Total: Third Quarter 2018 Results

PARIS--()--Regulatory News:

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

    3Q18   Change

vs 3Q17

  9M18   Change

vs 9M17

       
Adjusted net income (Group share)1
- in billions of dollars (B$) 4.0 +48% 10.4 +35%
- in dollars per share 1.47 +42% 3.88 +29%
 
DACF9 (B$) 7.5 +37% 20.0 +25%
Cash flow from operations (B$) 5.7 +31% 14.1 +3%

Net income (Group share) of 4.0 B$ in 3Q18, a 45% increase compared to 3Q17

Net-debt-to-capital ratio of 18.3% at September 30, 2018

Hydrocarbon production of 2,804 kboe/d in 3Q18, an increase of 8.6% compared to 3Q17

Third interim 2018 dividend set at 0.64 €/share with ex-dividend date of March 19, 2019

Total’s Board of Directors met on October 25, 2018, to close the Group’s third quarter 2018 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Total’s third quarter adjusted net income increased by 48% from last year to $4.0 billion, while oil prices increased by 44% to 75 $/b supported by supply tensions and the geopolitical context. Debt-adjusted cash flow (DACF) increased by 37% to $7.5 billion and return on equity rose to 11.9% over the past twelve months.

These results confirm the Group’s ability to take full advantage of the favorable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency.

Exploration & Production doubled its adjusted net operating profit to $2.9 billion in the third quarter. Production rose to 2.8 Mboe/d, an increase of 8.6% compared to a year ago. Notably during the quarter, major project start-ups included Kaombo in Angola, Ichthys LNG in Australia and the second train of Yamal LNG in Russia. Production growth for 2018 will be close to 8%.

Also, exploration had significant success with the wells of Glendronach in the United Kingdom, Shwee Yee Htun 2 in Myanmar and Sururu in Brazil.

In addition, Total finalized the acquisition of Engie’s LNG business to become the second-largest publicly-traded LNG player in the world, as well as Direct Energie, accelerating the growth of its low carbon electricity business.

Finally, despite a highly volatile environment for European refining margins, the excellent availability of its units allowed the Downstream to generate $1.8 billion of cash flow in the third quarter. The Group continued to implement its petrochemicals growth strategy by launching a major project in cooperation with Saudi Aramco in Saudi Arabia. Total continues to expand in fast-growing markets by partnering with the Adani group to develop its LNG business and a retail network in India.

In line with the announced shareholder return policy, the Group has increased the 2018 interim dividends by 3.2%. In addition, the Group has bought back $1 billion of its shares at the end of September and confirms its intent to complete $1.5 billion of buybacks for the full-year 2018.”

Key figures1

                             
3Q18 2Q18 3Q17 3Q18

vs

3Q17

In millions of dollars, except effective tax rate,

earnings per share and number of shares

9M18 9M17 9M18

vs

9M17

4,548 4,179 3,062 +49% Adjusted net operating income from business segments 12,112 8,577 +41%
2,864 2,687 1,439 +99% Exploration & Production 7,734 4,180 +85%
272 193 97 +180% Gas, Renewables & Power 580 253 +129%
938 821 1,020 -8% Refining & Chemicals 2,479 2,904 -15%
474 478 506 -6% Marketing & Services 1,319 1,240 +6%
865 766 674 +28% Contribution of equity affiliates to adjusted net income 2,268 1,843 +23%
38.6% 38.6% 32.6%   Group effective tax rate2 38.9% 30.9%  
3,958 3,553 2,674 +48% Adjusted net income 10,395 7,706 +35%
1.47 1.31 1.04 +42% Adjusted fully-diluted earnings per share (dollars)3 3.88 3.02 +29%
1.26 1.10 0.88 +43% Adjusted fully-diluted earnings per share (euros)* 3.25 2.71 +20%
2,637 2,646 2,505 +5% Fully-diluted weighted-average shares (millions) 2,618 2,480 +6%
               
3,957 3,721 2,724 +45% Net income (Group share) 10,314 7,610 +36%
               
6,484 3,787 3,910 +66% Investments4 16,995 11,793 +44%
897 1,274 539 +66% Divestments5 4,756 3,797 +25%
6,208 2,513 3,373 +84% Net investments6 12,860 7,998 +61%
2,568 2,780 3,060 -16% Organic investments7 7,967 9,953 -20%
475 333 542 -12% Resource acquisitions 4,282 607 x7.1
7,088 6,399 5,159 +37% Operating cash flow before working capital changes8 18,857 15,180 +24%
7,507 6,797 5,467 +37% Operating cash flow before working capital changes

w/o financial charges (DACF)9

19,972 15,950 +25%
5,736 6,246 4,363 +31% Cash flow from operations 14,063 13,704 +3%

* Average €-$ exchange rate: 1.1629 in the third quarter 2018 and 1.1942 in the first nine months 2018.

Highlights since the beginning of the third quarter 201810

  • Started production at Kaombo in Angola, Ichthys LNG in Australia and the second train at Yamal LNG in Russia
  • Signed an agreement to increase its share in the Danish Underground Consortium in Denmark
  • Signed a new concession contract with Sonatrach for the TFT Sud permit in Algeria
  • Three positive exploration wells : Glendronach in the United Kingdom, Shwe Yee Htun 2 in Myanmar and Sururu in Brazil
  • Sold its interest in the Joslyn oil sands project in Canada
  • Finalized the acquisition of Engie’s LNG business: Total becomes second-largest publicly-traded LNG player in the world
  • Finalized the acquisition of Direct Energie
  • Acquired two gas-fired power plants (Combined Cycle Gas Turbine) from KKR-Energas
  • Sold its interest in the Hazira LNG terminal in India and signed an LNG contract with Shell
  • Final investment decision for a new 625 kt/y polyethylene unit at Bayport in the United States
  • Launched engineering studies with Saudi Aramco for a giant petrochemical complex at Jubail in Saudi Arabia
  • Signed a shareholder agreement with Sonatrach to create a petrochemical complex at Arzew in Algeria
  • Sold its polystyrene activities in China to INEOS Styrolution
  • Acquired G2mobility, a company specializing in charging solutions for electric vehicles
  • Alliance with private Indian partner Adani to develop LNG and retail fuel in India

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

3Q18   2Q18   3Q17   3Q18

vs

3Q17

    9M18   9M17   9M18

vs

9M17

75.2 74.4 52.1 +44%   Brent ($/b) 72.1 51.8 +39%
69.5 69.5 48.9 +42% Average liquids price ($/b) 66.8 47.7 +40%
4.96 4.49 4.05 +22% Average gas price ($/Mbtu) 4.73 4.03 +17%
55.4 54.3 38.1 +45% Average hydrocarbon price ($/boe) 52.5 37.2 +41%

* Consolidated subsidiaries, excluding fixed margins.

** 2017 data restated.

> Production

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  Hydrocarbon production   9M18   9M17   9M18

vs

9M17

2,804 2,717 2,581 +9% Combined production (kboe/d) 2,742 2,550 +8%
1,611 1,582 1,392 +16% Liquids (kb/d) 1,558 1,331 +17%
6,557 6,176 6,427 +2% Gas (Mcf/d) 6,465 6,605 -2%

Hydrocarbon production was 2,804 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2018, an increase of close to 9% compared to last year, due to:

  • +10% for start-ups and ramp-ups on new projects, notably Yamal LNG, Ofon 2, Fort Hills, Edradour-Glenlivet, Kaombo Norte, Moho Nord and Kashagan.
  • + 3% portfolio effect. The integration of Maersk Oil, Waha, Lapa and Iara 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 and assets in Gabon.
  • -4% for natural field declines and PSC price effect.

