Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | TOTAL S.A. |
Entity Central Index Key | 879,764 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,665,877,332 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | H1 |
Consolidated statement of incom
Consolidated statement of income $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2018€ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018€ / shares | Mar. 31, 2018USD ($)$ / shares | Jun. 30, 2017€ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($)$ / shares | |
Consolidated statement of income | |||||||||
Sales | $ 52,540 | $ 49,611 | $ 39,915 | $ 102,151 | $ 81,098 | ||||
Excise taxes | (6,438) | (6,319) | (5,433) | (12,757) | (10,523) | ||||
Revenues from sales | 46,102 | 43,292 | 34,482 | 89,394 | 70,575 | ||||
Purchases, net of inventory variation | (30,599) | (29,446) | (23,398) | (60,045) | (47,385) | ||||
Other operating expenses | (6,761) | (6,937) | (6,106) | (13,698) | (12,272) | ||||
Exploration costs | (158) | (204) | (199) | (362) | (396) | ||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,435) | (2,916) | (2,798) | (6,351) | (7,377) | ||||
Other income | 252 | 523 | 570 | 775 | 2,895 | ||||
Other expense | (413) | (190) | (106) | (603) | (397) | ||||
Financial interest on debt | (478) | (390) | (345) | (868) | (676) | ||||
Financial income and expense from cash & cash equivalents | (54) | (41) | (37) | (95) | (48) | ||||
Cost of net debt | (532) | (431) | (382) | (963) | (724) | ||||
Other financial income | 321 | 240 | 285 | 561 | 513 | ||||
Other financial expense | (159) | (170) | (159) | (329) | (319) | ||||
Net income (loss) from equity affiliates | 1,103 | 484 | 310 | 1,587 | 858 | ||||
Income taxes | (2,087) | (1,596) | (472) | (3,683) | (1,165) | ||||
Consolidated net income | 3,634 | 2,649 | 2,027 | 6,283 | $ 3,493 | 4,806 | |||
Group share | 3,721 | 2,636 | 2,037 | 6,357 | 4,886 | ||||
Non-controlling interests | $ (87) | $ 13 | $ (10) | $ (74) | $ (80) | ||||
Earnings per share (in dollars or Euros per share) | (per share) | € 1.16 | $ 1.38 | € 0.81 | $ 1 | € 0.71 | $ 0.79 | $ 2.39 | $ 1.93 | |
Fully-diluted earnings per share (in dollars or Euros per share) | (per share) | € 1.16 | $ 1.38 | € 0.81 | $ 0.99 | € 0.71 | $ 0.79 | $ 2.38 | $ 1.92 |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidated statement of comprehensive income | |||||
Consolidated net income | $ 3,634 | $ 2,649 | $ 2,027 | $ 6,283 | $ 4,806 |
Other comprehensive income | |||||
Actuarial gains and losses | 42 | 25 | 32 | 67 | 158 |
Change in fair value of investments in equity instruments | (2) | 7 | 5 | ||
Tax effect | (20) | 2 | (12) | (18) | (53) |
Currency translation adjustment generated by the parent company | (4,761) | 2,131 | 4,524 | (2,630) | 5,464 |
Sub-total items not potentially reclassifiable to profit and loss | (4,741) | 2,165 | 4,544 | (2,576) | 5,569 |
Currency translation adjustment | 1,330 | (362) | (1,218) | 968 | (1,418) |
Available for sale financial assets | 1 | ||||
Cash flow hedge | 77 | 178 | (79) | 255 | 34 |
Variation of foreign currency basis spread | 2 | (29) | (27) | ||
Share of other comprehensive income of equity affiliates, net amount | 36 | (168) | (794) | (132) | (463) |
Other | (2) | (3) | (2) | ||
Tax effect | (27) | (48) | 30 | (75) | (9) |
Sub-total items potentially reclassifiable to profit and loss | 1,416 | (429) | (2,063) | 987 | (1,856) |
Total other comprehensive income (net amount) | (3,325) | 1,736 | 2,481 | (1,589) | 3,713 |
Comprehensive income | 309 | 4,385 | 4,508 | 4,694 | 8,519 |
Group share | 450 | 4,356 | 4,507 | 4,806 | 8,581 |
Non-controlling interests | $ (141) | $ 29 | $ 1 | $ (112) | $ (62) |
Consolidated balance sheet
Consolidated balance sheet - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Non-current assets | ||||
Intangible assets, net | $ 24,562 | $ 24,502 | $ 14,587 | $ 14,119 |
Property, plant and equipment, net | 114,047 | 116,181 | 109,397 | 112,659 |
Equity affiliates: investments and loans | 22,443 | 22,332 | 22,103 | 21,705 |
Other investments | 1,396 | 1,710 | 1,727 | 1,483 |
Non-current financial assets | 967 | 1,154 | 679 | 558 |
Deferred income taxes | 5,348 | 5,519 | 5,206 | 4,981 |
Other non-current assets | 3,384 | 3,633 | 3,984 | 4,411 |
Total non-current assets | 172,147 | 175,031 | 157,683 | 159,916 |
Current assets | ||||
Inventories, net | 18,392 | 17,006 | 16,520 | 14,273 |
Accounts receivable, net | 16,974 | 17,774 | 14,893 | 12,923 |
Other current assets | 14,408 | 14,824 | 14,210 | 14,034 |
Current financial assets | 3,609 | 2,289 | 3,393 | 3,618 |
Cash and cash equivalents | 26,475 | 30,092 | 33,185 | 28,720 |
Assets classified as held for sale | 2,747 | 421 | ||
Total current assets | 79,858 | 81,985 | 84,948 | 73,989 |
Total assets | 252,005 | 257,016 | 242,631 | 233,905 |
Shareholders' equity | ||||
Common shares | 8,305 | 8,207 | 7,882 | 7,797 |
Paid-in surplus and retained earnings | 121,896 | 120,559 | 112,040 | 110,305 |
Currency translation adjustment | (9,764) | (6,413) | (7,908) | (10,314) |
Treasury shares | (2,462) | (1,166) | (458) | (600) |
Total shareholders' equity - Group share | 117,975 | 121,187 | 111,556 | 107,188 |
Non-controlling interests | 2,288 | 2,499 | 2,481 | 2,772 |
Total shareholders' equity | 120,263 | 123,686 | 114,037 | 109,960 |
Non-current liabilities | ||||
Deferred income taxes | 11,969 | 11,943 | 10,828 | 10,920 |
Employee benefits | 3,329 | 3,796 | 3,735 | 4,127 |
Provisions and other non-current liabilities | 18,807 | 19,268 | 15,986 | 16,924 |
Non-current financial debt | 38,362 | 40,257 | 41,340 | 41,548 |
Total non-current liabilities | 72,467 | 75,264 | 71,889 | 73,519 |
Current liabilities | ||||
Accounts payable | 25,021 | 24,836 | 26,479 | 21,914 |
Other creditors and accrued liabilities | 17,792 | 17,952 | 17,779 | 14,862 |
Current borrowings | 15,659 | 14,909 | 11,096 | 13,070 |
Other current financial liabilities | 803 | 369 | 245 | 241 |
Liabilities directly associated with the assets classified as held for sale | 1,106 | 339 | ||
Total current liabilities | 59,275 | 58,066 | 56,705 | 50,426 |
Total liabilities & shareholders' equity | $ 252,005 | $ 257,016 | $ 242,631 | $ 233,905 |
Consolidated statement of cash
Consolidated statement of cash flow - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Consolidated net income | $ 3,634 | $ 2,649 | $ 2,027 | $ 6,283 | $ 4,806 |
Depreciation, depletion, amortization and impairment | 3,508 | 3,046 | 2,930 | 6,554 | 7,590 |
Non-current liabilities, valuation allowances, and deferred taxes | 35 | 114 | (50) | 149 | (247) |
(Gains) losses on disposals of assets | (148) | (125) | (151) | (273) | (2,383) |
Undistributed affiliates' equity earnings | (298) | (259) | 501 | (557) | 206 |
(Increase) decrease in working capital | (856) | (3,222) | (268) | (4,078) | (322) |
Other changes, net | 371 | (122) | (349) | 249 | (309) |
Cash flow from operating activities | 6,246 | 2,081 | 4,640 | 8,327 | 9,341 |
CASH FLOW USED IN INVESTING ACTIVITIES | |||||
Intangible assets and property, plant and equipment additions | (3,513) | (5,665) | (3,323) | (9,178) | (6,001) |
Acquisitions of subsidiaries, net of cash acquired | 12 | (726) | (6) | (714) | (325) |
Investments in equity affiliates and other securities | (146) | (162) | (433) | (308) | (956) |
Increase in non-current loans | (140) | (171) | (443) | (311) | (601) |
Total expenditures | (3,787) | (6,724) | (4,205) | (10,511) | (7,883) |
Proceeds from disposals of intangible assets and property, plant and equipment | 304 | 1,978 | 74 | 2,282 | 80 |
Proceeds from disposals of subsidiaries, net of cash sold | (7) | 3 | (4) | 2,696 | |
Proceeds from disposals of non-current investments | 396 | 188 | 133 | 584 | 142 |
Repayment of non-current loans | 581 | 416 | 153 | 997 | 340 |
Total divestments | 1,274 | 2,585 | 360 | 3,859 | 3,258 |
Cash flow used in investing activities | (2,513) | (4,139) | (3,845) | (6,652) | (4,625) |
CASH FLOW FROM FINANCING ACTIVITIES | |||||
Issuance (repayment) of shares: Parent company shareholders | 473 | 9 | 406 | 482 | 421 |
Issuance (repayment) of shares: Treasury shares | (1,182) | (558) | (1,740) | ||
Dividends paid: Parent company shareholders | (2,692) | (1,516) | (1,462) | (4,208) | (2,000) |
Dividends paid: Non-controlling interests | (72) | (12) | (61) | (84) | (76) |
Payments on perpetual subordinated notes | (116) | (150) | (90) | (266) | (219) |
Net issuance (repayment) of non-current debt | 52 | (2,480) | 290 | (2,428) | 346 |
Increase (decrease) in current borrowings | (738) | 1,707 | (1,167) | 969 | (2,580) |
Increase (decrease) in current financial assets and liabilities | (1,779) | 1,155 | 979 | (624) | 1,637 |
Cash flow used in financing activities | (6,054) | (1,845) | (1,105) | (7,899) | (2,471) |
Net increase (decrease) in cash and cash equivalents | (2,321) | (3,903) | (310) | (6,224) | 2,245 |
Effect of exchange rates | (1,296) | 810 | 1,504 | (486) | 1,878 |
Cash and cash equivalents at the beginning of the period | 30,092 | 33,185 | 27,526 | 33,185 | 24,597 |
Cash and cash equivalents at the end of the period | $ 26,475 | $ 30,092 | $ 28,720 | $ 26,475 | $ 28,720 |
Consolidated statement of chang
Consolidated statement of changes in shareholders' equity - USD ($) $ in Millions | Shareholders' equity - Group share | Common shares issued | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares | Non-controlling interests | Total | |
Equity as of the beginning of the period at Dec. 31, 2016 | $ 98,680 | $ 7,604 | $ 105,547 | $ (13,871) | $ (600) | $ 2,894 | $ 101,574 | |
Common shares issued as of the beginning of the period at Dec. 31, 2016 | 2,430,365,862 | (10,587,822) | ||||||
Net income | 4,886 | 4,886 | (80) | 4,806 | ||||
Other comprehensive income | 3,695 | 138 | 3,557 | 18 | 3,713 | |||
Comprehensive income | 8,581 | 5,024 | 3,557 | (62) | 8,519 | |||
Dividend | (3,297) | (3,297) | (76) | (3,373) | ||||
Issuance of common shares | 3,296 | $ 193 | 3,103 | 3,296 | ||||
Issuance of common shares (in shares) | 71,170,026 | |||||||
Sale of treasury shares (in shares) | [1] | 4,000 | ||||||
Share-based payments | 74 | 74 | 74 | |||||
Payments on perpetual subordinated notes | (142) | (142) | (142) | |||||
Other operations with non-controlling interests | (7) | (7) | 7 | |||||
Other items | 3 | 3 | 9 | 12 | ||||
Equity as of the end of the period at Jun. 30, 2017 | 107,188 | $ 7,797 | 110,305 | (10,314) | $ (600) | 2,772 | 109,960 | |
Common shares issued as of the end of the period at Jun. 30, 2017 | 2,501,535,888 | (10,583,822) | ||||||
Net income | 3,745 | 3,745 | (252) | 3,493 | ||||
Other comprehensive income | 2,986 | 580 | 2,406 | 26 | 3,012 | |||
Comprehensive income | 6,731 | 4,325 | 2,406 | (226) | 6,505 | |||
Dividend | (3,695) | (3,695) | (65) | (3,760) | ||||
Issuance of common shares | 1,413 | $ 85 | 1,328 | 1,413 | ||||
Issuance of common shares (in shares) | 27,453,728 | |||||||
Sale of treasury shares | [1] | (142) | $ 142 | |||||
Sale of treasury shares (in shares) | [1] | 2,207,066 | ||||||
Share-based payments | 77 | 77 | 77 | |||||
Payments on perpetual subordinated notes | (160) | (160) | (160) | |||||
Other operations with non-controlling interests | (1) | (1) | (3) | (4) | ||||
Other items | 3 | 3 | 3 | 6 | ||||
Equity as of the end of the period at Dec. 31, 2017 | 111,556 | $ 7,882 | 112,040 | (7,908) | $ (458) | 2,481 | 114,037 | |
Common shares issued as of the end of the period at Dec. 31, 2017 | 2,528,989,616 | (8,376,756) | ||||||
Net income | 2,649 | |||||||
Other comprehensive income | 1,736 | |||||||
Comprehensive income | 4,385 | |||||||
Equity as of the end of the period at Mar. 31, 2018 | 123,686 | |||||||
Equity as of the beginning of the period at Dec. 31, 2017 | 111,556 | $ 7,882 | 112,040 | (7,908) | $ (458) | 2,481 | 114,037 | |
Common shares issued as of the beginning of the period at Dec. 31, 2017 | 2,528,989,616 | (8,376,756) | ||||||
Net income | 6,357 | 6,357 | (74) | 6,283 | ||||
Other comprehensive income | (1,551) | 305 | (1,856) | (38) | (1,589) | |||
Comprehensive income | 4,806 | 6,662 | (1,856) | (112) | 4,694 | |||
Dividend | (4,070) | (4,070) | (84) | (4,154) | ||||
Issuance of common shares | 7,693 | $ 423 | 7,270 | 7,693 | ||||
Issuance of common shares (in shares) | 136,887,716 | |||||||
Purchase of treasury shares | (2,004) | $ (2,004) | (2,004) | |||||
Purchase of treasury shares (in shares) | (33,056,514) | |||||||
Sale of treasury shares (in shares) | [1] | 3,450 | ||||||
Share-based payments | 192 | 192 | 192 | |||||
Payments on perpetual subordinated notes | (161) | (161) | (161) | |||||
Other operations with non-controlling interests | (4) | (4) | 4 | |||||
Other items | (33) | (33) | (1) | (34) | ||||
Equity as of the end of the period at Jun. 30, 2018 | 117,975 | $ 8,305 | 121,896 | (9,764) | $ (2,462) | 2,288 | 120,263 | |
Common shares issued as of the end of the period at Jun. 30, 2018 | 2,665,877,332 | (41,429,820) | ||||||
Equity as of the beginning of the period at Mar. 31, 2018 | 123,686 | |||||||
Net income | 3,634 | |||||||
Other comprehensive income | (3,325) | |||||||
Comprehensive income | 309 | |||||||
Equity as of the end of the period at Jun. 30, 2018 | $ 117,975 | $ 8,305 | $ 121,896 | $ (9,764) | $ (2,462) | $ 2,288 | $ 120,263 | |
Common shares issued as of the end of the period at Jun. 30, 2018 | 2,665,877,332 | (41,429,820) | ||||||
[1] | Treasury shares related to the restricted stock grants. |
Accounting policies
Accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting policies | |
