Total: Fourth Quarter and Full-Year 2015 Results

PARIS--()--

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

    4Q15   Change

vs 4Q14

  2015   Change

vs 2014

       
Adjusted net income1
- in billions of dollars (B$)

2.1

-26%

10.5

-18%
- in dollars per share

0.88

-28%

4.51

-20%
                 
 
Net income2 of 5.1 B$ for the full year 2015
Net-debt-to-equity ratio of 28% on December 31, 2015
Hydrocarbon production of 2,347 kboe/d for the full year 2015
Dividend for 4Q15 of 0.61 €/share payable in June 20163

Total’s Board of Directors met on February 10, 2016, to review the Group’s fourth quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Hydrocarbon prices fell sharply in 2015 with Brent decreasing by around 50%. In this context, Total generated adjusted net results of $10.5 billion, a decrease of 18% compared to 2014, the best performance among the majors. This resilience in a degraded environment demonstrates the effectiveness of the Group’s integrated model and the full mobilization of its teams.
Discipline on spending was reinforced in 2015. The cost reduction program allowed us to save $1.5 billion, exceeding the objective of $1.2 billion. Organic Capex was $23 billion, a decrease of close to 15% compared to 2014.
Upstream production increased by a record 9.4%, driven by the start up of nine projects. Refining & Chemicals was able to fully benefit from good margins thanks to the high availability of its installations. The Marketing & Services segment grew strongly, with retail networks growing by 6% and lubricants growing by 3%.
Asset sales of $4 billion were signed this year, in line with the $10 billion program planned between 2015-17. At the same time, Total was able to prepare its future with a reserve replacement rate of 107%.
Gearing at year-end decreased to 28% as a result of the Group’s financial strategy which is designed to maintain a strong balance sheet through the cycle.
These results confirm the success of the Group’s strategy to further decrease its breakeven and capitalize on its market position.”

The Board of Directors decided to propose at the Annual Shareholders’ Meeting on May 24, 2016, an annual dividend of 2.44 €/share for 2015, stable compared to 2014, as well as the option of receiving the remaining 0.61 €/share in cash or new shares benefiting from a 10% discount.

Key figures4

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  In millions of dollars, except effective tax rate,

earnings per share and number of shares

  2015   2014   2015

vs

2014

37,749   40,580   52,511   -28%   Sales   165,357   236,122   -30%
2,093   3,204   3,705   -44%   Adjusted operating income from business segments   12,672   21,604   -41%
2,285   2,963   2,797   -18%   Adjusted net operating income from business segments   11,362   14,247   -20%
748   1,107   1,596   -53%   Upstream   4,774   10,504   -55%
1,007 1,433 956 +5% Refining & Chemicals 4,889 2,489 +96%
530   423   245   x2.2   Marketing & Services   1,699   1,254   +35%
610   493   653   -7%   Contribution of equity affiliates to adjusted net income   2,414   3,315   -27%
20.0%   27.2%   40.1%       Group effective tax rate5   33.1%   53.0%    
2,075   2,756   2,801   -26%   Adjusted net income   10,518   12,837   -18%
0.88   1.17   1.22   -28%   Adjusted fully-diluted earnings per share (dollars)   4.51   5.63   -20%
0.80   1.06   0.98   -18%   Adjusted fully-diluted earnings per share (euros)*   4.07   4.24   -4%
2,329   2,312   2,287   +2%   Fully-diluted weighted-average shares (millions)   2,304   2,281   +1%
                             
(1,626)   1,079   (5,658)   +71%   Net income (Group share)   5,087   4,244   +20%
                             
6,594   6,040   8,152   -19%   Investments6   28,033   30,509   -8%
2,297   410   1,689   +36%   Divestments   7,584   6,190   +23%
4,289   5,630   6,409   -33%   Net investments7   20,360   24,140   -16%
4,838   5,989   7,354   -34%   Cash flow from operations   19,946   25,608   -22%
4,365   5,059   5,721   -24%   Adjusted cash flow from operations   19,376   24,597   -21%

* Average €-$ exchange rate: 1.0953 in the fourth quarter 2015 and 1.1095 for the year 2015.

Highlights since the beginning of the fourth quarter 20158

  • Started production from Laggan-Tormore in the United Kingdom, Moho Phase 1b in Congo and Lianzi located in the unitized zone between Congo and Angola
  • Shipped the first LNG cargo from Gladstone LNG in Australia
  • Discoveries at Shwe Yee Htun in Myanmar and Leo in Argentina
  • Acquisition of the main network of service stations in Dominican Republic
  • Sold a 20% interest in the Kharyaga field in Russia
  • Signed long-term LNG sale and purchase agreements with Pertamina in Indonesia and with ENN in China
  • Changes in the Group’s governance with the nominations of a Chairman and CEO and a Lead Independent Director, Patricia Barbizet

Analysis of business segments

Upstream

> Environment – liquids and gas price realizations*

4Q15   3Q15   4Q14   4Q15

vs

4Q14

      2015   2014   2015

vs

2014

43.8   50.5   76.6   -43%   Brent ($/b)   52.4   99.0   -47%
38.1   44.0   61.7   -38%   Average liquids price ($/b)   47.4   89.4   -47%
4.45   4.47   6.29   -29%   Average gas price ($/Mbtu)   4.75   6.57   -28%
33.1   36.6   50.5   -34%   Average hydrocarbon price ($/boe)   39.2   66.2   -41%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Hydrocarbon production   2015   2014   2015

vs

2014

2,352   2,342   2,229   +6%   Combined production (kboe/d)   2,347   2,146   +9%
1,251   1,241   1,077   +16%   Liquids (kb/d)   1,237   1,034   +20%
5,993   6,003   6,219   -4%   Gas (Mcf/d)   6,054   6,063   -

In the fourth quarter 2015, hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d), an increase of 5.5% compared to the fourth quarter 2014, due to the following:

  • +4% for new project start ups and ramp ups, notably GLNG, West Franklin Phase 2, Eldfisk II and Termokarstovoye;
  • +6% due to portfolio changes, mainly the extension of the ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;
  • -5% due to shutdowns in Yemen and in Libya; and
  • the price effect offset natural field decline.

For the full-year 2015, hydrocarbon production was 2,347 kboe/d, an increase of 9.4% compared to 2014, due to the following:

  • +6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye;
  • +6% due to portfolio changes mentioned above;
  • -4% due to shutdowns in Yemen and in Libya; and
  • +1% due to the price effect and field performance, net of natural field decline.

> Reserves

Reserves at December 31       2015   2014   %
Hydrocarbon reserves (Mboe)       11,580   11,523   -
● Liquids (Mb)       5,605   5,303   +6%
● Gas (Bcf)       32,206   33,590   -4%

Proved reserves based on the SEC rules (based on Brent at 54.17 $/b) were 11,580 Mboe on December 31, 2015. Based on the 2015 average production rate, the reserve life is more than thirteen years.

The 2015 proved reserve replacement rate9, based on the SEC rules, was 107%, notably due to the extension of the ADCO concession.

At year-end 2015, Total had a solid and diversified portfolio of proved and probable10 reserves representing more than twenty years of reserve life based on the 2015 average production rate.

