FINANCIAL

REPORT
FIRST HALF 2019
 TABLE OF CONTENTS

Certification of the person responsible Consolidated financial statements

for the half-year financial report........................................1
Glossary ..........................................................................2
2 as of June 30, 2019 15
2.1 Statutory auditors’ review report

1 Half year financial report

1.1
3
Key figures..............................................................3
on the half-yearly financial information...................15
2.2 Consolidated statement of income – half yearly ....16
2.3 Consolidated statement of comprehensive
1.2 Highlights since the beginning of 2019 ...................4
income – half yearly ..............................................17
1.3 Key figures of environment
2.4 Consolidated statement of income – quarterly ......18
and Group production ............................................4
2.5 Consolidated statement
1.3.1 Environment – liquids and gas
of comprehensive income – quarterly ...................19
price realizations, refining margins..............4
2.6 Consolidated balance sheet .................................20
1.3.2 Production .................................................4 2.7 Consolidated statement of cash flow – half yearly ....21
1.4 Analysis of business segments ...............................5 2.8 Consolidated statement of cash flow – quarterly ....22
1.4.1 Exploration & Production 2.9 Consolidated statement of changes
(EP – redefined scope) ...............................5 in shareholders’ equity..........................................23
2.10 Notes to the Consolidated Financial Statements
1.4.2 Integrated Gas, Renewables & Power
for the first six months 2019 .................................24
(iGRP) ........................................................5
1) Accounting policies..................................24
1.4.3 Downstream (Refining & Chemicals
2) Changes in the Group structure ...............24
business segment and Marketing
3) Adjustment items.....................................25
& Services business segment) ...................6
4) Shareholders’ equity ................................27
1.5 Group results..........................................................7
1.5.1 Adjusted net operating income 5) Financial debt ..........................................30
from business segments ............................7 6) Related parties.........................................30
1.5.2 Adjusted net income (Group share) ............7 7) Other risks and contingent liabilities .........30
1.5.3 Adjusted fully-diluted earnings per share....8 8) Information by business segment.............31
1.5.4 Asset sales – acquisitions ..........................8 9) Reconciliation of the information
1.5.5 Net cash flow.............................................8 by business segment with Consolidated
Financial Statements................................37
1.5.6 Profitability .................................................8
10) Post-closing.............................................38
1.6 TOTAL S.A. accounts .............................................9
1.7 2019 Sensitivities....................................................9
1.8 Summary and outlook ............................................9
1.9 Other information..................................................10
1.9.1 Operating information by segment ...........10
1.9.2 Adjustment items to net income
(Group share)...........................................11
1.9.3 Investments – Divestments ......................11
1.9.4 Cash flow ................................................11
1.9.5 Gearing ratio ............................................12
1.9.6 Return on average capital employed........12
1.10 Principal risks and uncertainties
for the remaining six months of 2019....................13
1.11 Major related parties’ transactions ........................13
 FINANCIAL REPORT 1ST HALF
2019

CERTIFICATION OF THE PERSON RESPONSIBLE

FOR THE HALF-YEAR FINANCIAL REPORT
This translation is a non binding translation into English of the Chairman and Chief Executive Officer’s certification issued in French,
and is provided solely for the convenience of English-speaking readers.
“I certify, to the best of my knowledge, that the condensed Consolidated Financial Statements of TOTAL S.A. (the Company) for the
first half of 2019 have been prepared in accordance with the applicable set of accounting standards and give a fair view of the
assets, liabilities, financial position and profit or loss of the Company and all the entities included in the consolidation, and that the
half-year financial report on pages 3 to 14 herein includes a fair review of the important events that have occurred during the first six
months of the financial year and their impact on the financial statements, major related parties transactions and the principal risks
and uncertainties for the remaining six months of the financial year.
The statutory auditors’ report on the limited review of the above-mentioned condensed Consolidated Financial Statements is
included on page 15 of this half-year financial report.”
Courbevoie, July 24, 2019
Patrick Pouyanné
Chairman and Chief Executive Officer

The French language version of this Rapport financier semestriel (half-year financial report) was filed with the French Financial
Markets Authority (Autorité des marchés financiers) on July 25, 2019 pursuant to paragraph III of Article L. 451-1-2 of the
French Monetary and Financial Code.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 1

 GLOSSARY
The terms “TOTAL” and “Group” as used in this document refer to TOTAL S.A. collectively with all of its direct and indirect consolidated
companies located in or outside of France. The term “Company” as used in this document exclusively refers to TOTAL S.A., which is the
parent company of the Group.

Abbreviations Units of measurement

€: euro b = barrel (1)
$ or dollar: U.S. dollar B = billion
ADR: American depositary receipt (evidencing an ADS) boe = barrel of oil equivalent
ADS: American depositary share BTU = British thermal unit
(representing a share of a company)
cf = cubic feet
AMF: Autorité des marchés financiers
CO2e = carbon dioxide equivalent
(French Financial Markets Authority)
/d = per day
API: American Petroleum Institute
GWh = gigawatt hour
CNG: compressed natural gas
k = thousand
DACF: debt adjusted cash flow
km = kilometer
FLNG: floating liquefied natural gas
m = meter
FPSO: floating production, storage and offloading
m³ or cm = cubic meter (1)
FSRU: floating storage and regasification unit
M = million
GHG: greenhouse gas
MW = megawatt
HSE: health, safety and the environment
MWp = megawatt peak (direct current)
IFRS: International Financial Reporting Standards
t = (Metric) ton
IPIECA: International Petroleum Industry Environmental
Conservation Association TWh = terawatt hour
LNG: liquefied natural gas W = watt
LPG: liquefied petroleum gas /y = per year
NGL: natural gas liquids
Conversion table
NGV: natural gas vehicle
1 acre ≈ 0.405 hectare
OML: oil mining license
1 b = 42 U.S. gallons ≈ 159 liters
ROACE: return on average capital employed
1 b/d of crude oil ≈ 50 t/y of crude oil
ROE: return on equity
1 Bm³/y (1 Bcm) ≈ 0.1 Bcf/d
SEC: United States Securities and Exchange Commission
1 km ≈ 0.62 mile
VCM: Variable cost margin, European refining. This indicator
1 m³ ≈ 35.3 cf
represents the average margin on variable costs
realized by Total’s European refining business (equal to 1 Mt of LNG ≈ 48 Bcf of gas
the difference between the sales of refined products
1 Mt/y of LNG ≈ 131 Mcf/d of gas
realized by Total’s European refining and the crude
purchases as well as associated variable costs, divided 1 t of oil ≈ 7.5 b of oil (assuming a specific gravity of 37° API)
by refinery throughput in tonnes). The previous ERMI
1 boe = 1 b of crude oil ≈ 5,387 cf of gas in 2018 (2)
indicator was intended to represent the margin after
(5,396 cf in 2017 and 5,403 cf in 2016)
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.

(1) Liquid and gas volumes are reported at international standard metric conditions (15°C and 1 atm).
(2) Natural gas is converted to barrels of oil equivalent using a ratio of cubic feet of natural gas per one barrel. This ratio is based on the actual average equivalent energy content of TOTAL’s
natural gas reserves during the applicable periods, and is subject to change. The tabular conversion rate is applicable to TOTAL’s natural gas reserves on a Group-wide basis.

2 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT
1 1

1.1 Key figures (1)

(M$, except effective tax rate, earnings per share and number of shares) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income from business segments 7,002 7,564 -7%
Exploration & Production** 3,744 4,132 -9%
Integrated Gas, Renewables & Power** 1,021 1,046 -2%
Refining & Chemicals 1,471 1,541 -5%
Marketing & Services 766 845 -9%
Contribution of equity affiliates to adjusted net income 1,071 1,403 -24%
Group effective tax rate (2) 36.9% 39.2%
Adjusted net income (Group share) 5,646 6,437 -12%
Adjusted fully-diluted earnings per share (dollars) (3) 2.07 2.41 -14%
Adjusted fully-diluted earnings per share (euros)* 1.84 1.99 -8%
Fully-diluted weighted-average shares (millions) 2,622 2,608 +1%
NET INCOME (GROUP SHARE) 5,867 6,357 -8%
Organic investments (4) 5,811 5,400 +8%
Net acquisitions (5) 709 1,252 -43%
Net investments (6) 6,520 6,652 -2%
Operating cash flow before working capital changes (7) 12,740 11,769 +8%
Operating cash flow before working capital changes w/o financial charges (DACF) (8) 13,744 12,465 +10%
Cash flow from operations 9,880 8,327 +19%

2019 data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.
* Average €-$ exchange rate: 1.1237 in the second quarter 2019 and 1.1298 in the first half 2019.
** 1H18 restated; historical data for 2017 and 2018 available on www.total.com.
(1) 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.
(2) 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).
(3) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond
(4) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
(5) Net acquisitions = acquisitions - assets sales - other transactions with non-controlling interests (see page 11).
(6) Net investments = Organic investments + net acquisitions (see page 11).
(7) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective
second quarter 2019 including organic loan repayments from equity affiliates. The inventory valuation effect is explained on page 14. The reconciliation table for different
cash flow figures is on page 11.
(8) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 3

1 HALF YEAR FINANCIAL REPORT

Highlights since the beginning of 2019. Key figures of environment and Group production

1.2 Highlights since the beginning of 2019 (1)

— Signed agreement with Occidental to acquire the African assets — Agreed to invest in Tellurian-led Driftwood LNG project in the
of Anadarko for 8.8 B$. U.S. and lift 2.5 Mt/y.
— Finalized entry into Arctic LNG 2 project in Russia. — Signed 10-year contract to sell 0.7 Mt/y of LNG to private
— Signed gas agreement with Papua New Guinea for Papua Chinese company Guanghui.
LNG project. — Agreed with Toshiba to take over its LNG portfolio, including a
— Sold mature fields in the UK North Sea for 0.6 B$. 20-year 2.2 Mt/y tolling agreement for the third train at Freeport
— Started production at the Egina field in Nigeria. LNG in the United States.
— Started production at Kaombo Sul in Angola. — Started up the biorefinery at La Mède in France.
— Started production at Culzean in the UK North Sea. — Acquired Synova, a company specializing in plastics recycling.
— Significant exploration discovery of Brulpadda offshore South — Agreement with Saudi Aramco to develop a joint venture in
Africa and a new discovery of Glengorm in UK North Sea. distribution and acquire a network of 250 service stations in
— Launched the second development phase for the giant Mero Saudi Arabia.
field in Brazil. — Started up second solar plant in Japan.
— Launched the third development phase of the Dunga field in — Agreement between Saft and the Chinese Tianneng Group to
Kazakhstan. create a joint venture in Lithium-ion batteries.
— Started production at Cameron LNG in the United States.

