TTA.L Regulatory News (TTA)

7 Feb 2019 13:05

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

		4Q18		Changevs 4Q17		2018		Changevs 2017
Adjusted net income (Group share)1
- in billions of dollars (B$)		3.2		+10%		13.6		+28%
- in dollars per share		1.17		+6%		5.05		+23%
DACF1 (B$)		6.1		-2%		26.1		+18%
Cash flow from operations (B$)		10.6		+24%		24.7		+11%
Net income (Group share) of 11.4 B$ in 2018, a 33% increase compared to 2017
Net-debt-to-capital ratio of 15.5% at December 31, 2018
Hydrocarbon production of 2,775 kboe/d in 2018, an increase of 8.1% compared to 2017
Fourth quarter 2018 dividend set at 0.64 €/share with ex-dividend date of June 11, 2019

Total’s Board of Directors met on February 6, 2019, and approved the Group’s 2018 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Benefiting from the rise of oil prices to $71/b on average in 2018 compared to $54/b in 2017, while remaining volatile, the Group reported adjusted net income of $13.6 billion in 2018, an increase of 28%, a return on average capital employed close to 12%, the highest among the majors, and a pre-dividend breakeven below 30 $/b.These excellent results reflect the strong growth of more than 8% for the Group’s hydrocarbon production, which reached a record level of 2.8 Mboe/d in 2018 and led to a 71% increase in Exploration & Production’s adjusted net operating income. The year was highlighted by the start-up of Ichthys in Australia, Yamal LNG in Russia, deep-water projects Kaombo North in Angola and Egina in Nigeria, as well as the counter-cyclical acquisitions of Maersk Oil and new offshore licenses in the UAE.In addition, the Group maintained its financial discipline. Net investments were $15.6 billion in 2018, in line with its objective, and $4.2 billion in cost reduction was achieved. Debt-adjusted cash flow (DACF) was $26 billion in 2018, driven largely by the 31% increase in cash flow from Exploration & Production. The Group’s balance sheet was solid with a gearing ratio of 15.5%, below the target limit of 20%.The Group is continuing to expand along the value chain of integrated gas and low-carbon electricity. With its acquisition of Engie’s LNG assets Total is the second largest publicly-traded player in the LNG business, and its position will be strengthened with the 2019 start-up of the Cameron LNG project. In addition, the Group accelerated its growth in low-carbon electricity, notably with the acquisition of Direct Energie.In an environment of lower European refining margins, the Downstream relied on the availability of its units and the diversity of its portfolio to generate $6.5 billion of cash flow and profitability of more than 25%. The Group is continuing to implement its strategy for growth in petrochemicals by launching projects in the US, Saudi Arabia, South Korea and Algeria. Total has also continued to expand Marketing & Services in fast-growing areas, notably in Mexico, Brazil and Angola.Conforming to the shareholder return policy announced in February 2018, the Group increased the 2018 dividend by 3.2% and bought back $1.5 billion of its shares in 2018. Given the solid financial position, which is benefiting from growing cash flow, the Board of Directors confirmed the shareholder return policy for 2019. It plans to increase the interim dividend by 3.1% to 0.66 euros per share, end the scrip dividend option following the general assembly meeting, and continue the share buyback policy in the amount of $1.5 billion in a 60 $/b environment.”

Key figures2

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars, except effective tax rate, earnings per share and number of shares		2018		2017		2018 vs 2017
3,885		4,548		3,359		+16%		Adjusted net operating income from business segments		15,997		11,936		+34%
2,476		2,864		1,805		+37%		Exploration & Production		10,210		5,985		+71%
176		272		232		-24%		Gas, Renewables & Power		756		485		+56%
900		938		886		+2%		Refining & Chemicals		3,379		3,790		-11%
333		474		436		-24%		Marketing & Services		1,652		1,676		-1%
893		865		731		+22%		Contribution of equity affiliates to adjusted net income		3,161		2,574		+23%
38.1%		38.6%		31.8%				Group effective tax rate3		38.7%		31.1%
3,164		3,958		2,872		+10%		Adjusted net income		13,559		10,578		+28%
1.17		1.47		1.10		+6%		Adjusted fully-diluted earnings per share (dollars)4		5.05		4.12		+23%
1.02		1.26		0.94		+9%		Adjusted fully-diluted earnings per share (euros)*		4.27		3.65		+17%
2,637		2,637		2,536		+4%		Fully-diluted weighted-average shares (millions)		2,624		2,495		+5%
1,132		3,957		1,021		+11%		Net income (Group share)		11,446		8,631		+33%
5,190		6,484		5,103		+2%		Investments5		22,185		16,896		+31%
2,483		897		1,467		+69%		Divestments6		7,239		5,264		+38%
2,708		6,208		3,638		-26%		Net investments7		15,568		11,636		+34%
4,459		2,568		4,442		+0%		Organic investments8		12,426		14,395		-14%
211		475		107		x2		Resource acquisitions		4,493		714		x6.3
5,672		7,088		5,955		-5%		Operating cash flow before working capital changes9		24,529		21,135		+16%
6,095		7,507		6,233		-2%		Operating cash flow before working capital changes w/o financial charges (DACF)10		26,067		22,183		+18%
10,640		5,736		8,615		+24%		Cash flow from operations		24,703		22,319		+11%

* Average €-$ exchange rate: 1.1414 in the fourth quarter 2018 and 1.1810 in 2018.

Highlights since the beginning of the fourth quarter 201811

Started up Ichthys LNG and the third liquefaction train at Yamal LNG Started up production at the Egina field in Nigeria Signed MOU with Sempra Energy for development of North American LNG projects Signed concession agreement with ADNOC to launch unconventional gas exploration program in Abu Dhabi Sold a 4% interest in the Ichthys project in Australia Acquired additional 10% interest in the Lapa field in Brazil Entered fuel distribution segment in Brazil Signed an agreement with Sonangol to launch a network of service stations in Angola

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

4Q18		3Q18		4Q17		4Q18 vs 4Q17				2018		2017		2018 vs 2017
68.8		75.2		61.3		+12%		Brent ($/b)		71.3		54.2		+32%
57.2		69.5		57.6		-1%		Average liquids price ($/b)		64.2		50.2		+28%
4.94		4.96		4.23		+17%		Average gas price ($/Mbtu)		4.78		4.08		+17%
46.9		55.4		43.3		+8%		Average hydrocarbon price ($/boe)		51.0		38.7		+32%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q18		3Q18		4Q17		4Q18 vs 4Q17		Hydrocarbon production		2018		2017		2018 vs 2017
2,876		2,804		2,613		+10%		Combined production (kboe/d)		2,775		2,566		+8%
1,589		1,611		1,389		+14%		Liquids (kb/d)		1,566		1,346		+16%
6,994		6,557		6,832		+2%		Gas (Mcf/d)		6,599		6,662		-1%
2,876		2,804		2,613		+10%		Combined production (kboe/d)		2,775		2,566		+8%
1,371		1,434		1,212		+13%		Oil (including bitumen) (kb/d)		1,378		1,167		+18%
1,505		1,370		1,401		+7%		Gas (including Condensates and associated LPG) (kboe/d)		1,397		1,398		-

Hydrocarbon production was 2,876 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2018, an increase of 10% compared to last year, due to:

+12% for start-ups and ramp-ups on new projects, notably Yamal LNG, Ichthys, Fort Hills, Kaombo North and Kashagan. + 2% portfolio effect. The integration of Maersk Oil, as well as the acquisition of an additional 0.5% of Novatek, were partially offset by the expiration of the Mahakam permit at the end of 2017 and the sales of Visund in Norway and Rabi in Gabon. -4% for natural field declines and PSC price effect.