> Results

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  In millions of dollars, except effective tax rate   2015   2014   2015

vs

2014

405   994   2,174   -81%   Adjusted operating income*   4,925   17,156   -71%
55.1%   33.8%   57.0%       Effective tax rate**   45.5%   57.1%    
748   1,107   1,596   -53%   Adjusted net operating income*   4,774   10,504   -55%
415   316   533   -22%   includes income from equity affiliates   1,723   2,859   -40%
                             
5,293   5,173   6,287   -16%   Investments   24,270   26,520   -8%
1,402   272   1,473   -5%   Divestments   3,215   5,764   -44%
2,624   2,320   2,608   +1%   Cash flow from operations   11,182   16,666   -33%
2,514   2,736   3,665   -31%   Adjusted cash flow from operations   11,179   18,667   -40%

* Detail of adjustment items 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 + tax on adjusted net operating income).

Adjusted net operating income from the Upstream segment was:

  • 748 M$ in the fourth quarter 2015, a decrease of 53% compared to the fourth quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production and a decrease in operating costs; and
  • 4,774 M$ for the full-year 2015, a decrease of 55% compared to 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production, a decrease in operating costs and a lower effective tax rate.

Technical costs for consolidated subsidiaries, calculated in accordance with ASC 93211, were 23.0 $/boe in 2015 compared to 28.3 $/boe in 2014. This reduction is essentially due to the execution of the Group’s program to reduce operating costs (which decreased from 9.9 $/boe to 7.4 $/boe) and lower depreciation (portfolio effect).

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q15   3Q15   4Q14   4Q15

vs

4Q14

      2015   2014   2015

vs

2014

1,931   1,973   1,887   +2%   Total refinery throughput (kb/d)   1,938   1,775   +9%
682   662   632   +8%   France   674   639   +5%
831 891 852 -2% Rest of Europe 849 794 +7%
418   420   403   +4%   Rest of world   415   342   +21%
                Utlization rates**            
87% 87% 82% Based on crude only 86% 77%
88%   90%   86%       Based on crude and other feedstock   89%   81%    

* Includes share of TotalErg. Results for refineries in South Africa, the French Antilles and Italy are 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 2015 compared to the fourth quarter 2014, due to strong industrial performance, despite the partial shutdown of the Antwerp platform for planned maintenance; and
  • increased by 9% in 2015 compared to 2014. Measures to improve availability in Europe resulted in a high utilization rate of 89%. The segment also benefited from the ramp up of the SATORP refinery in Saudi Arabia.

> Results

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  In millions of dollars

except the ERMI

  2015   2014   2015

vs

2014

38.1   54.8   27.6   +38%   European refining margin indicator - ERMI ($/t)   48.5   18.7   x2.6
                             
997   1,713   1,069   -7%   Adjusted operating income*   5,649   2,739   x2.1
1,007   1,433   956   +5%   Adjusted net operating income*   4,889   2,489   x2.0
117   128   155   -25%   including Specialty Chemicals**   496   629   -21%
                             
586   358   875   -33%   Investments   1,843   2,022   -9%
836   12   157   x5.3   Divestments   3,488   192   x18
2,127   2,291   3,113   -32%   Cash flow from operations   6,432   6,302   +2%
1,042   1,797   1,465   -29%   Adjusted cash flow from operations   5,785   4,028   +44%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Hutchinson and Atotech, Bostik until February 2015.

In 2015, the Refining & Chemicals segment benefited from a favorable environment, notably in Europe. The European refining margin indicator (ERMI) averaged 48.5 $/t in 2015 compared to 18.7 $/t in 2014, mainly due to strong demand for gasoline. Petrochemical margins in Europe increased in 2015 due to strong demand for polymers and the decrease in raw material costs.

Adjusted net operating income from the Refining & Chemicals segment was:

  • 1,007 M$ in the fourth quarter 2015, an increase of 5% compared to the fourth quarter 2014 in a globally favorable environment; and
  • 4,889 M$ for the full-year 2015, twice the level of 2014, due to strong industrial performance during a period of high margins and cost reduction programs.

Marketing & Services

> Petroleum product sales

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Sales in kb/d*   2015   2014   2015

vs

2014

1,797   1,825   1,810   -1%   Total Marketing & Services sales   1,818   1,769   +3%
1,065   1,103   1,132   -6%   Europe   1,092   1,100   -1%
732   722   678   +8%   Rest of world   726   669   +9%

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

Petroleum product sales were:

  • Stable in the fourth quarter 2015 compared to the fourth quarter 2014. The strong sales in growth markets were partially offset by portfolio changes in Europe due to the sale of Totalgaz and Total Suisse; and
  • 3% higher in 2015 compared to 2014. In addition to strong growth in Africa, the sector benefited from its strategic repositioning in Europe and a market stimulated by lower prices.

> Results

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  In millions of dollars   2015   2014   2015

vs

2014

18,326   19,522   24,079   -24%   Sales   77,887   106,509   -27%
691   497   462   +50%   Adjusted operating income*   2,098   1,709   +23%
530   423   245   x2.2   Adjusted net operating income*   1,699   1,254   +35%
277   (82)   (15)   n.a.   including New Energies   108   10   x10.8
                             
689   501   941   -27%   Investments   1,841   1,818   +1%
56   121   53   +6%   Divestments   856   163   x5.3
289   1,011   1,627   -82%   Cash flow from operations   2,323   2,721   -15%
598   518   544   +10%   Adjusted cash flow from operations   2,065   2,016   +2%

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

Adjusted net operating income from the Marketing & Services segment was:

  • 530 M$ in the fourth quarter 2015, more than double compared to the fourth quarter 2014, mainly due to the contribution of New Energies, related to the completion of the Quinto solar farm in the United States; and
  • 1,699 M$ for the full-year 2015, an increase of 35% compared to 2014, benefiting from the increase in sales and margins in a favorable environment, and the contribution of SunPower.

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

  • 2,285 M$ in the fourth quarter 2015, a decrease of 18% compared to the fourth quarter 2014, despite the 43% drop in the Brent price. The weaker Upstream performance, due to lower hydrocarbon prices, was partially offset by solid Downstream results; and
  • 11,362 M$ for the full-year 2015, a decrease of 20% compared to 2014, despite the 47% drop in the Brent price, demonstrating the strong performance of the Group’s integrated model and its cost reduction program.

The effective tax rate12 for the business segments was:

  • 28.4% in the fourth quarter 2015 compared to 45.6% in the fourth quarter 2014, reflecting mainly the lower tax rate for the Upstream and the increased weight of Downstream in the results; and
  • 33.9% for the full-year 2015 compared to 51.2% for the full-year 2014, for the same reasons.

> Net income (Group share)

Adjusted net income was:

  • 2,075 M$ in the fourth quarter 2015 compared to 2,801 M$ in the fourth quarter 2014, a decrease of 26% despite the 43% drop in the Brent price; and
  • 10,518 M$ for the full-year 2015 compared to 12,837 M$ in 2014, a decrease of 18% in an environment where the Brent price fell by 47%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.

