REGISTRATION  
DOCUMENT 2018  
INCLUDING THE ANNUAL FINANCIAL REPORT  
CONTENTS  
Certification of the person responsible  
for the Registration Document  
1
3
Presentation of the Group –  
Integrated report  
Non-financial performance  
5 5  
.1 Introduction ........................................................179  
5.2 Business model..................................................180  
5.3 Social challenges................................................181  
177  
1
2
1
.1 Presentation of the Group and its governance........4  
1
.2 An ambition that goes hand in hand with  
sustainable growth: “become the responsible  
energy major”..........................................................9  
5.4 Personal health and safety challenges ................189  
5.5 Environmental challenges ...................................192  
5.6 Climate change-related challenges .....................198  
5.7 Actions in support of human rights .....................205  
5.8 Fighting corruption and tax evasion ....................208  
5.9 Societal challenges.............................................210  
1
1
1
1
.3 Advantages that allow the Group to stand out  
in a changing energy world...................................10  
.4 Strong results driven by strong hydrocarbon  
production growth and discipline on spend ..........15  
.5 Strong commitments that benefit sustainable  
growth..................................................................23  
5.10 Contractors and suppliers ..................................215  
5.11 Reporting scopes and method ...........................218  
.6 An organizational structure to support the  
Group’s ambition ..................................................26  
5.12 Independent third party’s report..........................221  
Business overview for  
fiscal year 2018  
TOTAL and its shareholders  
225  
31  
6
6
6
6
6
6
6
.1 Listing details......................................................226  
2
2
2
2
2
2
2
.1 Exploration & Production segment........................32  
.2 Dividend .............................................................229  
.3 Share buybacks..................................................232  
.4 Shareholders ......................................................235  
.5 Information for foreign shareholders....................238  
.6 Investor relations ................................................239  
.2 Gas, Renewables & Power segment.....................51  
.3 Refining & Chemicals segment .............................56  
.4 Marketing & Services segment .............................62  
.5 Investments..........................................................68  
.6 Research & Development .....................................70  
.7 Property, plant and equipment..............................72  
General information  
241  
7
8
7
.1 Share capital ......................................................242  
Risks and control  
73  
7.2 Articles of incorporation and bylaws;  
3
4
3
3
3
.1 Risk Factors .........................................................74  
.2 Legal and arbitration proceedings.........................85  
other information ................................................244  
7.3 Historical financial information and additional  
information .........................................................247  
.3 Internal control and risk management  
procedures...........................................................86  
Consolidated Financial Statements  
249  
3
3
.4 Insurance and risk management...........................92  
.5 Vigilance Plan .......................................................93  
8.1 Statutory auditors' report on the Consolidated  
Financial Statements ..........................................250  
Report on corporate  
governance  
8
8
.2 Consolidated statement of income .....................254  
.3 Consolidated statement of comprehensive  
111  
income ...............................................................255  
4
4
4
.1 Administration and management bodies.............112  
.2 Statement regarding corporate governance........145  
8
8
8
.4 Consolidated balance sheet ...............................256  
.5 Consolidated statement of cash flow..................257  
.6 Consolidated statement of changes in  
.3 Compensation for the administration and  
management bodies...........................................145  
shareholders’ equity ...........................................258  
4
.4 Additional information about corporate  
8.7 Notes to the Consolidated Financial Statements ...259  
governance ........................................................169  
4
.5 Statutory auditors’ report on related party  
Supplemental oil and gas  
information (unaudited)  
agreements and commitments ...........................173  
9
0
361  
9
.1 Oil and gas information pursuant to  
FASB Accounting Standards Codification 932....362  
9.2 Other information................................................378  
9
.3 Report on the payments made to  
governments (Article L. 225-102-3 of the  
French Commercial Code)..................................380  
Statutory financial statements and  
other financial information  
of TOTAL S.A.  
1
397  
10.1 Statutory auditors’ report on the financial  
statements .........................................................398  
10.2 Statutory financial statements of TOTAL S.A.  
as parent company.............................................401  
10.3 Notes to the Statutory Financial Statements .......405  
1
0.4 Other financial information concerning the  
parent company .................................................419  
Glossary  
Cross-reference lists  
423  
429  
REGISTRATION DOCUMENT  
2
018  
INCLUDING THE ANNUAL 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, after having taken all reasonable measures to this purpose and to the best of my knowledge, that the information  
contained in this Document de référence (Registration Document) is in accordance with the facts and makes no omission likely to  
affect its import.  
I certify, to the best of my knowledge, that the Statutory and Consolidated Financial Statements of TOTAL S.A. (the Company) have  
been prepared in accordance with applicable accounting standards and give a fair view of the assets, liabilities, financial position  
and results of the Company and of all the entities included in the consolidation, and that the rapport de gestion (management  
report) of the Board of Directors as referenced in the cross reference list included on page 432 of this Document de référence  
(
Registration Document) presents a fair view of the development and performance of the business and financial position of the  
Company and of all the entities included in the consolidation and describes the main risks and uncertainties they are exposed to.  
I have received a completion letter from the statutory auditors in which they state that they have audited the information related to  
the financial situation and the financial statements included in this Document de référence (Registration Document), as well as read  
this Document de référence (Registration Document) in its entirety.”  
On March 20, 2019  
Patrick Pouyanné  
Chairman and Chief Executive Officer  
This version cancels and replaces the version of the Registration Document, filed on March 20, 2019 with the French  
Financial Markets Authority (Autorité des marchés financiers) in accordance with Article 212-13 of its general regulation.  
The changes between these two versions consist of (i) the deletion of the last line of page 160 (chapter 4, section 4.3.2.2)  
“
Stock options may be granted to the Chairman and Chief Executive Officer” following the Board of Directors’ decision of  
April 25, 2019 not to submit to the vote of the Shareholders’ Meeting of May 29, 2019, the twelfth resolution concerning the  
authorization granted to the Board to grant share subscription or purchase options and (ii) the rectification of data related to  
future production costs and future development costs reported for the Middle East and North Africa area for the consolidated  
subsidiaries as of December 31, 2018 (pages 375 and 377 of the Registration Document 2018 – chapter 9, points 9.1.8. and  
9
.1.9). The remainder of the Registration Document 2018 remains unchanged. It may be used to support a financial operation  
only if supplemented by a transaction note approved by the French Financial Markets Authority. This document was prepared  
by the issuer and is binding for its signatories.  
Registration Document 2018 TOTAL  
1
2
TOTAL Registration Document 2018  
1
PRESENTATION OF THE GROUP –  
INTEGRATED REPORT  
1.1  
Presentation of the Group and its governance  
4
1
.1.1 A major energy player underpinned by stable governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4  
.1.2 The Group in a few figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7  
1
1.2  
An ambition that goes hand in hand with sustainable growth:  
become the responsible energy major”  
“
9
1
.2.1 A collective ambition to meet the challenges facing the energy sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9  
.2.2 A clear strategy for sustainable growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9  
1
1.3  
Advantages that allow the Group to stand out in a changing energy world  
10  
1.3.1 A long-standing energy player that draws on its strong identity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10  
1.3.2 Employees committed to better energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11  
1.3.3 The strength of the Group’s integrated business model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12  
1.3.4 Geographic presence: key to the Group’s future growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13  
1.4  
Strong results driven by strong hydrocarbon production growth  
and discipline on spend  
15  
1.4.1 2018 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15  
1.4.2 Liquidity and capital resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20  
1.4.3 Trends and outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22  
1.4.4 Significant changes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22  
1.5  
Strong commitments that benefit sustainable growth  
23  
1.5.1 Committed R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  
1.5.2 A targeted investment policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  
1.5.3 A continuous improvement dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  
1.6  
An organizational structure to support the Group’s ambition  
26  
1
.6.1 TOTAL S.A., parent company of the Group and its subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26  
.6.2 An operational structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27  
1
Registration Document 2018 TOTAL  
3
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Presentation of the Group and its governance  
1.1 Presentation of the Group and its governance  
1.1.1 A major energy player underpinned by stable governance  
1
.1.1.1 4th largest international oil and gas major with consolidated sales of $209,363 million in 2018  
TOTAL, a producer of oil and gas for nearly a century with a presence  
in more than 130 countries on 5 continents, is a major energy player(  
that produces and markets fuels, natural gas and low-carbon  
electricity.  
Energy, an essential resource, accompanies the development of  
society. In view of the major challenges of today’s world, energy  
producers have a key role to play.  
1)  
Thanks to the support provided by its governance and a diverse  
shareholder base, the Group is able to support its collective ambition  
to become the responsible energy major.  
The Group’s activities include the exploration and production of oil  
and gas, refining, petrochemicals and the distribution of energy in  
various forms to the end customer. More than 104,000 employees  
are committed to contributing to supply to as many people as  
possible, a more affordable, more available and cleaner energy.  
1
.1.1.2 A diverse shareholder base  
The shareholder base of TOTAL S.A. is diverse and spread throughout the world. It comprises institutional investors, individual shareholders  
and employee shareholders committed to the Company project. For more information, refer to point 6.4 of chapter 6.  
Shareholding structure by shareholder type  
Shareholding structure by area  
Estimates below are as of December 31, 2018, excluding treasury  
shares, based on the survey of identifiable holders of bearer shares  
conducted on that date.  
Estimates below are as of December 31, 2018, excluding treasury  
shares, based on the survey of identifiable holders of bearer shares  
conducted on that date.  
France 26.6%  
Institutional shareholders 87.6%  
Rest of Europe 19.2%  
United Kingdom 13.2%  
(
a)  
Group employees  
4.8%  
Individual shareholders 7.6%  
Rest of the world 8.6%  
North America 32.4%  
(a) On the basis of employee shareholding as defined in Article L. 225-102  
of the French Commercial Code, treasury shares excluded  
(4.8% of the total share capital, refer to point 6.4.1 of chapter 6).  
The number of individual and institutional shareholders of TOTAL S.A. is estimated at approximately 450,000.  
(
1) TOTAL S.A., a French limited liability company (société anonyme), currently constitutes with all the Group’s companies the world’s fourth largest publicly traded integrated oil and gas  
group based on market capitalization (in dollars) as of December 31, 2018.  
4
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Presentation of the Group and its governance  
1
1
.1.1.3 A Board of Directors that is fully committed  
and able to determine the Company’s strategic orientations  
As of March 13, 2019  
1
1
2
1
1
1
90%  
independent  
(a)  
directors  
directors  
Lead  
Independent  
Director  
director  
director  
representing  
employees  
representing  
employee  
shareholders  
6
45.5%  
54.5%  
5.2 years  
average  
seniority of  
the Board  
61  
women(  
b)  
men  
(b)  
average age  
of directors  
nationalities  
represented  
(a) Excluding the director representing the employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
For more information, refer to point 4.1.1.4 of chapter 4.  
(b) Excluding the director representing employees, in accordance with Article L. 225-27-1 of the French Commercial Code.  
The Board of Directors determines the strategic orientations of TOTAL  
and supervises their implementation. It approves investment and  
divestment operations when they concern amounts that exceed 3%  
of the Group’s equity and examines all matters related to the proper  
running of the Company. It monitors the management of both financial  
and non-financial matters and ensures the quality of information  
provided to shareholders and to financial markets.  
management in strategic negotiations with States and the Group’s  
partners. The Board of Directors regularly examines whether maintaining  
the unified Management Form remains appropriate.  
Attentive to the concerns of investors and stakeholders, the Board of  
Directors pays specific attention to the balance of power within the  
Group. Consequently, every year, the Board examines desirable  
changes to its composition to ensure it is maintaining a high level of  
independence and the full involvement of the directors in the work of  
the Board and of the Committees. It was also for these reasons that  
the Board of Directors, at its meeting on December 16, 2015,  
amended the provisions of its Rules of Procedure to provide for the  
appointment of a Lead Independent Director in case of the combination  
of the positions of Chairman of the Board of Directors and Chief  
Executive Officer. The Lead Independent Director’s duties, resources  
and rights are described in the Rules of Procedure of the Board of  
Directors. Aside from these duties, the Chairman and Chief Executive  
Officer and the Lead Independent Director strive to maintain permanent  
contact on any important matter concerning the running of the  
Company.  
The Board of Directors relies on the work of four Committees that it  
has constituted: the Audit Committee, the Governance and Ethics  
Committee, the Compensation Committee and the Strategy & CSR  
Committee.  
Composed as of March 13, 2019, of 12 directors, including  
9
independent members, the Board of Directors reflects diversity  
and complementarity of experience, expertise, nationalities and  
cultures necessary to take account of the interests of all the Group’s  
shareholders and stakeholders.  
Since December 2015, Mr. Patrick Pouyanné has held the position  
of Chairman and Chief Executive Officer of TOTAL S.A. His term of  
office having been renewed at the General Shareholders’ Meeting on  
June 1, 2018 for a three-year period, the Board of Directors has  
reappointed Mr. Pouyanné as Chairman and Chief Executive Officer  
for an equal period to that of his mandate as a director. The decision  
to uphold the combined functions of Chairman of the Board of  
Directors and Chief Executive Officer was made following work  
undertaken by the Governance and Ethics Committee, in the interest  
of the Company and in compliance with the traditions of the Group.  
The Board of Directors deemed that the unified Management Form  
was most appropriate to the Group’s organization, modus operandi  
and business, and to the specificities of the oil and gas sector. In its  
decision, the Board in particular noted the advantage of having unified  
Since 2016, the Lead Independent Director has organized executive  
sessions with the independent directors so that they may discuss  
the Group’s strategic challenges and working practices. The directors  
are also in regular contact with the members of the Group’s  
management team, whether members of the Executive Committee  
during Board Meetings or operational managers during Group site  
visits. These interactions between directors and managers enable the  
directors to gain a practical understanding of the Group’s activities.  
The balance of power within the Company’s bodies is thereby  
ensured by a stable and structured governance.  
Registration Document 2018 TOTAL  
5
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Presentation of the Group and its governance  
Overview of the Board of Directors  
Appendix 3 of the AFEP-MEDEF Code  
Participation  
in Board  
Personal information  
Experience  
Position on the Board  
Length of  
Committees  
Number of  
directorships  
held at listed  
Initial  
date of  
dence appointment  
Term of  
oꢀce  
service  
on the  
Board  
Number  
Indepen-  
(
a)  
Age Gender Nationality of shares corporations  
expires  
Patrick Pouyanné  
Chairman and  
55  
M
127,617  
1
2015  
2021  
4
4
Chief Executive Officer  
Patrick Artus  
67  
63  
M
F
1,000  
1,050  
2
4
4
4
2009  
2008  
2021  
2020  
10  
11  
4
4
Patricia Barbizet  
Lead Independent Director  
Marie-Christine Coisne-Roquette 62  
F
M
F
4,472  
2,000  
1,000  
1,250  
3,064  
1,042  
549  
1
1
2
4
4
1
0
4
4
2011  
2017  
2016  
2012  
2012  
2016  
2016  
2020  
2020  
2019  
2021  
2019  
2019  
2019  
8
2
3
7
7
3
3
4
4
4
4
4
4
4
Mark Cutifani  
60  
69  
67  
57  
68  
55  
Maria van der Hoeven  
Anne-Marie Idrac  
Gérard Lamarche  
Jean Lemierre  
4
F
4
M
M
F
4
4
Renata Perycz  
n/a  
Director representing  
employee shareholders  
Christine Renaud  
Director representing employees  
50  
60  
F
200  
0
2
n/a  
2017  
2017  
2020  
2020  
2
2
4
4
Carlos Tavares  
M
1,000  
4
(
a) Number of directorships held by the director at listed companies outside his or her group, including foreign companies, assessed in accordance with the recommendations of the  
AFEP-MEDEF Code, point 18 (refer to point 4.1.1.3 of chapter 4).  
Overview of the Committees  
As of March 13, 2019  
Governance and  
Ethics Committee  
Compensation  
Committee  
Strategy & CSR Audit  
Committee  
Audit Committee  
4
1
members  
4 members  
5 members  
6 members  
00% independent  
100% independent  
Patricia Barbizet*  
Mark Cutifani  
100% independent(a)  
Gérard Lamarche*  
Patricia Barbizet  
80% independent(a)  
Patrick Pouyanné*  
Patrick Artus  
Marie-Christine Coisne-Roquette*  
Patrick Artus  
Maria van der Hoeven  
Gérard Lamarche  
Anne-Marie Idrac  
Jean Lemierre  
Marie-Christine Coisne-Roquette  
Renata Perycz(b)  
Patricia Barbizet  
Anne-Marie Idrac  
Jean Lemierre  
Carlos Tavares  
Christine Renaud(c)  
(
(
(
a) Excluding the director representing employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
b) Director representing employee shareholders.  
c) Director representing employees.  
*
Chairperson of the Committee.  
Activities of the Board of Directors and of the Committees in 2018  
1
0
meetings of  
the Board of Directors  
95%average  
1executive session  
Board meeting attendance  
rate of the directors  
chaired by the Lead  
Independent Director  
7
Audit Committee  
meetings  
00% attendance  
3
Governance and Ethics  
Committee meetings  
91.7% attendance  
2
Compensation  
Committee meetings  
100% attendance  
3
Strategy & CSR  
Committee meetings  
100% attendance  
1
The duties and work of the Board of Directors and of its Committees are described in point 4.1.2 of chapter 4.  
6
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Presentation of the Group and its governance  
1
1.1.2 The Group in a few figures  
1
.1.2.1 2018 key figures  
As of December 31, 2018(a)  
1
Present in more than  
1
04,460  
€
121.9billion  
€2.56  
dividend per share  
(b)  
in 2018  
1
30  
employees  
market capitalization  
on Euronext Paris  
countries  
$
13.6billion  
$
26.1billion  
$
15.6 billion  
$1.0 billion  
R&D costs  
adjusted net  
debt adjusted  
net investments  
income ꢁ Group share  
cash flow (DACF)  
>
8%  
12.2%  
return  
on equity (ROE)  
11.8%  
return on average  
capital employed  
(ROACE)  
15.5%  
growth in production  
of Exploration &  
Production  
gearing ratio  
(
(
a) For a definition of the various performance indicators, refer to point 1.4.1.2 of this chapter and to Note 3 to the Consolidated Financial Statements (point 8.7 of chapter 8).  
b) Subject to approval by the Shareholders’ Meeting on May 29, 2019.  
1
.1.2.2 Key figures by segment  
Exploration & Production  
Hydrocarbon production  
Hydrocarbon production  
by geographic area (kboe/d)  
2
018  
2017  
2,566  
1,167  
2016  
2,452  
1,088  
Combined production (kboe/d)  
Oil (including bitumen) (kb/d  
2,775  
1,378  
2
,775  
Europe and  
Central Asia  
2
,566  
2,452  
Gas (including Condensates  
and associated NGL) (kboe/d)  
909  
(a)  
Africa  
7
61  
1,397  
1,399  
1,364  
757  
Middle East  
and North  
Africa  
6
70  
6
54  
2
018  
2017  
2,566  
1,346  
6,662  
2016  
2,452  
1,271  
6,447  
634  
17  
Combined production (kboe/d)  
Liquids (kb/d)  
2,775  
1,566  
6,599  
6
66  
89  
559  
5
Americas  
348  
279  
265  
3
Asia-Pacific  
Gas (Mcf/d)  
1
41  
244  
2018  
2017  
2016  
(
a) Excluding North Africa.  
Hydrocarbon proved reserves(a)  
Hydrocarbon proved reserves(a)  
by geographic areas (Mboe)  
2
018  
2017  
2016  
Hydrocarbon reserves (Mboe)  
Oil (including bitumen) (Mb)  
12,050 11,475 11,518  
12,050  
Europe and  
Central Asia  
11,475  
11,518  
5,203  
4,615  
4,543  
Gas (including Condensates  
and associated NGL) (Mboe)  
(b)  
Africa  
4,431  
4,140  
4,126  
6,847  
6,860  
6,975  
Middle East  
and North  
Africa  
(
a) Proved reserves based on SEC rules (Brent at $71.43/b in 2018, $54.36/b in 2017 and  
1
,668  
$42.82/b in 2016).  
1,742  
2,687  
1,872  
,734  
2018  
2017  
2016  
3
,171  
2
Americas  
Hydrocarbon reserves (Mboe)  
Liquids (Mb)  
12,050 11,475 11,518  
6,049 5,450 5,414  
32,325 32,506 32,984  
1
,937  
1,963  
943  
1,804  
982  
Asia-Pacific  
8
43  
Gas (Mcf)  
2018  
2017  
2016  
(
(
a) Proved reserves based on SEC rules  
Brent at $71.43/b in 2018, $54.36/b in 2017 and $42.82/b in 2016).  
b) Excluding North Africa.  
(
Registration Document 2018 TOTAL  
7
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Presentation of the Group and its governance  
Gas, Renewables & Power  
Installed power capacities  
Managed LNG volumes (Mt)  
2018  
2017  
2016  
by gas or renewables(a) (GW)  
2018  
2017  
2016  
Managed LNG volumes  
21.8  
15.6  
12.9  
Installed power capacities  
by gas or renewables  
2.7  
0.9  
0.8  
(a) Group share.  
Refining & Chemicals and Marketing & Services  
Crude oil refining capacity(a) (kb/d)  
Refinery throughput(a) (kb/d)  
2,021  
2,021  
2,011  
1,965  
1,852  
1,827  
1,437  
1,454  
1,454  
Europe  
1,471  
1,365  
1,391  
Americas  
Europe  
Rest of the world  
2
02  
82  
202  
65  
202  
355  
Asia –  
Middle East  
– Africa  
3
487  
436  
494  
3
2018  
2017  
2016  
2018  
2017  
2016  
(
a) Capacity data based on crude distillation unit stream-day  
capacities under normal operating conditions, less the average  
impact of shutdowns for regular repair and maintenance activities.  
(a) Includes share of TotalErg (sold in 2018), as well as refineries  
in Africa that are reported in the Marketing & Services segment.  
Petrochemicals production capacity  
Petroleum product sales (kb/d)  
by geographic area as of December 31, 2018  
4,153  
4,183  
4,019  
Europe  
Africa  
Europe 10,277 kt  
1,984  
Americas 5,190 kt  
2
,086  
2,355  
Middle East  
Americas  
Asia –  
Middle East  
7
36  
(
a)  
5,860 kt  
615  
03  
61  
554  
5
139  
517  
51  
1
33  
2
8
27  
5
(a)  
Asia-Pacific  
6
21  
4
73  
(
b)  
2018  
2017  
2016  
(a) Including interests in Qatar, 50% of Hanwha Total Petrochemicals Co. Limited  
and 37.5% of SATORP in Saudi Arabia.  
(
(
a) Including Indian Ocean islands.  
b) 2017 data restated. Sales in Turkey, Libanon, Jordan and Israel were  
reclassified from Europe to the Middle East. Sales in Morocco, Algeria  
and Tunisia were reclassified from Europe to Africa.  
Marketing & Services petroleum product sales  
by geographic area (kb/d)  
1,801  
1,793  
1
,779  
Europe  
Africa  
1
,001  
1,049  
1,093  
Middle East  
4
43  
4
31  
419  
Americas  
4
1
4
5
55  
76  
1
1
17  
(a)  
8
1
Asia-Pacific  
99  
1
73  
150  
2018  
2017  
2016  
(
a) Including Indian Ocean islands.  
8
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
An ambition that goes hand in hand with sustainable growth: “become the responsible energy major”  
1
1
.1.2.3 Workforce  
Employees by segment(a)  
Employees by region(a)  
Exploration & Production 13.2%  
France 34.9%  
1
Gas, Renewables & Power 11.6%  
Rest of Europe 28.3%  
Refining & Chemicals 48.1%  
Trading & Shipping 0.6%  
Marketing & Services 24.0%  
Corporate 2.5%  
Rest of the world 36.8%  
(a) Refer to point 5.3 of chapter 5.  
(a) Refer to point 5.3 of chapter 5.  
Workforce as of December 31, 2018: 104,460.  
Workforce as of December 31, 2018: 104,460.  
1
.2 An ambition that goes hand in hand with  
sustainable growth: “become the responsible  
energy major”  
1.2.1 A collective ambition to meet the challenges facing the energy sector  
TOTAL is an integrated energy group and one of the world’s largest.  
Through its international presence and its activities, TOTAL’s goal is  
to make its development a vehicle of progress that benefits as many  
people as possible.  
This vocation is to be accomplished in a responsible manner and by  
working to make an effective contribution to the climate change  
challenge, in particular.  
Meeting the energy needs of a growing global population, providing  
tangible solutions to contribute limiting global warming, adapting to  
new patterns of energy production and consumption and changes  
to the expectations of customers and stakeholders constitute the  
challenges that a major energy player like TOTAL can help to tackle.  
The United Nations, which adopted in 2015 the 17 Sustainable  
Development Goals (SDGs) originally aimed for States, have called  
upon corporations’ contribution to collectively find solutions to  
sustainable development challenges. TOTAL has committed since  
2
016 to contributing to the SDGs and has endorsed the United  
To meet these challenges, TOTAL’s ambition is to become the  
responsible energy major by contributing to supply to as many people  
as possible a more affordable, more available and cleaner energy:  
(1)  
Nations’ recommendations and worked on better identifying the  
scope of its contribution to the SDGs.  
Through its activities, the Group is concerned by all of the SDGs.  
However, TOTAL has identified certain SDGs as those on which it  
can have the most significant contribution, such as decent work and  
human rights, climate change and access to energy.  
—
more affordable – as low-cost energy is essential to favor the  
economic development of billions of people who seek to improve  
their living conditions;  
—
—
more available – as people expect energy to be continuously  
available and accessible on a daily basis;  
Access to energy is a source of progress and the condition for  
economic and social development as well as for the improvement of  
the standard of living of people around the world. In most countries,  
and in the developing countries in particular, access to low-cost  
energy is thus a priority.  
cleaner – as the Group aims to both reduce the environmental  
footprint and the CO emissions of its operations, and to actively  
2
contribute to finding solutions to limit the impact of climate  
change, particularly by providing its customers with a mix of  
energy products whose carbon intensity is expected to decrease  
regularly.  
The Group’s vocation is to produce the energy that the world needs,  
and will need in the future, and to make it accessible to as many  
people as possible. This is a real challenge; close to one billion  
(2)  
individuals still have no access to electricity.  
1.2.2 A clear strategy for sustainable growth  
To fulfill this ambition, TOTAL implements a clear strategy that is  
based on four main priorities and that integrates the challenges of  
climate change:  
—
further develop the competitiveness of the large integrated  
refining and petrochemical platforms and expand sustainable  
biofuels and recycling activities;  
—
drive profitable and sustainable growth in Exploration  
&
—
increase the distribution of petroleum products, particularly in  
high-growing regions, and offer innovative solutions and services  
that meet the needs of customers above and beyond the supply  
of petroleum products; and  
Production activities, with priority given to the production of gas  
in particular of liquefied natural gas (the fossil fuel that emits the  
least amount of carbon dioxide) and constant concern on producing  
at a competitive cost by ensuring strict investment discipline;  
(
(
1) According to SDG Compass: Understanding the SDGs, defining priorities, setting goals, integrating, reporting and communicating.  
2) Source: Energy Access Outlook 2018 published by the International Energy Agency (IEA).  
Registration Document 2018 TOTAL  
9
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Advantages that allow the Group to stand out in a changing energy world  
—
expand along the full gas value chain by unlocking access to  
new markets and boost profitable growth in the low carbon  
electricity businesses, from production based on gas and  
renewable energies to electricity and gas distribution to end  
customers.  
In addition, TOTAL intends to promote a better use of natural  
resources by supporting the circular economy, and implement a  
program of actions, particularly in the following areas: waste  
management, new ranges of polymers, solarization of service  
stations, improved efficiency energy and purchasing.  
1
.3 Advantages that allow the Group to stand out  
in a changing energy world  
To become the responsible energy major and to help provide specific  
solutions to major challenges that are to come over the next decades,  
TOTAL can rely on several advantages: its strong identity and values,  
the know-how of employees committed to better energy, its integrated  
business model and its geographic presence.  
1.3.1 A long-standing energy player that draws on its strong identity  
Energy is rooted in TOTAL’s history.  
A producer of oil and gas for almost a century, the Group’s history  
started in 1924 with the creation of Compagnie française des Pétroles  
opened sites around the world by positioning itself in the gas, refining  
and petrochemical segments and the distribution of petroleum  
products, solar power, sustainable biofuels and electricity.  
(CFP), which began its oil production activities in the Middle East at  
this time. Over the years, the Group has diversified its activities and  
1
.3.1.1 Key dates in the Group’s history  
1
1
1
1
1
920  
Creation in Brussels by an Antwerp-based group of bankers and investors of Compagnie Financière belge des Pétroles, known as PetroFina  
Creation of Compagnie française des Pétroles (CFP) by Raymond Poincaré, French Prime Minister  
Initial discovery of the Kirkuk field in Iraq; the field’s reserves are considerable  
924  
927  
933  
939  
Commissioning of the Gonfreville refinery in Normandy (France) with an annual capacity of 900,000 t of crude oil  
Discovery in France of the Saint Marcet gas field by Centre de recherches de pétrole du Midi  
Creation of Régie Autonome des Pétroles (RAP), which later became the Elf Group  
1941  
1945  
1947  
1951  
1954  
1956  
1960  
1961  
1965  
1966  
1967  
1970  
1971  
Creation of Société nationale des pétroles d’Aquitaine (SNPA)  
Creation of Bureau de recherches de pétroles (BRP)  
Creation of Compagnie française de Distribution des Pétroles en Afrique  
Discovery of the Lacq gas field (France) by SNPA  
Launch of the TOTAL brand by CFP  
Discovery of the Edjeleh, Hassi R’Mel (gas) and Hassi Messaoud (oil) fields in the Algerian Sahara  
Construction of the Gonfreville steam cracker (France) to respond to the growing demand for plastic  
Discovery of the first offshore fields in Gabon; the Anguille field was the first one found  
TOTAL acquires Desmarais Frères, an important player in the distribution market  
Creation of Entreprise de recherches et d’activités pétrolières (ERAP) following the merger of BRP and RAP  
Launch of the ELF brand  
Elf takes control of Antar  
The Ekofisk field in the North Sea starts production  
Creation of GIE ATO, a joint-venture between SNPA and TOTAL in the chemicals industry  
1974  
1976  
1980  
1982  
1983  
Hutchinson-Mapa joins the Group  
Creation of Société nationale Elf Aquitaine (SNEA) following the merger of ERAP and SNPA  
Creation of Chloé Chimie, a joint-venture between Elf Aquitaine, CFP and Rhône Poulenc  
Drilling by CFP of the first deep-offshore well in the Mediterranean Sea  
Birth of the company Atochem, an SNEA subsidiary, following the merger of ATO Chimie, Chloé Chimie and a part of Péchiney Ugine Kuhlmann  
Opening of the first self-service station in France  
1985  
1994  
1996  
2000  
2001  
2003  
2006  
CFP becomes Total-CFP and then TOTAL in 1991  
Disposal by the French state of its majority stake in the capital of Elf Aquitaine  
Disposal by the French state of its remaining stake in the capital of Elf Aquitaine  
th  
Following the incorporation of Fina in 1999, TOTAL acquires Elf Aquitaine. The new Group is called TotalFinaElf and is the world’s 4 largest oil major  
The Girassol field on Block 17 in Angola starts production  
TotalFinaElf changes its name to TOTAL  
Spin-off of Arkema  
10  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Advantages that allow the Group to stand out in a changing energy world  
1
2011  
2016  
2017  
Investment in the solar energy segment with the acquisition of 60% of the US company, SunPower  
Acquisition of Saft Groupe, a battery manufacturer, and of Belgian company Lampiris, a supplier of green electricity and natural gas  
Announcement of the acquisition of Mærsk Oil & Gas A/S in a share and debt transaction  
Announcement of the acquisition of Engie’s LNG business  
2
018  
Acquisition of Direct Énergie, electricity producer and distributor  
1
1
.3.1.2 Five strong values at the heart of the Group  
Safety, Respect for Each Other, Pioneer Spirit, Stand Together and  
Performance-Minded represent, just as its history, the part of TOTAL’s  
identity shared by all employees. These values guide the daily actions  
and relations of the Group with its stakeholders.  
“These values describe and unite us. They are the levers on which we rely to achieve our ambition of becoming the responsible energy  
major.”  
Patrick Pouyanné, Chairman and Chief Executive Officer  
These five strong values also require all of TOTAL’s employees to act  
in an exemplary manner in priority in the following areas: safety,  
security, health, environment, integrity in all of its forms (particularly,  
the prevention of corruption, fraud and anti-competitive practices)  
and human rights.  
It is through strict adherence to these values and to this course of  
action that the Group intends to build strong and sustainable growth  
for itself and for all of its stakeholders, and thereby deliver on its  
commitment to better energy.  
1.3.2 Employees committed to better energy  
As of December 31, 2018  
over  
1
04,460  
35.1%  
women  
employees  
21.8%  
employees  
women Management  
Committee members  
1,800  
training courses  
available  
(head oꢀce and  
subsidiaries)  
over  
over  
5
2%  
316  
1
50  
international members  
on the subsidiaries’  
Management  
650  
active agreements  
(including 190 in France)  
signed with employee  
representatives  
nationalities  
represented  
industrial, commercial  
and support job-related  
skills within the Group  
Committees  
1
.3.2.1 Employee diversity, a competitive edge  
The Group is an image of its employees: diverse. The diversity of  
talents within TOTAL is crucial to its competitiveness, innovative  
capacity and attractiveness.  
Diversity is embodied, in particular, by the presence of 21.8% women  
members on the Management Committees (head office and  
subsidiaries), 52% international members on the subsidiaries’  
Management Committees and 24% international members on the  
head office Management Committees. In order to strengthen the  
representation of women in governing bodies, the Executive  
Committee set a goal in late 2018 to reach 20% of women members  
of Management Commitees of branches and large operational  
divisions. This reality attests to the Group’s desire to strengthen  
diversity in all its forms as a vector of innovation and progress. The  
Diversity policy is promoted by the Diversity Council, which is chaired  
by a member of the Group’s Executive Committee.  
With over 150 nationalities represented, a presence in over  
1
30 countries, and more than 650 business-related competencies,  
the Group is a global player. Women make up 35.1% of the workforce  
and 27.7% of managers. A wide range of opinions and backgrounds  
enable innovative solutions and new opportunities to arise.  
Such diversity is an essential asset for the Group. The capacity of  
the Group’s employees to mobilize themselves and act in an  
entrepreneurial spirit is vital. It enables ambitious projects to be  
completed and offers everyone the opportunity to give meaning to  
their work and grow professionally.  
“Women and men are at the heart of our collective project. Our employees – in all corners of the planet and thanks to their individual  
commitment – are the energy that drives our Group forward. This diversity is an invaluable asset that makes it possible to accomplish  
ambitious projects.”  
Namita Shah, President, People & Social Responsibility  
Registration Document 2018 TOTAL  
11  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Advantages that allow the Group to stand out in a changing energy world  
1
.3.2.2 Employee commitment is essential to the success of the Company project  
The Group addresses its challenges thanks to the commitment of its  
employees. It is for this reason that the Group strives to ensure that  
the most demanding safety, ethics and integrity, management and  
social performance practices are implemented wherever it operates.  
The aim of this process is to create the conditions that enable  
everyone to fulfill his or her potential and TOTAL to pursue its  
development.  
guarantees for the Group’s employees a high level of commitment  
to social matters in countries where the Group operates. The goal is  
to maintain the partnership and renegotiate this agreement for 2019  
and beyond. The Group had 316 active agreements (including 190 in  
France) with employee representatives in place at the end of 2018.  
TOTAL encourages a managerial policy that favors commitment,  
accountability and performance evaluation and is built on promoting  
functional and geographic mobility and training to ensure each  
person’s skills development and employability (76% of employees  
within the scope of the WHRS( took at least one on site training  
course in 2018).  
TOTAL has adopted a proactive approach by subscribing to the  
principles of numerous national and international agreements that  
fight against all forms of discrimination and by striving to ensure the  
safety and security of its employees and the respect of their  
fundamental rights. The Group has a long-standing commitment to  
promoting equal opportunity and diversity, which constitute, for  
everyone, a source of development where only expertise and talent  
count. In 2018, the Group decided to sign the Global Business and  
Disability Network Charter of the International Labour Organization  
1)  
The technical and commercial know-how of employees and their  
ability to manage large projects underpin the Group’s operational  
excellence and are essential for the Group’s development. It is thanks  
to the recognized expertise of its employees that TOTAL is able to  
form partnerships of trust with the world’s main producing and  
consuming nations in the most demanding areas, such as deep  
offshore, liquefied natural gas (LNG), low carbon energy, refining and  
petrochemicals, which are also areas in which the Group has  
developed some of the most high-performance platforms. It is for  
this reason that all employees, regardless of their function, are  
encouraged to build on their expertise and competencies by  
accessing a wide range of trainings.  
(ILO) and is gradually implementing these principles in its subsidiaries.  
The Group is also committed to social dialogue, which is one of the  
vectors used to modernize companies. Among the numerous  
stakeholders with which TOTAL maintains regular dialogue, the  
Group’s employees and their representatives have a privileged  
position and role.  
This approach is illustrated by several commitments made by the  
Group, such as its adhesion on December 21, 2017, to the Global  
Deal initiative, alongside some 60 partners, states, trade unions,  
companies and international organizations. This international  
multi-party initiative aims at fighting against inequalities, encouraging  
social dialogue and promoting fairer globalization. It states that social  
dialogue, collective bargaining and trade-union freedom play an  
essential role in the fulfillment of the Sustainable Development Goals  
In order to improve the Group’s social performance, the expectations  
of employees are regularly listened to and discussed. Examples  
include the Total Survey, which compiles the views and suggestions  
for improvement of tens of thousands of employees every two years.  
Initiatives that have allowed employees to participate in building the  
“One Total” Company project since 2016 are initiated.  
This approach testifies to the Group’s desire to entrench a continuous  
improvement process that benefits everyone. For more information,  
refer to point 5.3 of chapter 5.  
(
SDGs 8, 10 and 17) of the United Nations. Similarly, the signing of a  
global agreement with the trade union federation IndustriALL in 2015  
1.3.3 The strength of the Group’s integrated business model  
1
.3.3.1 A resilient integrated business model  
Oil and gas are commodities that are traded on markets that are  
known for their volatility. To manage this constraint as well as possible,  
TOTAL opted for an integrated business model with activities  
throughout the oil and gas value chain. It extends from exploration  
and production, refining, liquefaction, petrochemicals and trading to,  
finally, the distribution of products to the end customer.  
This business model enables the Company to benefit from synergies  
between different activities and from price volatility. It also enables  
the Company to manage the bottom of the cycle better and capture  
margin when the market improves. Thanks to an integrated business  
model, the Group’s Upstream activities, which are more dependent  
on the price of oil, can complement its Downstream activities,  
which – at the bottom of the cycle – enable the Group to benefit from  
added value untapped by the Upstream part of the business.  
“It is thanks to the effectiveness of our integrated business model for the oil chain that we were able to withstand high oil price volatility.  
And it is the same model that we apply to gas and renewable energies, both intended for the generation of electricity.”  
Patrick Pouyanné, Chairman and Chief Executive Officer  
(1) The Worldwide Human Resources Survey (WHRS) is an annual survey which comprises approximately 211 indicators. Refer to point 5.11.2 of chapter 5.  
12  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Advantages that allow the Group to stand out in a changing energy world  
1
1
1
.3.3.2 A relevant, integrated business model under development on the gas-renewables-electricity chain  
In the coming years, according to the IEA, the growth in demand for  
Preference will be given to three main priorities:  
electricity is expected to outstrip global demand for energy. In light  
of the digitization of the economy, the mobility revolution, and  
decentralized generation, many products and services are going to  
be “electrified” while, at the same time, a growing share of the world’s  
population will benefit from access to electricity.  
—
—
—
integration on the gas chain from production to liquefaction and  
distribution;  
the generation of electricity using gas or renewable energies and  
its storage; and  
the trading and the sale of gas or electricity as the producer, or  
not.  
To fulfill its ambition, the Group intends to apply this integrated  
business model to the electricity chain, from the production of low  
carbon energy to the generation of electricity.  
1.3.4 Geographic presence: key to the Group’s future growth  
It is thanks to its pioneer spirit and sense of solidarity that TOTAL has  
become a worldwide oil and gas major and that it has forged  
partnerships of trust with its host countries. Remaining loyal to these  
principles means being continuously open to forming new alliances,  
key to the Group’s development, and creating new opportunities in  
the energy sector despite geopolitical uncertainty.  
It is thanks to a strong and lasting geographic presence that the  
Group will be able to meet its goal of becoming a recognized partner  
in the sustainable economic and social development of the  
communities and regions in which it operates for the creation of  
shared value.  
1
.3.4.1 From one history to one ambition  
—
Africa: TOTAL is the largest integrated major notably thanks to  
the volume of hydrocarbon production and the number of  
The Group is present in over 130 countries and on five continents.  
There are three geographic regions in particular that represent the  
historical foundations of TOTAL’s strategy and today stand out thanks  
to the quality of the on-site teams and solid partnerships forged over  
time:  
Group-branded service stations on the African continent(  
1)  
.
TOTAL generates electricity from renewable sources. The Group  
intends to remain the continent’s partner of choice and to  
contribute to its economic and social development through the  
creation of shared value.  
—
Europe: The core of the Group’s knowledge. Europe is home to  
the Group’s decision-making center; it is the hub of its research  
and innovation work and constitutes a strong industrial base;  
Today, new regions which are vital for the Group have appeared,  
particularly the Americas, which represent strong growth  
opportunity for all of the Group’s businesses, Asia, in order to benefit  
from this market’s high rate of growth, and Russia, where TOTAL is  
working on major industrial projects and maintains a special and  
long-term relationship with local industrial players.  
a
—
Middle East: the Group began its production activities in this  
region and is recognized in the Middle East as a partner of choice  
among producing nations and their national oil companies. The  
aim of the Group is to develop its activities in all business lines in  
this region, even when geopolitical tension rises;  
(1) Source: Company data.  
Registration Document 2018 TOTAL  
13  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Advantages that allow the Group to stand out in a changing energy world  
1
.3.4.2 Managing geopolitical uncertainty  
3.1.9.1 of chapter 3). The Group, if necessary, stops its activities in  
countries that become too risky (such as Yemen and Syria).  
The world is confronted by political and geopolitical uncertainty  
characterized by tension connected to conflict and war in countries  
such as Syria, Iraq, Yemen and Libya. It is exacerbated by  
international terrorism.  
Loyalty to its partners, particularly during such kind of situations, is  
also a strong characteristic of the Group.  
TOTAL’s activities, wherever they are, are carried out in strict  
adherence to applicable laws and the Group’s Code of Conduct and  
within the framework of compliance and risk management procedures.  
In this context, TOTAL intends to develop its activities by putting its  
competencies to the benefit of each of the countries where it  
operates, by complying with applicable laws and international  
economic sanctions where imposed. The Group also ensures that  
the capital invested in the most sensitive countries remains at a level  
limiting its exposure in each of them.  
By continuing to invest and to supply energy, the Group helps to  
maintain conditions that favor the economic development of these  
regions.  
For more information on risk factors, internal control and risk  
management procedures and reasonable vigilance measures  
implemented by the Group, refer to points 3.1, 3.3 and 3.5 of  
chapter 3.  
This is the approach TOTAL intends to pursue and which was  
materialized following its decision to carry on investing in Russia while  
complying with the economic sanctions imposed by the United States  
and Europe, or by its decision to stop its operational activities in Iran  
following the re-imposition of U.S. secondary sanctions (refer to point  
“During these troubled times, our industry can and must be a stabilizing factor.”  
Patrick Pouyanné, Chairman and Chief Executive Officer  
1
.3.4.3 A local socio-economic development partner  
In order for its corporate citizenship initiatives to have a greater  
impact, four areas of focus have been defined as part of the Total  
Foundation program driven by the Fondation d’entreprise Total in  
France and supported by the Group:  
Safety, integrity, respect for human rights, and societal and  
environmental responsibility are principles and values that form part  
of the Group’s operating processes. If TOTAL is able to build and  
develop partnerships throughout the world, it is also because it has  
incorporated a local value creation process into its development  
model. This process is systematic, professional and a major  
competitive advantage.  
—
—
road safety: committed to safer mobility;  
forests and climate: committed to a more beneficial environment  
for humans;  
—
—
education and integration of young people: committed to  
empowering young people in socially vulnerable situations; and  
Based on dialogue with the local population and public and private  
players, this process is used to identify development priorities and  
create synergies. The Group intends to apply this approach over the  
long term to ensure that its major projects create shared prosperity.  
dialogue on cultures and heritage: committed to cultural  
openness and appreciation of heritage.  
Beyond the societal initiatives that are directly related to the Group’s  
industrial and commercial activities, TOTAL is commited to general  
interest measures in the countries where it operates. In the face of  
growing inequality and environmental challenges, the Group intends  
to strengthen its public interest initiatives and has implemented a  
new civic commitment policy in line with its history, its values and its  
businesses. It wishes to act in a way that ensures the vitality and  
sustainability of the territories in which the Group is present by  
favouring actions that benefit young people first.  
Since the end of 2018, the Group has launched Action!, the Group’s  
Employee Volunteering Program, through which TOTAL gives its  
employees the time and means to get involved and contribute to the  
development of the areas where the Group is present. It thus allows  
employees, on a voluntary basis, the possibility to support, up to  
three days per year during their working time, or outside of it, local  
solidarity projects within the scope of the Total Foundation program.  
14  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Solid results thanks to the integrated business model and strict discipline  
1
1
.4 Strong results driven by strong hydrocarbon  
production growth and discipline on spend  
1
1.4.1 2018 results  
1
.4.1.1 Outlook for the 2018 fiscal year  
The Group is continuing to expand along the value chain of integrated  
gas and low-carbon electricity. With its acquisition of Engie’s LNG  
assets TOTAL is the second largest publicly-traded player in the LNG  
business, and its position will be strengthened with the 2019 start-up  
of the Cameron LNG project. In addition, the Group accelerated its  
growth in low-carbon electricity, notably with the acquisition of Direct  
Énergie.  
