RNS Number:7209K
Total Fina Elf.
6 May 2003
2, place de la Coupole
La Defense 6
92 400 Courbevoie France
Tel.: 33(1)47 44 58 53
Fax: 33(1)47 44 58 24
Catherine ENCK
Tel. 33(1)47 44 37 76
Thomas FELL
Tel.:33(1)47 44 47 57
Patricia MARIE
Tel.:33(1)47 44 45 90
Paul FLOREN
Tel.:33(1)47 44 45 91
Christine de CHAMPEAUX
Tel: 33(1)47 44 47 49
Laurence FRANCISCO
Tel.:33(1)47 44 51 04
Sarah WACHTER
Tel.:33(1)47 44 42 30
Sophie LE CONG NEN-ALIOT
Tel.:33(1)47 44 48 00
Isabelle CABROL
Tel.:33(1)47 44 64 24
Charles-Edouard ANFRAY
Tel.:33(1)47 44 65 55
Franklin BOITIER
Tel.:33 (1)47 44 59 81
TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre
www.totalfinaelf.com
TotalFinaElf reports sharply higher results
in a favorable oil market environment
First quarter 2003 Net Income
* 2.12 billion euros, an increase of 49%*
* 3.28 euros per share, an increase of 55%*
* 3.52 dollars per share, an increase of 90%*
Upstream production growth of 5%
Paris, May 6 , 2003 - The Board of Directors of TotalFinaElf, chaired by CEO
Thierry Desmarest, met on May 5 to review the unaudited first quarter 2003
accounts.
Commenting on the results, Thierry Desmarest said :
"In a generally favorable oil market environment, TotalFinaElf reported a 49%*
increase in net income for the first quarter 2003. Higher oil prices and a sharp
rebound in European refining margins fueled the earnings increase, more than
offsetting the impacts of the falling dollar and continued weakness in
Chemicals. The positive quarterly comparison also reflects the benefits from
ongoing self-help programs, particularly oil and gas production growth, which
was 5% despite outages related to the strikes in Venezuela (...)
Strong cash flow in the first quarter 2003 allowed TotalFinaElf to fund a
growth-oriented investment program and also to buy back 1.9% of its shares,
reflecting confidence in the company's fundamentals and in the strength of its
future prospects. The accretive impact of the share buy-back program raised the
percentage increase in quarter-on-quarter earnings per share to 55%."
* percent change relative to first quarter 2002 excluding non-recurring items;
there are no non-recurring items in the first quarter 2003
TotalFinaElf consolidated accounts
In millions of euros 1Q03 1Q02 %
Sales 28,303 23,784 +19%
Operating Income from business
segments (excluding non-recurring items) 3,919 2,432 +61%
Net operating income from business
segments (excluding non-recurring items) 2,051 1,356 +51%
Net Income
excluding non-recurring items 2,120 1,419 +49%
Net Income 2,120 1,429 +48%
Earnings per share (euros)
excluding non-recurring items 3.28 2.12 +55%
Investments * 1,494 2,109 -29%
Divestments **
at selling price 993 586 +69%
Cash flow from operating activities 3,822 2,458 +55%
* Including increases in long-term loans
** Including repayments of long-term loans
Non-recurring items
In millions of euros 1Q03 1Q02
Impact of non-recurring items on operating income - -
Impact of non-recurring items on net income
Gains on assets sales - 143
Toulouse-AZF plant impact - (102)
Restructuring charges and early retirement plans - (31)
Total - 10
Number of Shares
millions 1Q03 1Q02 %
Fully-diluted weighted-average shares 646.1 670.6 -4%
Oil market environment
1Q03 1Q02 %
Euro/$ 1.07 0.88 -18% *
Brent ($/b) 31.5 21.1 +49%
European refining margins TRCV ($/t) 32.3 2.4 x13.5
*change in the dollar versus the euro
First quarter 2003 results
Consolidated sales rose by 19% to 28,303 million euros (MEuro) in the 2003 first
quarter from 23,784 MEuro in the same quarter last year.
