Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q18
Changevs 4Q17
2018
Changevs 2017
Adjusted net income (Group
share)1 - in billions of dollars (B$) 3.2
+10%
13.6 +28%
- in dollars per share 1.17 +6%
5.05 +23%
DACF1 (B$) 6.1
-2%
26.1 +18%
Cash flow from operations (B$)
10.6 +24%
24.7 +11%
Net income (Group
share) of 11.4 B$ in 2018, a 33% increase compared to 2017
Net-debt-to-capital ratio of 15.5% at December 31, 2018
Hydrocarbon production of 2,775 kboe/d in 2018, an increase
of 8.1% compared to 2017
Fourth quarter 2018 dividend set at
0.64 €/share with ex-dividend date of June 11, 2019
Total’s Board of Directors met on February 6, 2019, and approved
the Group’s 2018 accounts. Commenting on the results, Chairman and
CEO Patrick Pouyanné said:
“Benefiting from the rise of oil prices to $71/b on average in
2018 compared to $54/b in 2017, while remaining volatile, the Group
reported adjusted net income of $13.6 billion in 2018, an
increase of 28%, a return on average capital employed close to 12%,
the highest among the majors, and a pre-dividend breakeven below 30
$/b.These excellent results reflect the strong growth of more than
8% for the Group’s hydrocarbon production, which reached a record
level of 2.8 Mboe/d in 2018 and led to a 71% increase in
Exploration & Production’s adjusted net operating income. The
year was highlighted by the start-up of Ichthys in Australia, Yamal
LNG in Russia, deep-water projects Kaombo North in Angola and Egina
in Nigeria, as well as the counter-cyclical acquisitions of Maersk
Oil and new offshore licenses in the UAE.In addition, the Group
maintained its financial discipline. Net investments were $15.6
billion in 2018, in line with its objective, and $4.2 billion in
cost reduction was achieved. Debt-adjusted cash flow (DACF) was $26
billion in 2018, driven largely by the 31% increase in cash flow
from Exploration & Production. The Group’s balance sheet was
solid with a gearing ratio of 15.5%, below the target limit of
20%.The Group is continuing to expand along the value chain of
integrated gas and low-carbon electricity. With its acquisition of
Engie’s LNG assets Total is the second largest publicly-traded
player in the LNG business, and its position will be strengthened
with the 2019 start-up of the Cameron LNG project. In addition, the
Group accelerated its growth in low-carbon electricity, notably
with the acquisition of Direct Energie.In an environment of lower
European refining margins, the Downstream relied on the
availability of its units and the diversity of its portfolio to
generate $6.5 billion of cash flow and profitability of more than
25%. The Group is continuing to implement its strategy for growth
in petrochemicals by launching projects in the US, Saudi Arabia,
South Korea and Algeria. Total has also continued to expand
Marketing & Services in fast-growing areas, notably in Mexico,
Brazil and Angola.Conforming to the shareholder return policy
announced in February 2018, the Group increased the 2018 dividend
by 3.2% and bought back $1.5 billion of its shares in 2018. Given
the solid financial position, which is benefiting from growing cash
flow, the Board of Directors confirmed the shareholder return
policy for 2019. It plans to increase the interim dividend by 3.1%
to 0.66 euros per share, end the scrip dividend option following
the general assembly meeting, and continue the share buyback policy
in the amount of $1.5 billion in a 60 $/b environment.”
Key figures2
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars, except effective tax rate,
earnings per share and number of
shares
2018 2017 2018
vs
2017
3,885 4,548 3,359 +16% Adjusted
net operating income from business segments
15,997
11,936 +34%
2,476 2,864 1,805
+37% Exploration & Production
10,210 5,985 +71%
176 272 232 -24% Gas,
Renewables & Power
756 485 +56%
900 938 886 +2%
Refining & Chemicals
3,379 3,790 -11%
333
474 436 -24% Marketing & Services
1,652 1,676 -1%
893 865
731 +22% Contribution of equity affiliates to
adjusted net income
3,161 2,574 +23%
38.1% 38.6% 31.8% Group
effective tax rate3
38.7% 31.1%
3,164 3,958 2,872 +10% Adjusted
net income
13,559 10,578 +28%
1.17 1.47 1.10 +6% Adjusted
fully-diluted earnings per share (dollars)4
5.05
4.12 +23%
1.02 1.26 0.94
+9% Adjusted fully-diluted earnings per share (euros)*
4.27 3.65 +17%
2,637
2,637 2,536 +4% Fully-diluted weighted-average
shares (millions)
2,624 2,495 +5%
1,132 3,957
1,021 +11% Net income (Group share)
11,446 8,631 +33%
5,190 6,484 5,103 +2%
Investments5
22,185 16,896 +31%
2,483 897 1,467 +69%
Divestments6
7,239 5,264 +38%
2,708 6,208 3,638 -26% Net
investments7
15,568 11,636 +34%
4,459 2,568 4,442 +0% Organic
investments8
12,426 14,395 -14%
211 475 107 x2 Resource
acquisitions
4,493 714 x6.3
5,672 7,088 5,955 -5% Operating
cash flow before working capital changes9
24,529
21,135 +16%
6,095 7,507 6,233
-2% Operating cash flow before working capital
changes w/o financial charges (DACF)10
26,067
22,183 +18%
10,640 5,736 8,615
+24% Cash flow from operations
24,703
22,319 +11%
* Average €-$ exchange rate: 1.1414 in the fourth quarter 2018
and 1.1810 in 2018.
Highlights since the beginning of the fourth quarter
201811
- Started up Ichthys LNG and the third
liquefaction train at Yamal LNG
- Started up production at the Egina
field in Nigeria
- Signed MOU with Sempra Energy for
development of North American LNG projects
- Signed concession agreement with
ADNOC to launch unconventional gas exploration program in Abu
Dhabi
- Sold a 4% interest in the Ichthys
project in Australia
- Acquired additional 10% interest in
the Lapa field in Brazil
- Entered fuel distribution segment in
Brazil
- Signed an agreement with Sonangol to
launch a network of service stations in Angola
Analysis of business
segments
Exploration & Production
> Environment – liquids and gas price
realizations*
4Q18 3Q18 4Q17 4Q18
vs
4Q17
2018 2017 2018
vs
2017
68.8 75.2 61.3 +12% Brent ($/b)
71.3 54.2 +32%
57.2 69.5
57.6 -1% Average liquids price ($/b)
64.2 50.2 +28%
4.94 4.96
4.23 +17% Average gas price ($/Mbtu)
4.78 4.08 +17%
46.9 55.4
43.3 +8% Average hydrocarbon price ($/boe)
51.0 38.7 +32%
* Consolidated subsidiaries, excluding fixed margins.
> Production
4Q18 3Q18 4Q17 4Q18
vs
4Q17
Hydrocarbon production 2018 2017
2018
vs
2017
2,876 2,804 2,613 +10% Combined
production (kboe/d)
2,775 2,566 +8%
1,589 1,611 1,389 +14% Liquids
(kb/d)
1,566 1,346 +16%
6,994
6,557 6,832 +2% Gas (Mcf/d)
6,599 6,662 -1%
2,876 2,804 2,613 +10%
Combined production (kboe/d)
2,775
2,566 +8%
1,371 1,434 1,212 +13% Oil (including
bitumen) (kb/d)
1,378 1,167 +18%
1,505 1,370
1,401 +7% Gas (including Condensates and
associated LPG) (kboe/d)
1,397 1,398 -
Hydrocarbon production was 2,876 thousand barrels of oil
equivalent per day (kboe/d) in the fourth quarter 2018, an increase
of 10% compared to last year, due to:
- +12% for start-ups and ramp-ups on new
projects, notably Yamal LNG, Ichthys, Fort Hills, Kaombo North
and Kashagan.
- + 2% portfolio effect. The
integration of Maersk Oil, as well as the acquisition of an
additional 0.5% of Novatek, were partially offset by the expiration
of the Mahakam permit at the end of 2017 and the sales of Visund in
Norway and Rabi in Gabon.
- -4% for natural field declines and PSC
price effect.
In 2018, hydrocarbon production was 2,775 kboe/d, an increase of
more than 8% compared to last year, due to:
- +9% for start-ups and ramp-ups on new
projects, notably Yamal LNG, Moho Nord, Fort Hills, Kashagan,
Kaombo Norte and Ichthys.
- +3%portfolio effect, mainly the
addition of Maersk Oil, Al Shaheen in Qatar, Waha in Libya, Lapa
and Iara in Brazil as well as the acquisition of an additional 0.5%
of Novatek, were partially offset by the expiration of the Mahakam
permit at the end of 2017 and the sales of Visund in Norway and
Rabi in Gabon.