In 2018, hydrocarbon production was 2,775 kboe/d, an increase of more than 8% compared to last year, due to:

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

> Results

4Q18	3Q18	4Q17	4Q18 vs 4Q17	In millions of dollars, except effective tax rate	2018	2017	2018 vs 2017
2,476	2,864	1,805	+37%	Adjusted net operating income*	10,210	5,985	+71%
706	614	419	+68%	including income from equity affiliates	2,341	1,542	+52%
43.7%	47.6%	42.8%	-	Effective tax rate**	46.5%	41.2%	-
3,635	2,796	3,490	+4%	Investments	15,282	12,802	+19%
1,638	563	1,334	+23%	Divestments	4,952	1,918	x2.6
3,168	1,847	3,120	+2%	Organic investments	9,186	11,310	-19%
4,412	5,582	4,263	+3%	Operating cash flow before working capital changes ***	19,374	14,753	+31%
6,785	4,821	4,174	+63%	Cash flow from operations ***	19,803	12,821	+54%

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

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

*** Excluding financial charges.

Exploration & Production adjusted net operating income was:

2,476 M$ in the fourth quarter 2018, an increase of 37% compared to a year ago. The Group benefited fully from the increase in hydrocarbon prices and strong production growth. 10,210 M$ in 2018, an increase of 71% compared to 2017 for the same reasons and despite a tax rate that increased in line with the increase in hydrocarbon prices.

Operating cash flow before working capital changes was 4.4 B$ in the fourth quarter 2018, an increase of 3% compared to the same quarter last year, partially offset by the decrease in oil prices in Canada, and 19.4 B$ in 2018, an increase of 31% for the reasons above. Exploration-Production generated 10.2 B$ of operating cash flow before working capital changes less organic investments in 2018.

The effective tax rate increased from 41.2% in 2017 to 46.5% in 2018, in line with the increase in oil prices.

Technical costs for the consolidated subsidiaries, calculated in accordance with ASC93210 standards continued decreasing to 18.9 $/boe in 2018, including 5.7 $/boe of Opex, compared to 19.5 $/boe in 2017.

Gas, Renewables & Power

> Results

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars		2018		2017		2018 vs 2017
176		272		232		x0.8		Adjusted net operating income*		756		485		x1.6
210		3,001		306		-31%		Investments		3,539		797		x4.4
319		129		46		x6.9		Divestments		931		73		x12.8
210		165		85		x2.5		Organic investments		511		353		+45%
116		171		25		x4.6		Operating cash flow before working capital changes**		513		294		+74%
(41)		(554)		667		n.s.		Cash flow from operations**		(670)		1,055		n.s.

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

** Excluding financial charges

Adjusted net operating income for the Gas, Renewables & Power segment was 756 M$ in 2018, notably thanks to the good performance of LNG and gas/power trading activities. The acquisitions of Direct Energie and the LNG business of Engie account for the increase in investments to 3.5 B$ in 2018. The increase in working capital related to the consolidation of the acquisitions of Direct Energie and the LNG business of Engie was mainly responsible for the negative cash flow from operations in 2018.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q18		3Q18		4Q17		4Q18 vs 4Q17				2018		2017		2018 vs 2017
1,886		1,953		1,842		+2%		Total refinery throughput (kb/d)		1,852		1,827		+1%
591		654		648		-9%		France		610		624		-2%
809		795		784		+3%		Rest of Europe		755		767		-2%
486		504		410		+19%		Rest of world		487		436		+12%
90%		92%		91%				Utlization rate based on crude only**		88%		88%

* 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:

increased by 2% in the fourth quarter 2018 compared to the fourth quarter 2017, thanks to the good availability of the units and their high utilization rate. was stable in 2018 compared to 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp during the second quarter, was offset by higher throughput outside Europe.

> Results

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars except the ERMI		2018		2017		2018 vs 2017
29.1		39.9		35.5		-18%		European refining margin indicator - ERMI ($/t)		32.3		40.9		-21%
900		938		886		+2%		Adjusted net operating income*		3,379		3,790		-11%
668		377		710		-6%		Investments		1,781		1,734		+3%
482		88		36		x13.4		Divestments		919		2,820		-67%
615		295		684		-10%		Organic investments		1,604		1,625		-1%
1,276		1,174		1,142		+12%		Operating cash flow before working capital changes**		4,388		4,728		-7%
3,080		1,338		3,030		+2%		Cash flow from operations**		4,308		7,411		-42%

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

** Excluding financial charges.

The European Refining Margin Indicator (ERMI) for the Group was 29.1 $/t in the fourth quarter 2018, a decrease of 18% compared to the fourth quarter 2017 and by 21% to 32.3 $/t for the full-year 2018, mainly due to rising crude oil prices. The petrochemicals environment remained favorable in the fourth quarter; although margins in Europe were lower than last year, affected by the higher price of raw materials.

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

900 M$ in the fourth quarter, an increase of 2% compared to the same period last year. 3,379 M$ for the full-year 2018, a decrease of 11% compared to the previous year.

Marketing & Services

> Petroleum product sales

4Q18		3Q18		4Q17		4Q18 vs 4Q17		Sales in kb/d*		2018		2017		2018 vs 2017
1,786		1,818		1,821		-2%		Total Marketing & Services sales		1,801		1,779		+1%
986		1,024		1,046		-6%		Europe		1,001		1,049		-5%
800		794		775		+3%		Rest of world		800		730		+10%

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

Petroleum product sales increased by 1% in 2018 compared to 2017. The sale of TotalErg in Italy was offset by higher sales in the rest of the world.

> Results

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars		2018		2017		2018 vs 2017
333		474		436		-24%		Adjusted net operating income*		1,652		1,676		-1%
627		293		570		+10%		Investments		1,458		1,457		-
38		117		45		-16%		Divestments		428		413		+4%
424		245		533		-20%		Organic investments		1,010		1,019		-1%
500		580		644		-22%		Operating cash flow before working capital changes**		2,156		2,242		-4%
1,226		752		1,015		+21%		Cash flow from operations**		2,759		2,221		+24%

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

** Excluding financial charges.

Marketing & Services adjusted net operating income was stable in 2018 at 1,652 M$.

Group results

> Adjusted net operating income from business segments

Thanks notably to the strong performance by Exploration & Production, adjusted net operating income from the business segments was:

3,885 M$ in the fourth quarter 2018, a 16% increase compared to the fourth quarter last year. 15,997 M$ for 2018, an increase of 34% compared to 2017.