For the first nine months 2018, hydrocarbon production was 2,742 kboe/d, an increase of 8% compared to last year, due to:

  • +9% for start-ups and ramp-ups on new projects, notably Yamal LNG, Moho Nord, Ofon 2, Edradour-Glenlivet, Fort Hills, Kashagan and Kaombo Norte.
  • +3% portfolio effect, mainly the addition of Maersk Oil, Al Shaheen, Waha, Lapa and Iara as well as the acquisition of an additional 0.5% of Novatek, which were partially offset by the expiration of the Mahakam permit at end-2017 and the sales of Visund and assets in Gabon.
  • -4% for natural field declines and PSC price effect.

> Results

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars, except effective tax rate   9M18   9M17   9M18

vs

9M17

2,864 2,687 1,439 +99% Adjusted net operating income* 7,734 4,180 +85%
614 575 435 +41% including income from equity affiliates 1,635 1,123 +46%
47.6% 46.3% 42.8%   Effective tax rate** 47.3% 40.5%  
               
2,796 2,980 3,228 -13% Investments 11,647 9,312 +25%
563 500 339 +66% Divestments 3,314 584 x5.7
1,847 2,114 2,388 -23% Organic investments 6,018 8,189 -27%
5,582 5,115 3,574 +56% Operating cash flow before working capital changes *** 14,962 10,490 +43%
4,821 4,628 3,010 +60% Cash flow from operations *** 13,018 8,647 +51%

* 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:

  • 2,864 M$ in the third quarter 2018, double the same quarter last year. The Group benefited fully from higher hydrocarbon prices thanks to production growth and lower costs, despite a tax rate that increased in line with the rebound in oil prices.
  • 7,734 M$ for the first nine months 2018, an increase of 85% compared to last year, for the same reasons.

Operating cash flow before working capital changes was 5.6 B$ in the third quarter 2018 and 15.0 B$ for the first nine months 2018, increases of 56% and 43% respectively. Exploration & Production generated 8.9 B$ of cash flow after organic investments for the first nine months 2018.

Gas, Renewables & Power

> Results

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars   9M18   9M17   9M18

vs

9M17

272 193 97 x2.8 Adjusted net operating income* 580 253 x2.3
               
3,001 79 99 x30.3 Investments 3,329 491 x6.8
129 405 - n.s. Divestments 612 27 x22.7
165 60 98 +68% Organic investments 301 268 +12%
171 177 110 +55% Operating cash flow before working capital changes** 397 269 +48%
(554) 104 348 n.s. Cash flow from operations** (629) 388 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 272 M$ in the third quarter 2018 and 580 M$ for the first nine months 2018, notably thanks to good performance of LNG and gas/power trading. The acquisitions of Direct Energie and the LNG business of Engie account for the increase in investments to 3 B$ in this quarter.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q18   2Q18   3Q17   3Q18

vs

3Q17

    9M18   9M17   9M18

vs

9M17

1,953 1,734 1,877 +4%   Total refinery throughput (kb/d) 1,840 1,821 +1%
654 569 648 +1% France 616 616 -
795 670 802 -1% Rest of Europe 737 761 -3%
504 495 427 +18% Rest of world 487 444 +10%
92% 83% 90%   Utlization rate based on crude only** 87% 87%  

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

*** 2017 data restated.

Refinery throughput:

  • increased by 4% in the third quarter 2018 compared to the third quarter 2017, thanks to the excellent availability of the units and high utilization rate.
  • was stable in the first nine months 2018 compared to the same period 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp during the second quarter, was offset by higher throughput outside Europe.

> Results

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars

except the ERMI

  9M18   9M17   9M18

vs

9M17

39.9 34.7 48.2 -17% European refining margin indicator - ERMI ($/t) 33.4 42.7 -22%
               
938 821 1,020 -8% Adjusted net operating income* 2,479 2,904 -15%
               
377 404 357 +6% Investments 1,113 1,024 +9%
88 324 24 x3.7 Divestments 437 2,784 -84%
295 386 338 -13% Organic investments 989 941 +5%
1,174 1,018 1,208 -3% Operating cash flow before working capital changes** 3,112 3,586 -13%
1,338 999 652 x2.1 Cash flow from operations** 1,228 4,381 -72%

* 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 decreased by 17% from a year ago to 39.9 $/t in the third quarter, and decreased by 22% to 33.4 $/t in the first nine months 2018. The petrochemicals environment remained favorable in the third quarter; although margins in Europe were lower than last year, affected by the higher price of feedstocks.

In this context, Refining & Chemicals adjusted net operating income was:

  • 938 M$ in the third quarter, a decrease of 8% compared to the same period last year.
  • 2,479 M$ for the first nine months 2018, a decrease of 15% compared to the same period last year.

Marketing & Services

> Petroleum product sales

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  Sales in kb/d*   9M18   9M17   9M18

vs

9M17

1,818 1,799 1,807 +1% Total Marketing & Services sales 1,806 1,765 +2%
1,024 1,001 1,072 -4% Europe 1,006 1,050 -4%
794 798 735 +8% Rest of world 800 715 +12%

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

Petroleum product sales increased by:

  • 1% in the third quarter 2018 compared to the third quarter 2017. The sale of TotalErg in Italy was offset by higher sales in the rest of the world.
  • 2% for the first nine months 2018 compared to the first nine months 2017 for the same reasons.

> Results

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars   9M18   9M17   9M18

vs

9M17

474 478 506 -6% Adjusted net operating income* 1,319 1,240 +6%
               
293 310 190 +54% Investments 831 887 -6%
117 45 150 -22% Divestments 390 368 +6%
245 205 205 +20% Organic investments 586 485 +21%
580 646 545 +6% Operating cash flow before working capital changes** 1,656 1,598 +4%
752 841 624 +21% Cash flow from operations** 1,533 1,206 +27%

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

** excluding financial charges.

Marketing & Services adjusted net operating income was:

  • 474 M$ in the third quarter 2018, a decrease of 6% compared to the third quarter 2017.
  • 1,319 M$ for the first nine months 2018, an increase of 6% compared to last year.

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:

  • 4,548 M$ in the third quarter 2018, a 49% increase compared to the third quarter last year.
  • 12,112 M$ for the first nine months 2018, a 41% increase compared to the first nine months 2017.

> Adjusted net income (Group share)

In line with the contribution from the segments, adjusted net income was:

  • 3,958 M$ in the third quarter 2018, a 48% increase compared to the third quarter last year.
  • 10,395 M$ for the first nine months 2018, a 35% increase compared to the first nine months last year.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value9.

Total adjustments affecting net income10 were:

  • -1 M$ in the third quarter 2018.
  • -81 M$ for the first nine months 2018.