- -4% for natural field declines and PSC
price effect.
> Results
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars, except effective tax rate
2018 2017 2018
vs
2017
2,476 2,864 1,805 +37% Adjusted net operating income*
10,210 5,985 +71%
706 614 419 +68% including income
from equity affiliates
2,341 1,542 +52%
43.7% 47.6%
42.8% - Effective tax rate**
46.5% 41.2% -
3,635 2,796 3,490
+4% Investments
15,282 12,802 +19%
1,638 563 1,334
+23% Divestments
4,952 1,918 x2.6
3,168 1,847 3,120
+2% Organic investments
9,186 11,310 -19%
4,412 5,582
4,263 +3% Operating cash flow before working capital changes ***
19,374 14,753 +31%
6,785 4,821 4,174 +63% Cash flow
from operations ***
19,803 12,821 +54%
* Details of adjustment items are shown in the business segment
information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net
operating income - income from equity affiliates - dividends
received from investments - impairment of goodwill + tax on
adjusted net operating income).
*** Excluding financial charges.
Exploration & Production adjusted net operating income
was:
- 2,476 M$ in the fourth quarter 2018, an
increase of 37% compared to a year ago. The Group benefited fully
from the increase in hydrocarbon prices and strong production
growth.
- 10,210 M$ in 2018, an increase of 71%
compared to 2017 for the same reasons and despite a tax rate that
increased in line with the increase in hydrocarbon prices.
Operating cash flow before working capital changes was 4.4 B$ in
the fourth quarter 2018, an increase of 3% compared to the same
quarter last year, partially offset by the decrease in oil prices
in Canada, and 19.4 B$ in 2018, an increase of 31% for the reasons
above. Exploration-Production generated 10.2 B$ of operating cash
flow before working capital changes less organic investments in
2018.
The effective tax rate increased from 41.2% in 2017 to 46.5% in
2018, in line with the increase in oil prices.
Technical costs for the consolidated subsidiaries, calculated in
accordance with ASC93210 standards continued decreasing to 18.9
$/boe in 2018, including 5.7 $/boe of Opex, compared to 19.5 $/boe
in 2017.
Gas, Renewables & Power
> Results
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars 2018 2017
2018
vs
2017
176 272 232 x0.8 Adjusted net
operating income*
756 485 x1.6
210 3,001
306 -31% Investments
3,539 797
x4.4
319 129 46 x6.9
Divestments
931 73 x12.8
210
165 85 x2.5 Organic investments
511 353 +45%
116 171 25
x4.6 Operating cash flow before working capital
changes**
513 294 +74%
(41)
(554) 667 n.s. Cash flow from
operations**
(670) 1,055 n.s.
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges
Adjusted net operating income for the Gas, Renewables &
Power segment was 756 M$ in 2018, notably thanks to the good
performance of LNG and gas/power trading activities. The
acquisitions of Direct Energie and the LNG business of Engie
account for the increase in investments to 3.5 B$ in 2018. The
increase in working capital related to the consolidation of the
acquisitions of Direct Energie and the LNG business of Engie was
mainly responsible for the negative cash flow from operations in
2018.
Refining & Chemicals
> Refinery throughput and utilization
rates*
4Q18 3Q18 4Q17 4Q18
vs
4Q17
2018 2017 2018
vs
2017
1,886 1,953 1,842 +2% Total
refinery throughput (kb/d)
1,852 1,827
+1%
591 654 648 -9% France
610 624 -2%
809 795 784 +3% Rest
of Europe
755 767 -2%
486 504 410
+19% Rest of world
487 436
+12%
90% 92% 91%
Utlization rate based on crude only**
88% 88%
* Includes share of TotalErg, and African refineries reported in
the Marketing & Services segment.
** Based on distillation capacity at the beginning of the
year.
Refinery throughput:
- increased by 2% in the fourth quarter
2018 compared to the fourth quarter 2017, thanks to the good
availability of the units and their high utilization rate.
- was stable in 2018 compared to 2017.
Lower throughput in Europe linked to planned maintenance, notably
at Antwerp during the second quarter, was offset by higher
throughput outside Europe.
> Results
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars
except the ERMI
2018 2017 2018
vs
2017
29.1 39.9 35.5 -18% European
refining margin indicator - ERMI ($/t)
32.3
40.9 -21%
900
938 886 +2% Adjusted net operating
income*
3,379 3,790 -11%
668 377 710
-6% Investments
1,781 1,734 +3%
482 88 36 x13.4 Divestments
919 2,820 -67%
615 295
684 -10% Organic investments
1,604 1,625 -1%
1,276 1,174
1,142 +12% Operating cash flow before working
capital changes**
4,388 4,728 -7%
3,080 1,338 3,030 +2% Cash flow
from operations**
4,308 7,411 -42%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges.
The European Refining Margin Indicator (ERMI) for the Group was
29.1 $/t in the fourth quarter 2018, a decrease of 18% compared to
the fourth quarter 2017 and by 21% to 32.3 $/t for the full-year
2018, mainly due to rising crude oil prices. The petrochemicals
environment remained favorable in the fourth quarter; although
margins in Europe were lower than last year, affected by the higher
price of raw materials.
In this context, Refining & Chemicals adjusted net operating
income was resilient:
- 900 M$ in the fourth quarter, an
increase of 2% compared to the same period last year.
- 3,379 M$ for the full-year 2018, a
decrease of 11% compared to the previous year.
Marketing & Services
> Petroleum product sales
4Q18 3Q18 4Q17 4Q18
vs
4Q17
Sales in kb/d* 2018 2017
2018
vs
2017
1,786 1,818 1,821 -2% Total
Marketing & Services sales
1,801 1,779
+1%
986 1,024 1,046 -6%
Europe
1,001 1,049 -5%
800
794 775 +3% Rest of world
800 730 +10%
* Excludes trading and bulk refining sales, includes share of
TotalErg.
Petroleum product sales increased by 1% in 2018 compared to
2017. The sale of TotalErg in Italy was offset by higher sales in
the rest of the world.
> Results
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars 2018 2017
2018
vs
2017
333 474 436 -24% Adjusted net
operating income*
1,652 1,676 -1%
627 293
570 +10% Investments
1,458
1,457 -
38 117 45 -16%
Divestments
428 413 +4%
424 245 533 -20% Organic
investments
1,010 1,019 -1%
500
580 644 -22% Operating cash flow before
working capital changes**
2,156 2,242
-4%
1,226 752 1,015 +21% Cash
flow from operations**
2,759 2,221 +24%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges.
Marketing & Services adjusted net operating income was
stable in 2018 at 1,652 M$.
Group results
> Adjusted net operating income from business
segments
Thanks notably to the strong performance by Exploration &
Production, adjusted net operating income from the business
segments was:
- 3,885 M$ in the fourth quarter 2018, a
16% increase compared to the fourth quarter last year.
- 15,997 M$ for 2018, an increase of 34%
compared to 2017.
> Adjusted net income (Group share)
In line with the contribution from the segments, adjusted net
income was:
- 3,164 M$ in the fourth quarter 2018, a
10% increase compared to the fourth quarter last year.
- 13,559 M$ for 2018, a 28% increase
compared to 2017.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value11.
Total adjustments affecting net income12 were:
- -2,032 M$ in the fourth quarter 2018,
mainly due to a 1.1 B$ inventory effect linked to the decrease in
oil prices and notably an impairment on Ichthys related to the sale
of a partial interest by the Group.
- -2,113 M$ for 2018 for the reasons
above as well as the impairment of production facilities by
SunPower.
The effective tax rate for the Group was:
- 38.1% in the fourth quarter 2018,
compared to 31.8% a year ago, due to the increase in the effective
tax rate for Exploration & Production in line with higher
hydrocarbon prices, and the larger contribution of this segment to
the Group’s results this quarter.
- 38.7% for 2018, compared to 31.1% for
2017, for the same reasons.
> Adjusted fully-diluted earnings per share and
share buyback
Adjusted earnings per share increased by:
- 6% to $1.17 in the fourth quarter 2018,
calculated based on a weighted average of 2,637 million
fully-diluted shares, compared to $1.10 in the fourth quarter
2017.
- 23% to $5.05 for 2018, calculated based
on a weighted average of 2,624 million fully-diluted shares,
compared to $4.12 for 2017.
In the context of the shareholder return policy announced in
February 2018, the Group has bought back shares since then,
including:
- on the one hand, the buyback of shares
issued in 2018 under the scrip dividend option in order to cancel
any dilution related to the exercise of this option: 21.6 million
shares repurchased in the fourth quarter 2018 and 47.2 million
shares in 2018.