1.3 Key figures of environment and Group production

1.3.1 Environment – liquids and gas price realizations*, refining margins
1H19 1H18 1H19 vs 1H18

Brent ($/b) 66.0 70.6 -7%

Henry Hub ($/Mbtu) 2.7 2.8 -5%
NBP ($/Mbtu) 5.2 7.2 -27%
JKM ($/Mbtu) 5.8 9.1 -37%
Average price of liquids ($/b)* 61.2 64.7 -5%
Average price of gas ($/Mbtu)* 4.16 4.71 -12%
Variable cost margin – Refining Europe, VCM ($/t) 30.6 31.7 -4%

* Consolidated subsidiaries.

1.3.2 Production*
1H19 1H18 1H19 vs 1H18

Hydrocarbon production (kboe/d) 2,951 2,710 +9%

Oil (including bitumen) (kb/d) 1,416 1,349 +5%
Gas (including condensates and associated NGL) (kboe/d) 1,535 1,361 +13%

Hydrocarbon production (kboe/d) 2,951 2,710 +9%

Liquids (kb/d) 1,627 1,532 +6%
Gas (Mcf/d) 7,399 6,419 +15%

* Group production = EP production + iGRP production.

Hydrocarbon production was 2,951 thousand barrels of oil equivalent — +1% due to portfolio effect, notably the integration of the Mærsk
per day (kboe/d) in first half 2019, an increase of 9% compared to Oil assets;
last year, due to:
— -3% due to the natural decline of the fields;
— +12% related to the start-up and ramp-up of new projects,
— -1% due to maintenance, notably in Nigeria.
including Yamal LNG in Russia, Ichthys in Australia, Kaombo in
Angola and Egina in Nigeria;

(1) Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

4 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT

Analysis of business segments 1

1.4 Analysis of business segments
1.4.1 Exploration & Production (EP – redefined scope)
1
1.4.1.1 Production
Hydrocarbon production 1H19 1H18 1H19 vs 1H18

EP (kboe/d) 2,413 2,367 +2%

Liquids (kb/d) 1,557 1,495 +4%
Gas (Mcf/d) 4,668 4,755 -2%

1.4.1.2 Results
(M$ except effective tax rate) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income* 3,744 4,132 -9%

including income from equity affiliates 452 555 -19%
Effective tax rate** 44.0% 47.5%
Organic investments 3,953 3,583 +10%
Net acquisitions 242 1,932 -87%
Net investments 4,195 5,515 -24%
Operating cash flow before working capital changes*** 9,128 8,721 +5%
Cash flow from operations*** 7,704 7,796 -1%

* Details on 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, except those related to leases.

Exploration & Production adjusted net operating income was Operating cash flow before working capital changes, compared to
3,744 M$ in the first half 2019, a decrease of 9%, reflecting lower last year, increased by 5% in the first half to 9.1 B$, driven by the
Brent and natural gas prices as well as the higher exploration start-up of strong cash generating fields. Exploration & Production
expenses in the first quarter 2019. generated cash flow after organic investments of 5.2 B$ in the first
half 2019.

1.4.2 Integrated Gas, Renewables & Power (iGRP)

1.4.2.1 Production and liquefied natural gas (LNG) sales

Hydrocarbon production 1H19 1H18 1H19 vs 1H18

iGRP (kboe/d) 538 343 +57%

Liquids (kb/d) 70 37 +87%
Gas (Mcf/d) 2,731 1,664 +64%

Liquefied natural gas (Mt) 1H19 1H18 1H19 vs 1H18

Overall LNG sales 16.2 7.7 x2.1

incl. Sales from equity production* 7.9 5.0 +59%
incl. Sales by Total from equity production and third party purchases 12.7 5.4 x2.4

* The Group’s equity production may be sold by Total or by the joint ventures.

The first half 2019 total LNG sales more than doubled compared to The growth in condensate production compared to last year is
last year thanks to the start-up of Yamal LNG trains 2 and 3 in essentially due to the start-up of condensate production from Ichthys
Russia, Ichthys in Australia, the first Cameron LNG train in the United in Australia in the third quarter 2018.
States, and the acquisition of the portfolio of LNG contracts from
Engie in 2018.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 5

1 HALF YEAR FINANCIAL REPORT

Analysis of business segments

1.4.2.2 Results
(M$) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income* 1,021 1,046 -2%

including income from equity affiliates 450 478 -6%
Organic investments 935 724 +29%
Net acquisitions 559 (294) ns
Net investments 1,494 430 x3.5
Operating cash flow before working capital changes** 1,479 885 +67%
Cash flow from operations** 1,533 326 x4.7

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Operating cash flow before working capital changes for the iGRP Adjusted net operating income was 1,021 M$ in the first half 2019, a
segment increased by 67% in the first half 2019, thanks notably to decrease of 2% compared to last year, impacted by lower gas prices
the ramp-ups of Ichthys in Australia and Yamal LNG in Russia as well in Europe and Asia in particular and the amortization of new projects.
as the doubling of total LNG sales.

1.4.3 Downstream (Refining & Chemicals business segment

and Marketing & Services business segment)

1.4.3.1 Results
(M$) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income* 2,237 2,386 -6%

Organic investments 876 1,036 -15%
Net acquisitions (93) (384) ns
Net investments 783 652 +20%
Operating cash flow before working capital changes** 3,118 3,014 +3%
Cash flow from operations** 1,963 671 x2.9

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

1.4.3.2 Refining & Chemicals

1.4.3.2.1 Refinery throughput and utilization rates*

1H19 1H18 1H19 vs 1H18

TOTAL REFINERY THROUGHPUT (KB/D) 1,729 1,783 -3%

France 520 597 -13%
Rest of Europe 751 708 +6%
Rest of world 458 479 -4%
Utlization rate based on crude only** 83% 85%

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

Refinery throughput volumes decreased by 3% in the first half 2019 year-on-year notably as a result of the shutdown at Grandpuit in France
and the lower throughput at Leuna in Germany linked to contaminated crude from Russia.

1.4.3.2.2 Results
(M$) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income* 1,471 1,541 -5%

Organic investments 593 694 -15%
Net acquisitions (182) (307) ns
Net investments 411 387 +6%
Operating cash flow before working capital changes** 1,910 1,938 -1%
Cash flow from operations** 1,120 (110) ns

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

6 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT

Group results 1
Adjusted net operating income for the Refining & Chemicals segment Operating cash flow before working capital changes was stable in
decreased by 5% year-on-year in the first half 2019 to 1,471 M$, the first half 2019 compared to the first half 2018.
notably due to the decrease in European refining variable cost margin
(VCM) of 4%, as well as lower throughput volume.

1.4.3.3 Marketing & Services 1

1.4.3.3.1 Petroleum product sales
Sales (kb/d*) 1H19 1H18 1H19 vs 1H18

Total Marketing & Services sales 1,848 1,800 +3%

Europe 1,008 997 +1%
Rest of world 840 803 +5%

* Excludes trading and bulk Refining sales.

Sales of petroleum products increased by 3% in the first half 2019, due to the development of activities in the African and American regions,
notably Mexico and Brazil.

1.4.3.3.2 Results
(M$) 1H19 1H18 1H19 vs 1H18

Adjusted net operating income* 766 845 -9%

Organic investments 283 342 -17%
Net acquisitions 89 (77) ns
Net investments 372 265 +40%
Operating cash flow before working capital changes** 1,208 1,076 +12%
Cash flow from operations** 843 781 +8%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Adjusted net operating income was 766 M$ in the first half 2019, down 9% year-on-year.
Operating cash flow before working capital changes increased by 12% in the first half 2019 compared to the first half 2018.

1.5 Group results

1.5.1 Adjusted net operating income from business segments

Adjusted net operating income from the business segments was 7,002 M$ in the first half 2019, down 7% compared to last year due to lower
Brent and natural gas prices.

1.5.2 Adjusted net income (Group share)

Adjusted net income (Group share) was 5,646 M$ in the first half Adjusted net income excludes the after-tax inventory effect, special
2019, down 12% compared to last year. This decrease reflects the items and the impact of effects of changes in fair value (1).
decrease in the net operating income of the segments and the
Total net income adjustments (2) were 221 M$ in the first half 2019.
increase in the net cost of net debt compared to a year ago mainly
due to the rise in U.S. dollar interest rates. The effective tax rate for the Group was 36.9% in the first half 2019,
compared to 39.2% the first half 2018.

(1) Adjustment items shown on page 11.

(2) Details shown on page 11 and in the annex to the financial statements.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 7

1 HALF YEAR FINANCIAL REPORT

Group results

1.5.3 Adjusted fully-diluted earnings per share

Adjusted earnings per share was $2.07 in the first half 2019, a any dilution related to the exercise of this option: 16.1 million
decrease of 14%, calculated on the basis of a weighted average of shares repurchased in the first half 2019;
2,622 million fully-diluted shares, compared to $2.41 in the first half
— the buyback of additional shares: 13.7 million shares repurchased
2018.
in the first half 2019 for 0.76 B$ as part of the 5 B$ buyback
In the context of the shareholder return policy announced in program for 2018-20.
February 2018, the Group has continued to buy back shares,
The number of fully-diluted shares was 2,619 million on June 30,
including:
2019.
— the buyback of shares issued in 2019 under the scrip dividend
option (not renewed at the 2019 General Assembly) to cancel

1.5.4 Asset sales – acquisitions

Asset sales were 575 M$ in the first half 2019, linked notably to the Consortium in Denmark, the joint development with Saudi Aramco of
sale of the interest in the Wepec refinery in China and the sale of the a network of service stations in Saudi Arabia, the alliance with the
Group’s interest in the Hazira terminal in India and polystyrene Adani group in the natural gas and retail fuel network in India, the
activities in China. capital increase in Total Eren for its acquisition of Novenergia as well
as the signing of the acquisition of a 10% stake in the Arctic LNG
Acquisitions were 1,284 M$ in the first half 2019, linked notably to
2 project in Russia.
the acquisition of Chevron’s interest in the Danish Underground

1.5.5 Net cash flow

Net cash flow (1) for the Group was 6,220 M$ in the first half 2019, a 22% increase compared to last year due to higher operating cash flow
before working capital changes and lower net acquisitions.

1.5.6 Profitability
The return on equity was 11.1% for the twelve months ended June 30, 2019, an increase compared to the same period last year.
July 1, 2018 April 1, 2018 July 1, 2017
(M$) June 30, 2019 March 31, 2019 June 30, 2018

Adjusted net income 13,125 13,810 12,299

Average adjusted shareholders’ equity 117,787 118,094 113,251
Return on equity (ROE) 11.1% 11.7% 10.9%

The return on average capital employed was 10.4% for the twelve months ended June 30, 2019, an increase compared to the same period
last year.
July 1, 2018 April 1, 2018 July 1, 2017
(M$) June 30, 2019 March 31, 2019 June 30, 2018

Adjusted net operating income 15,087 15,697 13,748

Average capital employed at replacement cost 145,247 146,210 136,355
ROACE 10.4% 10.7% 10.1%

(1) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

8 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT

TOTAL S.A. accounts. 2019 Sensitivities. Summary and outlook 1

1.6 TOTAL S.A. accounts
Net income for TOTAL S.A., the parent company, was 6,282 million euros in the first half 2019, compared to 4,079 million euros a year ago.