The oil market environment was more positive overall in the first quarter 2003
than in the first quarter 2002. The 49% increase in Brent oil prices coupled
with the very high European refining margins more than offset the impact of an
18% decline in the dollar versus the euro. However, high petroleum product
prices, notably for naphtha, put pressure on base chemical margins.
In this context, operating income from the business segments increased by 61% to
3,919 MEuro in the first quarter 2003 from 2,432 MEuro in the first quarter 2002.
There were no non-recurring items affecting operating income in either period.
Net operating income from the business segments increased by 51% compared to the
same quarter last year.
Net income excluding non-recurring items increased by 49% to 2,120 MEuro in the
first quarter 2003 from 1,419 MEuro in the first quarter 2002.
Earnings per share excluding non-recurring items, based on 646.1 million
fully-diluted weighted-average shares in the first quarter 2003, rose by 55% to
3.28 euros per share from 2.12 euros per share in the first quarter 2002.
During the first quarter 2003, the company bought back 13.115 million of its
shares, or 1.9% of its share capital, for 1.6 billion euros (BEuro).
At March 31, 2003, the number of fully-diluted shares was 641.5 million versus
655.0 million at December 31, 2002.
Reported net income rose by 48% to 2,120 MEuro in the first quarter 2003 from 1,429
MEuro in the first quarter 2002.
First quarter 2002 net income includes non-recurring items with a positive net
impact of 10 MEuro; there were no non-recurring items in the first quarter 2003.
The net-debt-to-equity ratio at March 31, 2003 was 22.1% compared to 28.6% at
December 31, 2002.
Cash flow from operating activities increased by 55% to 3,822 MEuro in the first
quarter 2003 from 2,458 MEuro in the first quarter 2002.
Investments were 1,494 MEuro in the first quarter 2003 compared to 2,109 MEuro in the
first quarter 2002. This euro-denominated decrease is due primarily to the
depreciation of the dollar relative to the euro.
Divestments, based on selling prices, were 993 MEuro in the first quarter 2003,
essentially representing the sale of the paints business.
Free cash flow** rose to 3,321 MEuro in the first quarter 2003 from 935 MEuro in the
first quarter 2002.
Upstream
Operating income for the Upstream segment rose by 50% to 3,025 MEuro in the first
quarter 2003 from 2,016 MEuro in the same quarter last year. The strong increase
was due basically to higher hydrocarbon prices and to continued production
growth, which combined to more than offset the steep decline in the dollar
relative to the euro.
Net operating income for the Upstream segment rose by 32% to 1,405 MEuro in the
first quarter 2003 from 1,066 MEuro in the same quarter last year.
Hydrocarbon production increased by 5% to 2,516 thousand barrels of oil
equivalent per day (kboe/d) in the first quarter 2003 from 2,401 kboe/d in the
first quarter 2002.
Liquids production increased by 3% to 1,612 thousand barrels per day (kb/d) in
the first quarter 2003 from 1,558 kb/d in the same quarter last year,
primarily due to new fields starting production in Iran, the North Sea and
Algeria.
Gas production rose 7% to 4,926 million cubic feet per day (Mcfd) in the first
quarter 2003 from 4,607 Mcfd in the first quarter last year, mainly due to
increases in the North Sea and the Gulf of Mexico.
Highlights of the first quarter exploration and development activity included
the following: in Africa, two new discoveries on Block 17 in Angola, further
confirming the prolific potential of this block; in Europe, approval of an
additional Ekofisk development plan; in the Americas, acquisition of a 43.5%
share in the Canadian Surmont oil sands project and an 80% interest in the Ipati
exploration block in Bolivia; and in Asia, a large gas discovery on Block B in
Brunei (TotalFinaElf-operated 37.5%) and the signing of a production sharing
contract on Block J (TotalFinaElf-operated 60%) also in Brunei.
