has a 13.6% interest
       * Closing the sale of a 25% interest in the Tempa Rossa field in Italy
         in the Upstream and the sale of the fertilizer business in Europe in
         the Downstream
       * Signed a framework agreement with Qatar Petroleum International (QPI)
         whereby QPI will acquire a 15% stake in Total E&P Congo
       * Launched the development of Egina in deep-offshore Nigeria
       * Encountered a horizon of high-quality oil during exploration drilling
         in offshore block CI-100 in Ivory Coast
       * Expanded exploration acreage, notably with 10 new exploration
         licenses in Brazil
       * Launched a project to modernize the Antwerp refining and
         petrochemical platform
       * Completed the modernization of the Port Arthur steam cracker in the
         United States to capitalize on competitively priced ethane

  * Second quarter 2013 results

> Operating income from business segments

In the second quarter 2013, the Brent price averaged 102.4 $/b, a decrease of
5% compared to the second quarter 2012. The European refining margin indicator
(ERMI) averaged 24 $/t, a decrease of 37% compared to the second quarter 2012.
The environment for petrochemicals was stable in Europe and improved slightly
in the United States compared to the same period last year.

The euro-dollar exchange rate averaged 1.31 $/€ in the second quarter 2013,
compared to 1.28 $/€ in the second quarter 2012.

In this environment, the adjusted operating income^8 from business segments
was 5,084 M€, a decrease of 11% compared to the second quarter 2012. Expressed
in dollars, the decrease was 9%.

The effective tax rate^9 for the business segments was 53.5% in the second
quarter 2013 compared to 55.5% in the second quarter 2012, essentially due to
an increased contribution of Downstream activities to the pre-tax results of
the Group.

Adjusted net operating income from the business segments was 3,025 M€ for the
second quarter 2013 compared to 3,060 M€ in the second quarter 2012, a
decrease of 1%.

Expressed in dollars, the adjusted net operating income from the business
segments was 4.0 B$, an increase of 1% compared to the second quarter 2012.
This increase is the result of an increased contribution from Marketing &
Services being partially offset by a lower contribution from the Upstream.

> Net income (Group share)

Adjusted net income was 2,699 M€ in the second quarter 2013 compared to 2,791
M€ in the second quarter 2012, a decrease of 3%. Expressed in dollars,
adjusted net income decreased by 1%.

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 400
    M€ in the second quarter 2013 and a negative impact of 959 M€ in the
    second quarter 2012.
  * Changes in fair value had a negative impact on net income of 24 M€ in the
    second quarter 2013 compared to a positive impact of 9 M€ in the second
    quarter 2012.
  * Special items^11 had a positive impact on net income of 262 M€ in the
    second quarter 2013, comprised essentially of gains relating to the sale
    of Upstream assets in Italy. In the second quarter 2012, special items had
    a negative impact of 323 M€.

Net income (Group share) was 2,537 M€ compared to 1,518 M€ in the second
quarter 2012.

The effective tax rate for the Group was 55.6% in the second quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,274 million
fully-diluted weighted-average shares, was €1.19, compared to €1.23 in the
second quarter 2012, a decrease of 4%.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by
2% to $1.55 per share.

> Investments – Divestments^12

Investments, excluding acquisitions and including changes in non-current
loans, were 4.9 B€ (6.5 B$) in the second quarter 2013, compared to 4.4 B€
(5.6 B$) in the second quarter 2012.

Acquisitions were 500 M€ in the second quarter 2013, comprised essentially of
the acquisition of an additional stake in Novatek, the carry agreement for the
liquids-rich Utica gas field in the United States, and bonus payments for
exploration permits.

Asset sales in the second quarter 2013 increased to 1,061 M€, including mainly
the sale of an interest in the Tempa Rossa field in Italy.

Net investments^13 were 4.4 B€ (5.7 B$) in the second quarter 2013 compared
to 4.0 B€ (5.1 B$) in the second quarter 2012.

> Cash flow

Cash flow from operations was 3,706 M€ in the second quarter 2013, compared to
6,167 M€ in the second quarter 2012. This decrease was mainly due to changes
in the working capital of the Upstream between the two periods.

Adjusted cash flow from operations^14 was 5,019 M€, an increase of 5% compared
to the second quarter 2012. Expressed in dollars, adjusted cash flow from
operations was 6.6 B$, an increase of 7% compared to the second quarter 2012.

The Group’s net cash flow^15 was negative 672 M€ in the second quarter 2013,
compared to positive 2,183 M€ in the second quarter 2012. Expressed in
dollars, the Group’s net cash flow was negative 0.9 B$ in the second
quarter 2013, compared to positive 2.8 B$ in the second quarter 2012. This
decrease was mainly due to changes in the working capital of the Upstream
between the two periods.

  * First half 2013 results

> Operating income from business segments

Compared to the first half 2012, the average Brent price decreased by 5% to
107.5 $/b in the first half 2013. The European refining margin indicator
(ERMI) averaged 25.5 $/t compared to 29.5 $/t in the first half 2012, a
decrease of 14%. During the same period, however, the petrochemicals
environment on balance improved in Europe and the United States.

The euro-dollar exchange rate averaged 1.31 $/€ compared to 1.30 $/€ in the
first half 2012.

In this environment, the adjusted operating income from the business segments
was 10,863 M€, a decrease of 13% compared to the first half 2012^16.

The effective tax rate for the business segments was 55.9% in the first half
2013 compared to 58.0% in the first half 2012.

Adjusted net operating income from the business segments was 6,139 M€ compared
to 6,322 M€ in the first half 2012, a decrease of 3%.

Expressed in dollars, adjusted net operating income from the business segments
decreased by 2%. This decrease is mainly due to a decrease in Upstream results
which was almost completely offset by an increased contribution from the
Downstream.

> Net income (Group share)

Adjusted net income was 5,562 M€ in the first half 2013, compared to 5,871 M€
in the first half 2012, a decrease of 5%. Expressed in dollars, adjusted net
income decreased by 4%.

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 451
    M€ in the first half 2013 and a negative impact of 369 M€ in the first
    half 2012.
  * Changes in fair value had a negative impact on net income of 23 M€ in the
    first half 2013 and a negative impact of 11 M€ in the first half 2012.
  * Special items had a negative impact on net income of 1,014 M€ in the first
    half 2013, mainly due to a loss on the sale of the Group’s interest in the
    Voyageur upgrader project in Canada, which was partially offset by a gain
    on the sale of an Upstream asset in Italy. Special items had a negative
    impact on net income of 305 M€ in the first half 2012.

Net income (Group share) was 4,074 M€ compared to 5,186 M€ in the first half
2012.