Adjustment items14 had a negative impact on net income (Group share) of 3,701 M$ in the fourth quarter 2015. This includes an impairment on Gladstone LNG in Australia, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.

The adjustment items had a negative impact on net income (Group share) of 5,431 M$ in 2015. This includes impairments on Fort Hills in Canada and Gladstone LNG in Australia as well as in Libya, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.

> Net results per share

The number of fully-diluted shares was 2,336 million on December 31, 2015, compared to 2,285 million on December 31, 2014. The adjusted net result per share was 4.5 $ in 2015, a decrease of 20%.

> Divestments – acquisitions

Asset sales were:

  • 2,101 M$ in the fourth quarter 2015, comprised notably of the sales of the Schwedt refinery, the Géosel oil storage facility, and partial interests in Laggan-Tormore and Fort Hills; and
  • 5,968 M$ for the full-year 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz, the Schwedt refinery, the Géosel oil storage facility, coal mining assets in South Africa, and partial interests in Laggan-Tormore and Fort Hills.

Acquisitions were:

  • 33 M$ in the fourth quarter 2015; and
  • 3,441 M$ for the full-year 2015, comprised mainly of the extension of the ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek in Russia, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States.

> Cash flow

The Group’s net cash flow15 was:

  • 549 M$ in the fourth quarter 2015 compared to 945 M$ in the fourth quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by strong Downstream results and the decrease in investments; and
  • -414 M$ for the full-year 2015 compared to 1,468 M$ for the full-year 2014. The decrease in net investments partially offset the decrease in cash flow from operations in the context of a 47% lower Brent price.

TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was €11,067 million in 2015 compared to €6,045 million in 2014. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.

Proposed dividend
After closing the 2015 accounts, the Board of Directors decided on February 10, 2016, to propose to the Annual Shareholders’ Meeting on May 24, 2016, an annual dividend of 2.44 €/share for 2015, stable compared to 2014. Total’s dividend pay-out ratio, based on the adjusted net income for 2015, would be 60%.
Taking into account the interim dividends of 0.61 €/share for the first three quarters of 2015, a remaining dividend of the same amount of 0.61 €/share is therefore proposed. The Board of Directors will also propose to the Annual Shareholders’ Meeting that shareholders have the option of receiving the remaining 2015 dividend payment in cash or in new shares of the company, benefiting from a 10% discount, consistent with the first three 2015 interim dividends. Pending approval at the Annual Shareholders’ Meeting, the ex-dividend date would be June 6, 2016, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for June 23, 2016.

Summary and outlook

In 2015, the return on equity for the Group was 11.5%. Total resisted the drop in prices by leveraging the effectiveness of its integrated model and its strong operational performance. The Group will further pursue this strategy and all of the necessary actions will continue to be implemented to reduce costs and maintain a solid balance sheet, demonstrating once again the Group’s capacity to adapt.

In 2016, the Group will reduce its organic Capex to around $19 billion, a reduction of more than 15% compared to 2015. This marks a transition to a sustainable level of investments of $17-19 billion from 2017 onwards. The cost reduction program launched in 2014 will be reinforced, enabling Opex savings of $2.4 billion in 2016 and underpinning the objective of more than $3 billion in 2017. The asset sales program will continue in line with the plan, with $4 billion expected in 2016, the same level as 2015.

In the Upstream, five major start ups are planned in 2016. The first of these, Laggan-Tormore, took place on February 8. Production is expected to grow by 4% in 2016 compared to 2015, following more than 9% in 2015 compared to 2014, confirming the growth target of 5% per year on average between 2014 and 2019.

In the Downstream, the target to reduce European refining capacity by 20% will be achieved by end-2016, one year ahead of the initial plan announced in 2012. The cessation of traditional refining activities at La Mède in view of its conversion to a bio-refinery, the restructuring of the Lindsey refinery and the modernization of the Antwerp refinery will be finalized before the end of the year, with the first benefits expected from 2017.

The strategy implemented by the Group in 2015 based on its four priorities of Safety, Delivery, Costs and Cash, will continue in 2016, notably for the benefit of its shareholders.

-- -- --

To listen to the presentation made by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière to financial analysts today in London at 14:30 (London time), please log on to total.com or call +44 (0)203 427 1915 in Europe or +1 212 444 0896 in the United States (code 3406579). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code 3406579).

Operating information by segment

Upstream

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Combined liquids and gas

production by region (kboe/d)

  2015   2014   2015

vs

2014

381   364   393   -3%   Europe   374   364   +3%
676 685 690 -2% Africa 678 657 +3%
465 486 391 +19% Middle East 492 391 +26%
110 96 99 +11% North America 103 90 +14%
145 153 151 -4% South America 152 157 -3%
275 245 235 +17% Asia-Pacific 258 238 +8%
300   313   270   +11%   CIS   290   249   +16%
2,352   2,342   2,229   +6%   Total production   2,347   2,146   +9%
544   574   594   -8%   includes equity affiliates   559   571   -2%
                             
4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Liquids production by region (kb/d)   2015   2014   2015

vs

2014

163 159 168 -3% Europe 161 165 -2%
545 542 558 -2% Africa 542 522 +4%
341 359 185 +84% Middle East 351 192 +83%
56 45 45 +24% North America 48 39 +23%
44 46 49 -10% South America 47 50 -6%
37 30 33 +12% Asia-Pacific 34 30 +13%
65   60   39   +67%   CIS   54   36   +50%
1,251   1,241   1,077   +16%   Total production   1,237   1,034   +20%
220   230   197   +11%   includes equity affiliates   219   200   +9%
                             
4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Gas production by region (Mcf/d)   2015   2014   2015

vs

2014

1,179 1,115 1,224 -4% Europe 1,161 1,089 +7%
639 719 674 -5% Africa 677 693 -2%
686 708 1,113 -38% Middle East 778 1,084 -28%
305 280 305 - North America 308 285 +8%
564 598 573 -2% South America 588 599 -2%
1,364 1,240 1,144 +19% Asia-Pacific 1,290 1,178 +10%
1,256   1,343   1,186   +6%   CIS   1,252   1,135   +10%
5,993   6,003   6,219   -4%   Total production   6,054   6,063   -
1,739   1,850   2,064   -16%   includes equity affiliates   1,828   1,988   -8%
                             
4Q15   3Q15   4Q14   4Q15

vs

4Q14

  Liquefied natural gas   2015   2014   2015

vs

2014

2.48   2.53   3.06   -19%   LNG sales* (Mt)   10.22   12.15   -16%

* Sales, Group share, excluding trading; 2014 and 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 and 2015 SEC coefficients, respectively.