The effective tax rate for the Group was:

  • 38.6% in the third quarter 2018, compared to 32.6% 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.
  • 38.9% for the first nine months 2018, compared to 30.9% for the first nine months 2017, for the same reasons.

> Adjusted fully-diluted earnings per share and share buyback

Adjusted earnings per share increased by:

  • 42% to $1.47 in the third quarter 2018, calculated based on a weighted average of 2,637 million fully-diluted shares, compared to $1.04 in the third quarter 2017.
  • 29% to $3.88 for the first nine months 2018, calculated based on a weighted average of 2,618 million fully-diluted shares, compared to $3.02 for the first nine months 2017.

On September 30, 2018, the number of fully-diluted shares was 2,636 million.

In the framework of the shareholder return policy announced in February 2018, since the beginning of the year, the Group has bought back shares, including:

  • shares issued in 2018 as scrip dividend to eliminate dilution: 7.2 million shares repurchased in the third quarter 2018 and 25.6 million shares over the first nine months 2018.
  • additional shares : 6.2 million shares repurchased in the third quarter 2018 for 400 M$ and 16.1 million shares over the first nine months 2018 for 1 B$.

> Divestments – acquisitions

Asset sales:

  • 209 M$ in the third quarter 2018, comprised mainly of the sale of Joslyn in Canada, Rabi in Gabon and the Marketing & Services network in Haiti.
  • 3,071 M$ in the first nine months 2018, comprised mainly of the elements above as well as the sale of 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 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:

  • 3,849 M$ in the third quarter 2018, comprised mainly of the acquisition of Engie’s LNG business, Direct Energie, two gas-fired power plants from KKR-Energas and the increase in our interest in Novatek to 19.4%.
  • 7,964 M$ in the first nine months of 2018, comprised of the elements above as well as notably the acquisitions of interests in the Iara and Lapa fields in Brazil, two new 40-year offshore concessions in Abu Dhabi, the Waha field in Libya and the acquisition of offshore assets from Cobalt in the Gulf of Mexico.

> Net cash flow

The Group’s net cash flow11 was:

  • 880 M$ in the third quarter 2018 compared to 1,786 M$ in the third quarter 2017, as a result of the increase of 2,835 M$ in net investments, driven mainly by the acquisitions of Direct Energie and Engie’s LNG business, partially offset by a 1,929 M$ increase in operating cash flow before changes in working capital.
  • 5,997 M$ in the first nine months 2018 compared to 7,182 M$ in the first nine months 2017, as a result of a 4,862 M$ increase in net investments driven by the Group’s strategy of countercyclical acquisitions, partially offset by a 3,677 M$ increase in operating cash flow before changes in working capital.

> Profitability

Return on equity was 11.9% for the twelve months ended September 30, 2018, an increase compared to the twelve months ended September 30, 2017.

In millions of dollars Oct 1, 2017 to Sept 30, 2018   July 1, 2017 to June 30, 2018   Oct 1, 2016 to Sept 30, 2017
Adjusted net income 13,679   12,299   10,244
Average adjusted shareholders' equity 114,729   113,251   105,130
Return on equity (ROE) 11.9%   10.9%   9.7%

Return on average capital employed was 11.1% for the twelve months ended September 30, 2018, an increase compared to the twelve months ended September 30, 2017.

In millions of dollars Oct 1, 2017 to Sept 30, 2018   July 1, 2017 to June 30, 2018   Oct 1, 2016 to Sept 30, 2017
Adjusted net operating income 15,295   13,748   11,298
Average capital employed 138,242   136,355   130,860
ROACE 11.1%   10.1%   8.6%

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 4,814 M€ in the first nine months 2018, compared to 2,620 M€ in the first nine months 2017.

2018 Sensitivities*

    Scenario   Change   Estimated impact on adjusted

net operating income

  Estimated impact on cash flow
Dollar 1.2 $/€ +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Brent 50 $/b +/- 10 $/b** +/- 2.3 B$ +/- 2.8 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.

** Assumes constant liquids price differentials.

Summary and outlook

At the start of the fourth quarter, Brent continues to trade around 80 $/b due to supply tensions and the geopolitical context. The Group resolutely maintains its programs to improve operational efficiency and reduce the breakeven to remain profitable in any environment.

The Upstream is well positioned to profit from the increase in the oil price thanks to projected production growth on the order of 8% in 2018 and 6-7% per year between 2017 and 2020. It will benefit in the coming months from the start-ups of the third train at Yamal LNG in Russia, Egina in Nigeria and Tempa Rossa in Italy as well as the second train at Ichthys LNG in Australia.

European refining margins remain very volatile, having reached 50 $/t on average in August and falling to around 20 $/t since the beginning of October. This decrease reflects the combined result of the increase in oil prices and the seasonal effect on demand. However, having already generated 4.8 B$ of cash flow over the first nine months, the Downstream is well positioned to achieve its objectives in 2018, thus confirming its robustness.

In line with announced cash allocation priorities for the period 2018-20, the Group maintains its discipline on net investments with a projected level of around 16 B$ in 2018 and 15-17 B$ for 2019-20. It is implementing the 10% increase in the dividend over three years while continuing to buy back shares issued as scrip to eliminate dilution. Maintaining a low gearing ratio is a priority, and the Group intends to buy back 1.5 B$ of shares in 2018 within the framework of its 5 B$ buyback program over the 2018-20 period.

-- -- --

To listen to the presentation by CFO Patrick de La Chevardière today at 14:00 (London time) please log on to total.com or call +44 (0) 330 336 9126 in Europe or +1 323 794 2551 in the United States (code: 6006933). For a replay, please consult the website or call +44 (0) 207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 6006933).

* * * * *

Operating information by segment

> Exploration & Production

                Production            
3Q18 2Q18 3Q17 3Q18

vs

3Q17

Combined liquids and gas

production by region (kboe/d)

9M18 9M17 9M18

vs

9M17

910 842 730 +25% Europe and Central Asia 879 761 +16%
676 672 665 +2% Africa 674 652 +3%
687 681 592 +16% Middle East and North Africa 669 547 +22%
399 401 357 +12% Americas 390 345 +13%
132 121 237 -44% Asia Pacific 129 245 -47%
2,804 2,717 2,581 +9% Total production 2,742 2,550 +8%
645 616 659 -2% including equity affiliates 661 634 +4%
               
3Q18 2Q18 3Q17 3Q18

vs

3Q17

Liquids production by region (kb/d) 9M18 9M17 9M18

vs

9M17

341 332 257 +33% Europe and Central Asia 324 264 +23%
528 511 517 +2% Africa 514 503 +2%
538 539 452 +19% Middle East and North Africa 526 407 +29%
186 190 138 +35% Americas 180 130 +39%
18 11 29 -37% Asia Pacific 14 28 -50%
1,611 1,582 1,392 +16% Total production 1,558 1,331 +17%
221 233 311 -29% including equity affiliates 252 273 -8%
               
3Q18 2Q18 3Q17 3Q18

vs

3Q17

Gas production by region (Mcf/d) 9M18 9M17 9M18

vs

9M17

3,069 2,754 2,556 +20% Europe and Central Asia 2,993 2,678 +12%
776 772 663 +17% Africa 801 685 +17%
830 787 778 +7% Middle East and North Africa 793 777 +2%
1,198 1,192 1,228 -2% Americas 1,183 1,207 -2%
684 671 1,202 -43% Asia Pacific 695 1,258 -45%
6,557 6,176 6,427 +2% Total production 6,465 6,605 -2%
2,313 2,026 1,798 +29% including equity affiliates 2,199 1,880 +17%
               
