First quarter 2009 results1-2
=- Adjusted net income 3 2.1 billion euros -35%
2.8 billion dollars -44%
0.95 euros per share -35%
1.23 dollars per share -43%
=- Net income (Group share) 2.3 billion euros -36%
Highlights since the beginning of the first quarter 2009
-- Upstream production of 2,322 kboe/d in the first quarter 2009
-- Started up deep-offshore Nigeria Akpo field
-- Formed a strategic alliance with Cobalt International Energy,
L.P. for deep-offshore Gulf of Mexico exploration
-- Launched engineering studies for Ichthys LNG in Australia
-- Extended contract for Gasco joint venture in the United Arab
Emirates, renewed Blocks C17 and C137 contracts in Libya, and
extended
concessions for Aguada Pichana and San Roque in Argentina
-- Signed heads of agreement with Japanese buyers to deliver 25
million tons of LNG between 2011 and 2020 from Bontang in
Indonesia
-- Signed exploration contracts for the Absheron block in
Azerbaïdjan with SOCAR and for the DBSCL-02 and 03 blocks in
the
Mekong Delta area with Petrovietnam
-- Acquired a 50% interest in a research and demonstration program
for the development of shale oil in Colorado
-- Consolidated European styrene production at Gonfreville plant
with start-up of expanded world-class unit
-- Announced a plan to adapt and modernize refining and
petrochemicals activities in France
-- Announced a project to build a plant in France to manufacture
silicium wafers to supply the photovoltaic industry
-- Partnership with GDF SUEZ for the EPR project in Penly in France
The Board of Directors of Total (Paris:FP) (LSE:TTA) (NYSE:TOT),
led by Chairman Thierry Desmarest, met on May 5, 2009 to review the
Group's first quarter 2009 accounts.
Adjusted net income was 2,113 million euros (MEUR), a decrease
of 35% compared to the first quarter 2008.
Commenting on the results, CEO Christophe de Margerie said :
« In the first quarter 2009, the Brent oil price fell by more
than 50% compared to the first quarter 2008 and 20% compared to the
fourth quarter 2008. Supported by OPEC production cuts, Brent has
traded around the 40-50 $/b range. The price of natural gas
declined significantly in the main markets. The European refining
margin indicator, while higher than in the previous year,
deteriorated progressively. The environment for chemicals suffered
the full impact of the decline in demand. The dollar averaged 1.30
$/EUR.
In an environment dominated by global recession, our first
quarter 2009 adjusted net income expressed in dollars was 2.8
billion dollars (B$), a decrease of 44% compared to the first
quarter 2008, the most limited decrease among the majors. The Group
invested 3.7 B$, a pace comparable to the same period in 2008, and
generated 2 B$ of net cash flow. The net-debt-to-equity ratio was
19% at March 31, 2009.
These results demonstrate the resilience and financial strength
of the Group and its capacity to pursue its development in a weak
environment.
Total's hydrocarbon production decreased, essentially due to the
impact of OPEC reductions. The giant Akpo field in deep-offshore
Nigeria started up at the end of the quarter and will contribute
significantly to production for the rest of the year. Development
is ongoing for four additional major projects for the Group in
2009, Tahiti in the Gulf of Mexico, Yemen LNG, Tombua Landana in
Angola and Qatargas II train B, which should start up between now
and the end of the year.
While keeping its commitment to safety and the environment,
Total initiated plans in all of its segments to reduce costs and
optimize pending projects. In addition, the Group announced a plan
during the quarter to modernize its refining and petrochemicals
activities in France within the framework of its strategy to adapt
its industrial sites.
In addition, the Group continued to seize targeted opportunities
to strengthen its portfolio for the long term. Notably, Total
entered into a strategic alliance for exploration in the Gulf of
Mexico. This venture, along with recent contract extensions in key
countries, reaffirms the Group's confidence in its model for
organic growth to create value over the long term.
Total, as a leading player in most countries where it operates,
continues, more than ever, to participate in the development of
local economies. Our financial strength and discipline allow us to
pursue our strategy of maintaining a strong investment program, an
ongoing level of recruitment, and socially responsible actions to
sustain our model for growth. »
-- Key figures 4
in millions of euros 1Q09 vs
except earnings per share 1Q09 4Q08 1Q08 1Q08
and number of shares
Sales 30,041 38,714 44,213 -32 %
Adjusted operating income 3,615 5,126 7,119 -49 %
from business segments
Adjusted net operating income 2,050 2,942 3,200 -36 %
from business segments
=- Upstream 1,482 1,995 2,731 -46 %
=- Downstream 600 770 311 +93 %
=- Chemicals -32 177 158 na
Adjusted net income 2,113 2,873 3,254 -35 %
Adjusted fully-diluted 0.95 1.29 1.44 -35 %
earnings
per share (euros)
Fully-diluted 2,235.4 2,235.5 2,254.0 -1 %
weighted-average
shares (millions)
Net income (Group share) 2,290 -794 3,602 -36 %
Investments 2,935 4,758 2,643 +11 %
Investmentsincluding net 2,840 4,565 2,546 +12 %
investments in equity
affiliates
and non-consolidated
companies
Divestments 472 943 198 +138 %
Cash flow from operations 3,994 4,093 5,316 -25 %
Adjusted cash flow 3,372 4,830 4,331 -22 %
from operations
in millions of dollars5except 1Q09 4Q08 1Q08 1Q09 vs 1Q08
earnings
per share and number
of shares
Sales 39,140 51,025 66,213 -41 %
Adjusted operating income 4,710 6,756 10,661 -56 %
from business segments
Adjusted net operating income 2,671 3,878 4,792 -44 %
from business segments
=- Upstream 1,931 2,629 4,090 -53 %
=- Downstream 782 1,015 466 +68 %
=- Chemicals -42 233 237 na
Adjusted net income 2,753 3,787 4,873 -44 %
Adjusted fully-diluted 1.23 1.69 2.16 -43 %
earnings
per share (dollars)
Fully-diluted 2,235.4 2,235.5 2,254.0 -1 %
weighted-average
shares (millions)
Net income (Group share) 2,984 -1,046 5,394 -45 %
Investments 3,824 6,271 3,958 -3 %
Investmentsincluding net 3,700 6,017 3,813 -3 %
investments in equity
affiliates
and non-consolidated
companies
Divestments 615 1,243 297 +107 %
Cash flow from operations 5,204 5,395 7,961 -35 %
Adjusted cash flow 4,393 6,366 6,486 -32 %
from operations
-- First quarter 2009 results
>Operating income
In the first quarter 2009, the Brent price averaged 44.5 $/b, a
decrease of 54% compared to the first quarter 2008 and 20% compared
to the fourth quarter 2008. The European refining margin indicator
averaged 34.7 $/t for the first quarter 2009, an increase compared
to the first quarter 2008, but was poor in the month of March.
Petrochemical margins continued to be affected by weak demand.
The euro-dollar exchange rate averaged 1.30 $/EUR in the first
quarter 2009 compared to 1.50 $/EUR in the first quarter 2008 and
1.32 $/EUR in the fourth quarter 2008.