On June 30, 2013, there were 2,277 million fully-diluted shares compared to
2,264 million on June 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,272 million
fully-diluted weighted-average shares, was €2.45, a decrease of 6% compared to
the first half 2012.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.22
compared to $3.36 in the first half 2012, a decrease of 4%.

> Investments – divestments^18

Investments, excluding acquisitions and including changes in non-current
loans, were 9.8 B€ (12.9 B$) in the first half 2013, compared to 8.3 B€ (10.7
B$) in the first half 2012.

Acquisitions were 1.4 B€ (1.9 B$) in the first half 2013, comprised mainly of
the acquisition of an additional 6% interest in the Ichthys project in
Australia, an additional 0.7% stake in Novatek^19, the carry agreement for the
liquids-rich Utica gas project in the United States, and bonus payments for
exploration permits.

Asset sales in the first half 2013 were 1.5 B€ (1.9 B$)^20, comprised mainly
of the sale of an interest in the Tempa Rossa field in Italy and all of the
Group’s 49% interest in the Voyageur upgrader project in Canada.

Net investments were 9.7 B€ (12.8 B$) in the first half 2013, compared to 8.2
B€ (10.7 B$) in the first half 2012.

> Cash flow

Cash flow from operations was 7,424 M€ in the first half 2013, a decrease of
35% compared to the first half 2012, mainly due to an unfavorable change in
working capital.

Adjusted cash flow from operations^21 was 10,228 M€, an increase of 4%.
Expressed in dollars, adjusted cash flow from operations ^ was 13.4 B$, an
increase of 5%.

The Group’s net cash flow^22 was negative 2,322 M€ in the first half 2013,
compared to positive 3,200 M€ in the first half 2012. Expressed in dollars,
the Group’s net cash flow ^ was negative 3.0 B$ in the first half 2013.

The net-debt-to-equity ratio was 27.6% on June 30, 2013, compared to 21.9% on
June 30, 2012^23.

  * Analysis of business segment results

Upstream

Effective July 1, 2012, the Upstream segment no longer includes the activities
of New Energies, which are now reported with Marketing & Services. As a
result, certain information has been restated according to the new
organization.

> Environment – liquids and gas price realizations*

 
                        2Q13                                              1H13
2Q13    1Q13    2Q12    vs                                1H13    1H12    vs
                        2Q12                                              1H12
102.4   112.6   108.3   -5%    Brent ($/b)                107.5   113.6   -5%
96.6    106.7   101.6   -5%    Average liquids price      101.7   108.3   -6%
                               ($/b)
6.62    7.31    7.10    -7%    Average gas price          6.97    7.10    -2%
                               ($/Mbtu)
69.8    77.4    76.0    -8%    Average hydrocarbon        73.6    79.0    -7%
                               price ($/boe)

* consolidated subsidiaries, excluding fixed margins.

> Production

 
                        2Q13                                              1H13
2Q13    1Q13    2Q12    vs     Hydrocarbon production     1H13    1H12    vs
                        2Q12                                              1H12
2,290   2,323   2,261   +1%    Combined production        2,306   2,317   -
                               (kboe/d)
1,160   1,193   1,218   -5%    -- Liquids (kb/d)          1,176   1,224   -4%
6,169   6,137   5,722   +8%    -- Gas (Mcf/d)             6,153   5,974   +3%

Hydrocarbon production was 2,290 thousand barrels of oil equivalent per day
(kboe/d) in the second quarter 2013, an increase of 1% compared to the second
quarter 2012, essentially as a result of:

  * +2% for growth from new projects,
  * -3% for normal decline and scheduled maintenance,
  * +2% for the restart of production from Elgin/Franklin in the UK North Sea
    and from Ibewa in Nigeria,
  * Overall, increased production relating to the improvement of security
    conditions in Yemen was offset by increased theft and acts of sabotage in
    Nigeria this quarter.

In the first half 2013, hydrocarbon production was 2,306 kboe/d, stable
compared to the first half 2012, essentially as a result of:

  * +3% for growth from new projects,
  * -2% for normal decline and scheduled maintenance,
  * -1% for incidents in 2012 in the UK North Sea and in Nigeria,
  * Overall, increased production relating to the improvement of security
    conditions in Yemen was offset by increased theft and acts of sabotage in
    Nigeria during the first half of 2013.

Results

                        2Q13                                              1H13
2Q13    1Q13    2Q12    vs     in millions of euros     1H13     1H12     vs
                        2Q12                                              1H12
4,308   4,960   4,948   -13%   Adjusted operating       9,268    11,456   -19%
                               income*
2,325   2,466   2,505   -7%    Adjusted net operating   4,791    5,562    -14%
                               income *
                                 * includes income
527     633     433     +22%       from equity          1,160    928      +25%
                                   affiliates
                                                                           
5,056   5,255   4,227   +20%   Investments              10,311   9,533    +8%
1,112   543     234     x5     Divestments              1,655    982      +69%
2,128   4,150   5,298   -60%   Cash flow from           6,278    11,064   -43%
                               operating activities
4,283   4,186   3,994   +7%    Adjusted cash flow       8,469    8,707    -3%

* detail of adjustment items shown in the business segment information annex
to financial statements.

Adjusted net operating income from the Upstream segment was 2,325 M€ in the
second quarter 2013 compared to 2,505 M€ in the second quarter 2012, a
decrease of 7%. Expressed in dollars, the decrease of 5% is explained
principally by the change in hydrocarbon prices between the two periods.

The effective tax rate for the Upstream segment was 58.3% in the second
quarter 2013, basically identical to that in the second quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2013
was 4,791 M€ compared to 5,562 M€ in the first half 2012, a decrease of 14%.
Expressed in dollars, adjusted net operating income from the Upstream segment
was 6,292 M$, a decrease of 13% compared to the first half 2012, explained
principally by a decrease in average hydrocarbon prices and an increase in
technical costs between the two periods.

The return on average capital employed (ROACE^24) for the Upstream segment was
16% for the twelve months ended June 30, 2013, compared to 17% for the twelve
months ended March 31, 2013, and 18% for the full year 2012.

Refining & Chemicals

> Refinery throughput and utilization rates*

                        2Q13                                              1H13
2Q13    1Q13    2Q12    vs                                1H13    1H12    vs
                        2Q12                                              1H12
1,772   1,763   1,878   -6%    Total refinery             1,769   1,855   -5%
                               throughput (kb/d)
729     627     752     -3%    -- France                  678     722     -6%
781     866     876     -11%   -- Rest of Europe          824     878     -6%
262     270     250     +5%    -- Rest of world           267     255     +5%
                               Utlization rates**                          
83%     83%     86%            -- Based on crude only     83%     84%
87%     86%     90%            -- Based on crude and      86%     89%      
                               other feedstock

* includes share of TotalErg. Results for refineries in South Africa, French
Antilles and Italy are reported in the Marketing & Services segment.
** based on distillation capacity at the beginning of the year.