3Q18 2Q18 3Q17 3Q18

vs

3Q17

Liquefied natural gas 9M18 9M17 9M18

vs

9M17

2.78 2.47 2.95 -6% LNG sales* (Mt) 7.75 8.56 -9%
 
 

* 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)

       

 

     
3Q18 2Q18 3Q17* 3Q18

vs

3Q17

Petroleum product sales by region (kb/d)** 9M18 9M17* 9M18

vs

9M17

2,030 1,942 2,189 -7% Europe 1,958 2,115 -7%
760 652 647 +18% Africa 722 607 +19%
979 802 538 +82% Americas 847 589 +44%
569 644 770 -26% Rest of world 631 767 -18%
4,338 4,040 4,144 +5% Total consolidated sales 4,158 4,078 +2%
581 556 583 - Including bulk sales 569 579 -2%
1,939 1,685 1,754 +11% Including trading 1,783 1,734 +3%

* 2017 data restated.

**Includes share of TotalErg.

Adjustment items to net income (Group share)

3Q18   2Q18   3Q17   In millions of dollars   9M18   9M17
(152) (358) (123) Special items affecting net income (Group share) (705) 5
89 (2) - Gain (loss) on asset sales (14) 2,264
(39) (46) (2) Restructuring charges (106) (61)
(88) (236) (74) Impairments (336) (1,824)
(114) (74) (47) Other (249) (374)
160 517 183 After-tax inventory effect: FIFO vs. replacement cost 632 (72)
(9) 9 (10) Effect of changes in fair value (8) (29)
           
(1) 168 50 Total adjustments affecting net income (81) (96)

Investments - Divestments

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars   9M18   9M17   9M18

vs

9M17

2,568 2,780 3,060 -16% Organic investments ( a ) 7,967 9,953 -20%
156 137 161 -3% capitalized exploration 405 438 -8%
147 140 153 -4% increase in non-current loans 458 754 -39%
(688) (581) (337) x2 repayment of non-current loans (1,685) (677) x2.5
3,228 426 513 x6.3 Acquisitions ( b ) 7,343 1,163 x6.3
209 693 202 +3% Asset sales ( c ) 3,071 3,120 -2%
(621) - (2) - Other transactions with non-controlling interests ( d ) (621) (2) -
6,208 2,513 3,373 +84% Net investments ( a + b - c - d ) 12,860 7,998 +61%

Cash flow

3Q18   2Q18   3Q17   3Q18

vs

3Q17

  In millions of dollars   9M18   9M17   9M18

vs

9M17

7,507 6,797 5,467 +37% Operating cash flow before working capital changes w/o financial charges (DACF) 19,972 15,950 +25%
(419) (398) (308) +36% Financial charges (1,115) (770) +45%
7,088 6,399 5,159 +37% Operating cash flow before working capital changes ( a ) 18,857 15,180 +24%
(1,578) (856) (1,057) n.s. (Increase) decrease in working capital (5,656) (1,379) n.s.
226 703 261 n.s. Inventory effect 862 (97) n.s.
5,736 6,246 4,363 +31% Cash flow from operations 14,063 13,704 +3%
               
2,568 2,780 3,060 -16% Organic investments ( b ) 7,967 9,953 -20%
4,520 3,619 2,099 x2.2 Free cash flow after organic investments, w/o net asset sales ( a - b ) 10,890 5,227 x2,1
               
6,208 2,513 3,373 +84% Net investments ( c ) 12,860 7,998 +61%
880 3,886 1,786 -51% Net cash flow ( a - c ) 5,997 7,182 -16%

Increase in working capital after the inventory effect:

  • 1.4 B$ in the third quarter 2018 due to the consolidation of Engie LNG and Direct Energie and the increase in oil prices at the end of the quarter.
  • 4.8 B$ over the first nine months 2018 for the same reasons, as well as the consolidation of Maersk Oil and the strong increase in oil prices.

Gearing ratios

In millions of dollars   09/30/2018   06/30/2018   09/30/2017
Current borrowings 15,180 15,659 11,206
Net current financial assets (2,884) (2,806) (2,306)
Net financial assets classified as held for sale (14) - (2)
Non-current financial debt 41,088 38,362 40,226
Hedging instruments of non-current debt (1,129) (967) (626)
Cash and cash equivalents (25,252) (26,475) (28,583)
Net debt (a) 26,989 23,773 19,915
       
Shareholders’ equity - Group share 118,193 117,975 109,801
Non-controlling interests 2,430 2,288 2,799
Shareholders' equity (b) 120,623 120,263 112,600
       
Net-debt-to-equity ratio = a / b 22.4% 19.8% 17.7%
       
Net-debt-to-capital ratio = a / (a + b) 18.3% 16.5% 15.0%

Return on average capital employed

> 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 June 30, 2018

In millions of dollars   Exploration & Production   Gas, Renewables & Power   Refining & Chemicals   Marketing & Services     Group
Adjusted net operating income 8,114 637 3,447 1,787   13,748
Capital employed at 06/30/2017* 108,618 5,363 10,957 6,937 130,831
Capital employed at 06/30/2018* 118,715 4,442 12,939 7,040 141,878
ROACE 7.1% 13.0% 28.9% 25.6% 10.1%

> Twelve months ended September 30, 2017

In millions of dollars   Exploration & Production   Gas, Renewables & Power   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income 5,187 385 4,035 1,646 11,298
Capital employed at 09/30/2016* 109,210 6,058 12,034 5,704 130,535
Capital employed at 09/30/2017* 110,114 5,388 11,919 6,871 131,185
ROACE 4.7% 6.7% 33.7% 26.2% 8.6%

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

This press release presents the results for the third quarter and first nine months 2018 from the consolidated financial statements of TOTAL S.A. as of September 30, 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 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 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 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 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.

2 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).

3 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 bond

4 Including acquisitions and increases in non-current loans.

5 Including divestments and reimbursements of non-current loans.

6 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.

7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

8 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.