Production highlights for the first quarter included restarting the Sincor
upgrader in late February following the end of the strikes in Venezuela and also
the start-up of the Balal field in Iran.
Also during the first quarter, TotalFinaElf sold its interests in 13
non-strategic shallow-water Gulf of Mexico fields.
Highlights for gas and power activities included the acquisition of ExxonMobil's
United Kingdom distribution business, solidifying TotalFinaElf's position as the
largest gas distributor for industrial and commercial consumers in the UK. In
Thailand, the Bang Bo combined cycle power generation plant started operations.
** free cash flow = cash flow from operations + divestments - investments
Upstream - key figures 1Q03 1Q02 %
Hydrocarbon production (kboe/d) 2,516 2,401 +5%
* Liquids (kb/d) 1,612 1,558 +3%
* Gas (Mcfd) 4,926 4,607 +7%
Operating income (MEuro) 3,025 2,016 +50%
excluding non-recurring items
Net operating income (MEuro) 1,405 1,066 +32%
excluding non-recurring items
Investments (MEuro) 1,166 1,643 -29%
Divestments (MEuro)
at selling price 180 223 -19%
Cash flow from operating
activities (MEuro) 2,571 1,692 +52%
Downstream
Operating income for the Downstream segment increased sharply to 779 MEuro in the
first quarter 2003 from 295 MEuro in the first quarter 2002.
This increase was driven by first quarter refining margins that soared in
response to cold weather conditions, high jet fuel demand, and low inventory
levels. In addition to the high refining margins, ongoing synergy and
productivity efforts helped to fuel the increase.
Partially offsetting these factors were the negative impacts of the severe
depreciation of the dollar versus the euro and the lower margins for certain
refined specialty products.
Net operating income for the Downstream segment more than doubled to 585 MEuro in
the first quarter 2003 from 250 MEuro in the first quarter 2002.
Refinery throughput rose by 2% to 2,435 kb/d in the first quarter 2003 from
2,393 kb/d in the first quarter a year ago.
During the quarter, scheduled turnarounds took place in the Provence and Donges
refineries.
In April, TotalFinaElf announced a swap agreement with Shell for 133 stations in
Germany in exchange for seven highway service stations in France plus the
TotalFinaElf retail assets in Hungary and the Czech Republic. This agreement,
which was submitted to the competition authorities for approval, is part of the
company's plan to consolidate and optimize its marketing network In Europe.
In April, the company announced that it was launching a study to evaluate a
500 MEuro investment to increase the conversion capacity at its Normandy refinery.
Downstream - key figures 1Q03 1Q02 %
Refinery throughput* (kb/d) 2,435 2,393 +2%
Operating income (MEuro)
excluding non-recurring items 779 295 +164%
Net operating income (MEuro)
excluding non-recurring items 585 250 +134%
Investments (MEuro) 125 132 -5%
Divestments (MEuro)
at selling price 44 35 +26%
Cash flow from operating activities (MEuro) 1,560 581 +169%
* Includes share of Cepsa
Chemicals
Sales for the Chemicals segment decreased by 4% to 4,553 MEuro in the first quarter
2003 from 4,748 MEuro in the first quarter 2002.
Operating Income fell by 5% to 115 MEuro in the first quarter 2003 from 121 MEuro in
the same quarter a year ago.
Operating Income for Base chemicals was negatively affected by sharply higher
naphtha feedstock prices.
Intermediates suffered as a result of weak economic conditions, notably in
Europe, and higher raw material costs.
Specialties resisted the difficult market conditions.
Net operating income was 61 MEuro in the first quarter 2003 compared to 40 MEuro
excluding non-recurring items in the first quarter 2002.
In Base chemicals, the company increased its polyethylene capacity at the
Antwerp site to 510 kt/y, strengthening its position as a major producer of
specialized polyethylene grades.
In Specialties, the sale of the SigmaKalon paints business was finalized at the
end of February 2003.