> Adjusted net income (Group share)

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

3,164 M$ in the fourth quarter 2018, a 10% increase compared to the fourth quarter last year. 13,559 M$ for 2018, a 28% increase compared to 2017.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value11.

Total adjustments affecting net income12 were:

-2,032 M$ in the fourth quarter 2018, mainly due to a 1.1 B$ inventory effect linked to the decrease in oil prices and notably an impairment on Ichthys related to the sale of a partial interest by the Group. -2,113 M$ for 2018 for the reasons above as well as the impairment of production facilities by SunPower.

The effective tax rate for the Group was:

38.1% in the fourth quarter 2018, compared to 31.8% a year ago, due to the increase in the effective tax rate for Exploration & Production in line with higher hydrocarbon prices, and the larger contribution of this segment to the Group’s results this quarter. 38.7% for 2018, compared to 31.1% for 2017, for the same reasons.

> Adjusted fully-diluted earnings per share and share buyback

Adjusted earnings per share increased by:

6% to $1.17 in the fourth quarter 2018, calculated based on a weighted average of 2,637 million fully-diluted shares, compared to $1.10 in the fourth quarter 2017. 23% to $5.05 for 2018, calculated based on a weighted average of 2,624 million fully-diluted shares, compared to $4.12 for 2017.

In the context of the shareholder return policy announced in February 2018, the Group has bought back shares since then, including:

on the one hand, the buyback of shares issued in 2018 under the scrip dividend option in order to cancel any dilution related to the exercise of this option: 21.6 million shares repurchased in the fourth quarter 2018 and 47.2 million shares in 2018. on the other hand, the buyback of additional shares : 8.6 million shares repurchased in the fourth quarter 2018 for 500 M$ and 24.7 million shares in 2018 for 1.5 B$. on December 31, 2018, the number of fully-diluted shares was 2,623 million.

> Divestments – acquisitions

Asset sales:

2,101 M$ in the fourth quarter 2018, comprised mainly of the sale of a 4% interest in the Ichthys project in Australia and the sale of the Group’s share of the LNG re-gas terminal at Dunkirk. 5,172 M$ in 2018, comprised mainly of the elements above as well as the sale of Joslyn in Canada, Rabi in Gabon, the Martin Linge and Visund fields in Norway, an interest in Fort Hills in Canada, SunPower’s sale of its interest in 8point3, the marketing activities of TotalErg in Italy, the Marketing & Services network in Haiti, and the contribution of the Bayport polyethylene unit in the United States to the joint venture formed with Borealis and Nova in which Total holds 50%.

Acquisitions:

350 M$ in the fourth quarter 2018, comprised mainly of the extension of licenses in Nigeria and the acquisition of a network of service stations in Brazil. 8,314 M$ in 2018, comprised of the elements above as well as notably the acquisitions of Direct Energie, Engie’s LNG business, the increase in the share of Novatek to 19.4%, interests in the Iara and Lapa fields in Brazil, two new 40-year offshore concessions in Abu Dhabi and the acquisition of offshore assets from Cobalt in the Gulf of Mexico.

> Net cash flow

The Group’s net cash flow13 was :

2,964 M$ in the fourth quarter 2018 compared to 2,317 M$ in the fourth quarter 2017, notably as a result of the 930 M$ decrease in net investments. 8,961 M$ in 2018 compared to 9,499 M$ in 2017, as a result of a 3,932 M$ increase in net investments driven by the Group’s strategy of countercyclical acquisitions, partially offset by a 3,394 M$ increase in operating cash flow before changes in working capital.

> Profitability

Return on equity rose to 12.2% for the twelve months ended December 31, 2018, an increase compared to the twelve months ended December 31, 2017.

In millions of dollars		Jan 1, 2018 to Dec 31, 2018		Oct 1, 2017 to Sept 30, 2018		Jan 1, 2017 to Dec 31, 2017
Adjusted net income		13,964		13,679		10,762
Average adjusted shareholders' equity		114,183		114,729		106,078
Return on equity (ROE)		12.2%		11.9%		10.1%

Return on average capital employed was 11.8% for the twelve months ended December 31, 2018, an increase compared to the twelve months ended December 31, 2017.

In millions of dollars		Jan 1, 2018 to Dec 31, 2018		Oct 1, 2017 to Sept 30, 2018		Jan 1, 2017 to Dec 31, 2017
Adjusted net operating income		15,691		15,295		11,958
Average capital employed		133,123		138,242		127,575
ROACE		11.8%		11.1%		9.4%

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 5,485 M€ in 2018, compared to 6,634 M€ in 2017.

2019 Sensitivities*

		Scenario		Change		Estimated impacton adjustednet operatingincome		Estimatedimpact on cashflow
Dollar		1.2 $/€		+/- 0.1 $ per €		-/+ 0.1 B$		~0 B$
Average Liquids Price		60 $/b **		+/- 10 $/b		+/- 2.7 B$		+/- 3.2 B$
European refining margin indicator (ERMI)		35 $/t		+/- 10 $/t		+/- 0.5 B$		+/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 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.

** Based on a 60 $/b Brent environment

Summary and outlook

Since the start of 2019, Brent has traded around $60/b in a context of oil supply and demand near the record-high level of 100 Mb/d. In a volatile environment, the Group is pursuing its strategy for integrated growth along the oil, gas and low-carbon electricity chains.

The Group has clear visibility on its 2019 cash flow, supported by the strong contribution of project start-ups in 2018 and recent acquisitions.

The Group maintains financial discipline to reduce its breakeven to remain profitable across a broader range of environments. In particular, it is targeting cost reductions of $4.7 billion, projected net investments of $15-16 billion in 2019 and an Opex target of 5.5 $/boe.

In Exploration & Production, production is expected to grow by more than 9% in 2019, thanks to the ramp-ups of Kaombo North, Egina and Ichthys plus the start-ups of Iara 1 in Brazil, Kaombo South in Angola, Culzean in the UK and Johan Sverdrup in Norway. Determined to take advantage of the favorable cost environment, the Group plans to launch projects in 2019, notably including Mero 2 in Brazil, Tilenga and Kingfisher in Uganda and Arctic LNG 2 in Russia.

The Group is pursuing its strategy for profitable growth along the integrated gas and low-carbon electricity chains. Effective 2019, the Group will report the new iGRP segment (integrated Gas, Renewables & Power) which combines the Gas, Renewables & Power segment with the upstream gas and LNG activities currently reported within the Exploration & Production segment.

Affected by an abundance of available products, European refining margins have been very volatile since the start of the year. In 2019, the Downstream will continue to rely on its diversified portfolio, notably its integrated Refining & Chemical platforms in the U.S. and Asia-Middle East as well as its non-cyclical Marketing & Services segment.

In this context, the Group is continuing to implement its shareholder return policy announced in February 2018, by increasing the dividend in 2019 by 3.1%, in line with the objective to increase the dividend by 10% over the 2018-20 period. Taking into account its strong financial position, the Group will eliminate the scrip dividend option from June 2019. Within the framework of its program to buy back $5 billion of shares over the 2018-20 period, the Group expects to buy back $1.5 billion of its shares in 2019 in a 60 $/b Brent environment.