- on the other hand, the buyback of
additional shares : 8.6 million shares repurchased in the
fourth quarter 2018 for 500 M$ and 24.7 million shares in 2018
for 1.5 B$.
- on December 31, 2018, the number of
fully-diluted shares was 2,623 million.
> Divestments – acquisitions
Asset sales:
- 2,101 M$ in the fourth quarter 2018,
comprised mainly of the sale of a 4% interest in the Ichthys
project in Australia and the sale of the Group’s share of the LNG
re-gas terminal at Dunkirk.
- 5,172 M$ in 2018, comprised mainly of
the elements above as well as the sale of Joslyn in Canada, Rabi in
Gabon, the Martin Linge and Visund fields in Norway, an interest in
Fort Hills in Canada, SunPower’s sale of its interest in 8point3,
the marketing activities of TotalErg in Italy, the Marketing &
Services network in Haiti, and the contribution of the Bayport
polyethylene unit in the United States to the joint venture formed
with Borealis and Nova in which Total holds 50%.
Acquisitions:
- 350 M$ in the fourth quarter 2018,
comprised mainly of the extension of licenses in Nigeria and the
acquisition of a network of service stations in Brazil.
- 8,314 M$ in 2018, comprised of the
elements above as well as notably the acquisitions of Direct
Energie, Engie’s LNG business, the increase in the share of Novatek
to 19.4%, interests in the Iara and Lapa fields in Brazil, two
new 40-year offshore concessions in Abu Dhabi and the acquisition
of offshore assets from Cobalt in the Gulf of Mexico.
> Net cash flow
The Group’s net cash flow13 was :
- 2,964 M$ in the fourth quarter 2018
compared to 2,317 M$ in the fourth quarter 2017, notably as a
result of the 930 M$ decrease in net investments.
- 8,961 M$ in 2018 compared to 9,499 M$
in 2017, as a result of a 3,932 M$ increase in net investments
driven by the Group’s strategy of countercyclical acquisitions,
partially offset by a 3,394 M$ increase in operating cash flow
before changes in working capital.
> Profitability
Return on equity rose to 12.2% for the twelve months ended
December 31, 2018, an increase compared to the twelve months ended
December 31, 2017.
In millions of dollars Jan 1, 2018 to Dec 31, 2018
Oct 1, 2017 to Sept 30, 2018 Jan 1, 2017 to Dec 31,
2017 Adjusted net income 13,964 13,679 10,762
Average adjusted shareholders' equity 114,183 114,729
106,078
Return on equity (ROE) 12.2%
11.9% 10.1%
Return on average capital employed was 11.8% for the twelve
months ended December 31, 2018, an increase compared to the twelve
months ended December 31, 2017.
In millions of dollars Jan 1, 2018 to Dec 31, 2018
Oct 1, 2017 to Sept 30, 2018 Jan 1, 2017 to Dec 31,
2017 Adjusted net operating income 15,691 15,295
11,958 Average capital employed 133,123
138,242 127,575
ROACE 11.8%
11.1% 9.4%
TOTAL S.A., parent company
accounts
Net income for TOTAL S.A., the parent company, was 5,485 M€ in
2018, compared to 6,634 M€ in 2017.
2019 Sensitivities*
Scenario Change
Estimated impacton
adjustednet operatingincome
Estimatedimpact on
cashflow
Dollar 1.2 $/€ +/- 0.1 $ per € -/+ 0.1
B$ ~0 B$
Average Liquids Price 60 $/b **
+/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European
refining margin indicator (ERMI) 35 $/t +/- 10
$/t +/- 0.5 B$ +/- 0.6 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about the Group’s portfolio in 2018.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-€
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals.
** Based on a 60 $/b Brent environment
Summary and outlook
Since the start of 2019, Brent has traded around $60/b in a
context of oil supply and demand near the record-high level of 100
Mb/d. In a volatile environment, the Group is pursuing its strategy
for integrated growth along the oil, gas and low-carbon electricity
chains.
The Group has clear visibility on its 2019 cash flow, supported
by the strong contribution of project start-ups in 2018 and recent
acquisitions.
The Group maintains financial discipline to reduce its breakeven
to remain profitable across a broader range of environments. In
particular, it is targeting cost reductions of $4.7 billion,
projected net investments of $15-16 billion in 2019 and an Opex
target of 5.5 $/boe.
In Exploration & Production, production is expected to grow
by more than 9% in 2019, thanks to the ramp-ups of Kaombo North,
Egina and Ichthys plus the start-ups of Iara 1 in Brazil, Kaombo
South in Angola, Culzean in the UK and Johan Sverdrup in Norway.
Determined to take advantage of the favorable cost environment, the
Group plans to launch projects in 2019, notably including Mero 2 in
Brazil, Tilenga and Kingfisher in Uganda and Arctic LNG 2 in
Russia.
The Group is pursuing its strategy for profitable growth along
the integrated gas and low-carbon electricity chains. Effective
2019, the Group will report the new iGRP segment (integrated Gas,
Renewables & Power) which combines the Gas, Renewables &
Power segment with the upstream gas and LNG activities currently
reported within the Exploration & Production segment.
Affected by an abundance of available products, European
refining margins have been very volatile since the start of the
year. In 2019, the Downstream will continue to rely on its
diversified portfolio, notably its integrated Refining &
Chemical platforms in the U.S. and Asia-Middle East as well as its
non-cyclical Marketing & Services segment.
In this context, the Group is continuing to implement its
shareholder return policy announced in February 2018, by increasing
the dividend in 2019 by 3.1%, in line with the objective to
increase the dividend by 10% over the 2018-20 period. Taking into
account its strong financial position, the Group will eliminate the
scrip dividend option from June 2019. Within the framework of its
program to buy back $5 billion of shares over the 2018-20 period,
the Group expects to buy back $1.5 billion of its shares in 2019 in
a 60 $/b Brent environment.
* * * * *
To listen to the presentation in English by CEO Patrick Pouyanne
and CFO Patrick de La Chevardière today at 10:00 (London time)
please log on to total.com or call +44 (0) 207 192 8338 in Europe
or +1 646 741 3167 in the United States (code: 7198797). For a
replay, please consult the website or call +44 (0) 333 300 9785 in
Europe or +1 917 677 7532 in the United States (code:
7198797).
* * * * *
Operating information by segment
> Exploration & Production
4Q18 3Q18 4Q17 4Q18
vs
4Q17
Combined liquids and gas
production by region (kboe/d)
2018 2017 2018
vs
2017
997 910 764 +30% Europe and
Central Asia
909 761 +19%
661
676 659 - Africa
670 654 +3%
655 687 595 +10% Middle
East and North Africa
666 559 +19%
386 399 356 +8%
Americas
389 348 +12%
176 132 239
-26% Asia Pacific
141 244
-42%
2,876 2,804 2,613 +10%
Total production
2,775 2,566 +8%
699 645 656 +7% including equity
affiliates
671 639 +5%
4Q18 3Q18 4Q17
4Q18
vs
4Q17
Liquids production by region (kb/d)
2018 2017 2018
vs
2017
363 341 265 +37% Europe and Central Asia
334 265 +26%
509 528 501 +2% Africa
513 502 +2%
503 538 457
+10% Middle East and North Africa
520 419 +24%
191
186 137 +40% Americas
183 132 +39%
22 18
29 -24% Asia Pacific
16
28 -43%
1,589 1,611 1,389 +14%
Total production
1,566 1,346
+16%
231 221 311 -26% including
equity affiliates
247 283 -13%
4Q18 3Q18
4Q17 4Q18
vs
4Q17
Gas production by region (Mcf/d) 2018
2017 2018
vs
2017
3,416 3,069 2,657 +29% Europe and Central Asia
3,100
2,672 +16%
738 776 980 -25% Africa
785 759 +3%
843 830 759 +11% Middle East and North Africa
806 772
+4%
1,094 1,198 1,225 -11% Americas
1,160 1,212 -4%
903 684 1,211 -25% Asia Pacific
748 1,247 -40%
6,994
6,557 6,832 +2% Total production
6,599 6,662 -1%
2,524 2,313
2,022 +25% including equity affiliates
2,281 1,916 +19%
4Q18 3Q18 4Q17 4Q18
vs
4Q17
Liquefied natural gas 2018 2017
2018
vs
2017
3.32 2.78 2.67 +24% LNG sales*
(Mt)
11.07 11.23 -1%
* Sales, Group share, excluding trading; 2017 data restated to
reflect volume estimates for Bontang LNG in Indonesia based on the
2017 SEC coefficient.
> Downstream (Refining & Chemicals and
Marketing & Services)
4Q18 3Q18 4Q17* 4Q18
vs
4Q17
Petroleum product sales by region (kb/d)**
2018 2017* 2018
vs
2017
2,062 2,030 2,000 +3% Europe
1,984 2,086 -5%
778 760 639 +22%
Africa
736 615 +20%
767 979 476 +61% Americas
827 561 +47%
531 569 727 -27%
Rest of world
606 757 -20%
4,138 4,338 3,842 +8% Total
consolidated sales
4,153 4,019 +3%
593 581 587 +1% Including bulk
sales
575 581 -1%
1,759
1,939 1,434 +23% Including trading
1,777 1,659 +7%
* 2017 data restated.