Downstream (Refining & Chemicals and Marketing & Services)

4Q15   3Q15 *   4Q14   4Q15

vs

4Q14

  Petroleum product sales by region (kb/d)**   2015   2014   2015

vs

2014

2,298   2,264   2,112   +9%   Europe   2,184   2,047   +7%
547 611 606 -10% Africa 619 552 +12%
489 585 482 +1% Americas 570 558 +2%
620   612   660   -6%   Rest of world   632   612   +3%
3,954   4,072   3,860   +2%   Total consolidated sales   4,005   3,769   +6%
688   648   628   +9%   Includes bulk sales   649   615   +6%
1,469   1,599   1,421   +3%   Includes trading   1,538   1,385   +11%

* Historic volumes restated.
** Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

4Q15   3Q15   4Q14   In millions of dollars   2015   2014
(5,677)   (654)   (7,812)   Special items affecting operating income   (8,182)   (8,205)
(48)   -   -   Restructuring charges   (48)   -
(4,933) (650) (7,817) Impairments (6,877) (7,979)
(696)   (4)   5   Other   (1,257)   (226)
(464)   (1,127)   (2,842)   Pre-tax inventory effect: FIFO vs. replacement cost   (1,113)   (3,469)
-   (10)   24   Effect of changes in fair value   (16)   31
                     
(6,141)   (1,791)   (10,630)   Total adjustments affecting operating income   (9,311)   (11,643)

> Adjustment to net income (Group share)

4Q15   3Q15   4Q14   In millions of dollars   2015   2014
(3,386)   (912)   (6,485)   Special items affecting net income (Group share)   (4,675)   (6,165)
579   (98)   30   Gain (loss) on asset sales   1,810   1,209
(29) (12) (8) Restructuring charges (72) (20)
(3,443) (650) (6,450) Impairments (5,447) (7,063)
(493)   (152)   (57)   Other   (966)   (291)
(315)   (760)   (1,993)   After-tax inventory effect: FIFO vs. replacement cost   (747)   (2,453)
-   (5)   19   Effect of changes in fair value   (9)   25
                     
(3,701)   (1,677)   (8,459)   Total adjustments affecting net income   (5,431)   (8,593)

2016 Sensitivities*

    Scenario   Change   Impact on adjusted

net operating income

  Impact on cash flow
Dollar   1.0 $/€   +0.1 $ per €   -0.15 B$   -0.1 B$
Brent   50 $/b   -10 $/b   -2 B$   -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 2016. 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 attributable 85% to Refining & Chemicals.

Investments - Divestments

4Q15   3Q15   4Q14   4Q15

vs

4Q14

  In millions of dollars   2015   2014   2015

vs

2014

6,365   5,394   7,002   -9%   Investments excluding acquisitions   22,976   26,430   -13%
232 170 422 -45% capitalized exploration 1,198 1,616 -26%
553 523 565 -2% increase in non-current loans 2,260 2,769 -18%
(196)   (15)   (420)   -53%   repayment of non-current loans   (1,616)   (1,540)   +5%
33   631   730   -95%   Acquisitions   3,441   2,539   +36%
2,101   395   1,269   +66%   Asset sales   5,968   4,650   +28%
8   -   54   -85%   Other transactions with non-controlling interests   89   179   -50%
4,289   5,630   6,409   -33%   Net investments*   20,360   24,140   -16%

* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.

Net-debt-to-equity ratio

In millions of dollars   12/31/2015   9/30/2015   12/31/2014
Current borrowings   12,488   13,296   10,942
Net current financial assets (6,019) (3,246) (1,113)
Net financial assets classified as held for sale 141 94 (56)
Non-current financial debt 44,464 42,873 45,481
Hedging instruments of non-current debt (1,219) (1,221) (1,319)
Cash and cash equivalents   (23,269)   (25,858)   (25,181)
Net debt   26,586   25,938   28,754
             
Shareholders’ equity - Group share 92,494 96,093 90,330
Estimated dividend payable (1,545) (1,573) (1,686)
Non-controlling interests   2,915   3,068   3,201
Adjusted shareholders' equity   93,864   97,588   91,845
             
Net-debt-to-equity ratio   28.3%   26.6%   31.3%

Return on average capital employed

> Full-year 2015

In millions of dollars   Upstream   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income   4,774   4,889   1,699 11,400
Capital employed at 12/31/2014* 100,497 13,451 8,825 120,526
Capital employed at 12/31/2015*   105,580   10,407   8,415 121,143
ROACE   4.6%   41.0%   19.7% 9.4%

> Twelve months ended September 30, 2015

In millions of dollars   Upstream   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income   5,622   4,838   1,414 11,895
Capital employed at 9/30/2014* 104,488 17,611 9,633 128,360
Capital employed at 9/30/2015*   108,425   11,319   7,865 123,904
ROACE   5.3%   33.4%   16.2% 9.4%

> Full-year 2014

In millions of dollars   Upstream   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income   10,504   2,489   1,254 13,530
Capital employed at 12/31/2013* 95,529 19,752 10,051 122,451
Capital employed at 12/31/2014*   100,497   13,451   8,825 120,526
ROACE   10.7%   15.0%   13.3% 11.1%

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

This press release presents the results for the full-year 2015 from the consolidated financial statements of TOTAL S.A. as of December 31, 2015. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monétaire et financier).

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

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

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

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

(i) Special 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 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 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, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) 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 Definition of adjusted results on page 2.
2 Group share.
3 The ex-dividend date will be June 6, 2016, and the payment date will be set for June 23, 2016, pending approval by the Annual Shareholders’ Meeting on May 24, 2016.
4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 10 and the inventory valuation effect is explained on page 13.
5 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
6 Including acquisitions.
7 Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with non-controlling interests.
8 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
9 Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period.
10 Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in the Group’s central price scenario, including projects developed by mining.
11 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.
12 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
13 Details shown on page 13.
14 Details shown on page 10 and in the annex to the accounts.
15 Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).

Total financial statements

Fourth quarter and full year 2015 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M$) (a)   4th quarter

2015

  3rd quarter

2015

  4th quarter

2014

Sales 37,749 40,580 52,511
Excise taxes (5,457) (5,683) (5,777)
Revenues from sales 32,292 34,897 46,734
 
Purchases, net of inventory variation (21,874) (24,240) (35,644)
Other operating expenses (6,248) (5,794) (6,831)
Exploration costs (727) (275) (611)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,672) (3,345) (10,900)
Other income 833 430 740
Other expense (298) (441) (487)
 
Financial interest on debt (241) (233) (108)
Financial income from marketable securities & cash equivalents 25 10 28
Cost of net debt (216) (223) (80)
 
Other financial income 300 185 219
Other financial expense (171) (154) (168)
 
Equity in net income (loss) of affiliates 600 486 464
 
Income taxes   1,381   (461)   722
Consolidated net income   (1,800)   1,065   (5,842)
Group share   (1,626)   1,079   (5,658)
Non-controlling interests   (174)   (14)   (184)
Earnings per share ($)   (0.72)   0.45   (2.49)
Fully-diluted earnings per share ($)   (0.71)   0.45   (2.47)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
TOTAL
(unaudited)
 
(M$)   4th quarter

2015

  3rd quarter

2015

  4th quarter

2014

Consolidated net income   (1,800)   1,065   (5,842)
 
Other comprehensive income
 
Actuarial gains and losses 358 46 99
Tax effect (140) (21) 11
Currency translation adjustment generated by the parent company   (2,171)   132   (2,562)
Items not potentially reclassifiable to profit and loss   (1,953)   157   (2,452)
Currency translation adjustment 604 (736) 980
Available for sale financial assets 16 (3) (5)
Cash flow hedge 4 (95) (12)
Share of other comprehensive income of equity affiliates, net amount (95) (626) (1,242)
Other - - 3
Tax effect   (7)   31   10
Items potentially reclassifiable to profit and loss   522   (1,429)   (266)
Total other comprehensive income (net amount)   (1,431)   (1,272)   (2,718)
             