1.7 2019 Sensitivities*

Change Estimated impact Estimated impact
on adjusted net on cash flow from
operating income operations

Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$

Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
Variable cost margin, European refining (VCM) +/- 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 2019.
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.
** In a 60 $/b Brent environment.

1.8 Summary and outlook

Since the start of the third quarter 2019, Brent has traded above Group will continue to take advantage of the favorable cost
$60/b in a context of renewed OPEC+ quotas and uncertainties environment to sanction new projects, notably Arctic LNG 2 and
about the evolution of production in Libya, Venezuela and Iran. The Lapa 3.
environment remains volatile, with uncertainty about hydrocarbon
At the start of the third quarter, European refining margins, while still
demand growth related to the outlook for global economic growth.
volatile, increased and the Downstream should benefit from restarting
The Group maintains its spending discipline in 2019 with an organic the Grandpuit refinery in France and the Leuna refinery in Germany.
investment target of around 14 B$ and an average production cost
In this context, the Group is continuing to implement its shareholder
of $5.5/boe. The organic pre-dividend cash flow breakeven will
return policy. The dividend in euro will be increased by 3.1% in 2019
remain below $30/b.
representing a total increase of 6.5% since 2017, in line with the
Production growth should exceed 9% in 2019, thanks to the ramp-up target increase of 10% over the period 2018-2020. Total will buy
of projects started in 2018 and the start-ups in the first half 2019 of back 1.5 B$ of shares in 2019 at $60/b as part of its 5 B$ share
Kaombo Sul in Angola and Culzean in the UK North Sea, as well as buyback program over the 2018-2020 period.
the upcoming Johan Sverdrup in Norway and Iara 1 in Brazil. The

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 9

1 HALF YEAR FINANCIAL REPORT

Other information

1.9 Other information

1.9.1 Operating information by segment

1.9.1.1 Group production (Exploration & Production + iGRP)

Combined liquids and gas production by region (kboe/d) 1H19 1H18 1H19 vs 1H18

Europe and Central Asia 993 864 +15%

Africa 691 673 +3%
Middle East and North Africa 695 660 +5%
Americas 365 386 -5%
Asia-Pacific 207 128 +62%
Total production 2,951 2,710 +9%
includes equity affiliates 730 670 +9%

Liquids production by region (kb/d) 1H19 1H18 1H19 vs 1H18

Europe and Central Asia 340 315 +8%

Africa 545 507 +7%
Middle East and North Africa 534 520 +3%
Americas 168 177 -5%
Asia-Pacific 40 12 x3.4
Total production 1,627 1,532 +6%
includes equity affiliates 221 268 -18%

Gas production by region (Mcf/d) 1H19 1H18 1H19 vs 1H18

Europe and Central Asia 3,532 2,954 +20%

Africa 748 815 -8%
Middle East and North Africa 885 774 +14%
Americas 1,104 1,175 -6%
Asia-Pacific 1,130 701 +61%
Total production 7,399 6,419 +15%
includes equity affiliates 2,761 2,141 +29%

1.9.1.2 Downstream (Refining & Chemicals and Marketing & Services)

Petroleum product sales by region (kb/d) 1H19 1H18 1H19 vs 1H18

Europe 2,020 1,922 +5%

Africa 705 703 -
Americas 842 781 +8%
Rest of world 576 662 -13%
TOTAL CONSOLIDATED SALES 4,143 4,068 +2%
Includes bulk sales 546 563 -3%
Includes trading 1,749 1,705 +3%

10 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT

Other information 1
1.9.2 Adjustment items to net income (Group share)
(M$) 1H19 1H18

Special items affecting net income (Group share) (70) (553)

Gain (loss) on asset sales - (103) 1
Restructuring charges (33) (67)
Impairments (57) (248)
Other 20 (135)
After-tax inventory effect: FIFO vs replacement cost 360 472
Effect of changes in fair value (69) 1
TOTAL ADJUSTMENTS AFFECTING NET INCOME 221 (80)

1.9.3 Investments – Divestments

(M$) 1H19 1H18 1H19 vs 1H18

Organic investments (A) 5,811 5,400 +8%

capitalized exploration 417 248 +68%
increase in non-current loans 500 311 +61%
repayment of non-current loans, excluding organic loan repayment from equity affiliates* (388) (997) ns
Acquisitions (B) 1,284 4,114 -69%
Asset sales (C) 575 2,862 -80%
Other transactions with non-controlling interests (D) - - ns
NET INVESTMENTS (A + B – C – D) 6,520 6,652 -2%
Organic loan repayment from equity affiliates* (E) (99) ns
CASH FLOW USED IN INVESTING ACTIVITIES (A + B – C + E) 6,421 6,652 -3%

* Effective second quarter 2019, organic loan repayment from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

1.9.4 Cash flow

(M$) 1H19 1H18 1H19 vs 1H18

Operating cash flow before working capital changes w/o financial charges (DACF) 13,744 12,465 +10%
Financial charges (1,004) (696) ns
Operating cash flow before working capital changes (A) 12,740 11,769 +8%
(Increase) decrease in working capital (3,287) (4,078) ns
Inventory effect 526 636 -17%
Organic loan repayment from equity affiliates* (99)
Cash flow from operations 9,880 8,327 +19%
Organic investments (B) 5,811 5,400 +8%
FREE CASH FLOW AFTER ORGANIC INVESTMENTS, W/O NET ASSET SALES (A – B) 6,929 6,369 +9%
Net investments (C) 6,520 6,652 -2%
NET CASH FLOW (A – C) 6,220 5,117 +22%

* Effective second quarter 2019, organic loan repayment from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 11

1 HALF YEAR FINANCIAL REPORT

Other information

1.9.5 Gearing ratio*

(M$) 06/30/2019 03/31/2019 06/30/2018

Current borrowings 16,221 13,906 15,659

Net current financial assets (3,110) (2,722) (2,806)
Net financial assets classified as held for sale - 227 -
Non-current financial debt 45,394 44,396 38,362
Hedging instruments of non-current debt (771) (637) (967)
Cash and cash equivalents (26,723) (25,432) (26,475)
NET DEBT (A) 31,011 29,738 23,773
Shareholders’ equity – Group share 116,862 117,993 117,975
Non-controlling interests 2,362 2,365 2,288
SHAREHOLDERS’ EQUITY (B) 119,224 120,358 120,263
NET-DEBT-TO-CAPITAL RATIO = A/(A + B) 20.6% 19.8% 16.5%

* The net-debt-to-capital ratios on March 31, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.

1.9.6 Return on average capital employed

1.9.6.1 Twelve months ended June 30, 2019

Integrated
Gas,
Exploration Renewables Refining & Marketing &
(M$) & Production & Power Chemicals Services Group

Adjusted net operating income 8,159 2,394 3,309 1,573 15,087

Capital employed at 06/30/2018* 92,296 30,861 12,939 7,040 141,878
Capital employed at 06/30/2019* 90,633 37,290 12,300 8,535 148,617
ROACE 8.9% 7.0% 26.2% 20.2% 10.4%

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

1.9.6.2 Twelve months ended March 31, 2019

Integrated
Gas,
Exploration Renewables Refining & Marketing &
(M$) & Production & Power Chemicals Services Group

Adjusted net operating income 8,452 2,530 3,415 1,628 15,697

Capital employed at 03/31/2018* 93,276 30,996 13,428 7,409 143,957
Capital employed at 03/31/2019* 90,051 37,235 13,153 8,255 148,463
ROACE 9.2% 7.4% 25.7% 20.8% 10.7%

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

12 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 HALF YEAR FINANCIAL REPORT

Principal risks and uncertainties for the remaining six months of 2019. Major related parties’ transactions 1
1.10 Principal risks and uncertainties
for the remaining six months of 2019
The Group and its businesses are subject to various risks relating to changing political, economic, monetary, legal, environmental, social, 1
industrial, competitive, operating and financial conditions. A description of such risk factors is provided in TOTAL’s 2018 Registration Document
filed with the Autorité des marchés financiers (French Financial Markets Authority) on March 20, 2019. These conditions are subject to change
not only in the six months remaining in the current financial year, but also in the years to come.
Additionally, a description of certain risks is included in the Notes to the condensed Consolidated Financial Statements for the first half of
2019 (page 30 of this half-year financial report).

1.11 Major related parties’ transactions

Information concerning the major related parties’ transactions for the first six months of 2019 is provided in Note 6 to the condensed
Consolidated Financial Statements for the first half of 2019 (page 30 of this half-year financial report).

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 13

1 HALF YEAR FINANCIAL REPORT

Major related parties’ transactions

Disclaimer

This document may contain forward-looking information on the Group (ii) Inventory valuation effect
(including objectives and trends), as well as forward-looking The adjusted results of the Refining & Chemicals and Marketing &
statements within the meaning of the Private Securities Litigation Services segments are presented according to the replacement cost
Reform Act of 1995, notably with respect to the financial condition, method. This method is used to assess the segments’ performance
results of operations, business, strategy and plans of TOTAL. These and facilitate the comparability of the segments’ performance with
data do not represent forecasts within the meaning of European those of its competitors.
Regulation No. 809/2004.
In the replacement cost method, which approximates the LIFO
Such forward-looking information and statements included in this (Last-In, First-Out) method, the variation of inventory values in the
document are based on a number of economic data and statement of income is, depending on the nature of the inventory,
assumptions made in a given economic, competitive and regulatory determined using either the month-end price differentials between
environment. They may prove to be inaccurate in the future, and are one period and another or the average prices of the period rather
subject to a number of risk factors that could lead to a significant than the historical value. The inventory valuation effect is the difference
difference between actual results and those anticipated, the price of between the results according to the FIFO (First-In, First-Out) and
petroleum products, the ability to realize cost reductions and the replacement cost.
operating efficiencies without unduly disrupting business operations,
(iii) Effect of changes in fair value
changes in regulations including environmental and climate, currency
The effect of changes in fair value presented as an adjustment item
fluctuations, as well as economic and political developments and
reflects, for some transactions, differences between internal measures
changes in business conditions. Certain financial information is based
of performance used by TOTAL’s management and the accounting
on estimates particularly in the assessment of the recoverable value
for these transactions under IFRS.
of assets and potential impairments of assets relating thereto.
IFRS requires that trading inventories be recorded at their fair value
Neither TOTAL nor any of its subsidiaries assumes any obligation to
using period-end spot prices. In order to best reflect the management
update publicly any forward-looking information or statement,
of economic exposure through derivative transactions, internal
objectives or trends contained in this document whether as a result
indicators used to measure performance include valuations of trading
of new information, future events or otherwise. Further information
inventories based on forward prices.
on factors, risks and uncertainties that could affect the Group’s
business, financial condition, including its operating income and cash Furthermore, TOTAL, in its trading activities, enters into storage
flow, reputation or outlook is provided in the most recent Registration contracts, whose future effects are recorded at fair value in Group’s
Document, the French language version of which is filed by the internal economic performance. IFRS precludes recognition of this
Company with the French Autorité des marchés financiers and annual fair value effect.
report on Form 20-F filed with the United States Securities and
The adjusted results (adjusted operating income, adjusted net
Exchange Commission (“SEC”).
operating income, adjusted net income) are defined as replacement
Financial information by business segment is reported in accordance cost results, adjusted for special items, excluding the effect of
with the internal reporting system and shows internal segment changes in fair value.
information that is used to manage and measure the performance of
Euro amounts presented for the fully adjusted-diluted earnings per
TOTAL. In addition to IFRS measures, certain alternative performance
share represent dollar amounts converted at the average euro-dollar
indicators are presented, such as performance indicators excluding
(€-$) exchange rate for the applicable period and are not the result
the adjustment items described below (adjusted operating income,
of financial statements prepared in euros.
adjusted net operating income, adjusted net income), return on equity
(ROE), return on average capital employed (ROACE), gearing ratio Cautionary Note to U.S. Investors – The SEC permits oil and gas
and operating cash flow before working capital changes. These companies, in their filings with the SEC, to separately disclose proved,
indicators are meant to facilitate the analysis of the financial probable and possible reserves that a company has determined in
performance of TOTAL and the comparison of income between accordance with SEC rules. We may use certain terms in this press
periods. They allow investors to track the measures used internally release, such as “potential reserves” or “resources”, that the SEC’s
to manage and measure the performance of the Group. guidelines strictly prohibit us from including in filings with the SEC.
U.S. investors are urged to consider closely the disclosure in our
These adjustment items include:
Form 20-F, File N° 1-10888, available from us at 2, place Jean
(i) Special items Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense
Due to their unusual nature or particular significance, certain Cedex, France, or at our website total.com. You can also obtain this
transactions qualified as “special items” are excluded from the form from the SEC by calling 1-800-SEC-0330 or on the SEC’s
business segment figures. In general, special items relate to website sec.gov.
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.