** Includes share of TotalErg.
Adjustment items to net income (Group share)
4Q18 3Q18 4Q17
In millions of
dollars 2018 2017
(1,026)
(152) (2,218) Special items affecting net income
(Group share)
(1,731) (2,213)
(2)
89 188 Gain (loss) on asset sales
(16) 2,452
(32) (39) (5) Restructuring charges
(138) (66)
(1,259) (88) (2,060) Impairments
(1,595) (3,884)
267 (114) (341)
Other
18 (715)
(1,052) 160
354 After-tax inventory effect: FIFO vs. replacement
cost
(420) 282
46 (9) 13
Effect of changes in fair value
38 (16)
(2,032) (1) (1,851) Total
adjustments affecting net income
(2,113)
(1,947)
Investments - Divestments
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars 2018 2017
2018
vs
2017
4,459 2,568 4,442 - Organic
investments ( a )
12,426 14,395 -14%
306 156 181 +69% capitalized exploration
711 619 +15%
160 147 207 -23% increase in non-current loans
618
961 -36%
(382) (688) (348) x1.1
repayment of non-current loans
(2,067) (1,025)
x2
349 3,228 313 x1.1
Acquisitions ( b )
7,692 1,476 x5.2
2,101 209 1,119 +88% Asset sales
( c )
5,172 4,239 22%
(1)
(621) (2) -50% Other transactions with
non-controlling interests ( d )
(622) (4)
n.s.
2,708 6,208 3,638 -26%
Net investments ( a + b - c - d )
15,568
11,636 +34%
Cash flow
4Q18 3Q18 4Q17 4Q18
vs
4Q17
In millions of dollars 2018 2017
2018
vs
2017
6,095 7,507 6,233 -2%
Operating cash flow before working capital changes w/o financial
charges (DACF) 26,067 22,183 +18%
(423) (419) (278) +52% Financial charges
(1,538)
(1,048) +47%
5,672 7,088 5,955 -5%
Operating cash flow
before working capital changes ( a ) 24,529 21,135 +16%
6,425 (1,578) 2,206 n.s. (Increase) decrease in working
capital
769 827 -7%
(1,457) 226 454
n.s. Inventory effect
(595) 357
n.s.
10,640 5,736 8,615 +24%
Cash flow from operations 24,703
22,319 +11%
4,459 2,568 4,442 n.s. Organic
investments ( b )
12,426 14,395 -14%
1,213 4,520 1,513 -20%
Free
cash flow after organic investments, w/o net asset sales ( a - b
) 12,103 6,740 x1.8
2,708 6,208 3,638
-26% Net investments ( c )
15,568
11,636 +34%
2,964 880 2,317
+28%
Net cash flow ( a - c )
8,961 9,499 -6%
Gearing ratio
In millions of dollars 12/31/2018
09/30/2018 12/31/2017 Current borrowings
13,306 15,180 11,096 Net current financial
assets
(3,176) (2,884) (3,148) Net financial assets
classified as held for sale
(15) (14) 0 Non-current
financial debt
40,129 41,088 41,340 Hedging instruments of
non-current debt
(680) (1,129) (679) Cash and cash
equivalents
(27,907) (25,252) (33,185)
Net debt (a) 21,657 26,989
15,424
Shareholders’ equity - Group share
115,640
118,193 111,556 Non-controlling interests
2,474 2,430 2,481
Shareholders' equity
(b) 118,114 120,623 114,037
Net-debt-to-capital
ratio = a / (a + b) 15.5% 18.3%
11.9%
Return on average capital employed
> Twelve months ended December 31, 2018
In millions of dollars
Exploration &Production
Gas,Renewables &Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income
10,210 756 3,379 1,652 15,691 Capital employed
at 12/31/2017* 107,921 4,692 11,045 6,929 127,727 Capital employed
at 12/31/2018* 114,885 9,261 10,599
6,442 138,519
ROACE 9.2% 10.8%
31.2% 24.7% 11.8%
> Twelve months ended September 30, 2018
In millions of dollars
Exploration &Production
Gas,Renewables &Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income
9,539 812 3,365 1,755 15,295 Capital employed
at 09/30/2017* 110,114 5,388 11,919 6,871 131,185 Capital employed
at 09/30/2018* 118,820 9,871 12,884
6,841 145,298
ROACE 8.3% 10.6%
27.1% 25.6% 11.1%
> Twelve months ended December 31, 2017
In millions of dollars
Exploration &Production
Gas,Renewables &Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income
5,985 485 3,790 1,676 11,958 Capital employed
at 12/31/2016* 107,617 4,976 11,618 5,884 127,423 Capital employed
at 12/31/2017* 107,921 4,692 11,045
6,929 127,727
ROACE 5.6% 10.0%
33.4% 26.2% 9.4%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the full-year 2018
from the consolidated financial statements of TOTAL S.A. as of
December 31, 2018 (unaudited). The audit procedures by the
Statutory Auditors are underway. The notes to these consolidated
financial statements (unaudited) are available on the TOTAL website
total.com. 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, the price of
petroleum products, the ability to realize cost reductions and
operating efficiencies without unduly disrupting business
operations, changes in regulations including environmental and
climate, currency fluctuations, as well as economic and political
developments and changes in 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 Group’s
business, financial condition, including its operating income and
cash flow, reputation or outlook is provided in the most recent
Registration Document, the French language version of which is
filed by the Company with the French Autorité des Marchés
Financiers and annual report on Form 20-F filed with the United
States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TOTAL. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE) and gearing ratio. These indicators are
meant to facilitate the analysis of the financial performance of
TOTAL and the comparison of income between periods. They allow
investors to track the measures used internally to manage and
measure the performance of the Group.
These adjustment items include:
(i) Special itemsDue to their
unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent or unusual. However, in certain instances,
transactions such as restructuring costs or asset disposals, which
are not considered to be representative of the normal course of
business, may be qualified as special items although they may have
occurred within prior years or are likely to occur again within the
coming years.(ii) Inventory valuation
effectThe adjusted results of the Refining & Chemicals
and Marketing & Services segments are presented according to
the replacement cost method. This method is used to assess the
segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.In the
replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the
statement of income is, depending on the nature of the inventory,
determined using either the month-end price differentials between
one period and another or the average prices of the period rather
than the historical value. The inventory valuation effect is the
difference between the results according to the FIFO (First-In,
First-Out) and the replacement cost.(iii)
Effect of changes in fair valueThe effect of changes in fair
value presented as an adjustment item reflects, for some
transactions, differences between internal measures of performance
used by TOTAL’s management and the accounting for these
transactions under IFRS.IFRS requires that trading inventories be
recorded at their fair value using period-end spot prices. In order
to best reflect the management of economic exposure through
derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on
forward prices.Furthermore, TOTAL, in its trading activities,
enters into storage contracts, whose future effects are recorded at
fair value in Group’s internal economic performance. IFRS precludes
recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (€-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as “potential reserves” or “resources”,
that the SEC’s guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 20-F, File N° 1-10888, available from us
at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078
Paris-La Défense Cedex, France, or at our website total.com. You
can also obtain this form from the SEC by calling 1-800-SEC-0330 or
on the SEC’s website sec.gov.
1 Definitions on page 22 Adjusted results are defined as income
using replacement cost, adjusted for special items, excluding the
impact of changes for fair value; adjustment items are on page 11.3
Tax on adjusted net operating income / (adjusted net operating
income – income from equity affiliates – dividends received from
investments – impairment of goodwill. + tax on adjusted net
operating income).4 In accordance with IFRS norms, adjusted
fully-diluted earnings per share is calculated from the adjusted
net income less the interest on the perpetual subordinated bond5
Including acquisitions and increases in non-current loans.6
Including divestments and reimbursements of non-current loans.7 Net
investments = gross investments - divestments - repayment of
non-current loans - other operations with non-controlling
interests.8 Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests.9 Operating cash flow before working capital changes,
previously referred to as adjusted cash flow from operations, is
defined as cash flow from operating activities before changes in
working capital at replacement cost. The inventory valuation effect
is explained on page 14. The reconciliation table for different
cash flow figures is on page 12.10 DACF = debt adjusted cash flow,
is defined as operating cash flow before working capital changes
and financial charges.11 Certain transactions referred to in the
highlights are subject to approval by authorities or to other
conditions as per the agreements.12 FASB Accounting Standards
Codification Topic 932, Extractive industries – Oil and Gas13
Details shown on page 1114 Details shown on page 11 and in the
annex to the financial statements.15 Net cash flow = operating cash
flow before working capital changes - net investments (including
other transactions with non-controlling interests).