In this environment, the adjusted operating income from the
business segments6 was 3,615 MEUR, a decrease of 49% compared to
the first quarter 2008. Expressed in dollars, the decrease was
56%.
The effective tax rate7 for the business segments was 52% in the
first quarter 2009 compared to 59% in the first quarter 2008, with
the lower rate resulting mainly from the decrease in the share of
the Upstream segment in adjusted operating income from business
segments and the decrease in the effective tax rate for the
Upstream segment. The effective tax rate for the business segments
was 51% in the fourth quarter 2008.
Adjusted net operating income from the business segments was
2,050 MEUR compared to 3,200 MEUR in the first quarter 2008, a
decrease of 36%.
The smaller decrease, relative to the decrease in adjusted
operating income, is essentially due to the lower effective tax
rate between the two quarters.
Expressed in dollars, adjusted net operating income from the
business segments was 2.7 billion dollars (B$), a decrease of 44%
compared to the first quarter 2008 and 31% compared to the fourth
quarter 2008.
>Net income
Adjusted net income was 2,113 MEUR compared to 3,254 MEUR in the
first quarter 2008, a decrease of 35%. Expressed in dollars,
adjusted net income decreased by 44%.
This excludes the after-tax inventory effect, special items, and
the Group's equity share of the amortization of intangibles related
to the Sanofi-Aventis merger.
-- The after-tax inventory effect had a positive impact on net income of
327 MEUR in the first quarter 2009 and 274 MEUR in the first
quarter 2008.
-- Special items had a negative impact on net income of 87 MEUR in the
first quarter 2009, and were comprised mainly of provisions in
the
Downstream and Chemicals segments. Special items had a positive
impact
on net income of 145 MEUR in the first quarter 2008.
-- The Group's share of the amortization of intangibles related to the
Sanofi-Aventis merger had a negative impact on net income of 63
MEUR in
the first quarter 2009 and 71 MEUR in the first quarter
2008.
Reported net income (Group share) was 2,290 MEUR compared to
3,602 MEUR in the first quarter 2008.
The effective tax rate7 for the Group was 52% in the first
quarter 2009.
The Group did not buy back shares in the first quarter 2009.
Adjusted fully-diluted earnings per share, based on 2,235.4
million fully-diluted weighted-average shares, was 0.95 euros
compared to 1.44 euros in the first quarter 2008, a decrease of
35%.
Expressed in dollars, adjusted fully-diluted earnings per share
fell by 43% to $1.23.
>Investments - divestments8
Investments, excluding acquisitions and including net
investments in equity affiliates and non-consolidated companies,
were 2.7 BEUR (3.6 B$) in the first quarter 2009 compared to 2.5
BEUR (3.7 B$) in the first quarter 2008.
Acquisitions were 93 MEUR in the first quarter 2009.
Asset sales in the first quarter 2009 were 359 MEUR, consisting
essentially of Sanofi-Aventis shares.
Net investments9 were 3.2 B$ in the first quarter 2009 compared
to 3.7 B$ in the first quarter 2008.
>Cash flow
Cash flow from operating activities was 3,994 MEUR in the first
quarter 2009, a decrease of 25% compared to the first quarter
2008.
Adjusted cash flow 10 was 3,372 MEUR, a decrease of 22%.
Expressed in dollars, adjusted cash flowwas 4.4 B$, a decrease
of 32%.
Net cash flow11 for the Group was 1,531 MEUR compared to 2,871
MEUR in the first quarter 2008.
Expressed in dollars, net cash flow for the Group was 2 B$ in
the first quarter 2009.
The net-debt-to-equity ratio was 19.1% on March 31, 2009
compared to 22.5% on December 31, 2008 and 21.0% on March 31,
2008.
-- Analysis of business segment results
Upstream
>Environment - liquids and gas price realizations *
1Q09 4Q08 1Q08 1Q09 vs
1Q08
Brent ($/b) 44.5 55.5 96.7 -54 %
Average liquids price ($/b) 41.5 49.4 90.7 -54 %
Average gas price ($/Mbtu) 5.98 7.57 6.67 -10 %
Average hydrocarbons price ($/boe) 38.8 47.1 70.5 -45 %
* consolidated subsidiaries, excluding fixed margin and buy-back
contracts.
Total's average realized liquids price decreased by 54% compared
to the first quarter 2008, in line with the change in Brent.
The average realized price for Total's natural gas decreased by
10% compared to the first quarter 2008, reflecting the positive lag
effect in certain gas contract price formulas.
>Production
Hydrocarbon production 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Combined production (kboe/d) 2,322 2,354 2,426 -4.3 %
= Liquids (kb/d) 1,413 1,434 1,510 -6.4 %
= Gas (Mcf/d) 4,957 5,127 4,989 -0.6 %
In the first quarter 2009, hydrocarbon production was 2,322
thousand barrels of oil equivalent per day (kboe/d), a decrease of
close to 4.5% compared to the first quarter 2008, mainly as a
result of :
-- -4% for OPEC reductions,
-- -1.5% related to disruptions in Nigeria due to security issues,
notably with the shutdown of the Soku gas plant,
-- -1.5% for portfolio changes, mainly the dilution of PetroCedeño in
Venezuela
-- +2.5% for the price effect12,
The start-up of new projects, such as Jura in the North Sea and
Moho Bilondo in Congo, offsets the natural decline.
Compared to the fourth quarter 2008, hydrocarbon production
decreased by close to 1.5% due to negative impacts from OPEC
reductions (-3%), disruptions in Nigeria due to security issues
(-1%) and portfolio changes (-1.5%). These negative impacts were
partially offset by positive impacts that increased production by
4%, mainly linked to the re-start of the Al Jurf field in Libya,
production ramp-ups on new fields, and the price effect12.
Results
in millions of euros 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Adjusted operating income* 2,892 3,727 6,423 -55 %
Adjusted net operating income* 1,482 1,995 2,731 -46 %
Includes income from equity affiliates 227 269 282 -20 %
Investments 2,250 3,283 2,178 +3 %
Divestments 129 270 107 +21 %
Cash flow 2,578 2,139 4,251 -39 %
Adjusted cash flow 2,679 2,849 3,845 -30 %
* detail of adjustment items shown in business segment
information.
Adjusted net operating income for the Upstream segment was 1,482
MEUR in the first quarter 2009 compared to 2,731 MEUR in the first
quarter 2008, a decrease of 46%.
Expressed in dollars, adjusted net operating income for the
Upstream segment decreased by 53%, reflecting essentially the
impact of lower hydrocarbon prices.
The effective tax rate for the Upstream segment was 58% compared
to 62% in the first quarter 2008, reflecting mainly lower oil
prices and mix effects. The effective tax rate was 57% in the
fourth quarter 2008.
The return on average capital employed (ROACE13) for the
Upstream segment for the twelve months ended March 31, 2009 was
31.2% compared to 35.9% for 2008.
Downstream
>Refinery throughput and utilization rates*
1Q09 4Q08 1Q08 1Q09 vs
1Q08
Total refinery throughput (kb/d) 2,236 2,371 2,389 -6 %
=- France 895 944 930 -4 %
=- Rest of Europe 1,086 1,146 1,169 -7 %
=- Rest of world 255 281 290 -12 %
Utilization rates
=- Based on crude only 81 % 90 % 87 %
=- Based on crude and 86 % 91 % 92 %
other feedstock
* includes share of CEPSA.