14 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS
2
AS OF JUNE 30, 2019

2.1 Statutory auditors’ review report

on the half-yearly financial information
This is a translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and it is provided solely for the convenience of
English-speaking users. This report also includes information relating to the specific verification of information given in the Group’s half-yearly management report.
This report should be read in conjunction with, and construed in accordance, with French law and professional standards applicable in France.

PERIOD FROM JANUARY 1 TO JUNE 30, 2019

To the Shareholders,
In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of Article
L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:
— the review of the accompanying condensed half-yearly Consolidated Financial Statements of TOTAL S.A., for the period from January 1 to
June 30, 2019;
— the verification of the information presented in the half-yearly management report.
These condensed half-yearly Consolidated Financial Statements are the Chairman and Chief Executive Officer’s responsibility and are reviewed
by your Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

1. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of
making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly Consolidated
Financial Statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted by the
European Union applicable to interim financial information.
Without qualifying the conclusion expressed above, we draw your attention to Note 1 to the condensed half-yearly consolidated financial
statements which outlines the change in accounting method regarding the first-time application of IFRS 16 “Leases”.

2. Specific verification
We have also verified the information presented in the half-yearly management report on the condensed half-yearly Consolidated Financial
Statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly Consolidated Financial Statements.

Paris-La Défense, July 24, 2019

The Statutory Auditors

French original signed by

KPMG Audit ERNST & YOUNG Audit

A Division of KPMG S.A.

Jacques-François Lethu Eric Jacquet Laurent Vitse Céline Eydieu-Boutté

Partner Partner Partner Partner

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 15

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of income – half yearly

2.2 Consolidated statement of income – half yearly

TOTAL
(unaudited)
(M$) (a) 1st half 2019 1st half 2018

Sales 102,447 102,151

Excise taxes (12,121) (12,757)
Revenues from sales 90,326 89,394
Purchases, net of inventory variation (60,111) (60,045)
Other operating expenses (13,803) (13,698)
Exploration costs (458) (362)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,127) (6,351)
Other income 568 775
Other expense (398) (603)
Financial interest on debt (1,129) (868)
Financial income and expense from cash & cash equivalents (70) (95)
Cost of net debt (1,199) (963)
Other financial income 486 561
Other financial expense (383) (329)
Net income (loss) from equity affiliates 1,523 1,587
Income taxes (3,480) (3,683)
CONSOLIDATED NET INCOME 5,944 6,283
Group share 5,867 6,357
Non-controlling interests 77 (74)
Earnings per share ($) 2.17 2.39
Fully-diluted earnings per share ($) 2.16 2.38

(a) Except for per share amounts.

16 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of comprehensive income – half yearly 2

2.3 Consolidated statement of comprehensive
income – half yearly
TOTAL
(unaudited)
(M$) 1st half 2019 1st half 2018

CONSOLIDATED NET INCOME 5,944 6,283

Other comprehensive income

Actuarial gains and losses (59) 67 2
Change in fair value of investments in equity instruments 107 5
Tax effect 14 (18)
Currency translation adjustment generated by the parent company (474) (2,630)
ITEMS NOT POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS (412) (2,576)
Currency translation adjustment 187 968
Cash flow hedge (373) 255
Variation of foreign currency basis spread 54 (27)
Share of other comprehensive income of equity affiliates, net amount 253 (132)
Other 2 (2)
Tax effect 107 (75)
ITEMS POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS 230 987
TOTAL OTHER COMPREHENSIVE INCOME (NET AMOUNT) (182) (1,589)
Comprehensive income 5,762 4,694
Group share 5,637 4,806
Non-controlling interests 125 (112)

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 17

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of income – quarterly

2.4 Consolidated statement of income – quarterly

TOTAL
(unaudited)
(M$) (a) 2nd quarter 2019 1st quarter 2019 2nd quarter 2018

Sales 51,242 51,205 52,540

Excise taxes (6,040) (6,081) (6,438)
Revenues from sales 45,202 45,124 46,102
Purchases, net of inventory variation (30,390) (29,721) (30,599)
Other operating expenses (7,078) (6,725) (6,761)
Exploration costs (170) (288) (158)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,661) (3,466) (3,435)
Other income 321 247 252
Other expense (189) (209) (413)
Financial interest on debt (568) (561) (478)
Financial income and expense from cash & cash equivalents (42) (28) (54)
Cost of net debt (610) (589) (532)
Other financial income 326 160 321
Other financial expense (188) (195) (159)
Net income (loss) from equity affiliates 812 711 1,103
Income taxes (1,571) (1,909) (2,087)
CONSOLIDATED NET INCOME 2,804 3,140 3,634
Group share 2,756 3,111 3,721
Non-controlling interests 48 29 (87)
Earnings per share ($) 1.01 1.17 1.38
Fully-diluted earnings per share ($) 1.00 1.16 1.38

(a) Except for per share amounts.

18 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of comprehensive income – quarterly 2

2.5 Consolidated statement of comprehensive
income – quarterly
TOTAL
(unaudited)
(M$) 2nd quarter 2019 1st quarter 2019 2nd quarter 2018

CONSOLIDATED NET INCOME 2,804 3,140 3,634

Other comprehensive income

Actuarial gains and losses (223) 164 42 2
Change in fair value of investments in equity instruments 74 33 (2)
Tax effect 59 (45) (20)
Currency translation adjustment generated by the parent company 1,057 (1,531) (4,761)
ITEMS NOT POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS 967 (1,379) (4,741)
Currency translation adjustment (619) 806 1,330
Cash flow hedge (246) (127) 77
Variation of foreign currency basis spread 43 11 2
Share of other comprehensive income of equity affiliates, net amount (135) 388 36
Other 1 1 (2)
Tax effect 69 38 (27)
ITEMS POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS (887) 1,117 1,416
TOTAL OTHER COMPREHENSIVE INCOME (NET AMOUNT) 80 (262) (3,325)
Comprehensive income 2,884 2,878 309
Group share 2,797 2,840 450
Non-controlling interests 87 38 (141)

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 19

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated balance sheet

2.6 Consolidated balance sheet

TOTAL
(unaudited) June 30, 2019 March 31, 2019 June 30, 2018
(M$) (unaudited) (unaudited) December 31, 2018 (unaudited)

ASSETS

Non-current assets
Intangible assets, net 29,229 28,727 28,922 24,562
Property, plant and equipment, net 118,063 117,881 113,324 114,047
Equity affiliates: investments and loans 26,473 25,996 23,444 22,443
Other investments 1,660 1,468 1,421 1,396
Non-current financial assets 771 637 680 967
Deferred income taxes 6,022 6,246 6,663 5,348
Other non-current assets 2,306 2,156 2,509 3,384
TOTAL NON-CURRENT ASSETS 184,524 183,111 176,963 172,147

Current assets
Inventories, net 16,410 17,075 14,880 18,392
Accounts receivable, net 20,349 19,321 17,270 16,974
Other current assets 15,958 16,237 14,724 14,408
Current financial assets 3,536 3,373 3,654 3,609
Cash and cash equivalents 26,723 25,432 27,907 26,475
Assets classified as held for sale - 314 1,364 -
TOTAL CURRENT ASSETS 82,976 81,752 79,799 79,858
TOTAL ASSETS 267,500 264,863 256,762 252,005

LIABILITIES & SHAREHOLDERS’ EQUITY

(unaudited) June 30, 2019 March 31, 2019 June 30, 2018
(M$) (unaudited) (unaudited) December 31, 2018 (unaudited)

Shareholders’ equity
Common shares 8,301 8,231 8,227 8,305
Paid-in surplus and retained earnings 123,351 123,702 120,569 121,896
Currency translation adjustment (11,177) (11,606) (11,313) (9,764)
Treasury shares (3,613) (2,334) (1,843) (2,462)
TOTAL SHAREHOLDERS’ EQUITY – GROUP SHARE 116,862 117,993 115,640 117,975
Non-controlling interests 2,362 2,365 2,474 2,288
TOTAL SHAREHOLDERS’ EQUITY 119,224 120,358 118,114 120,263

Non-current liabilities
Deferred income taxes 11,486 11,339 11,490 11,969
Employee benefits 3,375 3,150 3,363 3,329
Provisions and other non-current liabilities 21,629 21,020 21,432 18,807
Non-current financial debt 45,394 44,396 40,129 38,362
TOTAL NON-CURRENT LIABILITIES 81,884 79,905 76,414 72,467

Current liabilities
Accounts payable 27,059 26,416 26,134 25,021
Other creditors and accrued liabilities 22,686 23,361 22,246 17,792
Current borrowings 16,221 13,906 13,306 15,659
Other current financial liabilities 426 651 478 803
Liabilities directly associated with the assets
classified as held for sale - 266 70 -
TOTAL CURRENT LIABILITIES 66,392 64,600 62,234 59,275
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 267,500 264,863 256,762 252,005

20 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of cash flow – half yearly 2