Main
indicators
Chart updated around the middle of the month following the end
of each quarter
$/€ Brent ($/b)
Average liquids price*** ($/b) Average gas price
($/Mbtu)***
European refining
margin ERMI* ($/t)**
Fourth quarter 2018 1.14 68.8 57.2
4.94 29.1
Third quarter 2018 1.16
75.2 69.5 4.96 39.9
Second quarter
2018 1.19 74.4 69.5 4.49
34.7
First quarter 2018 1.23 66.8 60.4
4.73 25.6
Fourth quarter 2017 1.18
61.3 57.6 4.23 35.5
* European Refining Margin Indicator (ERMI) is an indicator
intended to represent the margin after variable costs for a
hypothetical complex refinery located around Rotterdam in Northern
Europe that processes a mix of crude oil and other inputs commonly
supplied to this region to produce and market the main refined
products at prevailing prices in this region. The indicator margin
may not be representative of the actual margins achieved by Total
in any period because of Total’s particular refinery
configurations, product mix effects or other company-specific
operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts,
including hydrocarbon production overlifting / underlifting
position valued at market price.
Disclaimer: data is based on Total’s reporting, is not audited
and is subject to change.
Total financial statements
Fourth quarter and full-year 2018
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL (unaudited) (M$) (a)
4th
quarter
2018
3rd quarter
2018
4th quarter
2017
Sales 52,495 54,717 47,351 Excise taxes
(6,183) (6,317) (5,909) Revenues from sales 46,312 48,400 41,442
Purchases, net of inventory variation (33,420) (32,351) (27,659)
Other operating expenses (6,913) (6,873) (6,586) Exploration costs
(201) (234) (287) Depreciation, depletion and impairment of
tangible assets and mineral interests (4,362) (3,279) (5,691) Other
income 482 581 512 Other expense (315) (355) (570) Financial
interest on debt (529) (536) (352) Financial income and expense
from cash & cash equivalents (30) (63) (45) Cost of net debt
(559) (599) (397) Other financial income 269 290 240 Other
financial expense (185) (171) (159) Net income (loss) from equity
affiliates 665 918 657 Income taxes (593) (2,240)
(772)
Consolidated net income 1,180
4,087 730 Group share 1,132
3,957 1,021 Non-controlling interests 48
130 (291) Earnings per share ($) 0.40
1.48 0.37 Fully-diluted earnings per share ($) 0.40
1.47 0.37 (a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (unaudited) (M$)
4th quarter
2018
3rd quarter
2018
4th quarter
2017
Consolidated net income 1,180
4,087 730 Other comprehensive income
Actuarial gains and losses (112) 33 794 Change in fair value
of investments in equity instruments (3) (2) - Tax effect 44 (13)
(373) Currency translation adjustment generated by the parent
company (881) (511) 1,432 Items not
potentially reclassifiable to profit and loss (952)
(493) 1,853 Currency translation adjustment 52 93 (585)
Available for sale financial assets - - 3 Cash flow hedge (285) 55
174 Variation of foreign currency basis spread (14) (39) - Share of
other comprehensive income of equity affiliates, net amount (266)
(142) (5) Other (1) (2) - Tax effect 98 (9)
(49) Items potentially reclassifiable to profit and loss
(416) (44) (462)
Total other comprehensive income
(net amount) (1,368) (537)
1,391
Comprehensive income (188) 3,550
2,121 Group share (221) 3,436 2,385 Non-controlling
interests 33 114 (264)
CONSOLIDATED STATEMENT OF INCOME
TOTAL (M$) (a)
Year
2018
(unaudited)
Year
2017
Sales 209,363 171,493 Excise taxes (25,257)
(22,394) Revenues from sales 184,106 149,099 Purchases, net
of inventory variation (125,816) (99,411) Other operating expenses
(27,484) (24,966) Exploration costs (797) (864) Depreciation,
depletion and impairment of tangible assets and mineral interests
(13,992) (16,103) Other income 1,838 3,811 Other expense (1,273)
(1,034) Financial interest on debt (1,933) (1,396) Financial
income and expense from cash & cash equivalents (188) (138)
Cost of net debt (2,121) (1,534) Other financial income
1,120 957 Other financial expense (685) (642) Net income
(loss) from equity affiliates 3,170 2,015 Income taxes
(6,516) (3,029)
Consolidated net income
11,550 8,299 Group share 11,446
8,631 Non-controlling interests 104 (332) Earnings
per share ($) 4.27 3.36 Fully-diluted earnings per
share ($) 4.24 3.34 (a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (M$)
Year
2018
(unaudited)
Year
2017
Consolidated net income 11,550
8,299 Other comprehensive income Actuarial
gains and losses (12) 823 Change in fair value of investments in
equity instruments - - Tax effect 13 (390) Currency translation
adjustment generated by the parent company (4,022)
9,316 Items not potentially reclassifiable to profit and loss
(4,021) 9,749 Currency translation adjustment 1,113
(2,578) Available for sale financial assets - 7 Cash flow hedge 25
324 Variation of foreign currency basis spread (80) - Share of
other comprehensive income of equity affiliates, net amount (540)
(677) Other (5) - Tax effect 14 (100) Items
potentially reclassifiable to profit and loss 527
(3,024)
Total other comprehensive income (net amount)
(3,494) 6,725
Comprehensive income 8,056
15,024 Group share 8,021 15,312 Non-controlling interests 35
(288)
CONSOLIDATED BALANCE SHEET
TOTAL (M$)
December 31, 2018
(unaudited)
September 30, 2018
(unaudited)
December 31, 2017 ASSETS Non-current
assets Intangible assets, net 28,922 27,356 14,587 Property,
plant and equipment, net 113,324 115,136 109,397 Equity affiliates
: investments and loans 23,444 23,402 22,103 Other investments
1,421 1,602 1,727 Non-current financial assets 680 1,129 679
Deferred income taxes 6,663 5,186 5,206 Other non-current assets
2,509 3,167 3,984
Total non-current
assets 176,963 176,978
157,683 Current assets Inventories, net 14,880 19,689
16,520 Accounts receivable, net 17,270 20,010 14,893 Other current
assets 14,724 18,613 14,210 Current financial assets 3,654 3,553
3,393 Cash and cash equivalents 27,907 25,252 33,185 Assets
classified as held for sale 1,364 207 2,747
Total current assets 79,799
87,324 84,948 Total assets
256,762 264,302 242,631
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity Common shares 8,227 8,304 7,882 Paid-in
surplus and retained earnings 120,569 123,167 112,040 Currency
translation adjustment (11,313) (10,321) (7,908) Treasury shares
(1,843) (2,957) (458)
Total shareholders'
equity - Group share 115,640
118,193 111,556 Non-controlling
interests 2,474 2,430
2,481 Total shareholders' equity
118,114 120,623 114,037
Non-current liabilities Deferred income taxes 11,490 12,138
10,828 Employee benefits 3,363 3,308 3,735 Provisions and other
non-current liabilities 21,432 18,740 15,986 Non-current financial
debt 40,129 41,088 41,340
Total non-current
liabilities 76,414 75,274
71,889 Current liabilities Accounts payable 26,134
28,100 26,479 Other creditors and accrued liabilities 22,246 24,429
