Registration document 2011 - tota - Total.com

More documents

Recommendations

Info

3 Management 62 Report Summary of results and financial position 1.4. Downstream results Refinery throughput (a) 2011 2010 2009 Total refinery throughput (kb/d) 1,863 2,009 2,151 Refined products sales (b) (kb/d) 3,639 3,776 3,616 (a) Includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg. (b) Includes Trading. For the full-year 2011, refinery throughput decreased by 7% compared 2010, essentially due to the sale of the Group’s interest in CEPSA and a higher level of major turnarounds than in 2010. Results (M€) 2011 2010 2009 Adjusted operating income 1,238 1,251 1,026 Adjusted net operating income 1,083 1,168 953 Cash flow from operating activities 2,165 1,441 1,164 Adjusted cash flow 1,645 2,405 1,601 Investments 1,870 2,343 2,771 Divestments 3,235 499 133 Return on average capital employed 7% 8% 7% For the full year 2011, the TOTAL’s European Refining Margin indicator (ERMI) was 17.4$/t, 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 billion, 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. 1.5. Chemicals results 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 in the downstream segment was 7% in 2011 compared to 8% in 2010. (M€) 2011 2010 2009 Sales 19,477 17,490 14,726 Adjusted operating income 697 893 249 Adjusted net operating income 775 857 272 Cash flow from operating activities 512 934 1,082 Adjusted cash flow 871 1,157 442 Investments 847 641 631 Divestments 1,164 347 47 Return on average capital employed 10% 12% 4% For the full year 2011, Chemicals segment sales, excluding intra- Group sales, were €19,477 million, an increase of 11% compared to 2010. The adjusted net operating income for the Chemicals segment was €775 million compared to €857 million in 2010. The decrease reflects essentially the impact of the sale of the Group’s interest in CEPSA and part of the Resins activities. Globally, for the full- (1) Calculated based on adjusted net operating income and average capital employed, using replacement cost. TOTAL. Registration Document 2011 year 2011, Petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea but suffered from deteriorating margins in the second half of the year in Europe and in the United States. Specialty chemicals, excluding the effect of changes in the portfolio, maintained results at a level close to the 2010 level. The ROACE (1) for Chemicals was 10% in 2011 compared to 12% in 2010.
1.6. TOTAL S.A. 2011 results Net income for Total S.A., the parent company, was €9,766 million in 2011 compared to €5,840 million in 2010. 1.7. Proposed dividend After closing the accounts, the Board of Directors decided to propose at the May 11, 2012, Annual Shareholders Meeting a dividend of €2.28 per share for 2011, stable compared to the previous year. 2. Liquidity and capital resources 2.1. Long-term and short-term capital Long-term capital As of December 31, (M€) 2011 2010 2009 Shareholders’ equity 68,134 (a) 58,718 50,993 Non-current financial debt 22,557 20,783 19,437 Hedging instruments of non-current financial debt (1,976) (1,870) (1,025) Total net non-current capital 88,715 77,631 69,405 (a) Based on a 2011 dividend equal to the 2010 dividend (€2.28/share) less the interim dividends paid for the three first quarters totaling €1.71/share (€3,885 million). Management Report 3 Liquidity and capital resources Based on 2011 adjusted net income in euro, the pay-out ratio would be 45%. Taking into account the three 2011 interim dividends, the remaining €0.57 per share would be paid on June 21, 2012 (1) . Short-term capital As of December 31, (M€) 2011 2010 2009 Current financial debt 9,675 9,653 6,994 Net current financial assets (533) (1,046) (188) Net current financial debt 9,142 8,607 6,806 Cash and cash equivalents (14,025) (14,489) (11,662) (1) The ex-dividend date for the remainder of the 2011 dividend would be June 18, 2012; for the ADR (NYSE :TOT) the ex-dividend date would be June 13, 2012. Registration Document 2011. TOTAL 63
Page 1 and 2:
Registration Document 2011
Page 3 and 4:
Registration Document 2011 This tra
Page 5 and 6:
Key figures 1. Operating and market
Page 7 and 8:
Sales Adjusted net income (Group sh
Page 9 and 10:
Shareholder base Estimates as of No
Page 11 and 12:
Business overview Business overview
Page 13 and 14:
2. Upstream TOTAL’s Upstream segm
Page 15 and 16: As of December 31, 2009, TOTAL’s
Page 17 and 18: 2.3. Presentation of production act
Page 19 and 20: Indonesia 1968 Myanmar 1992 Thailan