2.7 Consolidated statement of cash flow –
half yearly
TOTAL
(unaudited)
(M$) 1st half 2019 1st half 2018

Cash flow from operating activities

Consolidated net income 5,944 6,283
Depreciation, depletion, amortization and impairment 7,535 6,554 2
Non-current liabilities, valuation allowances and deferred taxes 379 149
(Gains) losses on disposals of assets (364) (273)
Undistributed affiliates’ equity earnings (474) (557)
(Increase) decrease in working capital (3,287) (4,078)
Other changes, net 147 249
CASH FLOW FROM OPERATING ACTIVITIES 9,880 8,327

Cash flow used in investing activities

Intangible assets and property, plant and equipment additions (5,585) (9,178)
Acquisitions of subsidiaries, net of cash acquired (208) (714)
Investments in equity affiliates and other securities (1,190) (308)
Increase in non-current loans (500) (311)
Total expenditures (7,483) (10,511)
Proceeds from disposals of intangible assets and property, plant and equipment 163 2,282
Proceeds from disposals of subsidiaries, net of cash sold 146 (4)
Proceeds from disposals of non-current investments 266 584
Repayment of non-current loans 487 997
Total divestments 1,062 3,859
CASH FLOW USED IN INVESTING ACTIVITIES (6,421) (6,652)

Cash flow used in financing activities

Issuance (repayment) of shares:
– parent company shareholders 450 482
– treasury shares (1,770) (1,740)
Dividends paid:
– parent company shareholders (4,765) (4,208)
– non-controlling interests (93) (84)
Net issuance (repayment) of perpetual subordinated notes - -
Payments on perpetual subordinated notes (315) (266)
Other transactions with non-controlling interests (150) -
Net issuance (repayment) of non-current debt 3,581 (2,428)
Increase (decrease) in current borrowings (1,489) 969
Increase (decrease) in current financial assets and liabilities (58) (624)
CASH FLOW USED IN FINANCING ACTIVITIES (4,609) (7,899)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,150) (6,224)
Effect of exchange rates (34) (486)
Cash and cash equivalents at the beginning of the period 27,907 33,185
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 26,723 26,475

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 21

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of cash flow – quarterly

2.8 Consolidated statement of cash flow – quarterly

TOTAL
(unaudited)
(M$) 2nd quarter 2019 1st quarter 2019 2nd quarter 2018

Cash flow from operating activities

Consolidated net income 2,804 3,140 3,634
Depreciation, depletion, amortization and impairment 3,819 3,716 3,508
Non-current liabilities, valuation allowances and deferred taxes 239 140 35
(Gains) losses on disposals of assets (191) (173) (148)
Undistributed affiliates’ equity earnings (168) (306) (298)
(Increase) decrease in working capital (317) (2,970) (856)
Other changes, net 65 82 371
CASH FLOW FROM OPERATING ACTIVITIES 6,251 3,629 6,246

Cash flow used in investing activities

Intangible assets and property, plant and equipment additions (2,881) (2,704) (3,513)
Acquisitions of subsidiaries, net of cash acquired (208) - 12
Investments in equity affiliates and other securities (437) (753) (146)
Increase in non-current loans (370) (130) (140)
Total expenditures (3,896) (3,587) (3,787)
Proceeds from disposals of intangible assets and property, plant and equipment 155 8 304
Proceeds from disposals of subsidiaries, net of cash sold (1) 147 (7)
Proceeds from disposals of non-current investments 58 208 396
Repayment of non-current loans 353 134 581
Total divestments 565 497 1,274
CASH FLOW USED IN INVESTING ACTIVITIES (3,331) (3,090) (2,513)

Cash flow used in financing activities

Issuance (repayment) of shares:
– parent company shareholders 449 1 473
– treasury shares (1,279) (491) (1,182)
Dividends paid:
– parent company shareholders (2,935) (1,830) (2,692)
– non-controlling interests (93) - (72)
Net issuance (repayment) of perpetual subordinated notes - - -
Payments on perpetual subordinated notes (175) (140) (116)
Other transactions with non-controlling interests - (150) -
Net issuance (repayment) of non-current debt 2,331 1,250 52
Increase (decrease) in current borrowings 37 (1,526) (738)
Increase (decrease) in current financial assets and liabilities (164) 106 (1,779)
CASH FLOW USED IN FINANCING ACTIVITIES (1,829) (2,780) (6,054)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,091 (2,241) (2,321)
Effect of exchange rates 200 (234) (1,296)
Cash and cash equivalents at the beginning of the period 25,432 27,907 30,092
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 26,723 25,432 26,475

22 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Consolidated statement of changes in shareholders’ equity 2

2.9 Consolidated statement of changes
in shareholders’ equity
TOTAL
Common shares issued Paid-in Treasury shares Shareholders’
surplus and Currency equity – Non- Total
(unaudited) retained translation Group controlling shareolders’
(M$) Number Amount earnings adjustment Number Amount share interests equity

AS OF JANUARY 1, 2018 2,528,989,616 7,882 112,040 (7,908) (8,376,756) (458) 111,556 2,481 114,037
Net income of the first half 2018 - - 6,357 - - - 6,357 (74) 6,283
Other comprehensive Income - - 305 (1,856) - - (1,551) (38) (1,589)
2
Comprehensive income - - 6,662 (1,856) - - 4,806 (112) 4,694
Dividend - - (4,070) - - - (4,070) (84) (4,154)
Issuance of common shares 136,887,716 423 7,270 - - - 7,693 - 7,693
Purchase of treasury shares - - - - (33,056,514) (2,004) (2,004) - (2,004)
Sale of treasury shares (a) - - - - 3,450 - - - -
Share-based payments - - 192 - - - 192 - 192
Share cancellation - - - - - - - - -
Net issuance (repayment) of
perpetual subordinated notes - - - - - - - - -
Payments on perpetual
subordinated notes - - (161) - - - (161) - (161)
Other operations with
non-controlling interests - - (4) - - - (4) 4 -
Other items - - (33) - - - (33) (1) (34)
AS OF JUNE 30, 2018 2,665,877,332 8,305 121,896 (9,764) (41,429,820) (2,462) 117,975 2,288 120,263
Net income of the second half 2018 - - 5,089 - - - 5,089 178 5,267
Other comprehensive Income - - (325) (1,549) - - (1,874) (31) (1,905)
Comprehensive income - - 4,764 (1,549) - - 3,215 147 3,362
Dividend - - (3,811) - - - (3,811) (13) (3,824)
Issuance of common shares 19,315,374 53 1,096 - - - 1,149 - 1,149
Purchase of treasury shares - - - - (39,709,967) (2,324) (2,324) - (2,324)
Sale of treasury shares (a) - - (240) - 4,075,807 240 - - -
Share-based payments - - 102 - - - 102 - 102
Share cancellation (44,590,699) (131) (2,572) - 44,590,699 2,703 - - -
Net issuance (repayment)
of perpetual subordinated notes - - - - - - - - -
Payments on perpetual
subordinated notes - - (154) - - - (154) - (154)
Other operations with
non-controlling interests - - (513) - - - (513) (103) (616)
Other items - - 1 - - - 1 155 156
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
Net income of the first half 2019 - - 5,867 - - - 5,867 77 5,944
Other comprehensive Income - - (366) 136 - - (230) 48 (182)
Comprehensive income - - 5,501 136 - - 5,637 125 5,762
Dividend - - (3,875) - - - (3,875) (93) (3,968)
Issuance of common shares 26,281,753 74 1,271 - - - 1,345 - 1,345
Purchase of treasury shares - - - - (32,331,446) (1,770) (1,770) - (1,770)
Sale of treasury shares (a) - - - - 4,010 - - - -
Share-based payments - - 103 - - - 103 - 103
Share cancellation - - - - - - - - -
Net issuance (repayment)
of perpetual subordinated notes - - (5) - - - (5) - (5)
Payments on perpetual
subordinated notes - - (207) - - - (207) - (207)
Other operations with
non-controlling interests - - - - - - - (150) (150)
Other items - - (6) - - - (6) 6 -
AS OF JUNE 30, 2019 2,666,883,760 8,301 123,351 (11,177) (64,800,717) (3,613) 116,862 2,362 119,224

(a) Treasury shares related to the restricted stock grants.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 23

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

2.10 Notes to the Consolidated Financial Statements

for the first six months 2019
(unaudited)

1) Accounting policies

The Consolidated Financial Statements are prepared in accordance — applied the two exemptions of the standard on short-term leases
with International Financial Reporting Standards (IFRS) as adopted and leases of low-value assets.
by the European Union and IFRS as published by the International
In addition, the Group is currently analyzing the facts and
Accounting Standards Board (IASB).
circumstances and contractual terms of each lease agreement used
The interim Consolidated Financial Statements of TOTAL S.A. and its in Joint Operations to determine whether the decision of the IFRS
subsidiaries (the Group) as of June 30 2019, are presented in U.S. Interpretation Committee of March 2019 dealing with the recognition
dollars and have been prepared in accordance with International of lease liabilities in the context of unincorporated joint operations
Accounting Standard (IAS) 34 “Interim Financial Reporting”. has an impact on its Consolidated Financial Statements.
The accounting principles applied for the Consolidated Financial The impact of the application of this standard as at January 1, 2019
Statements at June 30, 2019, are consistent with those used for the is $5,698 million on fixed assets, $(5,505) million on net debt and
financial statements at December 31, 2018, with the exception of $(193) million on other assets and liabilities. The weighted average
standards or amendments that must be applied for periods beginning incremental borrowing rate at the transition date is 4.5%.
January 1, 2019.
The impact on fixed assets is broken down as follows:
FIRST-TIME APPLICATION OF IFRS 16 “LEASES” (M$)

As part of the first application of IFRS 16 “Leases” as of January 1, Right of use of buildings 2,278
2019, the Group:
Right of use of machinery, plant and equipment
— applied the simplified retrospective transition method, accounting (including transportation equipment) 2,632
for the cumulative effect of the initial application of the standard
Other right of use 788
at the date of first application, without restating the comparative
periods; TOTAL 5,698
— used the following simplification measures provided by the
standard in the transitional provisions:
– exclusion of contracts that the Group had not previously
identified as containing a lease under IAS 17 and IFRIC 4,
– exclusion of leases whose term ends within 12 months of the
date of first application;
— recognized each lease component as a separate lease,
separately from non-lease components of the lease (services);

2) Changes in the Group structure

MAIN ACQUISITIONS Exploration & Production

AND DIVESTMENTS
— On April 1, 2019, Total acquired all the share capital of Chevron
Denmark Inc. which holds a 12% interest in the Danish
Integrated Gas, Renewables & Power
Underground Consortium (DUC), a 12% interest in Licence 8/06,
— On March 4, 2019, TOTAL and Novatek signed a definitive and a 7.5% interest in the Tyra West pipeline. The acquisition
agreement for the acquisition of a 10% direct interest by TOTAL increased TOTAL’s operated share of DUC from 31.2% to 43.2%.
in Arctic LNG 2, a major liquefied natural gas development led
by Novatek on the Gydan Peninsula, Russia.
— On March 15, 2019, TOTAL finalized the sale of 4% of its interest
in the Ichthys liquefied natural gas (LNG) project in Australia to
operating partner INPEX, reducing its interest in the project from
30% to 26%.

