TTA.L Regulatory News (TTA)

8 Feb 2018 13:06

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

		4Q17		Change vs 4Q16		2017		Change vs 2016
Adjusted net income 1
- in billions of dollars (B$)		2.9		+19%		10.6		+28%
- in dollars per share		1.10		+15%		4.12		+22%
Operating cash flow before working capital changes 1 (B$)		6.0		+25%		21.1		+24%
DACF 1 (B$)		6.2		+26%		22.2		+26%
Net income 2 of 8.6 B$ in 2017, a 39% increase compared to 2016
Net-debt-to-equity ratio of 13.8% at December 31, 2017
Hydrocarbon production of 2,566 kboe/d in 2017, a 4.6% increase compared to 2016
Fourth quarter 2017 dividend of 0.62 €/share payable in June 2018 3

Total’s Board of Directors met on February 7, 2018, to review the Group’s 2017 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said: “Brent rose to $54/b on average in 2017 from $44/b in 2016 while remaining volatile. The Group demonstrated its ability to capture the benefit of higher prices by reporting adjusted net income of $10.6 billion, a 28% increase (compared to a 24% increase in Brent) from 2016, and a return on equity above 10%, the highest among the majors. The Upstream, in particular, increased its results by more than 80% and its operating cash flow by close to 40%. Financial discipline was successfully maintained. Organic investments were $14.4 billion, in line with guidance of $13-15 billion, and cost savings reached $3.7 billion in 2017, more than the target of $3.5 billion. Production costs fell to $5.4/boe in 2017 from $9.9/boe in 2014. These strong results were driven by production growth (5% in 2017), notably the start-up of Moho-Nord in the Republic of Congo, the ramp-up of Kashagan in Kazahkstan, and the entry into Al-Shaheen in Qatar. The Downstream confirmed again this year its ability to generate around $7 billion of operating cash flow and reported a return on capital employed of more than 30%. In 2017, the Group took advantage of the cyclical low to launch five Upstream projects, including the first phase of the Libra development in Brazil, as well as petrochemical projects in the United States and South Korea. In E&P, the Group is preparing for future growth with the announced acquisition of Maersk Oil, strengthening its position in the North Sea, and finalized its entry into the Lapa and Iara fields in Brazil in early 2018. In the US Gulf of Mexico, the Group participated in a major discovery at the Ballymore prospect. In the framework of reinforcing its integrated gas strategy, it announced the acquisition of the LNG business of Engie to take full advantage of the fast-growing LNG market. Marketing & Services continues to grow, notably by expanding its retail network into Mexico. The strategy implemented since 2015 has enabled the Group to reduce its pre-dividend organic breakeven to $27/b in 2017 and generate $22 billion of debt-adjusted cash flow (DACF). The Group also continued to strengthen its balance sheet, ending the year with 14% gearing, a significant decrease compared to 2016. In this context, considering the anticipated growth in cash flow from 2018 forward from increasing production and leverage to oil prices, the Board of Directors decided to eliminate the discount on the scrip dividend and to propose a shareholder return policy for the coming three years.”

Key figures 4

4Q17		3Q17		4Q16		4Q17 vs 4Q16		In millions of dollars, except effective tax rate, earnings per share and number of shares		2017		2016		2017 vs 2016
3,359		3,062		2,676		+26%		Adjusted net operating income from business segments*		11,936		9,410		+27%
1,805		1,439		1,007		+79%		Exploration & Production		5,985		3,217		+86%
232		97		132		+76%		Gas, Renewables & Power		485		439		+10%
886		1,020		1,131		-22%		Refining & Chemicals		3,790		4,195		-10%
436		506		406		+7%		Marketing & Services		1,676		1,559		+8%
731		674		720		+2%		Contribution of equity affiliates to adjusted net income		2,574		2,531		+2%
31.8%		32.6%		31.3%		-		Group effective tax rate 5		31.1%		25.0%		-
2,872		2,674		2,407		+19%		Adjusted net income		10,578		8,287		+28%
1.10		1.04		0.96		+15%		Adjusted fully-diluted earnings per share (dollars) 6		4.12		3.38		+22%
0.94		0.88		0.89		+5%		Adjusted fully-diluted earnings per share (euros)**		3.65		3.06		+19%
2,536		2,505		2,433		+4%		Fully-diluted weighted-average shares (millions)		2,495		2,390		+4%
1,021		2,724		548		+86%		Net income (Group share)		8,631		6,196		+39%
5,103		3,910		5,855		-13%		Investments 7		16,896		20,530		-18%
1,467		539		927		+58%		Divestments 8		5,264		2,877		+83%
3,638		3,373		4,928		-26%		Net investments 9		11,636		17,757		-34%
4,442		3,060		4,728		-6%		Organic investments 10		14,395		17,484		-18%
107		542		651		-84%		Resource acquisitions		714		780		-8%
5,955		5,159		4,758		+25%		Operating cash flow before working capital changes 11		21,135		16,988		+24%
6,233		5,467		4,964		+26%		Operating cash flow before working capital changes w/o financial charges (DACF) 12		22,183		17,581		+26%
8,615		4,363		7,018		+23%		Cash flow from operations		22,319		16,521		+35%

* Average €-$ exchange rate: 1.1774 in the fourth quarter 2017 and 1.1297 in 2017.

Highlights since the beginning of the fourth quarter 2017 13

Started gas exports from Yamal LNG in Russia, one of the largest liquefaction projects in the world with maximum capacity of 16.5 Mt/y of LNG Started giant Libra field in Brazil with first production from the 50 kboe/d Libra Pioneiro FPSO and launched first phase of large-scale development with a new 150 kboe/d FPSO Started production on the 180 kb/d Fort Hills project in Canada Major US Gulf of Mexico deep-offshore oil discovery on the Ballymore prospect, which Total entered with a 40% interest in September 2017 Acquired 12.5% interest in the Anchor permit in the deep-offshore US Gulf of Mexico Entry of Total, as operator, on exploration Block 48 in Angola Acquisition of Engie’s upstream LNG business for $1.49 billion; Total ranks second in global LNG Sold interest in Martin Linge field in Norway for $1.45 billion Launched Total Spring in France to target residential market with gas and green power Sale in Italy of fuel distribution and refining activities of TotalErg (Total 49%) Strategic agreement between Total and CMA CGM to provide 0.3 Mt/y of LNG for future CMA CGM container ships Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

4Q17		3Q17		4Q16		4Q17 vs 4Q16				2017		2016		2017 vs 2016
61.3		52.1		49.3		+24%		Brent ($/b)		54.2		43.7		+24%
57.6		48.9		46.1		+25%		Average liquids price ($/b)		50.2		40.3		+25%
4.23		4.05		3.89		+9%		Average gas price ($/Mbtu)		4.08		3.56		+15%
43.3		38.2		35.6		+22%		Average hydrocarbon price ($/boe)		38.7		31.9		+21%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q17		3Q17		4Q16		4Q17 vs 4Q16		Hydrocarbon production		2017		2016		2017 vs 2016
2,613		2,581		2,462		+6%		Combined production (kboe/d)		2,566		2,452		+5%
1,389		1,392		1,257		+11%		Liquids (kb/d)		1,346		1,271		+6%
6,832		6,427		6,597		+4%		Gas (Mcf/d)		6,662		6,447		+3%

Hydrocarbon production was 2,613 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2017, an increase of close to 6% compared to 2016, due to the following:

+6% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet, Yamal LNG and Angola LNG; +3% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway; +1% related to improved security conditions in Libya and Nigeria; -1% related to the PSC price effect and OPEC quotas; -3% due to natural field decline and the interruption of production on Elgin-Franklin following the rupture of the Forties pipeline.