Refinery throughput decreased by 6% compared to the first
quarter 2008, reflecting mainly a larger impact from turnarounds
for maintenance, which affected the Lindsey and Donges refineries
in the first quarter 2009, and a discretionary reduction of volumes
at the Port Arthur refinery in March.
The utilization rates based on crude throughput and based on the
throughput of crude and other feedstock were 81% and 86%
respectively in the first quarter 2009 compared to 87% and 92% in
the first quarter 2008 and 90% and 91% in the fourth quarter
2008.
>Results
in millions of euros 1Q09 4Q08 1Q08 1Q09 vs
except TRCV refining margins 1Q08
European refining margin 34.7 41.4 24.6 +41 %
indicator - TRCV ($/t)
Adjusted operating income* 791 1,145 498 +59 %
Adjusted net operating income* 600 770 311 +93 %
includes income from equity affiliates 33 21 2 x16.5
Investments 495 972 294 +68 %
Divestments 36 18 24 +50 %
Cash flow from operating activities 1,648 603 1,168 +41 %
Adjusted cash flow 934 1,409 520 +80 %
* detail of adjustment items shown in business segment
information in the financial statements.
The European refinery indicator averaged 34.7 $/t over the
quarter, an increase of 41% compared to the first quarter 2008 and
a decrease of 16% compared to the fourth quarter 2008. At the end
of the quarter, margins were notably affected by a drop in
distillate margins linked to weak demand.
Adjusted net operating income from the Downstream segment was
600 MEUR in the first quarter 2009, an increase of 93% compared to
the first quarter 2008 and a decrease of 22% compared to the fourth
quarter 2008.
Expressed in dollars, adjusted net operating income for the
Downstream segment increased by 68% compared to the first quarter
2008 and decreased by 23% compared to the fourth quarter 2008.
The ROACE14 for the Downstream segment for the twelve months
ended March 31, 2009 was 23.3% compared to 19.9% for 2008.
Chemicals
in millions of euros 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Sales 3,218 4,012 5,229 -38 %
=- Base chemicals 1,776 2,449 3,420 -48 %
=- Specialties 1,442 1,563 1,809 -20 %
Adjusted operating income* (68 ) 254 198 na
Adjusted net operating income* (32 ) 177 158 na
Base chemicals (40 ) 109 61 na
Specialties 16 55 98 -84 %
Investments 179 477 164 +9 %
Divestments 6 20 7 -14 %
Cash flow from operating activities 178 939 (202 ) na
Adjusted cash flow (134 ) 323 266 na
*detail of adjustment items shown in business segment
information in the financial statements.
In the first quarter 2009, petrochemical margins and volumes
were impacted by weak global demand. The environment for Specialty
chemicals, particularly in the auto and construction markets, was
also severely impacted by the economic crisis.
First quarter 2009 sales for the Chemical segment were 3,218
MEUR, a decrease of 38% compared to the first quarter 2008.
The adjusted net operating loss for the Chemicals segment was 32
MEUR.
The ROACE15 for the Chemicals segment for the twelve months
ended March 31, 2009 was 6.6% compared to 9.2% for 2008.
-- Summary and outlook
The ROACE16 for the Group for the twelve months ended March 31,
2009 was 24% compared to 26% for 2008. Return on equity for the
twelve months ended March 31, 2009 was 28.2% compared to 31.5% for
2008.
Pending approval at the Annual Shareholders Meeting on May 15,
2009, TOTAL S.A. will pay on May 22, 2009 the remaining 1.14 EUR
per share17 of the 2008 dividend, which is equal in amount to the
interim dividend paid in November 2008. The full-year 2008 dividend
of 2.28 EUR per share represents an increase of 10%.
The coming months will be marked by a ramp-up in production from
the Akpo field in Nigeria and the start-up of four additional major
Upstream projects, Tahiti in the Gulf of Mexico, Yemen LNG and then
Tombua Landana in Angola and Qatargas II. In the Downstream, Total
will study with Saudi Aramco the bids for the construction of the
Jubail refinery in Saudi Arabia. In petrochemicals, Qatofin, one of
the largest ethane-based crackers in the world, is expected to
enter into service by year-end in Qatar. At Lacq, in the south of
France, the CO2 capture and sequestration pilot program should
start in the summer.
Cost reduction programs that have been initiated across the
company, combined with lower prices for services and materials,
will reduce the 2009 breakeven point. Teams have also been
mobilized to cut development costs as a prerequisite to launch
pending projects.
Since the beginning of the second quarter 2009, the Brent price
has stabilized around 50 $/b. Market conditions in the Downstream
and Chemicals are difficult due to weak demand, despite lower raw
material costs.
Total's financial strength, discipline and capacity to adapt
allow it to maintain, even in a weak environment, its investment
policy, its dividend policy and its commitment to operate
throughout the world as a responsible company.
To listen to CFO Patrick de la Chevardière's conference call
with financial analysts today at 15:00 (Paris time) please log on
to www.total.comor call +44 (0)203 043 2440 in Europe or +1 866 907
5930 in the U.S. (access code : Total). For a replay, please
consult the website or call +44 (0)207 075 3214 in Europe or 1 866
828 2261 in the US (code : 246 225).
The March 31, 2009 notes to the consolidated accounts are
available on the Total web site (www.total.com). This document may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to
the financial condition, results of operations, business, strategy
and plans of Total. Such statements are based on a number of
assumptions that could ultimately prove inaccurate, and are subject
to a number of risk factors, 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. Total does not assume any
obligation to update publicly any forward-looking statement,
whether as a result of new information, future events or otherwise.
Further information on factors which could affect the company's
financial results is provided in documents filed by the Group and
its affiliates with the French Autorité des Marchés Financiers and
the US Securities and Exchange Commission.
Business segment information is presented in accordance with the
Group internal reporting system used by the Chief operating
decision maker to measure performance and allocate resources
internally. Due to their particular nature or 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, certain transactions such as restructuring
costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as
special items although they may have occurred within prior years or
are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are
also presented according to the replacement cost method. This
method is used to assess the segments' performance and ensure the
comparability of the segments' results with those of its
competitors, mainly North American.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) method, the variation of inventory values in
the income statement is determined by the average price of the
period rather than the historical value. The inventory valuation
effect is the difference between the results according to FIFO
(First-In, First-Out) and replacement cost.
In this framework, performance measures such as adjusted
operating income, adjusted net operating income and adjusted net
income are defined as incomes using replacement cost, adjusted for
special items and excluding Total's equity share of the
amortization of intangibles related to the Sanofi-Aventis merger.
They are meant to facilitate the analysis of the financial
performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted
at the average euro-dollar exchange rate for the applicable period
and are not the result of financial statements prepared in
dollars.