24 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
3) Adjustment items

DESCRIPTION OF THE BUSINESS SEGMENTS Adjustment items include:

Financial information by business segment is reported in accordance (i) Special items
with the internal reporting system and shows internal segment Due to their unusual nature or particular significance, certain
information that is used to manage and measure the performance of transactions qualified as “special items” are excluded from the
TOTAL and which is reviewed by the main operational decision- business segment figures. In general, special items relate to
making body of the Group, namely the Executive Committee. transactions that are significant, infrequent or unusual. However, in
certain instances, transactions such as restructuring costs or assets
The operational profit and assets are broken down by business
disposals, which are not considered to be representative of the
segment prior to the consolidation and inter-segment adjustments.
normal course of business, may be qualified as special items although
Sales prices between business segments approximate market prices. they may have occurred within prior years or are likely to occur again 2
within the coming years.
The profitable growth in the gas and low carbon electricity integrated
value chains is one of the key axes of TOTAL’s strategy. In order to (ii) The inventory valuation effect
give more visibility to these businesses, a new reporting structure for The adjusted results of the Refining & Chemicals and Marketing &
the business segments’ financial information has been put in place, Services segments are presented according to the replacement cost
effective January 1, 2019. method. This method is used to assess the segments’ performance
and facilitate the comparability of the segments’ performance with
The organization of the Group’s activities is structured around the
those of its competitors.
four followings segments:
In the replacement cost method, which approximates the LIFO
— an Exploration & Production segment;
(Last-In, First-Out) method, the variation of inventory values in the
— an Integrated Gas, Renewables & Power segment comprising statement of income is, depending on the nature of the inventory,
integrated gas (including LNG) and low carbon electricity determined using either the month-end prices differential between
businesses. It includes the upstream and midstream LNG activity one period and another or the average prices of the period rather
that was previously reported in the EP segment; than the historical value. The inventory valuation effect is the difference
between the results according to the FIFO (First-In, First-Out) and
— a Refining & Chemicals segment constituting a major industrial
the replacement cost methods.
hub comprising the activities of refining, petrochemicals and
specialty chemicals. This segment also includes the activities of (iii) Effect of changes in fair value
oil Supply, Trading and marine Shipping; The effect of changes in fair value presented as adjustment items
reflects for some transactions differences between internal measure
— a Marketing & Services segment including the global activities of
of performance used by TOTAL’s management and the accounting
supply and marketing in the field of petroleum products;
for these transactions under IFRS.
In addition the Corporate segment includes holdings operating and
IFRS requires that trading inventories be recorded at their fair value
financial activities.
using period end spot prices. In order to best reflect the management
Certain figures for the years 2017 and 2018 have been restated in of economic exposure through derivative transactions, internal
order to reflect the new organization. indicators used to measure performance include valuations of trading
inventories based on forward prices.
ADJUSTMENT ITEMS
Furthermore, TOTAL, in its trading activities, enters into storage
Performance indicators excluding the adjustment items, such as contracts, which future effects are recorded at fair value in the Group’s
adjusted operating income, adjusted net operating income, and internal economic performance. IFRS precludes recognition of this
adjusted net income are meant to facilitate the analysis of the financial fair value effect.
performance and the comparison of income between periods.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items and the effect of changes in
fair value.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 25

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

The detail of the adjustment items is presented in the table below.

Adjustments to operating income

Integrated
Gas,
Exploration Renewables Refining Marketing
(M$) & Production & Power & Chemicals & Services Corporate Total

2nd quarter 2019 Inventory valuation effect - - (6) (34) - (40)

Effect of changes in fair value - (59) - - - (59)
Restructuring charges - - - - - -
Asset impairment charges (43) (11) (10) - - (64)
Other items - (54) (37) - - (91)
TOTAL (43) (124) (53) (34) - (254)
2nd quarter 2018 Inventory valuation effect - - 569 134 - 703
Effect of changes in fair value - 16 - - - 16
Restructuring charges - - - - - -
Asset impairment charges - (424) - - - (424)
Other items (97) (1) - - - (98)
TOTAL (97) (409) 569 134 - 197
1st half 2019 Inventory valuation effect - - 486 40 - 526
Effect of changes in fair value - (86) - - - (86)
Restructuring charges - - - - - -
Asset impairment charges (43) (11) (10) - - (64)
Other items - (112) (37) - - (149)
TOTAL (43) (209) 439 40 - 227
1 half 2018
st Inventory valuation effect - - 531 105 - 636
Effect of changes in fair value - 5 - - - 5
Restructuring charges (53) - - - - (53)
Asset impairment charges - (446) - - - (446)
Other items (97) (93) - - (9) (199)
TOTAL (150) (534) 531 105 (9) (57)

26 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
Adjustments to net income, Group share
Integrated
Gas,
Exploration Renewables Refining Marketing
(M$) & Production & Power & Chemicals & Services Corporate Total

2nd quarter 2019 Inventory valuation effect - - (3) (25) - (28)

Effect of changes in fair value - (47) - - - (47)
Restructuring charges - (14) (17) - - (31)
Asset impairment charges (43) (6) (8) - - (57)
Gains (losses) on disposals of assets - - - - - -
Other items - 86 (48) (6) - 32
2
TOTAL (43) 19 (76) (31) - (131)
2 quarter 2018
nd Inventory valuation effect - - 436 81 - 517
Effect of changes in fair value - 9 - - - 9
Restructuring charges (44) (2) - - - (46)
Asset impairment charges - (236) - - - (236)
Gains (losses) on disposals of assets (2) - - - - (2)
Other items (71) (3) - - - (74)
TOTAL (117) (232) 436 81 - 168
1st half 2019 Inventory valuation effect - - 341 19 - 360
Effect of changes in fair value - (69) - - - (69)
Restructuring charges - (16) (17) - - (33)
Asset impairment charges (43) (6) (8) - - (57)
Gains (losses) on disposals of assets - - - - - -
Other items - 74 (48) (6) - 20
TOTAL (43) (17) 268 13 - 221
1 half 2018
st Inventory valuation effect - - 412 60 - 472
Effect of changes in fair value - 1 - - - 1
Restructuring charges (59) (8) - - - (67)
Asset impairment charges - (248) - - - (248)
Gains (losses) on disposals of assets (103) - - - - (103)
Other items (34) (75) (17) - (9) (135)
TOTAL (196) (330) 395 60 (9) (80)

4) Shareholders’ equity

TREASURY SHARES (TOTAL SHARES HELD DIRECTLY BY TOTAL S.A.)

In accordance with the February 2018 announcements regarding the As a result, as of June 30, 2019, TOTAL S.A. holds
shareholder return policy over 2018-2020, confirmed in 64,800,717 TOTAL shares, representing 2.43% of its share capital,
February 2019, TOTAL S.A. repurchases its own shares. which are deducted from the consolidated shareholders’ equity and
allocated as follows:
TOTAL S.A. has also repurchased shares to be allocated to free
share grant plans.

SHARES TO BE CANCELLED (1) 57,130,510

Repurchased during Q4 2018 27,360,278
Repurchased during Q1 2019 7,374,542
Repurchased during Q2 2019 22,395,690
SHARES TO BE ALLOCATED AS PART OF FREE SHARE GRANT PLANS (2) 7,670,207
2016 Plan 4,683,986
2017 Plan 2,918,835
Other Plans 67,386
TREASURY SHARES TOTAL (1)+(2) 64,800,717

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 27

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

DIVIDEND
The Shareholders’ Meeting of May 29, 2019 approved the distribution on February 6, 2019 not to propose to the Shareholders’ Meeting
of a dividend of €2.56 per share for the 2018 fiscal year and the the renewal of the scrip dividend option beginning with the payment
payment of a balance of €0.64 per share to be distributed after the of the final 2018 dividend, the final 2018 dividend has been paid
deduction of the three interim dividends of €0.64 per share that had exclusively in cash.
already been paid. Given the decision made by the Board of Directors

First Second Third

Dividend 2018 interim interim interim Final

Amount €0.64 €0.64 €0.64 €0.64

Declaration of distribution (1) September 19, December 12, March 13, May 29,
2018 2018 2019 2019
Ex-dividend date September 25, December 18, March 19, June 11,
2018 2018 2019 2019
Payment date October 12, January 10, April 5, June 13,
2018 2019 2019 2019
Scrip dividend option Yes Yes Yes No
Issue price (2) €52.95 €48.27 €49.30 -
Number of shares subscribed 18,783,197 1,212,767 14,864,169 -

(1) Date on which the Board of Directors met and declared the distribution of the dividend. The declaration of distribution is decided by the shareholders for the final dividend.
(2) The issue price of the new share is equal to the average Euronext Paris opening price of the TOTAL shares for the 20 trading days preceding the declaration of distribution, reduced by
the amount of the dividend, without any discount.

Moreover, the Board of Directors held on July 24, 2019, set the second interim dividend for the fiscal year 2019 at €0.66 per share. This
interim dividend will be detached on January 6, 2020 and paid in cash on January 8, 2020.

First Second
Dividend 2019 interim interim

Amount 0.66 € 0.66 €

Set date April 25, 2019 July 24, 2019
Ex-dividend date September 27, January 6,
2019 2020
Payment date October 1st, January 8,
2019 2020

EARNINGS PER SHARE IN EURO PERPETUAL SUBORDINATED NOTES

Earnings per share in Euro, calculated from the earnings per share in The Group has issued perpetual subordinated notes in April 2019:
U.S. dollars converted at the average Euro/USD exchange rate for
— Perpetual subordinated notes 1.750% callable in 2024
the period, amounted to €0.89 per share for the 2nd quarter 2019
(EUR 1,500 million).
(€1.03 per share for the 1st quarter 2019 and €1.16 per share for
the 2nd quarter 2018). Diluted earnings per share calculated using The Group has tendered perpetual subordinated in April 2019:
the same method amounted to €0.89 per share for the 2nd quarter
— Perpetual subordinated notes 2.250% callable in 2021
2019 (€1.02 per share for the 1st quarter 2019 and €1.16 per share
(EUR 1,500 million).
for the 2nd quarter 2018).
Earnings per share are calculated after remuneration of perpetual
subordinated notes.