In the second quarter 2013, refinery throughput decreased by 6% compared to
the second quarter 2012. The decrease was mainly due to scheduled turnaround
at Antwerp and maintenance at Donges this quarter, as well as the closure of
the Rome refinery at the end of the third quarter 2012.

In the first half 2013, refinery throughput decreased by 5% compared to the
first half 2012, reflecting essentially scheduled turnarounds at the Antwerp
and Normandy platforms in 2013, increased maintenance at Donges, as well as
the closure of the Rome refinery at the end of the third quarter 2012.

> Results

                       2Q13   in millions of euros                     1H13 vs
2Q13    1Q13    2Q12   vs     (except the ERMI)         1H13    1H12   1H12
                       2Q12
                              European refining
24.1    26.9    38.2   -37%   margin                    25.5    29.5   -14%

                              indicator - ERMI ($/t)
                                                                        
357     410     458    -22%   Adjusted operating        767     415    +85%
                              income*
370     383     378    -2%    Adjusted net operating    753     442    +70%
                              income*
                                * contribution of
113     90      100    +13%       specialty             203     191    +6%
                                  chemicals**
                                                                        
382     533     501    -24%   Investments               915     930    -2%
208     27      7      x30    Divestments               235     148    +59%
1,303   (288)   625    x2     Cash flow from            1,015   589    +72%
                              operating activities
572     563     599    -5%    Adjusted cash flow        1,135   727    +56%

* detail of adjustment items shown in the business segment information annex
to financial statements.
** Hutchinson, Bostik, Atotech.

The European refining margin indicator (ERMI) averaged 24.1 $/t in the second
quarter 2013, a decrease of 37% compared to the average of the second quarter
2012. Petrochemical margins were on balance stable in Europe and continued to
improve in the United States compared to the same period last year.

Adjusted net operating income from the Refining & Chemicals segment was 370 M€
in the second quarter 2013, compared to 378 M€ in the second quarter 2012.
Expressed in dollars, adjusted net operating income was 483 M$, stable
compared to the same period last year. A more favorable petrochemicals
environment in the United States and the initial benefits of the efficiencies
and synergies program compensated for lower utilization rates and less
favorable refining margins.

Adjusted net operating income from the Refining & Chemicals segment in the
first half 2013 was 753 M€, an increase of 70% compared to the first half
2012. Expressed in dollars, adjusted net operating income was 989 M$, an
increase of 73% compared to the first half 2012, even while refining margins
were declining. This increase was mainly due to an improved petrochemicals
environment and the initial benefits of the efficiencies and synergies
program.

The ROACE for the Refining & Chemicals segment was 11% for the twelve months
ended June 30, 2013, compared to 10% for the twelve months ended March 31,
2013, and 9% for the full year 2012.

Marketing & Services

Effective July 1, 2012, Marketing & Services now includes the activities of
New Energies. As a result, certain information has been restated according to
the new organization.

> Refined product sales

                        2Q13                                       1H13 vs
2Q13    1Q13    2Q12    vs     Sales in kb/d*      1H13    1H12    1H12
                        2Q12
1,150   1,108   1,166   -1%    Europe              1,129   1,189   -5%
633     607     524     +21%   Rest of world       620     526     +18%
1,783   1,715   1,690   +6%    Total sales         1,749   1,715   +2%
                               volumes

* Excludes trading and bulk refining sales, includes share of TotalErg.

In the second quarter 2013, sales increased by 6% compared to the second
quarter 2012. This increase was driven by sales outside Europe, particularly
sales in the Americas, Africa and Asia.

Sales volumes for the first half 2013 increased by 2% compared to first half
2012, mainly due to growth outside Europe, particularly in the Americas,
Africa and Asia. Sales volumes in Europe declined by 5%, notably due to lower
sales volumes in Italy in connection with the closure of the Rome refinery.

> Results

                           2Q13   in millions of                          1H13
2Q13     1Q13     2Q12     vs     euros                 1H13     1H12     vs
                           2Q12                                           1H12
20,561   20,999   21,519   -4%    Sales                 41,560   43,371   -4%
419      409      292      +43%   Adjusted operating    828      615      +35%
                                  income*
330      265      177      +86%   Adjusted net          595      318      +87%
                                  operating income*
-        (13)     (59)     na       * contribution of   (13)     (175)    na
                                      New Energies
                                                                           
242      187      212      +14%   Investments           429      410      +5%
12       38       20       -40%   Divestments           50       65       -23%
                                  Cash flow from
414      (93)     (140)    na     operating             321      (584)    na
                                  activities
525      434      367      +43%   Adjusted cash flow    959      637      +51%

* detail of adjustment items shown in the business segment information annex
to financial statements.

Marketing & Services sales were 20.6 B€, a decline of 4% compared to the
second quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 330 M€
in the second quarter 2013, an increase of 86% compared to the second quarter
2012, mainly due to increased sales volumes of refined products and an
improved contribution from New Energies.

Adjusted net operating income from the Marketing & Services segment was 595 M€
in the first half 2013, an increase of 87% compared to the first half 2012.
This increase was mainly due to an improved contribution from New Energies
(which was negative in first half 2012) and an overall improvement in the
Marketing division, particularly in emerging markets.

The ROACE for the Marketing & Services segment was 14% for the twelve months
ended June 30, 2013, compared to 13% for the twelve months ended March 31,
2013, and 12% for the full-year 2012.

  * TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,876 M€ in the first half
2013, compared to 3,116 M€ in the first half 2012.

  * Summary and outlook

The ROACE for the Group for the twelve months ended June 30, 2013, was 15%
compared to 15% for the twelve months ended March 31, 2013, and 16% for the
full year 2012.

Return on equity for the twelve months ended June 30, 2013, was 17%.

The second half of 2013 will be highlighted by Total’s progress on executing
its major projects. In the Upstream, following the recent start-up of Angola
LNG, the Group should see first oil from the giant Kashagan project in
Kazakhstan, as well as benefit from gas and liquids production from the
extension of OML 58 in Nigeria. In addition, following the launch of two new
deep-offshore projects in 2013, Moho Nord in Congo and Egina in Nigeria, the
Group is studying the launch of two additional major projects before year-end:
the long-plateau projects of Yamal LNG in Russia and the Fort Hills mining
project in Canada.

In the downstream, the commissioning of the Satorp platform in Jubail should
be completed by year-end. Together with its partner Saudi Aramco, Total should
have one of the most modern and competitive refining and petrochemicals
platforms in the world.