Cautionary Note to U.S. Investors -- The United States
Securities and Exchange Commission permits oil and gas companies,
in their filings with the SEC, to disclose only proved reserves
that a company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under
existing economic and operating conditions. We use certain terms in
this press release, such as resources, that the SEC's guidelines
strictly prohibit us from including in filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in our Form
20-F, File No. 1-10888 available from us at 2, place Jean Millier -
La Défense 6 - 92078 Paris, La Défense cedex, France or at our
website: www.total.com. You can also obtain this form from the SEC
by calling 1-800-SEC-0330 or on the SEC's website: www.sec.gov.
Operating information by segment
First quarter 2009
-- Upstream
Combined liquids and gas production by 1Q09 4Q08 1Q08 1Q09 vs
region (kboe/d) 1Q08
Europe 686 684 626 +10 %
Africa 741 746 851 -13 %
North America 11 13 15 -27 %
Far East 255 241 251 +2 %
Middle East 419 426 438 -4 %
South America 184 217 217 -15 %
Rest of world 26 27 28 -7 %
Total production 2,322 2,354 2,426 -4 %
Includes equity and non-consolidated 350 400 396 -12 %
affiliates
Liquids production by region (kb/d) 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Europe 320 321 299 +7 %
Africa 633 618 716 -12 %
North America 10 12 11 -9 %
Far East 36 31 27 +33 %
Middle East 315 320 335 -6 %
South America 85 118 110 -23 %
Rest of world 14 14 12 +17 %
Total production 1,413 1,434 1,510 -6 %
Includes equity and non-consolidated 294 341 339 -13 %
affiliates
Gas production by region (Mcf/d) 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Europe 1,985 1,957 1,775 +12 %
Africa 551 658 690 -20 %
North America 8 8 23 -65 %
Far East 1,223 1,280 1,245 -2 %
Middle East 574 604 580 -1 %
South America 549 550 589 -7 %
Rest of world 67 70 87 -23 %
Total production 4,957 5,127 4,989 -1 %
Includes equity and non-consolidated 302 316 306 -1 %
affiliates
Liquefied natural gas 1Q09 4Q08 1Q08 1Q09 vs
1Q08
LNG sales* (Mt) 2.10 2.38 2.32 -9 %
* sales, Group share, excluding trading ; 1 Mt/y = approx. 133
Mcf/d ;data from 2008 previous period have been restated to reflect
volumes estimation for Bontang LNG in Indonesia based on the 2008
SEC coefficient.
-- Downstream
Refined products sales by region (kb/d)* 1Q09 4Q08 1Q08 1Q09 vs
1Q08
Europe 2,176 2,186 2,144 +1 %
Africa 277 281 280 -1 %
Americas 189 168 156 +21 %
Rest of world 128 156 145 -12 %
Total consolidated sales 2,770 2,791 2,725 +2 %
Trading 1,000 860 944 +6 %
Total refined product sales 3,770 3,651 3,669 +3 %
* includes trading and share of CEPSA.
Adjustment items
-- Adjustments to operating income from business segments
in millions of euros 1Q09 4Q08 1Q08
=-----------------------------------------------------------------
Special items affecting operating income (103 ) (375 ) -
from the business segments
=-----------------------------------------------------------------
=- Restructuring charges - - -
=-----------------------------------------------------------------
=- Impairments - (177 ) -
=-----------------------------------------------------------------
=- Other (103 ) (198 ) -
=-----------------------------------------------------------------
Pre-tax inventory effect : 477 (4,372 ) 375
FIFO vs. replacement cost
=-----------------------------------------------------------------
=-----------------------------------------------------------------
Total adjustments affecting operating 374 (4,747 ) 375
income from the business segments
=-----------------------------------------------------------------
-- Adjustments to net income (Group share)
in millions of euros 1Q09 4Q08 1Q08
=-------------------------------------------------------------------------
Special items affecting net income (Group share) (87 ) (373 ) 145
=-------------------------------------------------------------------------
=- Equity share of special items - - -
recorded by Sanofi-Aventis
=-------------------------------------------------------------------------
=- Gain on asset sales 13 17 145
=-------------------------------------------------------------------------
=- Restructuring charges (6 ) (21 ) -
=-------------------------------------------------------------------------
=- Impairments - (171 ) -
=-------------------------------------------------------------------------
=- Other (94 ) (198 ) -
=-------------------------------------------------------------------------
Adjustment related to the Sanofi-Aventis merger* (63 ) (166 ) (71 )
(share of amortization of intangibles)
=-------------------------------------------------------------------------
After-tax inventory effect : 327 (3,128 ) 274
FIFO vs. replacement cost
=-------------------------------------------------------------------------
=-------------------------------------------------------------------------
Total adjustments to net income 177 (3,667 ) 348
=-------------------------------------------------------------------------
* based on Total's share in Sanofi-Aventis of 10.9% at
3/31/2009, 11.4% at 12/31/2008 and 13.2% at 3/31/2008.
Effective tax rates
Effective tax rate* 1Q09 4Q08 1Q08
=--------------------------------------------
Upstream 58.1 % 57.4 % 62.3 %
=--------------------------------------------
Group 52.2 % 50.6 % 59.4 %
=--------------------------------------------
* tax on adjusted net operating income / (adjusted net operating
income - income from equity affiliates, dividends received from
investments, and impairments of acquisition goodwill + tax on
adjusted net operating income).
Investments - Divestments
in millions of euros 1Q09 4Q08 1Q08 1Q09 vs 1Q08
=--------------------------------------------------------------------------
Investments excluding acquisitions 2,747 4,059 2,498 +10 %
includes net investments
in equity affiliates
and non-consolidated companies
=--------------------------------------------------------------------------
Capitalized exploration 228 183 172 +33 %
=--------------------------------------------------------------------------
Net investments in equity affiliates 225 74 112 +101 %
and non-consolidated companies
=--------------------------------------------------------------------------
Acquisitions 93 506 48 +94 %
=--------------------------------------------------------------------------
Investments including acquisitions 2,840 4,565 2,546 +12 %
includes net investments
in equity affiliates
and non-consolidated companies
=--------------------------------------------------------------------------
Asset sales 359 732 75 x5
=--------------------------------------------------------------------------
Net investments* 2,463 3,815 2,445 +1 %
=--------------------------------------------------------------------------
in millions of dollars ** 1Q09 4Q08 1Q08 1Q09 vs 1Q08
=--------------------------------------------------------------------------
Investments excluding acquisitions 3,579 5,350 3,741 -4 %
includes net investments
in equity affiliates
and non-consolidated companies
=--------------------------------------------------------------------------
Capitalized exploration 297 241 258 +15 %
=--------------------------------------------------------------------------
Net investments in equity affiliates 293 98 168 +74 %
and non-consolidated companies
=--------------------------------------------------------------------------
Acquisitions 121 667 72 +68 %
=--------------------------------------------------------------------------
Investments including acquisitions 3,700 6,017 3,813 -3 %
includes net investments
in equity affiliates
and non-consolidated companies
=--------------------------------------------------------------------------
Asset sales 468 965 112 x4
=--------------------------------------------------------------------------
Net investments* 3,209 5,028 3,662 -12 %
=--------------------------------------------------------------------------
*net investments = investments including acquisitions and net
investments in equity affiliates and non-consolidated companies -
asset sales + net financing for employees related to stock purchase
plans.
**dollar amounts represent euro amounts converted at the average
EUR-$ exchange rate for the period.