For the full-year 2017, hydrocarbon production was 2,566 kboe/d, an increase of more than 5% compared to 2016, due to the following:

+5% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet and Angola LNG; +2% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway; +1% related to improved security conditions in Libya and Nigeria; -3% due to natural field decline, the PSC price effect and OPEC quotas.

> Results

4Q17		3Q17		4Q16		4Q17 vs 4Q16		In millions of dollars, except effective tax rate		2017		2016		2017 vs 2016
1,805		1,439		1,007		+79%		Adjusted net operating income*		5,985		3,217		+86%
419		435		429		-2%		including income from equity affiliates		1,542		1,363		+13%
42.8%		42.8%		47.1%				Effective tax rate**		41.2%		27.7%
3,490		3,228		4,833		-28%		Investments		12,802		16,085		-20%
1,334		339		818		+63%		Divestments		1,918		2,187		-12%
3,120		2,388		3,705		-16%		Organic investments		11,310		14,464		-22%
3,915		3,197		2,895		+35%		Operating cash flow before working capital changes		13,391		9,736		+38%
4,263		3,574		3,142		+36%		Operating cash flow before working capital changes w/o financial charges		14,753		10,592		+39%
3,826		2,633		4,039		-5%		Cash flow from operations		11,459		9,010		+27%

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

Operating cash flow before working capital changes from Exploration & Production was 3,915 M$ in the fourth quarter 2017, an increase of 35% compared to the fourth quarter 2016, notably due to increases in production, hydrocarbon prices and lower operating costs.

For the full-year 2017, operating cash flow before working capital changes was 13,391 M$, an increase of 38% whereas oil prices only increased by 24%, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, the increase in hydrocarbon prices and operating cost reductions.

The Exploration & Production segment’s adjusted net operating income was:

1,805 M$ in the fourth quarter 2017, an increase of 79% compared to the fourth quarter 2016, notably due to production growth, cost reductions and an increase in oil and gas prices; and 5,985 M$ for the full-year 2017, an increase of 86% compared to 2016, for the same reasons above.

The effective tax rate increased from 27.7% in 2016 compared to 41.2% in 2017, in line with the rise in hydrocarbon prices.

Technical costs for consolidated affiliates, calculated in accordance with ASC 932 12 , continue to fall, to 19.5 $/boe in 2017 compared to 20.4 $/boe in 2016. This decrease was mainly due to the reduction in operating costs from 5.9 $/boe in 2016 to 5.4 $/boe in 2017.

Gas, Renewables & Power

> Results

4Q17		3Q17		4Q16		4Q17 vs 4Q16		In millions of dollars		2017		2016		2017 vs 2016
232		97		132		+76%		Adjusted net operating income*		485		439		+10%
306		99		(118)		ns		Investments		797		1,221		-35%
46		-		29		+59%		Divestments		73		166		-56%
85		98		(57)		ns		Organic investments		353		270		+31%
15		87		103		-85%		Operating cash flow before working capital changes		232		125		+86%
25		110		124		-80%		Operating cash flow before working capital changes w/o financial charges		294		176		+67%
657		325		732		-10%		Cash flow from operations		993		538		+85%

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

Adjusted net operating income for the Gas, Renewables & Power segment was 232 M$ in the fourth quarter 2017, including in particular the delivery of the El Pelicano solar farm in Chile. In 2017, adjusted net operating income increased by 10% compared to 2016.

Operating cash flow before working capital changes was 232 M$ for the full-year 2017, an increase of 86%.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q17		3Q17		4Q16		4Q17 vs 4Q16				2017		2016		2017 vs 2016
1,842		1,877		2,010		-8%		Total refinery throughput (kb/d)		1,827		1,965		-7%
648		648		717		-10%		France		624		669		-7%
784		802		787		-		Rest of Europe		767		802		-4%
410		427		506		-19%		Rest of world		436		494		-12%
91%		90%		87%				Utlization rate based on crude only**		88%		85%

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year.

Refinery throughput:

decreased by 8% in the fourth quarter 2017 compared to the fourth quarter 2016, mainly as a result of the ending of oil refining at La Mède and maintenance activities at the Port Arthur refinery in the United States. decreased by 7% for the full-year 2017 compared to 2016 as a result of the definitive ending of distillation capacity at La Mède (France) and Lindsey (UK) and the temporary shutdown due to Hurricane Harvey in the United States.

> Results

4Q17		3Q17		4Q16		4Q17 vs 4Q16		In millions of dollars except the ERMI		2017		2016		2017 vs 2016
35.5		48.2		41.0		-13%		European refining margin indicator - ERMI ($/t)		40.9		34.1		+20%
886		1,020		1,131		-		Adjusted net operating income*		3,790		4,195		-10%
710		357		566		+25%		Investments		1,734		1,861		-7%
36		24		15		x2,4		Divestments		2,820		88		x32
684		338		548		+25%		Organic investments		1,625		1,642		-1%
1,153		1,218		1,365		-16%		Operating cash flow before working capital changes		4,757		4,874		-2%
1,142		1,208		1,368		-17%		Operating cash flow before working capital changes w/o financial charges		4,728		4,873		-3%
3,041		662		1,746		+74%		Cash flow from operations		7,440		4,585		+62%

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

The Group’s European refining margin indicator (ERMI) increased to 40.9 $/t on average in 2017, due to elevated petroleum product demand. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

Refining & Chemicals adjusted net operating income was:

886 M$ in the fourth quarter 2017, a decrease of 22% compared to 2016 due to maintenance activities at Port Arthur in the United States and the sale of Atotech; and 3,790 M$ for the full-year 2017, a decrease of 10% compared to 2016, notably due to the impact of Hurricane Harvey, the impact of modernization work on the Antwerp platform and the sale of Atotech in early 2017 as well as lower trading results due to the evolution of the market into backwardation.

Operating cash flow before working capital changes remained stable between 2016 and 2017 at 4.8 B$.

Marketing & Services

> Petroleum product sales

4Q17		3Q16		4Q16		4Q17 vs 4Q16		Sales in kb/d*		2017		2016		2017 vs 2016
1,821		1,807		1,808		+1%		Total Marketing & Services sales		1,779		1,793		-1%
1,046		1,072		1,123		-7%		Europe		1,049		1,093		-4%
775		735		685		+13%		Rest of world		730		700		+4%

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

Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature LPG distribution activities in Belgium and Germany.

> Results

4Q17		3Q17		4Q16		4Q17 vs 4Q16		In millions of dollars		2017		2016		2017 vs 2016
436		506		406		+7%		Adjusted net operating income*		1,676		1,559		+8%
570		190		500		+14%		Investments		1,457		1,245		+17%
45		150		65		-31%		Divestments		413		424		-3%
533		205		460		+16%		Organic investments		1,019		1,003		+2%
621		517		417		+49%		Operating cash flow before working capital changes		2,151		1,887		+14%
644		545		440		+46%		Operating cash flow before working capital changes w/o financial charges		2,242		1,966		+14%
992		596		340		x2,9		Cash flow from operations		2,130		1,754		+21%

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

Marketing & Services results continue to grow in a context of strong retail margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 7% to 436 M$ in the fourth quarter 2017, and by 8% to 1,676 M$ for the full-year 2017.