Comprehensive income   (3,231)   (207)   (8,560)
Group share (3,033) (167) (8,365)
Non-controlling interests (198) (40) (195)
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
(unaudited)
 
(M$) (a)   Year

2015

  Year

2014

Sales 165,357 236,122
Excise taxes (21,936) (24,104)
Revenues from sales 143,421 212,018
 
Purchases, net of inventory variation (96,671) (152,975)
Other operating expenses (24,345) (28,349)
Exploration costs (1,991) (1,964)
Depreciation, depletion and impairment of tangible assets and mineral interests (17,720) (19,656)
Other income 3,606 2,577
Other expense (1,577) (954)
 
Financial interest on debt (967) (748)
Financial income from marketable securities & cash equivalents 94 108
Cost of net debt (873) (640)
 
Other financial income 882 821
Other financial expense (654) (676)
 
Equity in net income (loss) of affiliates 2,361 2,662
 
Income taxes   (1,653)   (8,614)
Consolidated net income   4,786   4,250
Group share 5,087 4,244
Non-controlling interests   (301)   6
Earnings per share ($)   2.17   1.87
Fully-diluted earnings per share ($)   2.16   1.86

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL
(unaudited)
 
(M$)   Year

2015

  Year

2014

Consolidated net income   4,786   4,250
 
Other comprehensive income
 
Actuarial gains and losses 557 (1,526)
Tax effect (278) 580
Currency translation adjustment generated by the parent company   (7,268)   (9,039)
Items not potentially reclassifiable to profit and loss   (6,989)   (9,985)
Currency translation adjustment 2,456 4,245
Available for sale financial assets 9 (29)
Cash flow hedge (185) 97
Share of other comprehensive income of equity affiliates, net amount 120 (1,538)
Other 1 3
Tax effect   53   (18)
Items potentially reclassifiable to profit and loss   2,454   2,760
Total other comprehensive income (net amount)   (4,535)   (7,225)
         
Comprehensive income   251   (2,975)
Group share 633 (2,938)
Non-controlling interests (382) (37)
CONSOLIDATED BALANCE SHEET      
TOTAL
 
 
(M$)  

December 31, 2015

 

  September 30, 2015

(unaudited)

 

December 31, 2014

 

ASSETS
 
Non-current assets
Intangible assets, net 14,549 15,639 14,682
Property, plant and equipment, net 109,518 108,886 106,876
Equity affiliates : investments and loans 19,384 19,200 19,274
Other investments 1,241 1,227 1,399
Hedging instruments of non-current financial debt 1,219 1,221 1,319
Deferred income taxes 3,982 3,439 4,079
Other non-current assets   4,355   4,292   4,192
Total non-current assets   154,248   153,904   151,821
 
Current assets
Inventories, net 13,116 14,773 15,196
Accounts receivable, net 10,629 12,306 15,704
Other current assets 15,843 15,102 15,702
Current financial assets 6,190 3,448 1,293
Cash and cash equivalents 23,269 25,858 25,181
Assets classified as held for sale   1,189   3,734   4,901
Total current assets   70,236   75,221   77,977
Total assets 224,484 229,125 229,798
 
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 7,670 7,602 7,518
Paid-in surplus and retained earnings 101,528 103,519 94,646
Currency translation adjustment (12,119) (10,443) (7,480)
Treasury shares   (4,585)   (4,585)   (4,354)
Total shareholders' equity - Group share   92,494   96,093   90,330
Non-controlling interests   2,915   3,068   3,201
Total shareholders' equity   95,409   99,161   93,531
 
Non-current liabilities
Deferred income taxes 12,360 12,836 14,810
Employee benefits 3,774 4,312 4,758
Provisions and other non-current liabilities 17,502 17,053 17,545
Non-current financial debt   44,464   42,873   45,481
Total non-current liabilities   78,100   77,074   82,594
 
Current liabilities
Accounts payable 20,928 20,003 24,150
Other creditors and accrued liabilities 16,884 17,991 16,641
Current borrowings 12,488 13,296 10,942
Other current financial liabilities 171 202 180
Liabilities directly associated with the assets classified as held for sale   504   1,398   1,760
Total current liabilities   50,975   52,890   53,673
Total liabilities 224,484 229,125 229,798
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M$)   4th quarter

2015

  3rd quarter

2015

  4th quarter

2014

CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income (1,800) 1,065 (5,842)
Depreciation, depletion and amortization 8,278 3,519 11,310
Non-current liabilities, valuation allowances and deferred taxes (1,862) (540) (2,329)
Impact of coverage of pension benefit plans - - -
(Gains) losses on disposals of assets (665) 22 (460)
Undistributed affiliates' equity earnings 39 (61) 403
(Increase) decrease in working capital 937 2,057 4,475
Other changes, net   (89)   (73)   (203)
Cash flow from operating activities 4,838 5,989 7,354
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (5,919) (5,266) (7,339)
Acquisitions of subsidiaries, net of cash acquired (42) (76) (56)
Investments in equity affiliates and other securities (80) (175) (192)
Increase in non-current loans   (553)   (523)   (565)
Total expenditures (6,594) (6,040) (8,152)
Proceeds from disposals of intangible assets and property, plant and equipment 1,437 6 874
Proceeds from disposals of subsidiaries, net of cash sold 58 289 136
Proceeds from disposals of non-current investments 606 100 259
Repayment of non-current loans   196   15   420
Total divestments   2,297   410   1,689
Cash flow used in investing activities (4,297) (5,630) (6,463)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 31 4 30
- Treasury shares - (237) -
Dividends paid:
- Parent company shareholders (592) (681) (1,735)
- Non-controlling interests (3) (25) (1)
Issuance of perpetual subordinated notes - - -
Payments on perpetual subordinated notes - - -
Other transactions with non-controlling interests 8 - 54
Net issuance (repayment) of non-current debt 2,039 356 3,647
Increase (decrease) in current borrowings (531) 23 (928)
Increase (decrease) in current financial assets and liabilities (3,320) (1,096) (255)
Cash flow used in financing activities   (2,368)   (1,656)   812
Net increase (decrease) in cash and cash equivalents (1,827) (1,297) 1,703
Effect of exchange rates (762) (167) (829)
Cash and cash equivalents at the beginning of the period   25,858   27,322   24,307
Cash and cash equivalents at the end of the period   23,269   25,858   25,181
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
 