17,779 Current borrowings 13,306 15,180 11,096 Other current
financial liabilities 478 669 245 Liabilities directly associated
with the assets classified as held for sale 70 27
1,106
Total current liabilities 62,234
68,405 56,705 Total liabilities
& shareholders' equity 256,762 264,302
242,631 CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL (unaudited) (M$)
4th quarter
2018
3rd quarter
2018
4th quarter
2017
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
1,180 4,087 730 Depreciation, depletion, amortization and
impairment 4,553 3,477 5,857 Non-current liabilities, valuation
allowances and deferred taxes (1,356) 320 (44) (Gains) losses on
disposals of assets (390) (267) (71) Undistributed affiliates'
equity earnings 147 (416) (54) (Increase) decrease in working
capital 6,425 (1,578) 2,206 Other changes, net 81 113
(9)
Cash flow from operating activities 10,640
5,736 8,615 CASH FLOW USED IN INVESTING
ACTIVITIES Intangible assets and property, plant and
equipment additions (4,550) (3,352) (4,662) Acquisitions of
subsidiaries, net of cash acquired 49 (2,714) (3) Investments in
equity affiliates and other securities (529) (271) (231) Increase
in non-current loans (160) (147) (207)
Total expenditures (5,190) (6,484)
(5,103) Proceeds from disposals of intangible assets and
property, plant and equipment 1,321 113 901 Proceeds from disposals
of subsidiaries, net of cash sold 27 (11) 213 Proceeds from
disposals of non-current investments 753 107 5 Repayment of
non-current loans 382 688 348
Total
divestments 2,483 897
1,467 Cash flow used in investing activities
(2,707) (5,587) (3,636) CASH FLOW
USED IN FINANCING ACTIVITIES Issuance (repayment) of
shares: - Parent company shareholders - 16 33 - Treasury shares
(1,744) (844) - Dividends paid: - Parent company shareholders (705)
- (643) - Non-controlling interests (4) (9) (54) Issuance of
perpetual subordinated notes - - - Payments on perpetual
subordinated notes (59) - (57) Other transactions with
non-controlling interests (1) (621) (2) Net issuance (repayment) of
non-current debt 931 2,146 1,531 Increase (decrease) in current
borrowings (2,994) (1,965) (878) Increase (decrease) in current
financial assets and liabilities (242) 69 (916)
Cash flow used
in financing activities (4,818)
(1,208) (986) Net increase (decrease) in
cash and cash equivalents 3,115 (1,059)
3,993 Effect of exchange rates (460) (164) 609 Cash and cash
equivalents at the beginning of the period 25,252
26,475 28,583
Cash and cash equivalents at the end of the
period 27,907 25,252
33,185 CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL (M$)
Year
2018
(unaudited)
Year
2017
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
11,550 8,299 Depreciation, depletion, amortization and impairment
14,584 16,611 Non-current liabilities, valuation allowances and
deferred taxes (887) (384) (Gains) losses on disposals of assets
(930) (2,598) Undistributed affiliates' equity earnings (826) 42
(Increase) decrease in working capital 769 827 Other changes, net
443 (478)
Cash flow from operating activities
24,703 22,319 CASH FLOW USED IN INVESTING
ACTIVITIES Intangible assets and property, plant and
equipment additions (17,080) (13,767) Acquisitions of subsidiaries,
net of cash acquired (3,379) (800) Investments in equity affiliates
and other securities (1,108) (1,368) Increase in non-current loans
(618) (961)
Total expenditures (22,185)
(16,896) Proceeds from disposals of intangible assets and
property, plant and equipment 3,716 1,036 Proceeds from disposals
of subsidiaries, net of cash sold 12 2,909 Proceeds from disposals
of non-current investments 1,444 294 Repayment of non-current loans
2,067 1,025
Total divestments
7,239 5,264 Cash flow used in investing
activities (14,946) (11,632) CASH FLOW
USED IN FINANCING ACTIVITIES Issuance (repayment) of
shares: - Parent company shareholders 498 519 - Treasury shares
(4,328) - Dividends paid: - Parent company shareholders (4,913)
(2,643) - Non-controlling interests (97) (141) Issuance of
perpetual subordinated notes - - Payments on perpetual subordinated
notes (325) (276) Other transactions with non-controlling interests
(622) (4) Net issuance (repayment) of non-current debt 649 2,277
Increase (decrease) in current borrowings (3,990) (7,175) Increase
(decrease) in current financial assets and liabilities (797) 1,903
Cash flow used in financing activities
(13,925) (5,540) Net increase (decrease) in
cash and cash equivalents (4,168) 5,147 Effect of
exchange rates (1,110) 3,441 Cash and cash equivalents at the
beginning of the period 33,185 24,597
Cash and
cash equivalents at the end of the period 27,907
33,185 CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY TOTAL
(Unaudited: Year 2018)
Common
shares issued Paid-in surplus and retained earnings
Currency translation adjustment Treasury shares
Shareholders' equity -
Group share
Non-controlling interests Total shareholders' equity
(M$)
Number Amount
Number Amount
As of January 1, 2017
2,430,365,862 7,604 105,547
(13,871) (10,587,822)
(600) 98,680 2,894
101,574 Net income 2017 - - 8,631 - - - 8,631 (332) 8,299
Other comprehensive Income - - 718 5,963 - - 6,681 44 6,725
Comprehensive Income - - 9,349
5,963 - - 15,312 (288)
15,024 Dividend - - (6,992) - - - (6,992) (141) (7,133)
Issuance of common shares 98,623,754 278 4,431 - - - 4,709 - 4,709
Purchase of treasury shares - - - - - - - - - Sale of treasury
shares (1) - - (142) - 2,211,066 142 - - - Share-based payments - -
151 - - - 151 - 151 Share cancellation - - - - - - - - - Issuance
of perpetual subordinated notes - - - - - - - - - Payments on
perpetual subordinated notes - - (302) - - - (302) - (302) Other
operations with non-controlling interests - - (8) - - - (8) 4 (4)
Other items - - 6 - - - 6 12 18
As of December 31, 2017
2,528,989,616 7,882
112,040 (7,908) (8,376,756)
(458) 111,556 2,481
114,037 Net income 2018 - - 11,446 - - - 11,446 104
11,550 Other comprehensive Income - - (20) (3,405) - - (3,425) (69)
(3,494)
Comprehensive Income - - 11,426
(3,405) - - 8,021 35
8,056 Dividend - - (7,881) - - - (7,881) (97) (7,978)
Issuance of common shares 156,203,090 476 8,366 - - - 8,842 - 8,842
Purchase of treasury shares - - - - (72,766,481) (4,328) (4,328) -
(4,328) Sale of treasury shares (1) - - (240) - 4,079,257 240 - - -
Share-based payments - - 294 - - - 294 - 294 Share cancellation
(44,590,699) (131) (2,572) - 44,590,699 2,703 - - - Issuance of
perpetual subordinated notes - - - - - - - - - Payments on
perpetual subordinated notes - - (315) - - - (315) - (315) Other
operations with non-controlling interests - - (517) - - - (517)
(99) (616) Other items - - (32) - - - (32) 154 122
As of
December 31, 2018 2,640,602,007
8,227 120,569 (11,313)
(32,473,281) (1,843) 115,640
2,474 118,114 (1) Treasury
shares related to the restricted stock grants.