Chemicals - key figures (MEuro) 1Q03 1Q02 %
Sales 4,553 4,748 -4%
Operating income 115 121 -5%
excluding non-recurring items
Net operating income 61 40 +53%
excluding non-recurring items
Investments 175 256 -32%
Divestments
at selling price 755 32 n.m.
Cash flow from operating activities (81)* (10) n.m.
* positive cash flow from operating activities of 101 MEuro excluding disbursements
of 182 MEuro related to the reserve established after the explosion at the
Toulouse-AZF plant
Summary and Outlook
The first quarter 2003 results demonstrate TotalFinaElf's ability to deliver
substantial production growth while at the same time performing very
competitively in terms of profitability, as indicated by the 17% return on
average capital employed over the twelve months ended March 31 (ROACE for the
Group).
Since the second quarter began, the oil market environment has remained
relatively favorable despite the steep decline in oil prices after military
action in Iraq took place.
Investments are being made according to TotalFinaElf's budgeted*** 8.7 BEuro Capex
program, which, as announced, gives priority to Upstream growth.
The company has continued to buy back shares, acquiring 0.9 million shares in
April for a total of 0.11 BEuro.
The company confirms its 2003 targets for synergies, productivity and 5% growth
in hydrocarbon production.
* * *
The Interim accounts published in this earnings release for the first quarter
2003 and 2002 are unaudited. This document may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 with respect to the financial condition, results of operations, business,
strategy and plans of TotalFinaElf. Such statements are based on a number of
assumptions that could ultimately prove inaccurate, and are subject to a number
of risk factors, including currency fluctuations, the price of petroleum
products, the ability to realize cost reductions and operating efficiencies
without unduly disrupting business operations, environmental regulatory
considerations and general economic and business conditions. The financial
information contained in this document has been prepared in accordance with
French GAAP, and certain elements would differ materially upon reconciliation to
US GAAP. TotalFinaElf does not assume any obligation to update publicly any
forward-looking statement, whether as a result of new information, future events
or otherwise. Further information on factors which could affect the company's
financial results is provided in documents filed by the Group and its affiliates
with the French Commission des Operations de Bourse and the US Securities and
Exchange Commission.
TotalFinaElf reports the impact on income of non-recurring items, consisting of
incomes and charges for the period, which are unusual or significant in nature.
Items from incomes from business segments excluding non-recurring items, and net
income per share excluding non-recurring items, presented in financial
communications (operating income from business segments excluding non-recurring
items, net operating income from business segments excluding non-recurring items
and net income excluding non-recurring items) and in the footnotes to the
financial statements of the Group containing segment data are non-GAAP measures
obtained by excluding the non-recurring items described above from the GAAP
figures. They are presented in order to facilitate the analysis of financial
performance and the comparison of income between periods.
To access the conference call in listen-only mode with Robert Castaigne, CFO of
TotalFinaElf, today at 5:00 p.m (Paris time), please dial +44 (0) 207 162 0180
from Europe or 1-952-556-2827 from the US (access code: TotalFinaElf). For a
replay, please dial +44 (0) 208 288 4459 from Europe or 1-334-323-6222 from the
US (access code: 395 732).