* * * * *

To listen to the presentation in English by CEO Patrick Pouyanne and CFO Patrick de La Chevardière today at 10:00 (London time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 7198797). For a replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 917 677 7532 in the United States (code: 7198797).

* * * * *

Operating information by segment

> Exploration & Production

4Q18		3Q18		4Q17		4Q18 vs 4Q17		Combined liquids and gas production by region (kboe/d)		2018		2017		2018 vs 2017
997		910		764		+30%		Europe and Central Asia		909		761		+19%
661		676		659		-		Africa		670		654		+3%
655		687		595		+10%		Middle East and North Africa		666		559		+19%
386		399		356		+8%		Americas		389		348		+12%
176		132		239		-26%		Asia Pacific		141		244		-42%
2,876		2,804		2,613		+10%		Total production		2,775		2,566		+8%
699		645		656		+7%		including equity affiliates		671		639		+5%
4Q18		3Q18		4Q17		4Q18 vs 4Q17		Liquids production by region (kb/d)		2018		2017		2018 vs 2017
363		341		265		+37%		Europe and Central Asia		334		265		+26%
509		528		501		+2%		Africa		513		502		+2%
503		538		457		+10%		Middle East and North Africa		520		419		+24%
191		186		137		+40%		Americas		183		132		+39%
22		18		29		-24%		Asia Pacific		16		28		-43%
1,589		1,611		1,389		+14%		Total production		1,566		1,346		+16%
231		221		311		-26%		including equity affiliates		247		283		-13%
4Q18		3Q18		4Q17		4Q18 vs 4Q17		Gas production by region (Mcf/d)		2018		2017		2018 vs 2017
3,416		3,069		2,657		+29%		Europe and Central Asia		3,100		2,672		+16%
738		776		980		-25%		Africa		785		759		+3%
843		830		759		+11%		Middle East and North Africa		806		772		+4%
1,094		1,198		1,225		-11%		Americas		1,160		1,212		-4%
903		684		1,211		-25%		Asia Pacific		748		1,247		-40%
6,994		6,557		6,832		+2%		Total production		6,599		6,662		-1%
2,524		2,313		2,022		+25%		including equity affiliates		2,281		1,916		+19%
4Q18		3Q18		4Q17		4Q18 vs 4Q17		Liquefied natural gas		2018		2017		2018 vs 2017
3.32		2.78		2.67		+24%		LNG sales* (Mt)		11.07		11.23		-1%

* 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)

4Q18		3Q18		4Q17*		4Q18 vs 4Q17		Petroleum product sales by region (kb/d)**		2018		2017*		2018 vs 2017
2,062		2,030		2,000		+3%		Europe		1,984		2,086		-5%
778		760		639		+22%		Africa		736		615		+20%
767		979		476		+61%		Americas		827		561		+47%
531		569		727		-27%		Rest of world		606		757		-20%
4,138		4,338		3,842		+8%		Total consolidated sales		4,153		4,019		+3%
593		581		587		+1%		Including bulk sales		575		581		-1%
1,759		1,939		1,434		+23%		Including trading		1,777		1,659		+7%

* 2017 data restated.

** Includes share of TotalErg.

Adjustment items to net income (Group share)

4Q18		3Q18		4Q17		In millions of dollars		2018		2017
(1,026)		(152)		(2,218)		Special items affecting net income (Group share)		(1,731)		(2,213)
(2)		89		188		Gain (loss) on asset sales		(16)		2,452
(32)		(39)		(5)		Restructuring charges		(138)		(66)
(1,259)		(88)		(2,060)		Impairments		(1,595)		(3,884)
267		(114)		(341)		Other		18		(715)
(1,052)		160		354		After-tax inventory effect: FIFO vs. replacement cost		(420)		282
46		(9)		13		Effect of changes in fair value		38		(16)
(2,032)		(1)		(1,851)		Total adjustments affecting net income		(2,113)		(1,947)

Investments - Divestments

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars		2018		2017		2018 vs 2017
4,459		2,568		4,442		-		Organic investments ( a )		12,426		14,395		-14%
306		156		181		+69%		capitalized exploration		711		619		+15%
160		147		207		-23%		increase in non-current loans		618		961		-36%
(382)		(688)		(348)		x1.1		repayment of non-current loans		(2,067)		(1,025)		x2
349		3,228		313		x1.1		Acquisitions ( b )		7,692		1,476		x5.2
2,101		209		1,119		+88%		Asset sales ( c )		5,172		4,239		22%
(1)		(621)		(2)		-50%		Other transactions with non-controlling interests ( d )		(622)		(4)		n.s.
2,708		6,208		3,638		-26%		Net investments ( a + b - c - d )		15,568		11,636		+34%

Cash flow

4Q18		3Q18		4Q17		4Q18 vs 4Q17		In millions of dollars		2018		2017		2018 vs 2017
6,095		7,507		6,233		-2%		Operating cash flow before working capital changes w/o financial charges (DACF)		26,067		22,183		+18%
(423)		(419)		(278)		+52%		Financial charges		(1,538)		(1,048)		+47%
5,672		7,088		5,955		-5%		Operating cash flow before working capital changes ( a )		24,529		21,135		+16%
6,425		(1,578)		2,206		n.s.		(Increase) decrease in working capital		769		827		-7%
(1,457)		226		454		n.s.		Inventory effect		(595)		357		n.s.
10,640		5,736		8,615		+24%		Cash flow from operations		24,703		22,319		+11%
4,459		2,568		4,442		n.s.		Organic investments ( b )		12,426		14,395		-14%
1,213		4,520		1,513		-20%		Free cash flow after organic investments, w/o net asset sales ( a - b )		12,103		6,740		x1.8
2,708		6,208		3,638		-26%		Net investments ( c )		15,568		11,636		+34%
2,964		880		2,317		+28%		Net cash flow ( a - c )		8,961		9,499		-6%

Gearing ratio

In millions of dollars		12/31/2018		09/30/2018		12/31/2017
Current borrowings		13,306		15,180		11,096
Net current financial assets		(3,176)		(2,884)		(3,148)
Net financial assets classified as held for sale		(15)		(14)		0
Non-current financial debt		40,129		41,088		41,340
Hedging instruments of non-current debt		(680)		(1,129)		(679)
Cash and cash equivalents		(27,907)		(25,252)		(33,185)
Net debt (a)		21,657		26,989		15,424
Shareholders’ equity - Group share		115,640		118,193		111,556
Non-controlling interests		2,474		2,430		2,481
Shareholders' equity (b)		118,114		120,623		114,037
Net-debt-to-capital ratio = a / (a + b)		15.5%		18.3%		11.9%

Return on average capital employed

> Twelve months ended December 31, 2018

In millions of dollars		Exploration &Production		Gas,Renewables &Power		Refining &Chemicals		Marketing &Services				Group
Adjusted net operating income		10,210		756		3,379		1,652				15,691
Capital employed at 12/31/2017*		107,921		4,692		11,045		6,929				127,727
Capital employed at 12/31/2018*		114,885		9,261		10,599		6,442				138,519
ROACE		9.2%		10.8%		31.2%		24.7%				11.8%