Operating cash flow before working capital changes increased by 14% between 2016 and 2017.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

3,359 M$ in the fourth quarter 2017, an increase of 26% compared to the fourth quarter 2016, mainly due to the 79% increase in contribution from Exploration & Production which benefited from new projects ramp-ups and higher prices; 11,936 M$ for the full-year 2017, an increase of 27% compared to 2016 for the same reasons above.

> Adjusted net income (Group share)

Adjusted net income was 2,872 M$ in the fourth quarter 2017, an increase of 19% compared to the fourth quarter 2016, and 10,578 M$ for the full-year 2017, an increase of 28%. The increase was the result of a much higher contribution from Exploration & Production and the continued decrease in the Group’s breakeven.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value 13 .

Total adjustments affecting net income (Group share) 14 were:

-1,851 M$ in the fourth quarter 2017, including an impairment of Gladstone LNG in Australia and assets in Congo; and -1,947 M$ for the full-year 2017, including mainly an impairment of Fort Hills in Canada, Gladstone LNG in Australia and assets in Congo, partially offset by a gain on the sale of Atotech.

The effective tax rate for the business segments was:

31.8% in the fourth quarter 2017 compared to 31.3% in the fourth quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Group’s quarterly results, partially offset by the tax refund from the French government related to dividend tax; and 31.1% for the full-year 2017 compared to 25.0% in 2016, for the same reasons above.

> Adjusted fully-diluted earnings per share

Adjusted earnings per share, based on 2,495 million fully-diluted weighted average shares, was $4.12 in 2017 compared to $3.38 in 2016, an increase of 22%.

The number of fully-diluted shares was 2,536 million on December 31, 2017, compared to 2,436 million on December 31, 2016.

> Divestments – acquisitions

Asset sales completed were:

1,119 M$ in the fourth quarter 2017, comprised mainly of the sale of mature assets in Gabon, Gina Krog in Norway and part of the interest in the Fort Hills project in Canada; and 4,239 M$ for the full-year 2017, essentially comprised of the sale of Atotech, mature assets in Gabon, Gina Krog in Norway, part of the interest in the Fort Hills project in Canada, the SPMR pipeline and LPG activities in Germany.

Acquisitions completed were:

313 M$ in the fourth quarter 2017, mainly comprised of the acquisition of a 23% equity share in EREN Renewable Energy and a 12.5% equity share in the Anchor license in the United States; and 1,476 M$ for the full-year 2017, mainly comprised of the bonus related to the license for Elk-Antelope in Papua New Guinea, a marketing and logistics network in East Africa, and a 23% equity share in Tellurian.

In addition, in early January 2018, the Group finalized the acquisition of assets in Brazil from Petrobras for 1.95 B$ as well as the sale of TotalErg in Italy for 415 M$ (including the B2B and LPG business).

> Cash flow

The Group’s net cash flow 15 was:

2,317 M$ in the fourth quarter 2017 compared to -170 M$ in the fourth quarter 2016, mainly due to the increase in operating cash flow before working capital changes and the increase in asset sales this quarter, leading to a decrease in net investments; 9,499 M$ for the full-year 2017 compared to -769 M$ in 2016, mainly due to the nearly 4 B$ increase in operating cash flow before working capital changes, the decrease in net investments related to the 3 B$ decrease in organic investments and the sale of Atotech.

> Return on equity

Return on equity for the twelve months ended December 31, 2017, was 10.1%, an increase compared to last year.

In millions of dollars		January 1, 2017 December 31, 2017		October 1, 2016 to September 30, 2017		January 1, 2016 to December 31, 2016
Adjusted net income		10,762		10,244		8,447
Average adjusted shareholders' equity		106,078		105,130		96,929
Return on equity (ROE)		10.1%		9.7%		8.7%

Return on average capital employed increased to 9.4% in 2017 from 7.5% in 2016.

In millions of dollars		January 1, 2017 December 31, 2017		October 1, 2016 to September 30, 2017		January 1, 2016 to December 31, 2016
Adjusted net operating income		11,958		11,298		9,274
Average captial employed		127,575		130,860		124,283
ROACE		9.4%		8.6%		7.5%

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was €6,634 million in 2017 compared to €4,142 million in 2016, an increase due to a higher amount of dividends paid by affiliates of TOTAL S.A. to the parent company.

Proposed dividend

The Board of Directors met on February 7, 2018 and decided to propose to the Combined Shareholders’ Meeting, which will be held on June 1, 2018, an annual dividend of €2.48/share for 2017, a 1.2% increase compared to 2016. Given the three previous 2016 interim quarterly dividends of €0.62/share, a fourth quarter 2017 dividend of €0.62/share is therefore proposed.

The Board of Directors also decided to propose to the Combined Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2017 dividend in cash or in new shares of the company without a discount. Subject to approval at the Combined Shareholders’ Meeting, the ex-dividend date for the fourth quarter dividend will be June 11, 2018, and the payment of the dividend in cash or the delivery of the shares issued in lieu of the dividend in cash is set for June 28, 2018.

2018 Sensitivities*

		Scenario		Change		Estimated impact on adjusted net operating income		Estimated impact on cash flow
Dollar		1.2 $/€		+/- 0.1 $ par €		-/+ 0.1 B$		~0 B$
Brent		50 $/b		+/- 10 $/b		+/- 2.3 B$		+/- 2.8 B$
European refining margin indicator (ERMI)		35 $/t		+/- 10 $/t		+/- 0.5 B$		+/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2018. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

Summary and outlook

Since the end of 2017, Brent has been trading between 65-70 $/b, supported by strong demand (+1.6 Mb/d in 2017), the extended production cuts by OPEC and Russia and a decrease in crude oil inventories, which, nevertheless, remain higher than the past five-year average, which could contribute to continuing price volatility. The Group maintains its strategy to cut costs with the objective of achieving over 4 B$ of cost savings in 2018 and production costs of 5.5 $/boe for the year. Organic investments are projected at around 14 B$ in 2018, in line with the target of 13-15 B$.

In the Upstream, production is expected to increase by 6% in 2018, confirming the objective to grow by 5% per year on average between 2016 and 2022. As a result of this growth and the portfolio mix, the Group’s cash flow sensitivity to a 10 $/b change in the price of Brent increases to 2.8 B$ in 2018 from 2.5 B$ in 2017. The Group intends to take advantage of the favorable cost environment by continuing to launch projects in 2018. The growing demand for LNG supports the Group’s strategy to develop along the integrated gas value chain, as illustrated by the announced acquisition of Engie’s LNG portfolio.

In a context of sharply higher oil prices, rising refined product inventories, due to high global refining utilization rates, and seasonally weak winter demand, refining margins have decreased since December 2017. Despite the current weakness in refining margins, the Downstream is expected to generate 7 B$ of operating cash flow once again this year. Refining & Chemicals continues to expand its high-return integrated platforms notably in the United States and in Asia – Middle East. Marketing & Services continues to pursue its growth strategy in high-potential markets.

The Group’s pre-dividend organic breakeven is continuing to fall with an objective of $25/b in 2018.

After a period of heavy investment, the Group’s cash flow generation is growing strongly, driven by an increase in production that is at the best level among the majors. The Group has taken advantage of the low part of the oil price cycle to acquire high-quality resources at attractive prices and emerge stronger with better visibility on its cash flow generation and a net-debt-to-capital ratio below 20% 18 . In this context, the Board of Directors is proposing a shareholder return policy for the coming three years comprised of dividend increases and share buybacks.