Accounting policies | 1) Accounting policies The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB). The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of June 30, 2018, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. The accounting principles applied for the consolidated financial statements at June 30, 2018, are consistent with those used for the financial statements at December 31, 2017, with the exception of those texts or amendments that must be applied for periods beginning January 1, 2018. - First-time application of IFRS 15 "Revenue from Contracts with Customers" The Group applied IFRS 15 as of January 1, 2018, without restating comparative information from past periods. The cumulative effect of the first application of the standard, recognized in equity as at January 1, 2018, is non-material. The new standard does not lead to any material change in the accounting principles applied by the Group. - First time application of IFRS 9 "Financial Instruments" The Group applied IFRS 9 as of January 1, 2018 without restating comparative information from past periods. The impacts related to the first application of the standard, recognized in opening equity at January 1, 2018, are not material. This standard has three components: classification and measurement of financial instruments, impairment of financial assets, and hedging transactions except macro hedging The main changes induced by each component are the following: 1. The application of the "Classification and valuation of financial instruments" component led the Group to create a new non-recyclable component in its comprehensive income to record, from January 1, 2018, changes in the fair value of "Investments in equity instruments at the fair value through equity" previously classified as "Available-for-sale financial assets "under IAS 39. 2. The application of the "Impairment of financial assets" component has no significant impact for the Group on January 1, 2018. 3. The application of the "Hedging transactions" component led the Group to recognize in a separate component of the comprehensive income the changes in the Foreign Currency Basis Spread identified in the hedging relationships qualifying as a fair value hedge. The application of the provisions of IFRS 9 "Financial Instruments" has no significant effect on the Group's balance sheet, income statement and consolidated equity as of June 30, 2018. The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2018, requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto. These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information. Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto. The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2017. Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality. As regards the application of IFRS 16 "Leases" on January 1, 2019, the Group intends to: - apply the simplified retrospective transition method, by accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods - use the following simplification measures provided by the standard in the transitional provisions: o not apply the standard to contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4, o not take into account leases whose term ends within 12 months of the date of first application - recognize each lease component of the lease as a separate lease, apart from non-lease components (services) of the lease. |
Changes in the Group structure
Changes in the Group structure | 6 Months Ended |
Jun. 30, 2018 | |
Changes in the Group structure | |
Changes in the Group structure | 2) Changes in the Group structure 2.1) Main acquisitions and divestments Ø Exploration & Production · On January 15, 2018, as part of the Strategic Alliance signed in March 2017, TOTAL announced the conclusion of transfer agreements from Petrobras to TOTAL: o 35% of the rights, as well as the role of operator in the Lapa field, o 22.5% of the rights of the Iara area. The amount of this transaction is $ 1.95 billion. The details of the acquisition are presented in Note 2.2 to the consolidated financial statements. · On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. This transaction amounts to $ 451 million. The details of the acquisition are presented in Note 2.2 to the consolidated financial statements. · On March 8, 2018, TOTAL announced the closing of the Maersk Oil acquisition signed on August 21, 2017. The integration of Maersk Oil, which holds a portfolio of high quality assets, largely complementary to those held by TOTAL, and mainly located in OECD countries, allows the Group to become the second largest operator in the North Sea. The details of the acquisition are presented in Note 2.2 to the consolidated financial statements. · On March 15, 2018, TOTAL finalized the sale to Statoil of all of its interests in the Martin Linge field (51%) and the discovery of Garantiana (40%) on the Norwegian Continental Shelf. · On March 18, 2018, TOTAL was awarded participating interests in two Offshore Concessions on Umm Shaif & Nasr (20%) and Lower Zakum (5%) in return for the payment of a global bonus of $ 1.45 billion. · On April 11, 2018, TOTAL acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale. Ø Marketing & Services · In January, 2018, the sale of the joint venture TotalErg (Erg 51%, TOTAL 49%) to the Italian company API was finalized. 2.2) Major business combinations In accordance with IFRS 3, TOTAL is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date. Ø Exploration & Production · Transfer of rights in the Lapa and Iara concessions in Brazil On January 15, 2018 Petrobras transferred to TOTAL 35% of the rights of the Lapa field which was put in production in December 2016, with a 100,000 barrel per day capacity FPSO. Petrobras also transferred to TOTAL 22.5% of the rights of the Iara area. Production in Iara is expected to start in 2018 and 2019 depending on the fields. The acquisition cost amounts to $1,950 million. In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $1,950 million. The provisional purchase price allocation is shown below : ($ million) At the acquisition date Intangible assets 1,072 Tangible assets 1,662 Other assets and liabilities (119) Net debt (665) Fair value of consideration transferred 1,950 · Marathon Oil Lybia Limited On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. The acquisition cost amounts to $451 million. In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $451 million. The provisional purchase price allocation is shown below : ($ million) At the acquisition date Intangible assets 326 Tangible assets 192 Other assets and liabilities (91) Net debt 24 Fair value of consideration transferred 451 · Maersk Oil On March 8, 2018, TOTAL finalized the acquisition of Maersk Oil, following the signature of the « Share Transfer Agreement » on August 21, 2017. The Group acquired all the voting rights of Maersk Olie og Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S (Maersk), for a purchase consideration of $5,741 million. This includes the fair value ($5,585 million) of 97,522,593 shares issued in exchange for all Maersk Oil shares, calculated using the market price of the company’s shares of 46.11 euros on the Euronext Paris Stock Exchange at its opening of business on March 8, 2018, and the amount of price adjustments ($156 million) paid on closing. In the balance sheet as of June 30, 2018, the provisional fair value of identifiable acquired assets, liabilities and contingent liabilities amounts to $3,113 million. The Group recognized a $2,628 million goodwill. The provisional purchase price allocation is shown below: ($ million) At the acquisition date Goodwill 2,628 Intangible assets 4,227 Tangible assets 4,033 Other assets and liabilities (3,223) Including provision for site restitution (2,100) Including deferred tax (675) Net debt (1,924) Fair value of consideration transferred 5,741 |
Adjustment items
Adjustment items | 6 Months Ended |
Jun. 30, 2018 | |
Adjustment items | |
Adjustment items | 3) Adjustment items Description of the business segments 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 and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee. The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments. Sales prices between business segments approximate market prices. The organization of the Group's activities is structured around the four followings segments: - An Exploration & Production segment; - A Gas, Renewables & Power segment including downstream Gas activities, New Energies activities (excluding biotechnologies) and Energy Efficiency division; - A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping; - A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products; In addition the Corporate segment includes holdings operating and financial activities. Adjustment items Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. 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 assets 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) The inventory valuation effect The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors. In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost. (iii) Effect of changes in fair value The effect of changes in fair value presented as adjustment items reflects for some transactions differences between internal measure of performance used by TOTAL’s management and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect. The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value. The detail of the adjustment items is presented in the table below. ADJUSTMENTS TO OPERATING INCOME Exploration Gas, Refining Marketing Corporate Total & Renewables & & (M$) Production & Power Chemicals Services 2 nd quarter 2018 Inventory valuation effect — — 569 134 — 703 Effect of changes in fair value — 16 — — — 16 Restructuring charges — — — — — — Asset impairment charges — (424) — — — (424) Other items (97) (1) — — — (98) Total (97) (409) 569 134 — 197 2 nd quarter 2017 Inventory valuation effect — — (372) (54) — (426) Effect of changes in fair value — (27) — — — (27) Restructuring charges (40) — — — — (40) Asset impairment charges (15) 1 — — — (14) Other items (77) (25) (39) (26) (64) (231) Total (132) (51) (411) (80) (64) (738) 1 st half 2018 Inventory valuation effect — — 531 105 — 636 Effect of changes in fair value — 5 — — — 5 Restructuring charges (53) — — — — (53) Asset impairment charges — (446) — — — (446) Other items (97) (93) — — (9) (199) Total (150) (534) 531 105 (9) (57) 1 st half 2017 Inventory valuation effect — — (289) (69) — (358) Effect of changes in fair value — (27) — — — (27) Restructuring charges (40) — — — — (40) Asset impairment charges (1,869) (25) (50) — — (1,944) Other items (77) (114) (65) (26) (64) (346) Total (1,986) (166) (404) (95) (64) (2,715) ADJUSTMENTS TO NET INCOME, GROUP SHARE Exploration Gas, Refining Marketing Corporate Total & Renewables & & (M$) Production & Power Chemicals Services 2 nd quarter 2018 Inventory valuation effect — — 436 81 — 517 Effect of changes in fair value — 9 — — — 9 Restructuring charges (44) (2) — — — (46) Asset impairment charges — (236) — — — (236) Gains (losses) on disposals of assets (2) — — — — (2) Other items (71) (3) — — — (74) Total (117) (232) 436 81 — 168 2 nd quarter 2017 Inventory valuation effect — — (268) (42) — (310) Effect of changes in fair value — (19) — — — (19) Restructuring charges (12) (3) (39) — — (54) Asset impairment charges (27) (5) — — — (32) Gains (losses) on disposals of assets — — — 125 — 125 Other items (50) (11) (26) (18) (42) (147) Total (89) (38) (333) 65 (42) (437) 1 st half 2018 Inventory valuation effect — — 412 60 — 472 Effect of changes in fair value — 1 — — — 1 Restructuring charges (59) (8) — — — (67) Asset impairment charges — (248) — — — (248) Gains (losses) on disposals of assets (103) — — — — (103) Other items (51) (58) (17) — (9) (135) Total (213) (313) 395 60 (9) (80) 1 st half 2017 Inventory valuation effect — — (210) (45) — (255) Effect of changes in fair value — (19) — — — (19) Restructuring charges (12) (8) (39) — — (59) Asset impairment charges (1,641) (59) (50) — — (1,750) Gains (losses) on disposals of assets — — 2,139 125 — 2,264 Other items (144) (78) (45) (18) (42) (327) Total (1,797) (164) 1,795 62 (42) (146) |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2018 | |
Shareholders' equity | |