BUSINESS SEGMENT
INFORMATION
TOTAL (unaudited)
4th quarter 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,390 3,510 23,365 23,226 4 - 52,495 Intersegment sales 7,918 536
8,786 246 18 (17,504) - Excise taxes - - (822)
(5,361) - - (6,183)
Revenues from
sales 10,308 4,046 31,329 18,111
22 (17,504) 46,312 Operating expenses (4,766)
(3,803) (31,552) (17,671) (246) 17,504 (40,534) Depreciation,
depletion and impairment of tangible assets and mineral interests
(3,740) (113) (311) (187) (11)
- (4,362)
Operating income 1,802
130 (534) 253 (235) -
1,416 Net income (loss) from equity affiliates and other
items 647 91 144 5 29 - 916 Tax on net operating income
(771) (106) 230 (69) 48 -
(668)
Net operating income 1,678 115
(160) 189 (158) - 1,664 Net cost
of net debt (484) Non-controlling interests
(48)
Net income - group share 1,132
4th quarter
2018 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales - 43
- - - - 43 Intersegment sales - - - - - - - Excise taxes -
- - - - - -
Revenues
from sales - 43 - - -
- 43 Operating expenses 1 (72) (1,323) (197) - -
(1,591) Depreciation, depletion and impairment of tangible assets
and mineral interests (1,191) (31) (2)
- - - (1,224)
Operating income
(b) (1,190) (60) (1,325) (197)
- - (2,772) Net income (loss) from equity
affiliates and other items (207) - (150) (5) - - (362) Tax on net
operating income 599 (1) 415 58
- - 1,071
Net operating income (b)
(798) (61) (1,060) (144) -
- (2,063) Net cost of net debt (4) Non-controlling
interests
35
Net income - group
share (2,032) (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - (1,299) (158) - On net operating income - -
(963) (113) -
4th quarter 2018 (adjusted)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,390 3,467 23,365 23,226 4 - 52,452 Intersegment sales 7,918 536
8,786 246 18 (17,504) - Excise taxes - - (822)
(5,361) - - (6,183)
Revenues from
sales 10,308 4,003 31,329 18,111
22 (17,504) 46,269 Operating expenses (4,767)
(3,731) (30,229) (17,474) (246) 17,504 (38,943) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,549) (82) (309) (187) (11)
- (3,138)
Adjusted operating income
2,992 190 791 450 (235) -
4,188 Net income (loss) from equity affiliates and other
items 854 91 294 10 29 - 1,278 Tax on net operating income
(1,370) (105) (185) (127) 48 -
(1,739)
Adjusted net operating income 2,476
176 900 333 (158) - 3,727
Net cost of net debt (480) Non-controlling interests
(83)
Adjusted net income - group share
3,164
4th quarter 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
3,635 210 668 627 50 - 5,190 Total divestments 1,638 319 482 38 6 -
2,483 Cash flow from operating activities (*) 6,785
(41) 3,080 1,226 (410) - 10,640
(*) As of January 1st, 2018, for a better reflection of the
operating performance of the segments, financial expenses were all
transferred to the Corporate segment. 2017 and 2016 comparative
information have been restated.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd
quarter 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,734 5,267 23,572 23,144 - - 54,717 Intersegment sales 8,538 455
9,280 242 12 (18,527) - Excise taxes - - (823)
(5,494) - - (6,317)
Revenues from
sales 11,272 5,722 32,029 17,892
12 (18,527) 48,400 Operating expenses (4,559)
(5,535) (30,593) (17,147) (151) 18,527 (39,458) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,714) (84) (294) (176) (11)
- (3,279)
Operating income 3,999
103 1,142 569 (150) -
5,663 Net income (loss) from equity affiliates and other
items 829 65 221 109 39 - 1,263 Tax on net operating income
(1,975) (33) (292) (166) 146 -
(2,320)
Net operating income 2,853 135
1,071 512 35 - 4,606 Net cost of
net debt (519) Non-controlling interests
(130)
Net income - group share 3,957
3rd quarter
2018 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales - -
- - - - - Intersegment sales - - - - - - - Excise taxes -
- - - - - -
Revenues
from sales - - - - -
- - Operating expenses (50) (64) 176 47 - - 109
Depreciation, depletion and impairment of tangible assets and
mineral interests (65) (39) - -
- - (104)
Operating income (b)
(115) (103) 176 47 - -
5 Net income (loss) from equity affiliates and other items
39 (25) 9 - - - 23 Tax on net operating income 65 (9)
(52) (9) - - (5)
Net
operating income (b) (11) (137) 133
38 - - 23 Net cost of net debt (44)
Non-controlling interests
20
Net income -
group share (1) (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - 179 47 - On net operating income - - 135 38
-
3rd
quarter 2018 (adjusted)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,734 5,267 23,572 23,144 - - 54,717 Intersegment sales 8,538 455
9,280 242 12 (18,527) - Excise taxes - - (823)
(5,494) - - (6,317)
Revenues from
sales 11,272 5,722 32,029 17,892
12 (18,527) 48,400 Operating expenses (4,509)
(5,471) (30,769) (17,194) (151) 18,527 (39,567) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,649) (45) (294) (176) (11)
- (3,175)
Adjusted operating income
4,114 206 966 522 (150) -
5,658 Net income (loss) from equity affiliates and other
items 790 90 212 109 39 - 1,240 Tax on net operating income
(2,040) (24) (240) (157) 146 -
(2,315)
Adjusted net operating income 2,864
272 938 474 35 - 4,583
Net cost of net debt (475) Non-controlling interests
(150)
Adjusted net income - group share
3,958
3rd quarter 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
2,796 3,001 377 293 17 - 6,484 Total divestments 563 129 88 117 - -
897 Cash flow from operating activities (*) 4,821
(554) 1,338 752 (621) - 5,736
(*) As of January 1st, 2018, for a better reflection of the
operating performance of the segments, financial expenses were all
transferred to the Corporate segment. 2017 and 2016 comparative
information have been restated.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th
quarter 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,185 4,083 20,661 20,419 3 - 47,351 Intersegment sales 6,506 311
7,890 207 90 (15,004) - Excise taxes - - (828)
(5,081) - - (5,909)
Revenues from
sales 8,691 4,394 27,723 15,545
93 (15,004) 41,442 Operating expenses (3,806)
(4,385) (26,191) (14,849) (305) 15,004 (34,532) Depreciation,
depletion and impairment of tangible assets and mineral interests
(4,890) (319) (284) (185) (13)
- (5,691)
Operating income (5)
(310) 1,248 511 (225) -
1,219 Net income (loss) from equity affiliates and other
items 348 51 199 76 6 - 680 Tax on net operating income
(537) (86) (67) (157) 55 -
(792)
Net operating income (194) (345)
1,380 430 (164) - 1,107 Net cost
of net debt (377) Non-controlling interests
291
Net income - group share 1,021
4th quarter
2017 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales - 21
- - - - 21 Intersegment sales - - - - - - - Excise taxes -
- - - - - -
Revenues
from sales - 21 - - -
- 21 Operating expenses - (243) 355 33 - - 145
Depreciation, depletion and impairment of tangible assets and
mineral interests (2,382) (266) (3)
(10) - - (2,661)
Operating income
(b) (2,382) (488) 352 23
- - (2,495) Net income (loss) from equity
affiliates and other items (112) (22) 9 (19) - - (144) Tax on net
operating income 495 (67) 133 (10)
(136) - 415
Net operating income
(b) (1,999) (577) 494 (6)
(136) - (2,224) Net cost of net debt (8)
Non-controlling interests
381
Net income
- group share (1,851) (a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
On operating income - - 423 31 - On net operating income - - 354 11
-
4th
quarter 2017 (adjusted)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,185 4,062 20,661 20,419 3 - 47,330 Intersegment sales 6,506 311
7,890 207 90 (15,004) - Excise taxes - - (828)
(5,081) - - (5,909)
Revenues from
sales 8,691 4,373 27,723 15,545
93 (15,004) 41,421 Operating expenses (3,806)
(4,142) (26,546) (14,882) (305) 15,004 (34,677) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,508) (53) (281) (175) (13)
- (3,030)
Adjusted operating income
2,377 178 896 488 (225) -
3,714 Net income (loss) from equity affiliates and other
items 460 73 190 95 6 - 824 Tax on net operating income
(1,032) (19) (200) (147) 191 -
(1,207)
Adjusted net operating income 1,805
232 886 436 (28) - 3,331
Net cost of net debt (369) Non-controlling interests
(90)
Adjusted net income - group share
2,872
4th quarter 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
3,490 306 710 570 27 - 5,103 Total divestments 1,334 46 36 45 6 -
1,467 Cash flow from operating activities (*) 4,174
667 3,030 1,015 (271) - 8,615
(*) As of January 1st, 2018, for a better reflection of the
operating performance of the segments, financial expenses were all
transferred to the Corporate segment. 2017 and 2016 comparative
information have been restated.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
10,989 16,136 92,025 90,206 7 - 209,363 Intersegment sales 31,173
1,889 35,462 979 64 (69,567) - Excise taxes - -
(3,359) (21,898) - - (25,257)
Revenues from sales 42,162 18,025
124,128 69,287 71 (69,567)
184,106 Operating expenses (18,304) (17,434) (120,393)
(66,737) (796) 69,567 (154,097) Depreciation, depletion and
impairment of tangible assets and mineral interests (11,288)
(731) (1,222) (709) (42) -
(13,992)
Operating income 12,570 (140)
2,513 1,841 (767) - 16,017 Net
income (loss) from equity affiliates and other items 2,686 318 782
307 77 - 4,170 Tax on net operating income (6,068)
(173) (445) (532) 375 - (6,843)
Net operating income 9,188 5 2,850
1,616 (315) - 13,344 Net cost of net
debt (1,794) Non-controlling interests
(104)
Net income - group share 11,446
Year 2018 (adjustments)
(a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales - 56
- - - - 56 Intersegment sales - - - - - - - Excise taxes -
- - - - - -
Revenues
from sales - 56 - - -
- 56 Operating expenses (199) (237) (616) (45) (9) -
(1,106) Depreciation, depletion and impairment of tangible assets
and mineral interests (1,256) (516) (2)
- - - (1,774)
Operating income
(b) (1,455) (697) (618) (45)
(9) - (2,824) Net income (loss) from equity
affiliates and other items (335) (40) (116) (5) - - (496) Tax on
net operating income 768 (14) 205 14
- - 973
Net operating income (b)
(1,022) (751) (529) (36) (9)
- (2,347) Net cost of net debt - - - - - - (67)
Non-controlling interests - - - -
- - 301
Net income - group share
- - - - - -
(2,113) (a) Adjustments include special items, inventory
valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - (589) (6) - On net operating income - -
(413) (5) -
Year 2018
(adjusted)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
10,989 16,080 92,025 90,206 7 - 209,307 Intersegment sales 31,173
1,889 35,462 979 64 (69,567) - Excise taxes - -
(3,359) (21,898) - - (25,257)
Revenues from sales 42,162 17,969
124,128 69,287 71 (69,567)
184,050 Operating expenses (18,105) (17,197) (119,777)
(66,692) (787) 69,567 (152,991) Depreciation, depletion and
impairment of tangible assets and mineral interests (10,032)
(215) (1,220) (709) (42) -
(12,218)
Adjusted operating income 14,025
557 3,131 1,886 (758) -
18,841 Net income (loss) from equity affiliates and other
items 3,021 358 898 312 77 - 4,666 Tax on net operating income
(6,836) (159) (650) (546) 375
- (7,816)
Adjusted net operating income
10,210 756 3,379 1,652 (306)
- 15,691 Net cost of net debt (1,727) Non-controlling
interests
(405)
Adjusted net income -
group share 13,559
Year 2018
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
15,282 3,539 1,781 1,458 125 - 22,185 Total divestments 4,952 931
919 428 9 - 7,239 Cash flow from operating activities (*)
19,803 (670) 4,308 2,759 (1,497)
- 24,703 (*) As of January 1st, 2018, for a better
reflection of the operating performance of the segments, financial
expenses were all transferred to the Corporate segment. 2017 and
2016 comparative information have been restated.