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To listen to the presentation by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière’s today at 10:30 (London time) please log on to total.com or call +44 (0) 330 336 9411 in Europe or +1 720 543 0214 in the United States (code: 4126099). For a replay, please consult the website or call +44 (0) 207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 4126099).

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Operating information by segment

> Exploration & Production

4Q17		3Q17		4Q16		4Q17  vs 4Q16		Combined liquids and gas production by region (kboe/d)		2017		2016		2017  vs 2016
764		730		752		+2%		Europe and Central Asia		761		757		+1%
659		665		625		+5%		Africa		654		634		+3%
595		592		503		+18%		Middle East and North Africa		559		517		+8%
356		357		319		+11%		Americas		348		279		+25%
239		237		263		-9%		Asia Pacific		244		265		-8%
2,613		2,581		2,462		+6%		Total production		2,566		2,452		+5%
656		659		561		+17%		including equity affiliates		639		600		+7%
4Q17		3Q17		4Q16		4Q17  vs 4Q16		Liquids production by region (kb/d)		2017		2016		2017  vs 2016
265		257		258		+3%		Europe and Central Asia		265		249		+6%
501		517		483		+4%		Africa		502		509		-1%
457		452		365		+25%		Middle East and North Africa		419		373		+12%
137		138		121		+13%		Americas		132		109		+20%
29		29		30		-2%		Asia Pacific		28		31		-7%
1,389		1,392		1,257		+11%		Total production		1,346		1,271		+6%
311		311		233		+34%		including equity affiliates		283		247		+15%
4Q17		3Q17		4Q16		4Q17  vs 4Q16		Gas production by region (Mcf/d)		2017		2016		2017  vs 2016
2,657		2,556		2,665		-		Europe and Central Asia		2,672		2,737		-2%
980		663		710		+38%		Africa		759		621		+22%
759		778		767		-1%		Middle East and North Africa		772		795		-3%
1,225		1,228		1,108		+11%		Americas		1,212		944		+28%
1,211		1,202		1,347		-10%		Asia Pacific		1,247		1,350		-8%
6,832		6,427		6,597		+4%		Total production		6,662		6,447		+3%
2,022		1,798		1,779		+14%		including equity affiliates		1,916		1,894		+1%
4Q17		3Q17		4Q16		4Q17  vs 4Q16		Liquefied natural gas		2017		2016		2017  vs 2016
2.67		2.95		2.75		-3%		LNG sales* (Mt)		11.23		10.99		+2%

* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.

> Downstream (Refining & Chemicals and Marketing & Services)

4Q17		3Q17*		4Q16		4Q17  vs 4Q16		Petroleum product sales by region (kb/d)**		2017		2016		2017  vs 2016
2,034		2,246		2,330		-13%		Europe		2,142		2,355		-9%
637		633		569		+12%		Africa		604		551		+10%
479		537		313		+53%		Americas		560		517		+8%
692		728		997		-31%		Rest of world		713		760		-6%
3,842		4,144		4,209		-9%		Total consolidated sales		4,019		4,183		-4%
587		583		678		-13%		Including bulk sales		581		700		-17%
1,434		1,754		1,723		-17%		Including trading		1,659		1,690		-2%

* 3Q17 data restated **Includes share of TotalErg.

Adjustment items to net income (Group share)

Adjustments to net income (Group share)
4Q17		3Q17		3Q16		In millions of dollars		2017		2016
(2,218)		(123)		(2,133)		Special items affecting net income (Group share)		(2,213)		(2,567)
188		-		(45)		Gain (loss) on asset sales		2,452		267
(5)		(2)		(10)		Restructuring charges		(66)		(32)
(2,060)		(74)		(1,886)		Impairments		(3,884)		(2,097)
(341)		(47)		(192)		Other		(715)		(705)
354		183		262		After-tax inventory effect: FIFO vs. replacement cost		282		479
13		(10)		12		Effect of changes in fair value		(16)		(3)
(1,851)		50		(1,859)		Total adjustments affecting net income		(1,947)		(2,091)

Investments - Divestments

4Q17		3Q17		4Q17  vs 4Q16		In millions of dollars		2017		2016		2017  vs 2016
3,060		4,728		-6%		Organic investments		14,395		17,484		-18%
161		119		+52%		capitalized exploration		619		655		-5%
153		157		+32%		increase in non-current loans		961		1,121		-14%
(337)		(511)		-32%		repayment of non-current loans		(1,025)		(1,013)		+1%
513		616		-49%		Acquisitions		1,476		2,033		-27%
202		416		x2,7		Asset sales		4,239		1,864		x2,3
(2)		-		ns		Other transactions with non-controlling interests		(4)		(104)		ns
3,373		4,928		-26%		Net investments		11,636		17,757		-34%

Net-debt-to-equity ratio

In millions of dollars		12/31/2017		9/30/2017		12/31/2016
Current borrowings		11,096		11,206		13,920
Net current financial assets		(3,148)		(2,306)		(4,221)
Net financial assets classified as held for sale		0		(2)		(140)
Non-current financial debt		41,340		40,226		43,067
Hedging instruments of non-current debt		(679)		(626)		(908)
Cash and cash equivalents		(33,185)		(28,583)		(24,597)
Net debt		15,424		19,915		27,121
Shareholders’ equity - Group share		111,556		109,801		98,680
Estimated dividend payable		(1,874)		(1,826)		(1,581)
Non-controlling interests		2,481		2,799		2,894
Adjusted shareholders' equity		112,163		110,774		99,993
Net-debt-to-equity ratio		13.8%		18.0%		27.1%
Net-debt-to-capital ratio*		12.1%		15.2%		21.3%

* Net debt / (adjusted shareholders’ equity + net debt)

Return on average capital employed

> Full-year 2017

In millions of dollars		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services				Group
Adjusted net operating income		5,985		485		3,790		1,676				11,958
Capital employed at 12/31/2016*		107,617		4,976		11,618		5,884				127,423
Capital employed at 12/31/2017*		107,921		4,692		11,045		6,929				127,727
ROACE		5.6%		10.0%		33.4%		26.2%				9.4%

> Twelve months ended September 30, 2017

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

> Full-year 2016

In millions of dollars		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services				Group
Adjusted net operating income		3,217		439		4,195		1,559				9,274
Capital employed at 12/31/2015*		103,791		4,340		10,454		5,875				121,143
Capital employed at 12/31/2016*		107,617		4,975		11,618		5,884				127,423
ROACE		3.0%		9.4%		38.0%		26.5%				7.5%

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

This press release presents the results for the full-year 2017 from the consolidated financial statements of TOTAL S.A. as of December 31, 2017 (unaudited). The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monétaire et financier).

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

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

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

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

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

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

Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

1 Definitions on page 2.

2 Group share.

3 The ex-dividend date will be June 11, 2018, and the payment date will be set for June 28, 2018.

4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 11.

5 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

6 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond

7 Including acquisitions and increases in non-current loans.

8 Including divestments and reimbursements of non-current loans.

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

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

11 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14.

12 DACF = debt adjusted cash flow.

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

14 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.