Net-debt-to-equity ratio
in millions of euros 3/31/2009 12/31/2008 3/31/2008
=---------------------------------------------------------------------
Current borrowings 4,771 7,722 4,861
=---------------------------------------------------------------------
Net current financial assets (80 ) (29 ) (238 )
=---------------------------------------------------------------------
Non-current financial debt 19,078 16,191 13,388
=---------------------------------------------------------------------
Hedging instruments of (934 ) (892 ) (651 )
non-current debt
=---------------------------------------------------------------------
Cash and cash equivalents (13,319 ) (12,321 ) (8,341 )
=---------------------------------------------------------------------
Net debt 9,516 10,671 9,019
=---------------------------------------------------------------------
=---------------------------------------------------------------------
Shareholders equity 52,597 48,992 45,750
=---------------------------------------------------------------------
Estimated dividend payable* (3,812 ) (2,540 ) (3,537 )
=---------------------------------------------------------------------
Minority interests 1,004 958 833
=---------------------------------------------------------------------
Equity 49,789 47,410 43,046
=---------------------------------------------------------------------
=---------------------------------------------------------------------
Net-debt-to-equity ratio 19.1 % 22.5 % 21.0 %
=---------------------------------------------------------------------
* based on the hypothesis of an annual dividend of 2.28
EUR/share less 2,541 MEUR for the interim dividend paid in November
2008.
2009 Sensitivities*
Impact on Impact on adjusted
adjusted
Scenario Change operating net operating
income(e) income(e)
Dollar 1.30 $/EUR +0.1 $ per EUR -1.3 BEUR -0.7 BEUR
Brent 60 $/b +1 $/b +0.32 BEUR / +0.15 BEUR / 0.20 B$
0.42 B$
European refining 30 $/t +1 $/t +0.08 BEUR / +0.06 BEUR / 0.07 B$
margins TRCV 0.11 B$
* sensitivities revised once per year upon publication of the
previous year's fourth quarter results. The impact of the EUR-$
sensitivity on adjusted operating income and adjusted net operating
income attributable to the Upstream segment are approximately 75%
and 65% respectively, and the remaining impact of the EUR-$
sensitivity is essentially in the Downstream segment.
Return on average capital employed
-- For the twelve months ended March 31, 2009
in millions Upstream Downstream Chemicals** Segments Group
of euros
=------------------------------------------------------------------------
Adjusted net 9,475 2,858 478 12,811 13,462
operating
income
=------------------------------------------------------------------------
Capital employed 25,731 11,415 7,266 44,412 52,015
at 3/31/2008*
=------------------------------------------------------------------------
Capital employed 35,027 13,095 7,175 55,297 61,688
at 3/31/2009*
=------------------------------------------------------------------------
ROACE 31.2% 23.3% 6.6% 25.7% 23.7%
=------------------------------------------------------------------------
* at replacement cost (excluding after-tax inventory
effect).
** capital employed for Chemicals reduced for the Toulouse-AZF
provision of 129 MEUR pre-tax at 3/31/2008.
-- For the twelve months ended December 31, 2008
in millions Upstream Downstream Chemicals** Segments Group
of euros
=------------------------------------------------------------------------
Adjusted net 10,724 2,569 668 13,961 14,664
operating
income
=------------------------------------------------------------------------
Capital employed 27,062 12,190 7,033 46,285 54,158
at 12/31/2007*
=------------------------------------------------------------------------
Capital employed 32,681 13,623 7,417 53,721 59,764
at 12/31/2008*
=------------------------------------------------------------------------
ROACE 35.9% 19.9% 9.2% 27.9% 25.7%
=------------------------------------------------------------------------
* at replacement cost (excluding after-tax inventory
effect).
** capital employed for Chemicals reduced for the Toulouse-AZF
provision of 134 MEUR pre-tax at 12/31/2007 and 256 MEUR pre-tax at
12/31/2008.
-- For the twelve months ended March 31, 2008
in millions Upstream Downstream Chemicals** Segments Group
of euros
=------------------------------------------------------------------------
Adjusted net 9,619 2,138 726 12,483 13,147
operating
income
=------------------------------------------------------------------------
Capital employed 24,808 11,442 7,129 43,379 50,773
at 3/31/2007*
=------------------------------------------------------------------------
Capital employed 25,731 11,415 7,266 44,412 52,015
at 3/31/2008*
=------------------------------------------------------------------------
ROACE 38.1% 18.7% 10.1% 28.4% 25.6%
=------------------------------------------------------------------------
* at replacement cost (excluding after-tax inventory
effect).
** capital employed for Chemicals reduced for the Toulouse-AZF
provision of 153 MEUR pre-tax at 3/31/2007 and 129 MEUR pre-tax at
3/31/2008.
1 percent changes are relative to the same period 2008.
2 dollar amounts represent euro amounts converted at the average
EUR-$ exchange rate for the period : 1.3029 $/EUR in the first
quarter 2009, 1.4976 $/EUR in the first quarter 2008, and 1.3180
$/EUR in the fourth quarter 2008.
3 adjusted net income = net income using replacement cost (Group
share) adjusted for special items and excluding Total's share of
amortization of intangibles related to the Sanofi-Aventis
merger.
4 adjusted income (adjusted operating income, adjusted net
operating income and adjusted net income) is defined as income
using replacement cost, adjusted for special items affecting
operating income and excluding Total's equity share of amortization
of intangibles related to the Sanofi-Aventis merger; adjusted cash
flow from operations is defined as cash flow from operations before
changes in working capital at replacement cost; adjustment items
are listed on page 15.
5 dollar amounts represent euro amounts converted at the average
EUR-$ exchange rate for the period.
6 special items affecting operating income from the business
segments had a negative impact of -103 MEUR in the first quarter
2009 and no impact in the first quarter 2008.
7 defined as: (tax on adjusted net operating income) / (adjusted
net operating income - income from equity affiliates, dividends
received from investments and impairments of acquisition goodwill +
tax on adjusted net operating income).
8 detail shown on page 16.
9 net investments = investments including acquisitions and net
investments in equity affiliates and non-consolidated companies -
asset sales + repayments by employees for loans related to stock
purchase plans.
10 cash flow from operations at replacement cost before changes
in working capital.
11 net cash flow = cash flow from operations + divestments -
gross investments.
12 impact of changing hydrocarbon prices on entitlement
volumes.
13 calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 18.
14 calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 18.
15 calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 18.
16 calculated based on adjusted net operating income and average
capital employed, using replacement cost, as shown on page 18
17 the ex-dividend date for the remainder of the 2008 dividend
would be May 19, 2009.