At the same time, the Group continues to optimize its portfolio through its
asset sale program with, notably, the pending closings of the sale of TIGF in
France and the sale of block OML 138 in Nigeria. Based on agreements signed
and in negotiation, the Group is confident in its ability to achieve its
target of 15-20 B$ in asset sales during 2012-14.

As approved by the Board of Directors on April 25, 2013, Total will pay a
first quarter 2013 interim dividend of 0.59 €/share on September 27, 2013.^25

At the end of September, the Group will present its strategy and outlook at
its annual Investors Day, a part of which will be dedicated to CSR topics.

                                    ■ ■ ■

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 9457 in Europe or +1 855 402 7764 in the United States. For a
replay, please consult the website or call +44(0)203 367 9460 in Europe or
+1 877 642 3018 in the United States (code: 282 163).

This document does not constitute the Financial Report for the first half
which will be separately published, in accordance with article L.451-1-2 III
of the French Code monétaire et financier, and is available on the Total
website www.total.com or upon request at the company’s headquarters.

This press release presents the first half 2013 results from the consolidated
financial statements of TOTAL S.A. as of June 30, 2013. The notes to these
consolidated financial statements are available on the TOTAL website
www.total.com.

This document may contain forward-looking information on the Group (including
objectives and trends), as well as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, notably with
respect to the financial condition, results of operations, business, strategy
and plans of TOTAL. These data do not represent forecasts within the meaning
of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future, and are subject to a number of risk factors that could lead to a
significant difference between actual results and those anticipated, including
currency fluctuations, the price of petroleum products, the ability to realize
cost reductions and operating efficiencies without unduly disrupting business
operations, environmental regulatory considerations and general economic and
business conditions. Certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets and
potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future
events or otherwise. Further information on factors, risks and uncertainties
that could affect the Company’s financial results or the Group’s activities is
provided in the most recent Registration Document filed by the Company with
the French Autorité des Marchés Financiers and annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TOTAL. Performance indicators
excluding the adjustment items, such as adjusted operating income, adjusted
net operating income, and adjusted net income are meant to facilitate the
analysis of the financial performance and the comparison of income between
periods. These adjustment items include:

(i) Special 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 Refining & Chemicals and Marketing & Services
segments are presented according to the replacement cost method. This method
is used to assess the segments’ performance and facilitate the comparability
of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end 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
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 – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website:
www.total.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

                       Operating information by segment
                    for second quarter and first half 2013

  * Upstream

                        2Q13 vs   Combined liquids and                   1H13
2Q13    1Q13    2Q12    2Q12      gas production by      1H13    1H12    vs
                                  region (kboe/d)                        1H12
383     392     429     -11%      Europe                 388     464     -16%
688     692     706     -3%       Africa                 690     707     -2%
527     542     477     +10%      Middle East            535     494     +8%
70      71      69      +1%       North America          71      69      +3%
171     172     187     -9%       South America          172     185     -7%
229     236     213     +8%       Asia-Pacific           232     213     +9%
222     218     180     +23%      CIS                    218     185     +18%
2,290   2,323   2,261   +1%       Total production       2,306   2,317   -
678     681     578     +17%      Includes equity        679     603     +13%
                                  affiliates

2Q13    1Q13    2Q12    2Q13 vs   Liquids production   1H13    1H12    1H13 vs
                        2Q12      by region (kboe/d)                   1H12
154     166     199     -23%      Europe               160     212     -25%
542     552     573     -5%       Africa               547     570     -4%
320     329     310     +3%       Middle East          324     305     +6%
27      27      25      +8%       North America        27      25      +8%
55      57      60      -8%       South America        56      61      -8%
29      31      25      +16%      Asia-Pacific         30      25      +20%
33      31      26      +27%      CIS                  32      26      +23%
1,160   1,193   1,218   -5%       Total production     1,176   1,224   -4%
323     325     311     +4%       Includes equity      324     305     +6%
                                  affiliates

2Q13    1Q13    2Q12    2Q13 vs   Gas production by    1H13    1H12    1H13 vs
                        2Q12      region (Mcf/d)                       1H12
1,285   1,215   1,264   +2%       Europe               1,250   1,378   -9%
741     707     674     +10%      Africa               724     702     +3%
1,105   1,165   916     +21%      Middle East          1,135   1,029   +10%
242     250     253     -4%       North America        246     249     -1%
649     637     759     -14%      South America        643     711     -10%
1,121   1,151   1,019   +10%      Asia-Pacific         1,136   1,046   +9%
1,026   1,012   837     +23%      CIS                  1,019   859     +19%
6,169   6,137   5,722   +8%       Total production     6,153   5,974   +3%
1,900   1,922   1,445   +31%      Includes equity      1,911   1,609   +19%
                                  affiliates

2Q13   1Q13   2Q12   2Q13 vs      Liquefied natural    1H13   1H12   1H13 vs
                     2Q12         gas                                1H12
2.86   2.90   2.55   +12%         LNG sales* (Mt)      5.76   5.77   -

* 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 & Services)

                        2Q13vs   Refined product                        1H13vs
2Q13    1Q13    2Q12    2Q12     sales by region        1H13    1H12    1H12
                                 (kb/d)*
1,973   1,978   2,060   -4%      Europe                 1,975   2,064   -4%
442     448     401     +10%     Africa                 445     397     +12%
544     481     509     +7%      Americas               513     475     +8%
520     505     508     +2%      Rest of world          513     538     -5%
3,479   3,412   3,478   -        Total consolidated     3,446   3,473   -1%
                                 sales
534     521     542     -1%      Includes bulk sales    528     522     +1%
1,162   1,176   1,246   -7%      Includes trading       1,169   1,236   -5%

* includes share of TotalErg.

                               Adjustment items

  * Adjustments to operating income

2Q13    1Q13   2Q12      in millions of euros                    1H13    1H12
(37)    (6)    (89)      Special items affecting operating       (43)    (154)
                         income
-       (2)    (48)      -- Restructuring charges                (2)     (48)
-       (4)    -         -- Impairments                          (4)     -
(37)    -      (41)      -- Other                                (37)    (106)
(581)   (88)   (1,384)   Pre-tax inventory effect : FIFO vs.     (669)   (538)
                         replacement cost
(32)    2      11        Effect of changes in fair value         (30)    (14)
                                                                          
(650)   (92)   (1,462)   Total adjustments affecting operating   (742)   (706)
                         income

  * Adjustments to net income (Group share)

2Q13    1Q13      2Q12      in millions of euros               1H13      1H12
                            Special items affecting
262     (1,276)   (323)     operating income                   (1,014)   (305)