> Twelve months ended September 30, 2018

In millions of dollars		Exploration &Production		Gas,Renewables &Power		Refining &Chemicals		Marketing &Services				Group
Adjusted net operating income		9,539		812		3,365		1,755				15,295
Capital employed at 09/30/2017*		110,114		5,388		11,919		6,871				131,185
Capital employed at 09/30/2018*		118,820		9,871		12,884		6,841				145,298
ROACE		8.3%		10.6%		27.1%		25.6%				11.1%

> Twelve months ended December 31, 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%

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

This press release presents the results for the full-year 2018 from the consolidated financial statements of TOTAL S.A. as of December 31, 2018 (unaudited). The audit procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com. This document 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, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, changes in regulations including environmental and climate, currency fluctuations, as well as economic and political developments and changes in business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

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

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and gearing ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special itemsDue 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 effectThe 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 valueThe effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

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

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

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

1 Definitions on page 22 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 11.3 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).4 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond5 Including acquisitions and increases in non-current loans.6 Including divestments and reimbursements of non-current loans.7 Net investments = gross investments - divestments - repayment of non-current loans - other operations with non-controlling interests.8 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.9 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12.10 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.11 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.12 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas13 Details shown on page 1114 Details shown on page 11 and in the annex to the financial statements.15 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

Main indicators

Chart updated around the middle of the month following the end of each quarter

		$/€		Brent ($/b)		Average liquids price*** ($/b)		Average gas price ($/Mbtu)***		European refining margin ERMI* ($/t)**
Fourth quarter 2018		1.14		68.8		57.2		4.94		29.1
Third quarter 2018		1.16		75.2		69.5		4.96		39.9
Second quarter 2018		1.19		74.4		69.5		4.49		34.7
First quarter 2018		1.23		66.8		60.4		4.73		25.6
Fourth quarter 2017		1.18		61.3		57.6		4.23		35.5

* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total’s particular refinery configurations, product mix effects or other company-specific operating conditions.

** 1 $/t = 0.136 $/b

*** consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting / underlifting position valued at market price.

Disclaimer: data is based on Total’s reporting, is not audited and is subject to change.

Total financial statements

Fourth quarter and full-year 2018 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a)		4th quarter 2018		3rd quarter 2018		4th quarter 2017
Sales		52,495		54,717		47,351
Excise taxes		(6,183)		(6,317)		(5,909)
Revenues from sales		46,312		48,400		41,442
Purchases, net of inventory variation		(33,420)		(32,351)		(27,659)
Other operating expenses		(6,913)		(6,873)		(6,586)
Exploration costs		(201)		(234)		(287)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,362)		(3,279)		(5,691)
Other income		482		581		512
Other expense		(315)		(355)		(570)
Financial interest on debt		(529)		(536)		(352)
Financial income and expense from cash & cash equivalents		(30)		(63)		(45)
Cost of net debt		(559)		(599)		(397)
Other financial income		269		290		240
Other financial expense		(185)		(171)		(159)
Net income (loss) from equity affiliates		665		918		657
Income taxes		(593)		(2,240)		(772)
Consolidated net income		1,180		4,087		730
Group share		1,132		3,957		1,021
Non-controlling interests		48		130		(291)
Earnings per share ($)		0.40		1.48		0.37
Fully-diluted earnings per share ($)		0.40		1.47		0.37
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$)		4th quarter 2018		3rd quarter 2018		4th quarter 2017
Consolidated net income		1,180		4,087		730
Other comprehensive income
Actuarial gains and losses		(112)		33		794
Change in fair value of investments in equity instruments		(3)		(2)		-
Tax effect		44		(13)		(373)
Currency translation adjustment generated by the parent company		(881)		(511)		1,432
Items not potentially reclassifiable to profit and loss		(952)		(493)		1,853
Currency translation adjustment		52		93		(585)
Available for sale financial assets		-		-		3
Cash flow hedge		(285)		55		174
Variation of foreign currency basis spread		(14)		(39)		-
Share of other comprehensive income of equity affiliates, net amount		(266)		(142)		(5)
Other		(1)		(2)		-
Tax effect		98		(9)		(49)
Items potentially reclassifiable to profit and loss		(416)		(44)		(462)
Total other comprehensive income (net amount)		(1,368)		(537)		1,391
Comprehensive income		(188)		3,550		2,121
Group share		(221)		3,436		2,385
Non-controlling interests		33		114		(264)

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$) (a)		Year 2018 (unaudited)		Year 2017
Sales		209,363		171,493
Excise taxes		(25,257)		(22,394)
Revenues from sales		184,106		149,099
Purchases, net of inventory variation		(125,816)		(99,411)
Other operating expenses		(27,484)		(24,966)
Exploration costs		(797)		(864)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,992)		(16,103)
Other income		1,838		3,811
Other expense		(1,273)		(1,034)
Financial interest on debt		(1,933)		(1,396)
Financial income and expense from cash & cash equivalents		(188)		(138)
Cost of net debt		(2,121)		(1,534)
Other financial income		1,120		957
Other financial expense		(685)		(642)
Net income (loss) from equity affiliates		3,170		2,015
Income taxes		(6,516)		(3,029)
Consolidated net income		11,550		8,299
Group share		11,446		8,631
Non-controlling interests		104		(332)
Earnings per share ($)		4.27		3.36
Fully-diluted earnings per share ($)		4.24		3.34
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(M$)		Year 2018 (unaudited)		Year 2017
Consolidated net income		11,550		8,299
Other comprehensive income
Actuarial gains and losses		(12)		823
Change in fair value of investments in equity instruments		-		-
Tax effect		13		(390)
Currency translation adjustment generated by the parent company		(4,022)		9,316
Items not potentially reclassifiable to profit and loss		(4,021)		9,749
Currency translation adjustment		1,113		(2,578)
Available for sale financial assets		-		7
Cash flow hedge		25		324
Variation of foreign currency basis spread		(80)		-
Share of other comprehensive income of equity affiliates, net amount		(540)		(677)
Other		(5)		-
Tax effect		14		(100)
Items potentially reclassifiable to profit and loss		527		(3,024)
Total other comprehensive income (net amount)		(3,494)		6,725
Comprehensive income		8,056		15,024
Group share		8,021		15,312
Non-controlling interests		35		(288)