15 Details shown on page 11.

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

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

18 Excluding IFRS16 impact (under evaluation).

Total financial statements

Fourth quarter and full-year 2017 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a)		4 th quarter 2017		3 rd quarter 2017		4 th quarter 2016
Sales		47,351		43,044		42,275
Excise taxes		(5,909)		(5,962)		(5,408)
Revenues from sales		41,442		37,082		36,867
Purchases, net of inventory variation		(27,659)		(24,367)		(23,967)
Other operating expenses		(6,586)		(6,108)		(6,791)
Exploration costs		(287)		(181)		(260)
Depreciation, depletion and impairment of tangible assets and mineral interests		(5,691)		(3,035)		(4,939)
Other income		512		404		337
Other expense		(570)		(67)		(473)
Financial interest on debt		(352)		(368)		(299)
Financial income and expense from cash & cash equivalents		(45)		(45)		(2)
Cost of net debt		(397)		(413)		(301)
Other financial income		240		204		203
Other financial expense		(159)		(164)		(161)
Net income (loss) from equity affiliates		657		500		409
Income taxes		(772)		(1,092)		(437)
Consolidated net income		730		2,763		487
Group share		1,021		2,724		548
Non-controlling interests		(291)		39		(61)
Earnings per share ($)		0.37		1.06		0.20
Fully-diluted earnings per share ($)		0.37		1.06		0.20
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$)		4 th quarter 2017		3 rd quarter 2017		4 th quarter 2016
Consolidated net income		730		2,763		487
Other comprehensive income
Actuarial gains and losses		794		(129)		205
Tax effect		(373)		36		(64)
Currency translation adjustment generated by the parent company		1,432		2,420		(3,515)
Items not potentially reclassifiable to profit and loss		1,853		2,327		(3,374)
Currency translation adjustment		(585)		(575)		619
Available for sale financial assets		3		4		3
Cash flow hedge		174		116		94
Share of other comprehensive income of equity affiliates, net amount		(5)		(209)		458
Other		-		-		1
Tax effect		(49)		(42)		(32)
Items potentially reclassifiable to profit and loss		(462)		(706)		1,143
Total other comprehensive income (net amount)		1,391		1,621		(2,231)
Comprehensive income		2,121		4,384		(1,744)
Group share		2,385		4,346		(1,676)
Non-controlling interests		(264)		38		(68)

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$) (a)		Year 2017		Year 2016
Sales		171,493		149,743
Excise taxes		(22,394)		(21,818)
Revenues from sales		149,099		127,925
Purchases, net of inventory variation		(99,411)		(83,377)
Other operating expenses		(24,966)		(24,302)
Exploration costs		(864)		(1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests		(16,103)		(13,523)
Other income		3,811		1,299
Other expense		(1,034)		(1,027)
Financial interest on debt		(1,396)		(1,108)
Financial income and expense from cash & cash equivalents		(138)		4
Cost of net debt		(1,534)		(1,104)
Other financial income		957		971
Other financial expense		(642)		(636)
Net income (loss) from equity affiliates		2,015		2,214
Income taxes		(3,029)		(970)
Consolidated net income		8,299		6,206
Group share		8,631		6,196
Non-controlling interests		(332)		10
Earnings per share ($)		3.36		2.52
Fully-diluted earnings per share ($)		3.34		2.51
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(M$)		Year 2017		Year 2016
Consolidated net income		8,299		6,206
Other comprehensive income
Actuarial gains and losses		823		(371)
Tax effect		(390)		55
Currency translation adjustment generated by the parent company		9,316		(1,548)
Items not potentially reclassifiable to profit and loss		9,749		(1,864)
Currency translation adjustment		(2,578)		(1,098)
Available for sale financial assets		7		4
Cash flow hedge		324		239
Share of other comprehensive income of equity affiliates, net amount		(677)		935
Other		-		1
Tax effect		(100)		(76)
Items potentially reclassifiable to profit and loss		(3,024)		5
Total other comprehensive income (net amount)		6,725		(1,859)
Comprehensive income		15,024		4,347
Group share		15,312		4,336
Non-controlling interests		(288)		11

CONSOLIDATED BALANCE SHEET
TOTAL
(M$)		December 31, 2017		September 30, 2017 (unaudited)		December 31, 2016
ASSETS
Non-current assets
Intangible assets, net		14,587		14,891		15,362
Property, plant and equipment, net		109,397		113,491		111,971
Equity affiliates : investments and loans		22,103		22,130		20,576
Other investments		1,727		1,124		1,133
Non-current financial assets		679		626		908
Deferred income taxes		5,206		5,345		4,368
Other non-current assets		3,984		4,291		4,143
Total non-current assets		157,683		161,898		158,461
Current assets
Inventories, net		16,520		14,769		15,247
Accounts receivable, net		14,893		13,738		12,213
Other current assets		14,210		13,944		14,835
Current financial assets		3,393		2,579		4,548
Cash and cash equivalents		33,185		28,583		24,597
Assets classified as held for sale		2,747		997		1,077
Total current assets		84,948		74,610		72,517
Total assets		242,631		236,508		230,978
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,882		7,806		7,604
Paid-in surplus and retained earnings		112,040		111,128		105,547
Currency translation adjustment		(7,908)		(8,675)		(13,871)
Treasury shares		(458)		(458)		(600)
Total shareholders' equity - Group share		111,556		109,801		98,680
Non-controlling interests		2,481		2,799		2,894
Total shareholders' equity		114,037		112,600		101,574
Non-current liabilities
Deferred income taxes		10,828		11,326		11,060
Employee benefits		3,735		4,384		3,746
Provisions and other non-current liabilities		15,986		17,140		16,846
Non-current financial debt		41,340		40,226		43,067
Total non-current liabilities		71,889		73,076		74,719
Current liabilities
Accounts payable		26,479		21,092		23,227
Other creditors and accrued liabilities		17,779		17,740		16,720
Current borrowings		11,096		11,206		13,920
Other current financial liabilities		245		273		327
Liabilities directly associated with the assets classified as held for sale		1,106		521		491
Total current liabilities		56,705		50,832		54,685
Total liabilities & shareholders' equity		242,631		236,508		230,978

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$)		4 th quarter 2017		3 rd quarter 2017		4 th quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		730		2,763		487
Depreciation, depletion, amortization and impairment		5,857		3,164		5,030
Non-current liabilities, valuation allowances and deferred taxes		(44)		(93)		(275)
(Gains) losses on disposals of assets		(71)		(144)		58
Undistributed affiliates' equity earnings		(54)		(110)		65
(Increase) decrease in working capital		2,206		(1,057)		1,913
Other changes, net		(9)		(160)		(260)
Cash flow from operating activities		8,615		4,363		7,018
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,662)		(3,104)		(5,742)
Acquisitions of subsidiaries, net of cash acquired		(3)		(472)		118
Investments in equity affiliates and other securities		(231)		(181)		(74)
Increase in non-current loans		(207)		(153)		(157)
Total expenditures		(5,103)		(3,910)		(5,855)
Proceeds from disposals of intangible assets and property, plant and equipment		901		55		413
Proceeds from disposals of subsidiaries, net of cash sold		213		-		-
Proceeds from disposals of non-current investments		5		147		3
Repayment of non-current loans		348		337		511
Total divestments		1,467		539		927
Cash flow used in investing activities		(3,636)		(3,371)		(4,928)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		33		65		60
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(643)		-		(534)
- Non-controlling interests		(54)		(11)		(16)
Issuance of perpetual subordinated notes		-		-		2,761
Payments on perpetual subordinated notes		(57)		-		-
Other transactions with non-controlling interests		(2)		(2)		-
Net issuance (repayment) of non-current debt		1,531		400		(105)
Increase (decrease) in current borrowings		(878)		(3,717)		(335)
Increase (decrease) in current financial assets and liabilities		(916)		1,182		(3,006)
Cash flow used in financing activities		(986)		(2,083)		(1,175)
Net increase (decrease) in cash and cash equivalents		3,993		(1,091)		915
Effect of exchange rates		609		954		(1,119)
Cash and cash equivalents at the beginning of the period		28,583		28,720		24,801
Cash and cash equivalents at the end of the period		33,185		28,583		24,597