Shareholders' equity | 4) Shareholders’ equity Treasury shares (TOTAL shares held by TOTAL S.A.) In accordance with the February 2018 announcements regarding the shareholder return policy over 2018-2020, TOTAL S.A. started share buybacks. At June 30, 2018, TOTAL S.A. holds 41,429,820 of its own shares, representing 1.55% of its share capital, detailed as follows: · 8,760,020 shares allocated to TOTAL share grant plans for Group employees; · 69,759 shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans; · 32,600,041 shares acquired and intended to be canceled out of which: o 9,820,488 shares definitively acquired during the first quarter and intended to be canceled, o 18,576,360 shares definitively acquired during the second quarter and intended to be canceled, o 4,203,193 shares corresponding to the portion not yet executed on June 30, 2018, of the share buyback for which the group is contractually bound. These shares are deducted from the consolidated shareholders’ equity. Dividend The Annual Shareholders’ Meeting on June 1, 2018 approved the payment of a dividend of €2.48 per share for the 2017 fiscal year. Taking into account the three interim dividends of €0.62 per share that have been paid on October 12, 2017, January 11 and April 9, 2018, the remaining balance of €0.62 per share was paid on June 28, 2018. The Annual Shareholders’ Meeting on June 1, 2018 approved that shareholders will be given the option to receive the 2017 final dividend in new shares or in cash. The share price of new shares has been set at €52.03 per share. This price is equal to the average opening price on Euronext Paris for the twenty trading days preceding June 1st, 2018, the date of the Annual Shareholders’ Meeting, reduced by the amount of the final dividend, without any discount. On June 28, 2018, 5,798,335 shares have been issued at a price of €52.03 per share. Another resolution has been approved at the Annual Shareholders’ Meeting on June 1, 2018, if one or more interim dividends are decided by the Board of Directors for the fiscal year 2018, then shareholders will be given the option to receive this or these interim dividends in new shares or in cash. The Board of Directors, during its April 25, 2018, meeting, decided to set the first interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on October 12, 2018 (the ex-dividend date will be September 25, 2018). The Board of Directors, during its July 25, 2018, meeting, decided to set the second interim dividend for the fiscal year 2018 at €0.64 per share. This interim dividend will be paid in cash or in shares on December 18, 2018 (the ex-dividend date will be January 10, 2019). Earnings per share in Euro Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €1.16 per share for the 2 nd quarter 2018 (€0.81 per share for the 1 st quarter 2018 and €0.71 per share for the 2 nd quarter 2017). Diluted earnings per share calculated using the same method amounted to €1.16 per share for the 2 nd quarter 2018 (€0.81 per share for the 1 st quarter 2018 and €0.71 per share for the 2 nd quarter 2017). Earnings per share are calculated after remuneration of perpetual subordinated notes. Other comprehensive income Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below: (M$) 1 st half 2018 1 st half 2017 Actuarial gains and losses 67 158 Change in fair value of investments in equity instruments 5 — Tax effect (18) (53) Currency translation adjustment generated by the parent company (2,630) 5,464 Sub-total items not potentially reclassifiable to profit and loss (2,576) 5,569 Currency translation adjustment 968 (1,418) - unrealized gain/(loss) of the period 1,078 (1,372) - less gain/(loss) included in net income 110 46 Available for sale financial assets — — - unrealized gain/(loss) of the period — — - less gain/(loss) included in net income — — Cash flow hedge 255 34 - unrealized gain/(loss) of the period 142 164 - less gain/(loss) included in net income (113) 130 Variation of foreign currency basis spread (27) — - unrealized gain/(loss) of the period (27) — - less gain/(loss) included in net income — — Share of other comprehensive income of equity affiliates, net amount (132) (463) - unrealized gain/(loss) of the period (93) (465) - less gain/(loss) included in net income 39 (2) Other (2) — Tax effect (75) (9) Sub-total items potentially reclassifiable to profit and loss 987 (1,856) Total other comprehensive income, net amount (1,589) 3,713 Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2018 1 st half 2017 (M$) Pre-tax amount Tax effect Net amount Pre-tax amount Tax effect Net amount Actuarial gains and losses 67 (18) 49 158 (53) 105 Change in fair value of investments in equity instruments 5 — 5 — — — Currency translation adjustment generated by the parent company (2,630) — (2,630) 5,464 — 5,464 Sub-total items not potentially reclassifiable to profit and loss (2,558) (18) (2,576) 5,622 (53) 5,569 Currency translation adjustment 968 — 968 (1,418) — (1,418) Available for sale financial assets — — — — (1) (1) Cash flow hedge 255 (81) 174 34 (8) 26 Variation of foreign currency basis spread (27) 6 (21) — — — Share of other comprehensive income of equity affiliates, net amount (132) — (132) (463) — (463) Other (2) — (2) — — — Sub-total items potentially reclassifiable to profit and loss 1,062 (75) 987 (1,847) (9) (1,856) Total other comprehensive income (1,496) (93) (1,589) 3,775 (62) 3,713 |
Financial debt
Financial debt | 6 Months Ended |
Jun. 30, 2018 | |
Financial debt | |
Financial debt | 5) Financial debt The Group has not issued any bond during the first six months of 2018. The Group reimbursed bonds during the first six months of 2018: - Bond 1.450% issued in 2013 and maturing in January 2018 (USD 1,000 million) - Bond 2.500% issued in 2013 and maturing in June 2018 (NOK 600 million) - Bond with floating rate coupon issued in 2014 and maturing in June 2018 (USD 135 million) - Bond 3.125% issued in several tranches between 2006 / 2008 and maturing in June 2018 (CHF 525 million) |
Related parties
Related parties | 6 Months Ended |
Jun. 30, 2018 | |
Related parties | |
Related parties | 6) Related parties The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first six months of 2018. |
Other risks and contingent liab
Other risks and contingent liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Other risks and contingent liabilities | |
Other risks and contingent liabilities | 7) Other risks and contingent liabilities TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group. Alitalia In the Marketing & Services segment, a civil proceeding was initiated in Italy, in 2013, against TOTAL S.A. and its subsidiary Total Aviazione Italia Srl before the competent Italian civil court. The plaintiff claims against TOTAL S.A., its subsidiary and other third parties, damages that it estimates to be nearly €908 million. This proceeding follows practices that had been condemned by the Italian competition authority in 2006. The parties have exchanged preliminary findings and a request for an expert opinion has been approved by the court. The existence and the assessment of the alleged damages in this procedure involving multiple defendants remain contested. FERC The Office of Enforcement of the U.S. Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of Total Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the Group. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts. TGPNA contests the claims brought against it. A class action has been launched to seek damages from these three companies and was dismissed by a judgment of the U.S. District court of New York issued on March 15, 2017. The court of Appeal upheld this judgment. Yemen Due to the security conditions in the vicinity of Balhaf, Yemen LNG, in which the Group holds a stake of 39.62%, stopped its commercial production and export of LNG in April 2015, when it declared Force Majeure to its various stakeholders. The plant is in a preservation mode. |
Information by business segment
Information by business segment | 6 Months Ended |
Jun. 30, 2018 | |
Information by business segment | |
Information by business segment | 8) Information by business segment Exploration Gas, Refining Marketing 1 st half 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 5,865 7,359 45,088 43,836 3 — 102,151 Intersegment sales 14,717 898 17,396 491 34 (33,536) — Excise taxes — — (1,714) (11,043) — — (12,757) Revenues from sales 20,582 8,257 60,770 33,284 37 (33,536) 89,394 Operating expenses (8,979) (8,096) (58,248) (31,919) (399) 33,536 (74,105) Depreciation, depletion and impairment of tangible assets and mineral interests (4,834) (534) (617) (346) (20) — (6,351) Operating income 6,769 (373) 1,905 1,019 (382) — 8,938 Net income (loss) from equity affiliates and other items 1,210 162 417 193 9 — 1,991 Tax on net operating income (3,322) (34) (383) (297) 181 — (3,855) Net operating income 4,657 (245) 1,939 915 (192) — 7,074 Net cost of net debt (791) Non-controlling interests 74 Net income - group share 6,357 Exploration Gas, Refining Marketing 1 st half 2018 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — 13 — — — — 13 Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — 13 — — — — 13 Operating expenses (150) (101) 531 105 (9) — 376 Depreciation, depletion and impairment of tangible assets and mineral interests — (446) — — — — (446) Operating income (b) (150) (534) 531 105 (9) — (57) Net income (loss) from equity affiliates and other items (167) (15) 25 — — — (157) Tax on net operating income 104 (4) (158) (35) — — (93) Net operating income (b) (213) (553) 398 70 (9) — (307) Net cost of net debt (19) Non-controlling interests 246 Net income - group share (80) (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 — — 531 105 — - On net operating income — — 415 70 — Exploration Gas, Refining Marketing 1 st half 2018 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 5,865 7,346 45,088 43,836 3 — 102,138 Intersegment sales 14,717 898 17,396 491 34 (33,536) — Excise taxes — — (1,714) (11,043) — — (12,757) Revenues from sales 20,582 8,244 60,770 33,284 37 (33,536) 89,381 Operating expenses (8,829) (7,995) (58,779) (32,024) (390) 33,536 (74,481) Depreciation, depletion and impairment of tangible assets and mineral interests (4,834) (88) (617) (346) (20) — (5,905) Adjusted operating income 6,919 161 1,374 914 (373) — 8,995 Net income (loss) from equity affiliates and other items 1,377 177 392 193 9 — 2,148 Tax on net operating income (3,426) (30) (225) (262) 181 — (3,762) Adjusted net operating income 4,870 308 1,541 845 (183) — 7,381 Net cost of net debt (772) Non-controlling interests (172) Adjusted net income - group share 6,437 Exploration Gas, Refining Marketing 1 st half 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 8,851 328 736 538 58 — 10,511 Total divestments 2,751 483 349 273 3 — 3,859 Cash flow from operating activities (*) 8,197 (75) (110) 781 (466) — 8,327 (*) 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 have been restated. Exploration Gas, Refining Marketing 1 st half 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,171 5,868 35,921 35,129 9 — 81,098 Intersegment sales 10,666 583 12,362 443 195 (24,249) — Excise taxes — — (1,381) (9,142) — — (10,523) Revenues from sales 14,837 6,451 46,902 26,430 204 (24,249) 70,575 Operating expenses (7,234) (6,326) (44,796) (25,394) (552) 24,249 (60,053) Depreciation, depletion and impairment of tangible assets and mineral interests (6,412) (112) (532) (302) (19) — (7,377) Operating income 1,191 13 1,574 734 (367) — 3,145 Net income (loss) from equity affiliates and other items 677 (32) 2,601 288 16 — 3,550 Tax on net operating income (951) (61) (498) (231) 385 — (1,356) Net operating income 917 (80) 3,677 791 34 — 5,339 Net cost of net debt (533) Non-controlling interests 80 Net income - group share 4,886 Exploration Gas, Refining Marketing 1 st half 2017 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (27) — — — — (27) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (27) — — — — (27) Operating expenses (117) (114) (354) (95) (64) — (744) Depreciation, depletion and impairment of tangible assets and mineral interests (1,869) (25) (50) — — — (1,944) Operating income (b) (1,986) (166) (404) (95) (64) — (2,715) Net income (loss) from equity affiliates and other items (214) (79) 2,156 126 — — 1,989 Tax on net operating income 376 9 41 26 22 — 474 Net operating income (b) (1,824) (236) 1,793 57 (42) — (252) Net cost of net debt (14) Non-controlling interests 120 Net income - group share (146) (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 — — (289) (69) — - On net operating income — — (212) (50) — Exploration Gas, Refining Marketing 1 st half 2017 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,171 5,895 35,921 35,129 9 — 81,125 Intersegment sales 10,666 583 12,362 443 195 (24,249) — Excise taxes — — (1,381) (9,142) — — (10,523) Revenues from sales 14,837 6,478 46,902 26,430 204 (24,249) 70,602 Operating expenses (7,117) (6,212) (44,442) (25,299) (488) 24,249 (59,309) Depreciation, depletion and impairment of tangible assets and mineral interests (4,543) (87) (482) (302) (19) — (5,433) Adjusted operating income 3,177 179 1,978 829 (303) — 5,860 Net income (loss) from equity affiliates and other items 891 47 445 162 16 — 1,561 Tax on net operating income (1,327) (70) (539) (257) 363 — (1,830) Adjusted net operating income 2,741 156 1,884 734 76 — 5,591 Net cost of net debt (519) Non-controlling interests (40) Adjusted net income - group share 5,032 Exploration Gas, Refining Marketing 1 st half 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 6,084 392 667 697 43 — 7,883 Total divestments 245 27 2,760 218 8 — 3,258 Cash flow from operating activities (*) 5,637 40 3,729 582 (647) — 9,341 (*) 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 have been restated. Exploration Gas, Refining Marketing 2 nd quarter 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 3,398 3,268 23,349 22,528 (3) — 52,540 Intersegment sales 7,793 430 9,440 293 (63) (17,893) — Excise taxes — — (867) (5,571) — — (6,438) Revenues from sales 11,191 3,698 31,922 17,250 (66) (17,893) 46,102 Operating expenses (4,934) (3,570) (30,369) (16,416) (122) 17,893 (37,518) Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (464) (304) (172) (11) — (3,435) Operating income 3,773 (336) 1,249 662 (199) — 5,149 Net income (loss) from equity affiliates and other items 569 128 289 107 11 — 1,104 Tax on net operating income (1,772) (19) (279) (194) 85 — (2,179) Net operating income 2,570 (227) 1,259 575 (103) — 4,074 Net cost of net debt (440) Non-controlling interests 87 Net income - group share 3,721 Exploration Gas, Refining Marketing 2 nd quarter 2018 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services 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 — Exploration Gas, Refining Marketing 2 nd quarter 2018 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 3,398 3,244 23,349 22,528 (3) — 52,516 Intersegment sales 7,793 430 9,440 293 (63) (17,893) — Excise taxes — — (867) (5,571) — — (6,438) Revenues from sales 11,191 3,674 31,922 17,250 (66) (17,893) 46,078 Operating expenses (4,837) (3,561) (30,938) (16,550) (122) 17,893 (38,115) Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (40) (304) (172) (11) — (3,011) Adjusted operating income 3,870 73 680 528 (199) — 4,952 Net income (loss) from equity affiliates and other items 635 132 243 106 11 — 1,127 Tax on net operating income (1,818) (12) (102) (156) 85 — (2,003) Adjusted net operating income 2,687 193 821 478 (103) — 4,076 Net cost of net debt (431) Non-controlling interests (92) Adjusted net income - group share 3,553 Exploration Gas, Refining Marketing 2 nd quarter 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services 