CONSOLIDATED BALANCE SHEET
TOTAL
(M$)		December 31, 2018 (unaudited)		September 30, 2018 (unaudited)		December 31, 2017
ASSETS
Non-current assets
Intangible assets, net		28,922		27,356		14,587
Property, plant and equipment, net		113,324		115,136		109,397
Equity affiliates : investments and loans		23,444		23,402		22,103
Other investments		1,421		1,602		1,727
Non-current financial assets		680		1,129		679
Deferred income taxes		6,663		5,186		5,206
Other non-current assets		2,509		3,167		3,984
Total non-current assets		176,963		176,978		157,683
Current assets
Inventories, net		14,880		19,689		16,520
Accounts receivable, net		17,270		20,010		14,893
Other current assets		14,724		18,613		14,210
Current financial assets		3,654		3,553		3,393
Cash and cash equivalents		27,907		25,252		33,185
Assets classified as held for sale		1,364		207		2,747
Total current assets		79,799		87,324		84,948
Total assets		256,762		264,302		242,631
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		8,227		8,304		7,882
Paid-in surplus and retained earnings		120,569		123,167		112,040
Currency translation adjustment		(11,313)		(10,321)		(7,908)
Treasury shares		(1,843)		(2,957)		(458)
Total shareholders' equity - Group share		115,640		118,193		111,556
Non-controlling interests		2,474		2,430		2,481
Total shareholders' equity		118,114		120,623		114,037
Non-current liabilities
Deferred income taxes		11,490		12,138		10,828
Employee benefits		3,363		3,308		3,735
Provisions and other non-current liabilities		21,432		18,740		15,986
Non-current financial debt		40,129		41,088		41,340
Total non-current liabilities		76,414		75,274		71,889
Current liabilities
Accounts payable		26,134		28,100		26,479
Other creditors and accrued liabilities		22,246		24,429		17,779
Current borrowings		13,306		15,180		11,096
Other current financial liabilities		478		669		245
Liabilities directly associated with the assets classified as held for sale		70		27		1,106
Total current liabilities		62,234		68,405		56,705
Total liabilities & shareholders' equity		256,762		264,302		242,631

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$)		4th quarter 2018		3rd quarter 2018		4th quarter 2017
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		1,180		4,087		730
Depreciation, depletion, amortization and impairment		4,553		3,477		5,857
Non-current liabilities, valuation allowances and deferred taxes		(1,356)		320		(44)
(Gains) losses on disposals of assets		(390)		(267)		(71)
Undistributed affiliates' equity earnings		147		(416)		(54)
(Increase) decrease in working capital		6,425		(1,578)		2,206
Other changes, net		81		113		(9)
Cash flow from operating activities		10,640		5,736		8,615
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,550)		(3,352)		(4,662)
Acquisitions of subsidiaries, net of cash acquired		49		(2,714)		(3)
Investments in equity affiliates and other securities		(529)		(271)		(231)
Increase in non-current loans		(160)		(147)		(207)
Total expenditures		(5,190)		(6,484)		(5,103)
Proceeds from disposals of intangible assets and property, plant and equipment		1,321		113		901
Proceeds from disposals of subsidiaries, net of cash sold		27		(11)		213
Proceeds from disposals of non-current investments		753		107		5
Repayment of non-current loans		382		688		348
Total divestments		2,483		897		1,467
Cash flow used in investing activities		(2,707)		(5,587)		(3,636)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		-		16		33
- Treasury shares		(1,744)		(844)		-
Dividends paid:
- Parent company shareholders		(705)		-		(643)
- Non-controlling interests		(4)		(9)		(54)
Issuance of perpetual subordinated notes		-		-		-
Payments on perpetual subordinated notes		(59)		-		(57)
Other transactions with non-controlling interests		(1)		(621)		(2)
Net issuance (repayment) of non-current debt		931		2,146		1,531
Increase (decrease) in current borrowings		(2,994)		(1,965)		(878)
Increase (decrease) in current financial assets and liabilities		(242)		69		(916)
Cash flow used in financing activities		(4,818)		(1,208)		(986)
Net increase (decrease) in cash and cash equivalents		3,115		(1,059)		3,993
Effect of exchange rates		(460)		(164)		609
Cash and cash equivalents at the beginning of the period		25,252		26,475		28,583
Cash and cash equivalents at the end of the period		27,907		25,252		33,185

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$)		Year 2018 (unaudited)		Year 2017
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		11,550		8,299
Depreciation, depletion, amortization and impairment		14,584		16,611
Non-current liabilities, valuation allowances and deferred taxes		(887)		(384)
(Gains) losses on disposals of assets		(930)		(2,598)
Undistributed affiliates' equity earnings		(826)		42
(Increase) decrease in working capital		769		827
Other changes, net		443		(478)
Cash flow from operating activities		24,703		22,319
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(17,080)		(13,767)
Acquisitions of subsidiaries, net of cash acquired		(3,379)		(800)
Investments in equity affiliates and other securities		(1,108)		(1,368)
Increase in non-current loans		(618)		(961)
Total expenditures		(22,185)		(16,896)
Proceeds from disposals of intangible assets and property, plant and equipment		3,716		1,036
Proceeds from disposals of subsidiaries, net of cash sold		12		2,909
Proceeds from disposals of non-current investments		1,444		294
Repayment of non-current loans		2,067		1,025
Total divestments		7,239		5,264
Cash flow used in investing activities		(14,946)		(11,632)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		498		519
- Treasury shares		(4,328)		-
Dividends paid:
- Parent company shareholders		(4,913)		(2,643)
- Non-controlling interests		(97)		(141)
Issuance of perpetual subordinated notes		-		-
Payments on perpetual subordinated notes		(325)		(276)
Other transactions with non-controlling interests		(622)		(4)
Net issuance (repayment) of non-current debt		649		2,277
Increase (decrease) in current borrowings		(3,990)		(7,175)
Increase (decrease) in current financial assets and liabilities		(797)		1,903
Cash flow used in financing activities		(13,925)		(5,540)
Net increase (decrease) in cash and cash equivalents		(4,168)		5,147
Effect of exchange rates		(1,110)		3,441
Cash and cash equivalents at the beginning of the period		33,185		24,597
Cash and cash equivalents at the end of the period		27,907		33,185