9 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

11 Details shown on page 11.

12 Details shown on page 11 and in the annex to the financial statements.

13 Net cash flow = operating cash flow before working capital changes – net investments (including other transactions with non-controlling interests)

CONSOLIDATED STATEMENT OF INCOME  
TOTAL    
(unaudited)
  3rd quarter 2nd quarter 3rd quarter
(M$)(a) 2018 2018 2017
 
Sales 54,717 52,540 43,044
Excise taxes (6,317) (6,438) (5,962)
Revenues from sales 48,400 46,102 37,082
 
Purchases, net of inventory variation (32,351) (30,599) (24,367)
Other operating expenses (6,873) (6,761) (6,108)
Exploration costs (234) (158) (181)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,279) (3,435) (3,035)
Other income 581 252 404
Other expense (355) (413) (67)
 
Financial interest on debt (536) (478) (368)
Financial income and expense from cash & cash equivalents (63) (54) (45)
Cost of net debt (599) (532) (413)
 
Other financial income 290 321 204
Other financial expense (171) (159) (164)
 
Net income (loss) from equity affiliates 918 1,103 500
 
Income taxes (2,240) (2,087) (1,092)
Consolidated net income 4,087 3,634 2,763
Group share 3,957 3,721 2,724
Non-controlling interests 130 (87) 39
Earnings per share ($) 1.48 1.38 1.06
Fully-diluted earnings per share ($) 1.47 1.38 1.06
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  
TOTAL    
(unaudited)
3rd quarter 2nd quarter 3rd quarter
(M$) 2018 2018 2017
Consolidated net income 4,087 3,634 2,763
 
Other comprehensive income
 
Actuarial gains and losses 33 42 (129)
Change in fair value of investments in equity instruments (2) (2) -
Tax effect (13) (20) 36
Currency translation adjustment generated by the parent company (511) (4,761) 2,420
Items not potentially reclassifiable to profit and loss (493) (4,741) 2,327
Currency translation adjustment 93 1,330 (575)
Available for sale financial assets - - 4
Cash flow hedge 55 77 116
Variation of foreign currency basis spread (39) 2 -
Share of other comprehensive income of equity affiliates, net amount (142) 36 (209)
Other (2) (2) -
Tax effect (9) (27) (42)
Items potentially reclassifiable to profit and loss (44) 1,416 (706)
Total other comprehensive income (net amount) (537) (3,325) 1,621
       
Comprehensive income 3,550 309 4,384
Group share 3,436 450 4,346
Non-controlling interests 114 (141) 38
CONSOLIDATED STATEMENT OF INCOME
TOTAL    
(unaudited)
  9 months 9 months
(M$)(a) 2018 2017
 
Sales 156,868 124,142
Excise taxes (19,074) (16,485)
Revenues from sales 137,794 107,657
 
Purchases, net of inventory variation (92,396) (71,752)
Other operating expenses (20,571) (18,380)
Exploration costs (596) (577)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,630) (10,412)
Other income 1,356 3,299
Other expense (958) (464)
 
Financial interest on debt (1,404) (1,044)
Financial income and expense from cash & cash equivalents (158) (93)
Cost of net debt (1,562) (1,137)
 
Other financial income 851 717
Other financial expense (500) (483)
 
Net income (loss) from equity affiliates 2,505 1,358
 
Income taxes (5,923) (2,257)
Consolidated net income 10,370 7,569
Group share 10,314 7,610
Non-controlling interests 56 (41)
Earnings per share ($) 3.87 2.99
Fully-diluted earnings per share ($) 3.85 2.98

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL    
(unaudited)
9 months 9 months
(M$) 2018 2017
Consolidated net income 10,370 7,569
 
Other comprehensive income
 
Actuarial gains and losses 100 29
Change in fair value of investments in equity instruments 3 -
Tax effect (31) (17)
Currency translation adjustment generated by the parent company (3,141) 7,884
Items not potentially reclassifiable to profit and loss (3,069) 7,896
Currency translation adjustment 1,061 (1,993)
Available for sale financial assets - 4
Cash flow hedge 310 150
Variation of foreign currency basis spread (66) -
Share of other comprehensive income of equity affiliates, net amount (274) (672)
Other (4) -
Tax effect (84) (51)
Items potentially reclassifiable to profit and loss 943 (2,562)
Total other comprehensive income (net amount) (2,126) 5,334
     
Comprehensive income 8,244 12,903
Group share 8,242 12,927
Non-controlling interests 2 (24)
CONSOLIDATED BALANCE SHEET        
TOTAL
September 30, 2018 June 30, 2018 December 31, 2017 September 30, 2017
(M$) (unaudited) (unaudited)   (unaudited)
 
ASSETS
 
Non-current assets
Intangible assets, net 27,356 24,562 14,587 14,891
Property, plant and equipment, net 115,136 114,047 109,397 113,491
Equity affiliates : investments and loans 23,402 22,443 22,103 22,130
Other investments 1,602 1,396 1,727 1,124
Non-current financial assets 1,129 967 679 626
Deferred income taxes 5,186 5,348 5,206 5,345
Other non-current assets 3,167 3,384 3,984 4,291
Total non-current assets 176,978 172,147 157,683 161,898
 
Current assets
Inventories, net 19,689 18,392 16,520 14,769
Accounts receivable, net 20,010 16,974 14,893 13,738
Other current assets 18,613 14,408 14,210 13,944
Current financial assets 3,553 3,609 3,393 2,579
Cash and cash equivalents 25,252 26,475 33,185 28,583
Assets classified as held for sale 207 - 2,747 997
Total current assets 87,324 79,858 84,948 74,610
Total assets 264,302 252,005 242,631 236,508
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 8,304 8,305 7,882 7,806
Paid-in surplus and retained earnings 123,167 121,896 112,040 111,128
Currency translation adjustment (10,321) (9,764) (7,908) (8,675)
Treasury shares (2,957) (2,462) (458) (458)
Total shareholders' equity - Group share 118,193 117,975 111,556 109,801
Non-controlling interests 2,430 2,288 2,481 2,799
Total shareholders' equity 120,623 120,263 114,037 112,600
 
Non-current liabilities
Deferred income taxes 12,138 11,969 10,828 11,326
Employee benefits 3,308 3,329 3,735 4,384
Provisions and other non-current liabilities 18,740 18,807 15,986 17,140
Non-current financial debt 41,088 38,362 41,340 40,226
Total non-current liabilities 75,274 72,467 71,889 73,076
 
Current liabilities
Accounts payable 28,100 25,021 26,479 21,092
Other creditors and accrued liabilities 24,429 17,792 17,779 17,740
Current borrowings 15,180 15,659 11,096 11,206
Other current financial liabilities 669 803 245 273
Liabilities directly associated with the assets classified as held for sale 27 - 1,106 521
Total current liabilities 68,405 59,275 56,705 50,832
Total liabilities & shareholders' equity 264,302 252,005 242,631 236,508
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
3rd quarter 2nd quarter 3rd quarter
(M$) 2018 2018 2017
 
CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income 4,087 3,634 2,763
Depreciation, depletion, amortization and impairment 3,477 3,508 3,164
Non-current liabilities, valuation allowances and deferred taxes 320 35 (93)
(Gains) losses on disposals of assets (267) (148) (144)
Undistributed affiliates' equity earnings (416) (298) (110)
(Increase) decrease in working capital (1,578) (856) (1,057)
Other changes, net 113 371 (160)
Cash flow from operating activities 5,736 6,246 4,363
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (3,352) (3,513) (3,104)
Acquisitions of subsidiaries, net of cash acquired (2,714) 12 (472)
Investments in equity affiliates and other securities (271) (146) (181)
Increase in non-current loans (147) (140) (153)
Total expenditures (6,484) (3,787) (3,910)
Proceeds from disposals of intangible assets and property, plant and equipment 113 304 55
Proceeds from disposals of subsidiaries, net of cash sold (11) (7) -
Proceeds from disposals of non-current investments 107 396 147
Repayment of non-current loans 688 581 337
Total divestments 897 1,274 539
Cash flow used in investing activities (5,587) (2,513) (3,371)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 16 473 65
- Treasury shares (844) (1,182) -
Dividends paid:
- Parent company shareholders - (2,692) -
- Non-controlling interests (9) (72) (11)
Issuance of perpetual subordinated notes - - -
Payments on perpetual subordinated notes - (116) -
Other transactions with non-controlling interests (621) - (2)
Net issuance (repayment) of non-current debt 2,146 52 400
Increase (decrease) in current borrowings (1,965) (738) (3,717)
Increase (decrease) in current financial assets and liabilities 69 (1,779) 1,182
Cash flow used in financing activities (1,208) (6,054) (2,083)
Net increase (decrease) in cash and cash equivalents (1,059) (2,321) (1,091)
Effect of exchange rates (164) (1,296) 954
Cash and cash equivalents at the beginning of the period 26,475 30,092 28,720
Cash and cash equivalents at the end of the period 25,252 26,475 28,583
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
9 months 9 months
(M$) 2018 2017
 
CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income 10,370 7,569
Depreciation, depletion, amortization and impairment 10,031 10,754
Non-current liabilities, valuation allowances and deferred taxes 469 (340)
(Gains) losses on disposals of assets (540) (2,527)
Undistributed affiliates' equity earnings (973) 96
(Increase) decrease in working capital (5,656) (1,379)
Other changes, net 362 (469)
Cash flow from operating activities 14,063 13,704
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (12,530) (9,105)
Acquisitions of subsidiaries, net of cash acquired (3,428) (797)
Investments in equity affiliates and other securities (579) (1,137)
Increase in non-current loans (458) (754)
Total expenditures (16,995) (11,793)
Proceeds from disposals of intangible assets and property, plant and equipment 2,395 135
Proceeds from disposals of subsidiaries, net of cash sold (15) 2,696
Proceeds from disposals of non-current investments 691 289
Repayment of non-current loans 1,685 677
Total divestments 4,756 3,797
Cash flow used in investing activities (12,239) (7,996)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 498 486
- Treasury shares (2,584) -
Dividends paid:
- Parent company shareholders (4,208) (2,000)
- Non-controlling interests (93) (87)
Issuance of perpetual subordinated notes - -
Payments on perpetual subordinated notes (266) (219)
Other transactions with non-controlling interests (621) (2)
Net issuance (repayment) of non-current debt (282) 746
Increase (decrease) in current borrowings (996) (6,297)
Increase (decrease) in current financial assets and liabilities (555) 2,819
Cash flow used in financing activities (9,107) (4,554)
Net increase (decrease) in cash and cash equivalents (7,283) 1,154
Effect of exchange rates (650) 2,832
Cash and cash equivalents at the beginning of the period 33,185 24,597
Cash and cash equivalents at the end of the period 25,252 28,583
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, 2017 2,430,365,862 7,604 105,547 (13,871)   (10,587,822) (600)   98,680 2,894   101,574
Net income of the first nine months 2017 - - 7,610 -   - -   7,610 (41)   7,569
Other comprehensive Income - - 121 5,196   - -   5,317 17   5,334
Comprehensive Income - - 7,731 5,196   - -   12,927 (24)   12,903
Dividend - - (5,137) -   - -   (5,137) (87)   (5,224)
Issuance of common shares 72,388,372 202 3,242 -   - -   3,444 -   3,444
Purchase of treasury shares - - - -   - -   - -   -
Sale of treasury shares(a) - - (142) -   2,209,716 142   - -   -
Share-based payments - - 113 -   - -   113 -   113
Share cancellation - - - -   - -   - -   -
Issuance of perpetual subordinated notes - - - -   - -   - -   -
Payments on perpetual subordinated notes - - (223) -   - -   (223) -   (223)
Other operations with

non-controlling interests

- - (7) -   - -   (7) 5   (2)
Other items - - 4 -   - -   4 11   15
As of September 30, 2017 2,502,754,234 7,806 111,128 (8,675)   (8,378,106) (458)   109,801 2,799   112,600
Net income of the fourth quarter 2017 - - 1,021 -   - -   1,021 (291)   730
Other comprehensive Income - - 597 767   - -   1,364 27   1,391
Comprehensive Income - - 1,618 767   - -   2,385 (264)   2,121
Dividend - - (1,855) -   - -   (1,855) (54)   (1,909)
Issuance of common shares 26,235,382 76 1,189 -   - -   1,265 -   1,265
Purchase of treasury shares - - - -   - -   - -   -
Sale of treasury shares(a) - - - -   1,350 -   - -   -
Share-based payments - - 38 -   - -   38 -   38
Share cancellation - - - -   - -   - -   -
Issuance of perpetual subordinated notes - - - -   - -   - -   -
Payments on perpetual subordinated notes - - (79) -   - -   (79) -   (79)
Other operations with

non-controlling interests

- - (1) -   - -   (1) (1)   (2)
Other items - - 2 -   - -   2 1   3
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 of the first nine months 2018 - - 10,314 -   - -   10,314 56   10,370
Other comprehensive Income - - 341 (2,413)   - -   (2,072) (54)   (2,126)
Comprehensive Income - - 10,655 (2,413)   - -   8,242 2   8,244
Dividend - - (6,078) -   - -   (6,078) (93)   (6,171)
Issuance of common shares 137,393,893 422 7,265 -   - -   7,687 -   7,687
Purchase of treasury shares - - - -   (45,047,172) (2,740)   (2,740) -   (2,740)
Sale of treasury shares(a) - - (241) -   4,079,257 241   - -   -
Share-based payments - - 246 -   - -   246 -   246
Share cancellation - - - -   - -   - -   -
Issuance of perpetual subordinated notes - - - -   - -   - -   -
Payments on perpetual subordinated notes - - (239) -   - -   (239) -   (239)
Other operations with

non-controlling interests

- - (455) -   - -   (455) (57)   (512)
Other items - - (26) -   - -   (26) 97   71
As of September 30, 2018 2,666,383,509 8,304 123,167 (10,321)   (49,344,671) (2,957)   118,193 2,430   120,623
(a)Treasury shares related to the restricted stock grants.
INFORMATIONS BY BUSINESS SEGMENT
TOTAL              
(unaudited)
               
3rd quarter 2018 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
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) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
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) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
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 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
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 comparative information has been restated.
INFORMATIONS BY BUSINESS SEGMENT
TOTAL              
(unaudited)
               
2nd quarter 2018 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 3,398 3,268 23,349 22,528 (3) - 52,540
Intersegment sales 7,793 430 9,440 293 (63) (17,893) -
Excise taxes - - (867) (5,571) - - (6,438)
Revenues from sales 11,191 3,698 31,922 17,250 (66) (17,893) 46,102
Operating expenses (4,934) (3,570) (30,369) (16,416) (122) 17,893 (37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (464) (304) (172) (11) - (3,435)
Operating income 3,773 (336) 1,249 662 (199) - 5,149
Net income (loss) from equity affiliates and other items 569 128 289 107 11 - 1,104
Tax on net operating income (1,772) (19) (279) (194) 85 - (2,179)
Net operating income 2,570 (227) 1,259 575 (103) - 4,074
Net cost of net debt (440)
Non-controlling interests             87
Net income - group share 3,721
               