Benefiting from the rise of oil prices to $71/b on average in 2018  
compared to $54/b in 2017, while remaining volatile, the Group  
reported adjusted net income of $13.6 billion in 2018, an increase of  
2
8%, a return on average capital employed close to 12%, the highest  
among the majors, and a pre-dividend breakeven below 30 $/b.  
These excellent results reflect the strong growth of more than 8% for  
the Group’s hydrocarbon production, which reached a record level  
of 2.8 Mboe/d in 2018 and led to a 71% increase in Exploration &  
Production’s adjusted net operating income. The year was highlighted  
by the start-up of Ichthys in Australia, Yamal LNG in Russia,  
deep-water projects Kaombo Norte in Angola and Egina in Nigeria,  
as well as the counter-cyclical acquisitions of Maersk Oil and new  
offshore licenses in the United Arab Emirates.  
In an environment of lower European refining margins, the Downstream  
relied on the availability of its units and the diversity of its portfolio to  
generate $6.5 billion of cash flow and profitability of more than 25%.  
The Group is continuing to implement its strategy for growth in  
petrochemicals by launching projects in the United States, Saudi  
Arabia, South Korea and Algeria. TOTAL has also continued to  
expand Marketing & Services in fast-growing areas, notably in  
Mexico, Brazil and Angola.  
In addition, the Group maintained its financial discipline. Net  
investments were $15.6 billion in 2018, in line with its objective, and  
Conforming to the shareholder return policy announced in February  
2
018, the Group increased the 2018 dividend by 3.2% and bought  
$
4.2 billion in cost reduction was achieved. Debt-adjusted cash flow  
back $1.5 billion of its shares in 2018. Given the solid financial  
position, which is benefiting from growing cash flow, the Board of  
Directors confirmed the shareholder return policy for 2019. It plans  
to increase the interim dividend by 3.1% to 0.66 euro per share, end  
the scrip dividend option following the general assembly, and continue  
the share buyback policy in the amount of $1.5 billion in a 60 $/b  
environment.  
(1)  
(DACF) was $26 billion in 2018, driven largely by the 31% increase  
in cash flow from Exploration & Production. The Group’s balance  
sheet was solid with a gearing ratio of 15.5%, below the target limit  
of 20%.  
“An ajusted net income of $13.6 billion, with oil prices averaging $71, is better than in 2014, when it had reached $99. These excellent  
results reflect the strong growth of more than 8% for the Group’s hydrocarbon production, and our financial discipline.”  
Patrick de La Chevardière, Chief Financial Officer  
(1) DACF = debt adjusted cash flow which is defined as cash flow from operating activities, at replacement cost, before changes and financial charges.  
Registration Document 2018 TOTAL  
15  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Solid results thanks to the integrated business model and strict discipline  
1
.4.1.2 Group 2018 results  
Consolidated data in millions of dollars, except for earnings per share, dividends, number of shares and percentages.  
(
M$)  
2018  
15,997  
11,446  
13,559  
2,624  
2017  
11,936  
8,631  
2016  
9,410  
6,196  
8,287  
2,390  
3.38  
Adjusted net operating income from business segments(a)  
Net income (Group share)  
Adjusted net income (Group share)(a)  
Fully diluted weighted-average shares (millions)  
Adjusted fully-diluted earnings per share (dollars) (a) (b)  
Dividend per share (euros) (c)  
10,578  
2,495  
5.05  
4.12  
2.56  
2.48  
2.45  
Gearing ratio(d) (as of December 31)  
Return on average capital employed (ROACE)(e)  
Return on equity (ROE)  
15.5%  
11.8%  
12.2%  
22,185  
7,239  
11.9%  
9.4%  
21.1%  
7.5%  
10.1%  
16,896  
5,264  
8.7%  
Gross investments(f)  
20,530  
2,877  
17,757  
17,484  
16,988  
17,581  
16,521  
Divestments(g)  
Net investments(h)  
15,568  
12,426  
24,529  
26,067  
24,703  
11,636  
14,395  
21,135  
22,183  
22,319  
Organic investments(i)  
Operating cash flow before working capital changes(j)  
Operating cash flow before working capital changes w/o financial charges (DACF)(k)  
Cash flow from operations  
(a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value (refer to Note 3 to the Consolidated Financial  
Statements, point 8.7 of chapter 8).  
(b) Based on fully diluted weighted-average number of common shares outstanding during the fiscal year. In accordance with IFRS norms, adjusted fully diluted earnings per share is calculated  
from the adjusted net income less the perpetual subordinated bond.  
(
(
(
(
(
(
(
(
c) 2018 dividend subject to approval at the Annual Shareholders’ Meeting on May 29, 2019.  
d) Net Debt/(Net debt + shareholders equity Group share + Non-controlling interests).  
e) Based on adjusted net operating income and average capital employed at replacement cost (refer to Note 3 to the Consolidated Financial Statements, point 8.7 of chapter 8).  
f) Including acquisitions and increases in non-current loans.  
g) Including divestments and reimbursements of non-current loans.  
h) Net investments = gross investments – divestments – repayment of non-current loans – other operations with non-controlling interests.  
i) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.  
j) Operating cash flow before working capital changes is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect  
is explained in Note 3 of the Consolidated Financial Statements (refer to point 8.7 of chapter 8).  
(k) DACF = debt adjusted cash flow. Cash flow from operating activities before changes and financial charges.  
Market environment  
2018  
1.18  
71.3  
32.3  
2017  
1.13  
54.2  
40.9  
2016  
1.11  
43.7  
34.1  
Exchange rate €-$  
Brent ($/b)  
European refinery margin indicator (ERMI)(a) ($/t)  
(
a) The ERMI (European Refining Margin Indicator) is a Group indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in  
Northern Europe (for additional information, refer to the glossary).  
Adjustments items to net income(a) (Group share) (M$)  
Special items affecting net income (Group share)  
Gain (loss) on asset sales  
2018  
(1,731)  
(16)  
2017  
(2,213)  
2,452  
(66)  
2016  
(2,567)  
267  
Restructuring charges  
(138)  
(1,595)  
18  
(32)  
Impairments  
(3,884)  
(715)  
(2,097)  
(705)  
(3)  
Other items  
Effect of changes in fair value  
38  
(16)  
After-tax inventory effect FIFO vs. replacement cost  
TOTAL ADJUSTMENTS AFFECTING NET INCOME (GROUP SHARE)  
(420)  
(2,113)  
282  
479  
(1,947)  
(2,091)  
(a) For details on adjustments to operational income, refer to Note 3C of the Consolidated Financial Statements (point 8.7 of chapter 8).  
Adjusted net operating income from the business segments  
Adjusted net income (Group share)  
The adjusted net operating income from the business segments was  
Adjusted net income was $13,559 million in 2018, an increase of  
28% compared to 2017. The increase was mainly the result of a  
strong increase in the contribution from Exploration & Production.  
$
15,997 million for the full-year 2018, an increase of 34% over one  
year, mainly due to the 71% increase in the contribution from  
Exploration & Production which fully benefited from the increase in  
hydrocarbons prices and the strong production growth.  
16  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Solid results thanks to the integrated business model and strict discipline  
1
Adjusted net income excludes the after-tax inventory effect, special  
the Martin Linge and Visund fields in Norway, an interest in Fort Hills  
in Canada, SunPower’s sale of its interest in 8point3, the marketing  
activities of TotalErg in Italy, the Marketing & Services network in  
Haiti, and the contribution of the Bayport polyethylene unit in the  
United States to the joint venture formed with Borealis and Nova in  
which TOTAL holds 50%.  
(1)  
items and the impact of changes in fair value  
.
The effective tax rate for the Group was 38.7% in 2018, compared  
to 31.1% in 2017, mainly due to the higher tax effective rate for the  
Exploration & Production segment in relation to higher hydrocarbon  
prices and the larger share of Exploration & Production in the Group’s  
annual results.  
1
Acquisitions completed were $8,314 million in 2018, mainly  
comprised of the extension of licenses in Nigeria and the acquisition  
of a network of service stations in Brazil, as well as notably the  
acquisitions of Direct Énergie, Engie’s LNG business, the increase in  
the share of Novatek to 19.4%, interests in the Iara and Lapa fields in  
Brazil, two new 40-year offshore concessions in Abu Dhabi and the  
acquisition of offshore assets from Cobalt in the Gulf of Mexico.  
Divestments – Acquisitions  
Assets sales completed were $5,172 million in 2018, essentially  
comprised of the sale of a 4% interest in the Ichthys project in  
Australia and the sale of the Group’s share of the LNG re-gas terminal  
at Dunkirk, as well as the sale of Joslyn in Canada, Rabi in Gabon,  
Profitability  
Return on equity for the twelve months ended December 31, 2018 was 12.2%, an increase compared to 2017.  
January 1, 2018  
January 1, 2017  
(M$)  
December 31, 2018  
December 31, 2017  
Adjusted net income  
13,964  
114,183  
12.2%  
10,762  
106,078  
10.1%  
Average adjusted shareholders’ equity  
Return on equity (ROE)  
Return on average capital employed increased to 11.8% in 2018 from 9.4% in 2017.  
January 1, 2018  
January 1, 2017  
(M$)  
December 31, 2018  
December 31, 2017  
Adjusted net operating income  
15,691  
133,123  
11.8%  
11,958  
127,575  
9.4%  
Average capital employed  
Return on average capital employed(a) (ROACE)  
(a) Based on adjusted net operating income and average capital employed at replacement cost (refer to Note 3 to the Consolidated Financial Statements, point 8.7 of chapter 8).  
1
.4.1.3 Exploration & Production segment results  
Environment ꢁ liquids and gas price realizations(a)  
Brent ($/b)  
2018  
71.3  
64.2  
4.78  
51.0  
2017  
54.2  
50.2  
4.08  
38.7  
2016  
43.7  
40.3  
3.56  
31.9  
Average liquids price ($/b)  
Average gas price ($/Mbtu)  
Average hydrocarbon price ($/boe)  
(a) Consolidated subsidiaries, excluding fixed margins.  
In 2018, market conditions were more favorable than in 2017. The average realized price of liquids increased by 28% and the average realized  
gas price by 17%.  
Hydrocarbon production  
2
018  
2017  
2,566  
1,167  
1,398  
2016  
2,452  
1,088  
1,364  
Combined production (kboe/d)  
2,775  
1,378  
1,397  
Oil (including bitumen) (kb/d)  
Gas (including condensates and associated LPG) (kboe/d)  
2
018  
2017  
2,566  
1,346  
6,662  
2016  
2,452  
1,271  
6,447  
Combined production (kboe/d)  
Liquids (kb/d)  
2,775  
1,566  
6,599  
Gas (Mcf/d)  
(1) For details on adjustments to operational income, refer to Note 3C of the Consolidated Financial Statements (point 8.7 of chapter 8).  
Registration Document 2018 TOTAL  
17  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Solid results thanks to the integrated business model and strict discipline  
In 2018, hydrocarbon production was 2,775 kboe/d, an increase of  
more than 8% compared to last year, due to:  
—
—
+3% portfolio effect, mainly the addition of Mærsk Oil, Al Shaheen  
in Qatar, Waha in Libya, Lapa and Iara in Brazil as well as the  
acquisition of an additional 0.5% of Novatek, were partially offset  
by the expiration of the Mahakam permit at the end of 2017 and  
the sales of Visund in Norway and Rabi in Gabon;  
—
+9% for start-ups and ramp-ups on new projects, notably Yamal  
LNG, Moho Nord, Fort Hills, Kashagan, Kaombo Norte and  
Ichthys;  
-4% for natural field declines and PSC price effect.  
Results (M$)  
2018  
10,210  
15,282  
4,952  
2017  
5,985  
2016  
3,217  
Adjusted net operating income(a)  
Gross investments(b)  
Divestments(c)  
12,802  
1,918  
16,085  
2,187  
Organic investments(d)  
9,186  
11,310  
14,753  
12,821  
14,464  
10,592  
9,866  
Operating cash flow before working capital changes w/o financial charges (DACF)(e)  
Cash flow from operations(f)  
19,374  
19,803  
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. (refer to Note 3 to the Consolidated Financial  
Statements, point 8.7 of chapter 8).  
(
(
(
(
(
b) Including acquisitions and increases in non-current loans.  
c) Including divestments and reimbursements of non-current loans.  
d) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests.  
e) DACF = debt adjusted cash flow. Cash flow from operating activities before changes in working capital at replacement cost, without financial charges.  
f) Excluding financial charges.  
In 2018, the Exploration & Production segment’s operating cash flow  
before working capital changes without financial charges was  
71% compared to 2017, for the same reasons and despite an  
increase in the tax rate in line with the increase in hydrocarbon prices.  
$
19,374 million, an increase of 31% year-on-year. The Group  
Technical costs for the consolidated subsidiaries, calculated in  
accordance with ASC932( standards, continued decreasing to  
benefited fully from the increase in hydrocarbon prices and strong  
production growth.  
1)  
1
8.9 $/boe in 2018, including 5.7 $/boe of operational costs,  
The Exploration & Production segment’s adjusted net operating  
income was $10,210 million for the full-year 2018, an increase of  
compared to 19.5 $/boe in 2017.  
1
.4.1.4 Gas, Renewables & Power segment results  
Results (M$)  
2018  
2017  
485  
797  
73  
2016  
439  
Adjusted net operating income(a)  
756  
3,539  
931  
Gross investments(b)  
1,221  
166  
Divestments(c)  
Organic investments(d)  
511  
353  
294  
1,055  
270  
Operating cash flow before working capital changes w/o financial charges (DACF)(e)  
Cash flow from operations(f)  
513  
176  
(670)  
589  
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. (refer to Note 3 to the Consolidated Financial  
Statements, point 8.7 of chapter 8).  
(
(
(
(
(
b) Including acquisitions and increases in non-current loans.  
c) Including divestments and reimbursements of non-current loans.  
d) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests.  
e) DACF = debt adjusted cash flow. Cash flow from operating activities before changes in working capital at replacement cost, without financial charges.  
f) Excluding financial charges.  
Adjusted net operating income for the Gas, Renewables & Power  
segment was $756 million in 2018, notably thanks to the good  
performance of LNG and gas/power trading activities. The  
acquisitions of Direct Énergie and the LNG business of Engie account  
for the increase in investments to $3.5 billion in 2018. The increase in  
working capital related to the consolidation of the acquisitions of  
Direct Énergie and the LNG business of Engie was mainly responsible  
for the negative cash flow from operations in 2018.  
(1) FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.  
18  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Solid results thanks to the integrated business model and strict discipline  
1
1
.4.1.5 Refining & Chemicals segment results  
Operational data(a)  
2018  
2017  
2016  
Total refinery throughput (kb/d)  
1,852  
1,827  
1,965  
(
a) Includes shares in TotalErg as well as refineries in Africa that are reported in the Marketing & Services segment.  
1
Refinery throughput was stable in 2018 compared to 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp  
during the second quarter, was offset by higher throughput outside Europe.  
Results (M$)  
2018  
3,379  
1,781  
919  
2017  
3,790  
1,734  
2,820  
1,625  
4,728  
7,411  
2016  
4,195  
1,861  
88  
Adjusted net operating income(a)  
Gross investments(b)  
Divestments(c)  
Organic investments(d)  
1,604  
4,388  
4,308  
1,642  
4,873  
4,584  
Operating cash flow before working capital changes w/o financial charges (DACF)(e)  
Cash flow from operations(f)  
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. (refer to Note 3 to the Consolidated Financial  
Statements, point 8.7 of chapter 8).  
(
(
(
(
(
b) Including acquisitions and increases in non-current loans.  
c) Including divestments and reimbursements of non-current loans.  
d) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests.  
e) DACF = debt adjusted cash flow. Cash flow from operating activities before changes in working capital at replacement cost, without financial charges.  
f) Excluding financial charges.  
The European Refining Margin Indicator (ERMI) for the Group  
decreased by 21% to 32.3 $/t in 2018, mainly due to rising crude oil  
prices. The petrochemicals environment remained favorable in 2018  
although margins in Europe were lower than last year, affected by  
the higher price of raw materials.  
In this context, Refining & Chemicals adjusted net operating income  
was resilient at $3,379 million in 2018, a decrease of 11% compared  
to the previous year.  
1
.4.1.6 Marketing & Services segment results  
Operational data(a)  
2018  
2017  
2016  
Refined products sales (kb/d)  
1,801  
1,779  
1,793  
(a) Excludes international trading and bulk Refining sales, includes share of TotalErg.  
Petroleum product sales increased by 1% in 2018 compared to 2017. The sale of TotalErg in Italy was offset by higher sales in the rest of the  
world.  
Results (M$)  
2018  
1,652  
1,458  
428  
2017  
1,676  
1,457  
413  
2016  
1,559  
1,245  
424  
Adjusted net operating income(a)  
Gross investments(b)  
Divestments(c)  
Organic investments(d)  
1,010  
2,156  
2,759  
1,019  
2,242  
2,221  
1,003  
1,966  
1,833  
Operating cash flow before working capital changes w/o financial charges (DACF)(e)  
Cash flow from operations(f)  
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. (refer to Note 3 to the Consolidated Financial  
Statements, point 8.7 of chapter 8).  
(
(
(
(
(
b) Including acquisitions and increases in non-current loans.  
c) Including divestments and reimbursements of non-current loans.  
d) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests.  
e) DACF = debt adjusted cash flow. Cash flow from operating activities before changes in working capital at replacement cost, without financial charges.  
f) Excluding financial charges.  
Marketing & Services adjusted net operating income was stable in 2018 at $1,652 million.  
Registration Document 2018 TOTAL  
19  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Solid results thanks to the integrated business model and strict discipline  
1
.4.1.7 TOTAL S.A. 2017 results  
1.4.1.9 Shareholder return policy  
Net income for TOTAL S.A., the parent company, was €5,485 million  
in 2018 compared to €6,634 million in 2017.  
Given the solid financial position, the Board of Directors, at its meeting  
on February 6, 2019, confirmed for 2019, the shareholder return  
policy announced in February 2018 and plans the following measures:  
1
.4.1.8 Proposed dividend  
—
distribution of interim dividends for fiscal year 2019 of €0.66 per  
share, increased by 3.1% compared to the interim dividends for  
fiscal year 2018, and a full-year 2019 dividend of €2.64 per  
share, to be proposed to the Shareholders’ Meeting;  
The Board of Directors met on February 6, 2019 and decided to  
propose to the Combined Shareholders’ Meeting, which will be held  
on May 29, 2019, an annual dividend of €2.56/share for 2018, a  
3
.2% increase compared to 2017 conforming to the shareholder  
—
—
buyback of all shares issued in 2019 for the payment of the 2018  
interim dividends;  
return policy announced in February 2018.  
In the context of the solid financial position of the Group, the Board  
of Directors also decided not to propose to the Combined  
Shareholders’ Meeting which will be held on May 29, 2019, the  
renewal of the scrip dividend option.  
buyback of shares, in a $60/b Brent environment, of $1.5 billion  
for 2019 as part of the $5 billion buyback program over the  
period 2018-2020.  
The Board of Directors will thus propose to the General Meeting,  
which will be held on May 29, 2019, to approve the final dividend  
payment, exclusively in cash, for the 2018 fiscal year as well as for  
the interim dividends that the Board of Directors may decide for the  
2019 fiscal year.  
1.4.2 Liquidity and capital resources  
1
.4.2.1 Long-term and short-term capital  
Long-term capital as of December 31, (M$)  
Shareholders’ equity  
2018  
118,114  
40,129  
(680)  
2017  
114,037  
41,340  
(679)  
2016  
101,574  
43,067  
(908)  
Non-current financial debt  
Hedging instruments of non-current debt  
TOTAL NET NON-CURRENT CAPITAL  
157,563  
154,698  
143,733  
Short-term capital as of December 31, (M$)  
Current financial debt  
2018  
13,306  
(3,176)  
10,130  
(27,907)  
2017  
11,096  
(3,148)  
7,948  
2016  
13,920  
(4,221)  
9,699  
Net current financial assets  
NET CURRENT FINANCIAL DEBT  
Cash and cash equivalents  
(33,185)  
(24,597)  
1
.4.2.2 Cash flow  
(
M$)  
2018  
24,703  
(22,185)  
7,239  
2017  
22,319  
(16,896)  
5,264  
(4)  
2016  
16,521  
(20,530)  
2,877  
(104)  
Cash flow from operations  
Gross investments  
Total divestments  
Other operations with non-controlling interests  
NET CASH FLOW(a)  
(622)  
9,135  
10,683  
(2,784)  
0
(1,236)  
(2,754)  
0
Dividends paid  
(5,010)  
(4,328)  
15.5%  
Share buybacks  
Net-debt-to-capital ratio at December 31(b)  
11.9%  
21.1%  
(
(
a) Net cash flow = cash flow from operating activities before working capital changes at replacement cost – net investments (including other transactions with non-controlling interests).  
b) Net debt/(Net debt + shareholders equity Group share + Non-controlling interests).  
20  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Solid results thanks to the integrated business model and strict discipline  
1
The Group’s net cash flow after working capital changes was  
9,135 million in 2018 compared to $10,683 million in 2017. This  
An overall authorized credit limit is set for each bank and is allocated  
among the subsidiaries and the Group’s central treasury entities  
according to their needs.  
$
variation is mainly due to the increase in cash flow from operations  
driven by the rise in hydrocarbon prices, the strong hydrocarbon  
production growth in the Exploration & Production’s segment offset  
by the increase in investments, net of divestments, in 2018 compared  
to 2017. The Group confirmed its financial strength with a gearing  
ratio of 15.5% at the end of 2018.  
To reduce the market valuation risk on its commitments, in particular  
for swaps put in place on the back of bond issues, the Group also  
entered into margin call contracts with its counterparties. In addition,  
since December 21, 2018, pursuant to Regulation (EU) No. 648/2012  
on OTC derivatives, central counterparties and trade repositories  
1
(
EMIR), some of the interest rate swaps entered into by the Group  
1
.4.2.3 Borrowing requirements  
and funding structure  
are now being centrally cleared.  
The Group’s policy consists of incurring long-term debt at a floating  
rate or at a fixed rate depending on the Group’s general corporate  
needs and interest rates. Debt is incurred mainly in dollars or euros.  
Long-term interest rate and currency swaps may be used to hedge  
bonds at their issuance in order to create a variable or fixed rate  
synthetic debt. In order to partially modify the interest rate structure  
of the long-term debt, TOTAL may also enter into long-term interest  
rate swaps.  
1.4.2.4 External financing available  
As of December 31, 2018, the aggregate amount of the major  
committed credit facilities granted by international banks to the  
Group’s companies (including TOTAL S.A.) was $13,191 million  
(
$
compared to $12,323 million on December 31, 2017), of which  
12,599 million were unused (compared to $12,205 million unused  
on December 31, 2017).  
TOTAL S.A. has committed credit facilities granted by international  
banks allowing it to benefit from significant liquidity reserves. As of  
December 31, 2018, these credit facilities amounted to $11,515 million  
The non-current financial debt is generally raised by the corporate  
treasury entities either directly in dollars or euros, or in other  
currencies which are then exchanged for dollars or euros through  
currency swaps at issuance, depending on general corporate needs.  
(
$
compared to $11,478 million on December 31, 2017), of which  
11,515 million were unused (compared to $11,478 million unused  
As of December 31, 2018, the Group’s long-term financial debt, after  
taking into account the effect of currency and interest rate swaps,  
was 97% in dollars and 54% at floating rates. In 2017, these ratios  
were 95% and 55%, respectively.  
on December 31, 2017).  
The agreements for credit facilities granted to TOTAL S.A. do not  
contain conditions related to the Company’s financial ratios, to its  
financial ratings from specialized agencies, or to the occurrence of  
events that could have a material adverse effect on its financial  
position.  
In addition to its ongoing bond issuance programs, in 2015 and  
2016 TOTAL S.A. issued perpetual subordinated notes in several  
tranches: on February 19, 2015, €5 billion in two tranches; on  
May 11, 2016, €1.75 billion in one tranche; and on September 29,  
Credit facilities granted to Group companies other than TOTAL S.A.  
are not intended to finance the Group’s general corporate needs;  
they are intended to finance either the general needs of the borrowing  
affiliate or a specific project.  
2016, €2.5 billion in two tranches.  
In accordance with IAS 32 provisions “Financial instruments –  
Presentation”, given the nature of these notes, they have been  
recognized in the accounts as equity.  
As of December 31, 2018, no restrictions applied to the use of the  
Group companies’ funding sources (including TOTAL S.A.) that could  
significantly impact the Group’s activities, directly or indirectly.  
In addition, on November 25, 2015, TOTAL S.A. issued a $1.2 billion  
bond combining cash-settled convertible bonds indexed on TOTAL’s  
share performance and the purchase of stock options to hedge the  
risk of additional costs related to this indexation. This combination  
creates a non-dilutive synthetic instrument equivalent to a standard  
bond. At maturity, all flows are settled in cash and limited to the  
nominal amount.  
1.4.2.5 Anticipated sources of financing  
Investments, working capital, dividend payments and buybacks of  
its own shares by the Company are financed by cash flow from  
operations, asset disposals and, if necessary, by net borrowings.  
For the coming years and based on the current financing conditions,  
the Company intends to maintain this approach to the financing of  
the Group’s investments and activities.  
The Group has established standards for market transactions under  
which bank counterparties must be approved in advance, based on  
an assessment of the counterparty’s financial soundness (multi-criteria  
analysis including a review of the market capitalization and of the Credit  
Default Swap (CDS), its ratings with Standard & Poor’s and Moody’s,  
which must be of high quality, and its overall financial condition).  
Registration Document 2018 TOTAL  
21  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Solid results thanks to the integrated business model and strict discipline  
1.4.3 Trends and outlook  
1
.4.3.1 Outlook  
In this context, the Group will continue to implement its shareholder  
return policy announced in February 2018, by increasing the dividend  
in 2019 by 3.1%, in line with the objective to increase the dividend  
by 10% over the 2018-20 period. Taking into account its strong  
financial position, the Group will eliminate the scrip dividend option  
from June 2019. Within the framework of its program to buy back  
$5 billion of shares over the 2018-20 period, the Group expects to  
buy back $1.5 billion of its shares in 2019 in a 60 $/b Brent  
environment.  
Since the start of 2019, Brent has traded around $60/b in a context  
of oil supply and demand near the record-high level of 100 Mb/d. In  
a volatile environment, the Group is pursuing its strategy for integrated  
growth along the oil, gas and low-carbon electricity chains.  
The Group has clear visibility on its 2019 cash flow, supported by  
the strong contribution of project start-ups in 2018 and recent  
acquisitions.  
The Group maintains financial discipline to reduce its breakeven to  
remain profitable across a broader range of environments. In  
particular, it is targeting cost reductions of $4.7 billion, projected net  
investments of $15-16 billion in 2019 and a production cost target  
of 5.5 $/boe.  
1
.4.3.2 Risks and uncertainties  
Due to the nature of its business, the Group’s activities remain subject  
to the market risks (sensitivity to the environmental parameters of the  
oil and financial markets), industrial and environmental risks related  
to its operations, and to political or geopolitical risks stemming from  
the global presence of most of its activities.  
In Exploration & Production, production is expected to grow by more  
than 9% in 2019, thanks to the ramp-ups of Kaombo Norte, Egina  
and Ichthys plus the start-ups of Iara 1 in Brazil, Kaombo South in  
Angola, Culzean in the UK and Johan Sverdrup in Norway.  
Determined to take advantage of the favorable cost environment, the  
Group plans to launch projects in 2019, notably including Mero 2 in  
Brazil, Tilenga and Kingfisher in Uganda and Arctic LNG 2 in Russia.  
Detailed information is given in the Risk Factors section (point 3.1 of  
chapter 3) of this Registration Document. For more information on  
internal control and risk management procedures, also refer to point  
3.3 of chapter 3.  
The Group is pursuing its strategy for profitable growth along the  
integrated gas and low-carbon electricity chains. Effective 2019, the 1.4.4 Significant changes  
Group will report the new iGRP segment (integrated Gas, Renewables  
&
Power) which combines the Gas, Renewables & Power segment  
Except for the events mentioned above in point 1.4, in the Business  
overview (chapter 2), and in the description of legal and arbitration  
procedures (point 3.2 of chapter 3), no significant changes to the  
Group’s financial or commercial situation have occurred since  
December 31, 2018, the end of the last fiscal year for which audited  
financial statements have been published by the Company.  
with the upstream gas and LNG activities currently reported within  
the Exploration & Production segment.  
Affected by an abundance of available products, European refining  
margins have been very volatile since the start of the year. In 2019,  
the Downstream will continue to rely on its diversified portfolio, notably  
its integrated Refining & Chemical platforms in the U.S. and  
Asia-Middle East as well as its non-cyclical Marketing & Services  
segment.  
22  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Strong commitments that benefit sustainable growth  
1
1
.5 Strong commitments that benefit  
sustainable growth  
1
1.5.1 Committed R&D  
The portfolio includes transverse programs developed at all the R&D  
centers and programs specific to the various businesses. For  
example, the purpose of the CCUS (carbon capture, usage and  
storage) transverse program is to enable the Group to become a  
major player in this area and throughout the value chain so that it can  
—
—
—
—
—
$986 million invested in 2018  
4,288 employees dedicated to R&D in 2018  
18 R&D centers around the world  
1,000 agreements with partners  
contribute to the reduction in global CO emissions and prepare new  
2
business opportunities.  
over 200 patent applications filed in 2018  
The Group is committed to optimizing R&D resources in terms of  
human talent, infrastructure and regional centers of excellence, and  
to working with selected partners that bring specific, high-level skills  
to every project.  
The Group relies on a dynamic R&D policy to conduct and develop  
its activities. The portfolio of programs is divided into five priority  
areas: safety, operational efficiency, new services and products  
including smart electricity grids, an energy mix focused on low-carbon  
energies and digital technology.  
For more information, refer to point 2.6 of chapter 2.  
1.5.2 A targeted investment policy  
—
the adding of attractive resources to the portfolio through the  
exploration or acquisition of resources that have already been  
discovered, thereby benefiting from favorable market conditions;  
—
—
$12.5 billion in organic investments(1) in 2018  
$8.3 billion in targeted acquisitions in 2018, including  
$
4.5 billion in resource acquisitions  
—
—
strong growth in its low-carbon activities in the gas and electricity  
sectors; and  
—
$5.2 billion in asset disposals in 2018  
the growth of its Marketing & Services business in buoyant  
markets.  
Since the fall in oil prices in 2014, the Group continues to select its  
investments very carefully, in line with its strategy. These investments  
are dedicated to:  
The Group also strives to continuously improve its portfolio by selling  
its least strategic assets.  
—
the development of new upstream and downstream facilities in  
order to benefit from a favorable cost environment;  
For more information, refer to point 2.5 of chapter 2.  
1.5.3 A continuous improvement dynamic  
TOTAL commited in 2016 to contributing to the Sustainable  
Development Goals (SDG) adopted by the United Nations. Given the  
nature of the Group’s businesses and its geographic presence,  
TOTAL is concerned by all the SDGs. However, the Group has  
identified the most significant SDGs for its activities in order to focus  
its efforts on the segments in which it is able to make a direct  
contribution. TOTAL therefore considers the SDGs an opportunity to  
better measure and assess its contribution to society as a whole.  
The Group manages its activities and assesses its performance on  
the basis of the three sustainable development pillars, namely financial  
results (Profit), value creation for stakeholders (People) and  
preservation of ecosystems (Planet) (refer also to chapter 5).  
1.5.3.1 Commitments and indicators of progress  
Safety, health, climate, the environment and also shared development,  
in every country where the Group is present, TOTAL steers its  
operations with the aim of working in a sustainable, active and  
positive manner. The Group was one of the first in the industry to  
publish measurable improvement targets in these areas.  
(1) Organic investments = net investments excluding acquisitions, divestments and other operations with non-controlling interests.  
Registration Document 2018 TOTAL  
23  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
Strong commitments that benefit sustainable growth  
Safety/Health  
For TOTAL, being committed to better energy means, first and foremost, ensuring the safety of its employees, stakeholders and facilities.  
It also means protecting the health of all those related directly or indirectly to its activities.  
Safety  
Target  
What has been accomplished  
To be recognized as a benchmark for safety  
in its industry and achieve zero fatalities  
4 fatalities in 2018  
>
>
A TRIR(1) of 0.91 in 2018, at majors’ level  
Health  
Commitment  
What has been accomplished:  
Protect the health of employees, customers and  
communities in close proximity to the Group’s activities  
In 2018, 98%of employees with specific occupational  
(2)  
risks benefitted from regular medical monitoring  
Environment  
The Group places the environment at the heart of its ambition of being a responsible company with a goal to improve the environmental  
performance of the facilities and products.  
Air  
Target  
What has been accomplished  
Decrease SO2 (3) air emissions by 50%  
between 2010 and 2020  
More than 50%reduction in SO2  
>
>
air emissions reached since 2017  
Water  
Targets  
What has been accomplished  
Maintain hydrocarbon content of water discharges  
below 30 mg/l for offshore sites  
and 15 mg/l for onshore and coastal sites  
100%of the Group’s oil sites have met the target  
for the quality of onshore discharges since 2016 and  
9
6%of the Group’s oil sites have met the target  
for the quality of oꢂshore discharges in 2018  
Waste  
Target  
What has been accomplished  
Valorize more than 50% of the waste produced  
by the sites operated by the Group  
More than 50%of the waste produced by the sites  
>
operated by the Group was valorized in 2018  
Volunteering Program  
Since the end of 2018, the Group has launched Action!, the Group’s Employee Volunteering Program, through which TOTAL gives its  
employees the time and means to get involved and contribute to the development of the areas where the Group is present. It thus allows  
employees, on a voluntary basis, the possibility to support, up to three days per year during their working time, or outside of it, local  
solidarity projects within the scope of the Total Foundation program.  
(
(
(
1) TRIR (Total Recordable Injury Rate): number of recorded injuries per million hours worked.  
2) Data provided by WHRS.  
3) SO : sulfur dioxide produced by the combustion of fossil energies.  
2
24  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
Strong commitments that benefit sustainable growth  
1
Climate  
Targets  
What has been accomplished  
Reduce the routine flaring(1) by 80% on operated facilities  
between 2010 and 2020 in order to eliminate it by 2030  
More than 80%reduction in routine flaring  
1
>
between 2010 and 2018  
Improve the energy efficiency of an average of 1% per year  
of operated facilities between 2010 and 2020  
More than 10% improvement in energy eꢀciency  
>
>
between 2010 and 2018  
Sustainably reduce the intensity of methane emissions of the  
Exploration & Production segment’s operated facilities  
to less than 0.20% of the commercial gas produced by 2025  
An intensity of the methane emissions below 0.25%  
of the commercial gas produced in 2018  
Reduce the GHG emission (Scopes 1 & 2) on operated  
A GHG emission reduction (Scopes 1 & 2) on operated  
oil & gas facilities from 46 Mt CO e in 2015 to less  
>
oil & gas facilities from 46 Mt CO e to  
2
2
than 40 Mt CO e in 2025  
2
42Mt CO e between 2015 and 2018  
2
Ambition  
What has been accomplished  
Reduce the carbon intensity of energy products  
used by its customers by 15% between 2015,  
the date of the Paris agreement, and 2030  
A carbon intensity reduced  
>
from 75 g CO /kbtu in 2015 to  
2
71g CO /kbtu in 2018, i.e., a reduction of more than 5%  
2
Biodiversity  
Commitments  
What has been accomplished  
Systematically develop biodiversity action plans  
for production sites located in protected areas  
5
biodiversity action plans deployed  
or in preparation in 2018  
>
>
>
(2)  
Not conducting oil and gas exploration or production  
operations in the area of natural sites listed  
Nooil and gas exploration or production activity  
in the area of natural sites listed on the UNESCO  
(3)  
(3)  
on the UNESCO World Heritage List  
World Heritage List  
Not conducting exploration in oil fields under  
sea ice in the Arctic  
Noexploration activity in oil fields  
under sea ice in the Arctic  
Diversity/Gender equality  
The Group implements a gender diversity policy and promotes equality between men and women. In terms of compensation, specific  
measures have been in place since 2010 to prevent and correct unjustified salary gaps.  
Targets  
What has been accomplished in 2018  
2
1.6%  
2
5% women senior executives by 2020  
>
>
>
women senior executives  
3
2.1%  
4
0% non-French senior executives by 2020  
non-French senior executives  
More than 20% women members on the Management  
Committees (head office and subsidiaries)  
21.8%  
women members on the Management Committees  
(
head oꢀce and subsidiaries)  
2
0% women members on Management Committees  
13.1%  
>
of branches and large operational divisions  
women members on Management Committees  
of branches and large operational divisions  
(
(
(
1) Routine flaring, as defined by the working group of the Global Gas Flaring Reduction program within the framework of the World Bank’s Zero Routine Flaring initiative.  
2) Sites located in an IUCN I to IV or Ramsar convention protected area.  
3) Natural sites included on the UNESCO World Heritage List of December 31, 2017.  
Registration Document 2018 TOTAL  
25  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
An organizational structure to support the Group’s ambition  
1
.5.3.2 Support for global initiatives  
—
—
financial transparency: the Group has adhered to the Extractive  
Industries Transparency Initiative (EITI) since its launch in 2002;  
Aside from complying with national regulations in force in every  
country where the Group operates, TOTAL reiterates each year, since  
the fight against corruption: TOTAL joined the Partnering Against  
Corruption Initiative (PACI) in 2016 and the Chairman and Chief  
Executive Officer now sits on the Board of PACI (“PACI Vanguard”);  
2
002, its support for the United Nations Global Compact, of which it  
is one of the companies recognized as LEAD. The Group also made  
a commitment to respect the UN Guiding Principles for Business  
and Human Rights following their adoption in 2011.  
—
—
the challenge of security and respect for human rights by being  
a member of the Voluntary Principles on Security and Human  
Rights (VPSHR) since 2012;  
The challenges posed by climate change require a collective effort.  
The Group has played an active role in various international initiatives  
that involve the private and the public sectors to bring about notably:  
diversity: TOTAL signed in 2010 the “Women’s Empowerment  
Principles – Equality Means Business” set out by the United  
Nations Global Compact, and in 2018 it signed the pledge for  
diversity as part of the European Roundtable of Industrialists;  
—
carbon pricing (the World Bank’s Carbon Pricing Leadership  
Coalition, Caring for Climate – United Nations Global Compact,  
Paying for Carbon call: TOTAL and five other industry leaders);  
—
—
biodiversity: TOTAL joined in 2018 the Act4Nature initiative and  
made commitments to protect biodiversity;  
—
—
the end of routine flaring of associated gas (the World Bank’s  
Zero Routine Flaring by 2030 initiative);  
the circular economy: TOTAL is a founding member of the  
Alliance to End Plastic Waste, launched in 2019, which brings  
together companies in the plastics and consumer goods value  
chain to provide solutions for the disposal of plastic waste in the  
environment, especially in oceans, and to promote their recycling  
in a circular economy;  
control over methane emissions (Oil & Gas Methane Partnership  
of the Climate and Clean Air Coalition, the Oil & Gas Climate  
Initiative in cooperation with UN Environment and EDF, etc.); and  
—
greater transparency: support of the recommendations from the  
G20 Financial Stability Board Task Force on Climate-related  
Financial Disclosures (TCFD).  
—
—
better access to energy for populations of emerging countries  
through a partnership with SE4All;  
TOTAL also actively supports collaborative and multi-stakeholder  
initiatives in areas in which the coordinated involvement of  
governments, companies and civil society is key to global progress,  
particularly:  
the reduction of inequalities through the development of social  
dialogue to favor more inclusive economic growth: TOTAL was  
one of the first French companies to adhere to the Global Deal  
initiative at the end of 2017.  
1
.6 An organizational structure to support  
the Group’s ambition  
1.6.1 TOTAL S.A., parent company of the Group and its subsidiaries  
TOTAL S.A. is the Group’s parent company. It acts as a holding  
company and drives the Group’s strategy.  
The scope of consolidation of TOTAL S.A. as of December 31, 2018,  
consisted of 1,191 companies, of which 1,046 fully consolidated  
companies or companies whose assets are jointly controlled and  
The Group’s operations are conducted through subsidiaries that are  
directly or indirectly owned by TOTAL S.A. and through stakes in  
joint-ventures which are not necessarily controlled by TOTAL. TOTAL  
S.A. has two secondary establishments in France, located in Lacq  
and Pau. It also has branch offices in the United Arab Emirates and  
Oman.  
1
45 equity affiliates. The principles of consolidation are described in  
Note 1.1 to the Consolidated Financial Statements and the list of  
companies included in the scope of consolidation can be found in  
Note 18 to the Consolidated Financial Statements (refer to point 8.7  
of chapter 8).  
The situation of the direct subsidiaries and shareholdings of TOTAL  
S.A., and in particular those with a gross value exceeding 1% of the  
Company’s share capital, is shown in the table of subsidiaries and  
affiliates in point 10.4.1 of chapter 10.  
Corporate name: TOTAL S.A.  
Head office: 2, place Jean Millier, La Défense 6,  
92400 Courbevoie, France  
Interests in listed companies  
Registered in the French trade registry in Nanterre under  
no. 542 051 180 RCS  
TOTAL holds stakes in a limited number of companies that issue  
financial instruments in France or abroad or whose financial instruments  
are listed in France or abroad. These companies are mainly the  
Group’s financing vehicles (Total Capital, Total Capital International,  
LEI (Legal Entity Identifier): 529900S21EQ1BO4ESM68  
EC Registration Number: FR 59 542 051 180  
Total Capital Canada Ltd) or the operational subsidiaries in its  
business segments, in particular in Africa, such as Total Gabon(  
1)  
.
Term of the Company: extended for 99 years  
from March 22, 2000  
TOTAL also holds a majority stake in SunPower (55.66% on  
December 31, 2018), an American company listed on NASDAQ, and  
minority interests in other companies, including PAO Novatek (19.4%  
on December 31, 2018), a Russian company listed on the Moscow  
Interbank Currency Exchange and the London Stock Exchange.  
Fiscal year: from January 1 to December 31 of each year  
APE Code (NAF): 7010Z  
(1) Total Gabon is a company under Gabonese law which is listed on Euronext Paris and owned by TOTAL (58.28%), the Republic of Gabon (25%) and the public (16.72%).  
26  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
An organizational structure to support the Group’s ambition  
1
The changes in the composition of the Group during fiscal year 2018  
are explained in Note 2 of the Consolidated Financial Statements  
TOTAL S.A. has not taken any other stake in companies with their  
registered office in France representing more than one-twentieth,  
one-tenth, one-fifth, one-third or one-half of the capital of these  
companies or has not obtained control of such companies.  
(
refer to point 8.7 of chapter 8). In 2018, TOTAL S.A., the Group’s  
parent company, acquired 100% of the shares of Direct Énergie SA,  
following a takeover bid following an initial acquisition, 100% of the  
shares of Pont-sur-Sambre Power SAS and 100% of the shares of  
Toul Power SAS.  
1
1.6.2 An operational structure  
On an operational level, the Group’s businesses are organized in  
business segments, which receive assistance from the corporate  
functional divisions.  
In order to improve efficiency, reduce costs and create value within  
the Group, a specific branch, Total Global Services (TGS), pools the  
various segments’ support services (Accounting, Purchasing,  
Information Systems, Training, Human Resources Administration and  
Facilities Management). The entities that make up TGS operate as  
service companies for internal clients across the business segments  
and Holding.  
As of December 31, 2018, the Group’s organization was centered  
around four business segments, i.e., Exploration & Production, Gas,  
Renewables & Power, Refining & Chemicals and Marketing & Services:  
—
the Exploration & Production segment encompasses the Group’s  
exploration and production activities in more than 50 countries.  
The Group produces oil and gas in approximately 30 countries;  
Finally, the various Corporate entities are mainly grouped into two  
divisions:  
—
the People & Social Responsibility division consists of: the Human  
Resources division, the Health, Safety and Environment division,  
which combines HSE departments across the different segments  
to establish a strong, unified environmental and safety model,  
the Security division, and the Civil Society Engagement Division;  
—
the Gas, Renewables & Power segment spearheads the Group’s  
ambition in low-carbon energies. It comprises gas activities that  
are conducted downstream of the production process and  
concerns natural gas, liquefied natural gas (LNG) and liquefied  
petroleum gas (LPG), as well as power generation, gas and  
power trading and marketing. It also develops the Group’s  
renewable energy activities (excluding biotechnologies) and the  
power storage. Energy efficiency activities are represented  
through a dedicated Innovation & Energy Efficiency division;  
—
the Strategy-Innovation division is made of: the Strategy &  
Climate division (responsible notably for ensuring that climate is  
incorporated in the strategy), the Public Affairs division, the Audit  
& Internal Control division, the Research & Development division  
(
which coordinates all of the Group’s R&D activities and notably  
—
—
the Refining & Chemicals segment is a large industrial segment  
that encompasses refining and petrochemical activities and  
Hutchinson’s operations. It also includes oil Trading & Shipping  
activities;  
transversal programs), the Technology Experts division and the  
Digital division.  
the Marketing & Services segment includes worldwide supply  
and marketing activities in the oil products and services field.  