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(Unaudited: Year 2018)
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - Group share		Non-controlling interests		Total shareholders' equity
(M$)		Number		Amount						Number		Amount
As of January 1, 2017		2,430,365,862		7,604		105,547		(13,871)		(10,587,822)		(600)		98,680		2,894		101,574
Net income 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
Net income 2018		-		-		11,446		-		-		-		11,446		104		11,550
Other comprehensive Income		-		-		(20)		(3,405)		-		-		(3,425)		(69)		(3,494)
Comprehensive Income		-		-		11,426		(3,405)		-		-		8,021		35		8,056
Dividend		-		-		(7,881)		-		-		-		(7,881)		(97)		(7,978)
Issuance of common shares		156,203,090		476		8,366		-		-		-		8,842		-		8,842
Purchase of treasury shares		-		-		-		-		(72,766,481)		(4,328)		(4,328)		-		(4,328)
Sale of treasury shares (1)		-		-		(240)		-		4,079,257		240		-		-		-
Share-based payments		-		-		294		-		-		-		294		-		294
Share cancellation		(44,590,699)		(131)		(2,572)		-		44,590,699		2,703		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(315)		-		-		-		(315)		-		(315)
Other operations with non-controlling interests		-		-		(517)		-		-		-		(517)		(99)		(616)
Other items		-		-		(32)		-		-		-		(32)		154		122
As of December 31, 2018		2,640,602,007		8,227		120,569		(11,313)		(32,473,281)		(1,843)		115,640		2,474		118,114
(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,390		3,510		23,365		23,226		4		-		52,495
Intersegment sales		7,918		536		8,786		246		18		(17,504)		-
Excise taxes		-		-		(822)		(5,361)		-		-		(6,183)
Revenues from sales		10,308		4,046		31,329		18,111		22		(17,504)		46,312
Operating expenses		(4,766)		(3,803)		(31,552)		(17,671)		(246)		17,504		(40,534)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,740)		(113)		(311)		(187)		(11)		-		(4,362)
Operating income		1,802		130		(534)		253		(235)		-		1,416
Net income (loss) from equity affiliates and other items		647		91		144		5		29		-		916
Tax on net operating income		(771)		(106)		230		(69)		48		-		(668)
Net operating income		1,678		115		(160)		189		(158)		-		1,664
Net cost of net debt														(484)
Non-controlling interests														(48)
Net income - group share														1,132
4th quarter 2018 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		43		-		-		-		-		43
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		43		-		-		-		-		43
Operating expenses		1		(72)		(1,323)		(197)		-		-		(1,591)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,191)		(31)		(2)		-		-		-		(1,224)
Operating income (b)		(1,190)		(60)		(1,325)		(197)		-		-		(2,772)
Net income (loss) from equity affiliates and other items		(207)		-		(150)		(5)		-		-		(362)
Tax on net operating income		599		(1)		415		58		-		-		1,071
Net operating income (b)		(798)		(61)		(1,060)		(144)		-		-		(2,063)
Net cost of net debt														(4)
Non-controlling interests														35
Net income - group share														(2,032)
(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		-		-		(1,299)		(158)		-
On net operating income		-		-		(963)		(113)		-
4th quarter 2018 (adjusted) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,390		3,467		23,365		23,226		4		-		52,452
Intersegment sales		7,918		536		8,786		246		18		(17,504)		-
Excise taxes		-		-		(822)		(5,361)		-		-		(6,183)
Revenues from sales		10,308		4,003		31,329		18,111		22		(17,504)		46,269
Operating expenses		(4,767)		(3,731)		(30,229)		(17,474)		(246)		17,504		(38,943)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,549)		(82)		(309)		(187)		(11)		-		(3,138)
Adjusted operating income		2,992		190		791		450		(235)		-		4,188
Net income (loss) from equity affiliates and other items		854		91		294		10		29		-		1,278
Tax on net operating income		(1,370)		(105)		(185)		(127)		48		-		(1,739)
Adjusted net operating income		2,476		176		900		333		(158)		-		3,727
Net cost of net debt														(480)
Non-controlling interests														(83)
Adjusted net income - group share														3,164
4th quarter 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		3,635		210		668		627		50		-		5,190
Total divestments		1,638		319		482		38		6		-		2,483
Cash flow from operating activities (*)		6,785		(41)		3,080		1,226		(410)		-		10,640
(*) 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 and 2016 comparative information have been restated.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,734		5,267		23,572		23,144		-		-		54,717
Intersegment sales		8,538		455		9,280		242		12		(18,527)		-
Excise taxes		-		-		(823)		(5,494)		-		-		(6,317)
Revenues from sales		11,272		5,722		32,029		17,892		12		(18,527)		48,400
Operating expenses		(4,559)		(5,535)		(30,593)		(17,147)		(151)		18,527		(39,458)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,714)		(84)		(294)		(176)		(11)		-		(3,279)
Operating income		3,999		103		1,142		569		(150)		-		5,663
Net income (loss) from equity affiliates and other items		829		65		221		109		39		-		1,263
Tax on net operating income		(1,975)		(33)		(292)		(166)		146		-		(2,320)
Net operating income		2,853		135		1,071		512		35		-		4,606
Net cost of net debt														(519)
Non-controlling interests														(130)
Net income - group share														3,957
3rd quarter 2018 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		-		-		-		-		-		-
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		-		-		-		-		-		-
Operating expenses		(50)		(64)		176		47		-		-		109
Depreciation, depletion and impairment of tangible assets and mineral interests		(65)		(39)		-		-		-		-		(104)
Operating income (b)		(115)		(103)		176		47		-		-		5
Net income (loss) from equity affiliates and other items		39		(25)		9		-		-		-		23
Tax on net operating income		65		(9)		(52)		(9)		-		-		(5)
Net operating income (b)		(11)		(137)		133		38		-		-		23
Net cost of net debt														(44)
Non-controlling interests														20
Net income - group share														(1)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
On operating income		-		-		179		47		-
On net operating income		-		-		135		38		-
3rd quarter 2018 (adjusted) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,734		5,267		23,572		23,144		-		-		54,717
Intersegment sales		8,538		455		9,280		242		12		(18,527)		-
Excise taxes		-		-		(823)		(5,494)		-		-		(6,317)
Revenues from sales		11,272		5,722		32,029		17,892		12		(18,527)		48,400
Operating expenses		(4,509)		(5,471)		(30,769)		(17,194)		(151)		18,527		(39,567)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,649)		(45)		(294)		(176)		(11)		-		(3,175)
Adjusted operating income		4,114		206		966		522		(150)		-		5,658
Net income (loss) from equity affiliates and other items		790		90		212		109		39		-		1,240
Tax on net operating income		(2,040)		(24)		(240)		(157)		146		-		(2,315)
Adjusted net operating income		2,864		272		938		474		35		-		4,583
Net cost of net debt														(475)
Non-controlling interests														(150)
Adjusted net income - group share														3,958
3rd quarter 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		2,796		3,001		377		293		17		-		6,484
Total divestments		563		129		88		117		-		-		897
Cash flow from operating activities (*)		4,821		(554)		1,338		752		(621)		-		5,736
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 and 2016 comparative information have been restated.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2017 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,185		4,083		20,661		20,419		3		-		47,351
Intersegment sales		6,506		311		7,890		207		90		(15,004)		-
Excise taxes		-		-		(828)		(5,081)		-		-		(5,909)
Revenues from sales		8,691		4,394		27,723		15,545		93		(15,004)		41,442
Operating expenses		(3,806)		(4,385)		(26,191)		(14,849)		(305)		15,004		(34,532)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,890)		(319)		(284)		(185)		(13)		-		(5,691)
Operating income		(5)		(310)		1,248		511		(225)		-		1,219
Net income (loss) from equity affiliates and other items		348		51		199		76		6		-		680
Tax on net operating income		(537)		(86)		(67)		(157)		55		-		(792)
Net operating income		(194)		(345)		1,380		430		(164)		-		1,107
Net cost of net debt														(377)
Non-controlling interests														291
Net income - group share														1,021
4th quarter 2017 (adjustments) (a) (M$)		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		-
4th quarter 2017 (adjusted) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		2,185		4,062		20,661		20,419		3		-		47,330
Intersegment sales		6,506		311		7,890		207		90		(15,004)		-
Excise taxes		-		-		(828)		(5,081)		-		-		(5,909)
Revenues from sales		8,691		4,373		27,723		15,545		93		(15,004)		41,421
Operating expenses		(3,806)		(4,142)		(26,546)		(14,882)		(305)		15,004		(34,677)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,508)		(53)		(281)		(175)		(13)		-		(3,030)
Adjusted operating income		2,377		178		896		488		(225)		-		3,714
Net income (loss) from equity affiliates and other items		460		73		190		95		6		-		824
Tax on net operating income		(1,032)		(19)		(200)		(147)		191		-		(1,207)
Adjusted net operating income		1,805		232		886		436		(28)		-		3,331
Net cost of net debt														(369)
Non-controlling interests														(90)
Adjusted net income - group share														2,872
4th quarter 2017 (M$)		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 (*)		4,174		667		3,030		1,015		(271)		-		8,615
(*) 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 and 2016 comparative information have been restated.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		10,989		16,136		92,025		90,206		7		-		209,363
Intersegment sales		31,173		1,889		35,462		979		64		(69,567)		-
Excise taxes		-		-		(3,359)		(21,898)		-		-		(25,257)
Revenues from sales		42,162		18,025		124,128		69,287		71		(69,567)		184,106
Operating expenses		(18,304)		(17,434)		(120,393)		(66,737)		(796)		69,567		(154,097)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,288)		(731)		(1,222)		(709)		(42)		-		(13,992)
Operating income		12,570		(140)		2,513		1,841		(767)		-		16,017
Net income (loss) from equity affiliates and other items		2,686		318		782		307		77		-		4,170
Tax on net operating income		(6,068)		(173)		(445)		(532)		375		-		(6,843)
Net operating income		9,188		5		2,850		1,616		(315)		-		13,344
Net cost of net debt														(1,794)
Non-controlling interests														(104)
Net income - group share														11,446
Year 2018 (adjustments) (a) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		-		56		-		-		-		-		56
Intersegment sales		-		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-		-
Revenues from sales		-		56		-		-		-		-		56
Operating expenses		(199)		(237)		(616)		(45)		(9)		-		(1,106)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,256)		(516)		(2)		-		-		-		(1,774)
Operating income (b)		(1,455)		(697)		(618)		(45)		(9)		-		(2,824)
Net income (loss) from equity affiliates and other items		(335)		(40)		(116)		(5)		-		-		(496)
Tax on net operating income		768		(14)		205		14		-		-		973
Net operating income (b)		(1,022)		(751)		(529)		(36)		(9)		-		(2,347)
Net cost of net debt		-		-		-		-		-		-		(67)
Non-controlling interests		-		-		-		-		-		-		301
Net income - group share		-		-		-		-		-		-		(2,113)
(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		-		-		(589)		(6)		-
On net operating income		-		-		(413)		(5)		-
Year 2018 (adjusted) (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		10,989		16,080		92,025		90,206		7		-		209,307
Intersegment sales		31,173		1,889		35,462		979		64		(69,567)		-
Excise taxes		-		-		(3,359)		(21,898)		-		-		(25,257)
Revenues from sales		42,162		17,969		124,128		69,287		71		(69,567)		184,050
Operating expenses		(18,105)		(17,197)		(119,777)		(66,692)		(787)		69,567		(152,991)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,032)		(215)		(1,220)		(709)		(42)		-		(12,218)
Adjusted operating income		14,025		557		3,131		1,886		(758)		-		18,841
Net income (loss) from equity affiliates and other items		3,021		358		898		312		77		-		4,666
Tax on net operating income		(6,836)		(159)		(650)		(546)		375		-		(7,816)
Adjusted net operating income		10,210		756		3,379		1,652		(306)		-		15,691
Net cost of net debt														(1,727)
Non-controlling interests														(405)
Adjusted net income - group share														13,559
Year 2018 (M$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		15,282		3,539		1,781		1,458		125		-		22,185
Total divestments		4,952		931		919		428		9		-		7,239
Cash flow from operating activities (*)		19,803		(670)		4,308		2,759		(1,497)		-		24,703
(*) 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 and 2016 comparative information have been restated.