Page 21 and 22: United Kingdom 1962 Middle East U.A
Page 23 and 24: In Kenya, TOTAL acquired in Septemb
Page 25 and 26: In the United States, the Group’s
Page 27 and 28: The next two wells, which were expl
Page 29 and 30: is expected to be transported to Ru
Page 31 and 32: - In addition to Alwyn and the Cent
Page 33 and 34: 2.6. Number of net oil and gas well
Page 35 and 36: Asia Yadana Yadana (Myanmar) Ban-I
Page 37 and 38: 2.9.3. Marketing To unlock value fr
Page 39 and 40: As of January 2012, TOTAL owns 66%
Page 41 and 42: 3. Downstream The Downstream segmen
Page 43 and 44: The heavy conversion process of thi
Page 45 and 46: In Northern, Central and Eastern Eu
Page 47 and 48: The oil markets had ended 2010 sign
Page 49 and 50: 4.1. Base Chemicals The Base Chemic
Page 51 and 52: 4.1.2. Fertilizers Through its Fren
Page 53 and 54: 5. Investments 5.1. Major investmen
Page 55 and 56: 7. Property, plant and equipment TO
Page 57 and 58: Finance Refining & Marketing Financ
Page 59 and 60: Crude Oil Trading Finance Trading &
Page 61 and 62: Management Report The Management re
Page 63 and 64: - a Refining & Chemicals segment, a
Page 65: 1.2.4. Investments - divestments In
Page 69 and 70: 2.5. Anticipated sources of financi
Page 71 and 72: 3.6. Environment Environmental issu
Page 73 and 74: Risk factors Risk factors 4 1. Fina
Page 75 and 76: Trading & Shipping : value-at-risk
Page 77 and 78: 1.8. Sensitivity analysis on intere
Page 79 and 80: 1.10. Liquidity risk TOTAL S.A. has
Page 81 and 82: Customer receivables are subject to
Page 83 and 84: 2.2. Management and monitoring of i
Page 85 and 86: egions, causing substantial decline
Page 87 and 88: 3.4. Activities in Cuba, Iran, Suda
Page 89 and 90: and service contracts. In 2011, TOT
Page 91 and 92: 4.3. Insurance policy The Group has
Page 93 and 94: Corporate governance Corporate gove
Page 95 and 96: Chairman of the Nominating & Govern
Page 97 and 98: - Permanent representative of Colam
Page 99 and 100: du Territoire et de l’Action Rég
Page 101 and 102: - Director of Europalia Internation
Page 103 and 104: - monitoring the quality of the inf
Page 105 and 106: 6. COMMITTEES OF THE BOARD OF DIREC
Page 107 and 108: 1.5.2. Compensation Committee Rules
Page 109 and 110: The term of office of the members o
Page 111 and 112: - examination of ethical issues (co
Page 113 and 114: 1.8. Director independence At its m
Page 115 and 116: With regard to counterparty risks,
Page 117 and 118:
Variable compensation is determined
Page 119 and 120:
3. General Management 3.1. Manageme
Page 121 and 122:
4.4. Fees received by the statutory
Page 123 and 124:
total gross compensation as Chairma
Page 125 and 126:
Chairman and Chief Executive Office
Page 127 and 128:
The acquisition rate: - is equal to
Page 129 and 130:
5.7.3. Directors’ fees and other
Page 131 and 132:
5.8. TOTAL stock option grants Corp
Page 133 and 134:
If all the outstanding stock option
Page 135 and 136:
Corporate governance 5 Compensation
Page 137 and 138:
The grant of these performance shar
Page 139 and 140:
6. Employees, share ownership 6.1.
Page 141 and 142:
6.3.1. Summary of transactions in t
Page 143 and 144:
TOTAL and its shareholders TOTAL an
Page 145 and 146:
1.2. Share performance TOTAL share
Page 147 and 148:
1.2.7. TOTAL share price over the p
Page 149 and 150:
2.2. Dividend payment BNP Paribas S
Page 151 and 152:
the Board of Directors decided on J
Page 153 and 154:
- delivered to the holders of secur
Page 155 and 156:
4.4. Major shareholders 4.4.1. Chan
Page 157 and 158:
4.6. Shares held by members of the
Page 159 and 160:
However, there are certain exceptio
Page 161 and 162:
6.4. Registered shareholding TOTAL
Page 163 and 164:
Financial information Financial inf
Page 165 and 166:
4. Dividend policy The Company’s
Page 167 and 168:
criminal chamber of the Court of Ap
Page 169 and 170:
In October 2010, the Prosecutor’s
Page 171 and 172:
General information General informa
Page 173 and 174:
delegations of authority granted by
Page 175 and 176:
1.4. Potential share capital as of
Page 177 and 178:
2.3. Provisions of the by-laws gove
Page 179 and 180:
2.6. Shareholders’ meetings 2.6.1
Page 181 and 182:
In 2011, TOTAL’s holdings in Sano
Page 183 and 184:
Consolidated Financial Statements T
Page 185 and 186:
2. Consolidated statement of income
Page 187 and 188:
4. Consolidated balance sheet TOTAL
Page 189 and 190:
6. Consolidated statement of change
Page 191 and 192:
Non-monetary contributions by ventu