(M$)   Year

2015

  Year

2014

CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income 4,786 4,250
Depreciation, depletion and amortization 19,334 20,859
Non-current liabilities, valuation allowances and deferred taxes (2,563) (1,980)
Impact of coverage of pension benefit plans - -
(Gains) losses on disposals of assets (2,459) (1,979)
Undistributed affiliates' equity earnings (311) 29
(Increase) decrease in working capital 1,683 4,480
Other changes, net   (524)   (51)
Cash flow from operating activities 19,946 25,608
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (25,132) (26,320)
Acquisitions of subsidiaries, net of cash acquired (128) (471)
Investments in equity affiliates and other securities (513) (949)
Increase in non-current loans   (2,260)   (2,769)
Total expenditures (28,033) (30,509)
Proceeds from disposals of intangible assets and property, plant and equipment 2,623 3,442
Proceeds from disposals of subsidiaries, net of cash sold 2,508 136
Proceeds from disposals of non-current investments 837 1,072
Repayment of non-current loans   1,616   1,540
Total divestments   7,584   6,190
Cash flow used in investing activities (20,449) (24,319)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 485 420
- Treasury shares (237) (289)
Dividends paid:
- Parent company shareholders (2,845) (7,308)
- Non-controlling interests (100) (154)
Issuance of perpetual subordinated notes 5,616 -
Payments on perpetual subordinated notes - -
Other transactions with non-controlling interests 89 179
Net issuance (repayment) of non-current debt 4,166 15,786
Increase (decrease) in current borrowings (597) (2,374)
Increase (decrease) in current financial assets and liabilities (5,517) (351)
Cash flow used in financing activities   1,060   5,909
Net increase (decrease) in cash and cash equivalents 557 7,198
Effect of exchange rates (2,469) (2,217)
Cash and cash equivalents at the beginning of the period   25,181   20,200
Cash and cash equivalents at the end of the period   23,269   25,181
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY          
TOTAL        
(unaudited)
 
                                     
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity -

Group share

Non-controlling interests Total shareholders' equity
(M$)   Number   Amount           Number   Amount            
As of January 1, 2014   2,377,678,160   7,493   98,254   (1,203)   (109,214,448)   (4,303)   100,241   3,138   103,379
Net income 2014 - - 4,244 - - - 4,244 6 4,250
Other comprehensive Income - - (907) (6,275) - - (7,182) (43) (7,225)
Comprehensive Income - - 3,337 (6,275) - - (2,938) (37) (2,975)
Dividend - - (7,378) - - - (7,378) (154) (7,532)
Issuance of common shares 7,589,365 25 395 - - - 420 - 420
Purchase of treasury shares - - - - (4,386,300) (283) (283) - (283)
Sale of treasury shares (1) - - (232) - 4,239,335 232 - - -
Share-based payments - - 114 - - - 114 - 114
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 148 (2) - - 146 195 341
Other items - - 8 - - - 8 59 67
As of December 31, 2014   2,385,267,525   7,518   94,646   (7,480)   (109,361,413)   (4,354)   90,330   3,201   93,531
Net income 2015 - - 5,087 - - - 5,087 (301) 4,786
Other comprehensive Income - - 185 (4,639) - - (4,454) (81) (4,535)
Comprehensive Income - - 5,272 (4,639) - - 633 (382) 251
Dividend - - (6,303) - - - (6,303) (100) (6,403)
Issuance of common shares 54,790,358 152 2,159 - - - 2,311 - 2,311
Purchase of treasury shares - - - - (4,711,935) (237) (237) - (237)
Sale of treasury shares (1) - - (6) - 105,590 6 - - -
Share-based payments - - 101 - - - 101 - 101
Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - 5,616 - - - 5,616 - 5,616
Payments on perpetual subordinated notes - - (114) - - - (114) - (114)
Other operations with non-controlling interests - - 23 - - - 23 64 87
Other items - - 134 - - - 134 132 266
As of December 31, 2015   2,440,057,883   7,670   101,528   (12,119)   (113,967,758)   (4,585)   92,494   2,915   95,409
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 3,457 15,969 18,326 (3) - 37,749
Intersegment sales 4,342 5,532 215 59 (10,148) -
Excise taxes   -   (1,073)   (4,384)   -   -   (5,457)
Revenues from sales 7,799 20,428 14,157 56 (10,148) 32,292
Operating expenses (5,716) (19,606) (13,445) (230) 10,148 (28,849)
Depreciation, depletion and impairment of tangible assets and mineral interests   (7,189)   (293)   (183)   (7)   -   (7,672)
Operating income (5,106) 529 529 (181) - (4,229)
Equity in net income (loss) of affiliates and other items 571 759 (97) 31 - 1,264
Tax on net operating income   1,328   (74)   (135)   218   -   1,337
Net operating income (3,207) 1,214 297 68 - (1,628)
Net cost of net debt (172)
Non-controlling interests                       174
Net income (1,626)
                         
4th quarter 2015 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (205) - - - - (205)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (205) - - - - (205)
Operating expenses (413) (429) (161) - - (1,003)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,893)   (39)   (1)   -   -   (4,933)
Operating income (b) (5,511) (468) (162) - - (6,141)
Equity in net income (loss) of affiliates and other items (58) 596 (116) (19) - 403
Tax on net operating income   1,614   79   45   7   -   1,745
Net operating income (b) (3,955) 207 (233) (12) - (3,993)
Net cost of net debt (11)
Non-controlling interests                       303
Net income (3,701)
 
(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 - (359) (105) -
On net operating income - (247) (68) -
 
   

 

 

 

 

 

 

 

       
4th quarter 2015 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 3,662 15,969 18,326 (3) - 37,954
Intersegment sales 4,342 5,532 215 59 (10,148) -
Excise taxes   -   (1,073)   (4,384)   -   -   (5,457)
Revenues from sales 8,004 20,428 14,157 56 (10,148) 32,497
Operating expenses (5,303) (19,177) (13,284) (230) 10,148 (27,846)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,296)   (254)   (182)   (7)   -   (2,739)
Adjusted operating income 405 997 691 (181) - 1,912
Equity in net income (loss) of affiliates and other items 629 163 19 50 - 861
Tax on net operating income   (286)   (153)   (180)   211   -   (408)
Adjusted net operating income 748 1,007 530 80 - 2,365
Net cost of net debt (161)
Non-controlling interests                       (129)
Adjusted net income                       2,075
Adjusted fully-diluted earnings per share ($)                       0.88
(a) Except for earnings per share.
                         
4th quarter 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,293 586 689 26 - 6,594
Total divestments 1,402 836 56 3 - 2,297
Cash flow from operating activities   2,624   2,127   289   (202)   -   4,838
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
3rd quarter 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 3,660 17,397 19,522 1 - 40,580
Intersegment sales 4,280 6,912 201 51 (11,444) -
Excise taxes   -   (1,094)   (4,589)   -   -   (5,683)
Revenues from sales 7,940 23,215 15,134 52 (11,444) 34,897
Operating expenses (4,717) (22,169) (14,651) (216) 11,444 (30,309)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,898)   (256)   (185)   (6)   -   (3,345)
Operating income 325 790 298 (170) - 1,243
Equity in net income (loss) of affiliates and other items 360 152 (29) 23 - 506
Tax on net operating income   (345)   (152)   (126)   128   -   (495)
Net operating income 340 790 143 (19) - 1,254
Net cost of net debt (189)
Non-controlling interests                       14
Net income 1,079
                         