                            (Group share)
287     (1,247)   73        -- Gain (loss) on asset sales      (960)     153
-       (26)      (40)      -- Restructuring charges           (26)      (40)
-       (3)       (18)      -- Impairments                     (3)       (38)
(25)    -         (338)     -- Other                           (25)      (380)
(400)   (51)      (959)     After-tax inventory effect: FIFO   (451)     (369)
                            vs. replacement cost
(24)    1         9         Effect of changes in fair value    (23)      (11)
                                                                          
(162)   (1,326)   (1,273)   Total adjustments affecting net    (1,488)   (685)
                            income

                             Effective tax rates

2Q13    1Q13    2Q12    Effective tax rate*   1H13    1H12
58.3%   62.7%   58.4%   Upstream              60.6%   59.9%
55.6%   58.8%   56.5%   Group                 57.3%   58.8%

* 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

                        2Q13                                             1H13
2Q13    1Q13    2Q12    vs      in millions of euros   1H13     1H12     vs
                        2Q12                                             1H12
                                Investments
4,939   4,854   4,381   +13%    excluding              9,793    8,254    +19%
                                acquisitions*
397     362     319     +24%      * Capitalized        759      669      +13%
                                    exploration
                                  * Change in
9       277     231     -96%        non-current        286      390      -27%
                                    loans**
500     934     437     +14%    Acquisitions           1,434    2,270    -37%
                                Investments
5,439   5,788   4,818   +13%    including              11,227   10,523   +7%
                                acquisitions*
1,061   420     834     +27%    Asset sales            1,481    2,289    -35%
4,378   5,368   3,984   +10%    Net investments**      9,746    8,234    +18%

                        2Q13    in millions of                           1H13
2Q13    1Q13    2Q12    vs      dollars***             1H13     1H12     vs
                        2Q12                                             1H12
                                Investments
6,451   6,410   5,614   +15%    excluding              12,862   10,701   +20%
                                acquisitions*
519     478     409     +27%      * Capitalized        997      867      +15%
                                    exploration
                                  * Change in
12      366     296     -96%        non-current        376      506      -26%
                                    loans**
653     1,233   560     +17%    Acquisitions           1,883    2,943    -36%
                                Investments
7,104   7,644   6,174   +15%    including              14,746   13,643   +8%
                                acquisitions*
1,386   555     1,069   +30%    Asset sales            1,945    2,968    -34%
5,719   7,089   5,105   +12%    Net investments**      12,800   10,675   +20%

* 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                      06/30/2013   03/31/2013   06/30/2012
Current borrowings                        10,030       10,739       10,642
Net current financial assets              (465)        (535)        (1,552)
Net financial assets classified as held   775          682          -
for sale
Non-current financial debt                22,595       22,875       23,260
Hedging instruments of non-current debt   (1,306)      (1,472)      (1,886)
Cash and cash equivalents                 (11,558)     (13,415)     (14,998)
Net debt                                  20,071       18,874       15,466
                                                                     
Shareholders’ equity                      72,461       73,846       70,665
Estimated dividend payable                (1,313)      (2,666)      (1,299)
Non-controlling interests                 1,701        1,785        1,256
Equity                                    72,849       72,965       70,622
                                                                     
Net-debt-to-equity ratio                  27.6%        25.9%        21.9%

                             2013 Sensitivities*

                                          Impact on          Impact on
                  Scenario   Change       adjusted           adjusted net
                                          operating income   operating income
                                          (e)                (e)
Dollar            1.30 $/€   +0.1 $ per   -2.2 B€            -0.95 B€
                             €
Brent             100 $/b    +1 $/b       +0.24 B€ / 0.31    +0.11 B€ / 0.14
                                          B$                 B$
European                                  +0.08 B€ / 0.1     +0.05 B€ / 0.06
refining          30 $/t     +1 $/t       B$                 B$
margins (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 June 30, 2013

in millions of euros              Upstream   Refining &   Marketing &   Group
                                             Chemicals    Services
Adjusted net operating income     10,374     1,687        1,107         12,679
Capital employed at 06/30/2012*   58,668     16,014       8,003         83,729
Capital employed at 06/30/2013*   69,644     15,998       7,511         90,858
ROACE                             16.2%      10.5%        14.3%         14.5%

  * Twelve months ended March 31, 2013

in millions of euros              Upstream   Refining &   Marketing &   Group
                                             Chemicals    Services
Adjusted net operating income     10,554     1,695        954           12,764
Capital employed at 03/31/2012*   57,382     15,790       7,485         82,009
Capital employed at 03/31/2013*   67,187     17,096       7,503         90,694
ROACE                             16.9%      10.3%        12.7%         14.8%

  * Full-year 2012

in millions of euros              Upstream   Refining &   Marketing &   Group
                                             Chemicals    Services
Adjusted net operating income     11,145     1,376        830           12,927
Capital employed at 12/31/2011*   56,910     15,454       6,852         79,976
Capital employed at 12/31/2012*   63,862     15,726       6,986         84,152
ROACE                             18.5%      8.8%         12.0%         15.8%

* at replacement cost (excluding after-tax inventory effect).

                          Total financial statements
                            ______________________
               Second quarter 2013 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME                                 
TOTAL
(unaudited)
                                                                   
                                    2^nd quarter   1^st quarter   2^nd quarter
(M€) ^(a)                                                        
                                    2013           2013           2012
Sales                               46,973         48,130         49,135
Excise taxes                        (4,469)        (4,196)        (4,559)
Revenues from sales                 42,504         43,934         44,576
Purchases, net of inventory         (30,344)       (30,530)       (32,294)
variation
Other operating expenses            (5,635)        (5,352)        (5,927)
Exploration costs                   (272)          (307)          (269)
Depreciation, depletion and
amortization of tangible assets     (1,941)        (2,160)        (2,028)
and mineral interests
Other income                        352            31             225
Other expense                       (94)           (1,532)        (451)
Financial interest on debt          (182)          (169)          (170)
Financial income from marketable    14             22             24
securities & cash equivalents
Cost of net debt                    (168)          (147)          (146)
Other financial income              157            103            209
Other financial expense             (137)          (128)          (118)
Equity in net income (loss) of      609            718            436
affiliates
Income taxes                        (2,456)        (3,042)        (2,668)
Consolidated net income             2,575          1,588          1,545
Group share                         2,537          1,537          1,518
Non-controlling interests           38             51             27
Earnings per share (€)              1.12           0.68           0.67
Fully-diluted earnings per share    1.12           0.68           0.67
(€)
^(a) Except for per share
amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                   
TOTAL                              
(unaudited)
                                                                   
                                    2^nd quarter   1^st quarter   2^nd quarter
(M€)                                                             
                                    2013           2013           2012
Consolidated net income             2,575          1,588          1,545
Other comprehensive income
                                                                   