*** 2003 CAPEX budget based on 1Euro=1$
OPERATING INFORMATION BY SEGMENT
FIRST QUARTER 2003
Upstream
Combined liquids and gas production by region
In kboe/d 1Q03 1Q02 %
Europe 962 888 +8%
Africa 680 682 -
North America 63 42 +50%
Far East 216 229 -6%
Middle East 452 411 +10%
South America 138 143 -3%
Rest of world 5 6 -17%
Total 2,516 2,401 +5%
Liquids production by region
In kb/d 1Q03 1Q02 %
Europe 491 455 +8%
Africa 607 606 -
North America 5 5 -
Far East 24 25 -4%
Middle East 395 366 +8%
South America 85 95 -11%
Rest of world 5 6 -17%
Total 1,612 1,558 +3%
Gas production by region
In Mcfd 1Q03 1Q02 %
Europe 2,563 2,365 +8%
Africa 384 399 -4%
North America 317 194 +63%
Far East 1,078 1,159 -7%
Middle East 299 227 +32%
South America 285 263 +8%
Rest of world - - -
Total 4,926 4,607 +7%
Downstream
Refinery throughput by region
In kb/d 1Q03 1Q02 %
France 901 904 -
Rest of Europe 1,244 1,198 +4%
Rest of world 290 291 -
Total refinery throughput* 2,435 2,393 +2%
* Including share of Cepsa
Chemicals
Chemicals - key figures (BEuro) 1Q03 1Q02 %
Sales 4.55 4.75 -4%
* Base chemicals & polymers 2.13 1.79 +19%
* Intermediates 0.94 0.97 -3%
* Specialties 1.48 1.97 -25%
* Corporate - Chemicals 0.00 0.02 n.m.
Operating income 0.12 0.12 -
* Base chemicals & polymers (0.02) (0.07) n.m.
* Intermediates 0.04 0.09 -60%
* Specialties 0.11 0.13 -15%
* Corporate - Chemicals (0.01) (0.03) n.m.
TotalFinaElf accounts
First quarter 2003 consolidated accounts, French GAAP
Consolidated Statement of Income
TotalFinaElf
Amounts in millions of euros (1) 1st quarter 1st quarter
2003 2002
(unaudited) (unaudited)
Sales 28,303 23,784
Operating expenses (23,210) (20,122)
Depreciation, depletion, and amortization (1,229) (1,296)
Operating Income
Corporate (55) (66)
Business segments * 3,919 2,432
Total operating income 3,864 2,366
Interest expense, net (42) (35)
Dividend income on non-consolidated subsidiaries 5 6
Dividends on subsidiaries' redeemable preferred shares (2) (2)
Other income (expense), net (263) (14)
Provision for income taxes (1,597) (1,049)
Equity in income (loss) of affiliates 251 241
Income before amortization of acquisition goodwill 2,216 1,513
Amortization of acquisition goodwill (30) (36)
Consolidated net Income 2,186 1,477
of which minority interest 66 48
NET INCOME ** 2,120 1,429
Earnings per share (euro)*** 3.28 2.13
* Operating income from business segments, excluding
non-recurring items 3,919 2,432
Net operating income from business segments,
excluding non-recurring items 2,051 1,356
**Net income (Group share), excluding
non-recurring items 2,120 1,419
***Earnings per share, excluding non-recurring
items (euro) 3.28 2.12
(1) Except for earnings per share
Consolidated Balance Sheet
TotalFinaElf
Amounts in millions of euros
March 31, 2003 December 31, 2002 March 31, 2002
(unaudited) (unaudited)
ASSETS
NON-CURRENT ASSETS:
Intangible assets 2,248 2,752 3,232
Property, plant, and equipment,
net 37,773 38,592 41,833
Equity affiliates: investments and loans 7,857 7,710 7,952
Other investments 1,221 1,221 1,424
Other non-current assets 3,851 3,735 3,101
Total non-current assets 52,950 54,010 57,542
CURRENT ASSETS:
Inventories 5,982 6,515 6,416
Accounts receivable 13,498 13,087 14,784
Prepaid expenses and other current assets 4,637 5,243 7,138
Short-term investments 1,489 1,508 966
Cash and cash equivalents 13,117 4,966 8,891