Main indicators
Chart updated around the middle of the month following the end of each quarter
=-------------------------------------------------------------------------------------------------------------------------------------
EUR/$ European refining Brent ($/b) Average liquids price** ($/b) Average gas price ($/Mbtu)**
margins TRCV* ($/t)
First quarter 2009 1.30 34.7 44.5 41.5 5.98
Fourth quarter 2008 1.32 41.4 55.5 49.4 7.57
Third quarter 2008 1.51 45.0 115.1 107.8 8.05
Second quarter 2008 1.56 40.2 121.2 114.9 7.29
First quarter 2008 1.50 24.6 96.7 90.7 6.67
Fourth quarter 2007 1.45 30.1 88.5 84.5 6.08
Third quarter 2007 1.37 23.9 74.7 71.4 4.83
Second quarter 2007 1.35 42.8 68.8 65.7 4.94
First quarter 2007 1.31 33.0 57.8 55.0 5.69
Fourth quarter 2006 1.29 22.8 59.6 57.1 6.16
Third quarter 2006 1.27 28.7 69.5 65.4 5.59
Second quarter 2006 1.26 38.3 69.6 66.2 5.75
First quarter 2006 1.20 25.8 61.8 58.8 6.16
Fourth quarter 2005 1.19 45.5 56.9 54.5 5.68
Third quarter 2005 1.22 44.3 61.5 57.8 4.65
Second quarter 2005 1.26 45.0 51.6 48.0 4.39
First quarter 2005 1.31 31.7 47.6 44.1 4.40
Fourth quarter 2004 1.30 42.4 44.0 40.6 4.24
Third quarter 2004 1.22 32.9 41.5 39.5 3.54
Second quarter 2004 1.20 34.4 35.4 34.2 3.44
First quarter 2004 1.25 21.6 32.0 31.0 3.70
* 1 $/t = 0.136 $/b
** consolidated subsidiaries, excluding fixed margin and buy-back contracts
Disclaimer : these data are based on Total's reporting and are not audited. They are subject to change.
Total financial statements
First quarter consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(MEUR)(a) 1stquarter 4thquarter 1stquarter
2009 2008 2008
Sales 30,041 38,714 44,213
Excise taxes (4,573) (5,009) (4,926)
Revenues from sales 25,468 33,705 39,287
Purchases net of inventory (15,228) (26,393) (25,619)
variation
Other operating expenses (4,675) (5,122) (4,832)
Exploration costs (176) (227) (190)
Depreciation, depletion (1,520) (1,748) (1,294)
and amortization of
tangible assets and
mineral interests
Other income 15 94 153
Other expense (87) (123) (48)
Financial interest on debt (171) (298) (257)
Financial income from marketable 55 117 129
securities & cash equivalents
Cost of net debt (116) (181) (128)
Other financial income 159 243 116
Other financial expense (81) (95) (71)
Equity in income (loss) 467 31 546
of affiliates
Income taxes (1,902) (960) (4,217)
Consolidated net income 2,324 (776) 3,703
Group share 2,290 (794) 3,602
Minority interests 34 18 101
Earnings per share (EUR) 1.03 (0.36) 1.61
Fully-diluted earnings 1.02 (0.36) 1.60
per share (EUR)
Adjusted net income 2,113 2,873 3,254
Adjusted fully-diluted 0.95 1.29 1.44
earnings per share (EUR)
(a) Except for per share amounts.
CONSOLIDATED
BALANCE
SHEET
TOTAL
(MEUR) March 31, 2009 December 31, 2008 March 31, 2008
(unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, 5,904 5,341 4,374
net
Property, plant and 48,773 46,142 40,436
equipment, net
Equity affiliates 15,093 14,668 15,039
: investments
and loans
Other investments 1,192 1,165 1,215
Hedging instruments 934 892 651
of non-current
financial debt
Other non-current 3,244 3,044 2,066
assets
Total non-current 75,140 71,252 63,781
assets
Current assets
Inventories, net 10,097 9,621 13,892
Accounts receivable, 14,940 15,287 18,664
net
Other current 9,047 9,642 8,261
assets
Current financial 150 187 403
assets
Cash and cash 13,319 12,321 8,341
equivalents
Total current 47,553 47,058 49,561
assets
Total assets 122,693 118,310 113,342
LIABILITIES
& SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common shares 5,931 5,930 5,990
Paid-in surplus and 55,198 52,947 52,376
retained earnings
Currency (3,523) (4,876) (6,653)
translation
adjustment
Treasury shares (5,009) (5,009) (5,963)
Total shareholders' 52,597 48,992 45,750
equity
- Group Share
Minority interests 1,004 958 833
Total shareholders' 53,601 49,950 46,583
equity
Non-current
liabilities
Deferred income 8,478 7,973 7,840
taxes
Employee benefits 2,035 2,011 2,489
Provisions 8,391 7,858 6,431
and other
non-current
liabilities
Total non-current 18,904 17,842 16,760
liabilities
Non-current 19,078 16,191 13,388
financial
debt
Current liabilities
Accounts payable 13,894 14,815 17,240
Other creditors 12,375 11,632 14,345
and accrued
liabilities
Current borrowings 4,771 7,722 4,861
Other current 70 158 165
financial
liabilities
Total current 31,110 34,327 36,611
liabilities
Total Liabilities 122,693 118,310 113,342
and
shareholders'
equity
CONSOLIDATED STATEMENT
OF CASH FLOW
TOTAL
(unaudited)
(MEUR) 1stquarter 4thquarter 1stquarter
2009 2008 2008
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 2,324 (776) 3,703
Depreciation, depletion 1,661 1,853 1,405
and amortization
Non-current liabilities, valuation (68) (435) 11
allowances and deferred taxes
Impact of coverage of pension - (505) -
benefit plans
(Gains) losses on disposals (15) (28) (153)
of assets
Undistributed affiliates' (79) 263 (302)
equity earnings
(Increase) decrease 145 3,635 610
in working capital
Other changes, net 26 86 42
Cash flow from operating 3,994 4,093 5,316
activities
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, (2,484) (3,987) (2,327)
plant and equipment additions
Acquisitions of subsidiaries, (47) (368) -
net of cash acquired
Investments in equity affiliates (84) (136) (107)
and other securities
Increase in non-current loans (320) (267) (209)
Total expenditures (2,935) (4,758) (2,643)
Proceeds from disposal 60 73 6
of intangible assets
and property, plant and equipment
Proceeds from disposal - - -
of subsidiaries,
net of cash sold
Proceeds from disposal of 299 659 69
non-current investments
Repayment of non-current loans 113 211 123
Total divestments 472 943 198
Cash flow used in investing (2,463) (3,815) (2,445)
activities
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 9 4 9
- Treasury shares - (144) (427)
- Minority shareholders - 6 (9)
Dividends paid:
- Parent company shareholders - (2,541) -
- Minority shareholders (4) (86) (1)
Net issuance (repayment) 2,844 (435) 503
of non-current debt
Increase (decrease) in (3,417) 2,244 (887)
current borrowings
Increase (decrease) in - 29 835
current financial
assets and liabilities
Cash flow used in financing (568) (923) 23
activities
Net increase (decrease) in 963 (645) 2,894
cash and cash equivalents
Effect of exchange rates 35 (265) (541)
Cash and cash equivalents at 12,321 13,231 5,988
the beginning of the period