28 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
OTHER COMPREHENSIVE INCOME
Detail of other comprehensive income is presented in the table below:
(M$) 1st half 2019 1st half 2018

Actuarial gains and losses (59) 67

Change in fair value of investments in equity instruments 107 5
Tax effect 14 (18)
Currency translation adjustment generated by the parent company (474) (2,630)
SUB-TOTAL ITEMS NOT POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS (412) (2,576)
Currency translation adjustment 187 968
– Unrealized gain/(loss) of the period 233 1,078
2
– Less gain/(loss) included in net income 46 110
Cash flow hedge (373) 255
– Unrealized gain/(loss) of the period (303) 142
– Less gain/(loss) included in net income 70 (113)
Variation of foreign currency basis spread 54 (27)
– Unrealized gain/(loss) of the period 25 (27)
– Less gain/(loss) included in net income (29) -
Share of other comprehensive income of
equity affiliates, net amount 253 (132)
– Unrealized gain/(loss) of the period 265 (93)
– Less gain/(loss) included in net income 12 39
Other 2 (2)
Tax effect 107 (75)
SUB-TOTAL ITEMS POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS 230 987
TOTAL OTHER COMPREHENSIVE INCOME, NET AMOUNT (182) (1,589)

Tax effects relating to each component of other comprehensive income are as follows:
1st half 2019 1st half 2018

(M$) Pre-tax amount Tax effect Net amount Pre-tax amount Tax effect Net amount

Actuarial gains and losses (59) 16 (43) 67 (18) 49

Change in fair value of investments
in equity instruments 107 (2) 105 5 - 5
Currency translation adjustment
generated by the parent company (474) - (474) (2,630) - (2,630)
SUB-TOTAL ITEMS NOT
POTENTIALLY RECLASSIFIABLE
TO PROFIT AND LOSS (426) 14 (412) (2,558) (18) (2,576)
Currency translation adjustment 187 - 187 968 - 968
Cash flow hedge (373) 125 (248) 255 (81) 174
Variation of foreign currency basis spread 54 (18) 36 (27) 6 (21)
Share of other comprehensive income
of equity affiliates, net amount 253 - 253 (132) - (132)
Other 2 - 2 (2) - (2)
SUB-TOTAL ITEMS
POTENTIALLY RECLASSIFIABLE
TO PROFIT AND LOSS 123 107 230 1,062 (75) 987
TOTAL OTHER
COMPREHENSIVE INCOME (303) 121 (182) (1,496) (93) (1,589)

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 29

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

5) Financial debt

The Group has issued bonds during the first six months of 2019: — Bond 4.180% issued in 2009 and maturing in June 2019 (HKD
750 million);
— Bond 3.455% 2019-2029 (USD 1,250 million);
— Bond 2.100% issued in 2014 and maturing in June 2019 (USD
— Bond 1.660% 2019-2026 (GBP 500 million);
1,000 million);
— Bond 0.696% 2019-2028 (EUR 650 million);
— Bond USD 3-month Libor + 35 basis points issued in 2014 and
— Bond 1.535% 2019-2039 (EUR 650 million); maturing in June 2019 (USD 250 million);
— Bond 0.166% 2019-2029 (CHF 200 million). — Bond 3.750% issued in 2014 and maturing in June 2019 (AUD
100 million).
The Group reimbursed bonds during the first six months of 2019:
The Group’s financial debt increased by $5,555 million following the
— Bond 4.875% issued in 2009 and maturing in January 2019
first application of IFRS 16 as at January 1, 2019. Impact on net
(EUR 1,200 million);
debt included a sub lease financial asset of $50 million and resulted
— Bond 2.125% issued in 2014 and maturing in January 2019 in an increase of $5,505 million.
(USD 750 million);
— Bond 4.125% issued in 2014 and maturing in March 2019 (AUD
150 million);

6) Related parties

The related parties are principally equity affiliates and non-consolidated holds an interest of 19.40%. For the period ending June 30, 2019,
investments. the Group recognized its share of the net income generated by this
transaction in Novatek’s financial statements, except for the gain on
In March 2019, the Group signed final agreements for the acquisition
disposal that has been eliminated.
of a 10% direct interest in Arctic LNG 2 with Novatek, in which TOTAL

7) Other risks and contingent liabilities

TOTAL is not currently aware of any exceptional event, dispute, risks TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts.
or contingent liabilities that could have a material impact on the TGPNA contests the claims brought against it.
assets and liabilities, results, financial position or operations of the
A class action launched to seek damages from these three
Group.
companies, was dismissed by a judgment of the U.S. District Court
of New York issued on March 15, 2017. The Court of Appeal upheld
FERC
this judgment on May 4, 2018.
The Office of Enforcement of the U.S. Federal Energy Regulatory
Commission (FERC) began in 2015 an investigation in connection YEMEN
with the natural gas trading activities in the United States of Total
Due to the security conditions in the vicinity of Balhaf, Yemen LNG,
Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the
in which the Group holds a stake of 39.62%, stopped its commercial
Group. The investigation covered transactions made by TGPNA
production and export of LNG in April 2015, when it declared force
between June 2009 and June 2012 on the natural gas market.
majeure to its various stakeholders. The plant is in a preservation
TGPNA received a Notice of Alleged Violations from FERC on
mode.
September 21, 2015. On April 28, 2016, FERC issued an order to
show cause to TGPNA and two of its former employees, and to

30 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
8) Information by business segment
Integrated
Gas,
1st half 2019 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 4,067 10,208 44,220 43,950 2 - 102,447

Intersegment sales 15,302 1,259 16,310 301 63 (33,235) -
Excise taxes - - (1,537) (10,584) - - (12,121)
REVENUES FROM SALES 19,369 11,467 58,993 33,667 65 (33,235) 90,326
Operating expenses (8,234) (10,287) (56,502) (32,178) (406) 33,235 (74,372) 2
Depreciation, depletion and impairment
of tangible assets and mineral interests (5,216) (643) (763) (470) (35) - (7,127)
OPERATING INCOME 5,919 537 1,728 1,019 (376) - 8,827
Net income (loss) from equity affiliates
and other items 367 1,041 260 101 27 - 1,796
Tax on net operating income (2,585) (623) (246) (334) 124 - (3,664)
NET OPERATING INCOME 3,701 955 1,742 786 (225) - 6,959
Net cost of net debt (1,015)
Non-controlling interests (77)
NET INCOME – GROUP SHARE 5,867

Integrated
Gas,
st (a)
1 half 2019 (adjustments) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales - (86) - - - - (86)

Intersegment sales - - - - - - -
Excise taxes - - - - - - -
REVENUES FROM SALES - (86) - - - - (86)
Operating expenses - (112) 449 40 - - 377
Depreciation, depletion and impairment
of tangible assets and mineral interests (43) (11) (10) - - - (64)
OPERATING INCOME (b) (43) (209) 439 40 - - 227
Net income (loss) from equity affiliates
and other items - 413 (47) (7) - - 359
Tax on net operating income - (270) (121) (13) - - (404)
NET OPERATING INCOME (b) (43) (66) 271 20 - - 182
Net cost of net debt (8)
Non-controlling interests 47
NET INCOME – GROUP SHARE 221

(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 - - 486 40 -
– on net operating income - - 344 27 -

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 31

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

Integrated
Gas,
st
1 half 2019 (adjusted) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 4,067 10,294 44,220 43,950 2 - 102,533

Intersegment sales 15,302 1,259 16,310 301 63 (33,235) -
Excise taxes - - (1,537) (10,584) - - (12,121)
REVENUES FROM SALES 19,369 11,553 58,993 33,667 65 (33,235) 90,412
Operating expenses (8,234) (10,175) (56,951) (32,218) (406) 33,235 (74,749)
Depreciation, depletion and impairment
of tangible assets and mineral interests (5,173) (632) (753) (470) (35) - (7,063)
ADJUSTED OPERATING INCOME 5,962 746 1,289 979 (376) - 8,600
Net income (loss) from equity affiliates
and other items 367 628 307 108 27 - 1,437
Tax on net operating income (2,585) (353) (125) (321) 124 - (3,260)
ADJUSTED NET OPERATING INCOME 3,744 1,021 1,471 766 (225) - 6,777
Net cost of net debt (1,007)
Non-controlling interests (124)
ADJUSTED NET INCOME – GROUP SHARE 5,646

Integrated
Gas,
st
1 half 2019 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Total expenditures 4,282 1,975 648 527 51 - 7,483

Total divestments 89 574 239 157 3 - 1,062
Cash flow from operating activities 7,704 1,533 1,120 843 (1,320) - 9,880

Integrated
Gas,
1st half 2018 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 5,337 7,887 45,088 43,836 3 - 102,151

Intersegment sales 14,423 961 17,396 491 34 (33,305) -
Excise taxes - - (1,714) (11,043) - - (12,757)
REVENUES FROM SALES 19,760 8,848 60,770 33,284 37 (33,305) 89,394
Operating expenses (8,721) (8,123) (58,248) (31,919) (399) 33,305 (74,105)
Depreciation, depletion and impairment
of tangible assets and mineral interests (4,561) (807) (617) (346) (20) - (6,351)
OPERATING INCOME 6,478 (82) 1,905 1,019 (382) - 8,938
Net income (loss) from equity affiliates
and other items 577 795 417 193 9 - 1,991
Tax on net operating income (3,119) (237) (383) (297) 181 - (3,855)
NET OPERATING INCOME 3,936 476 1,939 915 (192) - 7,074
Net cost of net debt (791)
Non-controlling interests 74
NET INCOME – GROUP SHARE 6,357

32 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
Integrated
Gas,
st (a)
1 half 2018 (adjustments) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales - 13 - - - - 13
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
REVENUES FROM SALES - 13 - - - - 13
Operating expenses (150) (101) 531 105 (9) - 376
Depreciation, depletion and impairment
of tangible assets and mineral interests - (446) - - - - (446) 2
OPERATING INCOME (b) (150) (534) 531 105 (9) - (57)
Net income (loss) from equity affiliates
and other items (167) (15) 25 - - - (157)
Tax on net operating income 121 (21) (158) (35) - - (93)
NET OPERATING INCOME (b) (196) (570) 398 70 (9) - (307)
Net cost of net debt (19)
Non-controlling interests 246
NET INCOME – GROUP SHARE (80)

(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 - - 531 105 -
– on net operating income - - 415 70 -

Integrated
Gas,
st
1 half 2018 (adjusted) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 5,337 7,874 45,088 43,836 3 - 102,138

Intersegment sales 14,423 961 17,396 491 34 (33,305) -
Excise taxes - - (1,714) (11,043) - - (12,757)
REVENUES FROM SALES 19,760 8,835 60,770 33,284 37 (33,305) 89,381
Operating expenses (8,571) (8,022) (58,779) (32,024) (390) 33,305 (74,481)
Depreciation, depletion and impairment
of tangible assets and mineral interests (4,561) (361) (617) (346) (20) - (5,905)
ADJUSTED OPERATING INCOME 6,628 452 1,374 914 (373) - 8,995
Net income (loss) from equity affiliates
and other items 744 810 392 193 9 - 2,148
Tax on net operating income (3,240) (216) (225) (262) 181 - (3,762)
ADJUSTED NET OPERATING INCOME 4,132 1,046 1,541 845 (183) - 7,381
Net cost of net debt (772)
Non-controlling interests (172)
ADJUSTED NET INCOME – GROUP SHARE 6,437

Integrated
Gas,
st
1 half 2018 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Total expenditures 8,157 1,022 736 538 58 - 10,511

Total divestments 2,642 592 349 273 3 - 3,859
Cash flow from operating activities 7,796 326 (110) 781 (466) - 8,327

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 33

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

Integrated
Gas,
nd
2 quarter 2019 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 2,273 3,789 22,509 22,671 - - 51,242