Total current assets 38,723 31,319 38,195
TOTAL ASSETS 91,673 85,329 95,737
LIABILITIES & SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY :
Common shares 6,874 6,872 7,061
Paid-in surplus and retained earnings 32,689 30,514 31,986
Cumulative translation adjustment (1,463) (830) 1,365
Treasury shares (6,001) (4,410) (5,331)
Total shareholders' equity 32,099 32,148 35,081
SUBSIDIARIES' REDEEMABLE PREFERRED SHARES 459 477 573
MINORITY INTEREST 715 724 929
LONG-TERM LIABILITIES:
Deferred income taxes 6,121 6,390 6,567
Employee benefits 3,931 4,103 3,352
Other liabilities 6,708 6,150 6,289
Total long-term liabilities 16,760 16,643 16,208
LONG-TERM DEBT 10,728 10,157 12,047
CURRENT LIABILITIES:
Accounts payable 9,961 10,236 10,564
Other creditors and accrued liabilities 10,444 9,850 12,653
Short-term borrowings and bank overdrafts 10,507 5,096 7,682
Total current liabilities 30,912 25,182 30,899
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 91,673 85,329 95,737
CONSOLIDATED STATEMENT OF CASH FLOW
TotalFinaElf
1st quarter 1st quarter
Amounts in millions of euros 2003 2002
(unaudited) (unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,186 1,477
Depreciation, depletion, and amortization 1,298 1,377
Long-term liabilities, valuation allowances, and deferred taxes (406) 52
Unsuccessful exploration costs 60 124
(Gains)/Losses on sales of assets 204 (233)
Equity in income of affiliates (in excess of)/less than dividends received (178) (203)
Other changes, net 2 2
Cash flow from operating activities before changes in working capital 3,166 2,596
(Increase)/Decrease in operating assets and liabilities 656 (138)
CASH FLOW FROM OPERATING ACTIVITIES (1) 3,822 2,458
CASH FLOW FROM INVESTING ACTIVITIES
Intangible assets and property, plant, and equipment additions (1,211) (1,617)
Exploration expenditures charged to expenses (53) (107)
Acquisitions of subsidiaries, net of cash acquired - (55)
Investments in equity affiliates and other securities (5) (47)
Increase in long-term loans (225) (283)
Total expenditures (1,494) (2,109)
Proceeds from sale of intangible assets and property, plant, and equipment 77 78
Proceeds from sale of subsidiaries, net of cash sold 733 -
Proceeds from sale of non-current investments 2 313
Repayment of long-term loans 181 195
Total divestitures 993 586
(Increase)/Decrease in short-term investments 19 38
CASH FLOW FROM INVESTING ACTIVITIES (482) (1,485)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance and repayment of shares:
Parent company's shareholders 1 6
Share buy back (1,591) (408)
Minority shareholders 7 10
Subsidiaries' redeemable preferred shares - -
Cash dividends paid:
- Parent company's shareholders - -
- Minority shareholders (12) (3)
Net issuance/(repayment) of long-term debt 992 839
Increase/( Decrease) in short-term borrowings and bank overdrafts 5,445 3,827
Other changes, net (2) (2)
CASH FLOW FROM FINANCING ACTIVITIES 4,840 4,269
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,180 5,242
Effect of exchange rates and changes in reporting entity on
cash & cash equivalents (29) 75
Cash and cash equivalents at the beginning of the year or period 4,966 3,574
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 13,117 8,891
(1) including 182 millions of euros paid relating to the Toulouse AZF plant
explosion, offset by a long-term liability write-back.