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 have been restated. Exploration Gas, Refining Marketing 2 nd quarter 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,068 2,671 17,347 17,831 (2) — 39,915 Intersegment sales 5,118 274 6,016 169 90 (11,667) — Excise taxes — — (680) (4,753) — — (5,433) Revenues from sales 7,186 2,945 22,683 13,247 88 (11,667) 34,482 Operating expenses (3,547) (2,857) (21,918) (12,729) (319) 11,667 (29,703) Depreciation, depletion and impairment of tangible assets and mineral interests (2,344) (40) (245) (158) (11) — (2,798) Operating income 1,295 48 520 360 (242) — 1,981 Net income (loss) from equity affiliates and other items 487 13 148 258 (6) — 900 Tax on net operating income (512) (24) (142) (123) 214 — (587) Net operating income 1,270 37 526 495 (34) — 2,294 Net cost of net debt (267) Non-controlling interests 10 Net income - group share 2,037 Exploration Gas, Refining Marketing 2 nd quarter 2017 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (27) — — — — (27) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (27) — — — — (27) Operating expenses (117) (25) (411) (80) (64) — (697) Depreciation, depletion and impairment of tangible assets and mineral interests (15) 1 — — — — (14) Operating income (b) (132) (51) (411) (80) (64) — (738) Net income (loss) from equity affiliates and other items (4) (16) (53) 121 — — 48 Tax on net operating income 47 9 129 21 22 — 228 Net operating income (b) (89) (58) (335) 62 (42) — (462) Net cost of net debt (7) Non-controlling interests 32 Net income - group share (437) (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 — — (372) (54) — - On net operating income — — (270) (45) — Exploration Gas, Refining Marketing 2 nd quarter 2017 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,068 2,698 17,347 17,831 (2) — 39,942 Intersegment sales 5,118 274 6,016 169 90 (11,667) — Excise taxes — — (680) (4,753) — — (5,433) Revenues from sales 7,186 2,972 22,683 13,247 88 (11,667) 34,509 Operating expenses (3,430) (2,832) (21,507) (12,649) (255) 11,667 (29,006) Depreciation, depletion and impairment of tangible assets and mineral interests (2,329) (41) (245) (158) (11) — (2,784) Adjusted operating income 1,427 99 931 440 (178) — 2,719 Net income (loss) from equity affiliates and other items 491 29 201 137 (6) — 852 Tax on net operating income (559) (33) (271) (144) 192 — (815) Adjusted net operating income 1,359 95 861 433 8 — 2,756 Net cost of net debt (260) Non-controlling interests (22) Adjusted net income - group share 2,474 Exploration Gas, Refining Marketing 2 nd quarter 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 3,448 77 401 258 21 — 4,205 Total divestments 132 23 20 182 3 — 360 Cash flow from operating activities (*) 2,836 (100) 1,967 251 (314) — 4,640 (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. |
Reconciliation of the informati
Reconciliation of the information by business segment with consolidated financial statements | 6 Months Ended |
Jun. 30, 2018 | |
Reconciliation of the information by business segment with consolidated financial statements | |
Reconciliation of the information by business segment with consolidated financial statements | 9) Reconciliation of the information by business segment with consolidated financial statements Consolidated 1 st half 2018 statement (M$) Adjusted Adjustments (a) of income Sales 102,138 13 102,151 Excise taxes (12,757) — (12,757) Revenues from sales 89,381 13 89,394 Purchases net of inventory variation (60,623) 578 (60,045) Other operating expenses (13,496) (202) (13,698) Exploration costs (362) — (362) Depreciation, depletion and impairment of tangible assets and mineral interests (5,905) (446) (6,351) Other income 628 147 775 Other expense (115) (488) (603) Financial interest on debt (849) (19) (868) Financial income and expense from cash & cash equivalents (95) — (95) Cost of net debt (944) (19) (963) Other financial income 561 — 561 Other financial expense (329) — (329) Net income (loss) from equity affiliates 1,403 184 1,587 Income taxes (3,590) (93) (3,683) Consolidated net income 6,609 (326) 6,283 Group share 6,437 (80) 6,357 Non-controlling interests 172 (246) (74) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2017 statement (M$) Adjusted Adjustments (a) of income Sales 81,125 (27) 81,098 Excise taxes (10,523) — (10,523) Revenues from sales 70,602 (27) 70,575 Purchases net of inventory variation (46,929) (456) (47,385) Other operating expenses (11,984) (288) (12,272) Exploration costs (396) — (396) Depreciation, depletion and impairment of tangible assets and mineral interests (5,433) (1,944) (7,377) Other income 314 2,581 2,895 Other expense (116) (281) (397) Financial interest on debt (662) (14) (676) Financial income and expense from cash & cash equivalents (48) — (48) Cost of net debt (710) (14) (724) Other financial income 513 — 513 Other financial expense (319) — (319) Net income (loss) from equity affiliates 1,169 (311) 858 Income taxes (1,639) 474 (1,165) Consolidated net income 5,072 (266) 4,806 Group share 5,032 (146) 4,886 Non-controlling interests 40 (120) (80) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2018 statement (M$) Adjusted Adjustments (a) of income Sales 52,516 24 52,540 Excise taxes (6,438) — (6,438) Revenues from sales 46,078 24 46,102 Purchases net of inventory variation (31,263) 664 (30,599) Other operating expenses (6,694) (67) (6,761) Exploration costs (158) — (158) Depreciation, depletion and impairment of tangible assets and mineral interests (3,011) (424) (3,435) Other income 254 (2) 252 Other expense (55) (358) (413) Financial interest on debt (469) (9) (478) Financial income and expense from cash & cash equivalents (54) — (54) Cost of net debt (523) (9) (532) Other financial income 321 — 321 Other financial expense (159) — (159) Net income (loss) from equity affiliates 766 337 1,103 Income taxes (1,911) (176) (2,087) Consolidated net income 3,645 (11) 3,634 Group share 3,553 168 3,721 Non-controlling interests 92 (179) (87) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2017 statement (M$) Adjusted Adjustments (a) of income Sales 39,942 (27) 39,915 Excise taxes (5,433) — (5,433) Revenues from sales 34,509 (27) 34,482 Purchases net of inventory variation (22,939) (459) (23,398) Other operating expenses (5,868) (238) (6,106) Exploration costs (199) — (199) Depreciation, depletion and impairment of tangible assets and mineral interests (2,784) (14) (2,798) Other income 206 364 570 Other expense (58) (48) (106) Financial interest on debt (338) (7) (345) Financial income and expense from cash & cash equivalents (37) — (37) Cost of net debt (375) (7) (382) Other financial income 285 — 285 Other financial expense (159) — (159) Net income (loss) from equity affiliates 578 (268) 310 Income taxes (700) 228 (472) Consolidated net income 2,496 (469) 2,027 Group share 2,474 (437) 2,037 Non-controlling interests 22 (32) (10) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
Post-closing and other events
Post-closing and other events | 6 Months Ended |
Jun. 30, 2018 | |
Post-closing and other events | |
Post-closing and other events | 10) Post-closing and other events Ø Gas, Renewables & Power · On July 6, 2018, TOTAL announced the closing of the acquisition of a 73.04% interest in Direct Energie for an estimated amount of €1.4 billion and on the same day filed a mandatory tender offer for the shares in Direct Energie not yet held by TOTAL. · On July 13, 2018, TOTAL announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion. |
Accounting policies (Policies)
Accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting policies | |
Basis of preparation of the consolidated financial statements | The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB). The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of June 30, 2018, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. The accounting principles applied for the consolidated financial statements at June 30, 2018, are consistent with those used for the financial statements at December 31, 2017, with the exception of those texts or amendments that must be applied for periods beginning January 1, 2018. |
First-time application of IFRS 15 "Revenue from Contracts with Customers" | - First-time application of IFRS 15 "Revenue from Contracts with Customers" The Group applied IFRS 15 as of January 1, 2018, without restating comparative information from past periods. The cumulative effect of the first application of the standard, recognized in equity as at January 1, 2018, is non-material. The new standard does not lead to any material change in the accounting principles applied by the Group. |
First time application of IFRS 9 "Financial Instruments" | - First time application of IFRS 9 "Financial Instruments" The Group applied IFRS 9 as of January 1, 2018 without restating comparative information from past periods. The impacts related to the first application of the standard, recognized in opening equity at January 1, 2018, are not material. This standard has three components: classification and measurement of financial instruments, impairment of financial assets, and hedging transactions except macro hedging The main changes induced by each component are the following: 1. The application of the "Classification and valuation of financial instruments" component led the Group to create a new non-recyclable component in its comprehensive income to record, from January 1, 2018, changes in the fair value of "Investments in equity instruments at the fair value through equity" previously classified as "Available-for-sale financial assets "under IAS 39. 2. The application of the "Impairment of financial assets" component has no significant impact for the Group on January 1, 2018. 3. The application of the "Hedging transactions" component led the Group to recognize in a separate component of the comprehensive income the changes in the Foreign Currency Basis Spread identified in the hedging relationships qualifying as a fair value hedge. The application of the provisions of IFRS 9 "Financial Instruments" has no significant effect on the Group's balance sheet, income statement and consolidated equity as of June 30, 2018. |
Major judgments and accounting estimates | The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2018, requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto. These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information. Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto. The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2017. |
Judgments in case of transactions not addressed by any accounting standard or interpretation | Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality. |
Application of IFRS 16 "Leases" on January 1, 2019 | As regards the application of IFRS 16 "Leases" on January 1, 2019, the Group intends to: - apply the simplified retrospective transition method, by accounting for the cumulative effect of the initial application of the standard at the date of first application, without restating the comparative periods - use the following simplification measures provided by the standard in the transitional provisions: o not apply the standard to contracts that the Group had not previously identified as containing a lease under IAS 17 and IFRIC 4, o not take into account leases whose term ends within 12 months of the date of first application - recognize each lease component of the lease as a separate lease, apart from non-lease components (services) of the lease. |
Changes in the Group structure
Changes in the Group structure (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Marathon Oil Lybia Limited | |
Major business combinations | |
Summary of provisional purchase price allocation | ($ million) At the acquisition date Intangible assets 326 Tangible assets 192 Other assets and liabilities (91) Net debt 24 Fair value of consideration transferred 451 |
Maersk Oil | |
Major business combinations | |
Summary of provisional purchase price allocation | ($ million) At the acquisition date Goodwill 2,628 Intangible assets 4,227 Tangible assets 4,033 Other assets and liabilities (3,223) Including provision for site restitution (2,100) Including deferred tax (675) Net debt (1,924) Fair value of consideration transferred 5,741 |
Lapa and Iara concessions | Transfer of rights in the Lapa and Iara Concessions in Brazil | |
Major business combinations | |
Summary of provisional purchase price allocation | ($ million) At the acquisition date Intangible assets 1,072 Tangible assets 1,662 Other assets and liabilities (119) Net debt (665) Fair value of consideration transferred 1,950 |
Adjustment items (Tables)
Adjustment items (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Adjustment items | |