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$)		Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		8,477		12,874		75,505		74,634		23		-		171,513
Intersegment sales		22,837		1,180		26,844		857		374		(52,092)		-
Excise taxes		-		-		(3,008)		(19,386)		-		-		(22,394)
Revenues from sales		31,314		14,054		99,341		56,105		397		(52,092)		149,119
Operating expenses		(14,553)		(13,439)		(94,264)		(53,618)		(1,043)		52,092		(124,825)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,542)		(191)		(1,021)		(647)		(40)		-		(11,441)
Adjusted operating income		7,219		424		4,056		1,840		(686)		-		12,853
Net income (loss) from equity affiliates and other items		1,874		147		802		395		54		-		3,272
Tax on net operating income		(3,108)		(86)		(1,068)		(559)		654		-		(4,167)
Adjusted net operating income		5,985		485		3,790		1,676		22		-		11,958
Net cost of net debt														(1,196)
Non-controlling interests														(184)
Adjusted net income - group share														10,578
Year 2017 (M$)		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 (*)		12,821		1,055		7,411		2,221		(1,189)		-		22,319
(*) 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 and 2016 comparative information have been restated.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
4th quarter 2018 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		52,452		43		52,495
Excise taxes		(6,183)		-		(6,183)
Revenues from sales		46,269		43		46,312
Purchases, net of inventory variation		(31,944)		(1,476)		(33,420)
Other operating expenses		(6,798)		(115)		(6,913)
Exploration costs		(201)		-		(201)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,138)		(1,224)		(4,362)
Other income		425		57		482
Other expense		(124)		(191)		(315)
Financial interest on debt		(525)		(4)		(529)
Financial income and expense from cash & cash equivalents		(30)		-		(30)
Cost of net debt		(555)		(4)		(559)
Other financial income		269		-		269
Other financial expense		(185)		-		(185)
Net income (loss) from equity affiliates		893		(228)		665
Income taxes		(1,664)		1,071		(593)
Consolidated net income		3,247		(2,067)		1,180
Group share		3,164		(2,032)		1,132
Non-controlling interests		83		(35)		48
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2017 (M$)		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.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL
Year 2018 (M$) (unaudited)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		209,307		56		209,363
Excise taxes		(25,257)		-		(25,257)
Revenues from sales		184,050		56		184,106
Purchases, net of inventory variation		(125,134)		(682)		(125,816)
Other operating expenses		(27,060)		(424)		(27,484)
Exploration costs		(797)		-		(797)
Depreciation, depletion and impairment of tangible assets and mineral interests		(12,218)		(1,774)		(13,992)
Other income		1,518		320		1,838
Other expense		(448)		(825)		(1,273)
Financial interest on debt		(1,866)		(67)		(1,933)
Financial income and expense from cash & cash equivalents		(188)		-		(188)
Cost of net debt		(2,054)		(67)		(2,121)
Other financial income		1,120		-		1,120
Other financial expense		(685)		-		(685)
Net income (loss) from equity affiliates		3,161		9		3,170
Income taxes		(7,489)		973		(6,516)
Consolidated net income		13,964		(2,414)		11,550
Group share		13,559		(2,113)		11,446
Non-controlling interests		405		(301)		104
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2017 (M$)		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.

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