3rd quarter 2015 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (10) - - - - (10)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (10) - - - - (10)
Operating expenses (9) (923) (199) - - (1,131)
Depreciation, depletion and impairment of tangible assets and mineral interests   (650)   -   -   -   -   (650)
Operating income (b) (669) (923) (199) - - (1,791)
Equity in net income (loss) of affiliates and other items (151) (14) (145) - - (310)
Tax on net operating income   53   294   64   -   -   411
Net operating income (b) (767) (643) (280) - - (1,690)
Net cost of net debt -
Non-controlling interests                       13
Net income (1,677)
 
(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 - (934) (193) -
On net operating income - (631) (139) -
   

 

 

 

 

 

 

 

       
3rd quarter 2015 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 3,670 17,397 19,522 1 - 40,590
Intersegment sales 4,280 6,912 201 51 (11,444) -
Excise taxes   -   (1,094)   (4,589)   -   -   (5,683)
Revenues from sales 7,950 23,215 15,134 52 (11,444) 34,907
Operating expenses (4,708) (21,246) (14,452) (216) 11,444 (29,178)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,248)   (256)   (185)   (6)   -   (2,695)
Adjusted operating income 994 1,713 497 (170) - 3,034
Equity in net income (loss) of affiliates and other items 511 166 116 23 - 816
Tax on net operating income   (398)   (446)   (190)   128   -   (906)
Adjusted net operating income 1,107 1,433 423 (19) - 2,944
Net cost of net debt (189)
Non-controlling interests                       1
Adjusted net income                       2,756
Adjusted fully-diluted earnings per share ($)                       1.17
(a) Except for earnings per share.
                         
 
3rd quarter 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,173 358 501 8 - 6,040
Total divestments 272 12 121 5 - 410
Cash flow from operating activities   2,320   2,291   1,011   367   -   5,989
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,415 23,025 24,079 (8) - 52,511
Intersegment sales 6,130 9,323 339 74 (15,866) -
Excise taxes   -   (1,117)   (4,660)   -   -   (5,777)
Revenues from sales 11,545 31,231 19,758 66 (15,866) 46,734
Operating expenses (6,784) (32,248) (19,534) (386) 15,866 (43,086)
Depreciation, depletion and impairment of tangible assets and mineral interests   (8,952)   (1,739)   (202)   (7)   -   (10,900)
Operating income (4,191) (2,756) 22 (327) - (7,252)
Equity in net income (loss) of affiliates and other items 958 (70) (195) 75 - 768
Tax on net operating income   (209)   606   (13)   315   -   699
Net operating income (3,442) (2,220) (186) 63 - (5,785)
Net cost of net debt (57)
Non-controlling interests                       184
Net income (5,658)
                         
4th quarter 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 24 - - - - 24
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 24 - - - - 24
Operating expenses 30 (2,427) (440) - - (2,837)
Depreciation, depletion and impairment of tangible assets and mineral interests   (6,419)   (1,398)   -   -   -   (7,817)
Operating income (b) (6,365) (3,825) (440) - - (10,630)
Equity in net income (loss) of affiliates and other items 171 (197) (131) - - (157)
Tax on net operating income   1,156   846   140   -   -   2,142
Net operating income (b) (5,038) (3,176) (431) - - (8,645)
Net cost of net debt -
Non-controlling interests                       186
Net income (8,459)
 
(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 - (2,406) (436) -
On net operating income - (1,710) (321) -
   

 

 

 

 

 

 

 

       
4th quarter 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,391 23,025 24,079 (8) - 52,487
Intersegment sales 6,130 9,323 339 74 (15,866) -
Excise taxes   -   (1,117)   (4,660)   -   -   (5,777)
Revenues from sales 11,521 31,231 19,758 66 (15,866) 46,710
Operating expenses (6,814) (29,821) (19,094) (386) 15,866 (40,249)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,533)   (341)   (202)   (7)   -   (3,083)
Adjusted operating income 2,174 1,069 462 (327) - 3,378
Equity in net income (loss) of affiliates and other items 787 127 (64) 75 - 925
Tax on net operating income   (1,365)   (240)   (153)   315   -   (1,443)
Adjusted net operating income 1,596 956 245 63 - 2,860
Net cost of net debt (57)
Non-controlling interests                       (2)
Adjusted net income                       2,801
Adjusted fully-diluted earnings per share ($)                       1.22
(a) Except for earnings per share.
                         
4th quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 6,287 875 941 49 - 8,152
Total divestments 1,473 157 53 6 - 1,689
Cash flow from operating activities   2,608   3,113   1,627   6   -   7,354
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
Year 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 16,840 70,623 77,887 7 - 165,357
Intersegment sales 17,927 26,794 911 218 (45,850) -
Excise taxes   -   (4,107)   (17,829)   -   -   (21,936)
Revenues from sales 34,767 93,310 60,969 225 (45,850) 143,421
Operating expenses (21,851) (87,674) (58,467) (865) 45,850 (123,007)
Depreciation, depletion and impairment of tangible assets and mineral interests   (15,857)   (1,092)   (744)   (27)   -   (17,720)
Operating income (2,941) 4,544 1,758 (667) - 2,694
Equity in net income (loss) of affiliates and other items 2,019 1,780 297 522 - 4,618
Tax on net operating income   (294)   (1,105)   (585)   171   -   (1,813)
Net operating income (1,216) 5,219 1,470 26 - 5,499
Net cost of net debt (713)
Non-controlling interests                       301
Net income 5,087
                         
Year 2015 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (519) - - - - (519)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (519) - - - - (519)
Operating expenses (564) (1,035) (316) - - (1,915)
Depreciation, depletion and impairment of tangible assets and mineral interests   (6,783)   (70)   (24)   -   -   (6,877)
Operating income (b) (7,866) (1,105) (340) - - (9,311)
Equity in net income (loss) of affiliates and other items (264) 1,172 24 (19) - 913
Tax on net operating income   2,140   263   87   7   -   2,497
Net operating income (b) (5,990) 330 (229) (12) - (5,901)
Net cost of net debt (11)
Non-controlling interests                       481
Net income (5,431)
 
(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 - (859) (254) -
On net operating income - (590) (169) -
   

 

 

 

 

 

 

 

       
Year 2015 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 17,359 70,623 77,887 7 - 165,876
Intersegment sales 17,927 26,794 911 218 (45,850) -
Excise taxes   -   (4,107)   (17,829)   -   -   (21,936)
Revenues from sales 35,286 93,310 60,969 225 (45,850) 143,940
Operating expenses (21,287) (86,639) (58,151) (865) 45,850 (121,092)
Depreciation, depletion and impairment of tangible assets and mineral interests   (9,074)   (1,022)   (720)   (27)   -   (10,843)
Adjusted operating income 4,925 5,649 2,098 (667) - 12,005
Equity in net income (loss) of affiliates and other items 2,283 608 273 541 - 3,705
Tax on net operating income   (2,434)   (1,368)   (672)   164   -   (4,310)
Adjusted net operating income 4,774 4,889 1,699 38 - 11,400
Net cost of net debt (702)
Non-controlling interests                       (180)
Adjusted net income                       10,518
Adjusted fully-diluted earnings per share ($)                       4.51
(a) Except for earnings per share.
                         