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$)		Year 2017		Year 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		8,299		6,206
Depreciation, depletion, amortization and impairment		16,611		14,423
Non-current liabilities, valuation allowances and deferred taxes		(384)		(1,559)
(Gains) losses on disposals of assets		(2,598)		(263)
Undistributed affiliates' equity earnings		42		(643)
(Increase) decrease in working capital		827		(1,119)
Other changes, net		(478)		(524)
Cash flow from operating activities		22,319		16,521
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(13,767)		(18,106)
Acquisitions of subsidiaries, net of cash acquired		(800)		(1,123)
Investments in equity affiliates and other securities		(1,368)		(180)
Increase in non-current loans		(961)		(1,121)
Total expenditures		(16,896)		(20,530)
Proceeds from disposals of intangible assets and property, plant and equipment		1,036		1,462
Proceeds from disposals of subsidiaries, net of cash sold		2,909		270
Proceeds from disposals of non-current investments		294		132
Repayment of non-current loans		1,025		1,013
Total divestments		5,264		2,877
Cash flow used in investing activities		(11,632)		(17,653)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		519		100
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,643)		(2,661)
- Non-controlling interests		(141)		(93)
Issuance of perpetual subordinated notes		-		4,711
Payments on perpetual subordinated notes		(276)		(133)
Other transactions with non-controlling interests		(4)		(104)
Net issuance (repayment) of non-current debt		2,277		3,576
Increase (decrease) in current borrowings		(7,175)		(3,260)
Increase (decrease) in current financial assets and liabilities		1,903		1,396
Cash flow used in financing activities		(5,540)		3,532
Net increase (decrease) in cash and cash equivalents		5,147		2,400
Effect of exchange rates		3,441		(1,072)
Cash and cash equivalents at the beginning of the period		24,597		23,269
Cash and cash equivalents at the end of the period		33,185		24,597

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - Group share		Non- controlling interests		Total shareholders' equity
(M$)		Number		Amount						Number		Amount
As of January 1, 2016		2,440,057,883		7,670		101,528		(12,119)		(113,967,758)		(4,585)		92,494		2,915		95,409
Net income 2016		-		-		6,196		-		-		-		6,196		10		6,206
Other comprehensive Income		-		-		(108)		(1,752)		-		-		(1,860)		1		(1,859)
Comprehensive Income		-		-		6,088		(1,752)		-		-		4,336		11		4,347
Dividend		-		-		(6,512)		-		-		-		(6,512)		(93)		(6,605)
Issuance of common shares		90,639,247		251		3,553		-		-		-		3,804		-		3,804
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(163)		-		3,048,668		163		-		-		-
Share-based payments		-		-		112		-		-		-		112		-		112
Share cancellation		(100,331,268)		(317)		(3,505)		-		100,331,268		3,822		-		-		-
Other operations with non-controlling interests		-		-		(98)		-		-		-		(98)		(43)		(141)
Other items		-		-		36		-		-		-		36		104		140
As of December 31, 2016		2,430,365,862		7,604		105,547		(13,871)		(10,587,822)		(600)		98,680		2,894		101,574
Net income 2017		-		-		8,631		-		-		-		8,631		(332)		8,299
Other comprehensive Income		-		-		718		5,963		-		-		6,681		44		6,725
Comprehensive Income		-		-		9,349		5,963		-		-		15,312		(288)		15,024
Dividend		-		-		(6,992)		-		-		-		(6,992)		(141)		(7,133)
Issuance of common shares		98,623,754		278		4,431		-		-		-		4,709		-		4,709
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(142)		-		2,211,066		142		-		-		-
Share-based payments		-		-		151		-		-		-		151		-		151
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(302)		-		-		-		(302)		-		(302)
Other operations with non-controlling interests		-		-		(8)		-		-		-		(8)		4		(4)
Other items		-		-		6		-		-		-		6		12		18
As of December 31, 2017		2,528,989,616		7,882		112,040		(7,908)		(8,376,756)		(458)		111,556		2,481		114,037
(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4 th quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,185		4,083		20,661		20,419		3		-		47,351
Intersegment sales		6,506		311		7,890		207		90		(15,004)		-
Excise taxes		-		-		(828)		(5,081)		-		-		(5,909)
Revenues from sales		8,691		4,394		27,723		15,545		93		(15,004)		41,442
Operating expenses		(3,806)		(4,385)		(26,191)		(14,849)		(305)		15,004		(34,532)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,890)		(319)		(284)		(185)		(13)		-		(5,691)
Operating income		(5)		(310)		1,248		511		(225)		-		1,219
Net income (loss) from equity affiliates and other items		348		51		199		76		6		-		680
Tax on net operating income		(537)		(86)		(67)		(157)		55		-		(792)
Net operating income		(194)		(345)		1,380		430		(164)		-		1,107
Net cost of net debt														(377)
Non-controlling interests														291
Net income - group share														1,021
4 th quarter 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		21		-		-		-		-		21
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		21		-		-		-		-		21
Operating expenses		-		(243)		355		33		-		-		145
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,382)		(266)		(3)		(10)		-		-		(2,661)
Operating income (b)		(2,382)		(488)		352		23		-		-		(2,495)
Net income (loss) from equity affiliates and other items		(112)		(22)		9		(19)		-		-		(144)
Tax on net operating income		495		(67)		133		(10)		(136)		-		415
Net operating income (b)		(1,999)		(577)		494		(6)		(136)		-		(2,224)
Net cost of net debt														(8)
Non-controlling interests														381
Net income - group share														(1,851)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect
On operating income		-		-		423		31		-
On net operating income		-		-		354		11		-
4 th quarter 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,185		4,062		20,661		20,419		3		-		47,330
Intersegment sales		6,506		311		7,890		207		90		(15,004)		-
Excise taxes		-		-		(828)		(5,081)		-		-		(5,909)
Revenues from sales		8,691		4,373		27,723		15,545		93		(15,004)		41,421
Operating expenses		(3,806)		(4,142)		(26,546)		(14,882)		(305)		15,004		(34,677)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,508)		(53)		(281)		(175)		(13)		-		(3,030)
Adjusted operating income		2,377		178		896		488		(225)		-		3,714
Net income (loss) from equity affiliates and other items		460		73		190		95		6		-		824
Tax on net operating income		(1,032)		(19)		(200)		(147)		191		-		(1,207)
Adjusted net operating income		1,805		232		886		436		(28)		-		3,331
Net cost of net debt														(369)
Non-controlling interests														(90)
Adjusted net income - group share														2,872
Adjusted fully-diluted earnings per share ($)														1.10
(a) Except for earnings per share.
4 th quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,490		306		710		570		27		-		5,103
Total divestments		1,334		46		36		45		6		-		1,467
Cash flow from operating activities		3,826		657		3,041		992		99		-		8,615