Registration Document 2018 TOTAL  
27  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
An organizational structure to support the Group’s ambition  
Organization chart as of January 1, 2018  
CHAIRMAN & CEO  
Secretary  
of the  
Board  
Ethics  
Committee  
Strategy-  
Innovation  
EXECUTIVE  
COMMITEE  
People & Social  
Responsibility  
Adviser  
Finance  
Risk  
Assessment  
and  
Corporate  
Commu-  
nications  
Civil  
Society  
Engagement  
Strategy  
Finance  
Division  
Human  
Resources  
Legal Aꢀairs  
Public Aꢀairs  
&
Climate  
Insurance  
Audit  
Internal  
Control  
Chief  
Technology  
Ofcer  
Information  
Technology  
&
HSE  
Security  
Technology  
Experts  
Chief Digital  
Ofcer  
Total Global  
Services  
Exploration  
Production  
Gas, Renewables  
& Power  
Refining  
& Chemicals  
Trading  
& Shipping  
Marketing  
& Services  
&
Products  
Trading  
Distillates,  
Marketing and  
Derivatives  
Refining  
Base Chem  
Europe  
Manufacturing  
& Projects  
Division  
Strategy  
Marketing  
Research  
Corporate  
Aꢀairs  
Crude Oil  
Trading  
Africa  
Gas  
Renewables  
Europe  
Africa  
Products  
Trading Lights,  
Fuel-oil and  
Africa  
Strategy  
& Corporate  
Aꢀairs  
Refining  
Petrochemicals  
Middle East  
Strategy  
Development  
Research  
Corporate  
Aꢀairs and  
Americas  
Middle East  
North Africa  
Innovation  
& Energy  
Strategy &  
Development  
Exploration  
Development  
and Support  
to Operations  
Refining  
Petrochemicals  
Americas  
Corporate  
Aꢀairs  
Asia-Pacific/  
Middle East  
Human  
Resources  
Americas  
Shipping  
Strategy-  
Business  
Development-  
R&D  
Human  
Resources  
Commu-  
nications  
Lubricants  
and  
Specialties  
Asia-Pacific  
Polymers  
North Sea  
and Russia  
Hutchinson  
EXPLORATION &  
PRODUCTION SEGMENT  
GAS, RENEWABLES &  
POWER SEGMENT  
REFINING & CHEMICALS  
SEGMENT  
MARKETING & SERVICES  
SEGMENT  
UPSTREAM  
DOWNSTREAM  
28  
TOTAL Registration Document 2018  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
An organizational structure to support the Group’s ambition  
1
Organization chart as of January 1, 2019  
CHAIRMAN & CEO  
1
Secretary  
of the  
Board  
Ethics  
Committee  
Strategy-  
Innovation  
EXECUTIVE  
COMMITEE  
People & Social  
Responsibility  
Adviser  
Finance  
Risk  
Assessment  
and  
Corporate  
Commu-  
nications  
Civil  
Society  
Engagement  
Strategy  
Finance  
Division  
Human  
Resources  
Legal Aꢀairs  
Public Aꢀairs  
&
Climate  
Insurance  
Audit  
Internal  
Control  
Chief  
Technology  
Ofcer  
Information  
Technology  
&
HSE  
Security  
Technology  
Experts  
Chief Digital  
Ofcer  
Total Global  
Services  
Exploration  
Production  
Gas, Renewables  
& Power  
Refining  
& Chemicals  
Trading  
& Shipping  
Marketing  
& Services  
&
Products  
Trading  
Distillates,  
Marketing and  
Derivatives  
Refining  
Base Chem  
Europe  
Manufacturing  
& Projects  
Division  
Strategy  
Marketing  
Research  
Corporate  
Aꢀairs  
Crude Oil  
Trading  
Africa  
Gas and LNG  
Renewables  
Europe  
Africa  
Refining  
Petrochemicals  
Middle East/  
Asia  
Products  
Trading Lights,  
Fuel-oil and  
Africa  
Innovation  
& Energy  
Efciency  
Strategy  
& Corporate  
Aꢀairs  
Strategy  
Development  
Research  
Corporate  
Aꢀairs and  
Americas  
Middle East  
North Africa  
Strategy &  
Development  
Exploration  
Development  
and Support  
to Operations  
Refining  
Petrochemicals  
Americas  
Power &  
Gas Europe  
Corporate  
Aꢀairs  
Asia-Pacific/  
Middle East  
Human  
Resources  
Americas  
Shipping  
Strategy-  
Business  
Development-  
R&D  
Human  
Resources  
Commu-  
nications  
Lubricants  
and  
Specialties  
Asia-Pacific  
Polymers  
North Sea  
and Russia  
Hutchinson  
EXPLORATION &  
PRODUCTION SEGMENT  
INTEGRATED GAS,  
RENEWABLES & POWER SEGMENT  
REFINING & CHEMICALS  
SEGMENT  
MARKETING & SERVICES  
SEGMENT  
UPSTREAM  
DOWNSTREAM  
New reporting structure as of January 1, 2019  
The Group is pursuing its strategy for profitable growth along the  
integrated gas and low-carbon electricity chains. Effective 2019, the  
Group will report the new Integrated Gas, Renewables & Power  
(iGRP) segment which combines the Gas, Renewables & Power  
segment with the upstream gas and LNG activities currently reported  
within the Exploration & Production segment.  
Registration Document 2018 TOTAL  
29  
PRESENTATION OF THE GROUP – INTEGRATED REPORT  
1
30  
TOTAL Registration Document 2018  
2
BUSINESS OVERVIEW  
FOR FISCAL YEAR 2018  
2
.1  
Exploration & Production segment  
32  
2
2
2
2
2
2
2
2
2
2
2
2
2
.1.1 Presentation of the segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34  
.1.2 Exploration and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34  
.1.3 Reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34  
.1.4 Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35  
.1.5 Delivery commitments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35  
.1.6 Contractual framework of activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36  
.1.7 Production by geographical zone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37  
.1.8 Producing assets by geographical zone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39  
.1.9 Activities by geographical zone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41  
.1.10 Oil and gas acreage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48  
.1.11 Productive wells . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48  
.1.12 Net productive and dry wells drilled. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49  
.1.13 Wells in the process of being drilled (including wells temporarily suspended). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49  
2
.2  
Gas, Renewables & Power segment  
51  
2.2.1 LNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52  
2.2.2 Trading and transport (excluding LNG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53  
2.2.3 Low carbon electricity production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53  
2.2.4 Natural gas and electricity marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54  
2.2.5 Energy storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54  
2.2.6 Innovation and energy efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55  
2
.3  
Refining & Chemicals segment  
56  
2
.3.1 Refining & Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57  
.3.2 Trading & Shipping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61  
2
2
.4  
Marketing & Services segment  
62  
2.4.1 Presentation of the segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63  
2.4.2 Sales of petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64  
2.4.3 Service stations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64  
2.4.4 Activities by geographical area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64  
2.4.5 Products and services development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66  
2
.5  
Investments  
68  
2.5.1 Major investments over the 2016-2018 period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68  
2.5.2 Major planned investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69  
2.5.3 Financing mechanisms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69  
2
.6  
Research & Development  
70  
2
.6.1 Transverse programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70  
.6.2 Business segment-specific programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71  
2
2
.7  
Property, plant and equipment  
72  
Registration Document 2018 TOTAL  
31  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
2.1 Exploration & Production segment  
The Exploration & Production (E&P) segment encompasses the Group’s oil and gas exploration and production activities in more than  
0 countries.  
5
2
.8Mboe/d  
12.1Bboe  
of proved hydrocarbon  
reserves as of  
$9.2 B  
of organic  
investments  
in 2018  
12,801  
employees  
present  
hydrocarbons  
produced  
in 2018  
(
2)  
(
1)  
December 31, 2018  
Exploration & Production segment financial data(3)  
(
M$)  
2018  
10,210  
19,374  
19,803  
2017  
5,985  
2016  
3,217  
Adjusted net operating income(a)  
Operating cash flow before working capital changes w/o financial charges (DACF)(b)  
Cash flow from operations(c)  
14,753  
12,821  
10,592  
9,866  
(
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value.  
b) DACF = debt adjusted cash flow. The operating cash flow before working capital changes w/o financial charges is defined as cash flow from operating activities before changes in  
working capital at replacement cost, without financial charges.  
c) Excluding financial charges.  
(
The Group benefitted fully from the increase in hydrocarbon prices  
and strong production growth. Exploration & Production adjusted  
net operating income was $10,210 million in 2018, an increase of  
The effective tax rate increased from 41.2% in 2017 to 46.5% in  
2018, in line with the rebound in oil prices.  
Technical costs( for the consolidated subsidiaries, calculated in  
4)  
7
1% compared to 2017. Operating cash flow before working capital  
changes was $19,374 million in 2018, an increase of 31% for the  
same reasons.  
accordance to ASC932( standards, continued decreasing to  
5)  
$
18.9/boe in 2018 (of which 5.7 $/boe production costs in 2017)  
compared to $19.5/boe in 2017.  
Price realizations(a)  
2018  
2017  
50.2  
4.08  
2016  
40.3  
3.56  
Average liquids price ($/b)  
Average gas price ($/Mbtu)  
64.2  
4.78  
(a) Consolidated subsidiaries, excluding fixed margins.  
(1) Based on a Brent crude price of 71.43 $/b (reference price in 2018), according to the rules established by the Securities and Exchange Commission (refer to point 2.1.3 of this chapter).  
(2) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests (refer to point 2.5.1 of this chapter).  
(3) The data for the 2016 financial year has been restated to take into account the change in the organization of the Group that has been fully effective since January 1, 2017.  
(4) (Production costs + exploration expenses + depreciation + depletion and amortization and valuation allowances)/production of the year.  
(5) FASB Accounting Standards Codification 932, Extractive industries – Oil and Gas.  
32  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
Production  
Hydrocarbon production  
2018  
2,775  
1,378  
1,397  
2017  
2,566  
1,167  
1,399  
2016  
2,452  
1,088  
1,364  
Combined production (kboe/d)  
Oil (including bitumen) (kb/d)  
Gas (including Condensates and associated NGL) (kboe/d)  
Hydrocarbon production  
Combined production (kboe/d)  
Liquids (kb/d)  
2018  
2,775  
1,566  
6,599  
2017  
2,566  
1,346  
6,662  
2016  
2,452  
1,271  
6,447  
2
Gas (Mcf/d)  
In 2018, hydrocarbon production was 2,775 kboe/d, an increase of  
more than 8% compared to last year, due to:  
Middle East and  
North Africa 666 kboe/d  
—
+9% for start-ups and ramp-ups on new projects, notably Yamal  
LNG, Moho Nord, Fort Hills, Kashagan, Kaombo Norte and  
Ichthys;  
(
a)  
Africa  
670 kboe/d  
Asia-Pacific 141 kboe/d  
—
+3% portfolio effect. The addition of Mærsk Oil, Al Shaheen in  
Qatar, Waha in Libya, Lapa and Iara in Brazil, as well as the  
acquisition of an additional 0.5% of Novatek, were partially offset  
by the expiration of the Mahakam permit at the end of 2017 and  
the sales of Visund in Norway and Rabi in Gabon;  
Europe and  
Central Asia 909 kboe/d  
Americas 389 kboe/d  
—
-4% for natural field declines and PSC price effect.  
(a) Excluding North Africa.  
Proved reserves  
As of December 31,  
2018  
12,050  
5,203  
2017  
11,475  
4,615  
2016  
11,518  
4,543  
Hydrocarbon reserves (Mboe)  
Oil (including bitumen) (Mb)  
Gas (including Condensates and associated NGL) (Mboe)  
6,847  
6,860  
6,975  
As of December 31,  
Hydrocarbon reserves (Mboe)  
Liquids (Mb)  
2018  
12,050  
6,049  
2017  
11,475  
5,450  
2016  
11,518  
5,414  
Gas (Bcf)  
32,325  
32,506  
32,984  
Proved reserves based on SEC rules (Brent at $71.43/b in 2018)  
were 12,050 Mboe at December 31, 2018. The proved reserve  
replacement rate , based on SEC rules (Brent at $71.43/b in 2018),  
Middle East and  
North Africa 3,171 Mboe  
(1)  
(
a)  
was 157% in 2018 and 117% over three years.  
Africa  
1,668 Mboe  
At year-end 2018, TOTAL had a solid and diversified portfolio of  
proved and probable reserves( representing approximately 20 years  
of reserve life based on the 2018 average production rate.  
2)  
Asia-Pacific  
Europe and  
843 Mboe  
Central Asia 4,431 Mboe  
Americas 1,937 Mboe  
(a) Excluding North Africa.  
(
(
1) Change in reserves excluding production: (revisions + discoveries, extensions + acquisitions – divestments)/production for the period.  
2) Limited to proved and probable reserves covered by Exploration & Production contracts on fields that have been drilled and for which technical studies have demonstrated economic  
development in the price scenario retained by the Group, including projects developed by mining.  
Registration Document 2018 TOTAL  
33  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
2
.1.1 Presentation of the segment  
Exploration & Production (E&P)’s mission is to discover and develop  
oil and gas fields in order to meet a growing energy demand driven  
by non-OECD countries. Safety is a core value for that mission.  
E&P put 10 major projects into production in 2018. Thanks to a  
significant decrease of its capital investments, which peaked in 2013,  
E&P restored some flexibility that enabled it to take some  
opportunities, with, in particular, in 2018 the acquisition of assets in  
Brazil, Libya and the United States, the extension of assets in Abu  
Dhabi and the acquisition of Mærsk Olie og Gas A/S, (Mærsk Oil),  
which has assets in ten countries, and to launch new projects, taking  
advantage of the lower costs in the current environment.  
In an environment marked by the strong volatility of hydrocarbon  
prices, E&P’s strategy is to develop an oil and gas production model  
that is resilient (i.e., able to withstand a long period of low oil and gas  
prices), profitable and sustainable.  
The deployment of the strategy is based on three main levers:  
For the period 2018-2020, E&P has already launched, or plans to  
launch, numerous projects with a potential aggregate output in  
excess of 700 kboe/d.  
—
—
—
increase profitability: E&P strives to maximize the value of its  
assets through operational excellence and to ensure strict  
investment discipline by being selective in the sanctioning of new  
projects. In addition, E&P continues to restructure or sell the  
least efficient assets in its portfolio;  
All these actions are expected to increase production by an average  
of 6-7% per year for the period 2017-2020, in line with the production  
growth target of 5% per year on average between 2017 and 2022.  
develop operational excellence: in order to ensure its resilience,  
E&P continues to reduce costs, improve the efficiency of its  
facilities and start up projects on time and within budget. E&P  
also seeks to minimize the environmental impact of its activities;  
and  
In order to take account of issues related to climate change in its  
strategy, E&P is focusing its oil investments on low break-even  
projects, developing the production of gas, integrating a CO price in  
2
its investment decisions and developing expertise in technologies for  
carbon capture, use and storage.  
renew reserves, through exploration as well as by accessing  
already discovered resources, building on E&P’s competitive  
advantages in terms of geographical spread and technical skills.  
2
.1.2 Exploration and development  
TOTAL evaluates exploration opportunities based on a variety of  
geological, technical, political, economic (including tax and  
contractual terms) environmental and societal factors.  
In 2018, exploration expenditure by all E&P subsidiaries was  
$1.2 billion, mainly in the United States, Guyana, the United Kingdom,  
Norway, Myanmar, French Guiana, Mexico, South Africa, Azerbaijan  
and Nigeria compared to $1.2 billion in 2017 and $1.4 billion in 2016.  
The exploration strategy deployed since 2015 aims to prioritize the  
most promising drill targets with a view to creating value. The Group  
plans balanced exploration investments:  
Organic investments(1) by all E&P subsidiaries were $9.2 billion in  
2018, compared to $11.3 billion( in 2017 and $14.5 billion in 2016,  
and were mainly in Australia, Norway, Angola, the United Kingdom,  
the Republic of Congo, the United Arab Emirates, Brazil, Nigeria,  
Canada, the United States, Iraq, Italy and Uganda.  
(2)  
2)  
—
50% for emerging basins, where the presence of hydrocarbons  
is already proven;  
—
—
35% for exploration in mature hydrocarbon plays; and  
15% for high-potential frontier basins.  
2
.1.3 Reserves  
The definitions used for proved, proved developed and proved  
undeveloped oil and gas reserves are in accordance with the United  
States Securities & Exchange Commission (SEC) Rule 4-10 of  
Regulation S-X as amended by the SEC Modernization of Oil  
and Gas Reporting release issued on December 31, 2008.  
Proved reserves are estimated using geological and engineering data  
to determine with reasonable certainty whether the crude oil or natural  
gas in known reservoirs is economically producible under existing  
regulatory, economic and operating conditions.  
reassessments, additional reserves from discoveries and extensions,  
disposal and acquisitions of reserves and other economic factors.  
Unless otherwise indicated, any reference to TOTAL’s proved  
reserves, proved developed reserves, proved undeveloped reserves  
and production reflects the Group’s entire share of such reserves or  
such production. TOTAL’s worldwide proved reserves include the  
proved reserves of its consolidated entities as well as its proportionate  
share of the proved reserves of equity affiliates. The reserves  
estimation process involves making subjective judgments.  
Consequently, estimates of reserves are not exact measurements  
and are subject to revision under well-established control procedures.  
TOTAL’s oil and gas reserves are consolidated annually, taking  
into account, among other factors, levels of production, field  
(
(
1) For Exploration & Production, organic investments include exploration investments, net development investments and net financial investments (excluding acquisitions).  
2) Excluding the Group’s Gas activities.  
34  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
The reserves booking process requires, among other actions:  
was mainly due to the overall positive revisions in field behaviors and  
to the net impact of the changes in hydrocarbon prices in 2016  
—
that an internal peer review of technical evaluations is carried out  
to ensure that the SEC definitions and guidance are followed;  
and  
(
decrease), in 2017 (increase) and in 2018 (increase) that led either to  
a reserves decrease or increase resulting from shorter or longer  
producing life of certain producing fields and from partial debooking  
or rebooking of proved undeveloped reserves due to economic  
reasons, partially offset by reserves increase or decrease on fields  
with producing sharing or risked service contracts.  
—
that management makes the necessary funding commitments  
to their development prior to booking.  
For further information concerning the reserves and their evaluation  
process, refer to points 9.1 and 9.2 of chapter 9.  
As of December 31, 2017, TOTAL’s combined proved reserves of oil  
and gas were 11,475 Mboe (61% of which were proved developed  
reserves) compared to 11,518 Mboe (58% of which were proved  
developed reserves) as of December 31, 2016.  
2
.1.3.1 Proved reserves for 2018, 2017 and 2016  
In accordance with the amended Rule 4-10 of Regulation S-X, proved  
reserves at December 31 are calculated using a 12-month average  
price determined as the unweighted arithmetic average of the  
first-day-of-the-month price for each month of the relevant year,  
unless prices are defined by contractual arrangements, excluding  
escalations based upon future conditions. The average reference  
prices for Brent crude for 2018, 2017 and 2016 were, respectively,  
2
2
.1.3.2 Reserve sensitivity to oil and gas prices  
Changes in the price used as a reference for the proved reserves  
estimation result in non-proportionate inverse changes in proved  
reserves associated with production sharing and risked service  
contracts (which together represent approximately 18% of TOTAL’s  
reserves as of December 31, 2018). Under such contracts, TOTAL is  
entitled to a portion of the production, the sale of which is meant to  
cover expenses incurred by the Group. The more the oil prices  
decrease, the more the number of barrels necessary to cover the  
same amount of expenses. Moreover, the number of barrels  
economically producible under these contracts may vary according  
to criteria such as cumulative production, the rate of return on  
investment or the income-cumulative expenses ratio. This increase  
in reserves is partly offset by a reduction of the duration over which  
fields are economically producible. However, the effect of a reduction  
of the duration of production is usually inferior to the impact of the  
drop in prices in production sharing contracts or risked service  
contracts. As a result, lower prices usually lead to an increase in  
TOTAL’s reserves, and vice versa. In Canada, a decrease in the  
reference price per barrel leads to a decrease in the volume of  
royalties and, therefore, an increase of the reserves.  
$71.43/b, $54.36/b and $42.82/b.  
As of December 31, 2018, TOTAL’s combined proved reserves of oil  
and gas were 12,050 Mboe (70% of which were proved developed  
reserves). Liquids (crude oil, condensates, natural gas liquids and  
bitumen) represented approximately 50% of these reserves and  
natural gas 50%. These reserves were located in Europe and Central  
Asia (mainly in Kazakhstan, Norway, The United Kingdom and  
Russia), Africa (mainly in Angola, Nigeria and the Republic of Congo),  
the Americas (mainly in Argentina, Brazil, Canada, the United States  
and Venezuela), the Middle East and North Africa (mainly in the United  
Arab Emirates, Qatar, and Yemen), and Asia-Pacific (mainly in  
Australia).  
Gas and associated products (condensates and natural gas liquids)  
represented approximatively 57% of the reserves whilst crude oil and  
bitumen the remaining 43%.  
Discoveries of new fields and extensions of existing fields added  
Finally, for any type of contract, a significant decrease in the reference  
price of petroleum products that negatively impacts projects’  
profitability may lead to a reduction of proved reserves, and vice  
versa.  
1
2
,421 Mboe to TOTAL’s proved reserves during the three years 2016,  
017 and 2018 before deducting production and sales of reserves  
and adding any reserves acquired during this period. The net level of  
reserve revisions during this 3-year period is +1,383 Mboe, which  
2
.1.4 Production  
The average daily production of liquids and natural gas was  
being held by joint-venture partners (which may include other  
international oil companies, state-owned oil companies or  
government entities). The Group’s entities may frequently act as an  
operator (the party responsible for technical production) on the  
acreage in which it holds an interest. For further information, refer to  
the table on producing assets by geographical zone in point 2.1.8 of  
this chapter.  
2
2
,775 kboe/d in 2018 compared to 2,566 kboe/d in 2017 and  
,452 kboe/d in 2016. Liquids represented approximately 56% and  
natural gas approximately 44% of TOTAL’s overall production in 2018.  
Gas and associated products (condensates and natural gas liquids)  
represented approximately 50% of TOTAL’s overall production in  
2018, whilst crude oil and bitumen the remaining 50%.  
The Trading & Shipping division of TOTAL’s Refining & Chemicals  
segment marketed in 2018, as in 2017 and 2016, substantially all of  
the liquids production from TOTAL’s Exploration & Production  
segment(refer to table regarding Trading’s crude oil sales and supply  
and petroleum products sales in point 2.3.2.1 of this chapter).  
The tables on the following pages set forth TOTAL’s annual and  
average daily production of liquids and natural gas by geographic  
area and for each of the last three fiscal years.  
Consistent with industry practice, TOTAL often holds a percentage  
interest in its fields rather than a 100% interest, with the balance  
2
.1.5 Delivery commitments  
The majority of TOTAL’s natural gas production is sold under  
long-term contracts. However, most of its North American and United  
Kingdom production, and part of its production from Denmark, the  
Netherlands, Norway and Russia, is sold on the spot market.  
Some of TOTAL’s long-term contracts, such as in Bolivia, Nigeria,  
Norway, Thailand and Qatar, specify the delivery of quantities of  
natural gas that may or may not be fixed and determinable.  
Such delivery commitments vary substantially, both in duration and  
scope, from contract to contract throughout the world. For example,  
in some cases, contracts require delivery of natural gas on an  
as-needed basis, and, in other cases, contracts call for the delivery  
of varied amounts of natural gas over different periods of time.  
Nevertheless, TOTAL estimates the fixed and determinable  
quantity of gas to be delivered over the period 2019-2021 to be  
The long-term contracts under which TOTAL sells its natural gas usually  
provide for a price related to, among other factors, average crude oil  
and other petroleum product prices, as well as, in some cases, a  
cost-of-living index. Though the price of natural gas tends to fluctuate  
in line with crude oil prices, a slight delay may occur before changes  
in crude oil prices are reflected in long-term natural gas prices.  
Registration Document 2018 TOTAL  
35  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
4
,751 Bcf. The Group expects to satisfy most of these obligations  
if needed, additional sourcing from spot market purchases (refer to  
points 9.1 and 9.2 of chapter 9).  
through the production of its proved reserves of natural gas, with,  
2
.1.6 Contractual framework of activities  
Licenses, permits and contracts governing the Group entities’  
ownership of oil and gas interests have terms that vary from country  
to country and are generally granted by or entered into with a  
government entity or a state-owned company or sometimes with  
private owners. These agreements usually take the form of  
concessions or production sharing contracts.  
Today, concession agreements and PSCs can coexist, sometimes in  
the same country. Even though there are other contractual models,  
TOTAL’s license portfolio is comprised mainly of concession  
agreements.  
On most licenses, the partners and authorities of the host country,  
often assisted by international accounting firms, perform joint-venture  
and PSC cost audits and ensure the observance of contractual  
obligations.  
In the framework of oil concession agreements, the oil company (or  
consortium) owns the assets and the facilities and is entitled to the  
entire production. In exchange, the operating risks, costs and  
investments are the oil company’s or the consortium’s responsibility  
and it agrees to remit to the relevant host country, usually the owner  
of the subsoil resources, a production-based royalty, income tax,  
and possibly other taxes that may apply under local tax legislation.  
In some countries, TOTAL has also signed contracts called “risked  
service contracts”, which are similar to PSCs. However, the profit oil  
is replaced by a defined or determinable cash monetary remuneration,  
agreed by contract, which depends notably on field performance  
parameters such as the amount of barrels produced.  
The production sharing contract (“PSC”) involves a more complex  
legal framework than the concession agreement: it defines the terms  
and conditions of production sharing and sets the rules governing  
the cooperation between the company (the contractor) or consortium  
Oil and gas exploration and production activities are subject to  
authorization granted by public authorities (licenses), which are  
granted for specific and limited periods of time and include an  
obligation to relinquish a large portion, or the entire portion in case of  
failure, of the area covered by the license at the end of the exploration  
period.  
(the contracting group) in possession of the license and the host  
country, which is generally represented by a state-owned company.  
The latter can thus be involved in operating decisions, cost  
accounting and production allocation. The contractor (or contractor  
group) undertakes the execution and financing, at its own risk, of all  
exploration, development or operational activities. In exchange, it is  
entitled to a portion of the production, known as “cost oil”, the sale  
of which is intended to cover its incurred expenses (capital and  
operating costs). The balance of production, known as “profit oil”, is  
then shared in varying proportions, between the contractor (or the  
contracting group), on the one hand, and the host country or  
state-owned company, on the other hand.  
TOTAL pays taxes on income generated from its oil and gas  
production and sales activities under its concessions, PSCs and  
risked service contracts, as provided for by local regulations.  
In addition, depending on the country, TOTAL’s production and sales  
activities may be subject to a number of other taxes, fees and  
withholdings, including special petroleum taxes and fees. The taxes  
imposed on oil and gas production and sales activities are generally  
substantially higher than those imposed on other industrial or  
commercial businesses.  
36  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
2
.1.7 Production by geographical zone  
The following table sets forth the Group’s annual liquids and natural gas production by geographical zone in 2018.  
2018  
2017  
2016  
Natural  
gas  
Bcf  
Natural  
Natural  
Liquids  
Mb(  
Total  
Mboe  
Liquids  
Mb  
gas  
Total  
Mboe  
Liquids  
Mb  
gas  
Total  
Mboe  
a)  
(b)(c)  
(a)  
(b)(c)  
(a)  
(b)(c)  
Bcf  
Bcf  
Europe and Central Asia  
Denmark  
122  
9
1,131  
36  
-
332  
15  
< 1  
26  
77  
7
98  
-
976  
-
278  
-
91  
-
1,002  
-
277  
-
Italy  
< 1  
20  
38  
-
-
-
-
-
-
-
2
Kazakhstan  
Norway  
26  
211  
36  
206  
616  
287  
48  
12  
4
11  
46  
-
19  
15  
88  
7
1
2
1
234  
41  
44  
-
226  
52  
86  
9
Netherlands  
United Kingdom  
Russia  
28  
27  
187  
68  
47  
13  
59  
190  
11  
102  
7
65  
142  
245  
77  
50  
14  
104  
243  
17  
105  
7
15  
26  
183  
73  
36  
19  
55  
153  
1
201  
481  
277  
47  
52  
116  
239  
83  
38  
20  
98  
204  
5
18  
28  
186  
84  
31  
20  
51  
137  
2
218  
504  
227  
25  
58  
123  
232  
89  
33  
21  
89  
189  
8
Africa (excl. North Africa)  
Angola  
Republic of the Congo  
Gabon  
12  
11  
5
5
Nigeria  
223  
294  
34  
21  
1
213  
282  
21  
186  
291  
33  
Middle East and North Africa  
Algeria  
United Arab Emirates  
Iraq  
102  
6
24  
107  
6
102  
6
25  
107  
7
-
< 1  
-
Libya  
22  
9
3
23  
14  
77  
142  
29  
15  
7
11  
9
-
11  
13  
62  
127  
27  
17  
< 1  
22  
< 1  
45  
16  
89  
7
5
5
Oman  
25  
210  
423  
147  
74  
-
23  
10  
11  
40  
3
23  
14  
49  
102  
29  
12  
-
Qatar  
39  
67  
3
24  
48  
2
214  
442  
141  
79  
210  
346  
143  
59  
Americas  
Argentina  
Bolivia  
2
2
1
Brazil  
7
< 1  
22  
< 1  
11  
11  
10  
-
-
-
-
Canada  
35  
< 1  
12  
8
-
35  
< 1  
44  
12  
51  
12  
7
-
12  
-
-
12  
-
Colombia  
-
-
-
United States  
Venezuela  
176  
26  
273  
66  
26  
32  
5
192  
30  
11  
12  
11  
-
111  
33  
31  
17  
97  
6
Asia-Pacific  
Australia  
6
455  
41  
494  
33  
1
Brunei  
2
1
32  
8
1
29  
7
China  
-
6
< 1  
6
29  
5
-
19  
4
Indonesia  
-
1
190  
55  
41  
7
7
240  
60  
51  
8
Myanmar  
-
49  
95  
2,408  
6
-
-
Thailand  
3
19  
1,013  
3
108  
2,432  
21  
937  
3
112  
2,360  
22  
897  
TOTAL PRODUCTION  
572  
492  
465  
INCLUDING SHARE  
OF EQUITY AFFILIATES  
90  
2
832  
30  
245  
7
103  
2
700  
29  
232  
7
91  
-
694  
7
220  
2
Angola  
United Arab Emirates  
Oman  
15  
9
16  
18  
13  
58  
141  
8
42  
8
19  
46  
13  
42  
112  
12  
42  
9
19  
23  
139  
503  
3
45  
13  
28  
120  
12  
25  
23  
Qatar  
30  
26  
8
143  
616  
2
16  
24  
11  
144  
483  
2
2
Russia  
25  
12  
Venezuela  
(
(
(
a) Liquids consist of crude oil, bitumen, condensates and natural gas liquids (NGL).  
b) Including fuel gas (166 Bcf in 2018, 173 Bcf in 2017 and 163 Bcf in 2016).  
c) Gas conversion ratio: 1 boe = 1 b of crude oil = 5,460 cf of gas in 2018 (5,461 cf in 2017 and 5,460 cf in 2016).  
Registration Document 2018 TOTAL  
37  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
The following table sets forth the Group’s average daily liquids and natural gas production by geographical zone in 2018.  
2018  
2017  
2016  
Natural  
Natural  
Natural  
Liquids  
gas  
Total  
kboe/d  
Liquids  
kb/d  
gas  
Total  
kboe/d  
Liquids gas Total  
kb/d  
kb/d( Mcf/d  
a)  
(b)(c)  
(a)  
Mcf/d  
(b)(c)  
(a)  
Mcf/d(b)(c) kboe/d  
Europe and Central Asia  
Denmark  
334  
25  
< 1  
56  
104  
-
3,099  
909  
42  
265  
-
2,674  
-
761  
-
249  
-
2,737  
-
757  
-
99  
-
Italy  
< 1  
70  
-
-
-
-
-
-
Kazakhstan  
Norway  
70  
31  
121  
-
53  
42  
3
6
4
577  
98  
211  
18  
640  
112  
551  
1,318  
759  
130  
32  
239  
20  
121  
-
618  
141  
595  
1,377  
621  
68  
235  
25  
Netherlands  
United Kingdom  
Russia  
75  
74  
513  
186  
130  
36  
161  
520  
30  
276  
18  
62  
26  
108  
183  
7
566  
1,689  
786  
132  
32  
179  
389  
670  
211  
136  
39  
42  
71  
502  
204  
98  
51  
149  
419  
4
142  
318  
654  
229  
104  
54  
49  
76  
509  
230  
84  
55  
140  
373  
6
158  
335  
634  
243  
90  
Africa (excl. North Africa)  
Angola  
Republic of the Congo  
Gabon  
29  
12  
14  
15  
58  
Nigeria  
610  
805  
94  
284  
666  
47  
583  
771  
58  
267  
559  
15  
509  
795  
90  
243  
517  
23  
Middle East and North Africa  
Algeria  
United Arab Emirates  
Iraq  
57  
288  
19  
278  
15  
31  
25  
66  
132  
6
63  
290  
16  
279  
17  
14  
26  
31  
109  
8
67  
291  
18  
1
1
1
Libya  
9
63  
-
31  
-
14  
Oman  
67  
38  
64  
37  
62  
37  
Qatar  
577  
1,161  
402  
204  
1
211  
389  
79  
585  
1,212  
388  
216  
-
170  
348  
76  
575  
944  
391  
160  
-
134  
279  
78  
Americas  
Argentina  
Bolivia  
5
42  
5
46  
4
34  
Brazil  
18  
95  
1
19  
< 1  
59  
< 1  
31  
31  
28  
-
< 1  
59  
-
-
Canada  
-
95  
-
34  
-
-
34  
Colombia  
-
1
-
< 1  
123  
44  
-
-
United States  
Venezuela  
35  
22  
16  
3
483  
71  
119  
34  
527  
81  
31  
32  
31  
-
304  
89  
86  
47  
Asia-Pacific  
Australia  
748  
181  
72  
141  
34  
1,247  
114  
87  
244  
19  
1,350  
91  
265  
16  
Brunei  
5
19  
3
21  
3
78  
18  
China  
-
88  
16  
< 1  
16  
-
80  
15  
-
53  
10  
Indonesia  
-
14  
3
519  
151  
296  
6,663  
112  
19  
19  
-
657  
165  
306  
6,447  
140  
21  
Myanmar  
-
133  
260  
6,599  
17  
Thaïland  
8
52  
9
58  
9
60  
TOTAL PRODUCTION  
1,566  
2,775  
1,346  
2,566  
1,271  
2,452  
INCLUDING SHARE  
OF EQUITY AFFILIATES  
247  
4
2,281  
81  
671  
20  
284  
5
1,914  
80  
639  
20  
247  
1
1,894  
20  
600  
5
Angola  
United Arab Emirates  
Oman  
41  
24  
85  
71  
22  
45  
49  
115  
23  
43  
67  
31  
53  
125  
35  
114  
24  
7
51  
123  
36  
67  
37  
64  
62  
Qatar  
395  
1,689  
4
157  
385  
23  
395  
1,317  
5
114  
313  
32  
379  
1,375  
7
76  
Russia  
69  
32  
327  
33  
Venezuela  
(a) Liquids consist of crude oil, bitumen, condensates and natural gas liquids (NGL).  
(b) Including fuel gas (454 Mcf/d in 2018, 473 Mcf/d in 2017 and 448 Mcf/d in 2016).  
(c) Gas conversion ratio: 1 boe = 1 b of crude oil = 5,460 cf of gas in 2018 (5,461 cf in 2017 and 5,460 cf in 2016).  
38  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
2
.1.8 Producing assets by geographical zone  
The table below sets forth, as of December 31, 2018(a) and by geographical zone, TOTAL’s producing assets, the year in which TOTAL’s  
activities started, the Group’s interest in each asset (Group share in %) and whether TOTAL is operator of the asset.  
Europe and Central Asia  
Denmark (2018)  
Operated: Danish Underground Consortium (DUC) zone (31.20%), comprising the Dan/Halfdan, Gorm and  
Tyra fields, and all their satellites.  
Kazakhstan (1992)  
Operated: Dunga (60.00%)  
Non-operated: Kashagan (16.81%)  
Operated: Atla (40.00%), Skirne (40.00%)  
2
Norway (1965)  
Non-operated: Åsgard (7.68%), Ekofisk (39.90%), Eldfisk (39.90%), Embla (39.90%), Flyndre (6.26%),  
Gimle (4.90%), Heimdal (16.76%), Islay (5.51%)( , Kristin (6.00%), Kvitebjørn (5.00%), Mikkel (7.65%),  
Oseberg (14.70%), Oseberg East (14.70%), Oseberg South (14.70%), Snøhvit (18.40%), Troll (3.69%),  
Tune (10.00%), Tyrihans (23.15%)  
b)  
Netherlands (1964)  
Operated: F6a oil (65.68%), J3a (30.00%), K1a (40.10%), K3b (56.16%), K4a (50.00%), K4b/K5a  
(36.31%), K5b (50.00%), K6 (56.16%), L1a (60.00%), L1d (60.00%), L1e (55.66%), L1f (55.66%), L4a  
55.66%)  
(
Non-operated: E16a (16.92%), E17a/E17b (14.10%), J3b/J6 (25.00%), K9ab-A (22.46%), Q16a (6.49%)  
Operated: Alwyn North (100.00%), Dunbar (100.00%), Ellon (100.00%), Forvie North (100.00%), Grant  
United Kingdom (1962)  
(
(
100.00%), Jura (100.00%), Nuggets (100.00%), Elgin-Franklin (46.17%), West Franklin (46.17%), Glenelg  
(b)  
58.73%), Islay (94.49%) , Laggan Tormore (60.00%), Edradour and Glenlivet (60.00%), Dumbarton,  
Balloch and Lochranza (100.00%), Gryphon (86.50%), Maclure (38.19%), South Gryphon (89.88%), Tullich  
100.00%), Flyndre (65.94%)  
(
Non-operated: Bruce (1.00%), Markham unitized field (7.35%), Golden Eagle, Peregrine and Solitaire  
31.56%), Scott (5.16%), Telford (2.36%), Harding (30.00%)  
(
Non-operated: Kharyaga (20.00%), Termokarstovoye (49.00%) , Yamal LNG (20.02%)(d), several fields  
(c)  
Russia (1991)  
through the participation in PAO Novatek (19.40%)  
Africa (excl. North Africa)  
Angola (1953)  
Operated: Girassol, Dalia, Pazflor, CLOV (Block 17) (40.00%), Kaombo (Block 32) (30.00%)  
(e)  
Non-operated: Cabinda Block 0 (10.00%), Kuito, BBLT, Tombua-Landana (Block 14) (20.00%) , Lianzi  
(e)  
(
Block 14K) (10.00%) , Angola LNG (13.60%)  
Operated: Anguille Marine (100.00%), Anguille Nord Est (100.00%), Baliste (100.00%), Baudroie Marine  
100.00%), Baudroie Nord Marine (100.00%), Grand Anguille Marine (100.00%), Lopez Nord (100.00%),  
Gabon (1928)  
Nigeria (1962)  
(
Mérou Sardine Sud (100.00%), N’Tchengue (100.00%), Port Gentil Océan (100.00%), Torpille (100.00%),  
Torpille Nord Est (100.00%)  
Non-operated: Barbier (65.28%), Girelle (65.28%), Gonelle (65.28%), Grondin (65.28%), Hylia Marine  
(37.50%), Mandaros (65.28%), Pageau (65.28%)  
Operated: OML 58 (40.00%), OML 99 Amenam-Kpono (30.40%), OML 100 (40.00%), OML 102 (40.00%),  
OML 130 (24.00%)  
Non-operated: Shell Petroleum Development Company (SPDC 10.00%), OML 118 – Bonga (12.50%),  
OML 138 (20.00%), Nigeria LNG (15.00%)  
The Republic  
Operated: Kombi-Likalala-Libondo (65.00%), Moho Bilondo (53.50%), Moho Nord (53.50%),  
of the Congo (1968)  
Nkossa (53.50%), Sendji (55.25%), Yanga (55.25%)  
Non-operated: Lianzi (26.75%), Loango (42.50%), Zatchi (29.75%)  
(
a) The Group’s interest in the local entity is approximately 100% in all cases except for Total Gabon (58.28%), Total E&P Congo (85.00%) and certain entities in Abu Dhabi and Oman  
(see notes b through m below).  
(
(
(
b) The Islay field extends partially into Norway. Total E&P UK holds a 94.49% stake and Total E&P Norge 5.51%.  
c) TOTAL’s interest in the joint-venture ZAO Terneftegas with PAO Novatek.  
d) TOTAL’s interest in the joint-venture OAO Yamal LNG with PAO Novatek, China National Oil & Gas Exploration and Development (CNODC), a subsidiary of China National Petroleum  
Corporation (CNPC), and Silk Road Fund.  
(e) Stake in the company Angola Block 14 BV (TOTAL 50.01%).  
Registration Document 2018 TOTAL  
39  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
Middle East and North Africa  
Algeria (1952)  
U.A.E. (1939)  
Non-operated: TFT II (26.40%), Timimoun (37.75%), 404a & 208 (12.25%)  
Operated: Abu Al Bukhoosh (100.00%)  
Non-operated: ADNOC Onshore (10.00%), ADNOC Offshore: Umm Shaif/Nasr (20.00%), Lower Zakum  
(5.00%), ADNOC Gas Processing (15.00%), ADNOC LNG (5.00%)  
(f)  
Iraq (1920)  
Non-operated: Halfaya (22.5%) , Sarsang (18.00%)  
Libya (1959)  
Non-operated: zones 15, 16 & 32 (75.00%)(g), zones 129 & 130 (30.00%)(g), zones 130 & 131 (24.00%)(g)  
,
zones 70 & 87 (75.00%) , Waha (16.33%)  
(g)  
(
h)  
(i)  
Non-operated: various onshore fields (Block 6) (4.00%) , Mukhaizna field (Block 53) (2.00%)  
Operated: Al Khalij (40.00%)  
Oman (1937)  
Qatar (1936)  
Non-operated: North Field-Block NF Dolphin (24.50%), North Field-Qatargas 1 Upstream (20.00%), North  
Field-Qatargas 1 Downstream (10.00%), North Field-Qatargas 2 Train 5 (16.70%), Al Shaheen (30.00%)  
Americas  
Argentina (1978)  
Operated: Aguada Pichana Este – Mulichinco (27.27%), Aguada Pichana Este – Vaca Muerta (41.00%),  
Aguada San Roque (24.71%), Rincon La Ceniza (45.00%), Aries (37.50%), Cañadon Alfa Complex  
(37.50%), Carina (37.50%), Hidra (37.50%), Kaus (37.50%), Vega Pleyade (37.50%)  
Non-operated: Aguada Pichana Oeste (25%), Aguada de Castro (25%), Sierra Chata (2.51%)  
Operated: Incahuasi (50.00%)  
Bolivia (1995)  
Brazil (1999)  
Non-operated: San Alberto (15.00%), San Antonio (15.00%), Itaú (41.00%)  
Operated: Lapa (35.00%)(j)  
Non-operated: Libra (20.00%), Iara (22.50%)  
Canada (1999)  
Non-operated: Surmont (50.00%), Fort Hills (24.58%)  
Colombia (2006)  
United States (1957)  
Non-operated: Niscota (71.43%)  
Operated: several assets in the Barnett Shale area (90.92% in average)  
(k)  
Non-operated: several assets in the Utica Shale area (25.00%) , Chinook (33.33%), Tahiti (17.00%), Jack  
25.00%)  
(
Venezuela (1980)  
Non-operated: PetroCedeño (30.32%), Yucal Placer (69.50%)  
Asia-Pacific  
(
l)  
(m)  
Non-operated: several assets in UJV GLNG (27.50%) , Ichthys (26.00%)  
Operated: Maharaja Lela Jamalulalam (37.50%)  
Non-operated: Block CA 1- Unit (4.64%)  
Australia (2005)  
Brunei (1986)  
China (2006)  
Non-operated: South Sulige (49.00%)  
Indonesia (1968)  
Myanmar (1992)  
Thailand (1990)  
Non-operated: Block Sebuku (15.00%)  
Operated: Blocks M5/M6 (Yadana, Sein, Badamyar) (31.24%)  
Non-operated: Bongkot (33.33%)  
(
(
(
f) TOTAL’s interest in the joint-venture.  
g) TOTAL’s stake in the foreign consortium.  
h) TOTAL’s indirect stake (4.00%) in the concession through its 10.00% stake in Private Oil Holdings Oman Ltd. TOTAL also has a direct interest (5.54%) in the Oman LNG facility (trains 1  
and 2), and an indirect participation (2.04%) through OLNG in Qalhat LNG (train 3).  
(
i) TOTAL’s direct interest in Block 53.  
(j) TOTAL signed in December 2018 an agreement to acquire an additional 10% stake in the Lapa project in Brésil. The transaction, which remains subject to the approval of the Brazilian  
authorities, increases TOTAL’s interest in this asset from 35% to 45%  
(
(
k) TOTAL’s interest in the joint-venture with Chesapeake.  
l) TOTAL’s interest in the unincorporated joint-venture.  
(m)TOTAL disposed in December 2018 of a 4% interest in the Ichthys project in Australia, thus reducing its interest in the asset from 30% to 26%.  
40  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
2.1.9 Activities by geographical zone  
The information below describes the Group’s main exploration and  
production activities presented by geographical zone(1), without  
detailing all of the assets held by TOTAL. In each zone, the countries  
are presented in decreasing order of production. The capacities  
referred to herein are expressed on a 100% basis, regardless of the  
Snøhvit (18.4%) and Troll (3.69%). TOTAL has equity stakes in  
66 production licenses on the Norwegian maritime continental shelf,  
14 of which it operates. The Group also holds an 18.4% stake in the  
gas liquefaction plant of Snøhvit (capacity of 4.2 Mt/y). This plant,  
located in the Barents Sea, is supplied with production from the  
Snøhvit and Albatross gas fields.  
(2)  
Group’s stake in the asset .  