Year 2015

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 24,270 1,843 1,841 79 - 28,033
Total divestments 3,215 3,488 856 25 - 7,584
Cash flow from operating activities   11,182   6,432   2,323   9   -   19,946
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
Year 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 23,484 106,124 106,509 5 - 236,122
Intersegment sales 29,183 44,950 1,615 236 (75,984) -
Excise taxes   -   (4,850)   (19,254)   -   -   (24,104)
Revenues from sales 52,667 146,224 88,870 241 (75,984) 212,018
Operating expenses (26,235) (145,014) (86,931) (1,092) 75,984 (183,288)
Depreciation, depletion and impairment of tangible assets and mineral interests   (15,938)   (2,901)   (781)   (36)   -   (19,656)
Operating income 10,494 (1,691) 1,158 (887) - 9,074
Equity in net income (loss) of affiliates and other items 4,302 90 (140) 178 - 4,430
Tax on net operating income   (8,799)   391   (344)   (8)   -   (8,760)
Net operating income 5,997 (1,210) 674 (717) - 4,744
Net cost of net debt (494)
Non-controlling interests                       (6)
Net income 4,244
                         
Year 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 31 - - - - 31
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 31 - - - - 31
Operating expenses (164) (2,980) (551) - - (3,695)
Depreciation, depletion and impairment of tangible assets and mineral interests   (6,529)   (1,450)   -   -   -   (7,979)
Operating income (b) (6,662) (4,430) (551) - - (11,643)
Equity in net income (loss) of affiliates and other items 883 (282) (203) - - 398
Tax on net operating income   1,272   1,013   174   -   -   2,459
Net operating income (b) (4,507) (3,699) (580) - - (8,786)
Net cost of net debt -
Non-controlling interests                       193
Net income (8,593)
 
(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 - (2,944) (525) -
On net operating income - (2,114) (384) -
   

 

 

 

 

 

 

 

       
Year 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 23,453 106,124 106,509 5 - 236,091
Intersegment sales 29,183 44,950 1,615 236 (75,984) -
Excise taxes   -   (4,850)   (19,254)   -   -   (24,104)
Revenues from sales 52,636 146,224 88,870 241 (75,984) 211,987
Operating expenses (26,071) (142,034) (86,380) (1,092) 75,984 (179,593)
Depreciation, depletion and impairment of tangible assets and mineral interests   (9,409)   (1,451)   (781)   (36)   -   (11,677)
Adjusted operating income 17,156 2,739 1,709 (887) - 20,717
Equity in net income (loss) of affiliates and other items 3,419 372 63 178 - 4,032
Tax on net operating income   (10,071)   (622)   (518)   (8)   -   (11,219)
Adjusted net operating income 10,504 2,489 1,254 (717) - 13,530
Net cost of net debt (494)
Non-controlling interests                       (199)
Adjusted net income                       12,837
Adjusted fully-diluted earnings per share ($)                       5.63
(a) Except for earnings per share.
                         
Year 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 26,520 2,022 1,818 149 - 30,509
Total divestments 5,764 192 163 71 - 6,190
Cash flow from operating activities   16,666   6,302   2,721   (81)   -   25,608
Reconciliation of the information by business segment with consolidated financial statements  
TOTAL    
(unaudited)
 
4th quarter 2015

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
 
Sales 37,954 (205) 37,749
Excise taxes (5,457) - (5,457)
Revenues from sales 32,497 (205) 32,292
 
Purchases, net of inventory variation (21,410) (464) (21,874)
Other operating expenses (6,063) (185) (6,248)
Exploration costs (373) (354) (727)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,739) (4,933) (7,672)
Other income 169 664 833
Other expense (47) (251) (298)
 
Financial interest on debt (230) (11) (241)
Financial income from marketable securities & cash equivalents 25 - 25
Cost of net debt (205) (11) (216)
 
Other financial income 300 - 300
Other financial expense (171) - (171)
 
Equity in net income (loss) of affiliates 610 (10) 600
 
Income taxes   (364)   1,745   1,381
Consolidated net income 2,204 (4,004) (1,800)
Group share 2,075 (3,701) (1,626)
Non-controlling interests 129 (303) (174)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
4th quarter 2014

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
 
Sales 52,487 24 52,511
Excise taxes (5,777) - (5,777)
Revenues from sales 46,710 24 46,734
 
Purchases, net of inventory variation (32,802) (2,842) (35,644)
Other operating expenses (6,836) 5 (6,831)
Exploration costs (611) - (611)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,083) (7,817) (10,900)
Other income 515 225 740
Other expense (294) (193) (487)
 
Financial interest on debt (108) - (108)
Financial income from marketable securities & cash equivalents 28 - 28
Cost of net debt (80) - (80)
 
Other financial income 219 - 219
Other financial expense (168) - (168)
 
Equity in net income (loss) of affiliates 653 (189) 464
 
Income taxes   (1,420)   2,142   722
Consolidated net income 2,803 (8,645) (5,842)
Group share 2,801 (8,459) (5,658)
Non-controlling interests 2 (186) (184)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated financial statements  
TOTAL    
(unaudited)
 
Year 2015

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 165,876 (519) 165,357
Excise taxes (21,936) - (21,936)
Revenues from sales 143,940 (519) 143,421
 
Purchases, net of inventory variation (95,558) (1,113) (96,671)
Other operating expenses (23,984) (361) (24,345)
Exploration costs (1,550) (441) (1,991)
Depreciation, depletion and impairment of tangible assets and mineral interests (10,843) (6,877) (17,720)
Other income 1,468 2,138 3,606
Other expense (405) (1,172) (1,577)
 
Financial interest on debt (956) (11) (967)
Financial income from marketable securities & cash equivalents 94 - 94
Cost of net debt (862) (11) (873)
 
Other financial income 882 - 882
Other financial expense (654) - (654)
 
Equity in net income (loss) of affiliates 2,414 (53) 2,361
 
Income taxes   (4,150)   2,497   (1,653)
Consolidated net income 10,698 (5,912) 4,786
Group share 10,518 (5,431) 5,087
Non-controlling interests 180 (481) (301)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
Year 2014

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 236,091 31 236,122
Excise taxes (24,104) - (24,104)
Revenues from sales 211,987 31 212,018
 
Purchases, net of inventory variation (149,506) (3,469) (152,975)
Other operating expenses (28,123) (226) (28,349)
Exploration costs (1,964) - (1,964)
Depreciation, depletion and impairment of tangible assets and mineral interests (11,677) (7,979) (19,656)
Other income 1,272 1,305 2,577
Other expense (700) (254) (954)
 
Financial interest on debt (748) - (748)
Financial income from marketable securities & cash equivalents 108 - 108
Cost of net debt (640) - (640)
 
Other financial income 821 - 821
Other financial expense (676) - (676)
 
Equity in net income (loss) of affiliates 3,315 (653) 2,662
 
Income taxes   (11,073)   2,459   (8,614)
Consolidated net income 13,036 (8,786) 4,250
Group share 12,837 (8,593) 4,244
Non-controlling interests 199 (193) 6
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Total
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629

Short Name: Total S.A.
Category Code: FR
Sequence Number: 509834
Time of Receipt (offset from UTC): 20160211T065454+0000

Contacts

Total S.A.

Contacts

Total S.A.