Actuarial gains and losses          (188)          169            (422)
Tax effect                          72             (66)           158
Items not potentially               (116)          103            (264)
reclassifiable to profit and loss
Currency translation adjustment     (1,111)        951            2,337
Available for sale financial        6              (4)            (93)
assets
Cash flow hedge                     61             11             (67)
Share of other comprehensive
income of equity affiliates, net    (430)          94             (57)
amount
Other                               -              (8)            (7)
Tax effect                          (25)           (2)            46
Items potentially reclassifiable    (1,499)        1,042          2,159
to profit and loss
Total other comprehensive income    (1,615)        1,145          1,895
(net amount)
                                                                   
Comprehensive income                960            2,733          3,440
- Group share                       978            2,649          3,363
- Non-controlling interests         (18)           84             77

CONSOLIDATED STATEMENT OF INCOME                                    
TOTAL
(unaudited)
                                                                      
                                                         1^st half   1^st half
(M€) ^(a)                                                           
                                                         2013        2012
Sales                                                    95,103      100,303
Excise taxes                                             (8,665)     (8,952)
Revenues from sales                                      86,438      91,351
Purchases, net of inventory variation                    (60,874)    (64,335)
Other operating expenses                                 (10,987)    (11,007)
Exploration costs                                        (579)       (625)
Depreciation, depletion and amortization of tangible     (4,101)     (3,866)
assets and mineral interests
Other income                                             383         514
Other expense                                            (1,626)     (547)
Financial interest on debt                               (351)       (357)
Financial income from marketable securities & cash       36          59
equivalents
Cost of net debt                                         (315)       (298)
Other financial income                                   260         294
Other financial expense                                  (265)       (254)
Equity in net income (loss) of affiliates                1,327       977
Income taxes                                             (5,498)     (6,979)
Consolidated net income                                  4,163       5,225
Group share                                              4,074       5,186
Non-controlling interests                                89          39
Earnings per share (€)                                   1.80        2.30
Fully-diluted earnings per share (€)                     1.79        2.29
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                      
TOTAL
(unaudited)
                                                                      
                                                         1^st half   1^st half
(M€)                                                                
                                                         2013        2012
Consolidated net income                                  4,163       5,225
Other comprehensive income
                                                                      
Actuarial gains and losses                               (19)        (423)
Tax effect                                               6           156
Items not potentially reclassifiable to profit and       (13)        (267)
loss
Currency translation adjustment                          (160)       1,289
Available for sale financial assets                      2           (159)
Cash flow hedge                                          72          3
Share of other comprehensive income of equity            (336)       105
affiliates, net amount
Other                                                    (8)         (14)
Tax effect                                               (27)        35
Items potentially reclassifiable to profit and loss      (457)       1,259
Total other comprehensive income (net amount)            (470)       992
                                                                      
Comprehensive income                                     3,693       6,217
- Group share                                            3,627       6,155
- Non-controlling interests                              66          62

CONSOLIDATED BALANCE                                              
SHEET
TOTAL
                                                                    
                                                                    
                         June 30, 2013   March 31,                 June 30,
(M€)                                     2013          December    2012
                         (unaudited)                   31, 2012
                                         (unaudited)               (unaudited)
ASSETS
Non-current assets
Intangible assets, net   13,322          13,552        12,858      13,847
Property, plant and      71,397          70,680        69,332      69,868
equipment, net
Equity affiliates :      14,555          15,139        13,759      13,911
investments and loans
Other investments        1,210           1,223         1,190       2,222
Hedging instruments of
non-current financial    1,306           1,472         1,626       1,886
debt
Deferred income taxes    2,842           2,568         2,279       1,758
Other non-current        2,914           2,846         2,663       2,535
assets
Total non-current        107,546         107,480       103,707     106,027
assets
Current assets
Inventories, net         15,441          17,095        17,397      17,111
Accounts receivable,     19,563          21,995        19,206      19,768
net
Other current assets     11,353          10,898        10,086      10,435
Current financial        510             624           1,562       1,723
assets
Cash and cash            11,558          13,415        15,469      14,998
equivalents
Assets classified as     3,902           4,555         3,797       -
held for sale
Total current assets     62,327          68,582        67,517      64,035
Total assets             169,873         176,062       171,224     170,062
                                                                    
LIABILITIES &
SHAREHOLDERS' EQUITY
                                                                    
Shareholders' equity
Common shares            5,942           5,915         5,915       5,911
Paid-in surplus and      71,785          71,751        70,116      67,776
retained earnings
Currency translation     (1,924)         (478)         (1,504)     368
adjustment
Treasury shares          (3,342)         (3,342)       (3,342)     (3,390)
Total shareholders'      72,461          73,846        71,185      70,665
equity - Group Share
Non-controlling          1,701           1,785         1,280       1,256
interests
Total shareholders'      74,162          75,631        72,465      71,921
equity
Non-current
liabilities
Deferred income taxes    12,800          12,877        12,132      11,860
Employee benefits        3,633           3,503         3,744       3,406
Provisions and other
non-current              11,059          11,554        11,585      11,264
liabilities
Non-current financial    22,595          22,875        22,274      23,260
debt
Total non-current        50,087          50,809        49,735      49,790
liabilities
Current liabilities
Accounts payable         20,168          21,809        21,648      20,448
Other creditors and      13,901          15,254        14,698      17,090
accrued liabilities
Current borrowings       10,030          10,739        11,016      10,642
Other current            45              89            176         171
financial liabilities
Liabilities directly
associated with the      1,480           1,731         1,486       -
assets classified as
held for sale
Total current            45,624          49,622        49,024      48,351
liabilities
Total liabilities and    169,873         176,062       171,224     170,062
shareholders' equity

CONSOLIDATED STATEMENT OF CASH                                   
FLOW
TOTAL
(unaudited)
                                                                   
                                    2^nd quarter   1^st quarter   2^nd quarter
(M€)                                                             
                                    2013           2013           2012
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income             2,575          1,588          1,545
Depreciation, depletion and         2,114          2,306          2,164
amortization
Non-current liabilities,
valuation allowances and deferred   (101)          77             (32)
taxes
Impact of coverage of pension       -              -              (362)
benefit plans
(Gains) losses on disposals of      (271)          1,418          (165)
assets
Undistributed affiliates' equity    70             (353)          193
earnings
(Increase) decrease in working      (732)          (1,403)        2,783
capital
Other changes, net                  51             85             41
Cash flow from operating            3,706          3,718          6,167
activities
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property,     (5,232)        (4,913)        (4,128)
plant and equipment additions
Acquisitions of subsidiaries, net   -              (16)           (4)
of cash acquired
Investments in equity affiliates    (198)          (582)          (455)
and other securities
Increase in non-current loans       (282)          (473)          (377)
Total expenditures                  (5,712)        (5,984)        (4,964)
Proceeds from disposals of
intangible assets and property,     844            420            95
plant and equipment
Proceeds from disposals of          200            -              -
subsidiaries, net of cash sold
Proceeds from disposals of          17             -              739
non-current investments
Repayment of non-current loans      273            196            146
Total divestments                   1,334          616            980
Cash flow used in investing         (4,378)        (5,368)        (3,984)
activities
                                                                   