Intersegment sales 7,586 632 8,293 139 36 (16,686) -
Excise taxes - - (761) (5,279) - - (6,040)
REVENUES FROM SALES 9,859 4,421 30,041 17,531 36 (16,686) 45,202
Operating expenses (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638)
Depreciation, depletion and impairment
of tangible assets and mineral interests (2,687) (328) (389) (237) (20) - (3,661)
OPERATING INCOME 2,967 215 484 450 (213) - 3,903
Net income (loss) from equity affiliates
and other items 173 661 111 111 26 - 1,082
Tax on net operating income (1,161) (450) 46 (170) 64 - (1,671)
NET OPERATING INCOME 1,979 426 641 391 (123) - 3,314
Net cost of net debt (510)
Non-controlling interests (48)
NET INCOME – GROUP SHARE 2,756

Integrated
Gas,
nd (a)
2 quarter 2019 (adjustments) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales - (59) - - - - (59)

Intersegment sales - - - - - - -
Excise taxes - - - - - - -
REVENUES FROM SALES - (59) - - - - (59)
Operating expenses - (54) (43) (34) - - (131)
Depreciation, depletion and impairment
of tangible assets and mineral interests (43) (11) (10) - - - (64)
OPERATING INCOME (b) (43) (124) (53) (34) - - (254)
Net income (loss) from equity affiliates
and other items - 407 (49) (7) - - 351
Tax on net operating income - (286) 28 9 - - (249)
NET OPERATING INCOME (b) (43) (3) (74) (32) - - (152)
Net cost of net debt (4)
Non-controlling interests 25
NET INCOME – GROUP SHARE (131)

(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 - - (6) (34) -
– on net operating income - - (1) (25) -

34 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
Integrated
Gas,
nd
2 quarter 2019 (adjusted) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 2,273 3,848 22,509 22,671 - - 51,301

Intersegment sales 7,586 632 8,293 139 36 (16,686) -
Excise taxes - - (761) (5,279) - - (6,040)
REVENUES FROM SALES 9,859 4,480 30,041 17,531 36 (16,686) 45,261
Operating expenses (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507)
Depreciation, depletion and impairment
of tangible assets and mineral interests (2,644) (317) (379) (237) (20) - (3,597) 2
ADJUSTED OPERATING INCOME 3,010 339 537 484 (213) - 4,157
Net income (loss) from equity affiliates
and other items 173 254 160 118 26 - 731
Tax on net operating income (1,161) (164) 18 (179) 64 - (1,422)
ADJUSTED NET OPERATING INCOME 2,022 429 715 423 (123) - 3,466
Net cost of net debt (506)
Non-controlling interests (73)
ADJUSTED NET INCOME – GROUP SHARE 2,887

Integrated
Gas,
nd
2 quarter 2019 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Total expenditures 2,257 857 363 383 36 - 3,896

Total divestments 60 349 70 85 1 - 565
Cash flow from operating activities 3,768 641 1,658 611 (427) - 6,251

Integrated
Gas,
2nd quarter 2018 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 3,119 3,547 23,349 22,528 (3) - 52,540

Intersegment sales 7,646 469 9,440 293 (63) (17,785) -
Excise taxes - - (867) (5,571) - - (6,438)
REVENUES FROM SALES 10,765 4,016 31,922 17,250 (66) (17,785) 46,102
Operating expenses (4,791) (3,605) (30,369) (16,416) (122) 17,785 (37,518)
Depreciation, depletion and impairment
of tangible assets and mineral interests (2,345) (603) (304) (172) (11) - (3,435)
OPERATING INCOME 3,629 (192) 1,249 662 (199) - 5,149
Net income (loss) from equity affiliates
and other items 256 441 289 107 11 - 1,104
Tax on net operating income (1,687) (104) (279) (194) 85 - (2,179)
NET OPERATING INCOME 2,198 145 1,259 575 (103) - 4,074
Net cost of net debt (440)
Non-controlling interests 87
NET INCOME – GROUP SHARE 3,721

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 35

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

Integrated
Gas,
nd (a)
2 quarter 2018 (adjustments) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales - 24 - - - - 24
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
REVENUES FROM SALES - 24 - - - - 24
Operating expenses (97) (9) 569 134 - - 597
Depreciation, depletion and impairment
of tangible assets and mineral interests - (424) - - - - (424)
OPERATING INCOME (b) (97) (409) 569 134 - - 197
Net income (loss) from equity affiliates
and other items (66) (4) 46 1 - - (23)
Tax on net operating income 46 (7) (177) (38) - - (176)
NET OPERATING INCOME (b) (117) (420) 438 97 - - (2)
Net cost of net debt (9)
Non-controlling interests 179
NET INCOME – GROUP SHARE 168

(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 - - 569 134 -
– on net operating income - - 438 97 -

Integrated
Gas,
nd
2 quarter 2018 (adjusted) Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Non-Group sales 3,119 3,523 23,349 22,528 (3) - 52,516

Intersegment sales 7,646 469 9,440 293 (63) (17,785) -
Excise taxes - - (867) (5,571) - - (6,438)
REVENUES FROM SALES 10,765 3,992 31,922 17,250 (66) (17,785) 46,078
Operating expenses (4,694) (3,596) (30,938) (16,550) (122) 17,785 (38,115)
Depreciation, depletion and impairment
of tangible assets and mineral interests (2,345) (179) (304) (172) (11) - (3,011)
ADJUSTED OPERATING INCOME 3,726 217 680 528 (199) - 4,952
Net income (loss) from equity affiliates
and other items 322 445 243 106 11 - 1,127
Tax on net operating income (1,733) (97) (102) (156) 85 - (2,003)
ADJUSTED NET OPERATING INCOME 2,315 565 821 478 (103) - 4,076
Net cost of net debt (431)
Non-controlling interests (92)
ADJUSTED NET INCOME – GROUP SHARE 3,553

Integrated
Gas,
nd
2 quarter 2018 Exploration & Renewables Refining Marketing &
(M$) Production & Power & Chemicals Services Corporate Intercompany Total

Total expenditures 2,612 447 404 310 14 - 3,787

Total divestments 466 439 324 45 - - 1,274
Cash flow from operating activities 4,474 258 999 841 (326) - 6,246

36 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019 2
9) Reconciliation of the information by business segment
with Consolidated Financial Statements
Consolidated
1st half 2019 statement
(a)
(M$) Adjusted Adjustments of income

Sales 102,533 (86) 102,447

Excise taxes (12,121) - (12,121)
Revenues from sales 90,412 (86) 90,326
Purchases net of inventory variation (60,533) 422 (60,111)
Other operating expenses (13,758) (45) (13,803)
2
Exploration costs (458) - (458)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,063) (64) (7,127)
Other income 453 115 568
Other expense (190) (208) (398)
Financial interest on debt (1,121) (8) (1,129)
Financial income and expense from cash & cash equivalents (70) - (70)
Cost of net debt (1,191) (8) (1,199)
Other financial income 486 - 486
Other financial expense (383) - (383)
Net income (loss) from equity affiliates 1,071 452 1,523
Income taxes (3,076) (404) (3,480)
CONSOLIDATED NET INCOME 5,770 174 5,944
Group share 5,646 221 5,867
Non-controlling interests 124 (47) 77

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated
1st half 2018 statement
(a)
(M$) Adjusted Adjustments of income

Sales 102,138 13 102,151

Excise taxes (12,757) - (12,757)
Revenues from sales 89,381 13 89,394
Purchases net of inventory variation (60,623) 578 (60,045)
Other operating expenses (13,496) (202) (13,698)
Exploration costs (362) - (362)
Depreciation, depletion and impairment of tangible assets and mineral interests (5,905) (446) (6,351)
Other income 628 147 775
Other expense (115) (488) (603)
Financial interest on debt (849) (19) (868)
Financial income and expense from cash & cash equivalents (95) - (95)
Cost of net debt (944) (19) (963)
Other financial income 561 - 561
Other financial expense (329) - (329)
Net income (loss) from equity affiliates 1,403 184 1,587
Income taxes (3,590) (93) (3,683)
CONSOLIDATED NET INCOME 6,609 (326) 6,283
Group share 6,437 (80) 6,357
Non-controlling interests 172 (246) (74)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

[© Agence Marc Praquin] Financial report first half 2019 TOTAL 37

2 CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2019

Notes to the Consolidated Financial Statements for the first six months 2019

Consolidated
2nd quarter 2019 statement
(a)
(M$) Adjusted Adjustments of income

Sales 51,301 (59) 51,242

Excise taxes (6,040) - (6,040)
Revenues from sales 45,261 (59) 45,202
Purchases net of inventory variation (30,295) (95) (30,390)
Other operating expenses (7,042) (36) (7,078)
Exploration costs (170) - (170)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,597) (64) (3,661)
Other income 253 68 321
Other expense (117) (72) (189)
Financial interest on debt (564) (4) (568)
Financial income and expense from cash & cash equivalents (42) - (42)
Cost of net debt (606) (4) (610)
Other financial income 326 - 326
Other financial expense (188) - (188)
Net income (loss) from equity affiliates 457 355 812
Income taxes (1,322) (249) (1,571)
CONSOLIDATED NET INCOME 2,960 (156) 2,804
Group share 2,887 (131) 2,756
Non-controlling interests 73 (25) 48

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated
2nd quarter 2018 statement
(M$) Adjusted Adjustments (a) of income

Sales 52,516 24 52,540

Excise taxes (6,438) - (6,438)
Revenues from sales 46,078 24 46,102
Purchases net of inventory variation (31,263) 664 (30,599)
Other operating expenses (6,694) (67) (6,761)
Exploration costs (158) - (158)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,011) (424) (3,435)
Other income 254 (2) 252
Other expense (55) (358) (413)
Financial interest on debt (469) (9) (478)
Financial income and expense from cash & cash equivalents (54) - (54)
Cost of net debt (523) (9) (532)
Other financial income 321 - 321
Other financial expense (159) - (159)
Net income (loss) from equity affiliates 766 337 1,103
Income taxes (1,911) (176) (2,087)
CONSOLIDATED NET INCOME 3,645 (11) 3,634
Group share 3,553 168 3,721
Non-controlling interests 92 (179) (87)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

10) Post-closing

On July 10, 2019, TOTAL announced the signature of an agreement an effective date of January 1, 2019. The transaction remains subject
to divest several UK non-core assets to Petrogas NEO UK Ltd. The to approval from the relevant authorities and is expected to close in
overall consideration for this deal amounts to 635 million dollars with December 2019.

38 TOTAL Financial report first half 2019 [© Agence Marc Praquin]

Design and production: Agence Marc Praquin
see you on
total.com

TOTAL S.A.
Registered Office:
2, place Jean Millier – La Défense 6
92400 Courbevoie – France Reception: +33 (0)1 47 44 45 46
Share capital: 6,666,815,700.00 euros Investor Relations: +44 (0)207 719 7962
542 051 180 RCS Nanterre North American Investor Relations: +1 (713) 483-5070