As part of the continual improvement of its North Sea portfolio, the  
Group has made a number of acquisitions and sales:  
2
.1.9.1 Europe and Central Asia  
In 2018, TOTAL’s production in the zone of Europe and Central  
Asia was 909 kboe/d, representing 33% of the Group’s total  
production, compared to 761 kboe/d in 2017 and 757 kboe/d in  
2
—
the acquisition of an 8.44% interest in the Johan Sverdrup field,  
further to the acquisition of Mærsk Oil in March 2018;  
2
016. The two main producing countries in this zone in 2018  
—
the announcement of the acquisition of a 12.35% interest of the  
Teesside terminal on Ekofisk in June 2018, increasing TOTAL’s  
interest from 32.87% to 45.22%;  
were Russia and Norway.  
In Russia, where the largest percentage of TOTAL’s proved reserves  
are located (21% as of December 31, 2018), the Group’s production  
was 389 kboe/d in 2018, compared to 318 kboe/d in 2017 and  
—
—
the finalization of the disposal of its interest in Polarled and  
Nyhamna in the Norwegian Sea zone in October 2018;  
3
35 kboe/d in 2016. This production comes from TOTAL’s stake in  
the disposal of a 51% interest with the operatorship in the Martin  
Linge field, and of a 40% interest of the Garantiana discovery in  
the Greater Hild zone in March 2018;  
(
3
)
(
4
)
PAO Novatek , as well as from the Termokarstovoye and Kharyaga  
fields (20%) and, since the end of 2017, the Yamal LNG project  
(
20%). Since 2015, Russia has been the leading country to the  
Group’s production.  
—
the finalization of the disposal of an interest with the operator’s  
role in the Trell (40%), Trine (64%), Rind (62.13%) and Alve Nord  
TOTAL participates in the Yamal LNG project. In 2013, the company  
(
100%) discoveries in the Heimdal and Haltenbanken areas, in  
(5)  
OAO Yamal LNG launched this project aimed at developing the  
onshore field of South Tambey (gas and condensates) located on the  
Yamal Peninsula, and at building a three-train gas liquefaction plant  
with a total LNG capacity of 16.5 Mt/y. The Yamal LNG project’s  
financing was finalized in 2016 in compliance with applicable  
regulations. At the end of 2017, the Yamal LNG plant started  
production with the first shipment aboard “Christophe de Margerie”.  
The second liquefaction train of the Yamal plant, with a capacity of  
November 2018;  
—
—
the disposal of a 7.7% interest in the Visund field in January  
2018 and of a 57% interest in the Victoria discovery in January  
2019; and  
the disposal of 7.65% interest in the Mikkel field in the  
Haltenbanken area, approved by the authority in December 2018,  
and closed in 2019.  
5.5 Mt/y, produced its first shipment of LNG in August 2018. The  
third liquefaction train started production in November 2018, more  
than one year ahead of the schedule planned when the project was  
launched. A fourth liquefaction train at small capacity (0.9 Mt/y), using  
PAO Novatek proprietary technology, is under construction.  
In the United Kingdom, the Group’s production in 2018 was  
179 kboe/d, compared with 142 kboe/d in 2017 and 158 kboe/d in  
2016. This increase was driven in particular by the assets held in the  
Quad 9 and 15 areas of the eastern North Sea and Quad 30 in the  
Central Graben, integrated following the finalization of the acquisition  
of Mærsk Oil in March 2018.  
In May 2018, TOTAL signed an agreement with Novatek to acquire a  
stake in Arctic LNG 2, the giant new LNG project led by Novatek.  
The agreement provides for the acquisition by TOTAL of a direct  
—
In the Alwyn area (100%), production from the Alwyn and Dunbar  
fields represents 45% of this area. The rest of the production  
comes from satellites linked to these fields. The drilling of an infill  
well in Alwyn is in progress.  
1
0% interest in the project, which could be increased to 15% under  
certain conditions. The interest acquisition is effective further to the  
signing of the final contracts beginning of March 2019. Located on  
the Gydan Peninsula, facing Yamal, Arctic LNG 2 will have a  
production capacity of 19.8 Mt/y, and will use the hydrocarbon  
resources from the giant Utrenneye onshore gas and condensate  
field. The project will use the new gravity-based structures technology,  
with the installation of three gravity-based structures in Ob Bay that  
will host the three liquefaction trains of 6.6 Mt/y capacity each. It  
should benefit from possible synergies with the Yamal LNG project.  
The agreement also enables TOTAL to acquire a direct stake of  
between 10% and 15% in all future Novatek LNG projects on the  
Yamal and Gydan peninsulas.  
—
In the Central Graben, TOTAL holds stakes (46.17%, operator)  
in the Elgin, Franklin and West Franklin fields and (58.73%,  
operator) in the Glenelg field. The West Franklin Phase II project  
was completed in 2016. The Elgin redevelopment project  
includes the drilling of five wells. Four wells have been completed  
since 2016 and the fifth is in progress. Elsewhere, the drilling of a  
new infill well in Elgin is also in progess. In the Quad 30 area,  
the Group holds  
a stake in the Flyndre field (65.94%).  
The Culzean field (49.99%, operator) is under development and  
is expected to come into production in 2019. TOTAL announced  
a discovery on the Glengorm prospect (25%), close to existing  
infrastructures operated by TOTAL, in January 2019.  
In September 2018, TOTAL increased its stake from 18.9% to 19.4%  
of Novatek’s share capital, which is the maximum set forth in the  
initial 2011 agreement.  
—
In the West of Shetland area, TOTAL hold stakes (60%, operator)  
in the producing fields Laggan and Tormore, and Edradour and  
Glenlivet. In September 2018, the Group announced a discovery  
of gas in the Glendronach prospect, which is under appraisal.  
The total capacity of the Shetland gas treatment plant is  
For further information on international economic sanctions applicable  
in Russia, refer to point 3.1.9 of chapter 3.  
In Norway, the Group’s production was 211 kboe/d in 2018,  
compared to 239 kboe/d in 2017 and 235 kboe/d in 2016. This  
production comes from a multitude of fields, notably Ekofisk (39.9%),  
90 kboe/d.  
(1) The geographical zones are as follows: Europe and Central Asia; Africa (excluding North Africa); Middle East and North Africa; Americas; and Asia-Pacific.  
(2) For information on asset impairments, refer to Note 3 to the Group’s Consolidated Financial Statements (point 8.7 of chapter 8).  
(3) A Russian company listed on the Moscow and London stock exchanges and in which the Group held an interest of 19.4% as of December 31, 2018.  
(4) The development and production license of Termokarstovoye onshore gas and condensates field is held by ZAO Terneftegas, a joint-venture between Novatek and TOTAL (49%).  
(5) OAO Yamal LNG is held by PAO Novatek, Total E&P Yamal (20.02%), China National Oil & Gas Exploration and Development (CNODC), a subsidiary of China National Petroleum  
Corporation (CNPC), and Silk Road Fund.  
Registration Document 2018 TOTAL  
41  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
—
In the Quad 9 area in the eastern North Sea, the Group holds  
stakes and the role of operator in the Gryphon (86.5%), Maclure  
In Greece, TOTAL (50%, operator) and its partners have held the  
exploration license for the offshore Block 2 in the Ionian Sea since  
March 2018. TOTAL undertook geological and seismic analysis, after  
which the Group will decide to continue or not the works on this  
license. Elsewhere, TOTAL (40%, operator) and its partners were  
chosen to explore two offshore blocks south-west of Crete. The  
license is expected to be attributed definitively in 2019.  
(
38.19%), South Gryphon (89.88%) and Tullich (100%) fields. In  
the Quad 15 area, the Group holds a 100% stake in the  
Dumbarton, Balloch, and Lochranza fields.  
In 2018, TOTAL maintained its interests in the PEDL 273, 305 and  
16 shale gas exploration and production licenses (20%), after sales  
3
of interests in various licenses and leases in 2017.  
Rest of the Europe and Central Asia area  
In November 2018, the Group disposed of 42.25% interests in the  
Bruce field retaining 1% and its entire interest in Keith field (25%).  
TOTAL also holds interests (33.35%) in an exploration license without  
activity in Tajikistan. In October 2018, the Group signed a cooperation  
agreement in Uzbekistan with the state-owned company  
UzbekNefteGas to appraise the exploration potential of six blocks in  
the north-east of the country.  
In Kazakhstan, the Group’s production was 70 kboe/d in 2018,  
compared with 42 kboe/d in 2017 and 4 kboe/d in 2016. This comes  
mainly from the Kashagan field operated by the North Caspian  
Operating Company (NCOC) in the North Caspian license (16.81%).  
The production of the first phase of the Kashagan field and of the  
corresponding plant started in 2016, and the ramp-up of the  
production is underway in order to reach the planned capacity of  
2.1.9.2 Africa (excluding North Africa)  
In 2018, TOTAL’s production in the Africa zone(1) was 670 kboe/d,  
representing 24% of the Group’s total production, compared  
with 654 kboe/d in 2017 and 634 kboe/d in 2016. The two main  
producing countries in this zone in 2018 were Nigeria and  
Angola.  
3
70 kb/d. Following the finalization of the acquisition of Mærsk Oil in  
March 2018, the Group holds an interest in the Dunga field (60%,  
operator).  
In Denmark, TOTAL is present through its 31.2% stake with an  
operator’s role in the assets operated by the Danish Underground  
Consortium (DUC), following the finalization of the acquisition of  
Mærsk Oil in March 2018. In September 2018, TOTAL also signed  
an agreement to acquire the entire capital of Chevron Denmark Inc.  
This acquisition, which is expected to be closed in 2019, will increase  
the Groupe’s interest in DUC to 43.2%. In 2018, the Group’s  
production was 42 kboe/d. The 100%-operated production comes  
from two main DUC assets: the Dan/Halfdan and Gorm/Tyra fields.  
The Tyra field facilities constitute the main gas treatment hub in  
Denmark. The Tyra field must be redeveloped due to subsidence  
problems, and is expected to restart in 2022.  
In Nigeria, the Group’s production, primarily offshore, was  
2
2
84 kboe/d in 2018 compared to 267 kboe/d in 2017 and  
43 kboe/d in 2016. This increase in production comes from  
additional opportunities for gas exports to Nigeria LNG Ltd (NLNG)  
and from the development of Ofon phase 2 (OML 102).  
TOTAL operates five production licenses (OML) on the 33 leases in  
which the Group has interests (including one exploration licenses).  
TOTAL has offshore operations (production was 183 kboe/d in 2018)  
notably on the following leases:  
—
on OML 130 (24%, operator), the production from the Egina field  
started in December 2018. At plateau, the Egina field is expected  
to produce 200 kboe/d. The Preowei field development plan  
was filed with partners and authorities in 2018;  
In the Netherlands, the Group’s production was 18 kboe/d in 2018  
compared to 20 kboe/d in 2017 and 25 kboe/d in 2016.  
This decrease is due to natural field decline. In 2018, TOTAL holds  
interests in 22 offshore production licenses, including 18 that it  
operates. In 2017, production on platforms L7 and F15 stopped and  
the platforms will be dismantled.  
—
on OML 139 (18%), the plan to develop the Owowo discovery,  
made in 2012, is under study. This discovery is near the OML  
138 license (20%), where the Usan field is in production;  
In Italy, TOTAL holds stakes in the Tempa Rossa field (50%, operator)  
located on the Gorgoglione concession (Basilicate region), as well as  
three exploration licenses. Construction works and commissioning  
activities are finalized and the start of production is expected in 2019  
subject to the Basilicata region’s authorities authorization.  
—
—
on OML 102 (40%, operator), the drilling of the 23 additional  
wells (Ofon, phase 2) was completed in 2018;  
on OML 99 (40%, operator), the engineering studies for the  
development of the Ikike have been completed and the tender  
process for the construction is in progress; and  
In Azerbaijan, TOTAL signed an agreement in 2016 establishing the  
contractual and commercial conditions for a first phase of production  
of the Absheron gas and condensate field (50%), which is located  
in the Caspian Sea and was discovered by TOTAL in 2011.  
The production capacity of this high pressure field is expected to be  
—
on OML 118 (12.5%) the tender phase of the Bonga South West  
Aparo project (10% unitized) has been launched in February  
2019.  
TOTAL also has onshore operations (production was 102 kboe/d in  
2018), notably:  
35 kboe/d and the gas produced will supply Azerbaijan’s domestic  
market. Drilling operations started in February 2018 and the main  
facilities construction contracts were awarded in July and October  
—
on OML 58 (40%, operator), as part of the joint-venture with the  
Nigerian National Petroleum Corporation (NNPC). It has been  
supplying gas to NLNG and on the domestic Nigerian market  
since 2016; and  
2
018. The role of operator was transferred to the joint TOTAL and  
SOCAR company (JOCAP) in August 2018.  
In Bulgaria, where TOTAL has been present since 2012, the Group  
drilled the Polshkov deep offshore exploration well in 2016 on the  
Han Asparuh Block (40%, operator), with a surface area of  
—
in relation to the SPDC joint-venture (10%), which holds  
2
2
0 production licenses (of which 17 are located onshore), the  
018 production was 58 kboe/d (of which 54 kboe/d was  
1
4,220 km², 100 km offshore in the Black Sea, which revealed the  
presence of oil. The second and third wells drilled in 2017 and 2018  
accordingly were expensed in 2018.  
onshore). The sale process of OML 25 is underway. TOTAL has  
obtained an extension of 16 licences for a 20-year period.  
TOTAL is also developing LNG activities with a 15% stake in NLNG,  
which owns a liquefaction plant with a 22 Mt/y total capacity.  
The tender process for the engineering works for the construction of  
about 7 Mt/y of additional capacity started in mid-2018.  
(1) Excluding North Africa, which is reported in the zone of the Middle East and North Africa.  
42  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
In Angola, where TOTAL is the leading oil operator in the country(1)  
the Group’s production was 211 kboe/d in 2018 compared to  
,
In the Democratic Republic of Congo, after the seismic delineation  
works, TOTAL notified in January 2019 the authorities its withdrawal  
from Block III.  
2
1
29 kboe/d in 2017 and 243 kboe/d in 2016. It comes from Blocks  
7, 14, 0 and 32:  
In Gabon, the Group’s production was 39 kboe/d in 2018 compared  
to 54 kboe/d in 2017 and 58 kboe/d in 2016. In September 2018,  
TOTAL finalized the sale of a residual interest of 32.9% in the  
Rabi-Kounga onshore field, thereby completing a strategic shift of its  
activities to offshore Nord, following the sale in 2017 of interests in  
certain onshore and offshore fields representing production of 13 kboe/d.  
—
deep offshore Block 17 (40%, operator), TOTAL’s main asset in  
Angola, is composed of four major producing hubs: Girassol,  
Dalia, Pazflor and CLOV. In 2018, TOTAL and its partners decided  
to launch three brownfield projects: Zinia Phase 2, Clov Phase 2  
and Dalia Phase 3. These projects are satellite developments of  
the Pazflor, CLOV and Dalia FPSOs, and are expected to start  
up production in 2020 and 2021;  
The Group’s activities in Gabon are exclusively carried out by Total  
Gabon( . Total Gabon wholly owns and operates the Anguille and  
Torpille sector offshore fields, the Mandji Island sector onshore fields  
and the Cap Lopez oil terminal. In November 2018, Total Gabon  
launched a drilling campaign on Torpille, as part of the first phase of  
the redevelopment of the field.  
4)  
—
on the ultra deep offshore Block 32 (30%, operator), production  
of the Kaombo project started in July 2018 with the start-up of  
the Kaombo Norte FPSO (capacity of 115 kb/d). The start-up of  
the second Kaombo Sul FPSO, with the same capacity, is  
expected in 2019. The discoveries in the central and northern  
parts of the Block (outside Kaombo) offer additional potential  
and are currently being assessed;  
2
In Uganda, TOTAL is present in the Lake Albert project, a major  
project for the Group, via a stake in licenses EA-1, EA-1A, EA-2 and  
EA-3 (Kingfisher). TOTAL is the operator of licenses EA-1 and EA-1A.  
In January 2017, TOTAL signed an agreement to acquire 21.57% of  
the 33.33% interest held by Tullow in the licenses. TOTAL will take  
over operatorship from Tullow of the northern portion of license EA-2,  
enabling significant efficiency gains and synergies for the development  
of the northern part of the project (known as Tilenga). China National  
Offshore Oil Corporation (CNOOC) has exercised its pre-emption  
right on 50% of the interest acquired. The agreement remains subject  
to approval by the Ugandan authorities. Following the finalization of  
the transaction, TOTAL is expected to own a 44.1% stake in the  
Lake Albert project. The State of Uganda retains the right to take a  
stake of 15% in the four licences (when the final investment decision  
is made). The exercise of this right would reduce TOTAL’s interest to  
—
—
on Block 14 (20%)(2)  
,
production comes from the  
Tombua-Landana and Kuito fields as well as the BBLT project,  
comprising the Benguela, Belize, Lobito and Tomboco fields;  
Block 14K (36.75%) is the offshore unitization area between  
Angola (Block 14) and the Republic of the Congo (Haute Mer  
license). TOTAL’s interest in the Lianzi field is held at 10% through  
Angola Block 14 BV and 26.75% through Total E&P Congo;  
—
—
on Block 0 (10%), the second phase of the Mafumeira field  
development project started production in 2017;  
on Block 48 (50%, operator), TOTAL obtained the licence in  
2018. The first phase of this program is expected to last for two  
37.5%.  
years with the drilling of one exploration well; and  
The tender process for the front end engineering and design (FEED)  
work for the upstream part of the project was launched in 2018 and  
the construction contract for surface installations is expected to be  
awarded in 2019. Similarly, drilling work was the subject of  
competitive bidding in 2018 and award of the contracts is expected  
in 2019. The pipeline engineering works were finalized at the end of  
2017, and the calls for tender for the construction of the facilities are  
in progress.  
—
TOTAL is also operator of the blocks 25 and 40 (35% and 40%  
respectively) in the offshore Kwanza basin. Exploration works did  
not enabled to confirm the basin’s potential.  
TOTAL is also developing its LNG activities through the Angola LNG  
project (13.6%), which includes a gas liquefaction plant with a total  
capacity of 5.2 Mt/y near Soyo, supplied by gas associated with  
production from Blocks 0, 14, 15, 17, 18 and 32. LNG production  
resumed in 2016. Following work to increase the reliability of the  
facilities, the plant has been capable of processing all of the gas  
supplied since 2017.  
In Mauritania, TOTAL strengthened its exploration position through  
the signature of four new deep offshore licenses (Blocks C7 and C18  
in 2017 and Blocks C15 and C31 in 2018). These licenses added to  
TOTAL’s portfolio, which already contained Block C9 since 2012.  
In the Republic of the Congo, the Group’s production, through its  
(3)  
subsidiary Total E&P Congo , was 136 kboe/d in 2018 compared to  
04 kboe/d in 2017 and 90 kboe/d in 2016.  
In Senegal, TOTAL signed two agreements to explore the country’s  
deep offshore potential in 2017 through the acquisition of the deep  
offshore Block Rufisque and a technical evaluation contract of ultra  
deep offshore ultra deep offshore.  
1
—
Two major assets are in production on the Moho Bilondo license:  
the Moho Bilondo field (53.5%, operator), of which phase 1b  
came into production in 2015, and the Moho Nord field, which  
reached its production plateau at the end of 2017. The Moho  
Nord field has been producing more than its capacity of  
In Kenya, TOTAL holds 45% of the offshore licenses L11A, L11B  
and L12 and 25% of the onshore licenses 10BA, 10BB and 13T  
where oil discoveries have been made.  
100 kboe/d since the start of 2018 due to the strong productivity  
of the wells.  
In South Africa, TOTAL has entered several agreements to step up  
its exploration efforts in the country, and the drilling of an exploration  
well started in December 2018 in the offshore11B/12B exploration  
license (45%, operated), located on the southern coast. In February  
—
Block 14K (36.75%) is the offshore unitization area between  
Angola (Block 14) and the Republic of the Congo (Haute Mer  
license). TOTAL’s interest in the Lianzi field is held at 10% through  
Angola Block 14 BV and 26.75% through Total E&P Congo.  
2
019, TOTAL announced a gas condensate discovery on the  
Brulpadda prospect.  
—
—
Total E&P Congo is operator of Djéno (63%), the sole oil terminal  
in the country.  
Rest of the zone of Africa  
At the end of 2016, Total E&P Congo returned its interests in the  
Tchibouela, Tchendo, Tchibeli and Litanzi fields (65%) to the  
Republic of the Congo, as the licenses have expired.  
TOTAL also holds interests in exploration licenses in Côte d’Ivoire,  
and in Namibia. In Guinea, TOTAL and the Office National des  
Pétroles de Guinée (ONAP) signed a study agreement in 2017 for  
deep and very deep offshore zones.  
(
(
(
(
1) Company data.  
2) Stake held by the company Angola Block 14 BV (TOTAL 50.01%).  
3) Total E&P Congo is owned by TOTAL (85%) and Qatar Petroleum (15%).  
4) Total Gabon is a company under Gabonese law, the shares of which are listed on Euronext Paris and owned by TOTAL (58.28%), the Republic of Gabon (25%) and the public (16.72%).  
Registration Document 2018 TOTAL  
43  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
2
.1.9.3 Middle East and North Africa  
In Libya, the Group’s production was 63 kboe/d in 2018 compared  
to 31 kboe/d in 2017 and 14 kboe/d in 2016. This production comes  
In 2018, TOTAL’s production in the zone of the Middle East and  
North Africa was 666 kboe/d, representing 24% of the Group’s  
total production, compared to 559 kboe/d in 2017 and  
(1)  
from the Al Jurf fields located on offshore areas 15, 16 and 32 (75% )  
(1)  
and from the El Sharara fields located on onshore areas 129-130 (30% )  
(1)  
and 130-131 (24% ). On these areas, production was shut-down in  
July and December 2018 for security reasons. The Mabruk fields,  
517 kboe/d in 2016. The two main producing countries in this  
zone in 2018 were the United Arab Emirates and Qatar.  
(1)  
located on onshore areas 70 and 87 (75% ) have been shut-down  
since the end of 2014.  
In the United Arab Emirates, the Group’s production was  
2
2
88 kboe/d in 2018 compared to 290 kboe/d in 2017 and  
91 kboe/d in 2016.  
Additionally, in March 2018, TOTAL acquired Marathon Oil Libya  
Limited, which holds a 16.33% stake in the Waha Concessions.  
Since March 2018, the Group holds a 20% interest in the Umm  
Shaif/Nasr offshore concession and a 5% stake in the Lower Zakum  
offshore concession, for a period of 40 years operated by ADNOC  
Offshore, which follows the previous Abu Dhabi Marine Areas Ltd  
In Algeria, the Group’s production was 47 kboe/d in 2018, compared  
to 15 kboe/d in 2017 and 23 kboe/d in 2016. Production in 2016  
and 2017 came exclusively from the fields in the TFT zone (Tin Fouyé  
Tabankort, 35%), while production in 2018 also includes the  
Timimoun field (37.75%) and the fields in the Berkine Basin (404a  
and 208, 12.25%). Production on the Timimoun gas field started in  
March 2018.  
(ADMA) offshore concession.  
In November 2018, TOTAL and the state-owned Abu Dhabi National  
Oil Company (ADNOC) signed a concession agreement to launch an  
exploration program for unconventional gas in the Diyab prospection  
zone.  
Under the terms of the Global Agreement signed in 2017, two new  
concession contracts and the corresponding contracts for the sale  
of gas were signed for TFT II (26.4%) in June 2018, and for TFT SUD  
(49%) in October 2018. A concession contract and a gas marketing  
contract for Timimoun were also signed at the end of 2017,  
subsituting those dated July 2002.  
In 2015, the Group had also renewed its 10% interest in the Abu  
Dhabi Company for Onshore Petroleum Operations Ltd concession  
(
ADCO, renamed ADNOC Onshore in 2017) for 40 years.  
This concession covers the 15 main onshore fields of Abu Dhabi.  
TOTAL holds 100% and is the operator of the Abu Al Bukoosh  
offshore field, for which the contract was extended for 3 years in  
March 2018.  
The finalization of the acquisition of Mærsk Oil in March 2018 allowed  
for the incorporation of the 404a and 208 Blocks oil assets in the  
Berkine Basin.  
TOTAL also holds a 15% stake in Abu Dhabi Gas Industries (GASCO,  
renamed ADNOC Gas Processing in 2017), which produces NGL  
In December 2018, TOTAL was awarded two authorizations to  
conduct exploration works on two offshore prospective areas, with  
operatorship for one of them.  
(
natural gas liquids) and condensates from the associated gas  
produced by ADNOC Onshore. In addition, TOTAL holds 5% of the  
Abu Dhabi Gas Liquefaction Company (ADGAS, renamed ADNOC  
LNG in 2017), which processes the associated gas produced by  
ADNOC Offshore in order to produce LNG, NGL and condensates,  
and 5% of National Gas Shipping Company (NGSCO), which owns  
eight LNG tankers and exports the LNG produced by ADNOC LNG.  
In Oman, the Group’s production was 38 kboe/d in 2018 compared  
to 37 kboe/d in 2017 and 2016. TOTAL participates in the production  
(2)  
of oil principally in Block 6 (4%) . In December 2018, TOTAL has  
signed a sale agreement for its interest in Block 53 (2%), finalization  
is expected in 2019. The Group also produces LNG through its  
investments in the Oman LNG (5.54%)/Qalhat LNG (2.04%)(  
liquefaction complex, with an overall capacity of 10.5 Mt/y. In May  
2018, TOTAL signed an MOU with the Oman government to develop  
onshore natural gas resources, on Block 6 in the Greater Barik area.  
3)  
TOTAL holds a 24.5% stake in Dolphin Energy Ltd. that sells gas  
from Qatar to the United Arab Emirates. The operations of Dolphin  
Energy were not impacted by the evolution of the diplomatic relations  
between the United Arab Emirates and Qatar.  
In Iraq, the Group’s production was 19 kboe/d in 2018 compared to  
16 kboe/d in 2017 and 18 kboe/d in 2016. TOTAL holds a 22.5%  
stake in the risked service contract for the Halfaya field, located in  
Missan province. Following development studies in 2016, the decision  
to develop phase 3 of the project to increase production to 400 kb/d  
was taken in 2017. The new facilities started up at the end of 2018.  
In Qatar, the Group’s production was 211 kboe/d in 2018 compared  
to 170 kboe/d in 2017 and 134 kboe/d in 2016.  
Since 2017 TOTAL holds a 30% stake in the Al Shaheen oil field  
concession located 80 km offshore to the north of Ras Laffan for a  
period of 25 years. The Al Shaheen field is operated by the North Oil  
Company, held by TOTAL (30%) and Qatar Petroleum (70%).  
Following the finalization of the acquisition of Mærsk Oil in March  
2
018, TOTAL holds an 18% interest in the Sarsang field in Iraqi  
TOTAL also holds a stake in the Al Khalij offshore field (40%, operator).  
Kurdistan.  
In addition, the Group participates in the production, processing and  
exporting of gas from the North Field through its stakes in the  
Qatargas 1 and Qatargas 2 LNG plants:  
In Yemen, there has been no Group production since 2016. Due to  
the security conditions in the vicinity of Balhaf, Yemen LNG, in which  
the Group holds a stake of 39.62%, stopped its commercial  
production and export of LNG in April 2015, when Yemen LNG  
declared force majeure to its various stakeholders. The plant is in a  
preservation mode.  
—
Qatargas 1: TOTAL holds a 20% interest in the North  
Field-Qatargas 1 Upstream field and a 10% interest in the LNG  
plant (three trains with a total capacity of 10 Mt/y); and  
—
Qatargas 2: the Group holds a 16.7% stake in train 5, which has  
an LNG production capacity of 8 Mt/y.  
TOTAL holds various stakes in four onshore exploration licenses, for  
which a situation of force majeure has been declared. In addition,  
TOTAL signed an agreement to sell its interest in Block 5 (Marib  
Basin, Jannah license, 15%) in 2018. This agreement remains subject  
to the authorities’ approval.  
TOTAL offtakes part of the LNG produced in accordance with the  
006 contracts which provides for the purchase of 5.2 Mt/y of LNG  
2
by the Group.  
TOTAL holds a 24.5% stake in Dolphin Energy Ltd. that sells gas  
from the Dolphin Block in Qatar to the United Arab Emirates and Oman.  
(
(
(
1) TOTAL’s stake in the foreign consortium.  
2) TOTAL holds an indirect 4% stake in Petroleum Development Oman LLC, operator of Block 6, via its 10% stake in Private Oil Holdings Oman Ltd.  
3) TOTAL’s indirect stake via Oman LNG’s stake in Qalhat LNG.  
44  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
In Iran, following the withdrawal of the United States from the Joint  
Comprehensive Plan of Action on May 8, 2018, TOTAL withdrew  
from the project SP11 of the giant South Pars gas field and finalized  
its withdrawal on October 29, 2018, before the re-imposition of US  
secondary sanctions on the oil industry as of November 5, 2018.  
TOTAL was the operator and had a 50.1% interest alongside the  
Chinese state-owned company CNPC (30%) and Petropars (19.9%);  
a wholly-owned subsidiary of National Iranian Oil Company (NIOC).  
TOTAL ceased all operational activity in Iran before November 4, 2018.  
For information on international economic sanctions concerning Iran,  
refer to point 3.1.9 of chapter 3.  
In Canada, the Group’s production increased to 95 kboe/d in 2018  
compared to 59 kboe/d in 2017 and 34 kboe/d in 2016. This increase  
is due:  
—
to the start-up in January 2018 and the rapid ramp-up during  
the year of production of the Fort Hills oil sands mining extraction  
project. In the fourth quarter of 2018, the project reached levels  
close to its plateau of 180 kboe/d. Following several interest  
disposals in 2015 and 2017, TOTAL now holds a 24.58% stake  
in Fort Hills; and  
—
to the strong operational performance of the Surmont SAGD(1)  
oil sands project, in which TOTAL holds a 50% stake.  
In Syria, TOTAL has had no production and no activity since  
December 2011. The Group has a 100% stake in the Deir Ez Zor  
license, which was operated by the joint-venture company DEZPC,  
in which TOTAL and the state-owned company SPC each have a  
In September 2018, TOTAL sold its 38.25% stake in the Joslyn  
project, which was suspended in 2014.  
2
In Argentina, TOTAL operated approximately 30%(2) of the country’s  
gas production in 2018. The Group’s production was 79 kboe/d in  
5
0% share. Additionally, TOTAL is holder of the Tabiyeh contract which  
came into effect in 2009. For information on international economic  
sanctions concerning Syria, refer to point 3.1.9 of chapter 3.  
2018, compared to 76 kboe/d in 2017 and 78 kboe/d in 2016:  
—
in Tierra del Fuego, on the CMA-1 concession, TOTAL operates  
the Ara and Cañadon Alfa Complex onshore fields and the Hidra,  
Carina and Aries offshore fields (37.5%). In 2016, TOTAL started  
production on the Vega Pleyade offshore gas and condensates  
field (37.5%, operator), which has a production capacity of  
350 Mcf/d; and  
In Lebanon, TOTAL entered two exploration Blocks 4 and 9 (40%,  
operator) located offshore Lebanon in February 2018.  
Rest of the zone of the Middle East and North Africa  
TOTAL also holds interests in exploration licenses in Cyprus and Egypt.  
—
in the Neuquén onshore Basin, the Group holds interests in  
2.1.9.4 Americas  
10 licenses and operates 6 of them, including Aguada Pichana  
In 2018, TOTAL’s production in the zone of the Americas was  
89 kboe/d, representing 14% of the Group’s total production,  
compared to 348 kboe/d in 2017 and 279 kboe/d in 2016.  
The two main producing countries in this zone in 2018 were the  
United States and Canada.  
Este and San Roque, where production has already started.  
Three shale gas and oil pilot projects were launched: the first on  
the Aguada Pichana Block, where production started mid-2015  
in order to produce gas; the second on the Rincón la Ceniza  
Block, located on the gas and condensate portion of Vaca Muerta  
3
(
45%, operator), where production started in 2016; and the third  
In the United States, the Group’s production was 119 kboe/d in  
on the Aguada San Roque Block (24.71%, operator), which was  
launched in 2017 to produce oil.  
2018 compared to 123 kboe/d in 2017 and 86 kboe/d in 2016.  
In the Gulf of Mexico, TOTAL holds interests in the Tahiti (17%) and  
Chinook (33.33%) deep offshore fields, and, thanks to the acquisition  
of Mærsk Oil in March 2018, in the Jack (25%) field. The Tahiti Vertical  
Expansion (TVEX) project, launched in 2016, started production in  
June 2018, enabling the field to maintain a level of production of  
about 100 kboe/d. Since the end of 2014, the Jack field has been  
sending its production to a semi-submersible platform shared with  
the Saint-Malo and Julia fields.  
Following the good results of the Aguada Pichana pilot project and a  
reduction in drilling costs, the first phase of development of the giant  
Vaca Muerta shale play was launched in 2017 in the eastern part of  
the Block. In this project, all the partners of Aguada Pichana, Total  
Austral S.A. (27.27%, operator), YPF S.A. (27.27%), Wintershall  
Energia S.A. (27.27%) and Panamerican Energy LLC (18.18%) have  
signed an agreement to split the Block in two. This agreement has  
enabled TOTAL to remain the operator of the Aguada Pichana Este  
Block, with 27.27% of the conventional part (Mulichinco), and 41%  
of the Unconventional part (Vaca Muerta), and to adjust its interest in  
the Aguada Pichana Oeste, which is now non-operated, to 25%.  
In January 2018, TOTAL acquired 12.5% of the Anchor discovery,  
when it took over Samson Offshore Anchor LLC. As part of the  
process to wind up Cobalt International Energy in April 2018, TOTAL  
increased its stake in the North Platte and Anchor deep offshore  
discoveries by 20%. TOTAL now holds 60% of North Platte, which it  
now operates, and 32.5% of Anchor. FEED development activities  
on Anchor commenced in 2018.  
A second development phase was launched on the Aguada Pichana  
Este – Vaca Muerta Block in July 2018. It should allow the production  
plateau to reach 500 Mcf/d, which corresponds to the capacity of  
the existing plant.  
The Group has also launched the appraisal program of the Ballymore  
discovery, announced in January 2018, in which it holds a 40%  
interest.  
On the Aguada Pichana Oeste Block, TOTAL (25%) is taking part in  
the pilot, which came into production in 2017.  
The wells of the first pilot on San Roque have been in production  
since July 2018 and the drilling of a second series of wells started in  
July 2018.  
In its Barnett shale gas assets (90.92%), TOTAL has stabilized the  
level of operated production through a program of works in 2017  
and 2018.  
The initial results of the pilot development on the Rincón la Ceniza  
Block are encouraging at this stage. The delineation well drilled in  
TOTAL also has an interest of 25% in a Chesapeake-operated asset  
that produces shale gas operated by Chesapeake in the Utica Basin  
2
016 on the La Escalonada Block in order to test the oil portion of  
the formation has also demonstrated good productivity.  
(
on an acreage mainly located in Ohio). TOTAL has not taken part in  
any drilling during the last three years.  
In Bolivia, the Group’s production, mainly gas, was 42 kboe/d in  
2
018 compared to 46 kboe/d in 2017 and 34 kboe/d in 2016.  
TOTAL is present on six licenses. Five of them have fields in  
production: San Alberto (15%), San Antonio (15%), Block XX Tarija  
Oeste (41%), and Aquio and Ipati (50%, operator), where the  
Incahuasi gas field started production in August 2016.  
(
1) Steam Assisted Gravity Drainage: production by injection of recycled water vapor.  
(2) Source: Department of Federal Planning, Public Investment and Services, Energy Secretariat.  
Registration Document 2018 TOTAL  
45  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
On the Aquio and Ipati Blocks of the Incahuasi field, the decision  
was taken to connect the ICS-3 well in 2017, and the increase of the  
plant’s capacity to 390 Mcf/d was approved in June 2018.  
In Guyana, TOTAL finalized in 2018 the acquisition of a 35% stake in  
the Canje Block, 25% of the Kanuku Block and 25% of the Orinduik  
Block, as part of the exploration of the prolific offshore Guyana Basin.  
The acquisition of these interests has been approved by the authorities.  
An exploration well is expected to be drilled on the Azero exploration  
license (50%) in 2019.  
Rest of the Americas zone  
In Venezuela, the Group’s production was 34 kboe/d in 2018  
compared to 44 kboe/d in 2017 and 47 kboe/d in 2016. It comes  
from the Group’s interests in PetroCedeño (30.32%) and Yucal Placer  
At the end of 2018, TOTAL disposed of its interests in the Aruba  
exploration license. The Group holds an interest in the Guyane Maritime  
license in French Guiana (100%, operator), on which plug and  
abandonmet operations of the negative exploration well GMES-6 are  
in progress.  
(
69.5%). The development of the extra heavy oil field of PetroCedeño  
continues (26 wells were drilled in 2018, compared to 49 in 2017  
and 39 in 2016), as well as the debottlenecking project for the water  
separation and treatment facilities. For information on international  
economic sanctions concerning Venezuela, refer to point 3.1.9 of  
chapter 3.  
2.1.9.5 Asia-Pacific  
In 2018, TOTAL’s production in the zone of Asia-Pacific was  
41 kboe/d, representing 5% of the Group’s overall production,  
1
In Brazil, the Group’s production totaled 19 kboe/d in 2018, which  
was the Group’s first full year of production in the country.  
The production comes from the Libra (20%) field, where the part in  
production was renamed Mero in 2017, and the Lapa (35%, operator)  
and Iara (22.5%) fields. The Mero field is located in the Santos Basin  
in very deep waters (2,000 m), approximately 170 km off the coast of  
Rio de Janeiro. At year-end 2018, 15 wells had been drilled and the  
production started in 2017 with the FPSO Pioneiro de Libra (50 kb/d  
capacity) designed to carry out the long-term production tests  
necessary for optimizing future development phases. The first  
development phase (17 wells connected to an FPSO with a capacity  
of 150 kb/d) also started in 2017.  
compared to 244 kboe/d in 2017 and 265 kboe/d in 2016. The  
two main producing countries in this zone in 2018 were Thailand  
and Australia.  
In Thailand, the Group’s production was 52 kboe/d in 2018  
compared to 58 kboe/d in 2017 and 60 kboe/d in 2016.  
This production comes from the Bongkot offshore gas and  
condensate field (33.33%). The Thai state-owned company PTT  
purchases all of the natural gas and condensate production. New  
platforms were installed in 2018 to maintain the production plateau.  
In Australia, the Group’s production was 34 kboe/d in 2018  
compared to 19 kboe/d in 2017 and 16 kboe/d in 2016. It comes  
from Gladstone LNG (GLNG) (27.5%) and Ichthys LNG, project for  
which the start of the offshore production began in July 2018 and  
the first export of LNG occured in October 2018. The Ichthys LNG  
project involves the development of a gas and condensate field  
located in the Browse Basin. This development includes a platform  
for the production, processing and export of gas, an FPSO for  
processing and exporting the condensate, an 889 km gas pipeline  
and an onshore liquefaction plant in Darwin. When running at full  
capacity, the two trains of the gas liquefaction plant will supply  
8.9 Mt/y of LNG, 100,000 barrels of condensates per day and  
1.65 Mt/y of LPG. The LNG has already been sold, mainly on the  
Asian market, under long-term contracts. TOTAL disposed in  
December 2018 of a 4% interest in the Ichthys LNG project in  
Australia, thus reducing TOTAL’s interest in the asset from 30% to  
26%.  
In 2017, TOTAL and Petrobras signed definitive contracts in relation  
to a package of assets in Brazil contemplated by their strategic  
alliance agreed in 2016. As part of this strategic alliance, in January  
2
018, TOTAL acquired a 22.5% interest in the concession Iara,  
located in Block BM-S-11A, which is currently under development,  
as well as a 35% interest and the operatorship in the Lapa field  
concession area, located in Block BM-S-9A, which started up in  
2
016. TOTAL holds a 35% interest in Lapa field. TOTAL is expected  
to increase to 45% following the finalization of the acquisition of an  
additional interest of 10%, which is subject to approval by the relevant  
Brazilian authorities. The agreements provide for the strengthening  
of technical cooperation between the two companies, in particular  
by the joint assessment of the exploration potential of promising  
areas in Brazil and by the development of new technologies, in  
particular in deep offshore. On Iara, the declaration of the  
commerciality of two developments has been made, one for the  
development of the two Berbigao and Sururu-West fields, and the  
other for the development of the Atapu field. On the Sururu field, a  
six-month production test has been completed and the drilling of an  
appraisal well has revealed the highest oil column in the pre-salt in  
Brazil (530 m).  
GLNG is an integrated production, transportation and liquefaction  
project from the Fairview, Roma, Scotia and Arcadia fields with a  
capacity of 7.8 Mt/y located on Curtis Island, Queensland. The plant’s  
two trains are in production.  
In Brunei, the Group’s production was 19 kboe/d in 2018 compared  
to 21 kboe/d in 2017 and 18 kboe/d in 2016. It comes from the  
Maharaja Lela Jamalulalam condensate gas field on Block B (37.5%,  
operator) and from the unitized Gumusut-Kakap field, of which the  
part in Brunei is located on Block CA1 (86.9%, operator). The signing  
of the unitization agreements in July 2018 gives TOTAL access to  
4.64% of the Gumusut-Kakap field, which started in 2012 and  
produced 155 kboe/d of oil in 2018. The gas from the Maharaja Lela  
Jamalulalam field is delivered to the Brunei LNG liquefaction plant.  
The acquisition of Mærsk Oil in March 2018 allowed for the  
incorporation of new assets in TOTAL’s portfolio in Brazil: Wahoo  
(
28.6%) and Itaipu (40%) respectively on the BMC-30 and  
BMC-32 Blocks in the Campos Basin.  
In addition, the Group holds 17 exploration licenses located in the  
Barreirinhas, Ceará, Espirito Santo, Foz do Amazonas and Pelotas  
basins.  
In Colombia, TOTAL started production on the Niscota field (71.4%)  
in 2017. The commerciality of the development of the field was  
declared In November 2018. The Group’s production totaled  
On the CA1 deep offshore exploration Block (86.9%, operator), the  
exploration license was extended for two years in October 2018.  
In Myanmar, the Group’s production was 17 kboe/d in 2018  
compared to 19 kboe/d in 2017 and 21 kboe/d in 2016.  
1
kboe/d in 2018.  
In Mexico, TOTAL was awarded exploration licenses in 2016 on  
three blocks in offshore Mexico, following the country’s first  
competitive deep water bid round. Located in the Perdido Basin,  
Block 2 (50%, operator) covers an area of 2,977 km² at depths of  
between 2,300 and 3,600 meters. TOTAL also holds stakes in Blocks  
The Yadana field (31.24%, operator), located on the offshore Blocks  
M5 and M6, primarily produces gas for delivery to PTT for use in Thai  
power plants. The Yadana field also supplies the domestic market  
via an offshore pipeline built and operated by MOGE, a Myanmar  
state-owned company. In 2017, TOTAL started production on the  
Badamyar field, a satellite of the Yadana field. This project is expected  
to make it possible to extend production on this gas field, which is  
1
1
(33.33%) and 3 (33.33%), located in the Salina Basin, and in Block  
5 (60%, operator). In March 2018, TOTAL obtained three exploration  
blocks in the shallow waters of the Campeche Basin: Block 32 (50%),  
Block 33 (50%, operator) and Block 34 (42.5%).  
8
Bcf/y, beyond 2020.  
46  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
In 2015, the Group entered exploration license A6 (40%) located in  
the deep offshore area west of Myanmar, where a gas discovery has  
been made. A delineation well drilled in 2018 has produced  
encouraging results. These discoveries are currently being assessed.  
decision is made) at a level of 22.5%. In this case, TOTAL’s stake  
would be reduced to 31.1%. Block PRL-15 includes the two  
discoveries Elk and Antelope. The delineation program of these  
discoveries was completed in 2017 and the results of the wells drilled  
confirmed the resource levels of the fields. Development studies  
continued in 2018.  
In 2015, TOTAL signed a production sharing contract on the deep  
offshore YWB Block (100%, operator). The 2016 2D seismic survey  
was followed by a 3D seismic survey in 2018.  
TOTAL holds interests in the PPL339 (35%), PPL589 (100%) and  
PPL576 (100%) exploration licenses. The interpretation of the  
multi-client seismic survey performed in late 2016 on PPL576  
revealed some promising prospects.  
In China, the Group’s production was 16 kboe/d in 2018 compared  
to 15 kboe/d in 2017 and 10 kboe/d in 2016. This production comes  
from the South Sulige Block (49%) in the Ordos Basin of Inner  
Mongolia, where the drilling of tight gas development wells is ongoing.  
TOTAL and its partners signed on November 2018 a Memorandum  
of Understanding with the Independent State of Papua New Guinea  
defining the key terms of the Gas Agreement for the Papua LNG  
Project. The proposed Gas agreement is expected to be finalized in  
the first half of 2019.  
In 2017, TOTAL signed a production sharing contract on the Taiyang  
exploration Block (49%, operator), located in both Chinese and  
Taiwanese waters in the China Sea. A 2D seismic survey was carried  
out in 2018.  
2
In Indonesia, Group production was 3 kboe/d in 2018, compared  
with 112 kboe/d in 2017 and 140 kboe/d in 2016, given the expiry of  
the Mahakam license and the transfer of the corresponding activities  
to Pertamina (operator) on January 1, 2018. The Group still holds an  
interest in the Sebuku license (15%), production from the Ruby gas  
field is routed by pipeline for processing and separation at the Senipah  
terminal.  
Rest of the Asia-Pacific zone  
TOTAL also holds interests in exploration licenses in Malaysia and  
the Philippines. In Cambodia, TOTAL is working to implement an  
agreement entered into in 2009 with the Cambodian government for  
the exploration of Block 3 located in an area of the Gulf of Thailand  
disputed by the governments of Cambodia and Thailand. This  
agreement remains subject to the establishment by both countries of  
an appropriate contractual framework. In Sri Lanka, in 2016 TOTAL  
signed an agreement to proceed with surveys on the offshore JS-5  
and JS-6 Blocks off the east coast.  