Schedule of detail of the adjustment items | ADJUSTMENTS TO OPERATING INCOME Exploration Gas, Refining Marketing Corporate Total & Renewables & & (M$) Production & Power Chemicals Services 2 nd quarter 2018 Inventory valuation effect — — 569 134 — 703 Effect of changes in fair value — 16 — — — 16 Restructuring charges — — — — — — Asset impairment charges — (424) — — — (424) Other items (97) (1) — — — (98) Total (97) (409) 569 134 — 197 2 nd quarter 2017 Inventory valuation effect — — (372) (54) — (426) Effect of changes in fair value — (27) — — — (27) Restructuring charges (40) — — — — (40) Asset impairment charges (15) 1 — — — (14) Other items (77) (25) (39) (26) (64) (231) Total (132) (51) (411) (80) (64) (738) 1 st half 2018 Inventory valuation effect — — 531 105 — 636 Effect of changes in fair value — 5 — — — 5 Restructuring charges (53) — — — — (53) Asset impairment charges — (446) — — — (446) Other items (97) (93) — — (9) (199) Total (150) (534) 531 105 (9) (57) 1 st half 2017 Inventory valuation effect — — (289) (69) — (358) Effect of changes in fair value — (27) — — — (27) Restructuring charges (40) — — — — (40) Asset impairment charges (1,869) (25) (50) — — (1,944) Other items (77) (114) (65) (26) (64) (346) Total (1,986) (166) (404) (95) (64) (2,715) ADJUSTMENTS TO NET INCOME, GROUP SHARE Exploration Gas, Refining Marketing Corporate Total & Renewables & & (M$) Production & Power Chemicals Services 2 nd quarter 2018 Inventory valuation effect — — 436 81 — 517 Effect of changes in fair value — 9 — — — 9 Restructuring charges (44) (2) — — — (46) Asset impairment charges — (236) — — — (236) Gains (losses) on disposals of assets (2) — — — — (2) Other items (71) (3) — — — (74) Total (117) (232) 436 81 — 168 2 nd quarter 2017 Inventory valuation effect — — (268) (42) — (310) Effect of changes in fair value — (19) — — — (19) Restructuring charges (12) (3) (39) — — (54) Asset impairment charges (27) (5) — — — (32) Gains (losses) on disposals of assets — — — 125 — 125 Other items (50) (11) (26) (18) (42) (147) Total (89) (38) (333) 65 (42) (437) 1 st half 2018 Inventory valuation effect — — 412 60 — 472 Effect of changes in fair value — 1 — — — 1 Restructuring charges (59) (8) — — — (67) Asset impairment charges — (248) — — — (248) Gains (losses) on disposals of assets (103) — — — — (103) Other items (51) (58) (17) — (9) (135) Total (213) (313) 395 60 (9) (80) 1 st half 2017 Inventory valuation effect — — (210) (45) — (255) Effect of changes in fair value — (19) — — — (19) Restructuring charges (12) (8) (39) — — (59) Asset impairment charges (1,641) (59) (50) — — (1,750) Gains (losses) on disposals of assets — — 2,139 125 — 2,264 Other items (144) (78) (45) (18) (42) (327) Total (1,797) (164) 1,795 62 (42) (146) |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Shareholders' equity | |
Detail of other comprehensive income | Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below: (M$) 1 st half 2018 1 st half 2017 Actuarial gains and losses 67 158 Change in fair value of investments in equity instruments 5 — Tax effect (18) (53) Currency translation adjustment generated by the parent company (2,630) 5,464 Sub-total items not potentially reclassifiable to profit and loss (2,576) 5,569 Currency translation adjustment 968 (1,418) - unrealized gain/(loss) of the period 1,078 (1,372) - less gain/(loss) included in net income 110 46 Available for sale financial assets — — - unrealized gain/(loss) of the period — — - less gain/(loss) included in net income — — Cash flow hedge 255 34 - unrealized gain/(loss) of the period 142 164 - less gain/(loss) included in net income (113) 130 Variation of foreign currency basis spread (27) — - unrealized gain/(loss) of the period (27) — - less gain/(loss) included in net income — — Share of other comprehensive income of equity affiliates, net amount (132) (463) - unrealized gain/(loss) of the period (93) (465) - less gain/(loss) included in net income 39 (2) Other (2) — Tax effect (75) (9) Sub-total items potentially reclassifiable to profit and loss 987 (1,856) Total other comprehensive income, net amount (1,589) 3,713 Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2018 1 st half 2017 (M$) Pre-tax amount Tax effect Net amount Pre-tax amount Tax effect Net amount Actuarial gains and losses 67 (18) 49 158 (53) 105 Change in fair value of investments in equity instruments 5 — 5 — — — Currency translation adjustment generated by the parent company (2,630) — (2,630) 5,464 — 5,464 Sub-total items not potentially reclassifiable to profit and loss (2,558) (18) (2,576) 5,622 (53) 5,569 Currency translation adjustment 968 — 968 (1,418) — (1,418) Available for sale financial assets — — — — (1) (1) Cash flow hedge 255 (81) 174 34 (8) 26 Variation of foreign currency basis spread (27) 6 (21) — — — Share of other comprehensive income of equity affiliates, net amount (132) — (132) (463) — (463) Other (2) — (2) — — — Sub-total items potentially reclassifiable to profit and loss 1,062 (75) 987 (1,847) (9) (1,856) Total other comprehensive income (1,496) (93) (1,589) 3,775 (62) 3,713 |
Information by business segme21
Information by business segment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Information by business segment | |
Schedule of information by business segment | Exploration Gas, Refining Marketing 1 st half 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 5,865 7,359 45,088 43,836 3 — 102,151 Intersegment sales 14,717 898 17,396 491 34 (33,536) — Excise taxes — — (1,714) (11,043) — — (12,757) Revenues from sales 20,582 8,257 60,770 33,284 37 (33,536) 89,394 Operating expenses (8,979) (8,096) (58,248) (31,919) (399) 33,536 (74,105) Depreciation, depletion and impairment of tangible assets and mineral interests (4,834) (534) (617) (346) (20) — (6,351) Operating income 6,769 (373) 1,905 1,019 (382) — 8,938 Net income (loss) from equity affiliates and other items 1,210 162 417 193 9 — 1,991 Tax on net operating income (3,322) (34) (383) (297) 181 — (3,855) Net operating income 4,657 (245) 1,939 915 (192) — 7,074 Net cost of net debt (791) Non-controlling interests 74 Net income - group share 6,357 Exploration Gas, Refining Marketing 1 st half 2018 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — 13 — — — — 13 Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — 13 — — — — 13 Operating expenses (150) (101) 531 105 (9) — 376 Depreciation, depletion and impairment of tangible assets and mineral interests — (446) — — — — (446) Operating income (b) (150) (534) 531 105 (9) — (57) Net income (loss) from equity affiliates and other items (167) (15) 25 — — — (157) Tax on net operating income 104 (4) (158) (35) — — (93) Net operating income (b) (213) (553) 398 70 (9) — (307) Net cost of net debt (19) Non-controlling interests 246 Net income - group share (80) (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 — — 531 105 — - On net operating income — — 415 70 — Exploration Gas, Refining Marketing 1 st half 2018 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 5,865 7,346 45,088 43,836 3 — 102,138 Intersegment sales 14,717 898 17,396 491 34 (33,536) — Excise taxes — — (1,714) (11,043) — — (12,757) Revenues from sales 20,582 8,244 60,770 33,284 37 (33,536) 89,381 Operating expenses (8,829) (7,995) (58,779) (32,024) (390) 33,536 (74,481) Depreciation, depletion and impairment of tangible assets and mineral interests (4,834) (88) (617) (346) (20) — (5,905) Adjusted operating income 6,919 161 1,374 914 (373) — 8,995 Net income (loss) from equity affiliates and other items 1,377 177 392 193 9 — 2,148 Tax on net operating income (3,426) (30) (225) (262) 181 — (3,762) Adjusted net operating income 4,870 308 1,541 845 (183) — 7,381 Net cost of net debt (772) Non-controlling interests (172) Adjusted net income - group share 6,437 Exploration Gas, Refining Marketing 1 st half 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 8,851 328 736 538 58 — 10,511 Total divestments 2,751 483 349 273 3 — 3,859 Cash flow from operating activities (*) 8,197 (75) (110) 781 (466) — 8,327 (*) 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 have been restated. Exploration Gas, Refining Marketing 1 st half 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,171 5,868 35,921 35,129 9 — 81,098 Intersegment sales 10,666 583 12,362 443 195 (24,249) — Excise taxes — — (1,381) (9,142) — — (10,523) Revenues from sales 14,837 6,451 46,902 26,430 204 (24,249) 70,575 Operating expenses (7,234) (6,326) (44,796) (25,394) (552) 24,249 (60,053) Depreciation, depletion and impairment of tangible assets and mineral interests (6,412) (112) (532) (302) (19) — (7,377) Operating income 1,191 13 1,574 734 (367) — 3,145 Net income (loss) from equity affiliates and other items 677 (32) 2,601 288 16 — 3,550 Tax on net operating income (951) (61) (498) (231) 385 — (1,356) Net operating income 917 (80) 3,677 791 34 — 5,339 Net cost of net debt (533) Non-controlling interests 80 Net income - group share 4,886 Exploration Gas, Refining Marketing 1 st half 2017 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (27) — — — — (27) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (27) — — — — (27) Operating expenses (117) (114) (354) (95) (64) — (744) Depreciation, depletion and impairment of tangible assets and mineral interests (1,869) (25) (50) — — — (1,944) Operating income (b) (1,986) (166) (404) (95) (64) — (2,715) Net income (loss) from equity affiliates and other items (214) (79) 2,156 126 — — 1,989 Tax on net operating income 376 9 41 26 22 — 474 Net operating income (b) (1,824) (236) 1,793 57 (42) — (252) Net cost of net debt (14) Non-controlling interests 120 Net income - group share (146) (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 — — (289) (69) — - On net operating income — — (212) (50) — Exploration Gas, Refining Marketing 1 st half 2017 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 4,171 5,895 35,921 35,129 9 — 81,125 Intersegment sales 10,666 583 12,362 443 195 (24,249) — Excise taxes — — (1,381) (9,142) — — (10,523) Revenues from sales 14,837 6,478 46,902 26,430 204 (24,249) 70,602 Operating expenses (7,117) (6,212) (44,442) (25,299) (488) 24,249 (59,309) Depreciation, depletion and impairment of tangible assets and mineral interests (4,543) (87) (482) (302) (19) — (5,433) Adjusted operating income 3,177 179 1,978 829 (303) — 5,860 Net income (loss) from equity affiliates and other items 891 47 445 162 16 — 1,561 Tax on net operating income (1,327) (70) (539) (257) 363 — (1,830) Adjusted net operating income 2,741 156 1,884 734 76 — 5,591 Net cost of net debt (519) Non-controlling interests (40) Adjusted net income - group share 5,032 Exploration Gas, Refining Marketing 1 st half 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 6,084 392 667 697 43 — 7,883 Total divestments 245 27 2,760 218 8 — 3,258 Cash flow from operating activities (*) 5,637 40 3,729 582 (647) — 9,341 (*) 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 have been restated. Exploration Gas, Refining Marketing 2 nd quarter 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 3,398 3,268 23,349 22,528 (3) — 52,540 Intersegment sales 7,793 430 9,440 293 (63) (17,893) — Excise taxes — — (867) (5,571) — — (6,438) Revenues from sales 11,191 3,698 31,922 17,250 (66) (17,893) 46,102 Operating expenses (4,934) (3,570) (30,369) (16,416) (122) 17,893 (37,518) Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (464) (304) (172) (11) — (3,435) Operating income 3,773 (336) 1,249 662 (199) — 5,149 Net income (loss) from equity affiliates and other items 569 128 289 107 11 — 1,104 Tax on net operating income (1,772) (19) (279) (194) 85 — (2,179) Net operating income 2,570 (227) 1,259 575 (103) — 4,074 Net cost of net debt (440) Non-controlling interests 87 Net income - group share 3,721 Exploration Gas, Refining Marketing 2 nd quarter 2018 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services 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 — Exploration Gas, Refining Marketing 2 nd quarter 2018 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 3,398 3,244 23,349 22,528 (3) — 52,516 Intersegment sales 7,793 430 9,440 293 (63) (17,893) — Excise taxes — — (867) (5,571) — — (6,438) Revenues from sales 11,191 3,674 31,922 17,250 (66) (17,893) 46,078 Operating expenses (4,837) (3,561) (30,938) (16,550) (122) 17,893 (38,115) Depreciation, depletion and impairment of tangible assets and mineral interests (2,484) (40) (304) (172) (11) — (3,011) Adjusted operating income 3,870 73 680 528 (199) — 4,952 Net income (loss) from equity affiliates and other items 635 132 243 106 11 — 1,127 Tax on net operating income (1,818) (12) (102) (156) 85 — (2,003) Adjusted net operating income 2,687 193 821 478 (103) — 4,076 Net cost of net debt (431) Non-controlling interests (92) Adjusted net income - group share 3,553 Exploration Gas, Refining Marketing 2 nd quarter 2018 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services 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 have been restated. Exploration Gas, Refining Marketing 2 nd quarter 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,068 2,671 17,347 17,831 (2) — 39,915 Intersegment sales 5,118 274 6,016 169 90 (11,667) — Excise taxes — — (680) (4,753) — — (5,433) Revenues from sales 7,186 2,945 22,683 13,247 88 (11,667) 34,482 Operating expenses (3,547) (2,857) (21,918) (12,729) (319) 11,667 (29,703) Depreciation, depletion and impairment of tangible assets and mineral interests (2,344) (40) (245) (158) (11) — (2,798) Operating income 1,295 48 520 360 (242) — 1,981 Net income (loss) from equity affiliates and other items 487 13 148 258 (6) — 900 Tax on net operating income (512) (24) (142) (123) 214 — (587) Net operating income 1,270 37 526 495 (34) — 2,294 Net cost of net debt (267) Non-controlling interests 10 Net income - group share 2,037 Exploration Gas, Refining Marketing 2 nd quarter 2017 (adjustments) (a) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales — (27) — — — — (27) Intersegment sales — — — — — — — Excise taxes — — — — — — — Revenues from sales — (27) — — — — (27) Operating expenses (117) (25) (411) (80) (64) — (697) Depreciation, depletion and impairment of tangible assets and mineral interests (15) 1 — — — — (14) Operating income (b) (132) (51) (411) (80) (64) — (738) Net income (loss) from equity affiliates and other items (4) (16) (53) 121 — — 48 Tax on net operating income 47 9 129 21 22 — 228 Net operating income (b) (89) (58) (335) 62 (42) — (462) Net cost of net debt (7) Non-controlling interests 32 Net income - group share (437) (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 — — (372) (54) — - On net operating income — — (270) (45) — Exploration Gas, Refining Marketing 2 nd quarter 2017 (adjusted) & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Non-Group sales 2,068 2,698 17,347 17,831 (2) — 39,942 Intersegment sales 5,118 274 6,016 169 90 (11,667) — Excise taxes — — (680) (4,753) — — (5,433) Revenues from sales 7,186 2,972 22,683 13,247 88 (11,667) 34,509 Operating expenses (3,430) (2,832) (21,507) (12,649) (255) 11,667 (29,006) Depreciation, depletion and impairment of tangible assets and mineral interests (2,329) (41) (245) (158) (11) — (2,784) Adjusted operating income 1,427 99 931 440 (178) — 2,719 Net income (loss) from equity affiliates and other items 491 29 201 137 (6) — 852 Tax on net operating income (559) (33) (271) (144) 192 — (815) Adjusted net operating income 1,359 95 861 433 8 — 2,756 Net cost of net debt (260) Non-controlling interests (22) Adjusted net income - group share 2,474 Exploration Gas, Refining Marketing 2 nd quarter 2017 & Renewables & & Corporate Intercompany Total (M$) Production & Power Chemicals Services Total expenditures 3,448 77 401 258 21 — 4,205 Total divestments 132 23 20 182 3 — 360 Cash flow from operating activities (*) 2,836 (100) 1,967 251 (314) — 4,640 (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. |