CASH FLOW USED IN FINANCING
ACTIVITIES
                                                                   
Issuance (repayment) of shares:
- Parent company shareholders       329            -              -
- Treasury shares                   -              -              -
Dividends paid:
- Parent company shareholders       (1,356)        (1,333)        (1,284)
- Non-controlling interests         (70)           (2)            (96)
Other transactions with             (3)            357            1
non-controlling interests
Net issuance (repayment) of         575            2,850          1,409
non-current debt
Increase (decrease) in current      (698)          (3,232)        (693)
borrowings
Increase (decrease) in current      9              892            (10)
financial assets and liabilities
Cash flow used in financing         (1,214)        (468)          (673)
activities
Net increase (decrease) in cash     (1,886)        (2,118)        1,510
and cash equivalents
Effect of exchange rates            29             64             158
Cash and cash equivalents at the    13,415         15,469         13,330
beginning of the period
Cash and cash equivalents at the    11,558         13,415         14,998
end of the period

CONSOLIDATED STATEMENT OF CASH FLOW                                 
TOTAL
(unaudited)
                                                                      
                                                         1^st half   1^st half
(M€)                                                                
                                                         2013        2012
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income                                  4,163       5,225
Depreciation, depletion and amortization                 4,420       4,267
Non-current liabilities, valuation allowances and        (24)        326
deferred taxes
Impact of coverage of pension benefit plans              -           (362)
(Gains) losses on disposals of assets                    1,147       (446)
Undistributed affiliates' equity earnings                (283)       227
(Increase) decrease in working capital                   (2,135)     2,109
Other changes, net                                       136         88
Cash flow from operating activities                      7,424       11,434
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment      (10,145)    (9,355)
additions
Acquisitions of subsidiaries, net of cash acquired       (16)        (125)
Investments in equity affiliates and other securities    (780)       (653)
Increase in non-current loans                            (755)       (771)
Total expenditures                                       (11,696)    (10,904)
Proceeds from disposals of intangible assets and         1,264       662
property, plant and equipment
Proceeds from disposals of subsidiaries, net of cash     200         34
sold
Proceeds from disposals of non-current investments       17          1,593
Repayment of non-current loans                           469         381
Total divestments                                        1,950       2,670
Cash flow used in investing activities                   (9,746)     (8,234)
                                                                      
CASH FLOW USED IN FINANCING ACTIVITIES
                                                                      
Issuance (repayment) of shares:
- Parent company shareholders                            329         31
- Treasury shares                                        -           -
Dividends paid:
- Parent company shareholders                            (2,689)     (2,570)
- Non controlling interests                              (72)        (98)
Other transactions with non-controlling interests        354         1
Net issuance (repayment) of non-current debt             3,425       3,073
Increase (decrease) in current borrowings                (3,930)     (1,794)
Increase (decrease) in current financial assets and      901         (939)
liabilities
Cash flow used in financing activities                   (1,682)     (2,296)
Net increase (decrease) in cash and cash equivalents     (4,004)     904
Effect of exchange rates                                 93          69
Cash and cash equivalents at the beginning of the        15,469      14,025
period
Cash and cash equivalents at the end of the period       11,558      14,998

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY                                                                      
TOTAL                                                
                                                                                                                                 
                                           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     2,363,767,313   5,909    65,430     (1,004)       (109,554,173)   (3,390)   66,945          1,352             68,297
1, 2012
Net income of     -               -        5,186      -             -               -         5,186           39                5,225
the first half
Other
comprehensive     -               -        (396)      1,365         -               -         969             23                992
Income
Comprehensive     -               -        4,790      1,365         -               -         6,155           62                6,217
Income
Dividend          -               -        (2,570)    -             -               -         (2,570)         (98)              (2,668)
Issuance of       779,653         2        29         -             -               -         31              -                 31
common shares
Purchase of       -               -        -          -             -               -         -               -                 -
treasury shares
Sale of
treasury shares   -               -        -          -             10,295          -         -               -                 -
^(1)
Share-based       -               -        74         -             -               -         74              -                 74
payments
Share             -               -        -          -             -               -         -               -                 -
cancellation
Other
operations with   -               -        14         7             -               -         21              (20)              1
non-controlling
interests
Other items       -               -        9          -             -               -         9               (40)              (31)
As of June 30,    2,364,546,966   5,911    67,776     368           (109,543,878)   (3,390)   70,665          1,256             71,921
2012
Net income from
July 1 to         -               -        5,423      -             -               -         5,423           108               5,531
December 31,
2012
Other
comprehensive     -               -        (373)      (1,871)       -               -         (2,244)         (63)              (2,307)
Income
Comprehensive     -               -        5,050      (1,871)       -               -         3,179           45                3,224
Income
Dividend          -               -        (2,667)    -             -               -         (2,667)         (6)               (2,673)
Issuance of       1,386,180       4        (3)        -             -               -         1               -                 1
common shares
Purchase of       -               -        -          -             (1,800,000)     (68)      (68)            -                 (68)
treasury shares
Sale of
treasury shares   -               -        (116)      -             2,952,239       116       -               -                 -
^(1)
Share-based       -               -        72         -             -               -         72              -                 72
payments
Share             -               -        -          -             -               -         -               -                 -
cancellation
Other
operations with   -               -        (3)        (1)           -               -         (4)             4                 -
non-controlling
interests
Other items       -               -        7          -             -               -         7               (19)              (12)
As of December    2,365,933,146   5,915    70,116     (1,504)       (108,391,639)   (3,342)   71,185          1,280             72,465
31, 2012
Net income of     -               -        4,074      -             -               -         4,074           89                4,163
the first half
Other
comprehensive     -               -        (28)       (419)         -               -         (447)           (23)              (470)
Income
Comprehensive     -               -        4,046      (419)         -               -         3,627           66                3,693
Income
Dividend          -               -        (2,685)    -             -               -         (2,685)         (72)              (2,757)
Issuance of       10,802,845      27       302        -             -               -         329             -                 329
common shares
Purchase of       -               -        -          -             -               -         -               -                 -
treasury shares
Sale of
treasury shares   -               -        -          -             980             -         -               -                 -
^(1)
Share-based       -               -        74         -             -               -         74              -                 74
payments
Share             -               -        -          -             -               -         -               -                 -
cancellation
Other
operations with   -               -        (69)       (1)           -               -         (70)            424               354
non-controlling
interests
Other items       -               -        1          -             -               -         1               3                 4
As of June 30,    2,376,735,991   5,942    71,785     (1,924)       (108,390,659)   (3,342)   72,461          1,701             74,162
2013
                                                                                                                                 
^(1) Treasury shares related to the restricted stock grants.