In Papua New Guinea, the Group owns a stake in Block PRL-15  
(
40.1%, operator since 2015). The State of Papua New Guinea retains  
the right to take a stake in the license (when the final investment  
Registration Document 2018 TOTAL  
47  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
2
.1.10 Oil and gas acreage  
2018  
Undeveloped  
Developed  
acreage  
(a)  
acreage  
As of December 31 (in thousands of acres)  
Europe and Central Asia (excl. Russia)  
Gross  
Net  
19,649  
7,450  
923  
221  
Russia  
Gross  
Net  
3,733  
619  
685  
127  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
Gross  
Net  
77,537  
55,174  
31,406  
6,068  
718  
198  
Gross  
Net  
3,037  
427  
Gross  
Net  
24,595  
13,355  
42,332  
24,566  
199,252  
107,298  
1,102  
509  
Asia-Pacific  
Gross  
Net  
668  
204  
TOTAL  
GROSS  
NET(b)  
7,067  
1,686  
(
a) Undeveloped acreage includes leases and concessions.  
(b) Net acreage equals the sum of the Group’s equity stakes in gross acreage.  
2
.1.11 Productive wells  
2018  
Gross productive  
wells  
Net productive  
wells(  
a)  
As of December 31 (number of wells)  
Europe and Central Asia (excl. Russia)  
Oil  
767  
314  
261  
98  
Gas  
Oil  
Russia  
337  
65  
Gas  
Oil  
627  
113  
429  
14  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
1,533  
75  
Gas  
Oil  
11,189  
190  
711  
40  
Gas  
Oil  
1,066  
3,528  
8
352  
2,052  
7
Gas  
Oil  
Asia-Pacific  
Gas  
OIL  
GAS  
2,289  
14,900  
7,023  
743  
1,825  
3,060  
TOTAL  
(a) Net wells equal the sum of the Group’s equity stakes in gross wells.  
48  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Exploration & Production segment  
2
2
.1.12 Net productive and dry wells drilled  
2018  
2017  
2016  
Net  
productive  
wells drilled  
Net  
dry wells  
Net  
total wells  
Net  
productive  
Net  
dry wells  
Net  
total wells  
Net  
productive  
Net  
dry wells  
Net  
total wells  
drilled  
drilled wells drilled  
drilled  
drilled wells drilled  
drilled  
drilled  
(a) (b)  
(a) (c)  
(a) (c)  
(a) (b)  
(a) (c)  
(a) (c)  
(a) (b)  
(a) (c)  
(a) (c)  
As of December 31 (number of wells)  
Exploration  
Europe and Central Asia (excl. Russia)  
0.9  
-
0.8  
-
1.7  
-
0.1  
-
1.8  
-
1.9  
-
1.1  
-
1.0  
-
2.1  
-
Russia  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
0.1  
0.5  
0.5  
0.8  
2.8  
1.0  
-
1.1  
0.5  
2.1  
0.8  
6.2  
0.2  
0.6  
1.3  
1.2  
3.4  
0.5  
0.5  
0.5  
0.7  
4.0  
0.8  
1.1  
1.7  
1.9  
7.4  
0.7  
0.8  
2.1  
1.6  
6.3  
-
0.7  
0.8  
2.9  
1.6  
8.1  
2
-
1.6  
-
0.8  
-
Asia-Pacific  
TOTAL  
3.4  
1.8  
Development  
Europe and Central Asia (excl. Russia)  
10.1  
13.4  
-
-
10.1  
13.4  
8.8  
21.5  
-
-
8.8  
21.5  
13.6  
18.7  
0.5  
-
14.1  
18.7  
Russia  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
13.0  
0.1  
-
13.1  
14.4  
-
14.4  
14.6  
-
14.6  
68.8  
68.8  
82.0  
-
82.0  
49.3  
1.1  
-
50.4  
38.8  
0.3  
-
39.1  
29.2  
0.5  
-
29.7  
35.4  
35.4  
Asia-Pacific  
116.3  
260.4  
263.2  
116.3  
260.8  
267.0  
132.4  
288.3  
291.7  
132.4  
288.8  
296.2  
151.0  
282.6  
288.9  
-
151.0  
284.2  
292.3  
TOTAL  
0.4  
3.8  
0.5  
4.5  
1.6  
3.4  
TOTAL  
(a) Net wells equal the sum of the Group’s equity stakes in gross wells.  
(b) Includes certain exploratory wells that were abandoned, but which would have been capable of producing oil in sufficient quantities to justify completion.  
(c) For information: service wells and stratigraphic wells are not reported in this table.  
2.1.13 Wells in the process of being drilled  
(including wells temporarily suspended)  
2018  
As of December 31 (number of wells)  
Gross  
Net(a)  
Exploration  
Europe and Central Asia (excl. Russia)  
-
-
-
-
Russia  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
2
1
3
-
0.5  
0.4  
2.0  
-
Asia-Pacific  
TOTAL  
6
2.9  
Other wells(b)  
Europe and Central Asia (excl. Russia)  
138  
26  
71.4  
3.9  
Russia  
Africa (excl. North Africa)  
Middle East and North Africa  
Americas  
65  
13.7  
180  
50  
26.2  
21.3  
Asia-Pacific  
579  
1,038  
1,044  
137.7  
274.2  
277.1  
TOTAL  
TOTAL  
(a) Net wells equal the sum of the Group’s equity stakes in gross wells. Includes wells for which surface facilities permitting production have not yet been constructed. Such wells are also  
reported in the table “Number of net productive and dry wells drilled”, above, for the year in which they were drilled.  
(b) Other wells are developments wells, service wells, stratigraphic wells and extension wells.  
Registration Document 2018 TOTAL  
49  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Exploration & Production segment  
2
.1.14 Interests in pipelines  
The table below shows the main interests held by Group entities(1) in pipelines on December 31, 2018.  
Pipeline(s)  
Origin  
Destination  
(%) interest  
Operator  
Liquids Gas  
EUROPE AND CENTRAL ASIA  
Azerbaijan  
BTC  
Baku (Azerbaijan)  
Ceyhan (Turkey, Mediterranean)  
5.00  
X
Norway  
Frostpipe (inhibited)  
Lille-Frigg, Froy  
Heimdal  
Oseberg  
36.25  
16.76  
5.00  
X
X
X
X
X
X
X
Heimdal to Brae Condensate Line  
Kvitebjorn Pipeline  
Brae  
Kvitebjorn  
Mongstad  
Norpipe Oil  
Ekofisk Treatment center  
Teesside (United Kingdom)  
45.22  
12.98  
3.71  
Oseberg Transport System  
Troll Oil Pipeline I and II  
Vestprosess  
Oseberg, Brage and Veslefrikk Sture  
Troll B and C  
Vestprosess (Mongstad refinery)  
Kollsnes (Area E)  
Vestprosess (Mongstad refinery)  
5.00  
Netherlands  
Nogat Pipeline  
F3-FB  
Den Helder  
5.00  
4.66  
X
X
X
WGT K13-Den Helder  
WGT K13-Extension  
K13A  
Den Helder  
Markham  
K13 (via K4/K5)  
23.00  
United Kingdom  
Alwyn Liquid Export Line  
Alwyn North  
Bruce  
Cormorant  
100.00  
1.00  
X
X
X
Bruce Liquid Export Line  
Forties (Unity)  
Graben Area Export Line (GAEL)  
Northern Spur  
ETAP  
Forties (Unity)  
9.58  
X
Graben Area Export Line (GAEL)  
Southern Spur  
Elgin-Franklin  
Ninian  
ETAP  
32.09  
16.36  
25.73  
54.66  
X
X
X
X
Ninian Pipeline System  
Sullom Voe  
Bacton  
Shearwater Elgin Area Line (SEAL)  
SEAL to Interconnector Link (SILK)  
Elgin-Franklin, Shearwater  
Bacton  
Interconnector  
X
X
AFRICA (EXCL. NORTH AFRICA)  
Gabon  
Mandji Pipes  
Mandji fields  
Cap Lopez Terminal  
100.00(a)  
X
Nigeria  
O.U.R  
Obite  
Rumuji  
Owaza  
40.00  
40.00  
X
X
X
X
NOPL  
Rumuji  
MIDDLE EAST AND NORTH AFRICA  
Qatar  
Dolphin  
North Field (Qatar)  
Taweelah-Fujairah-Al Ain  
(
United Arab Emirates)  
24.50  
32.68  
X
AMERICAS  
Argentina  
TGM  
Neuquén (TGN) /  
Paso de Los Libres  
(Brazil border)  
Porto alegre (Brazil)  
X
Brazil  
TBG  
Bolivia-Brazil border  
Porto Alegre via São Paulo  
Uruguyana (Brazil) Canoas  
9.67  
X
X
TSB  
Argentina-Brazil border  
(TGM)/ Porto Alegre  
25.00  
ASIA-PACIFIC  
Australia  
GLNG  
Fairview, Roma,  
Scotia, Arcadia  
GLNG (Curtis Island)  
27.50  
31.24  
X
X
Myanmar  
Yadana  
Yadana field  
Ban-I Tong (Thai border)  
X
(a) 100% interest held by Total Gabon. The Group holds an interest of 58.28% in Total Gabon.  
(1) Excluding equity affiliates, except for the Yadana and Dolphin pipelines.  
50  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Gas, Renewables & Power segment  
2
2
.2 Gas, Renewables & Power segment  
The Gas, Renewables & Power segment carries the Group’s ambition in low carbon activities through the development of downstream gas  
and low carbon electricity as well as the energy efficiency businesses.  
The segment employs an integrated business model along the full gas and power value chain. The LNG business is growing in particular  
following the acquisition of the LNG business of Engie in 2018. The number of customers grows as well strongly, notably in B2C, following the  
acquisition of Direct Énergie in 2018 and Lampiris in 2016.  
2
.7GW  
21.8Mt  
of LNG managed  
in 2018  
$0.5  
B
12,011  
employees  
present  
> 5M  
sites,  
of which 80%  
are B2C  
2
installed low  
carbon power  
capacity(  
organic  
(
2)  
investments  
in 2018  
1)  
at the end of 2018  
Gas, Renewables & Power segment financial data(3)  
(
M$)  
2018  
756  
2017  
485  
2016  
439  
176  
589  
Adjusted net operating income(a)  
Operating cash flow before working capital changes w/o financial charges (DACF)(b)  
Cash flow from operations(c)  
513  
294  
(670)  
1,055  
(
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value.  
b) DACF = debt adjusted cash flow. The operating cash flow before working capital changes w/o financial charges is defined as cash flow from operating activities before changes in  
working capital at replacement cost, without financial charges.  
c) Excluding financial charges.  
(
Adjusted net operating income for the Gas, Renewables & Power  
as well as in services to reduce the energy consumption of its  
customers and the environmental footprint, in particular through its  
Greenflex subsidiary or through projects to capture, store or use CO2.  
segment was $756 million in 2018, notably thanks to the good  
performance of LNG and gas/power trading activities. The increase  
in working capital related to the consolidation of the acquisitions of  
Direct Énergie and the LNG business of Engie was mainly responsible  
for the negative cash flow from operations in 2018.  
As part of its strategy aiming to develop low carbon activities, several  
major acquisitions were made in 2018. In July 2018, the finalization  
of the acquisition of Engie’s LNG business enabled TOTAL to  
consolidate its position as a leading actor in LNG. This acquisition  
strengthens TOTAL’s positions in the production of LNG, increases  
the number of long-term purchase and sales agreements, and its  
regasification capacities, in particular in Europe, and adds a fleet of  
LNG tankers, thereby offering more flexibility to its portfolio.  
TOTAL integrates the climate change in its strategy and anticipates  
the new trends on the energy market. Thus, the Group strengthens  
its development in the natural gas value chain and intends to develop  
profitable activities in low-carbon electricity.  
The activities of TOTAL in the gas business contribute to the growth  
of the Group by ensuring market outlets for its current and future  
natural gas production. In addition to its activities in liquefied natural  
gas (LNG) (refer to point 2.1.8 in this chapter), TOTAL is also present  
in the trading of natural gas and liquefied petroleum gas (LPG).  
TOTAL also signed an agreement with KKR-Energas for the  
acquisition of two combined-cycle natural gas power plants in France.  
In September 2018, TOTAL finalized the acquisition of Direct Énergie  
(4)  
(France’s top alternative energy supplier ) and its subsidiary Quadran  
developer and owner of renewables assets), thereby speeding up its  
strategy to integrate the gas-electricity chain in Europe. In December  
018, TOTAL and EPH also signed an agreement allowing TOTAL,  
subject to authorisation by the competent authorities, to acquire in  
020 two gas power turbines in France.  
(
TOTAL is present along the entire electricity value chain, from the  
production of low carbon electricity to marketing activities. TOTAL’s  
activities in electricity production rely on its subsidiaries Direct Énergie,  
Quadran, Total Solar and its shareholdings in SunPower and Total  
Eren. TOTAL is also involved in electricity storage (Saft Groupe),  
2
2
(
(
(
(
1) In Group’s equity stake.  
2) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests (refer to point 2.5.1 of this chapter).  
3) The data for the 2016 financial year has been restated to take into account the change in the organization of the Group that has been fully effective since January 1, 2017.  
4) Source: Company data.  
Registration Document 2018 TOTAL  
51  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Gas, Renewables & Power segment  
2
.2.1 LNG  
A pioneer in the LNG industry, TOTAL is today one of the world’s  
2.2.1.4 LNG trading  
(1)  
leading players in the sector and has solid and diversified positions  
both in the upstream and downstream of the LNG chain. LNG  
development is a key element of the strategy of the Group, which is  
strengthening its positions in most major production regions and  
main markets.  
The Group’s activities are developing in LNG trading through major  
sale and purchase contracts and are reinforced by the acquisition  
of Engie’s portfolio of LNG activities. In 2018, these LNG trading  
activities represented a volume of 17.1 Mt compared with 7.6 Mt in  
2017 and 5.1 Mt in 2016.  
2
.2.1.1 LNG production  
The portfolio focuses, in particular, on Asian markets (China, South  
Korea, India, Indonesia, Japan and Taiwan) and is made up of spot  
and long-term contracts that enable TOTAL to supply gas to its main  
customers worldwide, while keeping sufficient flexibility to seize  
market opportunities.  
Through its interests in liquefaction plants in Angola, Australia, Egypt,  
the United Arab Emirates, Nigeria, Norway, Oman, Qatar, Russia and  
Yemen , the Group sells LNG across markets worldwide. In 2018,  
the share of LNG production was 11.1 Mt, compared to 11.2 Mt in  
(2)  
2
017 and 11 Mt in 2016. In 2018, the Ichthys (Australia) and Yamal  
In 2018, the trading teams were located in London, Paris, Houston  
and Singapore.  
LNG (Russia) plants started producing LNG. The growth of LNG  
production sold by TOTAL over the coming years is expected to be  
ensured by the Group’s liquefaction projects under construction  
In 2018, TOTAL bought 173 shipments under long-term contracts  
from Algeria, Australia, Egypt, the United States, Nigeria, Norway,  
Qatar and Russia and 97 spot or medium-term shipments, compared  
with 59 and 49 in 2017, and 51 and 19 in 2016 respectively. Deliveries  
from Yemen LNG have been halted since 2015.  
(
(
in the United States and Russia), or by projects currently under study  
Papua New Guinea, Nigeria, Russia, Oman, Mexico and the United  
(3)  
States ).  
Thereby, in March 2019, Total has signed the definitive agreement  
(4)  
with PAO Novatek for the acquisition of a direct 10% interest in  
Arctic LNG 2. Furthermore, a Memorandum of Understanding (MOU)  
signed with the government of Oman is expected to enable the  
Group to develop a regional hub for the delivery of an LNG bunker  
service to ships, using the natural gas resources from Block 6. Finally,  
TOTAL has signed an MOU with Sempra Energy for the development  
of projects for the export of North American LNG, including the  
expansion of Cameron LNG in Louisiana and the Energia Costa Azul  
project in Baja California, Mexico.  
2.2.1.5 LNG regasification  
TOTAL has entered agreements that provide a long-term access to  
LNG regasification capacity worldwide, through existing assets or  
projects under development in Europe (Belgium, France and the  
United Kingdom), the Americas (the United States, Panama and  
Mexico), Asia (India and Myanmar) and Africa (Côte d’Ivoire). TOTAL  
also charters two FSRUs.  
In 2018, TOTAL has an LNG regasification capacity in the range of  
2
7 Bcm/y, of which 20 Bcm/y comes from the acquisition of Engie’s  
2
.2.1.2 Long-term Group LNG sales and purchases  
LNG activities.  
TOTAL acquires long-term LNG volumes mainly from liquefaction  
projects in which the Group holds an interest (Egyptian LNG in Egypt,  
Ichthys in Australia, Qatargas 2 in Qatar, Nigeria LNG in Nigeria,  
Snøhvit in Norway, Yamal LNG in Russia and Yemen LNG in Yemen).  
Furthermore, TOTAL also acquired long-term LNG volumes from  
American projects in which the Group has no equity (Sabine Pass,  
Corpus Christi, Cove Point). These volumes support the expansion  
of the Group’s worldwide LNG portfolio. Since 2009, a growing  
portion of the long- term volume purchased by the Group that was  
initially intended for delivery to North American and European markets  
has been diverted to Asian markets, benefitting from a better price  
environment.  
In France, TOTAL holds a 27.5% interest in Fosmax LNG.  
The terminal received 65 vessels in 2018, compared with 55 in 2017  
and 54 in 2016.  
In October 2018, TOTAL sold its 9.99% stake in the Dunkerque LNG  
terminal, with a capacity of 13 Bcm/y.  
In the United Kingdom, through its equity interest in the Qatargas  
2 project, TOTAL holds an 8.35% stake in the South Hook LNG  
regasification terminal, with a total capacity of 21 Bcm/y.  
In the United States, in 2004, TOTAL has reserved a regasification  
capacity of approximately 10 Bcm/y in the Sabine Pass terminal  
(
Louisiana) for a 20-year period until 2029. In 2012, TOTAL and  
New LNG sources arising from, among others, the acquisition of  
Engie’s LNG assets in the United States (Cameron LNG) are expected  
to ensure the growth of the Group’s LNG portfolio. The Group is  
developing new LNG markets by launching projects of Floating  
Storage and Regasification Units (FSRU) for the import of LNG, for  
example in Myanmar or Côte d’Ivoire, in addition to the two FSRUs  
already in operation following the acquisition of Engie’s LNG activities.  
Sabine Pass Liquefaction (SPL) signed agreements allowing TOTAL’s  
reserved regasification capacity to gradually be transferred by TOTAL  
to SPL in return for a payment.  
In India, TOTAL disposed of its 26% stake in the Hazira terminal in  
January 2019. The terminal received 67 vessels in 2018, compared  
with 44 in 2017 and 61 in 2016. Furthermore, in October 2018,  
TOTAL and Adani Group signed an agreement to develop several  
LNG regasification terminals, including Dhamra LNG on the east  
coast of India, and to develop the marketing of LNG in India.  
Thus, TOTAL relies on a recognized local partner to break into the  
Indian market.  
TOTAL holds several significant contracts for the long-term sale of  
LNG in Chile, China, South Korea, Spain, the United States,  
Indonesia, Japan, Panama, the Dominican Republic, Singapore and  
Taiwan.  
In Myanmar, a consortium led by TOTAL has been tasked with the  
responsibility of developing an integrated project, including an FSRU  
LNG regasification terminal at Kanbauk, a 1,230 MW production  
plant and the supply of electricity as far as Yangon, which is expected  
to start up in 2023.  
2
.2.1.3 LNG shipping  
As part of its LNG shipping activities, TOTAL uses a fleet of 15 LNG  
vessels, 12 of which come from the acquisition of Engie’s LNG  
portfolio. In addition to the fleet, TOTAL may also charter extra vessels  
on a spot and short-term basis to meet trading needs.  
(
(
(
(
1) Publicly available information: upstream and downstream LNG portfolios in 2018.  
2) The Yemen LNG plant has been halted since 2015. For more information, refer to point 2.1.8 of this chapter.  
3) TOTAL holds since 2017 an interest in Tellurian Inc. which is listed on the NASDAQ, (18.38% on December 31, 2018).  
4) A Russian company listed on the Moscow and London stock exchanges and in which the Group held an interest of 19.4% as of December 31, 2018.  
52  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Gas, Renewables & Power segment  
2
In Côte d’Ivoire, a consortium led by TOTAL (34%, operator) has  
been assigned responsibility for developing and operating an  
FSRU-type LNG regasification terminal in Abidjan, which is expected  
to start up in 2021.  
2
.2.2 Trading and transport (excluding LNG)  
2
.2.2.1 Trading excluding LNG  
TOTAL also sells sulfur, mainly from the production of its refineries.  
In 2018, 1.4 Mt was sold, compared with 0.9 Mt in 2017 and 0.7 Mt  
in 2016.  
Following the sale in 2015 of its subsidiary Total Coal South Africa,  
the Group ceased its coal production activities. Moreover, in 2016,  
the Group stopped its coal sales and trading activities.  
C) Natural gas and electricity  
2
A) LPG  
TOTAL is pursuing gas and electricity trading operations in Europe  
and North America in order to sell the Group’s production and to  
supply the marketing subsidiaries and other entities of the Group.  
In 2018, TOTAL traded and sold nearly 5.2 Mt of LPG (propane and  
butane) worldwide, compared to 4.9 Mt in 2017 and 5.3 Mt in 2016.  
Nearly 30% of these quantities came from fields or refineries operated  
by the Group. This trading activity was conducted by means of seven  
long-term chartered vessels. In 2018, 255 journeys were necessary  
for transporting the negotiated quantities, including 156 journeys  
carried out by TOTAL’s long-term chartered vessels and 99 journeys  
by spot-chartered vessels.  
In Europe, TOTAL sold 46.4 Bcm of natural gas in 2018, compared  
with 33.3 Bcm in 2017 and 32.9 Bcm in 2016( . The Group also  
traded 65.4 TWh of electricity in 2018, compared to 70.2 TWh in  
2017 and 49.1 TWh in 2016, mainly from external sources.  
1)  
In North America, TOTAL sold 13.7 Bcm of natural gas in 2018  
from its own production or from external resources, compared to  
12.1 Bcm in 2017 and 10.1 Bcm in 2016.  
B) Petcoke and sulfur  
TOTAL sells petcoke coming from the Port Arthur refinery in the  
United States and the Jubail refinery in Saudi Arabia. Petcoke is sold  
to cement producers and electricity producers mainly in India, as  
well as in Mexico, Brazil, other Latin American countries and Turkey.  
2.2.2.2 Transport of natural gas  
The Group holds interests in gas pipelines (refer to point 2.1.14 of  
this chapter) located in Brazil and Argentina.  
2
.2 Mt of petcoke were sold on the international market in 2018,  
compared to 2.1 Mt in 2017 and 1.9 Mt in 2016.  
2
.2.3 Low carbon electricity production  
In the second half of 2018, TOTAL accelerated its strategy to integrate  
the gas-electricity chain in Europe and to develop low-carbon  
electricity by acquiring Direct Énergie and two combined-cycle natural  
gas power plants in France from KKR-Energas. Consequently,  
TOTAL has the capacity to produce 2.7 GW of low-carbon electricity  
from gas and renewables (in Group share) worldwide.  
In Brazil, TOTAL and Petrobras pursue the study of new business  
opportunities in the natural gas.  
2.2.3.2 Electricity production from renewables  
As part of its development in low-carbon electricity, TOTAL relies on  
its Quadran and Total Solar subsidiaries and its shareholdings in  
SunPower and Total Eren.  
2
.2.3.1 Electricity production from natural gas  
The construction of a portfolio of combined-cycle gas power plants  
in Europe is part of the strategy to integrate the gas and electricity  
value chain, from production to marketing, and compliments well the  
sources of production of intermittent renewable electricity.  
Furthermore, the flexible production of these power plants enables  
the Group to optimize its customers’ electricity supply costs.  
A) SunPower  
TOTAL has held, since 2011, a majority interest in SunPower (55.66%  
as of December 31, 2018), an American company listed on NASDAQ  
and based in California.  
Since 2017, SunPower has focused its activities on two segments:  
on the one hand, the design, production and international sale of  
very high-efficiency solar cells and panels, and, on the other hand,  
the sale of photovoltaic systems, that increasingly include storage, in  
In France and Belgium, TOTAL owns four combined-cycle natural  
gas (CCGT) power plants. The global installed capacity is 1.6 GW.  
TOTAL holds a 60% stake in project to build a fifth 0.4 GW CCGT  
power plant in Landivisiau, France. The agreement signed in  
December 2018 with EPH will bring to TOTAL portfolio two additional  
gas power turbines (0.8 GW) from 2020, subject to authorisation by  
the competent authorities.  
the United States. SunPower had  
a capacity to produce  
Inter-digitated Back Contact (IBC) cells of almost 1.2 GW/y at the  
end of 2018. The cells are then assembled into solar panels in plants  
located mainly in France and Mexico. To enlarge its commercial  
offering, SunPower has marketed, since 2016, a new range of panels  
to target the most competitive market sectors while continuing to  
hold a technological edge over its competitors. SunPower is finalizing  
the development of its future highly efficient technology, which  
significantly reduces costs, and has launched its industrial  
deployment.  
In Abu Dhabi, the Taweelah A1 gas power plant, which is owned by  
the Gulf Total Tractebel Power Company (TOTAL, 20%), combines  
electricity generation and water desalination. The plant has a net  
power generation capacity of 1.6 GW and a water desalination  
capacity of 385,000 m³ per day. The plant’s production is sold to  
Abu Dhabi Water and Electricity Company (ADWEC) as part of a  
long-term agreement.  
SunPower markets its panels worldwide for applications ranging from  
residential and commercial roof tiles to solar power plants.  
(1) The data for 2017 and 2016 financial years have been restated and include the supply of the marketing subsidiaries.  
Registration Document 2018 TOTAL  
53  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Gas, Renewables & Power segment  
In 2018, the worldwide photovoltaic market remained dynamic, with  
estimated growth of 14% (compared with 30% in 2017) of newly  
installed capacities . SunPower installed more than 1.5 GW in 2018,  
compared to 1.4 GW in 2017 and 1.3 GW in 2016.  
wind, solar, hydroelectric and biogas assets in France, and develops  
a series of renewable electricity projects that have reached different  
stages of maturity.  
(1)  
C) Total Eren  
In the American market, SunPower is one of the leading players on  
the residential, industrial and commercial markets, and is driving the  
development of smart energy offerings (a combination of photovoltaic  
solar power, storage and other services).  
In December 2017, TOTAL acquired a 23% interest in Eren  
Renewable Energy, which has since been renamed Total Eren.  
TOTAL will be able to take control of Total Eren after a period of five  
years. Through its partnerships with local developers, Total Eren  
today manages numerous energy projects in countries and regions  
where renewable energies represent an economically viable response  
to a growing demand for energy, such as Asia-Pacific, Africa and  
Latin America.  
As part of its recentering strategy, SunPower sold, in June 2018, its  
stake in 8point3 Energy Partners to an investment fund in the energy  
sector. In 2018, SunPower also sold its inverters activity and its last  
solar farm projects that were under development, mainly in the  
Americas.  
Total Eren has a diversified set of assets in renewable energies  
In October 2018, SunPower acquired certain assets of SolarWorld  
Americas, in particular the Hillsboro plant in Oregon, thereby  
strengthening its position in the production of solar panels in the  
United States. In September 2018, the American government  
exempted the IBC technology of the customs tariffs imposed by the  
American authorities on imports of cells and panels in January 2018.  
(
wind, solar and hydraulic), representing a gross installed capacity of  
about 1.3 GW (in 100%) in operation or under construction around  
the world.  
D) Total Solar  
Total Solar, which is 100% owned by the Group, contributes to the  
development of activities in solar power, with a focus on two market  
segments:  
B) Quadran  
In 2018, TOTAL maintained its policy of investing in low-carbon  
businesses with the acquisition of Direct Énergie, which owns  
Quadran. This company enables the Group to speed up its  
development in solar and wind power, biogas and in hydroelectricity  
in France.  
—
decentralized photovoltaic systems aimed at industrial or  
commercial customers (B2B) entering into private PPAs (power  
purchase agreements); and  
—
ground-mounted solar power plants in targeted geographical  
areas: Europe, the Middle East, Japan and South Africa.  
This acquisition adds 0.7 GW gross installed capacity (in 100%).  
At the end of 2018, Quadran operates a portfolio of 213 onshore  
2
.2.4 Natural gas and electricity marketing  
With a customer portfolio in excess of 5 million sites delivered and  
subsidiary Total Gas & Power Nederland B.V. The volumes delivered  
in 2018 were 0.4 Bcm of gas and 0.4 TWh of electricity, compared  
with 0.3 Bcm and 0.2 TWh in 2017.  
1
33 TWh, TOTAL is now targeting 15% market share in France and  
Belgium within 5 years in the residential segment.  
In France, TOTAL operates in the natural gas and electricity markets  
for industrial and commercial customers through its Total Énergie  
Gaz and, Direct Énergie since 2018, marketing subsidiaries, whose  
global gas sales totaled 1.8 Bcm in 2018, compared with 1.9 Bcm in  
In Belgium, TOTAL operates on the natural gas and electricity supply  
markets through its subsidiaries Lampiris and Direct Énergie.  
The Lampiris and Poweo by Direct Énergie brands are present in the  
residential segment, while Total Gas & Power Belgium operates in  
the industrial and commercial segments. In 2018, the volumes of  
gas delivered amounted to almost 0.8 Bcm, compared with 0.7 Bcm  
in 2017, while electricity sales totaled almost 3.7 TWh, compared  
with 3.7 TWh in 2017.  
2
017 and 2.2 Bcm in 2016. TOTAL also operates on the domestic  
market through its subsidiary Total Spring (previously known as  
Lampiris France) and Direct Énergie. The sales of Total Spring and  
Direct Énergie in the residential segment (electricity and gas) totaled  
1
7.9 TWh in 2018, compared with 3.8 TWh in 2017.  
In Spain, TOTAL Gas y Electricidad España markets electricity to the  
industrial and commercial segments since January 2018. In 2018,  
the volume of electricity sales reached 0.1 TWh. The Group sold its  
35% stake in Cepsa Gas Comercializadora in 2017.  
In the United Kingdom, TOTAL sells natural gas and electricity in  
the industrial and commercial segment through its subsidiary Total  
Gas & Power Ltd. In 2018, the volume of gas sales totaled 4.2 Bcm,  
compared with 4.3 Bcm in 2017 and 4.0 Bcm in 2016. Electricity  
sales were nearly 10.1 TWh in 2018, compared to 9.1 TWh in 2017  
and 7.4 TWh in 2016.  
In Argentina, the subsidiary Total Gas Marketing Cono Sur is in  
charge of marketing the gas produced by Total Austral, the Group’s  
production subsidiary, as well as marketing the gas produced by  
third parties. In 2018, the volume of gas sales reached 4.3 Bcm,  
compared to 4.2 Bcm in 2017 and 4.0 Bcm in 2016.  
In Germany, Total Energie Gas GmbH, a marketing subsidiary of  
TOTAL, marketed 1.2 Bcm of gas in 2018 to industrial and  
commercial customers, compared to 1.2 Bcm in 2017 and 0.9 Bcm  
in 2016. Electricity sales were 0.5 TWh in 2018, compared with  
The Group holds stakes in the marketing companies that are  
associated with the LNG regasification terminals located at Altamira  
in Mexico and Hazira in India. In early 2019, TOTAL closed the sale  
of its stake in the regasification company in India that also owned the  
marketing activity.  
0.3 TWh in 2017.  
In the Netherlands, TOTAL operates in the natural gas and electricity  
markets for industrial and commercial customers through its  
2
.2.5 Energy storage  
Energy storage is a major challenge for the future of power grids and  
a vital accompaniment to renewable energies, which are intermittent  
by nature. Large-scale electricity storage is essential to promote the  
growth of renewables and enable them to make up a significant  
share of the electricity mix.  
The acquisition of 100% of the shares of Saft Groupe S.A. (“Saft”),  
completed in August 2016 following a successful voluntary takeover  
bid, fully aligned with TOTAL’s goal to develop in low-carbon  
businesses.  
(1) Source: BNEF.  
54  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Gas, Renewables & Power segment  
2
Saft is a French company that celebrated its 100th anniversary in  
018 and specializes in the design, manufacture and marketing of  
high technology batteries for industry.  
As part of a European alliance, Saft and its partners launched, in  
2018, an R&D program that aims to develop the future generations  
of lithium-ion batteries (Gen 3A and Gen 3B), and then the solid  
electrolyte lithium battery technology. As of year-end 2018, Saft is  
present in 18 countries worldwide (historically in Europe and the  
United States) and has over 4,300 employees. Saft is achieving  
growth in emerging countries, in particular in Asia, South America  
and Russia, and has 14 production sites and approximately 30 sales  
offices. In 2018, Saft’s turnover amounted to $788 million.  
2
Saft develops batteries based on nickel, lithium-ion and primary  
lithium technologies. The company is active in transport,  
telecommunications, industrial infrastructures, civil and military  
electronics, space, defense and energy storage. Building on the  
strength of its technological know-how, and through its energy  
storage activities, Saft is well placed to benefit from the growth in  
renewable energies beyond its current activities, by offering massive  
storage capacities, combined with renewable electricity, which is  
intermittent by nature. This is one of Saft’s main sources of growth.  
2
2
.2.6 Innovation and energy eꢀciency  
2
.2.6.1 Energy eꢀciency services  
In this area, the Group intends to participate directly or indirectly (via  
the OGCI fund in particular) in large-scale pilot projects. TOTAL thus  
launched, in 2017, studies with Equinor and Royal Dutch Shell for  
developing the transport and storage aspects of the first industrial  
commercial project in the world for the capture, transport and storage  
of CO , with a capacity of 1.5 Mt of CO /y. The project aims to store  
The energy efficiency services market is experiencing strong growth,  
which is expected to accelerate in the coming years. In this context,  
the Group is investing in this market, with the aim of helping  
customers optimize their consumption and emissions, in particular  
by choosing between the best energy sources.  
2
2
the emissions from two industrial sites near Oslo, Norway, and will  
also be able to collect emissions from other emitters. TOTAL also  
supports the feasibility studies conducted by the OGCI fund, with  
5 other partners, on a project located in Teesside (United Kingdom).  
This project combines gas based power generation with capture of  
the related CO , the collection of the CO emissions from neighboring  
In 2017, the Group finalized the acquisition of GreenFlex, a French  
company founded in 2009 with over 700 customers. GreenFlex  
employs around 400 people and recorded sales of €410 million at  
year-end 2018, compared to €359 million at year-end 2017.  
2
2
This acquisition is fully aligned with the Group’s strategy for growth  
in the energy performance sector, in priority in major European  
countries.  
industries, its offshore storage and its possible recovery in other uses.  
2
.2.6.4 Access to energy  
2
.2.6.2 Total Energy Ventures  
First launched in 2011 in four pilot countries, TOTAL’s solar solutions  
for access to energy were distributed in 40 countries by 2018.  
By the end of 2018, 2.7 million lamps and solar kits had been sold,  
improving the day-to-day lives of nearly 12 million people.  
The distribution channels used are both TOTAL’s traditional networks  
Total Energy Ventures (TEV) invests in the initial development phases  
of companies that offer technologies or economic models of strategic  
interest to TOTAL. These areas of interest include renewable energies,  
digital energy, energy storage and mobility services. Whereas  
historically TEV invested predominantly in Europe and the United  
States, the company started investing in 2018 in China. In particular,  
TEV signed an agreement with NIO Capital to cooperate and invest  
in the mobility segment.  
(
service stations) and “last mile” networks built with local partners to  
bring these solutions to isolated areas. Reseller networks are set up  
and economic programs developed with the support of external  
partners to recruit and train young solar resellers.  
In addition, in 2018, around 10 incubation projects were launched  
with start-ups in the nano-grid, mini-grid, recycling and Wi-Fi terminals  
segments. More than 20 business partnerships were also deployed  
in the field, with organizations ranging from NGOs and development  
agencies, to professional customers (distributors, major TOTAL  
accounts, etc.) and international organizations.  
TEV also launched its investment platform dedicated to emerging  
markets, and in particular to companies developing business models  
for access to energy for people who are not connected to the grid.  
Initially, this activity will be focused on Africa.  
2
.2.6.3 Carbon capture, use and storage  
In order to promote a new industry in the field of carbon capture,  
utilization and storage (CCUS), the Group is examining the possibility  
of developing new businesses to enable its industrial, domestic or  
electricity producing customers to capture, store, utilize or neutralize  
their CO emissions.  
2
TOTAL considers CCUS to be one of the key drivers to tackle the  
challenge of the climate change and is particularly interested in the  
development of new business and industrial models associated with  
this value chain.  
Registration Document 2018 TOTAL  
55  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Refining & Chemicals segment  
2.3 Refining & Chemicals segment  
Refining & Chemicals is a large industrial segment that encompasses refining, base petrochemicals (olefins and aromatics), polymer derivatives  
(
(
polyethylene, polypropylene, polystyrene and hydrocarbon resins), the transformation of biomass and the transformation of elastomers  
Hutchinson). This segment also includes the activities of Trading & Shipping.  
Among the  
world’s  
Refining  
capacity of  
One of  
$1.6  
B
49,883  
employees  
present  
the leading  
traders of oil and  
refined products  
worldwide  
of organic  
investments  
in 2018  
1
0
largest  
2.0Mb/d  
(
2)  
integrated  
producers  
at year-end 2018  
(1)  
Refinery throughput(a)  
(Kb/d)  
1,965  
1,852  
1,827  
1,471  
1,365  
1,391  
Refinery throughput was stable in 2018 compared to 2017. Lower  
throughput in Europe linked to planned maintenance, notably at  
Antwerp during the second quarter, was offset by higher throughput  
outside Europe.  
Europe  
4
87  
436  
494  
Rest of the world  
2018  
2017  
2016  
(a) Includes share of TotalErg (sold in 2018), as well as refineries  
in Africa that are reported in the Marketing & Services segment.  
Refining & Chemicals segment financial data(3)  
(
M$ except ERMI)  
2018  
32.3  
2017  
40.9  
2016  
34.1  
European Refining Margin Indicator (ERMI) ($/t)  
Adjusted net operating income(a)  
3,379  
4,388  
4,308  
3,790  
4,728  
7,411  
4,195  
4,873  
4,584  
Operating cash flow before working capital changes w/o financial charges (DACF)(b)  
Cash flow from operations(c)  
(
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value.  
b) DACF = debt adjusted cash flow. The operating cash flow before working capital changes w/o financial charges is defined as cash flow from operating activities before changes in  
working capital at replacement cost, without financial charges.  
c) Excluding financial charges.  
(
The European Refining Margin Indicator (ERMI) for the Group  
decreased by 21% to 32.3 $/t for the full-year 2018, mainly due to  
rising oil prices. The petrochemicals environment remained favorable  
although margins in Europe were lower than last year, affected by  
the higher price of raw materials.  
In this context, Refining & Chemicals adjusted net operating income  
was resilient to $3,379 million for the full-year 2018, a decrease of  
11% compared to the previous year.  
(1) Based on publicly available information, production capacities at year-end 2017.  
(2) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests (refer to point 2.5.1 of this chapter).  
(3) Data for the 2016 financial year have been restated to take into account the change in the organization of the Group that has been fully effective since January 1, 2017.  
56  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Refining & Chemicals segment  
2
2
.3.1 Refining & Chemicals  
Refining & Chemicals includes refining, base petrochemicals (olefins  
and aromatics), polymer derivatives (polyethylene, polypropylene,  
polystyrene and hydrocarbon resins), biomass conversion and  
elastomer processing (Hutchinson). The electroplating chemistry  
Group sold its stake in TotalErg, which held a stake in the Trecate  
refinery in Italy.  
The Group’s main petrochemical sites in Europe are located in  
Belgium, in Antwerp (steam crackers, aromatics, polyethylene) and  
Feluy (polyolefins, polystyrene), and in France, in Carling (polyethylene,  
polystyrene, polypropylene compounds), Feyzin (steam cracker,  
aromatics), Gonfreville (steam crackers, aromatics, styrene,  
polyolefins, polystyrene) and Lavéra (steam cracker, aromatics,  
polypropylene). Europe accounts for 48% of the Group’s  
petrochemicals capacity, i.e., 10,277 kt at year-end 2018, compared  
to 10,293 kt at year-end 2017 and 10,383 kt at year-end 2016.  
(
Atotech) and adhesives (Bostik) activities were sold in 2017 and  
015, respectively. The volume of its Refining & Chemicals activities  
(1)  
.
2
places TOTAL among the top 10 integrated producers worldwide  
The strategy of Refining  
& Chemicals integrates a constant  
requirement for safety, a core value of the Group, and the priority  
given to the management of its environmental footprint. In a context  
of rising worldwide demand for oil and petrochemicals driven by  
non-OECD countries and the entry of new capacities into the market,  
the strategy involves:  
2
—
In France, the Group continues to improve its operational  
efficiency in a context of stagnation in the consumption of  
petroleum products in Europe.  
—
improving competitiveness of refining and petrochemicals  
activities by making optimal use of industrial means of production  
and concentrating investments on large integrated platforms;  
In 2018, TOTAL continued the significant modernization plan  
announced in 2015 for its refining facilities in France, in particular  
at La Mède, with an investment decision made in 2015 for around  
€275 million to transform the site and in particular create the first  
biorefinery in France. The first step of this investment took place  
at the end of 2016 when the processing of crude oil ended.  
The industrial transformation of La Mède will contribute to  
respond to the growing demand for biofuels in Europe as from  
the first half of 2019. Other activities, such as a logistics and  
storage platform, a solar energy farm and a training center were  
developed on the site since 2017, in addition to an AdBlue(  
production plant, which started up in August 2018.  
—
developing petrochemicals in the United States and the Middle  
East by exploiting the proximity of cost-effective oil and gas  
resources in order to supply growing markets, in particular Asia;  
and  
—
innovating in low carbon activities by developing biofuels,  
biopolymers and plastics recycling solutions as well as materials  
contributing to the energy efficiency of the Group’s customers, in  
particular in the automotive market.  
4)  
2
.3.1.1 Refining and petrochemicals  
In Donges, the €400 million investment project for the  
construction of intermediate feedstock desulfurization units and  
hydrogen production units is under study. This program requires  
the re-routing of the railroad track that currently crosses the  
refinery. A three-party memorandum of intent to fund this  
re-routing work between the French State, local authorities and  
TOTAL was signed at the end of 2015.  
TOTAL’s refining capacity was 2,021 kb/d as of December 31, 2018,  
same as at year-end 2017 and compared to 2,011 kb/d at year-end  
2
1
016. The Refining & Chemicals segment managed a capacity of  
,993 kb/d at year-end 2018, or 99% of the Group’s total capacity.  
TOTAL has equity stakes in 18 refineries (including nine operated by  
companies of the Group), located in Europe, the Middle East, the  
(2)  
United States, Asia and Africa  
.
In petrochemicals, the Group reconfigured the Carling platform  
in Lorraine. Since the shutdown of the steam cracking activity in  
2015, new hydrocarbon resins and compound polypropylene  
production units have been in activity.  
The petrochemicals businesses are located mainly in Europe, the  
United States, Qatar, South Korea and Saudi Arabia. Most of these  
sites are either adjacent to or connected by pipelines to Group  
refineries. As a result, TOTAL’s petrochemical operations are  
integrated within its refining operations, thereby maximizing synergies.  
—
—
In Germany, TOTAL operates the Leuna refinery (100%), where  
a new benzene extraction unit (approximately 60 kt/y) started up  
late 2017. In 2015, the Group completed the sale of its stake in  
the Schwedt refinery (16.7%) and acquired a majority stake in  
Polyblend, a manufacturer of polyolefin compounds that are  
mainly used in the automotive industry.  
Between 2011 and 2016, the Group reduced its production  
capacities in Europe by 20%, thereby fully meeting the target it had  
set for 2017. Since then, the major investment project launched in  
2
013 on the Antwerp platform in Belgium has been completed, with  
the aim of improving the site’s conversion rate and increasing the  
flexibility of the steam crackers. The project to transform the La Mède  
refinery into a biorefinery continues.  
In Belgium, the Group finalized a major project in 2017 to  
modernize its Antwerp platform, with:  
–
new conversion units in response to the shift in demand  
towards lighter petroleum products with a very low sulfur  
content, and  
A) Activities by geographical area  
a) Europe  
– a new unit to convert part of the combustible gases recovered  
from the refining process into raw materials for the  
petrochemical units.  
TOTAL is the second largest refiner and petrochemist in Western  
(3)  
Europe  
.
In addition, the Group has developed a project to enable greater  
flexibility on one of the steam-cracking units and has thus been  
processing ethane since 2017.  
Western Europe accounts for 71% of the Group’s refining capacity,  
i.e., 1,437 kb/d at year-end 2018, compared with 1,454 kb/d at  
year-end 2017 and year-end 2016.  
—
In the United Kingdom, TOTAL decreased the capacity of the  
Lindsey refinery by half in 2016, reducing it to 5.5 Mt/y.  
The investment plan also focuses on improving the conversion  
ratio, adapting logistics and simplifying the refinery’s organization,  
thereby lowering the site’s break-even point.  
The Group operates eight refineries in Western Europe (one in  
Antwerp, Belgium, five in France in Donges, Feyzin, Gonfreville,  
Grandpuits and La Mède, one in Immingham, United Kingdom, and  
one in Leuna, Germany) and owns a 55% stake in the Vlissingen  
refinery (Zeeland) in the Netherlands. In the first quarter of 2018, the  
(
(
1) Based on publicly available information, refining and petrochemicals production capacities at year-end 2017.  