Reconciliation of the informa22
Reconciliation of the information by business segment with consolidated financial statements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Reconciliation of the information by business segment with consolidated financial statements | |
Schedule of reconciliation of the information by business segment with consolidated financial statements | Consolidated 1 st half 2018 statement (M$) Adjusted Adjustments (a) of income Sales 102,138 13 102,151 Excise taxes (12,757) — (12,757) Revenues from sales 89,381 13 89,394 Purchases net of inventory variation (60,623) 578 (60,045) Other operating expenses (13,496) (202) (13,698) Exploration costs (362) — (362) Depreciation, depletion and impairment of tangible assets and mineral interests (5,905) (446) (6,351) Other income 628 147 775 Other expense (115) (488) (603) Financial interest on debt (849) (19) (868) Financial income and expense from cash & cash equivalents (95) — (95) Cost of net debt (944) (19) (963) Other financial income 561 — 561 Other financial expense (329) — (329) Net income (loss) from equity affiliates 1,403 184 1,587 Income taxes (3,590) (93) (3,683) Consolidated net income 6,609 (326) 6,283 Group share 6,437 (80) 6,357 Non-controlling interests 172 (246) (74) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2017 statement (M$) Adjusted Adjustments (a) of income Sales 81,125 (27) 81,098 Excise taxes (10,523) — (10,523) Revenues from sales 70,602 (27) 70,575 Purchases net of inventory variation (46,929) (456) (47,385) Other operating expenses (11,984) (288) (12,272) Exploration costs (396) — (396) Depreciation, depletion and impairment of tangible assets and mineral interests (5,433) (1,944) (7,377) Other income 314 2,581 2,895 Other expense (116) (281) (397) Financial interest on debt (662) (14) (676) Financial income and expense from cash & cash equivalents (48) — (48) Cost of net debt (710) (14) (724) Other financial income 513 — 513 Other financial expense (319) — (319) Net income (loss) from equity affiliates 1,169 (311) 858 Income taxes (1,639) 474 (1,165) Consolidated net income 5,072 (266) 4,806 Group share 5,032 (146) 4,886 Non-controlling interests 40 (120) (80) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2018 statement (M$) Adjusted Adjustments (a) of income Sales 52,516 24 52,540 Excise taxes (6,438) — (6,438) Revenues from sales 46,078 24 46,102 Purchases net of inventory variation (31,263) 664 (30,599) Other operating expenses (6,694) (67) (6,761) Exploration costs (158) — (158) Depreciation, depletion and impairment of tangible assets and mineral interests (3,011) (424) (3,435) Other income 254 (2) 252 Other expense (55) (358) (413) Financial interest on debt (469) (9) (478) Financial income and expense from cash & cash equivalents (54) — (54) Cost of net debt (523) (9) (532) Other financial income 321 — 321 Other financial expense (159) — (159) Net income (loss) from equity affiliates 766 337 1,103 Income taxes (1,911) (176) (2,087) Consolidated net income 3,645 (11) 3,634 Group share 3,553 168 3,721 Non-controlling interests 92 (179) (87) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2017 statement (M$) Adjusted Adjustments (a) of income Sales 39,942 (27) 39,915 Excise taxes (5,433) — (5,433) Revenues from sales 34,509 (27) 34,482 Purchases net of inventory variation (22,939) (459) (23,398) Other operating expenses (5,868) (238) (6,106) Exploration costs (199) — (199) Depreciation, depletion and impairment of tangible assets and mineral interests (2,784) (14) (2,798) Other income 206 364 570 Other expense (58) (48) (106) Financial interest on debt (338) (7) (345) Financial income and expense from cash & cash equivalents (37) — (37) Cost of net debt (375) (7) (382) Other financial income 285 — 285 Other financial expense (159) — (159) Net income (loss) from equity affiliates 578 (268) 310 Income taxes (700) 228 (472) Consolidated net income 2,496 (469) 2,027 Group share 2,474 (437) 2,037 Non-controlling interests 22 (32) (10) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
Changes in the Group structur23
Changes in the Group structure - Main acquisitions and divestments (Details) $ in Millions | Mar. 18, 2018USD ($)item | Mar. 15, 2018 | Jan. 15, 2018USD ($) | Jan. 31, 2018 | Mar. 01, 2018USD ($) |
Marathon Oil Lybia Limited | |||||
Main acquisitions and divestments | |||||
Acquisition cost | $ 451 | ||||
Martin Linge field | |||||
Main acquisitions and divestments | |||||
Percentage of interest in joint operation sold | 51.00% | ||||
Garantiana Discovery | |||||
Main acquisitions and divestments | |||||
Percentage of interest in joint operation sold | 40.00% | ||||
TotalErg joint venture | |||||
Main acquisitions and divestments | |||||
Percentage of interest in joint venture sold by the co-venturer | 51.00% | ||||
Percentage of interest in joint venture sold | 49.00% | ||||
Lapa and Iara concessions | Transfer of rights in the Lapa and Iara Concessions in Brazil | |||||
Main acquisitions and divestments | |||||
Acquisition cost | $ 1,950 | ||||
Lapa field | Transfer of rights in the Lapa and Iara Concessions in Brazil | |||||
Main acquisitions and divestments | |||||
Percentage of rights acquired | 35.00% | ||||
Iara area | Transfer of rights in the Lapa and Iara Concessions in Brazil | |||||
Main acquisitions and divestments | |||||
Percentage of rights acquired | 22.50% | ||||
Waha Concessions | Marathon Oil Lybia Limited | |||||
Main acquisitions and divestments | |||||
Percentage of acquired entity's interest in joint operation | 16.33% | ||||
Umm Shaif & Nasr and Lower Zakum concessions | |||||
Main acquisitions and divestments | |||||
Number of offshore concessions in which participating interests awarded | item | 2 | ||||
Payment of global bonus for acquired interest | $ 1,450 | ||||
Umm Shaif & Nasr concession | |||||
Main acquisitions and divestments | |||||
Percentage of interest acquired | 20.00% | ||||
Lower Zakum concession | |||||
Main acquisitions and divestments | |||||
Percentage of interest acquired | 5.00% |
Changes in the Group structur24
Changes in the Group structure - Major business combinations, Lapa and Iara concessions (Details) - Transfer of rights in the Lapa and Iara Concessions in Brazil $ in Millions | Jan. 15, 2018USD ($)bbl / d |
Lapa and Iara concessions | |
Major business combinations | |
Acquisition cost | $ 1,950 |
Provisional purchase price allocation | |
Intangible assets | 1,072 |
Tangible assets | 1,662 |
Other assets and liabilities | (119) |
Net debt | (665) |
Fair value of consideration transferred | $ 1,950 |
Lapa field | |
Major business combinations | |
Percentage of rights acquired | 35.00% |
FPSO capacity (in barrels per day) | bbl / d | 100,000 |
Iara area | |
Major business combinations | |
Percentage of rights acquired | 22.50% |
Changes in the Group structur25
Changes in the Group structure - Major business combinations, Marathon Oil Lybia Limited (Details) - Marathon Oil Lybia Limited $ in Millions | Mar. 01, 2018USD ($) |
Major business combinations | |
Acquisition cost | $ 451 |
Provisional purchase price allocation | |
Intangible assets | 326 |
Tangible assets | 192 |
Other assets and liabilities | (91) |
Net debt | 24 |
Fair value of consideration transferred | $ 451 |
Waha Concessions | |
Major business combinations | |
Percentage of acquired entity's interest in joint operation | 16.33% |
Changes in the Group structur26
Changes in the Group structure - Major business combinations, Maersk Oil (Details) - Mar. 08, 2018 - Maersk Oil $ in Millions | € / shares | USD ($)EquityInstruments |
Major business combinations | ||
Purchase consideration | $ 5,741 | |
Fair value of equity interest issued in consideration | $ 5,585 | |
Shares issued in consideration | EquityInstruments | 97,522,593 | |
Market price of shares issued as consideration (in Euros per share) | € / shares | € 46.11 | |
Price adjustments paid on closing | $ 156 | |
Provisional fair value of identifiable acquired assets, liabilities and contingent liabilities | 3,113 | |
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||
Goodwill | 2,628 | |
Intangible assets | 4,227 | |
Tangible assets | 4,033 | |
Other assets and liabilities | (3,223) | |
Including provision for site restitution | (2,100) | |
Including deferred tax | (675) | |
Net debt | (1,924) | |
Fair value of consideration transferred | $ 5,741 |
Adjustment items (Details)
Adjustment items (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)segment | Jun. 30, 2017USD ($) | |
Business segment information | |||||
Number of business segments | segment | 4 | ||||
Operating income | $ 5,149 | $ 1,981 | $ 8,938 | $ 3,145 | |
Net income, Group share | 3,721 | $ 2,636 | 2,037 | 6,357 | 4,886 |
Adjustments | |||||
Business segment information | |||||
Operating income | 197 | (738) | (57) | (2,715) | |
Net income, Group share | 168 | (437) | (80) | (146) | |
Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | 703 | (426) | 636 | (358) | |
Net income, Group share | 517 | (310) | 472 | (255) | |
Adjustments - Effect of changes in fair value | |||||
Business segment information | |||||
Operating income | 16 | (27) | 5 | (27) | |
Net income, Group share | 9 | (19) | 1 | (19) | |
Adjustments - Restructuring charges | |||||
Business segment information | |||||
Operating income | (40) | (53) | (40) | ||
Net income, Group share | (46) | (54) | (67) | (59) | |
Adjustments - Asset impairment charges | |||||
Business segment information | |||||
Operating income | (424) | (14) | (446) | (1,944) | |
Net income, Group share | (236) | (32) | (248) | (1,750) | |
Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Net income, Group share | (2) | 125 | (103) | 2,264 | |
Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (98) | (231) | (199) | (346) | |
Net income, Group share | (74) | (147) | (135) | (327) | |
Exploration & Production | |||||
Business segment information | |||||
Operating income | 3,773 | 1,295 | 6,769 | 1,191 | |
Exploration & Production | Adjustments | |||||
Business segment information | |||||
Operating income | (97) | (132) | (150) | (1,986) | |
Net income, Group share | (117) | (89) | (213) | (1,797) | |
Exploration & Production | Adjustments - Restructuring charges | |||||
Business segment information | |||||
Operating income | (40) | (53) | (40) | ||
Net income, Group share | (44) | (12) | (59) | (12) | |
Exploration & Production | Adjustments - Asset impairment charges | |||||
Business segment information | |||||
Operating income | (15) | (1,869) | |||
Net income, Group share | (27) | (1,641) | |||
Exploration & Production | Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Net income, Group share | (2) | (103) | |||
Exploration & Production | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (97) | (77) | (97) | (77) | |
Net income, Group share | (71) | (50) | (51) | (144) | |
Gas, Renewables & Power | |||||
Business segment information | |||||
Operating income | (336) | 48 | (373) | 13 | |
Gas, Renewables & Power | Adjustments | |||||
Business segment information | |||||
Operating income | (409) | (51) | (534) | (166) | |
Net income, Group share | (232) | (38) | (313) | (164) | |
Gas, Renewables & Power | Adjustments - Effect of changes in fair value | |||||
Business segment information | |||||
Operating income | 16 | (27) | 5 | (27) | |
Net income, Group share | 9 | (19) | 1 | (19) | |
Gas, Renewables & Power | Adjustments - Restructuring charges | |||||
Business segment information | |||||
Net income, Group share | (2) | (3) | (8) | (8) | |
Gas, Renewables & Power | Adjustments - Asset impairment charges | |||||
Business segment information | |||||
Operating income | (424) | 1 | (446) | (25) | |
Net income, Group share | (236) | (5) | (248) | (59) | |
Gas, Renewables & Power | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (1) | (25) | (93) | (114) | |
Net income, Group share | (3) | (11) | (58) | (78) | |
Refining & Chemicals | |||||
Business segment information | |||||
Operating income | 1,249 | 520 | 1,905 | 1,574 | |
Refining & Chemicals | Adjustments | |||||
Business segment information | |||||
Operating income | 569 | (411) | 531 | (404) | |
Net income, Group share | 436 | (333) | 395 | 1,795 | |
Refining & Chemicals | Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | 569 | (372) | 531 | (289) | |
Net income, Group share | 436 | (268) | 412 | (210) | |
Refining & Chemicals | Adjustments - Restructuring charges | |||||
Business segment information | |||||
Net income, Group share | (39) | (39) | |||
Refining & Chemicals | Adjustments - Asset impairment charges | |||||
Business segment information | |||||
Operating income | (50) | ||||
Net income, Group share | (50) | ||||
Refining & Chemicals | Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Net income, Group share | 2,139 | ||||
Refining & Chemicals | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (39) | (65) | |||
