Registration document 2011 - tota - Total.com
Registration document 2011 - tota - Total.com
Registration document 2011 - tota - Total.com
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9 Consolidated<br />
Financial Statements<br />
Notes to the Consolidated Financial Statements<br />
B) ROE (Return on Equity)<br />
The Group evaluates the return on equity as the ratio of adjusted consolidated net in<strong>com</strong>e to average adjusted shareholders’ equity between<br />
the beginning and the end of the period. Thus, adjusted shareholders’ equity for the year ended December 31, <strong>2011</strong> is calculated after<br />
payment of a dividend of €2.28 per share, subject to approval by the shareholders’ meeting on May 11, 2012.<br />
The ROE is calculated as follows:<br />
For the year ended December 31,<br />
(M€) <strong>2011</strong> 2010 2009<br />
Adjusted net in<strong>com</strong>e - Group share 11,424 10,288 7,784<br />
Adjusted non-controlling interests 286 234 178<br />
Adjusted consolidated net in<strong>com</strong>e 11,710 10,522 7,962<br />
Shareholders' equity - Group share 68,037 60,414 52,552<br />
Distribution of the in<strong>com</strong>e based on existing shares at the closing date (1,255) (2,553) (2,546)<br />
Non-controlling interests 1,352 857 987<br />
Adjusted shareholders' equity (a) 68,134 58,718 50,993<br />
ROE 18% 19% 16%<br />
(a) Adjusted shareholders' equity as of December 31, 2008 amounted to €47,410 million.<br />
C) Reconciliation of the information by business segment with consolidated financial statements<br />
The table below presents the impact of adjustment items on the Consolidated Statement of In<strong>com</strong>e:<br />
For the year ended December 31, <strong>2011</strong> Adjusted Adjustments (a) Consolidated<br />
(M€) statement<br />
of in<strong>com</strong>e<br />
Sales 184,648 45 184,693<br />
Excise taxes (18,143) - (18,143)<br />
Revenues from sales 166,505 45 166,550<br />
Purchases, net of inventory variation (115,107) 1,215 (113,892)<br />
Other operating expenses (19,751) (92) (19,843)<br />
Exploration costs (1,019) - (1,019)<br />
Depreciation, depletion and amortization of tangible assets and mineral interests (6,725) (781) (7,506)<br />
Other in<strong>com</strong>e 430 1,516 1,946<br />
Other expense (536) (711) (1,247)<br />
Financial interest on debt (713) - (713)<br />
Financial in<strong>com</strong>e from marketable securities & cash equivalents 273 - 273<br />
Cost of net debt (440) - (440)<br />
Other financial in<strong>com</strong>e 609 - 609<br />
Other financial expense (429) - (429)<br />
Equity in in<strong>com</strong>e (loss) of affiliates 1,984 (59) 1,925<br />
In<strong>com</strong>e taxes (13,811) (262) (14,073)<br />
Consolidated net in<strong>com</strong>e 11,710 871 12,581<br />
Group share 11,424 852 12,276<br />
Non-controlling interests 286 19 305<br />
(a) Adjustments include special items, inventory valuation effect and, as from January 1 st , <strong>2011</strong>, the effect of changes in fair value.<br />
204 TOTAL. <strong>Registration</strong> Document <strong>2011</strong>
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