2) Earnings related to certain refining assets in Africa and to the TotalErg joint-venture, sold during the first quarter of 2018, which held a stake in the Trecate refinery in Italy, are included in  
the results of the Marketing & Services segment.  
(
3) Based on publicly available information, 2017 refining capacities.  
X
(4) Fuel additive intended for road transport and designed to lower nitrogen oxide (NO ) compound emissions.  
Registration Document 2018 TOTAL  
57  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Refining & Chemicals segment  
b) North America  
In China, TOTAL holds a 22.4% stake in WEPEC, a company that  
operates a refinery located in Dalian. The sale of this stake to one of  
the Chinese partners of the joint-venture is in the process of being  
finalized. During the first quarter of 2019, the Group sold its  
polystyrene activity in China, which notably included two plants in  
Foshan (Guangdong province) and Ningbo (Zheijiang province) in the  
Shanghai region, each with a capacity of 200 kt/y.  
The Group’s main sites in North America are located in Texas, at Port  
Arthur (refinery, steam cracker), Bayport (polyethylene), La Porte  
(
polypropylene) and in Louisiana, at Carville (styrene, polystyrene).  
At Port Arthur, TOTAL holds at the same site a 100% interest in a  
78 kb/d capacity refinery and a 40% stake in BASF Total  
1
Petrochemicals (BTP), which has a condensate splitter and a steam  
cracker. The Group continues to work on strengthening the synergies  
between these two plants. The BTP cracker can produce more than  
In South Korea, TOTAL has a 50% stake in Hanwha Total  
Petrochemicals Co., Ltd. (HTC), which operates a petrochemical  
complex in Daesan (condensate splitter, steam cracker, styrene,  
paraxylene, polyolefins). Following the launch in 2014 of new  
aromatics (paraxylene and benzene) and polymer units (EVA2), HTC  
continued to expand its activities and the steam cracker now has an  
ethylene production capacity of 1.1 Mt/y and a styrene production  
capacity of 1.1 Mt/y. The EVA2 and ARO2 units were debottlenecked  
in 2016 and 2017 respectively. In addition, investments totaling  
1
Mt/y of ethylene, of which more than 85% on ethane, propane and  
butane, which are produced in abundance locally.  
At La Porte, TOTAL operates a large polypropylene plant, with a  
capacity of 1.2 Mt/y.  
At Carville, TOTAL operates a styrene plant with a capacity of  
1
.2 Mt/y, in a 50% joint-venture with SABIC and a polystyrene unit  
$
750 million were decided in 2017 to increase the ethylene  
with a capacity of 700 kt/y, which is 100% owned.  
production capacity by 30% and the polyethylene production capacity  
by more than 50%. At the end of 2018, the decision was taken to  
make an additional investment of $500 million to increase the  
polypropylene production capacity by nearly 60% by 2020 to reach  
1.1 Mt/y, and to increase its ethylene production capacity by 10% to  
reach 1.5 Mt/y.  
Finally, in partnership with Borealis and Nova Chemicals, TOTAL  
started construction in 2017 of a new ethane cracker with an ethylene  
production capacity of 1 Mt/y on the Port Arthur site for an investment  
of $1.7 billion. The partners in the joint-venture (TOTAL, 50%) decided  
in September 2018 to develop a new polyethylene unit downstream  
of the cracker, in addition to the capacities of the Bayport site which  
TOTAL contributed to the joint-venture. This integrated development  
is expected to more than double the site’s polyethylene capacity to  
In Qatar, the Group holds interests(1) in two ethane-based steam  
crackers (Qapco, Ras Laffan Olefin Cracker-RLOC) and four  
polyethylene lines operated by Qapco in Messaied, including the  
Qatofin linear low-density polyethylene plant with a capacity of  
1.1 Mt/y and to thus maximize synergies with the existing assets at  
Port Arthur and Bayport.  
550 kt/y and a Qapco 300 kt/y low-density polyethylene line which  
c) Asia, the Middle East and Africa  
started up in 2012.  
TOTAL is continuing to expand in growth areas and is developing  
sites in countries with favorable access to raw materials. The Group  
has first-rate platforms in these markets, which are ideally positioned  
for growth.  
TOTAL holds a 10% stake in the Ras Laffan condensate refinery, the  
capacity of which increased to 300 kb/d following completion of the  
project to double the refinery’s capacity; the new facilities were  
commissioned in late 2016.  
In Saudi Arabia, TOTAL has a 37.5% stake in SATORP (Saudi  
Aramco Total Refining and Petrochemical Company), which operates  
the Jubail refinery. It has been fully operational since mid-2014.  
This refinery, situated close to Saudi Arabia’s heavy crude oil fields,  
increased its capacity by 10% to 440 kb/d following the  
debottlenecking in early 2018 during its first major shutdown.  
The refinery’s configuration enables it to process these heavy crudes  
and sell fuels and other light products that meet very strict  
specifications and are mainly intended for export. The refinery is also  
integrated with petrochemical units: an 800 kt/y paraxylene unit, a  
In the United Arab Emirates, in November 2018, TOTAL sold a  
33.3% stake that it held in ADNOC Fertilizers, which operates a plant  
producing 2 Mt/y of urea in Ruwais.  
In Algeria, in October 2018, the Group signed a shareholders’  
agreement with Sonatrach to create the joint-venture (Sonatrach 51%  
and TOTAL 49%) to implement a joint petrochemicals project in  
Arzew, in western Algeria. This project includes the construction of a  
propane dehydrogenation plant and a polypropylene production unit  
with a capacity of 550 kt/y. The joint-venture was incorporated in  
January 2019.  
200 kt/y propylene unit, and a 140 kt/y benzene unit. In addition,  
TOTAL and Saudi Aramco signed in October 2018 an agreement to  
jointly develop the engineering studies for the construction of a  
petrochemicals complex adjacent to the refinery. This gigantic project  
will include a mixed-load steam cracker (50% ethane and refinery  
gas) with a capacity of 1.5 Mt/y and polyethylene units.  
In Africa, the Group also holds interests in four refineries (South  
Africa, Cameroon, Côte d’Ivoire, Senegal) after the sale of its interest  
in the refinery in Gabon in 2016. Refining & Chemicals provides  
technical assistance for two of these refineries: the Natref refinery  
with a capacity of 109 kb/d in South Africa and the SIR refinery with  
a capacity of 80 kb/d in Côte d’Ivoire.  
(1) TOTAL shareholdings: Qapco (20%); Qatofin (49%); RLOC (22.5%).  
58  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Refining & Chemicals segment  
2
B) Crude oil refining capacity  
(a)  
The table below sets forth TOTAL’s crude oil refining capacity :  
As of December 31 (kb/d)  
2018  
2017  
2016  
Nine refineries operated by Group companies  
Normandy-Gonfreville (100%)  
253  
- (b)  
253  
- (b)  
253  
- (b)  
Provence-La Mède (100%)  
Donges (100%)  
219  
219  
219  
Feyzin (100%)  
109  
109  
109  
Grandpuits (100%)  
101  
101  
101  
2
Antwerp (100%)  
338  
338  
338  
Leuna (100%)  
227  
227  
227  
Lindsey-Immingham (100%)  
Port Arthur (100%) and BTP (40%)(c)  
SUBTOTAL  
109  
109  
109  
202  
202  
202  
1,558  
463  
1,558  
463  
1,558  
453  
Other refineries in which the Group has equity stakes(d)  
TOTAL  
2,021  
2,021  
2,011  
(
a) Capacity data based on crude distillation unit stream-day capacities under normal operating conditions, less the average impact of shutdowns for regular repair and maintenance  
activities.  
(
(
(
b) Crude oil processing stopped indefinitely at the end of 2016.  
c) The condensate splitter held by the joint-venture between TOTAL (40%) and BASF (60%) located in Port Arthur refinery has been taken into account since end 2015.  
d) TOTAL’s share as of December 31, 2018 in the nine refineries in which it has equity stakes ranging from 7% to 55% (one each in the Netherlands, China, South Korea, Qatar, Saudi Arabia  
and four in Africa). TOTAL sold, in December 2016, its stake in the SOGARA refinery in Gabon. In 2017, TOTAL also sold a portion of its interests in the SIR refinery in Côte d’Ivoire and  
SAR refinery in Senegal. In 2018, the Group sold its stake in TotalErg, which held a stake in the Trecate refinery in Italy.  
C) Refined products  
The table below sets forth by product category TOTAL’s net share(a) of refined quantities produced at the Group’s refineries:  
(
kb/d)  
2018  
291  
210  
732  
99  
2017  
283  
2016  
324  
Gasoline  
Aviation fuel(b)  
Diesel and heating oils  
Heavy fuels  
196  
182  
726  
795  
115  
140  
Other products  
TOTAL  
461  
1,793  
438  
430  
1,758  
1,871  
(
(
a) For refineries not 100% owned by TOTAL, the production shown is TOTAL’s equity share in the site’s overall production.  
b) Avgas, jet fuel and kerosene.  
D) Utilization rate  
The table below sets forth the average utilization rates of the Group’s refineries:  
2
018  
2017  
91%  
88%  
2016  
87%  
85%  
On crude and other feedstock(a) (b)  
On crude(a) (c)  
92%  
88%  
(a) Including equity share of refineries in which the Group has a stake.  
(b) Crude + crackers’ feedstock/distillation capacity at the beginning of the year.  
(c) Crude/distillation capacity at the beginning of the year.  
Registration Document 2018 TOTAL  
59  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Refining & Chemicals segment  
E) Petrochemicals: breakdown of TOTAL’s main production capacities  
2018  
2017  
2016  
North  
America  
Middle  
(a)  
As of December 31 (in kt)  
Europe  
Worldwide  
Worldwide  
Worldwide  
Olefins(b)  
4,296  
2,874  
1,120  
1,350  
637  
1,555  
1,512  
223  
1,579  
2,581  
792  
7,430  
6,967  
2,135  
2,950  
1,745  
100  
7,378  
6,909  
2,357  
2,950  
1,745  
63  
7,468  
6,844  
2,338  
2,950  
1,745  
63  
Aromatics(c)  
Polyethylene  
Polypropylene  
Polystyrene  
Other(d)  
1,200  
700  
400  
408  
-
-
100  
TOTAL  
10,277  
5,190  
5,860  
21,327  
21,401  
21,407  
(
(
(
(
a) Including interests in Qatar, 50% of Hanwha Total Petrochemicals Co. Ltd. and 37.5% of SATORP in Saudi Arabia.  
b) Ethylene + propylene + butadiene.  
c) Including monomer styrene.  
d) Mainly monoethylene glycol (MEG), polylactic acid polymer (PLA) and cyclohexane.  
F) Developing new avenues for the production of fuels  
and polymers  
c) Biotechnologies and the conversion of biomass  
TOTAL is exploring a number of opportunities for developing biomass  
and has launched numerous collaborative R&D projects for the  
development of bio-sourced molecules with various academic  
partners (the Joint BioEnergy Institute, United States, the University  
of Wageningen, Netherlands and the Toulouse White Biotechnology  
TOTAL is exploring new ways to monetize carbon resources,  
conventional or otherwise (natural gas, biomass, waste). These  
projects are part of the Group’s commitment to building a diversified  
energy mix generating lower CO emissions.  
2
consortium, France) or through its Novogy subsidiary (Massachusetts,  
Regarding biomass development, TOTAL is pursuing several industrial  
and exploratory projects. The scope of these developments is broad  
since they entail defining access to the resource (nature, sustainability,  
location, supply method, transport), the nature of the molecules and  
target markets (fuels, petrochemicals, specialty chemicals) and the  
most appropriate, efficient and environmentally friendly conversion  
processes.  
United States). In addition, TOTAL holds an interest in Amyris Inc.(  
1)  
,
an American company listed on NASDAQ.  
On its R&D platform in Solaize (France), TOTAL develops new  
biocomponents derived from the transformation of the biomass by  
using a methodology based on predictive modeling and chemical  
transformation into high added-value biomolecules.  
a) Biomass to fuels  
In the longer term, the Group is also studying the potential for  
developing a cost-effective phototrophic process for producing  
biofuels through bioengineering of microalgae and microalgae  
cultivation methods. It has several European partners in this field  
In Europe, TOTAL produces biofuels, notably hydrotreated vegetable  
oils (HVO) for incorporation into diesel, and ether produced from  
ethanol and isobutene (ETBE) for incorporation into gasoline.  
(CEA, Wageningen).  
As part of the La Mède refinery transformation program announced  
in 2015, the Group will build the first biorefinery in France. Operations  
are expected to restart in the first half of 2019 with a view to reaching  
a production capacity of almost 500 kt/y of biofuel, mainly high-quality  
biodiesel (HVO), but also biojet and petrochemical bio-feedstocks.  
d) Plastics recycling and circular economy  
TOTAL is commited to developing recycling and end of life solutions  
for plastics.  
In France, TOTAL, Saint-Gobain, Citeo and Syndifrais founded a  
partnership to develop an industrial polystyrene recycling value chain  
by 2020 which aims to incorporate the polystyrene gathered and  
sorted in the Group’s plastics production units in Carling and Feluy.  
TOTAL continued extensive research activity in 2018, which targeted  
the emergence of new biofuel solutions. The BioTFuel consortium’s  
construction of a pilot demonstration unit on the Dunkerque (France)  
site led to the commencement in 2017 of a gasification test program  
for synthesis of biomass into fungible, sulfur-free fuels.  
In February 2019, TOTAL acquired French company Synova, a leader  
in manufacturing high-performance recycled polypropylene for the  
automotive sector, and which current production capacity in 20 kt/y  
of polypropylene produced from recycled plastic material gathered  
from wastes and industrial scraps.  
b) Biomass to polymers  
TOTAL is actively involved in developing activities associated with  
the conversion of biomass to polymers. The main area of focus is  
developing drop-in solutions for direct substitutions, by incorporating  
biomass into the Group’s existing units, for example HVO or other  
hydrotreated vegetable oil co-products in a naphtha cracker, and  
developing the production of new molecules such as polylactic acid  
polymer (PLA) from sugar. In 2017, the Group thus set up a  
joint-venture with Corbion for the production and marketing of PLA  
from a site in Thailand containing existing lactide units and PLA units,  
which started production in December 2018 and have a production  
capacity of 75 kt/y.  
TOTAL is also a founding member of the Alliance to End Plastic  
Waste, created in January 2019 to eliminate plastic waste in the  
environment, especially in the oceans. Created in January 2019, this  
international alliance has received commitments of over $1 billion  
from the nearly 30 members to date to develop and bring to scale  
solutions that will minimize and manage plastic waste and promote  
solutions for used plastics by helping to enable a circular economy.  
(1) 13.00% on December 31, 2018.  
60  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Refining & Chemicals segment  
2
2
.3.1.2 Elastomer processing (Hutchinson)  
The company draws on wide-ranging expertise and employs its  
know-how from the custom design of materials to the integration of  
connected solutions: structural sealing solutions, precision sealing,  
management of fluids, materials and structures, anti-vibration systems  
and transmission systems.  
Hutchinson actively contributes to the mobility of the future by  
addressing its customers’ needs (automotive, aerospace and major  
industries – defense, rail, energy) in order to offer a greater level of  
safety, comfort and energy performance, as well as more responsible  
solutions.  
To serve its customers, Hutchinson had 87 production sites across  
the world (of which 55 are located in Europe and 18 in North America)  
and approximately 37,000 employees at December 31, 2018.  
2
.3.2 Trading & Shipping  
2
The activities of Trading & Shipping are focused primarily on serving  
the Group’s needs, and notably include:  
Trading & Shipping conducts its activities worldwide through various  
wholly-owned subsidiaries established on strategically important oil  
markets in Europe, Asia and North America.  
—
—
—
selling and marketing the Group’s crude oil production;  
providing a supply of crude oil for the Group’s refineries;  
2.3.2.1 Trading  
importing and exporting the appropriate petroleum products for  
the Group’s refineries to be able to adjust their production to the  
needs of local markets;  
Oil prices progressively strengthened until October 2018 with  
backwardation( structures on most oil indices, before declining in  
the last quarter of the year. TOTAL is one of the world’s largest  
traders of crude oil and petroleum products on the basis of volumes  
traded( . The table below presents Trading’s worldwide crude oil  
sales and supply sources and petroleum products sales for each of  
the past three years. Trading of physical volumes of crude oil and  
petroleum products amounted to 6.6 Mb/d in 2018, compared to  
1)  
—
—
chartering appropriate ships for these activities; and  
trading on various derivatives markets.  
2)  
In addition, with its acquired expertise, Trading & Shipping is able to  
extend its scope beyond the aforementioned activities.  
6.1 Mb/d in 2017 and to 5.6 Mb/d in 2016.  
Trading’s crude oil sales and supply and petroleum products sales(a)  
(
kb/d)  
2018  
1,566  
1,167  
3,193(b)  
4,360  
1,480  
2,880  
4,360  
2,286  
2017  
1,346  
1,120  
2,870  
3,990  
1,527  
2,463  
3,990  
2,154  
2016  
1,271  
1,078  
2,444  
3,522  
1,590  
1,932  
3,522  
2,105  
Group’s worldwide liquids production  
Purchased from Exploration & Production  
Purchased from external suppliers  
TOTAL OF TRADING’S CRUDE SUPPLY  
Sales to Refining & Chemicals and Marketing & Services segments  
Sales to external customers  
TOTAL OF TRADING’S CRUDE SALES  
PETROLEUM PRODUCTS SALES BY TRADING  
(
a) Including condensates.  
(b) Including inventory variations.  
Trading operates extensively on physical and derivatives markets,  
both organized and over the counter. In connection with its Trading  
activities, TOTAL, like most other oil companies, uses derivative  
energy instruments (futures, forwards, swaps and options) in order  
to adjust its exposure to fluctuations in the price of crude oil and  
petroleum products. These transactions are entered into with a wide  
variety of counterparties.  
2.3.2.2 Shipping  
The transportation of crude oil and petroleum products necessary  
for the activities of the Group is coordinated by Shipping.  
These requirements are fulfilled through the balanced use of spot  
and time-charter markets. Additional transport capacity can also be  
used to transport third-party cargo. Shipping maintains a rigorous  
safety policy, mainly through a strict selection of chartered vessels.  
For additional information concerning derivatives transactions by  
Trading & Shipping, see Note 16 (Financial instruments related to  
commodity contracts) to the Consolidated Financial Statements (refer  
to point 8.7 of chapter 8).  
In 2018, Shipping chartered approximately 3,000 voyages (slightly  
higher than 2017 and 2016) to transport 143 Mt of crude oil and  
petroleum products, compared to 133 Mt in 2017 and 131 Mt in  
2016. On December 31, 2018, the mid-term and long-term chartered  
All of TOTAL’s Trading activities are subject to strict internal controls  
and trading limits.  
fleet amounted to 56 vessels (including 8 LPG vessels), compared to  
59 in 2017 and in 2016. Shipping only charters vessels satisfying the  
best international standards and the average age of the fleet is  
approximately six years.  
As part of its Shipping activity, the Group, like other oil companies  
and ship owners, uses freight rate derivative contracts to adjust its  
exposure to market fluctuations.  
(
(
1) Backwardation is the price structure where the prompt price of an index is higher than the future price.  
2) Company data.  
Registration Document 2018 TOTAL  
61  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Marketing & Services segment  
2.4 Marketing & Services segment  
The Marketing & Services segment includes worldwide supply and marketing activities of oil products and services.  
nd  
th  
2
4
14,311  
branded service  
stations Groupe  
at December 31,  
2018  
$1.0  
B
24,630  
employees  
present  
largest  
worldwide  
distributor  
of inland  
lubricants(  
of organic  
(4)  
investments  
in 2018  
(
3)  
retail  
distribution  
outside of  
North America(  
2)  
1)  
Petroleum products sales(a)  
(Kb/d)  
1
,801  
1,779  
1,793  
1
,001  
1
,049  
1,093  
700  
Europe  
800  
Petroleum product sales increased by 1% in 2018 compared to  
017. The sale of TotalErg in Italy was offset by higher sales in the  
rest of the world.  
7
30  
2
Rest of the world  
2018  
2017  
2016  
(a) Excludes trading and refining bulk sales,  
including share of TotalErg (sold in 2018).  
Marketing & Services segment financial data(5)  
(
M$)  
2018  
1,652  
2,156  
2,759  
2017  
1,676  
2,242  
2,221  
2016  
1,559  
1,966  
1,833  
Adjusted net operating income(a)  
Operating cash flow before working capital changes w/o financial charges (DACF)(b)  
Cash flow from operations(c)  
(
(
a) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value.  
b) DACF = debt adjusted cash flow. The operating cash flow before working capital changes w/o financial charges is defined as cash flow from operating activities before changes in  
working capital at replacement cost, without financial charges.  
c) Excluding financial charges.  
(
Marketing & Services’ adjusted net operating income was stable in  
018 at $1,652 million compared to $1,676 million in 2017.  
2
(
(
(
(
(
1) Source IHS, number of service stations for TOTAL, BP, Chevron, Exxon and Shell.  
2) Source IHS.  
3) TOTAL, Total Access, Elf, Elan and AS24, including service stations owned by third parties.  
4) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests (refer to point 2.5.1 of this chapter).  
5) The data for the 2016 financial year has been restated to take into account the change in the organization of the Group that has been fully effective since January 1, 2017.  
62  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Marketing & Services segment  
2
2
.4.1 Presentation of the segment  
The Marketing & Services (M&S) business segment is dedicated to  
the development of TOTAL’s petroleum products distribution activities  
and related services throughout the world.  
Société du Pipeline Méditerranée Rhône (SPMR), which operates a  
network of petroleum product pipelines in the South of France.  
M&S’s three main business areas are:  
Present in more than 130 countries, M&S conveys TOTAL’s brand  
image to its customers, both individual and professional. TOTAL’s  
ambition is to be a leading brand recognized for its proximity to its  
customers and the value that it brings to each of them. M&S achieves  
this ambition by creating solutions aimed at performance, energy  
efficiency, mobility, new energies for mobility(1) and digital  
transformation. It promotes the brand awareness through significant  
advertising campaigns and a strong presence on the ground, with  
more than 14,000 service stations around the world. To best meet  
its customers’ current and future needs, M&S continues its efforts in  
R&D in order to design and develop new products, in particular for  
the engine technologies of the future.  
—
Retail, with a network of more than 14,000 Group-branded  
service stations( . The Group is refocusing on its key markets in  
Western Europe and continues to develop in Africa, where it is  
present in almost 40 countries, as well as in major growing  
markets in Asia and the Americas. It sells high-performance fuels  
and petroleum products and new energies for mobility (NGV,  
hydrogen, electric charging for vehicles). M&S proposes a fuel  
cards offer that provides fuel payment solutions and vehicle fleet  
management services to businesses of all sizes. M&S is  
developing partnerships with leading brands in restauration and  
convenience stores, and new services built on digital innovations  
to capture and retain new customers. It is also pursuing its  
growth in the car wash market through its TOTAL WASH brand.  
These offers support customers in their mobility by providing  
them with all of the products and services they need at “One  
Stop Shop” service stations. The Group also addresses the road  
freight transport sector through the specialized AS24 network in  
Europe;  
5)  
2
M&S pursues a proactive, primarily organic development strategy  
focused on large growing markets. In 2018, organic investments  
were approximately $1 billion, stable compared to 2017, and focused  
mainly on retail activity. M&S continues to consolidate its market  
(
2)  
share in key Western European markets , where it has reached  
critical mass and is one of the main distributors of petroleum  
products. M&S continues to develop its activities in Africa, where it is  
—
the production and sale of lubricants, a sector that accounts for  
a significant share of M&S’s adjusted net operating income.  
TOTAL intends to maintain the growth dynamic of its position by  
strengthening in particular the growth of its premium products  
with higher unit margins. M&S is pursuing its commercial and  
technological partnerships with car manufacturers. Investments  
in R&D enable the Group to supply high-quality premium  
lubricants to its customers worldwide. TOTAL has 43 production  
sites (blending plants); and  
(3)  
the market leader  
.
M&S is implementing a dynamic portfolio management strategy.  
In 2018, it continued to make targeted acquisitions and enter targeted  
partnerships in order to support the development of its activities on  
growth and promising markets. After acquisitions in the Philippines  
and Vietnam in 2016, M&S continues to grow in the largest Asian  
markets, with the signature in 2018 of a major partnership with an  
Indian conglomerate, with an objective to build over time a retail  
network of 1,500 service stations in India. In February 2019, Saudi  
Aramco and TOTAL signed a joint venture agreement to develop a  
network of fuel and retail services in Saudi Arabia. Following the  
acquisition of a network in the Dominican Republic in 2016, it is  
pursuing its growth in the Americas zone, in countries such as Brazil  
and Mexico, respectively the largest and second-largest petroleum  
—
the distribution of products and services for professional  
markets. Based on the diversity of its product ranges and its  
worldwide logistics network deployed in proximity to its  
customers, TOTAL is a partner of choice and a local supplier of  
products (mainly bulk fuels, aviation fuel, special fluids, LPG,  
bitumens, heavy fuels and marine bunkers), in particular for major  
multinational industrial groups. The Group also offers solutions  
that help its customers to manage all their energy needs with  
new digital platforms such as the management of on-site facilities  
and the reduction of their environmental footprint.  
(4)  
products distribution markets in Latin America, and on the natural  
gas vehicles market in the United States. In 2018, TOTAL also  
launched a fuel retail network with the national company in Angola.  
In January 2018, M&S exited the fuel distribution and commercial  
sales businesses in Italy by selling its interest in the TotalErg joint-  
venture, while maintaining its lubricants activities in the country. M&S  
finalized the sale of its mature LPG distribution assets in Italy, Belgium,  
Luxembourg and Germany in 2017. It also sold in 2017 its stake in  
As part of its business, M&S owns stakes through its subsidiaries in  
four refineries in Africa, following the sale of its minority interest in a  
refinery in Gabon in 2016. Following the sale of its interest in the  
TotalErg joint-venture in early 2018, M&S has exited Italian refining.  
(
(
(
(
(
1) Electro-mobility, natural gas vehicle (NGV), hydrogen, LNG bunker.  
2
France, Germany, Belgium, Luxembourg and the Netherlands.  
3) Publicly available information, based on the number of Group-branded service stations in Africa in 2017.  
4) Source IHS 2018.  
5) This figure takes into account close to 500 stations licensed under the TOTAL brand in Turkey and excludes more than 2,500 TOTAL service stations sold in Italy at the start of 2018.  
Registration Document 2018 TOTAL  
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BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Marketing & Services segment  
2
.4.2 Sales of petroleum products  
The following table presents M&S petroleum products sales(a) by geographical area:  
(
kb/d)  
2018  
1,001  
517  
484  
443  
41  
2017  
1,049  
519  
530  
431  
45  
2016  
1,093  
541  
552  
419  
55  
Europe  
France  
Europe, excluding France  
Africa  
Middle East  
Asia Pacific(b)  
Americas  
199  
117  
173  
81  
150  
76  
(
a) In addition to M&S’s petroleum product sales, the Group’s sales also include international trading (1,777 kb/d in 2018, 1,659 kb/d in 2017 and 1,690 kb/d in 2016) and bulk refining sales  
575 kb/d in 2018, 581 kb/d in 2017 and 700 kb/d in 2016).  
b) Including Indian Ocean islands.  
(
(
2
.4.3 Service stations  
The table below presents the geographical distribution of the Group’s branded(a) service stations:  
As of December 31  
2018  
5,625  
3,490  
0
2017  
8,194  
3,548  
2,519  
4,377  
821  
2016  
8,309  
3,593  
2,585  
4,167  
809  
Europe(b)  
of which France  
of which TotalErg  
Africa  
4,449  
877  
Middle East  
Asia-Pacific(c)  
1,951  
561  
1,864  
555  
1,790  
585  
Americas  
AS24 network (dedicated to heavy-duty vehicles)  
848  
819  
801  
TOTAL  
14,311  
16,630  
16,461  
(
(
(
a) TOTAL, Total Access, Elf, Elan and AS24. Including service stations owned by third-parties.  
b) Excluding AS24 network.  
c) Including Indian Ocean islands.  
2
.4.4 Activities by geographical area  
The information below describes Marketing & Services’ (M&S)  
principal activities presented by geographical zone and main business  
areas.  
stations (located in rural areas), of which 560 are expected to be  
rebranded as TOTAL stations by the end of 2019. The Group is  
diversifying its offering of new energies for mobility by extending  
the roll-out of electric charging points and NGV stations. In 2018,  
it took over G2Mobility, one of France’s leading suppliers of  
charging solutions for electric vehicles for public authorities and  
on professional markets( . In addition, TOTAL launched the  
roll-out of its NGV offering, which should be available in nearly  
2
.4.4.1 Europe  
2)  
A) Retail  
M&S is responding to changing markets in Western Europe by  
developing an innovative and diversified line of products and services  
with the objective to maintain its market shares. The network is made  
up of almost 6,500 Group-branded service stations( , mainly divided  
among its key markets, which are France, Belgium, the Netherlands,  
Luxembourg and Germany, where M&S reached an average market  
share of 16% in 2018.  
100 TOTAL-branded and AS24-branded stations by 2022.  
The Group-branded service stations enjoy close relationships  
with their local customers, meeting their everyday needs with a  
multi-service, multi-product offering developed through services  
in restaurants, convenience stores and car washes provided by  
leading brands such as Bonjour and TOTAL WASH, as well as  
partnerships tailored to local requirements.  
1)  
—
In France, the dense retail network of almost 3,500 stations  
includes over 1,600 TOTAL-branded service stations, nearly  
TOTAL has interests in 28 depots in France, 7 of which are  
operated by Group companies. In 2017, TOTAL acquired a stake  
in the share capital of Dépôt Rouen Petit-Couronne (DRPC).  
6
90 Total Access-branded stations (service stations combining  
low prices and high-quality fuels) and nearly 1,100 Elan-branded  
(
(
1) Including the AS24 network and after the sale of the network of TotalErg service stations in Italy.  
2) Company data based on the number of installed charging points in France for public authorities.  
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Marketing & Services segment  
2
—
—
—
In Germany, TOTAL is the country’s third-largest operator(1) with  
nearly 1,200 Group-branded service stations at the end of 2018.  
The Group has major retail networks in South Africa, Nigeria, Egypt  
and Morocco. In 2018, TOTAL also launched in Angola a fuel retail  
network with the national company Sonangol.  
In Belgium, TOTAL is the country’s top operator(1) with nearly  
530 Group-branded service stations.  
In order to achieve its goal of gaining market share in all of the  
countries where it is present in Africa, and in addition to its organic  
growth strategy, TOTAL acquires independent petroleum networks  
in certain countries. The Group finalized in 2017 the purchase of  
assets in Kenya, Uganda and Tanzania, enabling it to strengthen its  
supply and logistics activities in East Africa and boost the growth of  
the retail network with nearly 100 additional service stations, notably  
in Tanzania.  
In the Netherlands, TOTAL made successful bids in 2018 during  
the annual auctions for three new highway stations, including  
one of the largest stations in the country.  
In 2016, TOTAL also finalized the sale of its network of 450 service  
stations in Turkey, which will continue to use the TOTAL brand under  
the terms of a brand licensing agreement (today, there are  
5
00 TOTAL-branded stations). TOTAL is maintaining its lubricants  
M&S is diversifying its offering at service stations and is deploying a  
range of products and new services in food services, stores and car  
wash. To this end, the Group is developing partnerships, particularly  
with African start-ups, in order to introduce new electronic payment  
solutions capable of improving customer experience at the point of  
sale.  
activities in the country.  
2
TOTAL is rolling out a dedicated offering for the growing freight  
transport sector. The AS24 brand has a network of over 800 service  
stations aimed at heavy-duty vehicle customers in 28 European  
countries. AS24 seeks continued growth, primarily in the  
Mediterranean basin and Eastern Europe and through its toll payment  
card service which covers nearly 20 countries. AS24 is also  
addressing the future needs of the freight transport sector by  
diversifying its offering with the gradual introduction of NGV to its  
network in France and certain other European countries and new  
digital services.  
B) Lubricants  
TOTAL is the leading distributor(2) of lubricants on the African  
continent and continues its growth strategy. M&S relies in particular  
on its lubricant production plants in Nigeria, Egypt and South Africa.  
A new production site is under construction in Algeria. In Tanzania,  
TOTAL acquired a lubricants production plant and the associated  
commercial activities will enable it to grow in the country and in  
neighboring countries.  
In addition, the acquisition in 2017 of PitPoint B.V., which specializes  
in the distribution of new energies for mobility (NGV, hydrogen, electric  
charging points), enables the Group to pursue the development of  
its low-carbon activities in Europe. This company has a network of  
around 100 NGV stations in the Netherlands, Germany and Belgium.  
C) Professional markets and other specialties  
TOTAL is also a major player in the European market for fuel payment  
cards with nearly 3.5 million cards, enabling companies of all sizes to  
improve fuel cost management and access an ever-increasing  
number of services. TOTAL is expanding its fuel card offering for  
professional customers, with an electric charging service across  
Europe and new digital applications. The acquisition of the French  
start-up WayKonect enables the Group to reinforce its company  
vehicle fleet management services by integrating a series of tools  
combining digital data processing solutions, an application for drivers  
and an on-board box.  
TOTAL is a leading partner, notably for mining customers in Africa,  
by delivering complete supply chain and management solutions for  
fuels. TOTAL is also developing innovative, low-carbon energy  
solutions as part of hybrid offerings by incorporating solar energy  
into its existing portfolio of products and services.  
M&S also offers a diverse range of products and services aimed at  
professionals in Africa. Industrial customers receive support from  
TOTAL for the maintenance of on-site facilities with a lubricants  
in-service analysis solution, for example. In mining, construction and  
agriculture, it offers its Optimizer digital platform, which enables  
customers to cut their costs through better control of their energy  
consumption using the data sent from sensors installed on their  
facilities and equipment.  
B) Lubricants  
TOTAL continues its development in Europe, where it relies mainly  
on its lubricants production sites in Rouen (France) and Ertvelde  
(
Belgium). During the course of 2018, the European production  
2.4.4.3 Asia-Pacific – Middle East  
system was completed by a new lubricants production plant in  
Russia.  
M&S markets its products and services in more than 20 countries in  
this zone.  
In addition, TOTAL resumed in 2017 the distribution of its lubricants  
in Portugal. In Italy, the Group is reinforcing its position following the  
purchase from Erg of its shares in the lubricants business previously  
operated by TotalErg.  
A) Retail  
TOTAL has more than 2,000 Group-branded service stations over  
the Asia-Pacific – Middle East zone at year-end 2018, with service  
station networks in Cambodia, China, Indonesia, Jordan, Lebanon,  
Pakistan and the Philippines. The Group is also a significant player in  
the Pacific islands.  
C) Professional markets and other specialties  
In Europe, TOTAL produces and markets specialty products and  
relies on its industrial facilities to produce special fluids (Oudalle in  
France) and bitumen (Brunsbüttel in Germany).  
While pursuing its growth in Pakistan, the Philippines and China,  
TOTAL continues to grow on the major markets by joining forces  
with an Indian conglomerate to build a retail network of 1,500 service  
stations over 10 years in India. The two companies are aiming, in  
particular, to grow on the country’s main roads, such as highways  
and inter-city connections.  
TOTAL promotes in France a wide range of fuels and services to  
1
35,000 vehicle fleet managers. Fuel sales (heavy fuels, domestic  
fuels, etc.) reach nearly one million customers.  
2
.4.4.2 Africa  
In February 2019, Saudi Aramco and Total signed a Joint Venture  
Agreement to develop a network of fuel and retail services in Saudi  
Arabia. The two companies have also signed an agreement to acquire  
two companies, thereby jointly acquiring their existing network of  
270 service stations and their fuel tanker fleet. Saudi Aramco and  
Total plan to modernize this network and build high-quality service  
stations at selected locations. This operation is subject to prior  
approval of the competent administrative authorities.  
A) Retail  
TOTAL is the leading marketer of petroleum products in Africa, with  
a 17% share of the retail market in 2018 . It is pursuing a strategy of  
profitable growth aiming at outpacing market expansion.  
(2)  
In the Africa zone, the retail network in 2018 was made up of up to  
4
,500 Group-branded service stations in nearly 40 countries.  
(
(
1) Source: IHS 2017.  
2) Company data.  
Registration Document 2018 TOTAL  
65  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Marketing & Services segment  
TOTAL is also pursuing its growth in the zone by offering TOTAL  
EXCELLIUM premium fuels, which are now available in China, Fiji,  
New Caledonia, Pakistan and the Philippines.  
2.4.4.4 Americas  
In retail, the Group operates on several Caribbean islands and has  
at year-end 2018 more than 550 Group-branded service stations.  
B) Lubricants  
At the end of 2018, TOTAL entered the fuel distribution sector in Brazil,  
(2)  
Latin America’s largest petroleum products distribution market ,  
by acquiring from a Brazilian company a network of 280 service  
stations, along with its petroleum products distribution, resale and  
import activities. M&S is already present in Brazil in lubricants.  
The lubricants business is contributing to M&S’s expansion in Asia.  
The lubricants blending capacity in this zone is spread over  
1
1 production sites, and in particular the plants in Singapore, Tianjin  
and Dubai. M&S proposes a premium product and services offering  
through its network of service centers. It is also developing  
partnerships with leading Asian car manufacturers, other industries  
and major actors in online commerce in order to grow its sales and  
develop new services.  
In 2018, TOTAL also expanded in new energies for mobility by  
acquiring a 25% stake in the American NASDAQ-listed company  
Clean Energy Fuels Corp., which is a leading supplier of natural gas  
fuel in North America. TOTAL is now a reference shareholder in this  
company.  
C) Professional markets and other specialties  
Benefitting from the reform and liberalization of the Mexican energy  
market, TOTAL entered into a partnership in 2017 with a local service  
station group and will gradually switch a network of nearly 250 service  
stations in Mexico over to the TOTAL brand. At the end of 2018, the  
Group had 90 TOTAL-branded service stations in the country.  
TOTAL has signed several partnership agreements with industrial  
customers, enabling it to expand its operations on a number of  
markets, such as mining and construction, in several countries in the  
zone. The Group now supplies lubricants to one of the world’s leading  
mining industry service providers on more than 20 mining sites mostly  
in Australia, Indonesia and Mongolia. In 2018, TOTAL also signed a  
preferred supplier agreement with a Chinese partner that is a world  
major company in construction and public works, in order to extend  
their partnership, which currently focuses on Africa, to a worldwide  
scale.  
The Group acquired, in January 2016, a 70% stake in the fuel  
marketing leader in the Dominican Republic, which operates a  
network of 130 service stations, commercial sales and lubricants  
activities. Furthermore, TOTAL sold its network of 92 stations and its  
general commercial activities in Haiti in 2018, as well as its network  
of almost 20 service stations in Costa Rica in 2017.  
In specialty products, TOTAL confirmed its position as number two(1)  
on the LPG market in Vietnam. In India, TOTAL also conducts LPG  
activities, including a network of service stations providing LPG fuels.  
In lubricants and other specialty products, TOTAL is pursuing its  
strategy of growth across the region, mainly in lubricants, aviation  
fuel and special fluids. To strengthen its special fluids business, the  
Group has built a production plant in Bayport, Texas, which has been  
operational since early 2016.  
2
.4.5 Products and services development  
The Group develops technologically advanced products, some of  
which are formulated for use in motor sports competition before  
being generally released on the market, and continues its technical  
partnerships. The Group is notably associated with the PSA group,  
with which a cooperation agreement was renewed in late 2016  
relating to R&D, business relations with the three PSA brands  
lubricants. These solutions include a diversified range of energy  
supplies (fuels, gas, solar and wood pellets) as well as consumption  
auditing, monitoring and management services, particularly through  
innovative digital platforms for industrial customers, such as the  
Optimizer solution, developed for customers in mining, construction  
and public works and agriculture.  
(
Peugeot, Citroën, DS) and automobile racing. In 2018, TOTAL  
Overall, TOTAL is accelerating its digital innovation strategy in order  
to develop new offerings for its customers and improve operational  
efficiency. In Europe, after having developed a digital solution with a  
car-sharing company that allows drivers to pay for their fuel directly  
from a connected car, TOTAL has launched its TOTAL eWallet mobile  
payment solution, which is available for professional customers in  
Germany and being launched in Belgium. In Africa, TOTAL is  
continuing to develop new electronic payment solutions that will  
enable it to extend its money transfer and smartphone payment  
services. In addition, the Total Services mobile application has been  
launched in 47 countries. Using a centralized digital tool, close to  
6 million customers in 13 countries can receive personalized offers  
from the Group.  
continued to supply DS Performance with lubricants specifically  
developed for the Formula E championship. In addition, in 2018,  
TOTAL became the official supplier of fuels to various endurance  
championships , including the Le Mans 24 Hours, for the next five  
years. These partnerships demonstrate TOTAL’s technical excellence  
in the formulation of fuels and lubricants under extreme conditions,  
subject to requirements to reduce fuel consumption, for the engines  
of the future.  
(3)  
(4)  
In order to respond to developments in world markets and prepare  
for tomorrow’s growth opportunities, TOTAL develops products and  
services in collaboration with its customers that optimize their energy  
consumption, such as the products under the Total Ecosolutions  
label, which include TOTAL EXCELLIUM fuels and Fuel Economy  
(
(
(
(
1) Company data.  
2) Source IHS 2018.  
3) Formula E: motor racing championship using single-seater electrically-powered cars.  
4) As of 2018, official supplier of fuel for the FIA World Endurance Championship, together with the 24 Hours of Le Mans, the European Le Mans Series and the Asian Le Mans Series.  
66  
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BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Marketing & Services segment  
2
The Group is also continuing to carry out research of and launch  
a network of charging points every 150 km. A total of nearly  
300 stations should be equipped with more than 1,000 charging  
points by 2022. The Group offers greater access for its  
customers to other operators’ networks of charging points  
through specific partnerships. The acquisition of G2Mobility will  
enable the Group to also offer more efficient charging solutions  
to its individual and professional customers.  
(1)  
IoT applications for logistics, maintenance and security. Transporter  
customers can now use a new service to geolocalize their trailers.  
In addition, TOTAL offers online domestic heating oil orders in France  
via the fioulmarket.fr web site, as well as its online platform Bitume  
Online for fixed-price bitumen purchases aimed at its professional  
customers.  
For the longer term, TOTAL intends to expand into alternatives to  
traditional fuels and has comprehensive commercial offerings in this  
area.  
—
Hydrogen: TOTAL continues to rollout hydrogen stations under  
the H2 Mobility Germany joint-venture. This partnership was  
created in 2015 with Air Liquide, Daimler, Linde, OMV and Shell,  
to build a network that could reach 400 hydrogen stations in  
Germany. The joint-venture aims to create an initial network of  
around 100 stations by 2019, a third of which will be TOTAL  
stations. In 2018, TOTAL’s hydrogen stations represented nearly  
one third of the around 50 stations rolled out by H2 Mobility  
Germany.  
—
Natural gas for land transportation: As of today, TOTAL has  
(2)  
more than 350 stations supplying NGV to individual and  
professional customers in Asia, Africa and Europe, a decrease  
following the streamlining of the network of NGV stations in  
Pakistan. Following the takeover of PitPoint B.V. in 2017, TOTAL  
started deploying new NGV stations in Europe in its  
TOTAL-branded and AS24-branded network. The Group intends  
to accelerate the development of this network to quickly establish  
coverage that meets its customers’ expectations, and will initially  
target the freight transportation segment on its key European  
markets (Germany, Belgium, France, Luxembourg, the  
Netherlands). TOTAL is also positioned on the American NGV  
market following the acquisition of a 25% stake in Clean Energy  
Fuels Corp., which is a leading supplier of natural gas fuel in  
North America. Clean Energy Fuels Corp. has launched an  
innovative leasing program that is expected to place thousands  
of new heavy-duty vehicles powered by natural gas on the road.  
This program enables freight operators to acquire trucks  
equipped with a cleaner natural gas engine at no extra cost  
compared with diesel engines.  
2
—
Natural gas for shipping: In order to meet the new emission  
standards for marine fuels that will come into effect in 2020,  
TOTAL is supporting its customers through this transition with its  
subsidiary Total Marine Fuel Global Solution, which offers a  
diversified range of marine fuels and associated services.  
The Group is expanding its product portfolio with marine bunker  
fuels, which have a sulfur content of 0.5%, and LNG bunker.  
To promote the establishment of LNG as a marine fuel, TOTAL  
signed in 2017 its first partnership agreements in Europe and  
Asia notably with the shipping companies CMA CGM and  
Brittany Ferries. The Group is also reinforcing its logistics systems  
to meet the needs of its customers in the major supply centers  
in Amsterdam-Rotterdam-Antwerp, Singapore and Oman.  
In particular, TOTAL and Pavilion Energy have signed an  
agreement in order to jointly develop an LNG supply chain in the  
port of Singapore. This agreement provides for the long-term  
joint chartering of a new-generation bunker vessel that the partner  
will bring into service in 2020.  
—
Electro-mobility: TOTAL has more than 100 service stations  
equipped with charging points in Germany, Benelux and France  
at year-end 2018. The equipment of stations with higher power  
charging points on major roads will continue in the coming years,  
with the aim of covering the Group’s key European markets with  
(
(
1) Internet of Things: connected objects.  
2) Including PitPoint B.V. NGV stations and excluding NGV stations in Italy. Hosted or operated stations.  