Cash and cash equivalents 13,319 12,321 8,341
at the end of the period
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- Minority interests Total shareholders' equity
Group Share
(MEUR) Number Amount Number Amount
As of January 1, 2008 2,395,532,097 5,989 48,797 (4,396) (151,421,232) (5,532) 44,858 842 45,700
Net income for the first quarter - - 3,602 - - - 3,602 101 3,703
Other comprehensive Income - - (83) (2,257) - - (2,340) (109) (2,449)
Comprehensive Income - - 3,519 (2,257) - - 1,262 (8) 1,254
Dividend - - - - - - - (1) (1)
Issuance of common shares 284,154 1 8 - - - 9 - 9
Purchase of treasury shares - - - - (9,000,000) (448) (448) - (448)
Sale of treasury shares (1) - - 4 - 499,547 17 21 - 21
Share-based payments - - 48 - - - 48 - 48
Other operations with - - - - - - - - -
minority interests
Share cancellation - - - - - - - - -
Transactions with shareholders 284,154 1 60 - (8,500,453) (431) (370) (1) (371)
As of March 31, 2008 2,395,816,251 5,990 52,376 (6,653) (159,921,685) (5,963) 45,750 833 46,583
Net income from 1stApril 2008 - - 6,988 - - - 6,988 262 7,250
to December 31st2008
Other comprehensive Income - - (175) 1,777 - - 1,602 75 1,677
Comprehensive Income - - 6,813 1,777 - - 8,590 337 8,927
Dividend - - (4,945) - - - (4,945) (212) (5,157)
Issuance of common shares 5,991,823 15 238 - - - 253 - 253
Purchase of treasury shares - - - - (18,600,000) (891) (891) - (891)
Sale of treasury shares (1) - - (75) - 5,439,590 204 129 - 129
Share-based payments - - 106 - - - 106 - 106
Other operations with - - - - - - - - -
minority interests
Share cancellation (30,000,000) (75) (1,566) - 30,000,000 1,641 - - -
Transactions with shareholders (24,008,177) (60) (6,242) - 16,839,590 954 (5,348) (212) (5,560)
As of December 31, 2008 2,371,808,074 5,930 52,947 (4,876) (143,082,095) (5,009) 48,992 958 49,950
Net income for the first quarter - - 2,290 - - - 2,290 34 2,324
Other comprehensive Income - - (64) 1,353 - - 1,289 40 1,329
Comprehensive Income - - 2,226 1,353 - - 3,579 74 3,653
Dividend - - - - - - - (4) (4)
Issuance of common shares 461,360 1 8 - - - 9 - 9
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 11,640 - - - -
Share-based payments - - 40 - - - 40 - 40
Other operations with - - (23) - - - (23) (24) (47)
minority interests
Share cancellation - - - - - - - - -
Transactions with shareholders 461,360 1 25 - 11,640 - 26 (28) (2)
As of March 31, 2009 2,372,269,434 5,931 55,198 (3,523) (143,070,455) (5,009) 52,597 1,004 53,601
(1) Treasury shares related
to the stock option
purchase plans and restricted
stock grants
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME (a)
TOTAL
(unaudited)
(MEUR) 1stquarter 4thquarter 1stquarter
2009 2008 2008
Net income 2,324 (776) 3,703
Other comprehensive income
Currency translation adjustment 1,212 (869) (2,079)
Available for sale financial assets (11) (110) (63)
Cash flow hedge (70) - -
Share of other comprehensive income 159 60 (303)
of associates, net amount
Other 14 15 (12)
Tax effect 25 11 8
Total other comprehensive 1,329 (893) (2,449)
income (net amount)
Comprehensive income 3,653 (1,669) 1,254
- Group share 3,579 (1,712) 1,262
- Minority interests 74 43 (8)
(a) In accordance with revised IAS 1,
applicable from January 1, 2009.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2009
(MEUR)
Non-Group 4,447 22,368 3,218 8 - 30,041
sales
Intersegment 3,242 641 124 37 (4,044) -
sales
Excise - (4,573) - - - (4,573)
taxes
Revenues 7,689 18,436 3,342 45 (4,044) 25,468
from
sales
Operating (3,732) (17,099) (3,137) (155) 4,044 (20,079)
expenses
Depreciation, (1,065) (301) (144) (10) - (1,520)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating 2,892 1,036 61 (120) - 3,869
income
Equity in 243 42 (4) 192 - 473
income
(loss) of
affiliates
and
other items
Tax on net (1,674) (303) (17) 62 - (1,932)
operating
income
Net 1,461 775 40 134 - 2,410
operating
income
Net cost of (86)
net debt
Minority (34)
interests
Net income 2,290
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2009
(adjustments)(a)
(MEUR)
Non-Group
sales
Intersegment
sales
Excise
taxes
Revenues
from
sales
Operating - 245 129 - 374
expenses
Depreciation, - - - - -
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating - 245 129 - 374
income(b)
Equity in (21) 15 (19) (50) (75)
income
(loss)
of
affiliates
and other
items(c)
Tax on net - (85) (38) - (123)
operating
income
Net (21) 175 72 (50) 176
operating
income(b)
Net cost of -
net debt
Minority 1
interests
Net income 177
(a)
Adjustments
include
special
items,
inventory
valuation
effect
and equity
share
of
amortization
of
intangible
assets
related
to
the
Sanofi-Aventis
merger
(b) Of
which
inventory
valuation
effect
On - 345 132 -
operating
income
On - 246 80 -
net
operating
income
(c) Of - - - (63)
which
equity
share of
amortization
of
intangible
assets
related
to the
Sanofi-Aventis
merger
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2009
(adjusted)
(MEUR)
Non-Group 4,447 22,368 3,218 8 - 30,041
sales
Intersegment 3,242 641 124 37 (4,044) -
sales
Excise - (4,573) - - - (4,573)
taxes
Revenues 7,689 18,436 3,342 45 (4,044) 25,468
from
sales
Operating (3,732) (17,344) (3,266) (155) 4,044 (20,453)
expenses
Depreciation, (1,065) (301) (144) (10) - (1,520)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Adjusted 2,892 791 (68) (120) - 3,495
operating
income
Equity in 264 27 15 242 - 548
income
(loss) of
affiliates
and
other items
Tax on net (1,674) (218) 21 62 - (1,809)
operating
income
Adjusted 1,482 600 (32) 184 - 2,234
net
operating
income
Net cost of (86)
net debt
Minority (35)
interests
Ajusted net 2,113
income
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2009
(MEUR)
Total 2,250 495 179 11 2,935
expenditures
Total 129 36 6 301 472
divestments
Cash flow 2,578 1,648 178 (410) 3,994
from
operating
activities
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
4thquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(MEUR)
Non-Group 6,925 27,746 4,012 31 - 38,714
sales
Intersegment 4,097 810 207 15 (5,129) -
sales
Excise - (5,009) - - - (5,009)
taxes
Revenues 11,022 23,547 4,219 46 (5,129) 33,705
from
sales
Operating (6,188) (25,635) (4,845) (203) 5,129 (31,742)
expenses
Depreciation, (1,278) (328) (135) (7) - (1,748)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating 3,556 (2,416) (761) (164) - 215
income
Equity in 440 (259) (61) 30 - 150
income
(loss) of
affiliates
and
other items
Tax on net (2,201) 807 274 108 - (1,012)