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3 rd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,121		2,903		18,923		19,086		11		-		43,044
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,189		24,716		14,130		100		(12,839)		37,082
Operating expenses		(3,632)		(3,117)		(23,110)		(13,386)		(250)		12,839		(30,656)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,548)		(51)		(258)		(170)		(8)		-		(3,035)
Operating income		1,606		21		1,348		574		(158)		-		3,391
Net income (loss) from equity affiliates and other items		521		12		179		133		32		-		877
Tax on net operating income		(745)		7		(379)		(173)		100		-		(1,190)
Net operating income		1,382		40		1,148		534		(26)		-		3,078
Net cost of net debt														(315)
Non-controlling interests														(39)
Net income - group share														2,724
3 rd quarter 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(14)		-		-		-		-		(14)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(14)		-		-		-		-		(14)
Operating expenses		(2)		(32)		166		51		-		-		183
Depreciation, depletion and impairment of tangible assets and mineral interests		(57)		-		-		-		-		-		(57)
Operating income (b)		(59)		(46)		166		51		-		-		112
Net income (loss) from equity affiliates and other items		(2)		(15)		12		(5)		-		-		(10)
Tax on net operating income		4		4		(50)		(18)		-		-		(60)
Net operating income (b)		(57)		(57)		128		28		-		-		42
Net cost of net debt														(7)
Non-controlling interests														15
Net income - group share														50
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect
On operating income		-		-		210		51		-
On net operating income		-		-		156		36		-
3 rd quarter 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,121		2,917		18,923		19,086		11		-		43,058
Intersegment sales		5,665		286		6,592		207		89		(12,839)		-
Excise taxes		-		-		(799)		(5,163)		-		-		(5,962)
Revenues from sales		7,786		3,203		24,716		14,130		100		(12,839)		37,096
Operating expenses		(3,630)		(3,085)		(23,276)		(13,437)		(250)		12,839		(30,839)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491)		(51)		(258)		(170)		(8)		-		(2,978)
Adjusted operating income		1,665		67		1,182		523		(158)		-		3,279
Net income (loss) from equity affiliates and other items		523		27		167		138		32		-		887
Tax on net operating income		(749)		3		(329)		(155)		100		-		(1,130)
Adjusted net operating income		1,439		97		1,020		506		(26)		-		3,036
Net cost of net debt														(308)
Non-controlling interests														(54)
Adjusted net income - group share														2,674
Adjusted fully-diluted earnings per share ($)														1.04
(a) Except for earnings per share.
3 rd quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,228		99		357		190		36		-		3,910
Total divestments		339		-		24		150		26		-		539
Cash flow from operating activities		2,633		325		662		596		147		-		4,363

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4 th quarter 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,066		3,675		19,077		17,454		3		-		42,275
Intersegment sales		5,187		306		6,707		257		82		(12,539)		-
Excise taxes		-		-		(784)		(4,624)		-		-		(5,408)
Revenues from sales		7,253		3,981		25,000		13,087		85		(12,539)		36,867
Operating expenses		(3,724)		(3,847)		(23,155)		(12,535)		(296)		12,539		(31,018)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,329)		(193)		(252)		(154)		(11)		-		(4,939)
Operating income		(800)		(59)		1,593		398		(222)		-		910
Net income (loss) from equity affiliates and other items		25		(50)		162		41		137		-		315
Tax on net operating income		(53)		(5)		(392)		(132)		77		-		(505)
Net operating income		(828)		(114)		1,363		307		(8)		-		720
Net cost of net debt														(233)
Non-controlling interests														61
Net income - group share														548
4 th quarter 2016 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		17		-		-		-		-		17
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		17		-		-		-		-		17
Operating expenses		-		(64)		379		(116)		-		-		199
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,889)		(139)		-		(1)		-		-		(2,029)
Operating income (b)		(1,889)		(186)		379		(117)		-		-		(1,813)
Net income (loss) from equity affiliates and other items		(406)		(59)		(32)		(20)		(4)		-		(521)
Tax on net operating income		460		(1)		(115)		38		1		-		383
Net operating income (b)		(1,835)		(246)		232		(99)		(3)		-		(1,951)
Net cost of net debt														(6)
Non-controlling interests														98
Net income - group share														(1,859)
(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		-		-		380		(33)		-
On net operating income		-		-		281		(14)		-
4 th quarter 2016 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,066		3,658		19,077		17,454		3		-		42,258
Intersegment sales		5,187		306		6,707		257		82		(12,539)		-
Excise taxes		-		-		(784)		(4,624)		-		-		(5,408)
Revenues from sales		7,253		3,964		25,000		13,087		85		(12,539)		36,850
Operating expenses		(3,724)		(3,783)		(23,534)		(12,419)		(296)		12,539		(31,217)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,440)		(54)		(252)		(153)		(11)		-		(2,910)
Adjusted operating income		1,089		127		1,214		515		(222)		-		2,723
Net income (loss) from equity affiliates and other items		431		9		194		61		141		-		836
Tax on net operating income		(513)		(4)		(277)		(170)		76		-		(888)
Adjusted net operating income		1,007		132		1,131		406		(5)		-		2,671
Net cost of net debt														(227)
Non-controlling interests														(37)
Adjusted net income - group share														2,407
Adjusted fully-diluted earnings per share ($)														0.96
(a) Except for earnings per share.
4 th quarter 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		4,833		(118)		566		500		74		-		5,855
Total divestments		818		29		15		65		-		-		927
Cash flow from operating activities		4,039		732		1,746		340		161		-		7,018

BUSINESS SEGMENT INFORMATION
TOTAL
Year 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		8,477		12,854		75,505		74,634		23		-		171,493
Intersegment sales		22,837		1,180		26,844		857		374		(52,092)		-
Excise taxes		-		-		(3,008)		(19,386)		-		-		(22,394)
Revenues from sales		31,314		14,034		99,341		56,105		397		(52,092)		149,099
Operating expenses		(14,672)		(13,828)		(94,097)		(53,629)		(1,107)		52,092		(125,241)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,850)		(482)		(1,074)		(657)		(40)		-		(16,103)
Operating income		2,792		(276)		4,170		1,819		(750)		-		7,755
Net income (loss) from equity affiliates and other items		1,546		31		2,979		497		54		-		5,107
Tax on net operating income		(2,233)		(140)		(944)		(561)		540		-		(3,338)
Net operating income		2,105		(385)		6,205		1,755		(156)		-		9,524
Net cost of net debt														(1,225)
Non-controlling interests														332
Net income - group share														8,631
Year 2017 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(20)		-		-		-		-		(20)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(20)		-		-		-		-		(20)
Operating expenses		(119)		(389)		167		(11)		(64)		-		(416)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,308)		(291)		(53)		(10)		-		-		(4,662)
Operating income (b)		(4,427)		(700)		114		(21)		(64)		-		(5,098)
Net income (loss) from equity affiliates and other items		(328)		(116)		2,177		102		-		-		1,835
Tax on net operating income		875		(54)		124		(2)		(114)		-		829
Net operating income (b)		(3,880)		(870)		2,415		79		(178)		-		(2,434)
Net cost of net debt		-		-		-		-		-		-		(29)
Non-controlling interests		-		-		-		-		-		-		516
Net income - group share		-		-		-		-		-		-		(1,947)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect
On operating income		-		-		344		13		-
On net operating income		-		-		298		(3)		-
Year 2017 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		8,477		12,874		75,505		74,634		23		-		171,513
Intersegment sales		22,837		1,180		26,844		857		374		(52,092)		-
Excise taxes		-		-		(3,008)		(19,386)		-		-		(22,394)
Revenues from sales		31,314		14,054		99,341		56,105		397		(52,092)		149,119
Operating expenses		(14,553)		(13,439)		(94,264)		(53,618)		(1,043)		52,092		(124,825)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,542)		(191)		(1,021)		(647)		(40)		-		(11,441)
Adjusted operating income		7,219		424		4,056		1,840		(686)		-		12,853
Net income (loss) from equity affiliates and other items		1,874		147		802		395		54		-		3,272
Tax on net operating income		(3,108)		(86)		(1,068)		(559)		654		-		(4,167)
Adjusted net operating income		5,985		485		3,790		1,676		22		-		11,958
Net cost of net debt														(1,196)
Non-controlling interests														(184)
Adjusted net income - group share														10,578
Adjusted fully-diluted earnings per share ($)														4.12
(a) Except for earnings per share.
Year 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		12,802		797		1,734		1,457		106		-		16,896
Total divestments		1,918		73		2,820		413		40		-		5,264
Cash flow from operating activities		11,459		993		7,440		2,130		297		-		22,319