Registration Document 2018 TOTAL  
67  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Investments  
2.5 Investments  
2
.5.1 Major investments over the 2016-2018 period(1)  
Gross investments(a) (M $ )  
Exploration & Production  
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
Corporate  
2018  
15,282  
3,539  
1,781  
1,458  
125  
2017  
12,802  
797  
2016  
16,085  
1,221  
1,861  
1,245  
118  
1,734  
1,457  
106  
TOTAL  
22,185  
16,896  
20,530  
Net investments(b) ( M$)  
Exploration & Production  
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
Corporate  
2018  
10,330  
3,230  
862  
2017  
10,886  
726  
2016  
13,895  
1,162  
1,773  
821  
(1,086)  
1,044  
66  
1,030  
116  
106  
TOTAL  
15,568  
11,636  
17,757  
(
M $)  
2018  
7,692  
4,493  
5,172  
(622)  
2017  
1,476  
714  
2016  
2,033  
780  
Acquisitions  
including resource acquisitions(c)  
Divestments  
4,239  
(4)  
1,864  
(104)  
Other operations with non-controlling interests  
Organic investments(d) (M $ )  
Exploration & Production  
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
Corporate  
2018  
9,186  
511  
2017  
11,310  
353  
2016  
14,464  
270  
1,604  
1,010  
115  
1,625  
1,019  
88  
1,642  
1,003  
105  
TOTAL  
12,426  
14,395  
17,484  
(
(
(
(
a) Including acquisitions and increases in non-current loans. The main acquisitions for the 2016-2018 period are detailed in Note 2 of the Consolidated Financial Statements (point 8.7 of  
chapter 8).  
b) Net investments = gross investments – divestments – repayment of non-current loans – other operations with non-controlling interests. The main divestments for the 2016-2018 period  
are detailed in Note 7 of the Consolidated Financial Statements (point 8.7 of chapter 8).  
c) Resource acquisitions = acquisition of a participating interest in an oil and gas mining property by way of an assignment of rights and obligations in the corresponding permit or license  
and related contracts, with a view to producing the recoverable oil and gas.  
d) Organic investments = net investments excluding acquisitions, divestments and other operations with non-controlling interests.  
In the Exploration & Production segment, most of the organic  
investments were dedicated to the development of new hydrocarbon  
production facilities, the maintenance of existing facilities as well as  
exploration activities. Development investments related in particular  
to the 10 major projects that started up in 2018 (Fort Hills in Canada,  
Vaca Muerta in Argentina, Timimoun in Algeria, Yamal LNG trains 2 &  
In the Gas, Renewables & Power segment, organic investments were  
made mainly in the development of the project for three trains for  
Cameron LNG in the United States, which entered the Group’s scope  
following the acquisition of Engie’s upstream LNG business, as well  
as the projects to build solar power plants, managed by Total Solar  
and the industrial activities of Saft Groupe and SunPower.  
3
in Russia, Kaombo Norte in Angola, Ichthys LNG trains 1 & 2 in  
In the Refining & Chemicals segment, organic investments were  
made, on the one hand, in the safety and maintenance of facilities,  
and, on the other hand, in projects aimed at improving the  
competitiveness of plants. In 2018, the Group continued the  
transformation of the French refinery at La Mède into a biorefinery. In  
addition, significant investments were approved, with the  
development of petrochemical activities in Texas (United States) as  
part of a joint-venture with Borealis and Nova, and a project to  
increase the capacity of the Daesan integrated platform in South  
Korea.  
Australia, Halfaya 3 in Iraq, and Egina in Nigeria), and the other major  
projects under construction, for which an investment decision has  
been taken or that are expected to start in the years to come (Tempa  
Rossa in Italy, Iara 1 & 2 and Libra 1 in Brazil, Kaombo South in  
Angola, Culzean in the United Kingdom, Johan Sverdrup 1 & 2 in  
Norway, Yamal LNG train 4 in Russia, Absheron in Azerbaijan and  
Zinia 2 in Angola).  
(1) Following the reorganization of the Group, which has been fully effective since January 1, 2017, the 2016 data has been restated on this basis.  
68  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Investments  
2
In the Marketing & Services segment, organic investments in 2018  
mainly concerned retail networks in growing regions in Africa and  
Asia, logistics and specialty products production and storage facilities.  
world’s second LNG actor(1). This acquisition is expected to fully  
benefit from the strong growth of the LNG market. In keeping with its  
strategy to develop a profitable low-carbon electricity activity, TOTAL  
finalized the acquisition of Direct Énergie and of two gas power plants  
from KKR-Energas. In the Marketing & Services segment, TOTAL  
accelerated its growth in new energies for mobility with the acquisition  
of 25% of the share capital of the Clean Energy Fuels Corp.( in the  
United States and of G2Mobility in France. In the lubricants business,  
the Group strengthened its position in Italy by finalizing in January  
2018 the purchase of Erg’s 51% stake in the TotalErg joint-venture,  
which has been terminated.  
The Group’s acquisitions in 2018 amounted to $8.3 billion, of which  
$4.5 billion in resource acquisitions, compared to $1.5 billion in 2017  
and $2 billion in 2016.  
2)  
The Group took advantage of favorable market prices to extend its  
Exploration & Production portfolio by finalizing in 2018, on the one  
hand, the acquisition of interests held by Petrobras in the Iara and  
Lapa concessions in Brazil under the terms of a strategic alliance  
between the two groups, and, on the other hand, the acquisition, as  
part of a transaction of equity and debt, of Mærsk Olie og Gas A/S,  
which has a portfolio located mainly in OECD countries. In addition,  
TOTAL strengthened its presence in the Gulf of Mexico with the  
finalization of the acquisition of interests in the North Platte and  
Anchor offshore discoveries in the United States. Finally, TOTAL  
consolidated its presence in the Middle East with the acquisition of  
interests in the two new offshore concessions in Abu Dhabi and in  
the Waha concessions in Libya.  
TOTAL pursued the dynamic management of its portfolio and finalized  
divestments amounting to a total of $5.2 billion in 2018. In particular,  
the Group sold its interests in the Martin Linge and Visund fields in  
Norway, and in the Joslyn oil sands project. It also disposed of 1.47%  
of its stake in the Fort Hills oil sands mining extraction project in Canada  
and of 4% of the Ichthys LNG project in Australia. In the Marketing &  
Services segment, TOTAL sold its interests in the distribution, refining  
and LPG activities of TotalErg in Italy and its fuel distribution activities  
in Haiti.  
2
As part of its integrated gas strategy, the Group finalized the  
acquisition of Engie’s upstream LNG business, thus becoming the  
Net investments were thus $15.6 billion in 2018 compared to  
$11.6 billion in 2017 and $17.8 billion in 2016.  
2
.5.2 Major planned investments  
The Group anticipates that its net investments will be between  
15 billion and $16 billion in 2019, in line with its investment targets  
of between $15 billion and $17 billion per year for the period  
018-2020, a range ensuring the profitable future growth for the  
increase of its petrochemicals capacities on the Daesan integrated  
platform in South Korea. In addition, the Group has launched a major  
project in cooperation with Saudi Aramco in Saudi Arabia, and  
announced the signature of a shareholders’ agreement with  
Sonatrach to build a petrochemicals complex in Arzew, Algeria.  
A significant portion of the segment’s investment budget will also be  
allocated to safety and maintenance of the Group’s facilities.  
$
2
Group.  
Investments in the Exploration & Production segment are expected  
to mainly be in the major ongoing development projects: Iara 1 and 2  
and Libra 1 in Brazil, Kaombo South in Angola, Culzean in the United  
Kingdom, Johan Sverdrup 1 & 2 in Norway, Yamal LNG train 4 in  
Russia, Absheron in Azerbaijan and Zinia 2 in Angola. The Group  
expects to launch by 2020 more than 20 major projects. A portion of  
the investments is expected to be allocated to assets already in  
production, in particular for maintenance capital expenditures and  
in-fill wells.  
In the Marketing & Services segment, investments are expected to  
be allocated in particular to the service station network, logistics,  
and production and storage facilities of specialty products, particularly  
lubricants. Most of the segment’s investment budget will be allocated  
to growing regions, notably Africa, the Middle East and Asia.  
The Group expects to continue investing to grow its Gas, Renewables  
&
Power businesses, as well as in R&D. The Group has notably  
In the Refining & Chemicals segment, and in line with its growth  
strategy in petrochemicals, the Group expects to continue its  
investments to develop its petrochemicals activities in Texas in the  
United States, as part of a joint-venture with Borealis and Nova, and  
signed an agreement with EPH to acquire as from January1, 2020  
the two gas power plants from Uniper France’s portfolio which  
represent a capacity of 828 MW, in line with TOTAL’s low-carbon  
electricity strategy.  
2
.5.3 Financing mechanisms  
TOTAL self-finances most of its investments with cash flow from  
operating activities and may occasionally access the bond market  
when financial market conditions are favorable. Investments for  
joint-ventures between TOTAL and external partners may be financed  
through specific project financing.  
borrowings”) as well as other information on the Group’s off-balance  
sheet commitments and contractual obligations appear in Note 13 to  
the Consolidated Financial Statements (point 8.7 of chapter 8).  
The Group believes that neither these guarantees nor the other  
off-balance sheet commitments of TOTAL S.A. or of any other Group  
company have, or could reasonably have in the future, a material  
effect on the Group’s financial position, income and expenses,  
liquidity, investments or financial resources.  
As part of certain project financing arrangements, TOTAL S.A. has  
provided guarantees. These guarantees (“Guarantees given on  
(
1) Based on quantities managed. Public data.  
(2) A company listed on the NASDAQ, 25% owned on December 31, 2018.  
Registration Document 2018 TOTAL  
69  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Research & Development  
2.6 Research & Development  
In 2018, the Group invested $986 million in R&D, compared to  
912 million in 2017 and $1,050 million in 2016. There were 4,288  
people dedicated to R&D activities in 2018 compared to 4,132 in  
—
new services and products, including smart electricity grids,  
energy management solutions for customers, mobility solutions,  
the development of specific polymers, innovative and competitive  
multi-functional materials, or new fluids for electric and hybrid  
vehicles;  
$
(1)  
2017 and 4,939 in 2016  
.
TOTAL’s global investment to prepare the future of its oil and gas and  
low-carbon electricity activities was approximately $1.1 billion.  
This includes the entire R&D effort, as well as developments in the  
fields of digital technology, technology and the investments funded  
by Total Energy Ventures.  
—
an energy mix based on low-carbon energies combining gas  
and LNG (liquefied natural gas) technologies, sun and wind  
power, hybrid energy management systems, as well as battery  
technologies, CO2 capture, use and storage (CCUS)  
technologies, bioproducts, such as biofuels and biopolymers,  
and recycling; and  
To achieve the Group’s ambition to become the responsible energy  
major, TOTAL R&D engages its employees in programs in five priority  
areas that aim to address both the specific challenges in these  
segments and the Group’s transverse issues:  
—
digital technology, in the broadest sense, including  
high-performance computing and blockchain technologies, data  
sciences, the Internet of Things (IoT), robotics and artificial  
intelligence applied to the Group’s activities.  
—
safety in the broadest sense, including the safety of facilities, the  
sustainable development of the Group’s activities, control of its  
environmental footprint and societal impacts as well as the  
eco-design of products;  
The Group is investing in the preparation of its future in open  
innovation by calling on its talents, its research infrastructures, its  
pilot sites and its international research centers, as well as on  
start-ups and top-level academic partners. Consequently, the Group  
has 18 R&D centers worldwide and approximately 1,000 agreements  
with its partners.  
—
operational efficiency, in terms of cost reductions, increased  
productivity and, ultimately, competitive advantage, in both the  
discovery and operation of energy resources and the integrity  
and performance of the Group’s industrial units in terms of  
availability, industrial energy efficiency and the competitive  
performance;  
Additionally, the Group implements an active industrial property policy  
to protect its innovations, and to maximize their use and technological  
differentiation. In 2018, the Group filed more than 200 patent  
applications.  
2
.6.1 Transverse programs  
In addition to a specific program dedicated to strategic anticipation,  
seven transverse programs cover new and strategic sectors, or share  
knowledge and infrastructures in the following areas:  
—
gas, with, for example, an initiative that aims to map out the  
different emerging technologies and to compare them with  
baselines in terms of their carbon footprint, energy efficiency and  
economic performance. This initiative is also being deployed for  
the conversion of natural gas into high-added value molecules,  
such as olefins (ethylene and propylene). The first material  
balances produced by the partnership with GTC Technology, a  
leading American actor in petrochemicals process engineering  
on an international scale, are in line with the Group’s expectations;  
—
—
—
Health, Safety and Environment (HSE), with, for example, the  
development of the TADI (Transverse Anomaly Detection  
Infrastructure) platform that reproduces gas leak scenarios,  
ranging from crisis management to environmental surveillance.  
More than 20 acoustic or optical detection techniques were  
tested in various campaigns in 2018, providing an open  
innovation platform for potential suppliers and for discussions  
with other industrial companies to select the best available  
technologies for the detection and quantification of gas leaks,  
and of methane in particular;  
—
—
digital technology, with the development of new digital seismic  
imaging methods, artificial intelligence algorithms to optimize the  
detection of hydrocarbons on surface water and refining  
processes, and a digital simulator of the tribological phenomena  
in lubricants;  
CO capture, use and storage (CCUS), such as the large-scale  
2
Northern Lights research project in Norway, in which the Group  
is involved alongside Shell and Equinor. The first phase of the  
project relates to a storage capacity of approximately 1.5 Mt/y.  
TOTAL also participates in two CCU innovation centers in Canada  
with start-ups, looking into new technologies for the capture  
of CO and the conversion of CO into intermediate products for  
analysis and measurements, with, for example, the bases of a  
methodology combining physico-chemical and olfactometric  
analysis with digital methods in the Group’s partnership with Alès  
Mines. This methodology is of particular interest to the  
improvement of the olfactory quality of materials, and of polymers  
and composites in particular, and provides for greater  
responsiveness in the event of odorous episodes in the vicinity  
of the Group’s industrial sites;  
2
2
chemicals and materials. TOTAL has also joined three  
demonstration centers for the storage of CO for geomechanical  
2
studies and studies of the control of CO injection;  
2
—
understanding of process and product performance, with, for  
example, the control of crude/water emulsions using an approach  
based on modeling in collaboration with ETH Zürich.  
energy efficiency, with, for example, the installation of the first  
a refinery to cool a distillate.  
This technology was initially designed to cool and condense  
propane for LNG cold generators;  
DIESTA cooling tower in  
The anticipation program is carried out by forward-looking projects  
that aim to assess the impact on the Group’s businesses of new  
technologies, such as nanotechnology, robotics or the mobility of the  
future.  
(1) Figures for 2016 concerning the Group’s R&D investments and employees were not restated following the sale of Atotech (finalized in January 2017).  
70  
TOTAL Registration Document 2018  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
Research & Development  
2
2
.6.2 Business segment-specific programs  
2
.6.2.1 Exploration-Production segment  
In addition, 2018 saw the ramp-up of work on smart electricity grids,  
focusing on two key themes:  
All of the R&D projects aim to combine environmental performance,  
improved safety and economic viability of operations. A major asset  
for R&D lies in the remarkable high-performance computing  
capabilities of the Pangea supercomputer developed by the Group.  
—
the control and optimization of hybrid sites that combine several  
energy sources and are used to store energy, and to control  
electric loads in order to supply energy that is safer, more  
affordable and cleaner in terms of CO emissions;  
2
The goal of the teams in the Frontier Exploration program is to identify  
geological concepts that will enable the potential of proved basins to  
be reassessed and new potential basins for oil and gas exploration  
to be envisaged.  
—
the launch of the Energy Management Platform (EMP) project, a  
transverse center of excellence in the processing, acquisition  
(IoT) and presentation of data (user experience), and in data  
science and artificial intelligence. The EMP is cooperating closely  
with Digital and IT on some ten projects for different Group  
entities.  
2
Remote detection, airborne multiphysical acquisition systems for the  
real-time imaging of steep margins, new-generation algorithms…  
From the acquisition to the processing of data, the Earth Imaging  
program innovates along the complete geophysical exploration chain  
to produce high-added value 3D ultrasound images of the subsoil  
more quickly and at a reduced cost.  
Finally, in the realm of electricity storage, Saft Group and its European  
partners have launched a program for the research, development  
and industrialization of new generations of solid electrolyte lithium-ion  
(
Li-ion) batteries that are more efficient, cheaper and intrinsically  
The actions of the Field Reservoir program focus on our  
understanding of the physico-chemical phenomena in reservoirs,  
from pores to fields, and on the integration of all the available data.  
The development of a new generation of reservoir modeling tools,  
the continual improvement of reservoir simulation tools and the  
development of low-cost enhanced recovery techniques are the key  
themes of this program.  
safer than current Li-ion batteries. R&D investments focus on  
electrochemistry, new materials and improving production processes  
and battery management systems and software. This program targets  
every market segment, from electro-mobility (electric cars and buses,  
the railroads, maritime and aviation sectors) and energy storage,  
to specialized industries.  
The Wells program aims to achieve the dual objectives of maximizing  
the safety and operational efficiency of wells, thereby increasing their  
profitability. This program, which provides real-time access to data  
from well bottoms (during drilling) and from wells (in production), is  
essential.  
2.6.2.3 Refining & Chemicals segment  
A) Refining & Chemicals (excluding Hutchinson)  
The mission of R&D is to contribute to the technological differentiation  
of the Refining & Chemicals activities by developing and implementing  
new and more efficient solutions to create value. It opens the way to  
the industrialization of knowledge, processes and technologies.  
The main goals of the Deep Offshore & Next Generation Facilities  
program consist of further cutting technical costs with completely  
underwater development solutions, developing breakthrough  
technologies to economically explore and develop assets at depths  
of more than 3,000 meters, and designing disruptive operating modes  
offering higher profitability, without compromising safety.  
R&D places special emphasis on the three major challenges facing  
Refining & Chemicals: limiting the environmental footprint; achieving  
excellence in processes and operations; and developing innovative  
products, in particular biosourced products.  
Finally, the emphasis of the Unconventional program is on  
fundamental research (multi-scale characterization of source rock  
and the origins and expulsion of hydrocarbons) and on technical  
innovations to optimize recovery. These efforts converge to guide  
exploration towards the most promising geological strata and to  
provide the technological keys to their profitable and responsible  
use.  
Research is focused on the integrity, availability and improved energy  
efficiency of refining and petrochemicals facilities. As a result,  
advanced modeling of feedstocks and processes is used to optimize  
processing from the monthly supply of the platforms to the real-time  
monitoring of the facilities’ constraints. Research conducted on  
catalysts and their selection is helping to increase performance,  
improve stability and extend their service life at a lower cost.  
2
.6.2.2 Gas, Renewables & Power segment  
In order to contribute to the limitation of the carbon footprint, R&D is  
looking into new processes, such as in the area of electro-catalysis  
and biosourced raw materials. It studies the catalytic solutions of the  
future, paving the way for nanocatalysis.  
Today, the R&D activities concentrate on the testing and qualification  
of solar panels and on photovoltaic electricity management systems.  
In 2018, TOTAL’s private laboratory, located on the premises of the  
Institut Photovoltaïque d’Île-de-France (IPVF) on the Paris-Saclay  
cluster, was commissioned with a 1,000 m² clean room environment.  
This leading-edge technological platform covers a large part of the  
solar value chain, from the manufacture of solar cells and modules,  
to the qualification and testing of technologies and systems under  
real-life conditions. Its missions are to support the Group’s  
subsidiaries and to work on the development of competitive cells  
and modules, in partnership with the IPVF in particular.  
It designs the technologies that will be used to develop new and  
more efficient products containing recycled materials (polystyrene in  
particular), while retaining all the applicative properties of the end  
product. Additionally, R&D draws on its knowledge of metallocenes  
and bimodality to develop different types of mass consumption  
polymers that have exceptional properties allowing them to replace  
heavier materials and compete with technical polymers.  
Finally, Refining & Chemicals’ R&D is developing technologies  
enabling more efficient use of biosourced molecules. The aim is to  
produce higher added-value chemical compounds, whether through  
biotechnologies or thermochemical processes. In this area, the  
studies focus on the processes to convert plant oils, sugar or  
lignocellulose in order to produce sustainable bioplastics and biofuels  
as well as to extend the range of feedstocks that can be used in  
SunPower is pursuing its research, development and innovation  
efforts to improve the performance of photovoltaic cells and modules,  
while also cutting costs. Once its feasibility had been demonstrated,  
the NGT (New Generation Technology) of photovoltaic cells was  
integrated on a first production line. The module assembly technology  
has also been transferred.  
Registration Document 2018 TOTAL  
71  
BUSINESS OVERVIEW FOR FISCAL YEAR 2018  
2
Research & Development  
existing facilities. R&D is also particularly mindful of issues related to  
blends and product quality raised by the use of biomolecules.  
The formulation of Fuel Economy lubricants is a short- and  
medium-priority for all segments (automotive, marine and industry).  
The R&D teams are pursuing their efforts to incorporate specific new  
components developed with partners, such as fluid lubricating bases  
or polymers with a targeted rheological profile. The Fuel Economy  
program also includes engines for heavy goods vehicles and  
stationary engines. TOTAL is taking an active part in the multi-partner  
FALCON (Flexible & Aerodynamic truck for Low CONsumption)  
project led by Volvo. Regarding marine lubricants, the method  
developed by the Group to quantify the efficiency of lubricants in  
neutralizing acid combustion gases has been recognized and  
rewarded by the ASTM standardization organization.  
B) Elastomer processing (Hutchinson)  
R&D is an important factor in innovation and differentiation for  
Hutchinson, which is present along the entire value chain, from  
designing custom materials (e.g., rubber, thermoplastics, composites)  
to incorporating connected solutions and objects (e.g., complex  
solutions, mechatronics, hardware, software, systems, IoT, big data,  
etc.).  
With a corporate research and innovation center, more than  
2
5 technical centers and a number of university partnerships  
The R&D teams are working on the design of ranges of lubricants  
adapted to natural gas, in particular in liquefied form, for long-distance  
heavy goods vehicles and maritime transport.  
worldwide, Hutchinson is equipped to rise to the challenge of  
contributing to a safer, more comfortable, and more responsible  
mobility of the future.  
The Electric Vehicles Fluids program resulted in the launch of a  
pioneering range of fluids for electric and hybrid vehicles. These  
products, which are the fruit of major efforts made by the Group’s  
R&D teams, were developed specially to meet the cooling and  
lubrication needs of the different components of these new drive  
systems, so that they can work under optimal conditions.  
Weight reduction, increased energy efficiency, improved diagnostic  
and control functionality and greater acoustic and vibratory comfort  
are common preoccupations across all of Hutchinson’s markets (e.g.,  
automotive, aerospace, defense, railways). Hutchinson designs  
innovative solutions that put its customers ahead of the game, and  
transposes those solutions between markets, adopting a cross-  
fertilization approach.  
In the field of special fluids, the Group’s research center in India has  
developed an aqueous anti-friction sludge for drilling.  
2
.6.2.4 Marketing & Services segment  
In the realm of road binders, the first industrial and commercial  
successes have confirmed a new process to prepare chemical  
bitumen-polymer mixtures with a reduced environmental footprint.  
The I-Street innovation project led by Eiffage, in a consortium with  
TOTAL and other partners, won the Ademe’s Route du Futur call for  
projects. TOTAL is also part of the GLOBE program, which is aiming  
to create a logistical solution for bitumen granules that stretches from  
the refinery to the point of use.  
The Marketing & Services segment’s R&D remains focused, on the  
one hand, on the optimization of the competitive advantage of  
products on the consumer and professional markets, and, on the  
other, on the acquisition of skills in artificial intelligence (digital  
simulation, molecular modeling, data science) in order to respond to  
market demands more quickly.  
One of R&D’s main missions is the design and development of  
Premium fuels and lubricants offering customer benefits based on  
the reduction of the environmental footprint, improved energy  
efficiency and the greater durability of products and equipment.  
By way of example, the development of a new detergent for fuels  
selected by a world-leading partner has entered the first pilot  
The Biolab biocomponents laboratory, inaugurated in 2016 and  
common to the Marketing & Services and Refining & Chemicals  
segments, acquired a new skill in biofermentation in the summer of  
2018. On the one hand, a process for the synthesis of renewable  
components has been patented, and, on the other, the first trials of  
renewable multi-functional lubricants revealed some promising  
performances.  
production phase. Likewise, a new additive to improve the  
performance of cold road diesel is now in industrial production.  
In 2018, Marketing & Services R&D intensified its open innovation  
projects and entered new partnerships in France and abroad (such  
as the partnership with the University of Aachen, Germany). It also  
received more than 1,000 visitors to present its technological  
innovations to partners, customers, prospects and stakeholders.  
2.7 Property, plant and equipment  
The companies of the Group have freehold and leasehold interests in  
over 130 countries throughout the world. Operations in properties,  
oil and gas fields or any other industrial, commercial or administrative  
facility, as well as the production capacities and utilization rates of  
these facilities, are described in this chapter for each business  
segment (Exploration & Production, Gas, Renewables & Power,  
Refining & Chemicals and Marketing & Services).  
Minimum royalties from finance lease agreements regarding properties,  
service stations, vessels and other equipment are presented  
in Note 13.2 to the Consolidated Financial Statements (point 8.7 of  
chapter 8).  
Information about the objectives of the Company’s environmental  
policy, in particular those related to the Group’s industrial sites or  
facilities, is presented in chapter 5.  
A summary of the Group’s property, plant and equipment and their  
main related expenses (depreciation and impairment) is included  
in Note 7.2 to the Consolidated Financial Statements (point 8.7 of  
chapter 8).  
72  
TOTAL Registration Document 2018  
3
RISKS AND CONTROL  
3
.1  
Risk Factors  
74  
3
3
3
3
3
3
3
3
3
.1.1 Risks related to market environment and other financial risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74  
.1.2 Industrial and environmental risks and risks related to climate issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75  
.1.3 Risks related to critical IT systems security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77  
.1.4 Risks related to the development of major projects and reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77  
.1.5 Risks related to equity affiliates and management of assets operated by third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . 78  
.1.6 Risks related to political or economic factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79  
.1.7 Risks related to competition and lack of innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80  
.1.8 Ethical misconduct and non-compliance risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80  
.1.9 Countries targeted by economic sanctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80  
3
.2  
.3  
Legal and arbitration proceedings  
85  
86  
3
Internal control and risk management procedures  
3
3
3
3
.3.1 Fundamental elements of the internal control and risk management systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86  
.3.2 Control environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87  
.3.3 Risk assessment and management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88  
.3.4 Main characteristics of the internal control and risk management procedures  
relating to the preparation and processing of accounting and financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90  
3.4  
Insurance and risk management  
92  
3.4.1 Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92  
3.4.2 Risk and insurance management policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92  
3.4.3 Insurance policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92  
3.5  
Vigilance Plan  
93  
3.5.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93  
3.5.2 Severe impact risk mapping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94  
3.5.3 Action Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94  
3.5.4 Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95  
3.5.5 Assessment procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96  
3.5.6 Awareness and training actions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97  
3.5.7 Whistleblowing mechanisms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97  
3.5.8 Monitoring procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98  
3.5.9 Report on implementation of the Vigilance Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98  
Registration Document 2018 TOTAL  
73  
RISKS AND CONTROL  
3
Risk Factors  
3
.1 Risk Factors  
The Group conducts its activities in an ever-changing environment  
and is exposed to risks that, if they were to occur, could have a  
material adverse effect on its business, financial condition, including  
its operating income and cash flow, reputation or outlook.  
of, or may be underestimating the potential consequences of, other  
risks that could, or other risks may not have been considered by the  
Group as being likely to have a material adverse impact on the Group,  
its business, financial condition, including its operating income and  
cash flow, reputation or outlook.  
The Group employs a continuous process of identifying and analyzing  
risks in order to determine those that could prevent it from achieving  
its objectives. This chapter presents the significant risks to which the  
Group believes it is exposed as of the date of this Registration  
Document. However, as of such date, the Group may not be aware  
The main internal control and risk management procedures,  
in particular those relating to the preparation and processing of  
accounting and financial information, are described in point 3.3 of  
this chapter.  
3
.1.1 Risks related to market environment and other financial risks  
The financial performance of TOTAL is sensitive to a number of  
market environment related factors, the most significant being  
hydrocarbon prices, refining margins and exchange rates.  
net operating income by approximately $2.7 billion and annual cash  
flow from operations by approximately $3.2 billion.  
The impact of changes in crude oil and gas prices on downstream  
operations depends upon the speed at which the prices of finished  
products adjust to reflect these changes. The Group estimates that  
a decrease in its European Refining Margin Indicator (“ERMI”) of  
$10 per ton would decrease annual adjusted net operating income  
by approximately $0.5 billion and annual cash flow from operations  
by approximately $0.6 billion. Conversely, an increase in its ERMI of  
Generally, a decline in hydrocarbon prices has a negative effect on  
the Group’s results due to a decrease in revenues from oil and gas  
production. Conversely, a rise in hydrocarbon prices increases the  
Group’s results.  
In 2018, at first, oil prices increased to reach their highest point in  
October above $80 per barrel, supported by supply tensions and  
geopolitics. Prices then decreased to below $60 per barrel by the  
end of the year, mainly driven by record production in the United  
States. In December, OPEC and Russia announced a production cut  
to mitigate the price drop. The oil and natural gas markets remain  
highly volatile.  
$
10 per ton would increase annual adjusted net operating income by  
approximately $0.5 billion and annual cash flow from operations by  
approximately $0.6 billion.  
All of the Group’s activities are, for various reasons and to varying  
degrees, sensitive to fluctuations in the dollar/euro exchange rate.  
The Group estimates that a decrease of $0.10 per euro (strengthening  
of the dollar versus the euro) would increase annual adjusted net  
operating income by approximately $0.1 billion and have a limited  
impact on annual cash flow from operations. Conversely, an increase  
of $0.10 per euro (weakening of the dollar versus the euro) would  
decrease adjusted net operating income by approximately $0.1 billion  
and have a limited impact on annual cash flow from operations.  
For the fiscal year 2019, according to the scenarios retained below,  
the Group estimates that an increase of $10 per barrel in the average  
liquids price would increase annual adjusted net operating income(  
by approximately $2.7 billion and annual cash flow from operations  
by approximately $3.2 billion. Conversely, a decrease of $10 per  
barrel in the average liquids price would decrease annual adjusted  
1)  
Estimated impact  
on adjusted net  
operating income  
Estimated impact  
on cash flow  
from operations  
Sensitivities 2019(a)  
Scenario retained  
Change  
Dollar  
1.2 $/€  
60 $/b(b)  
35 $/t  
+/-0.1 $ per €  
+/-10 $/b  
-/+0.1 B$  
+/-2.7 B$  
+/-0.5 B$  
~ 0 B$  
+/-3.2 B$  
+/-0.6 B$  
Average liquids price  
European Refining Margin Indicator (ERMI)  
+/-10 $/t  
(
a) Sensitivities revised once per year upon publication of the previous year’s fourth quarter results. Indicated sensitivities are approximate and based upon TOTAL’s current view of its 2019  
portfolio. Results may differ significantly from the estimates implied by the application of these sensitivities. The impact of the $/€ sensitivity on adjusted net operating income is  
attributable essentially to Refining & Chemicals.  
b) Brent environment at 60 $/b.  
(
In addition to the adverse effect on the Group’s revenues,  
margins and profitability, a prolonged period of low oil and  
natural gas prices could lead the Group to review its projects  
and the evaluation of its assets and oil and natural gas reserves.  
—
—
the ability of the OPEC and other producing nations to influence  
global production levels and prices;  
prices of unconventional energies as well as evolving approaches  
for developing oil sands and shale oil, which may affect the  
Group’s realized prices, notably under its long-term gas sales  
contracts and asset valuations, particularly in North America;  
Prices for oil and natural gas may fluctuate widely due to many  
factors over which TOTAL has no control. These factors include:  
—
—
variations in global and regional supply of and demand for energy;  
—
—
—
cost and availability of new technologies;  
regulations and governmental actions;  
global and regional economic and political developments in  
natural resource-producing regions, particularly in the Middle  
East, Africa and South America, as well as in Russia;  
global economic and financial market conditions;  
(1) Adjusted results are defined as income at replacement cost, excluding special items and the impact of fair value changes.  
74  
TOTAL Registration Document 2018  
RISKS AND CONTROL  
Risk Factors  
3
—
—
—
the security situation in certain regions, the magnitude of  
international terrorist threats, wars or other conflicts;  
in oil and gas prices. In 2018, the positive effects of higher oil and  
gas prices on the Group’s results have been greater than the  
decrease of the results of the Refining & Chemicals segment. The  
Group’s refining margins remain highly volatile.  
changes in demographics, notably population growth rates, and  
consumer preferences; and  
The activities of Trading & Shipping (oil, gas and power trading and  
shipping activities) are particularly sensitive to market risk and more  
specifically to price risk as a consequence of the volatility of oil and  
gas prices, to liquidity risk (inability to buy or sell cargoes at market  
prices) and to counterparty risk (when a counterparty does not fulfill  
its contractual obligations). The Group uses various energy derivative  
instruments and freight-rate instruments to reduce its exposure to  
price fluctuations of crude oil, petroleum products, natural gas, power  
and freight-rates. Although TOTAL believes it has established  
appropriate risk management procedures, large market fluctuations  
may adversely affect the Group’s activities and financial condition,  
including its operating income and cash flow.  
adverse weather conditions that can disrupt supplies or interrupt  
operations of the Group’s facilities.  
Prolonged periods of low oil and natural gas prices may reduce the  
economic viability of projects in production or in development and  
reduce the Group’s liquidity, thereby decreasing its ability to finance  
capital expenditures and/or causing it to cancel or postpone  
investment projects.  
If TOTAL were unable to finance its investment projects, the Group’s  
opportunities for future revenues and profitability growth would be  
reduced, which could materially negatively impact the Group’s  
financial condition, including its operating income and cash flow.  
For more detailed information on the impact of oil and gas prices on  
the Group’s 2018 results, financial condition (including impairments)  
and outlook, refer to point 1.4 of chapter 1.  
Prolonged periods of low oil and natural gas prices may reduce the  
Group’s reported reserves and cause the Group to revise the price  
assumptions upon which asset impairment tests are based, which  
could have a significant adverse effect on the Group’s results in the  
period in which it occurs. For additional information on impairments  
recognized on the Group’s assets, refer to Note 3 to the Consolidated  
Financial Statements (point 8.7 of chapter 8).  
3
TOTAL is exposed to other financial risks related to its financing  
and cash management activities.  
The Group is exposed to changes in interest rates and foreign  
exchange rates. Even though the Group generally seeks to minimize  
the currency exposure of each entity with regards to its functional  
currency (primarily the dollar, the euro, the pound sterling and the  
Norwegian krone), the Group’s financial condition, including its  
operating income and cash flow, could be impacted by a significant  
change in the value of these currencies.  
Conversely, in a high oil and gas price environment, the Group can  
experience significant increases in cost and government take, and,  
under some production-sharing contracts, the Group’s production  
rights could be reduced. Higher prices can also reduce demand for  
the Group’s products.  
The Group’s results from its Refining & Chemicals and Marketing &  
Services segments are primarily dependent upon the supply and  
demand for petroleum products and the associated margins on sales  
of these products, with the impact of changes in oil and gas prices  
on results on these segments being dependent upon the speed at  
which the prices of petroleum products adjust to reflect movements  
In addition, as TOTAL mostly turns to financial markets for its external  
financing, its financial condition and operations could be materially  
impacted if access to those markets were to become more difficult.  
For further information on financial risks, refer to Notes 15 and 16 to  
the Consolidated Financial Statements (point 8.7 of chapter 8).  
3
.1.2 Industrial and environmental risks and risks related to climate issues  
TOTAL is exposed to risks related to the safety and security of  
its operations.  
and could have a material adverse effect on the Group’s financial  
condition.  
The Group’s activities involve a wide range of operational risks, such  
as explosions, fires, accidents, equipment failures, leakage of toxic  
products, emissions or discharges into the air, water or soil, that can  
potentially cause death or injury, or impact natural resources and  
ecosystems.  
Certain activities of the Group face additional specific risks. TOTAL’s  
Exploration & Production activities are exposed to risks related to the  
physical characteristics of oil and gas fields, particularly during drilling  
operations, which can cause blow outs, explosions, fires or other  
damage, in particular to the environment, and lead to a disruption of  
the Group’s operations or reduce its production. In addition to the  
risks of explosions and fires, the activities of the Gas, Renewables &  
Power( , Refining & Chemicals and Marketing & Services business  
segments entail risks related to the overall life cycle of the products  
manufactured, as well as the materials used. With regard to  
transportation, the likelihood of an operational accident depends not  
only on the hazardous nature of the products transported, but also  
on the volumes involved and the sensitivity of the regions through  
which they are transported (quality of infrastructure, population  
density, environment).  
The industrial event that could have the most significant impact is a  
major industrial accident, e.g., blow out, explosion, fire, leakage of  
highly toxic products or massive leakage, resulting in death or injury  
and/or accidental pollution on a large-scale or at an environmentally  
sensitive site.  
1)  
Acts of terrorism or malicious acts against employees, plants, sites,  
pipelines and transportation or computer systems of the Group’s or  
its contractors could also disrupt the Group’s business activities and  
could cause harm or damage to people, property and the environment  
(1) Integrated Gas, Renewables & Power, as from January 1, 2019 (refer to point 2.2 of chapter 2).  
Registration Document 2018 TOTAL  
75  
RISKS AND CONTROL  
3
Risk Factors  
TOTAL’s workforce and the public are exposed to risks inherent to  
the Group’s operations, which could lead to legal proceedings against  
the Group’s entities and legal representatives, notably in cases of  
death, injury and property and environmental damage. Such  
proceedings could also damage the Group’s reputation. In addition,  
like most industrial groups, TOTAL is concerned by declarations of  
occupational illnesses.  
TOTAL incurs and will continue to incur substantial expenditures to  
comply with increasingly complex laws and regulations aimed at  
protecting health, safety and the environment. Such expenditures  
could have a material adverse effect on the Group’s financial condition.  
The introduction of new laws and regulations could compel the Group  
to curtail, modify or cease certain operations or implement temporary  
shutdowns of sites, which could diminish productivity and have a  
material adverse impact on its financial condition.  
To manage the operational risks to which it is exposed, the Group  
has adopted a preventive and remedial approach by putting in place  
centralized HSE (health, safety and environment) and security  
management systems that seek to take all necessary measures to  
reduce the related risks (refer to points 5.4 and 5.5 of chapter 5).  
In addition, the Group maintains third-party liability insurance  
coverage for all its subsidiaries. TOTAL also has insurance to protect  
against the risk of damage to Group property and/or business  
interruption at its main refining and petrochemical sites. TOTAL’s  
insurance and risk management policies are described in point 3.4 of  
this chapter. However, the Group is not insured against all potential  
risks. In certain cases, such as a major environmental disaster,  
TOTAL’s liability may exceed the maximum coverage provided by its  
third-party liability insurance. The Group cannot guarantee that it will  
not suffer any uninsured loss and there can be no guarantee,  
particularly in the event of a major environmental disaster or industrial  
accident, that such loss would not have a material adverse effect on  
the Group’s financial condition, including its operating income and  
cash flow, and its reputation.  
Moreover, pursuant to applicable regulations, most of the Group’s  
activities will require, at site closure, decommissioning followed by  
environmental remediation after operations are discontinued. Costs  
related to such activities may materially exceed the Group’s provisions  
and adversely impact its operating incomes. With regard to the  
definitive shutdown of activities, the Group’s environmental  
contingencies and asset retirement obligations are addressed in the  
“
Asset retirement obligations” and “Provisions for environmental  
contingencies” sections of the Group’s consolidated balance sheet  
refer to Note 12 to the Consolidated Financial Statements, point  
.7 of chapter 8). Future expenditures related to asset retirement  
(
8
obligations are accounted for in accordance with the accounting  
principles described in the same Note.  
Laws and regulations related to climate change as well as  
growing concern of stakeholders may adversely affect the  
Group’s business and financial condition.  
Firstly, there is a risk incurred by rapidly changing modes of energy  
production in favor of a lower-carbon energy mix that allows for a  
more limited share of fossil fuel. This could impact the Group’s  
business model, profitability, financial situation and shareholder value.  
Crisis management systems are necessary to effectively respond  
to emergencies, avoid potential disruptions to the Group’s  
business and operations and minimize impacts on third parties  
or the environment.  
The growing concern of certain stakeholders with regards to climate  
change could also have an impact on certain external financing of  
the Group’s projects or influence certain investors involved in the oil  
and gas sector.  
The Group has crisis management plans in place to deal with  
emergencies (refer to point 5.5 of chapter 5). However, these plans  
cannot exclude the risk that the Group’s business and operations  
may be severely disrupted in a crisis situation or ensure the absence  
of impacts on third parties or the environment. TOTAL has also  
implemented business continuity plans to continue or resume  
operations following a shutdown or incident. An inability for the Group  
to resume its activities in a timely manner could prolong the impact  
of any disruption and thus could have a material adverse effect on its  
financial condition, including its operating income and cash flow.  
Moreover, regulations may change and require the Group to reduce,  
change or cease certain operations, and subject it to additional  
obligations with regards to the compliance of its facilities. This could  
have a negative effect on its activities and its financial situation,  
including operating income and cash flow. Regulations designed to  
gradually limit fossil fuel use may, depending on the GHG emission  
limits and time horizons set, negatively and significantly affect the  
development of projects, as well as the economic value of certain of  
the Group’s assets. In Europe, for example, the Group’s industrial  
TOTAL is subject to increasingly stringent environmental, health  
and safety laws and regulations in numerous countries and may  
incur material related compliance costs.  
facilities are part of the CO emissions quotas market (EU-ETS), and  
2
the financial risk incurred by purchasing these quotas on the market  
could increase due to the reform of the system that was approved in  
The Group’s activities are subject to numerous laws and regulations  
pertaining to the environment, health and safety. In most countries  
where the Group operates, particularly in Europe and the United  
States, sites and products are subject to increasingly stringent laws  
governing the protection of the environment (water, air, soil, noise,  
protection of nature, waste management and impact assessments,  
etc.), health (occupational safety and chemical product risk, etc.) and  
the safety of personnel and residents. Product quality and consumer  
protection are also subject to increasingly strict regulations. The  
Group’s entities ensure that their products meet applicable  
specifications and abide by all applicable consumer protection laws.  
Failure to do so could lead to personal injury, property damage,  
environmental harm and loss of customers, which could negatively  
impact the Group’s financial condition, including its operating income  
and cash flow, and its reputation.  
2
018. This emission quotas market is in its third phase. The Group  
estimates that about 25% of emissions subjected to EU-ETS are not  
covered by free quotas in the period 2013-2020 (phase 3) and to  
3
0% or more from 2021 to 2030 (phase 4). At the end of 2018, the  
price of these quotas was about €20/t, and the Group expects this  
price to be higher than €30/t in phase 4.  
Internal studies conducted by TOTAL have shown that  
a
long-term CO2 price of $40/t( applied worldwide would have a  
negative impact of around 5% on the discounted present value of  
the Group’s assets (upstream and downstream). In addition, the  
average lifespan of the Group’s proved and probable reserves is  
approximately 20 years, while the discounted present value of those  
reserves beyond the 20 years represents less than 10% of the  
discounted present value of the Group’s upstream assets.  
1)  
(1) As from 2021 or the current price in a given country.  
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Risk Factors  
3
Finally, the Company and several of its subsidiaries have received  
claims issued by public entities in certain countries in view of financing  
the protective measures to be implemented in order to limit the  
consequences of climate change. The Group is subject to the risk of  
judicial actions in this area.  
Climate change potentially has multiple effects that could harm the  
Group’s operations. The increasing scarcity of water resources may  
negatively affect the Group’s operations in some regions of the world,  
high sea levels may harm certain coastal activities, and the  
multiplication of extreme weather events may damage offshore and  
onshore facilities. These climate risk factors are continually assessed  
in the risk management and prevention plans.  
The physical effects of climate change may adversely affect the  
Group’s business.  
The Group believes that it is impossible to guarantee that the  
contingencies or liabilities related to the matters mentioned in this  
point 3.1.2 would not have a material adverse impact on its business,  
financial condition, including its operating income and cash flow,  
reputation, prospects or shareholder value, if such risks were to occur.  
TOTAL’s businesses operate in various regions, where the potential  
physical impacts of climate change, including changes in weather  
patterns, are highly uncertain and may adversely impact the Group’s  
operating income.  
3
.1.3 Risks related to critical IT systems security  
Disruption to or breaches of TOTAL’s critical IT services or  
information security systems could adversely affect the Group’s  
activities.  
service providers may not be able to prevent third parties from  
breaking into the Group’s IT systems, disrupting business operations  
or communications infrastructure through denial-of-service attacks,  
or gaining access to confidential or sensitive information held in the  
system. The Group, like many companies, has been and expects to  
continue to be the target of attempted cybersecurity attacks. While  
the Group has not experienced any such attack that has had a  
material impact on its business, the Group cannot guarantee that its  
security measures will be sufficient to prevent a material disruption,  
breach or compromise in the future.  
3
The Group’s activities depend heavily on the reliability and security of  
its information technology (IT) systems. The Group’s IT systems,  
some of which are managed by third parties, are susceptible to being  
compromised, damaged, disrupted or shutdown due to failures  
during the process of upgrading or replacing software, databases or  
components, power or network outages, hardware failures,  
cyber-attacks (viruses, computer intrusions), user errors or natural  
disasters. The cyber threat is constantly evolving. Attacks are  
becoming more sophisticated with regularly renewed techniques  
while the digital transformation amplifies exposure to these cyber  
threats. The adoption of new technologies, such as the Internet of  
things (IoT) or the migration to the cloud, as well as the evolution of  
architectures for increasingly interconnected systems, are all areas  
where cyber security is a very important issue. The Group and its  
As a result, the Group’s activities and assets could sustain serious  
damage, services to clients could be interrupted, material intellectual  
property could be divulged and, in some cases, personal injury,  
property damage, environmental harm and regulatory violations could  
occur, potentially having a material adverse effect on the Group’s  
financial condition, including its operating income and cash flow.  