operating
income
Net 1,795 (1,868) (548) (26) - (647)
operating
income
Net cost of (129)
net debt
Minority (18)
interests
Net income (794)
4thquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(adjustments)(a)
(MEUR)
Non-Group
sales
Intersegment
sales
Excise
taxes
Revenues
from
sales
Operating - (3,561) (1,009) - (4,570)
expenses
Depreciation, (171) - (6) - (177)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating (171) (3,561) (1,015) - (4,747)
income(b)
Equity in (86) (243) (59) (139) (527)
income
(loss)
of
affiliates
and other
items(c)
Tax on net 57 1,166 349 - 1,572
operating
income
Net (200) (2,638) (725) (139) (3,702)
operating
income(b)
Net cost of -
net debt
Minority 35
interests
Net income (3,667)
(a)
Adjustments
include
special
items,
inventory
valuation
effect
and equity
share
of
amortization
of
intangible
assets
related
to
the
Sanofi-Aventis
merger
(b) Of
which
inventory
valuation
effect
On - (3,561) (811) -
operating
income
On - (2,604) (559) -
net
operating
income
(c) Of - - - (166)
which
equity
share of
amortization
of
intangible
assets
related
to the
Sanofi-Aventis
merger
4thquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(adjusted)
(MEUR)
Non-Group 6,925 27,746 4,012 31 - 38,714
sales
Intersegment 4,097 810 207 15 (5,129) -
sales
Excise - (5,009) - - - (5,009)
taxes
Revenues 11,022 23,547 4,219 46 (5,129) 33,705
from
sales
Operating (6,188) (22,074) (3,836) (203) 5,129 (27,172)
expenses
Depreciation, (1,107) (328) (129) (7) - (1,571)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Adjusted 3,727 1,145 254 (164) - 4,962
operating
income
Equity in 526 (16) (2) 169 - 677
income
(loss) of
affiliates
and
other items
Tax on net (2,258) (359) (75) 108 - (2,584)
operating
income
Adjusted 1,995 770 177 113 - 3,055
net
operating
income
Net cost of (129)
net debt
Minority (53)
interests
Ajusted net 2,873
income
4thquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(MEUR)
Total 3,283 972 477 26 4,758
expenditures
Total 270 18 20 635 943
divestments
Cash flow 2,139 603 939 412 4,093
from
operating
activities
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(MEUR)
Non-Group 6,196 32,780 5,229 8 - 44,213
sales
Intersegment 6,118 1,553 257 33 (7,961) -
sales
Excise - (4,926) - - - (4,926)
taxes
Revenues 12,314 29,407 5,486 41 (7,961) 39,287
from
sales
Operating (5,018) (28,251) (5,157) (176) 7,961 (30,641)
expenses
Depreciation, (873) (285) (129) (7) - (1,294)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating 6,423 871 200 (142) - 7,352
income
Equity in 465 (33) 14 250 - 696
income
(loss) of
affiliates
and
other items
Tax on net (4,027) (247) (55) 72 - (4,257)
operating
income
Net 2,861 591 159 180 - 3,791
operating
income
Net cost of (88)
net debt
Minority (101)
interests
Net income 3,602
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(adjustments)(a)
(MEUR)
Non-Group
sales
Intersegment
sales
Excise
taxes
Revenues
from
sales
Operating - 373 2 - 375
expenses
Depreciation, - - - - -
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Operating - 373 2 - 375
income(b)
Equity in 130 25 - (56) 99
income
(loss)
of
affiliates
and other
items(c)
Tax on net - (118) (1) - (119)
operating
income
Net 130 280 1 (56) 355
operating
income(b)
Net cost of -
net debt
Minority (7)
interests
Net income 348
(a)
Adjustments
include
special
items,
inventory
valuation
effect
and equity
share
of
amortization
of
intangible
assets
related
to
the
Sanofi-Aventis
merger
(b) Of
which
inventory
valuation
effect
On - 373 2 -
operating
income
On - 280 1 -
net
operating
income
(c) Of - - - (71)
which
equity
share of
amortization
of
intangible
assets
related
to the
Sanofi-Aventis
merger
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(adjusted)
(MEUR)
Non-Group 6,196 32,780 5,229 8 - 44,213
sales
Intersegment 6,118 1,553 257 33 (7,961) -
sales
Excise - (4,926) - - - (4,926)
taxes
Revenues 12,314 29,407 5,486 41 (7,961) 39,287
from
sales
Operating (5,018) (28,624) (5,159) (176) 7,961 (31,016)
expenses
Depreciation, (873) (285) (129) (7) - (1,294)
depletion
and
amortization
of
tangible
assets
and
mineral
interests
Adjusted 6,423 498 198 (142) - 6,977
operating
income
Equity in 335 (58) 14 306 - 597
income
(loss) of
affiliates
and
other items
Tax on net (4,027) (129) (54) 72 - (4,138)
operating
income
Adjusted 2,731 311 158 236 - 3,436
net
operating
income
Net cost of (88)
net debt
Minority (94)
interests
Ajusted net 3,254
income
1stquarter Upstream Downstream Chemicals Corporate Intercompany Total
2008
(MEUR)
Total 2,178 294 164 7 2,643
expenditures
Total 107 24 7 60 198
divestments
Cash flow 4,251 1,168 (202) 99 5,316
from
operating
activities
CONSOLIDATED STATEMENT
OF INCOME
(Impact of adjustments)
TOTAL
(unaudited)
1stquarter 2009 Adjusted Adjustments Consolidated statement of income
(MEUR)
Sales 30,041 - 30,041
Excise taxes (4,573) - (4,573)
Revenues from sales 25,468 - 25,468
Purchases net of inventory (15,705) 477 (15,228)
variation
Other operating expenses (4,572) (103) (4,675)
Exploration costs (176) - (176)
Depreciation, depletion (1,520) - (1,520)
and amortization of
tangible assets and
mineral interests
Other income 2 13 15
Other expense (57) (30) (87)
Financial interest on debt (171) - (171)
Financial income 55 - 55
from marketable
securities & cash
equivalents
Cost of net debt (116) - (116)
Other financial income 159 - 159
Other financial expense (81) - (81)
Equity in income (loss) 525 (58) 467
of affiliates
Income taxes (1,779) (123) (1,902)
Consolidated net income 2,148 176 2,324
Group share 2,113 177 2,290
Minority interests 35 (1) 34
1stquarter 2008 Adjusted Adjustments Consolidated statement of income
(MEUR)
Sales 44,213 - 44,213
Excise taxes (4,926) - (4,926)
Revenues from sales 39,287 - 39,287
Purchases net of inventory (25,994) 375 (25,619)
variation
Other operating expenses (4,832) - (4,832)
Exploration costs (190) - (190)
Depreciation, depletion (1,294) - (1,294)
and amortization of
tangible assets and
mineral interests
Other income 8 145 153
Other expense (48) - (48)
Financial interest on debt (257) - (257)
Financial income 129 - 129
from marketable
securities & cash
equivalents
Cost of net debt (128) - (128)
Other financial income 116 - 116
Other financial expense (71) - (71)
Equity in income (loss) 592 (46) 546
of affiliates
Income taxes (4,098) (119) (4,217)
Consolidated net income 3,348 355 3,703
Group share 3,254 348 3,602
Minority interests 94 7 101