Registration document 2011 - tota - Total.com

3. Downstream
The Downstream segment comprises TOTAL’s Refining & Marketing
and Trading & Shipping divisions.
Among the largest refiners/marketers in Western Europe (1)
No.1 marketer in Africa (2)
Refining capacity of approximately 2.1 Mb/d at year-end 2011
14,819 service stations at year-end 2011
Approximately 3.6 Mb/d of products sold in 2011
One of the leading traders of oil and refined products worldwide
€1.9 billion invested in 2011
29,423 employees
Refinery throughput (a)
(in kb/d)
Europe
Rest of
World
1,901
250
2009
2,151
1,756
253
(a) Including TOTAL’s share in CEPSA and,
as from October 1, 2010, in TotalErg
2010 2011
2,009
1,617
For the full-year 2011, refinery throughput decreased by 7%
compared to 2010, essentially due to the sale of the Group’s interest
in CEPSA and to a high level of major turnarounds than in 2010.
Downstream segment financial data
(M€) 2011 2010 2009
Non-Group sales 141,907 123,245 100,518
Adjusted operating income 1,238 1,251 1,026
Adjusted net operating income 1,083 1,168 953
The European refinery margin indicator (ERMI) averaged 17.4 $/t
in 2011, a decrease of 36% compared to 2010.
For the full year 2011, adjusted net operating income for the
Downstream segment was €1,083 million, a decrease of 7%
compared to €1,168 million in 2010.
Expressed in dollars, the adjusted net operating income for the
Downstream segment was 1.5 B$, a decrease of 3% compared
to 2010. The decrease is essentially due to the negative impact
of the deterioration in refining margins in 2011 while marketing
performed nearly at the 2010 level.
246
1,863
(1) Based on publicly available information, refining and/or sales capacities.
(2) PFC Energy based on quantities sold.
(3) Calculated based on adjusted net operating income and average capital employed, using replacement cost.
The persistence of an unfavorable economic environment for
refining, affecting Europe in particular, led the Group to recognize
an impairment in the Downstream, on European refining assets, in
the third and fourth quarters of 2011 in the amount of €700 million
in operating income and €478 million in net operating income.
These elements have been treated as adjustment items.
The ROACE (3) for the Downstream segment was 7% in 2011
compared to 8% in 2010.
2010 refined products sales
by geographical area: 3,639 kb/d (a)
In October 2011, the Group announced a proposed reorganization
of its Downstream and Chemicals segments. The procedure for
informing and consulting with employee representatives took place
and the reorganization became effective on January 1, 2012.
This led to organizational changes, with the creation of:
Business overview
Downstream 2
Europe 63%
Americas 13%
Africa 11%
Rest of World 13%
(a) Including Trading and TOTAL’s share in CEPSA and, as from October 1, 2010,
in TotalErg.
– a Refining & Chemicals segment, a large industrial center that
encompasses refining, petrochemicals, fertilizers and specialty
chemicals operations. This segment also includes oil trading and
shipping activities.
– a Supply & Marketing segment, which is dedicated to worldwide
supply and marketing activities in the oil products field.
The Downstream activities described above, including the data as
of December 31, 2011, are presented based on the organization
in effect up to December 31, 2011.
Registration Document 2011. TOTAL 37