2nd quarter 2018 (adjustments)(a) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales - 24 - - - - 24
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 24 - - - - 24
Operating expenses (97) (9) 569 134 - - 597
Depreciation, depletion and impairment of tangible assets and mineral interests - (424) - - - - (424)
Operating income (b) (97) (409) 569 134 - - 197
Net income (loss) from equity affiliates and other items (66) (4) 46 1 - - (23)
Tax on net operating income 46 (7) (177) (38) - - (176)
Net operating income (b) (117) (420) 438 97 - - (2)
Net cost of net debt (9)
Non-controlling interests             179
Net income - group share 168
 
(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 - - 569 134 -
- On net operating income - - 438 97 -
               
2nd quarter 2018 (adjusted) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 3,398 3,244 23,349 22,528 (3) - 52,516
Intersegment sales 7,793 430 9,440 293 (63) (17,893) -
Excise taxes - - (867) (5,571) - - (6,438)
Revenues from sales 11,191 3,674 31,922 17,250 (66) (17,893) 46,078
Operating expenses (4,837) (3,561) (30,938) (16,550) (122) 17,893 (38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (40) (304) (172) (11) - (3,011)
Adjusted operating income 3,870 73 680 528 (199) - 4,952
Net income (loss) from equity affiliates and other items 635 132 243 106 11 - 1,127
Tax on net operating income (1,818) (12) (102) (156) 85 - (2,003)
Adjusted net operating income 2,687 193 821 478 (103) - 4,076
Net cost of net debt (431)
Non-controlling interests             (92)
Adjusted net income - group share 3,553
               
2nd quarter 2018 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Total expenditures 2,980 79 404 310 14 3,787
Total divestments 500 405 324 45 - 1,274
Cash flow from operating activities (*) 4,628 104 999 841 (326)   6,246
 
(*) 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 comparative information has been restated.
INFORMATIONS BY BUSINESS SEGMENT
TOTAL              
(unaudited)
               
3rd quarter 2017 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 2,121 2,903 18,923 19,086 11 - 43,044
Intersegment sales 5,665 286 6,592 207 89 (12,839) -
Excise taxes - - (799) (5,163) - - (5,962)
Revenues from sales 7,786 3,189 24,716 14,130 100 (12,839) 37,082
Operating expenses (3,632) (3,117) (23,110) (13,386) (250) 12,839 (30,656)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,548) (51) (258) (170) (8) - (3,035)
Operating income 1,606 21 1,348 574 (158) - 3,391
Net income (loss) from equity affiliates and other items 521 12 179 133 32 - 877
Tax on net operating income (745) 7 (379) (173) 100 - (1,190)
Net operating income 1,382 40 1,148 534 (26) - 3,078
Net cost of net debt (315)
Non-controlling interests             (39)
Net income - group share 2,724
               
3rd quarter 2017 (adjustments)(a) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales - (14) - - - - (14)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (14) - - - - (14)
Operating expenses (2) (32) 166 51 - - 183
Depreciation, depletion and impairment of tangible assets and mineral interests (57) - - - - - (57)
Operating income (b) (59) (46) 166 51 - - 112
Net income (loss) from equity affiliates and other items (2) (15) 12 (5) - - (10)
Tax on net operating income 4 4 (50) (18) - - (60)
Net operating income (b) (57) (57) 128 28 - - 42
Net cost of net debt (7)
Non-controlling interests             15
Net income - group share 50
 
(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 - - 210 51 -
- On net operating income - - 156 36 -
               
3rd quarter 2017 (adjusted) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 2,121 2,917 18,923 19,086 11 - 43,058
Intersegment sales 5,665 286 6,592 207 89 (12,839) -
Excise taxes - - (799) (5,163) - - (5,962)
Revenues from sales 7,786 3,203 24,716 14,130 100 (12,839) 37,096
Operating expenses (3,630) (3,085) (23,276) (13,437) (250) 12,839 (30,839)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,491) (51) (258) (170) (8) - (2,978)
Adjusted operating income 1,665 67 1,182 523 (158) - 3,279
Net income (loss) from equity affiliates and other items 523 27 167 138 32 - 887
Tax on net operating income (749) 3 (329) (155) 100 - (1,130)
Adjusted net operating income 1,439 97 1,020 506 (26) - 3,036
Net cost of net debt (308)
Non-controlling interests             (54)
Adjusted net income - group share 2,674
               
3rd quarter 2017 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Total expenditures 3,228 99 357 190 36 3,910
Total divestments 339 - 24 150 26 539
Cash flow from operating activities (*) 3,010 348 652 624 (271)   4,363
 
(*) 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 comparative information has been restated.
INFORMATIONS BY BUSINESS SEGMENT
TOTAL              
(unaudited)
               
9 months 2018 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 8,599 12,626 68,660 66,980 3 - 156,868
Intersegment sales 23,255 1,353 26,676 733 46 (52,063) -
Excise taxes - - (2,537) (16,537) - - (19,074)
Revenues from sales 31,854 13,979 92,799 51,176 49 (52,063) 137,794
Operating expenses (13,538) (13,631) (88,841) (49,066) (550) 52,063 (113,563)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,548) (618) (911) (522) (31) - (9,630)
Operating income 10,768 (270) 3,047 1,588 (532) - 14,601
Net income (loss) from equity affiliates and other items 2,039 227 638 302 48 - 3,254
Tax on net operating income (5,297) (67) (675) (463) 327 - (6,175)
Net operating income 7,510 (110) 3,010 1,427 (157) - 11,680
Net cost of net debt (1,310)
Non-controlling interests             (56)
Net income - group share 10,314
               
9 months 2018 (adjustments)(a) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales - 13 - - - - 13
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 13 - - - - 13
Operating expenses (200) (165) 707 152 (9) - 485
Depreciation, depletion and impairment of tangible assets and mineral interests (65) (485) - - - - (550)
Operating income (b) (265) (637) 707 152 (9) - (52)
Net income (loss) from equity affiliates and other items (128) (40) 34 - - - (134)
Tax on net operating income 169 (13) (210) (44) - - (98)
Net operating income (b) (224) (690) 531 108 (9) - (284)
Net cost of net debt (63)
Non-controlling interests             266
Net income - group share (81)
 
(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 - - 710 152 -
- On net operating income - - 550 108 -
               
9 months 2018 (adjusted) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 8,599 12,613 68,660 66,980 3 - 156,855
Intersegment sales 23,255 1,353 26,676 733 46 (52,063) -
Excise taxes - - (2,537) (16,537) - - (19,074)
Revenues from sales 31,854 13,966 92,799 51,176 49 (52,063) 137,781
Operating expenses (13,338) (13,466) (89,548) (49,218) (541) 52,063 (114,048)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,483) (133) (911) (522) (31) - (9,080)
Adjusted operating income 11,033 367 2,340 1,436 (523) - 14,653
Net income (loss) from equity affiliates and other items 2,167 267 604 302 48 - 3,388
Tax on net operating income (5,466) (54) (465) (419) 327 - (6,077)
Adjusted net operating income 7,734 580 2,479 1,319 (148) - 11,964
Net cost of net debt (1,247)
Non-controlling interests             (322)
Adjusted net income - group share 10,395
               
9 months 2018 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Total expenditures 11,647 3,329 1,113 831 75 16,995
Total divestments 3,314 612 437 390 3 4,756
Cash flow from operating activities (*) 13,018 (629) 1,228 1,533 (1,087)   14,063
 