Page 193 and 194:
Intangible assets are carried at co
Page 195 and 196:
when market data are not directly a
Page 197 and 198:
- In June 2011, the IASB issued rev
Page 199 and 200:
Since the acquisition date, sales a
Page 201 and 202:
4) Business segment information Fin
Page 203 and 204:
For the year ended December 31, 201
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Adjustments to net income, Group sh
Page 213 and 214:
7) Other income and other expense F
Page 215 and 216:
The net deferred tax variation in t
Page 217 and 218:
11) Property, plant and equipment C
Page 219 and 220:
12) Equity affiliates: investments
Page 221 and 222:
In Group share, the main financial
Page 223 and 224:
15) Inventories As of December 31,
Page 225 and 226:
17) Shareholders’ equity Number o
Page 227 and 228:
As of December 31, 2011, paid-in su
Page 229 and 230:
The experience actuarial (gains) lo
Page 231 and 232:
19) Provisions and other non-curren
Page 233 and 234:
20) Financial debt and related fina
Page 235 and 236:
Bonds after fair value hedge (M€)
Page 237 and 238:
Bonds after cash flow hedge and fix
Page 239 and 240:
C) Net-debt-to-equity ratio For its
Page 241 and 242:
23) Commitments and contingencies A
Page 243 and 244:
guarantees. As of December 31, 2011
Page 245 and 246:
25) Share-based payments A) TOTAL s
Page 247 and 248:
condition. This condition states th
Page 249 and 250:
- varies on a straight-line basis b
Page 251 and 252:
The following table summarizes SunP
Page 253 and 254:
27) Statement of cash flows A) Cash
Page 255 and 256:
As of December 31, 2010 (M€) Asse
Page 257 and 258:
Assets and liabilities from financi
Page 259 and 260:
As of December 31, 2010 (M€) Asse
Page 261 and 262:
D) Fair value hierarchy The fair va
Page 263 and 264:
As of December 31, 2009 Consolidate
Page 265 and 266:
As part of its gas, power and coal
Page 267 and 268:
As a result of this policy, the imp
Page 269 and 270:
The following table sets forth fina
Page 271 and 272:
its assets (as calculated under the
Page 273 and 274:
e paid to those affected by the pol
Page 275 and 276:
33) Other information Research and
Page 277 and 278:
The business segments are identifie
Page 279 and 280:
Supplemental oil and gas informatio
Page 281 and 282:
1.3. Proved undeveloped reserves As
Page 283 and 284:
(in million barrels of oil equivale
Page 285 and 286:
Supplemental oil and gas informatio
Page 287 and 288:
1.4.4. Changes in gas reserves Supp
Page 289 and 290:
1.5. Results of operations for oil
Page 291 and 292:
1.6. Cost incurred The following ta
Page 293 and 294:
The standardized measure of discoun
Page 295 and 296:
1.9. Changes in the standardized me
Page 297 and 298:
2011 Natural gas production availab
Page 299 and 300:
TOTAL S.A. The statutory Financial
Page 301 and 302:
To be eligible for this supplementa
Page 303 and 304:
3. Statutory Financial Statements o
Page 305 and 306:
3.3. Statement of cash flow For the
Page 307 and 308:
4. Notes to the Statutory Financial
Page 309 and 310:
4) Other non-current assets A) Chan
Page 311 and 312:
TOTAL shares held by the Group subs
Page 313 and 314:
11) Translation adjustment The appl
Page 315 and 316:
21) Commitments As of December 31 (
Page 317 and 318:
- is equal to 100% if the average R
Page 319 and 320:
D) TOTAL performance share grant Th
Page 321 and 322:
24) Others Compensation for the adm
Page 323 and 324:
5.2. Five-year financial data Share
Page 325 and 326:
6. Consolidated financial informati
Page 327 and 328:
Corporate social responsibility Cor
Page 329 and 330:
TOTAL also hired 3,321 employees on
Page 331 and 332:
1.5. Equal opportunity From recruit
Page 333 and 334:
2.1. Occupational health and safety
Page 335 and 336:
TOTAL particularly monitors hazardo
Page 337 and 338:
The Group has therefore taken proac
Page 339 and 340:
Social and economic development of
Page 341 and 342:
commitment for TOTAL, adopting a pr
Page 343 and 344:
4.3. TOTAL and new energies Althoug
Page 345 and 346:
The selected sites and subsidiaries
Page 347 and 348:
Assurance Opinion Completeness of d
Page 349 and 350:
Glossary A Acreage Areas in which m
Page 351 and 352:
MTO/OCP MTO (Methanols to Olefins)
Page 353 and 354:
Cross reference lists Registration
Page 355 and 356:
17. Employees 17.1. Number of emplo
Page 357 and 358:
Registration Document concordance t
Page 359 and 360:
PEFC/10-31-2043 This brochure is pr
show all

Registration document 2011 - tota - Total.com

Create successful ePaper yourself

Delete template?

Save as template?