BUSINESS SEGMENT INFORMATION
TOTAL
Year 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		7,629		10,124		65,632		66,351		7		-		149,743
Intersegment sales		17,759		1,009		21,467		744		307		(41,286)		-
Excise taxes		-		-		(3,544)		(18,274)		-		-		(21,818)
Revenues from sales		25,388		11,133		83,555		48,821		314		(41,286)		127,925
Operating expenses		(14,236)		(10,993)		(77,562)		(46,432)		(1,006)		41,286		(108,943)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,583)		(301)		(1,002)		(600)		(37)		-		(13,523)
Operating income		(431)		(161)		4,991		1,789		(729)		-		5,459
Net income (loss) from equity affiliates and other items		1,375		71		779		170		426		-		2,821
Tax on net operating income		401		(4)		(1,244)		(541)		164		-		(1,224)
Net operating income		1,345		(94)		4,526		1,418		(139)		-		7,056
Net cost of net debt														(850)
Non-controlling interests														(10)
Net income - group share														6,196
Year 2016 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		(231)		-		-		-		-		(231)
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		(231)		-		-		-		-		(231)
Operating expenses		(691)		(79)		625		(136)		-		-		(281)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,089)		(139)		-		(1)		-		-		(2,229)
Operating income (b)		(2,780)		(449)		625		(137)		-		-		(2,741)
Net income (loss) from equity affiliates and other items		(200)		(135)		(93)		(40)		(4)		-		(472)
Tax on net operating income		1,108		51		(201)		36		1		-		995
Net operating income (b)		(1,872)		(533)		331		(141)		(3)		-		(2,218)
Net cost of net debt														(23)
Non-controlling interests														150
Net income - group share														(2,091)
(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		-		-		695		(43)		-
On net operating income		-		-		500		(13)		-
Year 2016 (adjusted) (M$) (a)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		7,629		10,355		65,632		66,351		7		-		149,974
Intersegment sales		17,759		1,009		21,467		744		307		(41,286)		-
Excise taxes		-		-		(3,544)		(18,274)		-		-		(21,818)
Revenues from sales		25,388		11,364		83,555		48,821		314		(41,286)		128,156
Operating expenses		(13,545)		(10,914)		(78,187)		(46,296)		(1,006)		41,286		(108,662)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,494)		(162)		(1,002)		(599)		(37)		-		(11,294)
Adjusted operating income		2,349		288		4,366		1,926		(729)		-		8,200
Net income (loss) from equity affiliates and other items		1,575		206		872		210		430		-		3,293
Tax on net operating income		(707)		(55)		(1,043)		(577)		163		-		(2,219)
Adjusted net operating income		3,217		439		4,195		1,559		(136)		-		9,274
Net cost of net debt														(827)
Non-controlling interests														(160)
Adjusted net income - group share														8,287
Adjusted fully-diluted earnings per share ($)														3.38
(a) Except for earnings per share.
Year 2016 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		16,085		1,221		1,861		1,245		118		-		20,530
Total divestments		2,187		166		88		424		12		-		2,877
Cash flow from operating activities		9,010		538		4,585		1,754		634		-		16,521

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
4 th quarter 2017 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		47,330		21		47,351
Excise taxes		(5,909)		-		(5,909)
Revenues from sales		41,421		21		41,442
Purchases, net of inventory variation		(28,020)		361		(27,659)
Other operating expenses		(6,370)		(216)		(6,586)
Exploration costs		(287)		-		(287)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,030)		(2,661)		(5,691)
Other income		220		292		512
Other expense		(208)		(362)		(570)
Financial interest on debt		(344)		(8)		(352)
Financial income and expense from cash & cash equivalents		(45)		-		(45)
Cost of net debt		(389)		(8)		(397)
Other financial income		240		-		240
Other financial expense		(159)		-		(159)
Net income (loss) from equity affiliates		731		(74)		657
Income taxes		(1,187)		415		(772)
Consolidated net income		2,962		(2,232)		730
Group share		2,872		(1,851)		1,021
Non-controlling interests		90		(381)		(291)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4 th quarter 2016 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		42,258		17		42,275
Excise taxes		(5,408)		-		(5,408)
Revenues from sales		36,850		17		36,867
Purchases, net of inventory variation		(24,253)		286		(23,967)
Other operating expenses		(6,704)		(87)		(6,791)
Exploration costs		(260)		-		(260)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,910)		(2,029)		(4,939)
Other income		337		-		337
Other expense		(263)		(210)		(473)
Financial interest on debt		(293)		(6)		(299)
Financial income and expense from cash & cash equivalents		(2)		-		(2)
Cost of net debt		(295)		(6)		(301)
Other financial income		203		-		203
Other financial expense		(161)		-		(161)
Net income (loss) from equity affiliates		720		(311)		409
Income taxes		(820)		383		(437)
Consolidated net income		2,444		(1,957)		487
Group share		2,407		(1,859)		548
Non-controlling interests		37		(98)		(61)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
Year 2017 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		171,513		(20)		171,493
Excise taxes		(22,394)		-		(22,394)
Revenues from sales		149,119		(20)		149,099
Purchases, net of inventory variation		(99,534)		123		(99,411)
Other operating expenses		(24,427)		(539)		(24,966)
Exploration costs		(864)		-		(864)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,441)		(4,662)		(16,103)
Other income		772		3,039		3,811
Other expense		(389)		(645)		(1,034)
Financial interest on debt		(1,367)		(29)		(1,396)
Financial income and expense from cash & cash equivalents		(138)		-		(138)
Cost of net debt		(1,505)		(29)		(1,534)
Other financial income		957		-		957
Other financial expense		(642)		-		(642)
Net income (loss) from equity affiliates		2,574		(559)		2,015
Income taxes		(3,858)		829		(3,029)
Consolidated net income		10,762		(2,463)		8,299
Group share		10,578		(1,947)		8,631
Non-controlling interests		184		(516)		(332)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2016 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		149,974		(231)		149,743
Excise taxes		(21,818)		-		(21,818)
Revenues from sales		128,156		(231)		127,925
Purchases, net of inventory variation		(83,916)		539		(83,377)
Other operating expenses		(23,832)		(470)		(24,302)
Exploration costs		(914)		(350)		(1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,294)		(2,229)		(13,523)
Other income		964		335		1,299
Other expense		(537)		(490)		(1,027)
Financial interest on debt		(1,085)		(23)		(1,108)
Financial income and expense from cash & cash equivalents		4		-		4
Cost of net debt		(1,081)		(23)		(1,104)
Other financial income		971		-		971
Other financial expense		(636)		-		(636)
Net income (loss) from equity affiliates		2,531		(317)		2,214
Income taxes		(1,965)		995		(970)
Consolidated net income		8,447		(2,241)		6,206
Group share		8,287		(2,091)		6,196
Non-controlling interests		160		(150)		10
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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