(*) 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 comparative information has been restated.
INFORMATIONS BY BUSINESS SEGMENT
TOTAL              
(unaudited)
               
9 months 2017 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 6,292 8,771 54,844 54,215 20 - 124,142
Intersegment sales 16,331 869 18,954 650 284 (37,088) -
Excise taxes - - (2,180) (14,305) - - (16,485)
Revenues from sales 22,623 9,640 71,618 40,560 304 (37,088) 107,657
Operating expenses (10,866) (9,443) (67,906) (38,780) (802) 37,088 (90,709)
Depreciation, depletion and impairment of tangible assets and mineral interests (8,960) (163) (790) (472) (27) - (10,412)
Operating income 2,797 34 2,922 1,308 (525) - 6,536
Net income (loss) from equity affiliates and other items 1,198 (20) 2,780 421 48 - 4,427
Tax on net operating income (1,696) (54) (877) (404) 485 - (2,546)
Net operating income 2,299 (40) 4,825 1,325 8 - 8,417
Net cost of net debt (848)
Non-controlling interests             41
Net income - group share 7,610
               
9 months 2017 (adjustments)(a) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales - (41) - - - - (41)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (41) - - - - (41)
Operating expenses (119) (146) (188) (44) (64) - (561)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,926) (25) (50) - - - (2,001)
Operating income (b) (2,045) (212) (238) (44) (64) - (2,603)
Net income (loss) from equity affiliates and other items (216) (94) 2,168 121 - - 1,979
Tax on net operating income 380 13 (9) 8 22 - 414
Net operating income (b) (1,881) (293) 1,921 85 (42) - (210)
Net cost of net debt (21)
Non-controlling interests             135
Net income - group share (96)
 
(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 - - (79) (18) -
- On net operating income - - (56) (14) -
               
9 months 2017 (adjusted) Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Non-Group sales 6,292 8,812 54,844 54,215 20 - 124,183
Intersegment sales 16,331 869 18,954 650 284 (37,088) -
Excise taxes - - (2,180) (14,305) - - (16,485)
Revenues from sales 22,623 9,681 71,618 40,560 304 (37,088) 107,698
Operating expenses (10,747) (9,297) (67,718) (38,736) (738) 37,088 (90,148)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,034) (138) (740) (472) (27) - (8,411)
Adjusted operating income 4,842 246 3,160 1,352 (461) - 9,139
Net income (loss) from equity affiliates and other items 1,414 74 612 300 48 - 2,448
Tax on net operating income (2,076) (67) (868) (412) 463 - (2,960)
Adjusted net operating income 4,180 253 2,904 1,240 50 - 8,627
Net cost of net debt (827)
Non-controlling interests             (94)
Adjusted net income - group share 7,706
               
9 months 2017 Exploration

&

Production

Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
(M$)
Total expenditures 9,312 491 1,024 887 79 11,793
Total divestments 584 27 2,784 368 34 3,797
Cash flow from operating activities (*) 8,647 388 4,381 1,206 (918)   13,704
 
(*) 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 comparative information has been restated.
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
      Consolidated
3rd quarter 2018 statement
(M$) Adjusted   Adjustments(a)   of income
Sales 54,717 - 54,717
Excise taxes (6,317) - (6,317)
Revenues from sales 48,400 - 48,400
 
Purchases net of inventory variation (32,567) 216 (32,351)
Other operating expenses (6,766) (107) (6,873)
Exploration costs (234) - (234)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,175) (104) (3,279)
Other income 465 116 581
Other expense (209) (146) (355)
 
Financial interest on debt (492) (44) (536)
Financial income and expense from cash & cash equivalents (63) - (63)
Cost of net debt (555) (44) (599)
 
Other financial income 290 - 290
Other financial expense (171) - (171)
 
Net income (loss) from equity affiliates 865 53 918
 
Income taxes (2,235)   (5)   (2,240)
Consolidated net income 4,108 (21) 4,087
Group share 3,958 (1) 3,957
Non-controlling interests 150 (20) 130
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
     
Consolidated
3rd quarter 2017 statement
(M$) Adjusted   Adjustments(a)   of income
Sales 43,058 (14) 43,044
Excise taxes (5,962) - (5,962)
Revenues from sales 37,096 (14) 37,082
 
Purchases net of inventory variation (24,585) 218 (24,367)
Other operating expenses (6,073) (35) (6,108)
Exploration costs (181) - (181)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,978) (57) (3,035)
Other income 238 166 404
Other expense (65) (2) (67)
 
Financial interest on debt (361) (7) (368)
Financial income and expense from cash & cash equivalents (45) - (45)
Cost of net debt (406) (7) (413)
 
Other financial income 204 - 204
Other financial expense (164) - (164)
 
Net income (loss) from equity affiliates 674 (174) 500
 
Income taxes (1,032)   (60)   (1,092)
Consolidated net income 2,728 35 2,763
Group share 2,674 50 2,724
Non-controlling interests 54 (15) 39
 
(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)
      Consolidated
9 months 2018 statement of
(M$) Adjusted   Adjustments(a) income
Sales 156,855 13 156,868
Excise taxes (19,074) - (19,074)
Revenues from sales 137,781 13 137,794
 
Purchases net of inventory variation (93,190) 794 (92,396)
Other operating expenses (20,262) (309) (20,571)
Exploration costs (596) - (596)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,080) (550) (9,630)
Other income 1,093 263 1,356
Other expense (324) (634) (958)
 
Financial interest on debt (1,341) (63) (1,404)
Financial income and expense from cash & cash equivalents (158) - (158)
Cost of net debt (1,499) (63) (1,562)
 
Other financial income 851 - 851
Other financial expense (500) - (500)
 
Net income (loss) from equity affiliates 2,268 237 2,505
 
Income taxes (5,825)   (98) (5,923)
Consolidated net income 10,717 (347) 10,370
Group share 10,395 (81) 10,314
Non-controlling interests 322 (266) 56
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
      Consolidated
9 months 2017 statement of
(M$) Adjusted   Adjustments(a) income
Sales 124,183 (41) 124,142
Excise taxes (16,485) - (16,485)
Revenues from sales 107,698 (41) 107,657
 
Purchases net of inventory variation (71,514) (238) (71,752)
Other operating expenses (18,057) (323) (18,380)
Exploration costs (577) - (577)
Depreciation, depletion and impairment of tangible assets and mineral interests (8,411) (2,001) (10,412)
Other income 552 2,747 3,299
Other expense (181) (283) (464)
 
Financial interest on debt (1,023) (21) (1,044)
Financial income and expense from cash & cash equivalents (93) - (93)
Cost of net debt (1,116) (21) (1,137)
 
Other financial income 717 - 717
Other financial expense (483) - (483)
 
Net income (loss) from equity affiliates 1,843 (485) 1,358
 
Income taxes (2,671)   414 (2,257)
Consolidated net income 7,800 (231) 7,569
Group share 7,706 (96) 7,610
Non-controlling interests 94 (135) (41)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Contacts

Total
Media Relations:
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Contacts

Total
Media Relations:
+33 1 47 44 46 99
presse@total.com
@TotalPress
or
Investors Relations:
+44 (0)207 719 7962
ir@total.com