BUSINESS
SEGMENT                                                                        
INFORMATION
TOTAL
(unaudited)
                                                                                 
2^nd quarter                 Refining    Marketing
2013              Upstream   &           &           Corporate   Intercompany   Total
                             Chemicals   Services
(M€)
Non-Group sales   4,781      21,560      20,561      71          -              46,973
Intersegment      6,519      9,807       806         27          (17,159)       -
sales
Excise taxes      -          (835)       (3,634)     -           -              (4,469)
Revenues from     11,300     30,532      17,733      98          (17,159)       42,504
sales
Operating         (5,512)    (30,413)    (17,273)    (212)       17,159         (36,251)
expenses
Depreciation,
depletion and
amortization of   (1,512)    (298)       (123)       (8)         -              (1,941)
tangible assets
and mineral
interests
Operating         4,276      (179)       337         (122)       -              4,312
income
Equity in net
income (loss)     774        52          38          23          -              887
of affiliates
and other items
Tax on net
operating         (2,421)    80          (100)       (44)        -              (2,485)
income
Net operating     2,629      (47)        275         (143)       -              2,714
income
Net cost of net                                                                 (139)
debt
Non-controlling                                                                 (38)
interests
Net income                                                                      2,537
                                                                                 
2^nd quarter
2013                         Refining    Marketing
(adjustments)     Upstream   &           &           Corporate   Intercompany   Total
^(a)                         Chemicals   Services

(M€)
Non-Group sales   (32)       -           -           -           -              (32)
Intersegment      -          -           -           -           -              -
sales
Excise taxes      -          -           -           -           -              -
Revenues from     (32)       -           -           -           -              (32)
sales
Operating         -          (536)       (82)        -           -              (618)
expenses
Depreciation,
depletion and
amortization of   -          -           -           -           -              -
tangible assets
and mineral
interests
Operating         (32)       (536)       (82)        -           -              (650)
income ^ (b)
Equity in net
income (loss)     252        (32)        1           -           -              221
of affiliates
and other items
Tax on net
operating         84         151         26          -           -              261
income
Net operating     304        (417)       (55)        -           -              (168)
income ^ (b)
Net cost of net                                                                 -
debt
Non-controlling                                                                 6
interests
Net income                                                                      (162)
                                                                                 
^(a)
Adjustments
include special
items,
inventory
valuation
effect and the
effect of
changes in fair                                                                  
value.

 

^(b) Of which
inventory
valuation
effect
On operating      -          (499)       (82)        -
income
On net
operating         -          (351)       (55)        -
income
                                                                                 
2^nd quarter                 Refining    Marketing
2013 (adjusted)   Upstream   &           &           Corporate   Intercompany   Total
                             Chemicals   Services
(M€) ^(a)
Non-Group sales   4,813      21,560      20,561      71          -              47,005
Intersegment      6,519      9,807       806         27          (17,159)       -
sales
Excise taxes      -          (835)       (3,634)     -           -              (4,469)
Revenues from     11,332     30,532      17,733      98          (17,159)       42,536
sales
Operating         (5,512)    (29,877)    (17,191)    (212)       17,159         (35,633)
expenses
Depreciation,
depletion and
amortization of   (1,512)    (298)       (123)       (8)         -              (1,941)
tangible assets
and mineral
interests
Adjusted
operating         4,308      357         419         (122)       -              4,962
income
Equity in net
income (loss)     522        84          37          23          -              666
of affiliates
and other items
Tax on net
operating         (2,505)    (71)        (126)       (44)        -              (2,746)
income
Adjusted net
operating         2,325      370         330         (143)       -              2,882
income
Net cost of net                                                                 (139)
debt
Non-controlling                                                                 (44)
interests
Ajusted net                                                                     2,699
income
Adjusted
fully-diluted                                                                   1.19
earnings per
share (€)
(a) Except for
earnings per
share.
                                                                                 
2^nd quarter                 Refining    Marketing
2013              Upstream   &           &           Corporate   Intercompany   Total
                             Chemicals   Services
(M€)
Total             5,056      382         242         32          -              5,712
expenditures
Total             1,112      208         12          2           -              1,334
divestments
Cash flow from
operating         2,128      1,303       414         (139)       -              3,706
activities

<td class="bwpadl0 bwnowrap bwpadr0 bwvert*Story too large*
BUSINESS
SEGMENT                                                                        
INFORMATION
TOTAL
(unaudited)
                                                                                 
1^st quarter                 Refining    Marketing
2013              Upstream   &           &           Corporate   Intercompany   Total
                             Chemicals   Services
(M€)
Non-Group sales   5,452      21,618      20,999      61          -              48,130
Intersegment      7,335      9,914       108         51          (17,408)       -
sales
Excise taxes      -          (830)       (3,366)     -           -              (4,196)
Revenues from     12,787     30,702      17,741      112         (17,408)       43,934
sales
Operating         (6,115)    (30,067)    (17,208)    (207)       17,408         (36,189)
expenses
Depreciation,
depletion and
amortization of   (1,710)    (298)       (145)       (7)         -              (2,160)
tangible assets
and mineral
interests
Operating         4,962      337         388         (102)       -              5,585
income
Equity in net
income (loss)     (846)      72          (32)        (2)         -              (808)
of affiliates
and other items
Tax on net
operating         (2,896)    (79)        (115)       21          -              (3,069)
income
Net operating     1,220      330         241         (83)        -              1,708
income
Net cost of net                                                                 (120)
debt
Non-controlling                                                                 (51)
interests
Net income                                                                      1,537
                                                                                 
1^st quarter
2013                         Refining    Marketing
(adjustments)     Upstream   &           &           Corporate   Intercompany   Total
^(a)                         Chemicals   Services

(M€)
Non-Group sales   2          -           -           -           -              2
Intersegment      -          -           -           -           -              -
sales
Excise taxes      -          -           -           -           -              -
Revenues from     2          -           -           -           -              2
sales
Operating         -          (69)        (21)        -           -              (90)
expenses
Depreciation,
depletion and
amortization of   -          (4)         -           -           -              (4)
tangible assets
and mineral
interests
Operating         2          (73)        (21)        -           -              (92)
income ^ (b)
Equity in net
income (loss)     (1,420)    (10)        (10)        -           -              (1,440)
of affiliates
and other items
Tax on net
operating         172        30          7           -           -              209
income
Net operating     (1,246)    (53)
income ^ (b)

[TRUNCATED]
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