BUSINESS
SEGMENT INFORMATION TOTAL
Year 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
8,477 12,854 75,505 74,634 23 - 171,493 Intersegment sales 22,837
1,180 26,844 857 374 (52,092) - Excise taxes - -
(3,008) (19,386) - - (22,394)
Revenues from sales 31,314 14,034
99,341 56,105 397 (52,092)
149,099 Operating expenses (14,672) (13,828) (94,097)
(53,629) (1,107) 52,092 (125,241) Depreciation, depletion and
impairment of tangible assets and mineral interests (13,850)
(482) (1,074) (657) (40) -
(16,103)
Operating income 2,792 (276)
4,170 1,819 (750) - 7,755 Net
income (loss) from equity affiliates and other items 1,546 31 2,979
497 54 - 5,107 Tax on net operating income (2,233)
(140) (944) (561) 540 - (3,338)
Net operating income 2,105 (385) 6,205
1,755 (156) - 9,524 Net cost of net
debt (1,225) Non-controlling interests
332
Net income - group share 8,631
Year 2017 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales -
(20) - - - - (20) Intersegment sales - - - - - - - Excise taxes
- - - - - - -
Revenues from sales - (20) - -
- - (20) Operating expenses (119) (389) 167
(11) (64) - (416) Depreciation, depletion and impairment of
tangible assets and mineral interests (4,308) (291)
(53) (10) - - (4,662)
Operating income (b) (4,427) (700)
114 (21) (64) - (5,098) Net
income (loss) from equity affiliates and other items (328) (116)
2,177 102 - - 1,835 Tax on net operating income 875
(54) 124 (2) (114) - 829
Net
operating income (b) (3,880) (870)
2,415 79 (178) - (2,434) Net
cost of net debt (29) Non-controlling interests
516
Net income - group share (1,947)
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - 344 13 - On net operating income - - 298
(3) -
Year 2017
(adjusted)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
8,477 12,874 75,505 74,634 23 - 171,513 Intersegment sales 22,837
1,180 26,844 857 374 (52,092) - Excise taxes - -
(3,008) (19,386) - - (22,394)
Revenues from sales 31,314 14,054
99,341 56,105 397 (52,092)
149,119 Operating expenses (14,553) (13,439) (94,264)
(53,618) (1,043) 52,092 (124,825) Depreciation, depletion and
impairment of tangible assets and mineral interests (9,542)
(191) (1,021) (647) (40) -
(11,441)
Adjusted operating income 7,219
424 4,056 1,840 (686) -
12,853 Net income (loss) from equity affiliates and other
items 1,874 147 802 395 54 - 3,272 Tax on net operating income
(3,108) (86) (1,068) (559) 654
- (4,167)
Adjusted net operating income
5,985 485 3,790 1,676 22
- 11,958 Net cost of net debt (1,196) Non-controlling
interests
(184)
Adjusted net income -
group share 10,578
Year 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
12,802 797 1,734 1,457 106 - 16,896 Total divestments 1,918 73
2,820 413 40 - 5,264 Cash flow from operating activities (*)
12,821 1,055 7,411 2,221 (1,189)
- 22,319 (*) As of January 1st, 2018, for a better
reflection of the operating performance of the segments, financial
expenses were all transferred to the Corporate segment. 2017 and
2016 comparative information have been restated.
Reconciliation
of the information by business segment with consolidated financial
statements TOTAL (unaudited)
4th quarter 2018
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 52,452
43 52,495 Excise taxes (6,183) - (6,183) Revenues
from sales 46,269 43 46,312 Purchases, net of inventory
variation (31,944) (1,476) (33,420) Other operating expenses
(6,798) (115) (6,913) Exploration costs (201) - (201) Depreciation,
depletion and impairment of tangible assets and mineral interests
(3,138) (1,224) (4,362) Other income 425 57 482 Other expense (124)
(191) (315) Financial interest on debt (525) (4) (529)
Financial income and expense from cash & cash equivalents (30)
- (30) Cost of net debt (555) (4) (559) Other financial
income 269 - 269 Other financial expense (185) - (185) Net
income (loss) from equity affiliates 893 (228) 665 Income
taxes (1,664) 1,071 (593)
Consolidated net
income 3,247 (2,067) 1,180 Group share
3,164 (2,032) 1,132 Non-controlling interests 83 (35) 48 (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
4th quarter 2017
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 47,330
21 47,351 Excise taxes (5,909) - (5,909) Revenues
from sales 41,421 21 41,442 Purchases, net of inventory
variation (28,020) 361 (27,659) Other operating expenses (6,370)
(216) (6,586) Exploration costs (287) - (287) Depreciation,
depletion and impairment of tangible assets and mineral interests
(3,030) (2,661) (5,691) Other income 220 292 512 Other expense
(208) (362) (570) Financial interest on debt (344) (8) (352)
Financial income and expense from cash & cash equivalents (45)
- (45) Cost of net debt (389) (8) (397) Other financial
income 240 - 240 Other financial expense (159) - (159) Net
income (loss) from equity affiliates 731 (74) 657 Income
taxes (1,187) 415 (772)
Consolidated net
income 2,962 (2,232) 730 Group share 2,872
(1,851) 1,021 Non-controlling interests 90 (381) (291) (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
Reconciliation of the
information by business segment with consolidated financial
statements TOTAL
Year 2018
(M$)
(unaudited)
Adjusted Adjustments (a)
Consolidated statement of income Sales 209,307
56 209,363 Excise taxes (25,257) - (25,257) Revenues
from sales 184,050 56 184,106 Purchases, net of inventory
variation (125,134) (682) (125,816) Other operating expenses
(27,060) (424) (27,484) Exploration costs (797) - (797)
Depreciation, depletion and impairment of tangible assets and
mineral interests (12,218) (1,774) (13,992) Other income 1,518 320
1,838 Other expense (448) (825) (1,273) Financial interest
on debt (1,866) (67) (1,933) Financial income and expense from cash
& cash equivalents (188) - (188) Cost of net debt (2,054) (67)
(2,121) Other financial income 1,120 - 1,120 Other financial
expense (685) - (685) Net income (loss) from equity
affiliates 3,161 9 3,170 Income taxes (7,489)
973 (6,516)
Consolidated net income 13,964
(2,414) 11,550 Group share 13,559 (2,113) 11,446
Non-controlling interests 405 (301) 104 (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
Year 2017
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 171,513
(20) 171,493 Excise taxes (22,394) - (22,394)
Revenues from sales 149,119 (20) 149,099 Purchases, net of
inventory variation (99,534) 123 (99,411) Other operating expenses
(24,427) (539) (24,966) Exploration costs (864) - (864)
Depreciation, depletion and impairment of tangible assets and
mineral interests (11,441) (4,662) (16,103) Other income 772 3,039
3,811 Other expense (389) (645) (1,034) Financial interest
on debt (1,367) (29) (1,396) Financial income and expense from cash
& cash equivalents (138) - (138) Cost of net debt (1,505) (29)
(1,534) Other financial income 957 - 957 Other financial
expense (642) - (642) Net income (loss) from equity
affiliates 2,574 (559) 2,015 Income taxes (3,858)
829 (3,029)
Consolidated net income
10,762 (2,463) 8,299 Group share 10,578
(1,947) 8,631 Non-controlling interests 184 (516) (332) (a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
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