Net income, Group share | (26) | (17) | (45) | ||
Marketing & Services | |||||
Business segment information | |||||
Operating income | 662 | 360 | 1,019 | 734 | |
Marketing & Services | Adjustments | |||||
Business segment information | |||||
Operating income | 134 | (80) | 105 | (95) | |
Net income, Group share | 81 | 65 | 60 | 62 | |
Marketing & Services | Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | 134 | (54) | 105 | (69) | |
Net income, Group share | 81 | (42) | 60 | (45) | |
Marketing & Services | Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Net income, Group share | 125 | 125 | |||
Marketing & Services | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (26) | (26) | |||
Net income, Group share | (18) | (18) | |||
Corporate | |||||
Business segment information | |||||
Operating income | $ (199) | (242) | (382) | (367) | |
Corporate | Adjustments | |||||
Business segment information | |||||
Operating income | (64) | (9) | (64) | ||
Net income, Group share | (42) | (9) | (42) | ||
Corporate | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (64) | (9) | (64) | ||
Net income, Group share | $ (42) | $ (9) | $ (42) |
Shareholders' equity - Treasury
Shareholders' equity - Treasury shares (Details) - TOTAL S.A. - shares | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Shareholders' equity | ||
Treasury shares | 41,429,820 | |
Percentage of share capital | 1.55% | |
Shares intended to be canceled | 32,600,041 | |
Shares definitively acquired during the period and intended to be canceled | 18,576,360 | 9,820,488 |
Shares intended to be canceled, buyback not yet executed | 4,203,193 | |
TOTAL share grant plans for Group employees | ||
Shareholders' equity | ||
Shares allocated or intended to be allocated to share purchase option plans or share grant plans | 8,760,020 | |
New TOTAL share purchase option plans or new share grant plans | ||
Shareholders' equity | ||
Shares allocated or intended to be allocated to share purchase option plans or share grant plans | 69,759 |
Shareholders' equity - Dividend
Shareholders' equity - Dividend (Details) | Jul. 25, 2018€ / shares | Jun. 28, 2018€ / sharesshares | Jun. 01, 2018dividend€ / shares | Apr. 25, 2018€ / shares | Apr. 09, 2018€ / shares | Jan. 11, 2018€ / shares | Oct. 12, 2017€ / shares |
Dividend | |||||||
Dividend approved for the 2017 fiscal year (in Euros per share) | € 2.48 | ||||||
Number of quarterly interim dividends already paid for fiscal year 2017 | dividend | 3 | ||||||
Dividend paid (in Euros per share) | € 0.62 | € 0.62 | € 0.62 | € 0.62 | |||
Number of trading days to determine stock dividend price | 20 days | ||||||
Share price for dividend paid in shares (in Euros per share) | € 52.03 | ||||||
Number of shares issued in lieu of cash dividend | shares | 5,798,335 | ||||||
Dividend decided by Board of Directors (in Euros per share) | € 0.64 | € 0.64 |
Shareholders' equity - Earnings
Shareholders' equity - Earnings per share (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018€ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018€ / shares | Mar. 31, 2018$ / shares | Jun. 30, 2017€ / shares | Jun. 30, 2017$ / shares | Jun. 30, 2018$ / shares | Jun. 30, 2017$ / shares | |
Earnings per share in euros | ||||||||
Earnings per share (in dollars or Euros per share) | (per share) | € 1.16 | $ 1.38 | € 0.81 | $ 1 | € 0.71 | $ 0.79 | $ 2.39 | $ 1.93 |
Fully-diluted earnings per share (in dollars per share) | (per share) | € 1.16 | $ 1.38 | € 0.81 | $ 0.99 | € 0.71 | $ 0.79 | $ 2.38 | $ 1.92 |
Shareholders' equity - Other co
Shareholders' equity - Other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Shareholders' equity | ||||||
Actuarial gains and losses | $ 42 | $ 25 | $ 32 | $ 67 | $ 158 | |
Change in fair value of investments in equity instruments | (2) | 7 | 5 | |||
Tax effect | (20) | 2 | (12) | (18) | (53) | |
Currency translation adjustment generated by the parent company | (4,761) | 2,131 | 4,524 | (2,630) | 5,464 | |
Sub-total items not potentially reclassifiable to profit and loss | (4,741) | 2,165 | 4,544 | (2,576) | 5,569 | |
Currency translation adjustment | 1,330 | (362) | (1,218) | 968 | (1,418) | |
Unrealized gain/(loss) of the period | 1,078 | (1,372) | ||||
Less gain/(loss) included in net income | 110 | 46 | ||||
Available for sale financial assets | 1 | |||||
Cash flow hedge | 77 | 178 | (79) | 255 | 34 | |
Unrealized gain/(loss) of the period | 142 | 164 | ||||
Less gain/(loss) included in net income | (113) | 130 | ||||
Variation of foreign currency basis spread | 2 | (29) | (27) | |||
unrealized gain/(loss) of the period | (27) | |||||
Share of other comprehensive income of equity affiliates, net amount | 36 | (168) | (794) | (132) | (463) | |
Unrealized gain/(loss) of the period | (93) | (465) | ||||
Less gain/(loss) included in net income | 39 | (2) | ||||
Other | (2) | (3) | (2) | |||
Tax effect | (27) | (48) | 30 | (75) | (9) | |
Sub-total items potentially reclassifiable to profit and loss | 1,416 | (429) | (2,063) | 987 | (1,856) | |
Total other comprehensive income, net amount | $ (3,325) | $ 1,736 | $ 2,481 | $ (1,589) | $ 3,012 | $ 3,713 |
Shareholders' equity - Tax effe
Shareholders' equity - Tax effects of other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Pre-tax amount | ||||||
Actuarial gains and losses | $ 42 | $ 25 | $ 32 | $ 67 | $ 158 | |
Change in fair value of investments in equity instruments | (2) | 7 | 5 | |||
Currency translation adjustment generated by the parent company | (4,761) | 2,131 | 4,524 | (2,630) | 5,464 | |
Sub-total items not potentially reclassifiable to profit and loss | (2,558) | 5,622 | ||||
Currency translation adjustment | 1,330 | (362) | (1,218) | 968 | (1,418) | |
Available for sale financial assets | 1 | |||||
Cash flow hedge | 77 | 178 | (79) | 255 | 34 | |
Variation of foreign currency basis spread | 2 | (29) | (27) | |||
Share of other comprehensive income of equity affiliates, net amount | (132) | (463) | ||||
Other | (2) | (3) | (2) | |||
Sub-total items potentially reclassifiable to profit and loss | 1,062 | (1,847) | ||||
Total other comprehensive income | (1,496) | 3,775 | ||||
Tax effect | ||||||
Actuarial gains and losses | (18) | (53) | ||||
Sub-total items not potentially reclassifiable to profit and loss | (20) | 2 | (12) | (18) | (53) | |
Available for sale financial assets | (1) | |||||
Cash flow hedge | (81) | (8) | ||||
Variation of foreign currency basis spread | 6 | |||||
Sub-total items potentially reclassifiable to profit and loss | (27) | (48) | 30 | (75) | (9) | |
Total other comprehensive income | (93) | (62) | ||||
Net amount | ||||||
Actuarial gains and losses | 49 | 105 | ||||
Change in fair value of investments in equity instruments | 5 | |||||
Currency translation adjustment generated by the parent company | (4,761) | 2,131 | 4,524 | (2,630) | 5,464 | |
Sub-total items not potentially reclassifiable to profit and loss | (4,741) | 2,165 | 4,544 | (2,576) | 5,569 | |
Currency translation adjustment | 968 | (1,418) | ||||
Available for sale financial assets | (1) | |||||
Cash flow hedge | 174 | 26 | ||||
Variation of foreign currency basis spread | (21) | |||||
Share of other comprehensive income of equity affiliates, net amount | 36 | (168) | (794) | (132) | (463) | |
Other | (2) | |||||
Sub-total items potentially reclassifiable to profit and loss | 1,416 | (429) | (2,063) | 987 | (1,856) | |
Total other comprehensive income (net amount) | $ (3,325) | $ 1,736 | $ 2,481 | $ (1,589) | $ 3,012 | $ 3,713 |
Financial debt (Details)
Financial debt (Details) kr in Millions, SFr in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2018CHF (SFr) | Jun. 30, 2018NOK (kr) | Jun. 30, 2018USD ($) | |
Financial debt | |||
Amount of bonds issued | $ 0 | ||
USD Bond 1.450%, Issued in 2013, Maturing January 2018 | |||
Financial debt | |||
Interest rate (as percent) | 1.45% | 1.45% | 1.45% |
Amount of bonds reimbursed | $ 1,000 | ||
NOK Bond 2.500%, Issued in 2013, Maturing June 2018 | |||
Financial debt | |||
Interest rate (as percent) | 2.50% | 2.50% | 2.50% |
Amount of bonds reimbursed | kr | kr 600 | ||
USD Bond with Floating Rate Coupon, Issued in 2014, Maturing June 2018 | |||
Financial debt | |||
Amount of bonds reimbursed | $ 135 | ||
CHF Bond 3.125%, Issued 2006-2008, Maturing June 2018 | |||
Financial debt | |||
Interest rate (as percent) | 3.125% | 3.125% | 3.125% |
Amount of bonds reimbursed | SFr | SFr 525 |
Other risks and contingent li34
Other risks and contingent liabilities (Details) € in Millions | Apr. 28, 2016employee | Jun. 30, 2018EUR (€)company |
Exploration & Production | Yemen LNG Company Limited | ||
Disclosure of contingent liabilities | ||
Stake held in associate (as a percent) | 39.62% | |
Contingent liabilities - legal proceedings | Alitalia | ||
Disclosure of contingent liabilities | ||
Alleged damages claimed | € | € 908 | |
Contingent liabilities - legal proceedings | FERC | ||
Disclosure of contingent liabilities | ||
Number of former employees issued order to show cause | employee | 2 | |
Number of companies involved in class action lawsuit | company | 3 |
Information by business segme35
Information by business segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business segment information | |||||
Sales | $ 52,540 | $ 49,611 | $ 39,915 | $ 102,151 | $ 81,098 |
Excise taxes | (6,438) | (6,319) | (5,433) | (12,757) | (10,523) |
Revenues from sales | 46,102 | 43,292 | 34,482 | 89,394 | 70,575 |
Operating expenses | (37,518) | (29,703) | (74,105) | (60,053) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,435) | (2,916) | (2,798) | (6,351) | (7,377) |
Operating income | 5,149 | 1,981 | 8,938 | 3,145 | |
Net income (loss) from equity affiliates and other items | 1,104 | 900 | 1,991 | 3,550 | |
Tax on net operating income | (2,179) | (587) | (3,855) | (1,356) | |
Net operating income | 4,074 | 2,294 | 7,074 | 5,339 | |
Net cost of net debt | (440) | (267) | (791) | (533) | |
Non-controlling interests | 87 | (13) | 10 | 74 | 80 |
Net income - group share | 3,721 | 2,636 | 2,037 | 6,357 | 4,886 |
Total expenditures | 3,787 | 6,724 | 4,205 | 10,511 | 7,883 |
Total divestments | 1,274 | 2,585 | 360 | 3,859 | 3,258 |
Cash flow from operating activities | 6,246 | $ 2,081 | 4,640 | 8,327 | 9,341 |
Intercompany | |||||
Business segment information | |||||
Sales | (17,893) | (11,667) | (33,536) | (24,249) | |
Revenues from sales | (17,893) | (11,667) | (33,536) | (24,249) | |
Operating expenses | 17,893 | 11,667 | 33,536 | 24,249 | |
Exploration & Production | |||||
Business segment information | |||||
Sales | 3,398 | 2,068 | 5,865 | 4,171 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (2,484) | (2,344) | (4,834) | (6,412) | |
Operating income | 3,773 | 1,295 | 6,769 | 1,191 | |
Net income (loss) from equity affiliates and other items | 569 | 487 | 1,210 | 677 | |
Tax on net operating income | (1,772) | (512) | (3,322) | (951) | |
Net operating income | 2,570 | 1,270 | 4,657 | 917 | |
Total expenditures | 2,980 | 3,448 | 8,851 | 6,084 | |
Total divestments | 500 | 132 | 2,751 | 245 | |
Cash flow from operating activities | 4,628 | 2,836 | 8,197 | 5,637 | |
Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 11,191 | 7,186 | 20,582 | 14,837 | |
Operating expenses | (4,934) | (3,547) | (8,979) | (7,234) | |
Exploration & Production | Intercompany | |||||
Business segment information | |||||
Sales | (7,793) | (5,118) | (14,717) | (10,666) | |
Gas, Renewables & Power | |||||
Business segment information | |||||
Sales | 3,268 | 2,671 | 7,359 | 5,868 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (464) | (40) | (534) | (112) | |
Operating income | (336) | 48 | (373) | 13 | |
Net income (loss) from equity affiliates and other items | 128 | 13 | 162 | (32) | |
Tax on net operating income | (19) | (24) | (34) | (61) | |
Net operating income | (227) | 37 | (245) | (80) | |
Total expenditures | 79 | 77 | 328 | 392 | |
Total divestments | 405 | 23 | 483 | 27 | |
Cash flow from operating activities | 104 | (100) | (75) | 40 | |
Gas, Renewables & Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 3,698 | 2,945 | 8,257 | 6,451 | |
Operating expenses | (3,570) | (2,857) | (8,096) | (6,326) | |
Gas, Renewables & Power | Intercompany | |||||
Business segment information | |||||
Sales | (430) | (274) | (898) | (583) | |
Refining & Chemicals | |||||
Business segment information | |||||
Sales | 23,349 | 17,347 | 45,088 | 35,921 | |
Excise taxes | (867) | (680) | (1,714) | (1,381) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (304) | (245) | (617) | (532) | |
Operating income | 1,249 | 520 | 1,905 | 1,574 | |
Net income (loss) from equity affiliates and other items | 289 | 148 | 417 | 2,601 | |
Tax on net operating income | (279) | (142) | (383) | (498) | |
Net operating income | 1,259 | 526 | 1,939 | 3,677 | |
Total expenditures | 404 | 401 | 736 | 667 | |
Total divestments | 324 | 20 | 349 | 2,760 | |
Cash flow from operating activities | 999 | 1,967 | (110) | 3,729 | |
Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 31,922 | 22,683 | 60,770 | 46,902 | |
Operating expenses | (30,369) | (21,918) | (58,248) | (44,796) | |
Refining & Chemicals | Intercompany | |||||
Business segment information | |||||
Sales | (9,440) | (6,016) | (17,396) | (12,362) | |
Marketing & Services | |||||
Business segment information | |||||
Sales | 22,528 | 17,831 | 43,836 | 35,129 | |
Excise taxes | (5,571) | (4,753) | (11,043) | (9,142) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (172) | (158) | (346) | (302) | |
Operating income | 662 | 360 | 1,019 | 734 | |
Net income (loss) from equity affiliates and other items | 107 | 258 | 193 | 288 | |
Tax on net operating income | (194) | (123) | (297) | (231) | |
Net operating income | 575 | 495 | 915 | 791 | |
Total expenditures | 310 | 258 | 538 | 697 | |
Total divestments | 45 | 182 | 273 | 218 | |
Cash flow from operating activities | 841 | 251 | 781 | 582 | |
Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 17,250 | 13,247 | 33,284 | 26,430 | |
Operating expenses | (16,416) | (12,729) | (31,919) | (25,394) | |
Marketing & Services | Intercompany | |||||
Business segment information | |||||
Sales | (293) | (169) | (491) | (443) | |
Corporate | |||||
Business segment information | |||||
Sales | (3) | (2) | 3 | 9 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (11) | (11) | (20) | (19) | |
Operating income | (199) | (242) | (382) | (367) | |
Net income (loss) from equity affiliates and other items | 11 | (6) | 9 | 16 | |
Tax on net operating income | 85 | 214 | 181 | 385 | |
Net operating income | (103) | (34) | (192) | 34 | |
Total expenditures | 14 | 21 | 58 | 43 | |
Total divestments | 3 | 3 | 8 | ||
Cash flow from operating activities | (326) | (314) | (466) | (647) | |
Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | (66) | 88 | 37 | 204 | |
Operating expenses | (122) | (319) | (399) | (552) | |
Corporate | Intercompany | |||||
Business segment information | |||||
Sales | 63 | (90) | (34) | (195) | |
Adjustments | |||||
Business segment information | |||||
Sales | 24 | (27) | 13 | (27) | |
Revenues from sales | 24 | (27) | 13 | (27) | |
Operating expenses | 597 | (697) | 376 | (744) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (424) | (14) | (446) | (1,944) | |
Operating income | 197 | (738) | (57) | (2,715) | |
Net income (loss) from equity affiliates and other items | (23) | 48 | (157) | 1,989 | |
Tax on net operating income | (176) | 228 | (93) | 474 | |
Net operating income | (2) | (462) | (307) | (252) | |
Net cost of net debt | (9) | (7) | (19) | (14) | |
Non-controlling interests | 179 | 32 | 246 | 120 | |
Net income - group share | 168 | (437) | (80) | (146) | |
Adjustments | Exploration & Production | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (15) | (1,869) | |||
Operating income | (97) | (132) | (150) | (1,986) | |
Net income (loss) from equity affiliates and other items | (66) | (4) | (167) | (214) | |
Tax on net operating income | 46 | 47 | 104 | 376 | |
Net operating income | (117) | (89) | (213) | (1,824) | |
Net income - group share | (117) | (89) | (213) | (1,797) | |
Adjustments | Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (97) | (117) | (150) | (117) | |
Adjustments | Gas, Renewables & Power | |||||
Business segment information | |||||
Sales | 24 | (27) | 13 | (27) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (424) | 1 | (446) | (25) | |
Operating income | (409) | (51) | (534) | (166) | |
Net income (loss) from equity affiliates and other items | (4) | (16) | (15) | (79) | |
Tax on net operating income | (7) | 9 | (4) | 9 | |
Net operating income | (420) | (58) | (553) | (236) | |
Net income - group share | (232) | (38) | (313) | (164) | |
Adjustments | Gas, Renewables & Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 24 | (27) | 13 | (27) | |
Operating expenses | (9) | (25) | (101) | (114) | |
Adjustments | Refining & Chemicals | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (50) | ||||
Operating income | 569 | (411) | 531 | (404) | |
Net income (loss) from equity affiliates and other items | 46 | (53) | 25 | 2,156 | |
Tax on net operating income | (177) | 129 | (158) | 41 | |
Net operating income | 438 | (335) | 398 | 1,793 | |
Net income - group share | 436 | (333) | 395 | 1,795 | |
Adjustments | Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | 569 | (411) | 531 | (354) | |
Adjustments | Marketing & Services | |||||
Business segment information | |||||
Operating income | 134 | (80) | 105 | (95) | |
Net income (loss) from equity affiliates and other items | 1 | 121 | 126 | ||
Tax on net operating income | (38) | 21 | (35) | 26 | |
Net operating income | 97 | 62 | 70 | 57 | |
Net income - group share | 81 | 65 | 60 | 62 | |
Adjustments | Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | 134 | (80) | 105 | (95) | |
Adjustments | Corporate | |||||
Business segment information | |||||
Operating income | (64) | (9) | (64) | ||
Tax on net operating income | 22 | 22 | |||
Net operating income | (42) | (9) | (42) | ||
Net income - group share | (42) | (9) | (42) | ||
Adjustments | Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (64) | (9) | (64) | ||
Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | 703 | (426) | 636 | (358) | |
Net income - group share | 517 | (310) | 472 | (255) | |
Adjustments - Inventory valuation effect | Refining & Chemicals | |||||
Business segment information | |||||
Operating income | 569 | (372) | 531 | (289) | |
Net operating income | 438 | (270) | 415 | (212) | |
Net income - group share | 436 | (268) | 412 | (210) | |
Adjustments - Inventory valuation effect | Marketing & Services | |||||
Business segment information | |||||
Operating income | 134 | (54) | 105 | (69) | |
Net operating income | 97 | (45) | 70 | (50) | |
Net income - group share | 81 | (42) | 60 | (45) | |
Adjusted | |||||
Business segment information | |||||
Sales | 52,516 | 39,942 | 102,138 | 81,125 | |
Excise taxes | (6,438) | (5,433) | (12,757) | (10,523) | |
Revenues from sales | 46,078 | 34,509 | 89,381 | 70,602 | |
Operating expenses | (38,115) | (29,006) | (74,481) | (59,309) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,011) | (2,784) | (5,905) | (5,433) | |
Operating income | 4,952 | 2,719 | 8,995 | 5,860 | |
Net income (loss) from equity affiliates and other items | 1,127 | 852 | 2,148 | 1,561 | |
Tax on net operating income | (2,003) | (815) | (3,762) | (1,830) | |
Net operating income | 4,076 | 2,756 | 7,381 | 5,591 | |
Net cost of net debt | (431) | (260) | (772) | (519) | |
Non-controlling interests | (92) | (22) | (172) | (40) | |
Net income - group share | 3,553 | 2,474 | 6,437 | 5,032 | |
Adjusted | Intercompany | |||||
Business segment information | |||||
Sales | (17,893) | (11,667) | (33,536) | (24,249) | |
Revenues from sales | (17,893) | (11,667) | (33,536) | (24,249) | |
Operating expenses | 17,893 | 11,667 | 33,536 | 24,249 | |
Adjusted | Exploration & Production | |||||
Business segment information | |||||
Sales | 3,398 | 2,068 | 5,865 | 4,171 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (2,484) | (2,329) | (4,834) | (4,543) | |
Operating income | 3,870 | 1,427 | 6,919 | 3,177 | |
Net income (loss) from equity affiliates and other items | 635 | 491 | 1,377 | 891 | |
Tax on net operating income | (1,818) | (559) | (3,426) | (1,327) | |
Net operating income | 2,687 | 1,359 | 4,870 | 2,741 | |
Adjusted | Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 11,191 | 7,186 | 20,582 | 14,837 | |
Operating expenses | (4,837) | (3,430) | (8,829) | (7,117) | |
Adjusted | Exploration & Production | Intercompany | |||||
Business segment information | |||||
Sales | (7,793) | (5,118) | (14,717) | (10,666) | |
Adjusted | Gas, Renewables & Power | |||||
Business segment information | |||||
Sales | 3,244 | 2,698 | 7,346 | 5,895 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (40) | (41) | (88) | (87) | |
Operating income | 73 | 99 | 161 | 179 | |
Net income (loss) from equity affiliates and other items | 132 | 29 | 177 | 47 | |
Tax on net operating income | (12) | (33) | (30) | (70) | |
Net operating income | 193 | 95 | 308 | 156 | |
Adjusted | Gas, Renewables & Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 3,674 | 2,972 | 8,244 | 6,478 | |
Operating expenses | (3,561) | (2,832) | (7,995) | (6,212) | |
Adjusted | Gas, Renewables & Power | Intercompany | |||||
Business segment information | |||||
Sales | (430) | (274) | (898) | (583) | |
Adjusted | Refining & Chemicals | |||||
Business segment information | |||||
Sales | 23,349 | 17,347 | 45,088 | 35,921 | |
Excise taxes | (867) | (680) | (1,714) | (1,381) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (304) | (245) | (617) | (482) | |
Operating income | 680 | 931 | 1,374 | 1,978 | |
Net income (loss) from equity affiliates and other items | 243 | 201 | 392 | 445 | |
Tax on net operating income | (102) | (271) | (225) | (539) | |
Net operating income | 821 | 861 | 1,541 | 1,884 | |
Adjusted | Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 31,922 | 22,683 | 60,770 | 46,902 | |
Operating expenses | (30,938) | (21,507) | (58,779) | (44,442) | |
Adjusted | Refining & Chemicals | Intercompany | |||||
Business segment information | |||||
Sales | (9,440) | (6,016) | (17,396) | (12,362) | |
Adjusted | Marketing & Services | |||||
Business segment information | |||||
Sales | 22,528 | 17,831 | 43,836 | 35,129 | |
Excise taxes | (5,571) | (4,753) | (11,043) | (9,142) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (172) | (158) | (346) | (302) | |
Operating income | 528 | 440 | 914 | 829 | |
Net income (loss) from equity affiliates and other items | 106 | 137 | 193 | 162 | |
Tax on net operating income | (156) | (144) | (262) | (257) | |
Net operating income | 478 | 433 | 845 | 734 | |
Adjusted | Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 17,250 | 13,247 | 33,284 | 26,430 | |
Operating expenses | (16,550) | (12,649) | (32,024) | (25,299) | |
Adjusted | Marketing & Services | Intercompany | |||||
Business segment information | |||||
Sales | (293) | (169) | (491) | (443) | |
Adjusted | Corporate | |||||
Business segment information | |||||
Sales | (3) | (2) | 3 | 9 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (11) | (11) | (20) | (19) | |
Operating income | (199) | (178) | (373) | (303) | |
Net income (loss) from equity affiliates and other items | 11 | (6) | 9 | 16 | |
Tax on net operating income | 85 | 192 | 181 | 363 | |
Net operating income | (103) | 8 | (183) | 76 | |
Adjusted | Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | (66) | 88 | 37 | 204 | |
Operating expenses | (122) | (255) | (390) | (488) | |
Adjusted | Corporate | Intercompany | |||||
Business segment information | |||||
Sales | $ 63 | $ (90) | $ (34) | $ (195) |
Reconciliation of the informa36
Reconciliation of the information by business segment with consolidated financial statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Business segment information | ||||||
Sales | $ 52,540 | $ 49,611 | $ 39,915 | $ 102,151 | $ 81,098 | |
Excise taxes | (6,438) | (6,319) | (5,433) | (12,757) | (10,523) | |
Revenues from sales | 46,102 | 43,292 | 34,482 | 89,394 | 70,575 | |
Purchases, net of inventory variation | (30,599) | (29,446) | (23,398) | (60,045) | (47,385) | |
Other operating expenses | (6,761) | (6,937) | (6,106) | (13,698) | (12,272) | |
Exploration costs | (158) | (204) | (199) | (362) | (396) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,435) | (2,916) | (2,798) | (6,351) | (7,377) | |
Other income | 252 | 523 | 570 | 775 | 2,895 | |
Other expense | (413) | (190) | (106) | (603) | (397) | |
Financial interest on debt | (478) | (390) | (345) | (868) | (676) | |
Financial income and expense from cash & cash equivalents | (54) | (41) | (37) | (95) | (48) | |
Cost of net debt | (532) | (431) | (382) | (963) | (724) | |
Other financial income | 321 | 240 | 285 | 561 | 513 | |
Other financial expense | (159) | (170) | (159) | (329) | (319) | |
Net income (loss) from equity affiliates | 1,103 | 484 | 310 | 1,587 | 858 | |
Income taxes | (2,087) | (1,596) | (472) | (3,683) | (1,165) | |
Consolidated net income | 3,634 | 2,649 | 2,027 | 6,283 | $ 3,493 | 4,806 |
Group share | 3,721 | 2,636 | 2,037 | 6,357 | 4,886 | |
Non-controlling interests | (87) | $ 13 | (10) | (74) | (80) | |
Adjusted | ||||||
Business segment information | ||||||
Sales | 52,516 | 39,942 | 102,138 | 81,125 | ||
Excise taxes | (6,438) | (5,433) | (12,757) | (10,523) | ||
Revenues from sales | 46,078 | 34,509 | 89,381 | 70,602 | ||
Purchases, net of inventory variation | (31,263) | (22,939) | (60,623) | (46,929) | ||
Other operating expenses | (6,694) | (5,868) | (13,496) | (11,984) | ||
Exploration costs | (158) | (199) | (362) | (396) | ||
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,011) | (2,784) | (5,905) | (5,433) | ||
Other income | 254 | 206 | 628 | 314 | ||
Other expense | (55) | (58) | (115) | (116) | ||
Financial interest on debt | (469) | (338) | (849) | (662) | ||
Financial income and expense from cash & cash equivalents | (54) | (37) | (95) | (48) | ||
Cost of net debt | (523) | (375) | (944) | (710) | ||
Other financial income | 321 | 285 | 561 | 513 | ||
Other financial expense | (159) | (159) | (329) | (319) | ||
Net income (loss) from equity affiliates | 766 | 578 | 1,403 | 1,169 | ||
Income taxes | (1,911) | (700) | (3,590) | (1,639) | ||
Consolidated net income | 3,645 | 2,496 | 6,609 | 5,072 | ||
Group share | 3,553 | 2,474 | 6,437 | 5,032 | ||
Non-controlling interests | 92 | 22 | 172 | 40 | ||
Adjustments | ||||||
Business segment information | ||||||
Sales | 24 | (27) | 13 | (27) | ||
Revenues from sales | 24 | (27) | 13 | (27) | ||
Purchases, net of inventory variation | 664 | (459) | 578 | (456) | ||
Other operating expenses | (67) | (238) | (202) | (288) | ||
Depreciation, depletion and impairment of tangible assets and mineral interests | (424) | (14) | (446) | (1,944) | ||
Other income | (2) | 364 | 147 | 2,581 | ||
Other expense | (358) | (48) | (488) | (281) | ||
Financial interest on debt | (9) | (7) | (19) | (14) | ||
Cost of net debt | (9) | (7) | (19) | (14) | ||
Net income (loss) from equity affiliates | 337 | (268) | 184 | (311) | ||
Income taxes | (176) | 228 | (93) | 474 | ||
Consolidated net income | (11) | (469) | (326) | (266) | ||
Group share | 168 | (437) | (80) | (146) | ||
Non-controlling interests | $ (179) | $ (32) | $ (246) | $ (120) |
Post closing events (Details)
Post closing events (Details) - Business combination € in Billions, $ in Billions | Jul. 13, 2018USD ($) | Jul. 06, 2018EUR (€) |
Direct Energie | ||
Post closing events | ||
Percentage of voting equity interests acquired | 73.04% | |
Acquisition cost | € | € 1.4 | |
Engie's portfolio of LNG assets | ||
Post closing events | ||
Acquisition cost | $ | $ 1.5 |