BUSINESS SEGMENTS INFORMATION
TotalFinaElf
(unaudited)
In millions of euros
1st Quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
-Non-Group sales 5,022 18,718 4,553 10 - 28,303
-Intersegment sales 3,164 700 151 29 (4,044) -
Total sales 8,186 19,418 4,704 39 (4,044) 28,303
Depreciation, depletion, and amortization
of tangible assets (829) (210) (180) (10) (1,229)
Operating income 3,025 779 115 (55) 3,864
Amortization of intangible assets and
acquisition goodwill (60)
Equity in income (loss) of affiliates 251
Other items in net operating income (207)
Tax on net operating income (1,617)
Net operating income 1,405 585 61 180 2,231
Net cost of net debt (43)
Minority interests and dividends on
subsidiaries redeemable preferred shares (68)
Net income 2,120
1st Quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
(non-recurring items)
-Non-Group sales
-Intersegment sales
Total sales
Depreciation, depletion, and amortization
of tangible assets - - - - -
Operating income - - - - -
Amortization of intangible assets and
acquisition goodwill -
Equity in income (loss) of affiliates -
Other items in net operating income -
Tax on net operating income -
Net operating income - - - - -
Net cost of net debt -
Minority interests and dividends on
subsidiaries redeemable preferred shares -
Net income -
1st quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
(excluding non-recurring items)
-Non-Group sales 5,022 18,718 4,553 10 - 28,303
-Intersegment sales 3,164 700 151 29 (4,044) -
Total sales 8,186 19,418 4,704 39 (4,044) 28,303
Depreciation, depletion, and amortization
of tangible assets (829) (210) (180) (10) (1,229)
Operating income 3,025 779 115 (55) 3,864
Amortization of intangible assets and
acquisition goodwill (60)
Equity in income (loss) of affiliates 251
Other items in net operating income (207)
Tax on net operating income (1,617)
Net operating income 1,405 585 61 180 2,231
Net cost of net debt (43)
Minority interests and dividends on
subsidiaries redeemable preferred shares (68)
Net income 2,120
1st quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
Gross expenditures 1,166 125 175 28 1,494
Divestitures at selling price 180 44 755 14 993
Cash flow from operating activities (1) 2,571 1,560 (81) (228) 3,822
(1) In the Chemicals segment, positive cash flow from operating activities of 101 MEuro excluding disbursements of 182 MEuro
related to the reserve established after the explosion at the Toulouse-AZF plant
BUSINESS SEGMENTS INFORMATION
TotalFinaElf
(unaudited) In millions of euros
1st quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total
-Non-Group sales 4,129 14,903 4,748 4 - 23,784
-Intersegment sales 2,620 365 75 24 (3,084) -
Total sales 6,749 15,268 4,823 28 (3,084) 23,784
Depreciation, depletion, and amortization
of tangible assets (850) (229) (207) (10) (1,296)
Operating income 2,016 295 121 (66) 2,366
Amortization of intangible assets and
acquisition goodwill (68)
Equity in income (loss) of affiliates 241
Other items in net operating income 58
Tax on net operating income (1,078)
Net operating income 1,066 250 (93) 296 1,519
Net cost of net debt (40)
Minority interests and dividends on
subsidiaries redeemable preferred shares (50)
Net income 1,429
1st quarter 2002
(non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total
-Non-Group sales
-Intersegment sales
Total sales - - - - -
Depreciation, depletion, and amortization of
tangible assets - - - - -
Operating income - - - - -
Amortization of intangible assets and
acquisition goodwill -
Equity in income (loss) of affiliates -
Other items in net operating income (17)
Tax on net operating income 27
Net operating income - - (133) 143 10
Net cost of net debt -
Minority interests and dividends on
subsidiaries redeemable preferred shares -
Net income -
1st quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total
(excluding non-recurring items)
-Non-Group sales 4,129 14,903 4,748 4 - 23,784
-Intersegment sales 2,620 365 75 24 (3,084) -
Total sales 6,749 15,268 4,823 28 (3,084) 23,784
Depreciation, depletion and amortization
of tangible assets (850) (229) (207) (10) (1,296)
Operating income 2,016 295 121 (66) 2,366
Amortization of intangible assets and
acquisition goodwill (68)
Equity in income (loss) of affiliates 241
Other items in net operating income 75
Tax on net operating income (1,105)
Net operating income 1,066 250 40 153 1,509
Net cost of net debt (40)
Minority interests and dividends on
subsidiaries redeemable preferred shares (50)
Net income 1,419
1st quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total
Gross expenditures 1,643 132 256 78 2,109
Divestitures at selling price 223 35 32 296 586
Cash flow from operating activities 1,692 581 (10) 195 2,458
This information is provided by RNS
The company news service from the London Stock Exchange
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