3
.1.4 Risks related to the development of major projects and reserves  
The Group’s production growth and profitability depend on the  
delivery of its major development projects.  
The Group’s long-term profitability depends on cost-effective  
discovery, acquisition and development of economically viable  
new reserves; if the Group is unsuccessful, its financial  
condition, including its operating income and cash flow, could  
be materially affected.  
Growth of production and profitability of the Group rely heavily on the  
successful execution of its major development projects that are  
increasingly complex and capital-intensive. These major projects may  
face a number of difficulties, including, in particular, those related to:  
A large portion of the Group’s revenues and operating results are  
derived from the sale of oil and gas that the Group extracts from  
underground reserves developed as part of its Exploration &  
Production activities. The development of oil and gas fields, the  
construction of facilities and the drilling of production or injection  
wells is capital intensive and requires advanced technology. Due to  
constantly changing market conditions and environmental challenges,  
cost projections can be uncertain. For Exploration & Production  
activities to continue to be profitable, the Group needs to replace its  
reserves with new proved reserves (likely to be developed and  
produced in an economically viable manner).  
—
economic or political risks, including threats specific to a certain  
country or region, such as terrorism, social unrest or other  
conflicts (refer to point 3.1.6 of this chapter);  
—
negotiations with partners, governments, local communities,  
suppliers, customers and other third parties;  
—
—
—
obtaining project financing;  
controlling capital and operating costs;  
earning an adequate return in a low oil and/or gas price  
environment;  
In addition, a number of factors may undermine TOTAL’s ability to  
discover, acquire and develop new reserves, which are inherently  
uncertain, including:  
—
—
respecting project schedules; and  
the timely issuance or renewal of permits and licenses by public  
agencies.  
—
the geological nature of oil and gas fields, notably unexpected  
drilling conditions, including pressure or unexpected  
heterogeneities in geological formations;  
Poor delivery of any major project that underpins production or  
production growth could adversely affect the Group’s financial  
condition, including its operating income and cash flow.  
—
the risk of dry holes or failure to find expected commercial  
quantities of hydrocarbons;  
Registration Document 2018 TOTAL  
77  
RISKS AND CONTROL  
3
Risk Factors  
—
—
equipment failures, fires, blow-outs or accidents;  
The Group’s proved reserves figures are estimates prepared in  
accordance with SEC rules. Proved reserves are those reserves  
which, by analysis of geoscience and engineering data, can be  
estimated with reasonable certainty to be economically  
recoverable – from a given date forward, from known reservoirs and  
under existing economic conditions, operating methods and  
government regulations – prior to the time at which contracts  
providing the right to operate expire, unless evidence indicates that  
renewal is reasonably certain, regardless of whether deterministic or  
probabilistic methods are used for the estimation. Reserves are  
estimated by teams of qualified, experienced and trained  
geoscientists and petroleum, gas and project engineers, who  
rigorously review and analyze in detail all available geoscience and  
engineering data (for example, seismic data, electrical logs, cores,  
fluids, pressures, flow rates and facilities parameters). This process  
involves making subjective judgments, including with respect to the  
estimate of hydrocarbons initially in place, initial production rates and  
recovery efficiency, based on available geological, technical and  
economic data. Consequently, estimates of reserves are not exact  
measurements and are subject to revision.  
shortages or delays in the availability or delivery of appropriate  
equipment;  
—
—
the Group’s inability to develop or implement new technologies  
that enable access to previously inaccessible fields;  
the Group’s inability to anticipate market changes in a timely  
manner;  
—
—
adverse weather conditions;  
the inability of the Group’s partners to execute or finance projects  
in which the Group holds an interest or to meet their contractual  
obligations;  
—
—
the inability of service companies to deliver contracted services  
on time and on budget;  
compliance with both anticipated and unanticipated  
governmental requirements, including U.S. and EU regulations  
that may give a competitive advantage to companies not subject  
to such regulations;  
A variety of factors that are beyond the Group’s control could cause  
such estimates to be adjusted downward in the future, or cause the  
Group’s actual production to be lower than its currently reported  
proved reserves indicate. Such factors include:  
—
—
economic or political risks, including threats specific to a certain  
country or region, such as terrorism, social unrest or other  
conflicts (refer to point 3.1.6 of this chapter);  
competition from oil and gas companies for the acquisition and  
development of assets and licenses (refer to point 3.1.7 of this  
chapter);  
—
—
—
—
a prolonged period of low prices of oil or gas, making reserves  
no longer economically viable to exploit and therefore not  
classifiable as proved;  
—
—
increased taxes and royalties, including retroactive claims and  
changes in regulations and tax reassessments; and  
an increase in the price of oil or gas, which may reduce the  
reserves to which the Group is entitled under production sharing  
and risked service contracts and other contractual terms;  
disputes related to property titles.  
These factors could lead to cost overruns and/or could impair the  
Group’s ability to complete a development project or make production  
economical. Some of these factors may also affect the Group’s  
projects and facilities further down the oil and gas chain.  
changes in tax rules and other regulations that make reserves no  
longer economically viable to exploit, or disputes related to  
property titles; and  
the actual production performance of the Group’s deposits.  
If TOTAL fails to develop new reserves cost-effectively and in sufficient  
quantities, the Group’s financial condition, including its operating  
income and cash flow, could be materially affected.  
The Group’s reserves estimates may therefore require substantial  
downward revisions should its subjective judgments prove not to  
have been conservative enough based on the available geoscience  
and engineering data, or the Group’s assumptions regarding factors  
or variables that are beyond its control prove to be incorrect over  
time. Any downward adjustment could indicate lower future  
production amounts, which could adversely affect the Group’s  
financial condition, including its operating income and cash flow.  
The Group’s oil and gas reserves data are estimates only  
and subsequent upward or downward adjustments are possible.  
If actual production from such reserves proves to be lower than  
current estimates indicate, the Group’s financial condition,  
including its operating income and cash flow, could be impacted.  
3
.1.5 Risks related to equity aꢀliates and management of assets operated by  
third parties  
Many of the Group’s projects are conducted by equity affiliates  
or are operated by third parties. For these projects, the Group’s  
degree of control, as well as its ability to identify and manage  
risks, may be reduced.  
Additionally, the partners of the Group may not be able to meet their  
financial or other obligations to the projects, which may threaten the  
viability of a given project. These partners may also not have the  
financial capacity to fully indemnify the Group or third parties in the  
event of an incident.  
A significant number of the Group’s projects are conducted by equity  
(1)  
affiliates or operated by third parties. In cases where the Group’s  
company is not the operator, such company may have limited  
influence over, and control of, the behavior, performance and costs  
of the partnership, its ability to manage risks may be limited and it  
may, nevertheless, be prosecuted by regulators or claimants in the  
event of an incident.  
With respect to joint-ventures, contractual terms generally provide  
that the operator, whether an entity of the Group or a third party,  
assumes full liability for damages caused by its gross negligence or  
willful misconduct.  
(1) For additional information, refer to Note 8 to the Consolidated Financial Statements (point 8.7 of chapter 8).  
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Risk Factors  
3
In the absence of the operator’s gross negligence or willful misconduct,  
other liabilities are generally borne by the joint-venture and the cost  
thereof is assumed by the partners of the joint-venture in proportion  
to their respective ownership interests.  
With respect to third-party providers of goods and services, the amount  
and nature of the liability assumed by the third party depends on the  
context and may be limited by contract. Contracts may also contain  
obligations to indemnify TOTAL or for TOTAL to indemnify partners  
or third parties.  
3
.1.6 Risks related to political or economic factors  
TOTAL has significant production and reserves located in  
politically, economically and socially unstable areas, where the  
risk that the Group’s operations may be materially affected is  
relatively high.  
Furthermore, in addition to current production, TOTAL is also  
exploring for and developing, or is participating in the exploration  
and/or development of, new reserves in other regions of the world  
that are historically characterized by political, social or economic  
instability.  
A significant portion of TOTAL’s oil and gas production and reserves  
is located in countries that are not part of the Organisation for  
Economic Co-operation and Development (OECD). In recent years,  
a number of these countries have experienced varying degrees of  
one or more of the following: economic or political instability, civil  
war, violent conflict, social unrest, actions of terrorist groups and the  
application of international economic sanctions. Any of these  
conditions alone or in combination could disrupt the Group’s  
operations in any of these regions, causing substantial declines in  
production or revisions to reserves estimates.  
The occurrence and magnitude of incidents related to economic,  
social or political instability are unpredictable. It is possible that they  
could have a material adverse impact on the Group’s production and  
operations in the future and/or cause certain investors to reduce  
their holdings of TOTAL’s securities.  
3
TOTAL, like other major international energy companies, has a  
geographically diverse portfolio of reserves and operational sites,  
which allows it to conduct its business and financial affairs so as to  
reduce its exposure to political and economic risks. However, there  
can be no assurance that such events will not have negative  
consequences on the Group.  
In Africa (excluding North Africa), which represented 24% of the  
Group’s 2018 combined liquids and gas production, certain of the  
countries in which the Group has production have recently suffered  
from some of these conditions, including Nigeria, which is one of the  
main contributing countries to the Group’s production of  
hydrocarbons (refer to point 2.1.9 of chapter 2).  
Intervention by host country authorities can adversely affect the  
Group’s activities and its operating incomes.  
TOTAL has significant exploration and production activities, and in  
some cases refining, marketing or chemicals operations, in countries  
whose governmental and regulatory framework is subject to  
unexpected change and where the enforcement of contractual rights  
is uncertain. The legal framework of TOTAL’s exploration and  
production activities, established through concessions, licenses,  
permits and contracts granted by or entered into with a government  
entity, a state-owned company or private owners, is subject to risks  
of renegotiation that, in certain cases, can reduce or challenge the  
protections offered by the initial legal framework and/or the economic  
benefit to TOTAL.  
The Middle East and North Africa zone, which represented 24% of  
the Group’s 2018 combined liquids and gas production, has in recent  
years suffered increased political instability in connection with violent  
conflict and social unrest, particularly in Libya and Syria, where the  
European Union (EU) and the U.S. have enacted economic sanctions  
prohibiting TOTAL from producing oil and gas since 2011. In Yemen,  
the deterioration of security conditions in the vicinity of the Balhaf site  
caused the company Yemen LNG, in which the Group holds a stake  
of 39.62%, to stop its commercial production and export of LNG  
and to declare force majeure to its various stakeholders in 2015.  
The plant has been put in preservation mode. In Iran, TOTAL signed  
in July 2017 a 20-year contract with the National Iranian Oil Company  
In addition, the Group’s exploration and production activities in such  
countries are often undertaken in conjunction with state-owned  
entities, for example as part of a joint-venture in which the state has  
a significant degree of control. In recent years, in various regions  
globally, TOTAL has observed governments and state-owned  
enterprises impose more stringent conditions on companies pursuing  
exploration and production activities in their respective countries,  
increasing the costs and uncertainties of the Group’s business  
operations. TOTAL expects this trend to continue.  
(
(
NIOC) relating to the development and production of phase 11  
SP11) of the giant South Pars gas field. Following the withdrawal of  
the United States from the Joint Comprehensive Plan of Action on  
May 8, 2018, TOTAL withdrew from this project and finalized its  
withdrawal on October 29, 2018, prior to the re-imposition of US  
secondary sanctions on the oil industry as of November 5, 2018.  
TOTAL was the operator and had a 50.1% interest alongside the  
Chinese state-owned company CNPC (30%) and Petropars (19.9%);  
a wholly-owned subsidiary of NIOC. TOTAL ceased all operational  
activity in Iran before November 4, 2018.  
Potential increasing intervention by governments in such countries  
can take a wide variety of forms, including:  
—
—
—
—
—
—
the award or denial of exploration and production interests;  
the imposition of specific drilling obligations;  
In South America, which represented 6% of the Group’s 2018  
combined liquids and gas production, certain of the countries in  
which TOTAL has production have recently suffered from political or  
economic instability, including Argentina, Brazil and Venezuela.  
price and/or production quota controls and export limits;  
nationalization or expropriation of assets;  
Since July 2014, international economic sanctions have been  
adopted against certain Russian individuals and entities, including  
various entities operating in the financial, energy and defense sectors.  
As of December 31, 2018, TOTAL held 21% of its proved reserves in  
Russia, from which the Group had 14% of its combined oil and gas  
production in 2018.  
unilateral cancellation or modification of license or contract rights;  
increases in taxes and royalties, including retroactive claims and  
changes in regulations and tax reassessments;  
—
—
—
—
the renegotiation of contracts;  
For additional information concerning international economic  
sanctions applicable notably to Cuba, Iran, Russia, Syria and  
Venezuela, refer to point 3.1.9.1 of this chapter.  
the imposition of increased local content requirements;  
payment delays; and  
currency exchange restrictions or currency devaluation.  
Registration Document 2018 TOTAL  
79  
RISKS AND CONTROL  
3
Risk Factors  
If a host government were to intervene in one of these forms in a  
country where TOTAL has substantial operations, including  
exploration, the Group could incur material costs or the Group’s  
production or asset value could decrease, which could potentially  
have a material adverse effect on its financial condition, including its  
operating income and cash flow.  
For example, the Nigerian government has been contemplating new  
legislation to govern the petroleum industry which, if passed into law,  
could have an impact on the existing and future activities of the  
Group in that country through increased taxes and/or operating costs  
and could affect financial returns from projects in that country.  
3
.1.7 Risks related to competition and lack of innovation  
The Group operates in a highly competitive environment. Its  
competitiveness could be adversely impacted if the Group’s  
level of innovation lagged behind its competitors.  
could be affected if this discrepancy persists and if it should prove  
difficult to invoke price revision clauses.  
The Group’s activities are carried out in a constantly changing  
environment with new products and technologies continuously  
emerging. The Group may not be able to anticipate these changes,  
identify and integrate technological developments in order to maintain  
its competitiveness, maintain a high level of performance and  
operational excellence, and best meet the needs and demands of its  
customers. The Group’s innovation policy requires significant  
investment, notably in R&D, of which the expected impact cannot be  
guaranteed.  
TOTAL’s main competitors are comprised of national (companies  
directly or indirectly controlled by a state) and international oil  
companies. The evolution of the energy sector has opened the door  
to new competitors and increased market price volatility.  
TOTAL is subject to competition in the acquisition of assets and  
licenses for the exploration and production of oil and natural gas as  
well as for the sale of manufactured products based on crude and  
refined oil. In the gas sector, major producers increasingly compete  
in the downstream value chain with established distribution  
companies. Increased competitive pressure could have a significant  
negative effect on the prices, margins and market shares of the  
Group’s companies.  
In the field of R&D, the multiplication of research partnerships, in  
particular in related technical fields, may make it difficult for the Group  
to track technical information exchanged with research partners and  
monitor related contractual restrictions (e.g., confidentiality, limited  
use). New and increasingly complex digital technologies as well as  
the multiplication of partnerships are all likely to increase  
contamination risks, which could, as a result, limit TOTAL’s ability to  
exploit innovations.  
The pursuit of unconventional gas development, particularly in the  
United States, has contributed to falling hydrocarbon market prices  
and a marked difference between spot and long-term contract prices.  
The competitiveness of long-term contracts indexed to oil prices  
3
.1.8 Ethical misconduct and non-compliance risks  
Ethical misconduct or non-compliance of the Group or its  
employees with applicable laws could expose TOTAL to criminal  
and civil penalties and be damaging to TOTAL’s reputation and  
shareholder value.  
could, depending on applicable legislation (notably, the U.S. Foreign  
Corrupt Practices Act, the UK Bribery Act, the French law  
n° 2016-1691 dated December 9, 2016 relating to transparency, the  
fight against corruption and modernization of the economy or the  
Regulation (EU) 2016/679 with regard to the protection of personal  
data), be imposed by competent authorities, such as the review and  
reinforcement of the compliance program under the supervision of  
an independent third party. Any of the above could be damaging to  
the financial condition, shareholder value or reputation of the Group.  
The Group’s Code of Conduct, which applies to all of its employees,  
defines TOTAL’s commitment to ethical standards, business integrity,  
human rights and compliance with applicable legal requirements.  
TOTAL maintains a “zero tolerance” principle for fraud of any kind,  
particularly bribery, corruption and influence peddling.  
Non-compliance with laws and regulations as well as ethical or human  
rights misconduct by TOTAL, its employees or a third-party acting  
on its behalf could expose TOTAL and/or its employees to  
investigations, criminal and civil sanctions and to additional penalties  
Generally, entities of the Group could potentially be subject to  
administrative, judicial or arbitration proceedings that could have a  
material adverse impact on the Group’s financial condition and  
reputation (refer to point 3.2 of this chapter).  
(
such as debarment from public procurement). Further measures  
3.1.9 Countries targeted by economic sanctions  
TOTAL has activities in certain countries targeted by economic  
sanctions. If the Group’s activities are not conducted in  
accordance with applicable laws and regulations, TOTAL could  
face penalties.  
3.1.9.1 U.S. and European legal restrictions  
TOTAL closely monitors applicable international economic sanctions  
regimes, including those adopted by the United States and the  
European Union (“EU”) (collectively, “Sanctions Regimes”), changes  
to such regimes and possible impacts on the Group’s activities.  
TOTAL takes steps to ensure compliance with applicable Sanctions  
Regimes and believes that its current activities in targeted countries  
do not infringe the applicable Sanctions Regimes. However, the  
Group cannot assure that current or future regulations related to  
Sanctions Regimes will not have a negative impact on its business,  
financial condition or reputation. A violation by the Group of applicable  
Sanctions Regimes could result in criminal, civil and/or material  
financial penalties.  
Economic sanctions or other restrictive measures could target  
countries, such as Cuba, Iran, and Syria and/or target actors or  
economic sectors, such as in Russia or in Venezuela.  
U.S. and European restrictions relevant to the Group and certain  
disclosure concerning the Group’s limited activities or presence in  
certain targeted countries are outlined in points 3.1.9.1 and 3.1.9.2,  
respectively.  
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3
A) Restrictions against Cuba  
Refer to point 3.1.9.2 below for information concerning Section 13(r)  
of the Securities Exchange Act of 1934, as amended, pertaining to  
activities of the Group related to Iran.  
U.S. sanctions against Cuba prohibit any person subject to the  
jurisdiction of the United States(1) from engaging, directly or indirectly,  
in any activities or dealings related to Cuba, without government  
authorization. Therefore, the use of the U.S. dollar is prohibited for  
almost all transactions related to Cuba. Furthermore, it is prohibited  
to export and reexport to Cuba all goods subject to the Export  
C) Restrictions against Russia  
Since July 2014, various Sanctions Regimes have been adopted  
against Russia, including prohibitions to deal with certain Russian  
individuals and entities or restrictions on financings, as well as  
restrictions on investments and exports to Russia.  
(2)  
Administration Regulations without a license and with exceptions  
for example, certain medical equipment), as well as to import all  
(
goods of Cuban origin into the United States. Cuba is not subject to  
European economic sanctions.  
The economic sanctions adopted by the EU since 2014 do not  
materially affect TOTAL’s activities in Russia. TOTAL has been formally  
authorized by the French government, which is the competent  
authority for granting authorization under the EU sanctions regime,  
to continue all its activities in Russia on the Kharyaga and  
Termokarstovoye fields and the Yamal LNG and the Arctic 2 LNG  
projects.  
TOTAL has had an interest in a liquefied petroleum gas (LPG) cylinder  
filing plant in Cuba since 1997 and continues the development of its  
activities regarding lubricants, fluids and greases in Cuba.  
B) Restrictions against Iran  
Several countries and international organizations, including the United  
States and the EU, maintain Sanctions Regimes of varying degrees  
targeting Iran.  
The United States adopted various economic sanctions, some of  
which target PAO Novatek( (“Novatek”), and the entities in which  
Novatek (individually or with other similarly targeted persons or  
6)  
3
(7)  
entities) owns an interest of at least 50%, including OAO Yamal LNG  
On July 14, 2015, the EU, China, France, Russia, the United  
Kingdom, the United States and Germany reached an agreement  
with Iran, known as the Joint Comprehensive Plan of Action (the  
(
“Yamal LNG”),Terneftegas( and OOO Arctic 2 LNG . These  
8) (9)  
sanctions prohibit, in particular, U.S. persons from all transactions in,  
providing financing for, and other dealings in debt issued by these  
entities after July 16, 2014 of longer than 90 days maturity (reduced  
to 60 days as from the end of November 2017). The use of the U.S.  
dollar is therefore prohibited for these types of financings, including  
Yamal LNG. The Yamal LNG project’s financing was finalized in  
successive steps in 2016 in compliance with applicable regulations.  
The financing of the Arctic LNG 2 project is under discussion.  
“JCPOA”), regarding limits on Iran’s nuclear activities and relief under  
certain U.S., EU and UN economic sanctions regarding Iran.  
On January 16, 2016, the International Atomic Energy Agency  
(
“IAEA”) confirmed that Iran had met its initial nuclear compliance  
commitments under the JCPOA. Therefore, as from that date, UN  
economic sanctions, most U.S. secondary sanctions (i.e., those  
(
3)  
covering non-U.S. persons  
and for activities outside U.S.  
jurisdiction) and most EU economic sanctions were suspended(  
4)  
.
In addition, the U.S. Department of Commerce has imposed  
restrictions on exports and reexports of certain goods to Russia  
under the regulation related to the U.S. export control with respect to  
certain oil projects, which do not materially impact TOTAL’s current  
activities in Russia.  
Following the withdrawal of the United States from the JCPOA in  
May 2018, U.S. secondary sanctions concerning the oil industry  
were re-imposed as of November 5, 2018.  
In July 2017, TOTAL signed a contract for a period of 20 years with  
the National Iranian Oil Company (“NIOC”) relating to the development  
In August 2017, the United States adopted the Countering America’s  
Adversaries Through Sanctions Act (“CAATSA”). This law provides  
for, in particular, the possibility to impose secondary sanctions against  
a non-U.S. person who (i) invests in certain types of crude oil projects;  
(5)  
and production of phase 11 (SP11) of the giant South Pars gas  
field. Following the withdrawal of the United States from the JCPOA,  
TOTAL withdrew from this project and finalized its withdrawal on  
October 29, 2018, prior to the re-imposition of U.S. secondary  
sanctions on the oil industry as of November 5, 2018. TOTAL ceased  
all operational activity in Iran before November 4, 2018.  
(
ii) carries out a significant transaction with a sanctioned Russian  
individual or entity; (iii) carries out a significant transaction with an  
individual/entity party to or acting on behalf of Russian economic  
intelligence or defense sectors; (iv) carries out a direct and significant  
investment (beyond certain amounts), which contributes to the  
development of Russian export pipelines or (v) sells, leases or  
provides goods, services, technologies or information that could  
directly and in a significant manner facilitate the maintenance or  
expansion of the construction, modernization or repair of energy  
export pipelines by Russia. This law also, on the one hand, reduced  
the maturity periods of debts restricting the financing of certain entities  
and, on the other hand, extended, as from January 29, 2018, the  
prohibition applicable to certain entities to export goods and services  
outside of Russia in support of exploration or production projects of  
oil in deep water, beyond the Arctic offshore, or concerning shale  
formations (shale oil).  
Furthermore, certain U.S. states have adopted regulations with  
respect to Iran requiring, in certain conditions, state pension funds  
and other state-owned institutional investors to divest securities in  
any company that has or had business operations in Iran and state  
public contracts not to be awarded to such companies. Certain U.S.  
state regulators have adopted similar initiatives relating to investments  
by insurance companies. TOTAL believes the impact of these  
regulations to be limited due to the Group’s decision to withdraw  
from Iran. Nevertheless, TOTAL continues to closely monitor these  
measures, which are generally still in effect following the withdrawal  
of the United States from the JCPOA.  
With respect to the Group’s activities conducted under the sanctions  
framework that was in place prior to the entry into force of the  
JCPOA, the U.S. Department of State made a determination on  
September 30, 2010 that certain historical activities would not be  
deemed sanctionable and that, so long as TOTAL acted in  
accordance with its commitments related to this determination, it  
would not be regarded as a company of concern for its past  
Iran-related activities. TOTAL’s historical activities in Iran have been  
conducted in compliance with these Sanctions Regimes. Since 2011,  
TOTAL has had no production in Iran.  
On April 6, 2018, the American Department of Treasury’s Office of  
Foreign Assets Control (OFAC) for the first time designated and  
registered certain Russian oligarchs and political figures, as well as  
several entities owned by them, on the list of Specially Designated  
Nationals and Blocked Persons List. Non-U.S. persons may now be  
sanctioned under secondary sanctions for having carried out  
significant transactions with the designated persons.  
TOTAL continues its activities in Russia in compliance with applicable  
sanctions regimes.  
(
(
(
1) Cuban Assets Control Regulations (CACR), 31 CFR Part. 515.  
2) Export Administration Regulations (EAR) § 734.3.  
3) ”U.S. person” means any U.S. citizen and permanent resident alien wherever he/she is in the world, entity organized under the laws of the United States or any jurisdiction within the  
United States, including foreign branches, or any person or entity located in the United States.  
(
4) Certain U.S. and EU human rights-related and terrorism-related sanctions remain in force.  
(5) TOTAL was an operator of the SP11 project and held 50.1% alongside the national Chinese company China National Petroleum Corporation (“CNPC”) (30%) and Petropars (19.9%), a  
1
00% owned subsidiary of NIOC.  
(
(
6) A Russian company listed on the Moscow and London stock exchanges and in which the Group held an interest of 19.4% as of December 31, 2018.  
7) A company jointly owned by PAO Novatek, Total E&P Yamal (20.02%), China National Oil and Gas Exploration Development Corporation – CNODC, a subsidiary of CNPC and Silk Road  
Fund.  
(
8) A company jointly owned by PAO Novatek and Total Termokarstovoye BV (49%).  
(9) A company wholly-owned owned by PAO Novatek as of December 31, 2018.  
Registration Document 2018 TOTAL  
81  
RISKS AND CONTROL  
3
Risk Factors  
As of December 31, 2018, TOTAL held 21% of its proved reserves in  
Russia, where the Group had 14% of its combined oil and gas  
production in 2018.  
3.1.9.2 Information concerning certain limited  
activities in Iran and Syria  
Information concerning TOTAL’s activities related to Iran that took  
place in 2018 provided in this section is disclosed according to  
Section 13(r) of the Securities Exchange Act of 1934, as amended  
(“U.S. Exchange Act”).  
D) Restrictions against Syria  
The EU adopted measures in 2011 regarding trade with and  
investment in Syria that are applicable to European persons and to  
entities constituted under the laws of an EU Member State, including,  
notably, a prohibition on the purchase, import or transportation from  
Syria of crude oil and petroleum products. The United States also  
has adopted comprehensive measures that broadly prohibit trade  
and investment in and with Syria. Since 2011, the Group ceased its  
activities that contributed to oil and gas production in Syria and has  
not purchased hydrocarbons from Syria since that time (refer to point  
In addition, information for 2018 is provided concerning the payments  
made by Group affiliates to, or additional cash flow that operations of  
Group affiliates generate for, the government of any country identified  
by the United States as a state sponsor of terrorism (currently, Iran,  
North Korea, Syria and Sudan)( or any entity controlled by those  
governments.  
2)  
TOTAL believes that these activities are not sanctionable, including  
for activities previously disclosed. For more information on certain  
U.S. and EU restrictions relevant to TOTAL in these jurisdictions,  
refer to point 3.1.9.1 of this chapter.  
3.1.9.2).  
E) Restrictions against Venezuela  
Since 2014, different Sanctions Regimes were adopted relating to  
Venezuela, including prohibitions to deal with certain Venezuelan  
individuals and entities, as well as restrictions on financings.  
A) Iran  
The Group’s operational activities related to Iran were stopped in  
2
018 following the withdrawal of the United States from the JCPOA  
In August 2017, the United States adopted economic sanctions  
relating to the Government of Venezuela as well as certain  
state-owned or controlled entities (collectively, the “Government of  
Venezuela”), including Petroleos de Venezuela, S.A. (“PdVSA”) as  
well as entities in which PdVSA (individually or with other similarly  
targeted persons or entities collectively) owns an interest of at least  
in May 2018 and prior to the re-imposition of U.S. secondary  
sanctions on the oil industry as of November 5, 2018.  
Statements in this section concerning affiliates intending or expecting  
to continue activities described below are subject to such activities  
continuing to be permissible under applicable international economic  
sanctions regimes.  
50% (which includes Petrocedeño S.A., a company in which the  
Group held an interest of 30.32% as of December 31, 2018). These  
a) Exploration & Production  
(1)  
sanctions prohibit all U.S. persons from transacting in, providing  
financing for or otherwise dealing in debt issued by PdVSA as from  
August 25, 2017 of longer than 90 days maturity. The use of the U.S.  
dollar is therefore prohibited for these types of financings, including  
with Petrocedeño S.A.  
Following the suspension of certain international economic sanctions  
against Iran on January 16, 2016, the Group commenced various  
business development activities in Iran. Total E&P South Pars S.A.S.  
(
(
“TEPSP”) (a wholly-owned affiliate), CNPC International Ltd.  
“CNPCI”) (a wholly-owned affiliate of China National Petroleum  
Since November 13, 2017, Venezuela has also been subject to  
European sanctions, which mainly provide for the freezing of assets  
of certain individuals and entities, a military embargo as well as  
restrictions on the exportation of certain goods.  
Company) and Petropars Ltd. (“Petropars”) (a wholly-owned affiliate  
of NIOC) signed a 20-year risked service contract in July 2017, (the  
“Risked Service Contract”) for the development and production of  
phase 11 of the South Pars gas field (“SP11”).TEPSP (50.1%) was  
the operator and a partner of the project alongside CNPCI (30%)  
and Petropars (19.9%). These companies entered into a joint  
operating agreement in July 2017 (the “JOA”) concerning, among  
other things, the governance of their obligations under the Risked  
Service Contract and the designation of TEPSP as the project’s  
operator.  
In May 2018, the United States adopted a new round of sanctions  
against the Government of Venezuela, prohibiting all U.S. persons  
from transacting in(i) the purchase of debts owed to the Government  
of Venezuelan and (ii) the sale, transfer, assignment, or pledging as  
collateral by the Government of Venezuelan of any equity interest in  
any entity in which the Government of Venezuela has a 50% or  
greater ownership interest.  
In 2018, TEPSP continued conducting petroleum operations on  
behalf of the above-mentioned consortium in accordance with the  
terms and conditions of the Risked Service Contract and the JOA. In  
particular, TEPSP:(i) held several meetings with the Iranian authorities,  
NIOC and other Iranian state owned/controlled entities; (ii) launched  
tenders for award of service contracts for the purposes of the SP11  
project; (iii) negotiated various agreements (such as service and/or  
supply agreements and bank service agreements); and (iv) performed  
other activities under the Risked Service Contract and the JOA.  
On January 28, 2019, pursuant to Executive Order 13850, American  
Department of Treasury’s Office of Foreign Assets Control (OFAC)  
designated and registered PdVSA on the list of Specially Designated  
Nationals and Blocked Persons List, as well as any entities in which  
PdVSA owns an interest of at least 50%, including Petrocedeño S.A.  
To date, TOTAL has organised the management of its interest to ensure  
compliance with applicable sanctions.  
In 2018, TEPSP completed the technical studies, which were started  
in November 2016, in accordance with the technical services  
agreement (the “TSA”) between NIOC and TEPSP, acting on behalf  
of the consortium.  
(1) “U.S. person” means any U.S. citizen and permanent resident alien wherever he/she is in the world, entity organized under the laws of the United States or any jurisdiction within the  
United States, including foreign branches, or any person or entity located in the United States.  
(2) In North Korea, other than fees related to trademarks and designs paid in 2018, TOTAL is not present. In this country. In Sudan, other than the payment of fees related to trademarks, the  
Group is not aware of any of its activities in 2018 having resulted in payments to, or additional cash flow for, the government of that country.  
82  
TOTAL Registration Document 2018  
RISKS AND CONTROL  
Risk Factors  
3
However, as a result of the withdrawal of the U.S. from the JCPOA in  
May 2018, TOTAL ceased all of its activities related to the SP11  
project and finalized its withdrawal from the SP11 project on October  
interest and Marubeni Oil & Gas (U.K.) Limited ((“Marubeni”) sold  
their full 3.75%).  
The Bruce field joint venture is party to an agreement (the “Bruce  
Rhum Agreement”) governing certain transportation, processing and  
operation services provided to another joint venture at the Rhum  
field in the UK, co-owned by Serica (50%, operator) and the Iranian  
Oil Company UK Ltd (“IOC”), a subsidiary of NIOC (50%). Under the  
terms of the Bruce Rhum Agreement, the Rhum field owners pay a  
proportion of the operating costs of the Bruce field facilities calculated  
on a gas throughput basis. IOC’s share of costs incurred under the  
Bruce Rhum Agreement have been paid to TEP UK in 2018 by  
Naftiran Intertrade Company Limited (“NICO”), the trading branch of  
the National Iranian Oil Company (“NIOC”). NIOC is the parent  
company of IOC and an Iranian government owned corporation.  
In 2018, based upon TEP UK’s 1% interest in the Bruce field and  
income from the net cash flow sharing arrangement with Serica,  
gross revenue to TEP UK from IOC’s share of the Rhum field resulting  
from the Bruce Rhum Agreement was approximately £8 million. This  
sum was used to offset operating costs on the Bruce field and as  
such, generated no net profit to TEP UK. This arrangement is  
expected to continue in 2019.  
2
9, 2018, at which time it transferred its participating interest and  
operatorship of the project to CNPCI.  
The MOU entered into between TOTAL and NIOC in January 2016  
to assess potential developments in Iran (including South Azadegan)  
was amended to include North Azadegan and to extend its duration.  
NIOC provided TOTAL in 2017 with technical data on the Azadegan  
oil field so that it could assess potential development of this field.  
Representatives of TOTAL held technical meetings in 2017 with  
representatives of NIOC and its affiliated companies and carried out  
a technical review of the Azadegan (South & North) oil field as well as  
the Iran LNG Project (a project contemplating a 10 Mt/y LNG  
production facility at Tombak Port on Iran’s Persian Gulf coast), the  
results of which were partially disclosed to NIOC and relevant affiliated  
companies. In addition, TOTAL signed an MOU in 2017 with an  
international company to evaluate jointly the Azadegan oil field  
opportunity with NIOC. This international company decided in  
February 2018 to withdraw from this technical cooperation and a  
MOU termination agreement was formally executed with TOTAL on  
May 16, 2018. Technical studies were pursued by TOTAL until March  
3
In 2018, TEP UK acted as agent for BHP and Marubeni, which faced  
difficulty securing banking arrangements allowing them to accept  
payments from IOC, and, thus, received payments from IOC in  
relation to BHP and Marubeni’s share of income from the Bruce  
Rhum Agreement under the terms of an agency agreement entered  
into in June 2018 between BHP, Marubeni and TEP UK (the “Agency  
Agreement”). Payments made from IOC to BHP and Marubeni in  
2018 related to the periods prior to the completion of their divestment  
to Serica in November 2018. Total payment received on behalf of  
BHP and Marubeni by TEP UK under this arrangement in 2018 was  
approximately £7 million. This amount relates to income due to BHP  
and Marubeni under the Bruce Rhum Agreement for 2017 and 2018.  
TEP UK transferred all income received under the Agency Agreement  
to BHP and Marubeni and provided the service on a no profit, no  
loss basis. The Agency Agreement is expected to be terminated  
upon receipt of all payments relating to the period up to November  
2
018 on the Azadegan area with regular contacts with NIOC.  
All work and contacts with NIOC on this subject ceased at the end  
of March 2018.  
During 2018, in connection with the activities under the aforementioned  
Risked Service Contract and MOUs, and to discuss other new  
opportunities, representatives of TOTAL attended meetings with the  
Iranian oil and gas ministry and several Iranian companies with ties to  
the government of Iran. In connection with travel to Iran in 2018 by  
certain employees of the Group, TOTAL made payments to Iranian  
authorities for visas, airport services, exit fees and similar travel-related  
charges. In addition, representatives of TOTAL had meetings in  
France with the Iranian ambassador.  
Neither revenues nor profits were recognized from any of the  
aforementioned activities under the aforementioned Risked Service  
Contract and MOUs in 2018.  
30, 2018.  
Maersk Oil studied two potential projects with NIOC, prior to the  
acquisition of Maersk Oil by TOTAL in March 2018. These studies  
ceased after a meeting with NIOC representatives in May 2018.  
Prior to the re-imposition of U.S. secondary sanctions on the oil  
industry as of November 5, 2018, TEP UK liaised directly with IOC  
concerning its interest in the Bruce Rhum Agreement and it received  
payments directly for services provided to IOC under the Bruce Rhum  
Agreement. In October 2018, the U.S. Treasury Department’s Office  
of Foreign Asset Control (“OFAC”) granted a new conditional license  
to BP and Serica authorizing the provision of services to the Rhum  
field, following the reinstatement of U.S. secondary sanctions. The  
principal condition of the OFAC license is that the Iranian  
government’s shareholding in IOC is transferred into a trust in order  
that Iran may not derive any benefit from the Rhum field or exercise  
any control while the U.S. secondary sanctions are in place. A Jersey  
based trust has been put in place with the trustee holding IOC’s  
shares in the Rhum field. IOC’s interest is now managed by a new  
independent management company established by the trust and  
referred to as the “Rhum Management Company” (“RMC”) and where  
necessary TEP UK liaises, and expects to continue doing so in 2019,  
with RMC in relation to the Bruce Rhum Agreement.  
The Tehran branch office of TEPSP, opened in 2017 for the purposes  
of the SP11 project, ceased all operational activities prior to  
November 1, 2018 and will be closed and de-registered in 2019.  
Since November 2018, Total Iran BV maintains a local representative  
office in Tehran with a few employees, solely for non-operational  
functions. Concerning payments to Iranian entities in 2018, Total Iran  
BV and Elf Petroleum Iran collectively made payments of  
(
1)  
approximately IRR 31.7 billion (approximately $300,000 ) to the  
Iranian administration for taxes and social security contributions  
concerning the personnel of the aforementioned representative office  
and residual obligations related to various prior risked service  
contracts. In 2019, similar types of payments are to be made in  
connection with maintaining the representative office in Tehran, albeit  
in lower amounts. None of these payments has been or is expected  
to be executed in U.S. dollars.  
Furthermore, Total E&P UK Limited (“TEP UK”), a wholly-owned  
affiliate, holds a 1% interest in a joint venture for the Bruce field in the  
United Kingdom with Serica Energy (UK) Limited (“Serica”) (98%,  
operator) and BP Exploration Operating Company Limited (“BP”)  
TEP UK is also party to an agreement with Serica whereby TEP UK  
uses reasonable endeavors to evacuate Rhum NGL from the St  
Fergus Terminal (the “Rhum NGL Agreement”). TEP UK provides this  
service – subject to Serica having title to all of the Rhum NGL to be  
evacuated and Serica having a valid license from OFAC for the  
activity – on a cost basis, but for which TEP UK charges a monthly  
handling fee that generates an income of approximately £35,000 per  
annum relating to IOC’s 50% stake in the Rhum field. After costs,  
TEP UK realizes little profit from this arrangement.TEP UK expects to  
continue this activity in 2019.  
(
1%), following the completion of the sale of 42.25% of TEP UK’s  
interests in the Bruce field on November 30, 2018 pursuant to a sale  
and purchase agreement dated August 2, 2018 between TEP UK  
and Serica. Upon the closing of the transaction on November 30,  
2018, all other prior joint venture partners also sold their interests in  
the Bruce field to Serica (BP sold 36% retaining a 1% interest; BHP  
Billiton Petroleum Great Britain Limited (“BHP”) sold their full 16%  
(1) Converted using the average exchange rate for fiscal year 2018, as published by Bloomberg.  
Registration Document 2018 TOTAL  
83  
RISKS AND CONTROL  
3
Risk Factors  
Following the acquisition of Maersk Oil in 2018, the undeveloped  
Yeoman discovery is now wholly owned by the Group, under license  
P2158 granted to Maersk Oil North Sea UK Limited, recently renamed  
Total E&P North Sea UK Limited (“TEPNSUK”). Yeoman is situated  
adjacent to the Pardis discovery in which IOC held an interest, which  
it sold in October 2018. Prior to this divestment, non-legally binding  
technical and commercial discussions had taken place between  
TEPNSUK, IOC and the UK Government’s Oil and Gas Authority  
during the first half of 2018 regarding a potential joint development of  
Yeoman and Pardis but no contractual arrangements were  
implemented in connection with such discussions. Also prior to this  
divestement, other discussions had taken place between TEPNSUK  
and IOC on an informal basis regarding a potential farm-in to Pardis  
by Maersk Oil.  
the government of Iran holds a 20% interest and which is supervised  
by Iran’s Industrial Management Organization. This activity generated  
gross revenue of approximately €54,056 and net profit of  
approximately €8,108.  
Paulstra S.N.C., a wholly-owned affiliate of Hutchinson SA, obtained  
in 2017 an order from Iran Khodro to sell vehicular anti-vibration  
systems over a 5-year period. This activity did not generate any  
gross revenue or net profit in 2018 because Paulstra did not delivery  
any product to Iran Khodro. The order was terminated in 2018.  
Paulstra S.N.C. also sold oil seals in 2018 to Iran Khodro. This activity  
generated gross revenue of approximately €1,078,887 and net profit  
of approximately €161,833.  
Catelsa Caceres, a wholly-owned affiliate of Hutchinson Iberia, itself  
wholly-owned by Hutchinson SA, sold sealing products to Iran  
Khodro in 2018. This activity generated gross revenue of  
approximately €1,449 and net profit of approximately €217.  
Lastly, TOTAL S.A. paid approximately €8,000 to Iranian authorities  
(1)  
related to various patents in 2018. Similar payments are expected  
to be made in 2019 for such patents.  
Hutchinson GMBH, a wholly-owned affiliate of Hutchinson SA, sold  
hoses for automotive vehicles to Iran Khodro in 2018. This activity  
generated gross revenue for approximately €257,400 and net profit  
of approximately €38,610. The last shipments from Hutchinson and  
its affiliates to Iran Khodro were in August 2018 and last payments  
were made in October 2018.  
b) Other business segments  
In 2018, TOTAL S.A. paid fees of approximately €1,500 to Iranian  
authorities related to the maintenance and protection of trademarks  
and designs in Iran. Similar payments are expected to be made in  
2019.  
Trading & Shipping  
Hanwha Total Petrochemicals (“HTC”), a joint venture in which Total  
Holdings UK Limited (a wholly-owned affiliate) holds a 50% interest  
and Hanwha General Chemicals holds a 50% interest, purchased  
approximately 17 Mb of condensates from NIOC for approximately  
KRW 1,310 billion (approximately $1.2 billion) from January to July  
Following the suspension of applicable EU and U.S. economic  
sanctions in 2016, the Group commenced the purchase of Iranian  
hydrocarbons through its wholly-owned affiliate TOTSA TOTAL OIL  
TRADING SA (“TOTSA”). In 2018, the Group continued its trading  
activities with Iran via TOTSA, which purchased approximately 18 Mb  
of Iranian crude oil for nearly €1 billion pursuant to term contracts.  
It is not possible to estimate the gross revenue and net profit related  
to these purchases because the totality of this crude oil was used to  
supply the Group’s refineries. In addition, in 2018, approximately  
2018, then HTC stopped purchasing from NIOC. These condensates  
are used as raw material for certain of HTC’s steam crackers. HTC  
also chartered fifteen tankers of condensates with National Iranian  
Tanker Company (NITC), a subsidiary of NIOC, for approximately  
KRW 24 billion (approximately $22.3 million). In November 2018,  
South Korea was granted a significant reduction exemption waiver  
1
Mb of petroleum products were sold to entities with ties to the  
(
the “SRE waiver”) allowing it to import Iranian condensate from NIOC  
government of Iran. These activities generated gross revenue of  
nearly €43 million and a net profit of approximately €1 million. The  
Group ceased these activities in June 2018.  
for six months. For 2019, based on the SRE waiver, HTC is reviewing  
the feasibility to resume purchases from NIOC.  
Total Research & Technology Feluy (“TRTF”, a wholly-owned affiliate),  
Total Marketing & Services (“TMS”, a wholly-owned affiliate), and  
Total Raffinage Chimie (“TRC”) paid in 2018 fees totaling  
approximately €1,000 to Iranian authorities related to various patents.  
Similar payments are expected to be made by TRTF and TRC in  
Gas, Renewables & Power  
Saft Groupe S.A. (“Saft”), a wholly-owned affiliate, in 2018 sold  
signaling and backup battery systems for metros and railways as  
well as products for the utilities and oil and gas sectors to companies  
in Iran, including some having direct or indirect ties with the Iranian  
government. In 2018, this activity generated gross revenue of  
approximately €2.5 million and net profit of approximately  
2
019. TMS abandoned its patent rights in Iran in 2018, thus no  
payments are expected by TMS in 2019.  
Marketing & Services  
€0.3 million. Saft ceased this activity in 2018. Saft also attended the  
Iran Oil Show in 2018, where it discussed business opportunities  
with Iranian customers, including those with direct or indirect ties  
with the Iranian government. Saft ceased this activity in 2018.  
Until December 2012, at which time it sold its entire interest, the  
Group held a 50% interest in the lubricants retail company Beh Tam  
(formerly Beh Total) along with Behran Oil (50%), a company  
controlled by entities with ties to the government of Iran. As part of  
the sale of the Group’s interest in Beh Tam, TOTAL S.A. agreed to  
license the trademark “Total” to Beh Tam for an initial 3-year period  
Total Eren, a company in which Total Eren Holding holds an interest  
of 68.76% (TOTAL S.A. owns 33.86% of Total Eren Holding), had  
preliminary discussions during January to March 2018 for possible  
investments in renewable energy projects in Iran, including meetings  
with ministries of the Iranian government. These discussions and  
meetings ceased as of March 2018 and neither revenues nor profits  
were recognized from this activity in 2018.  
(
renewed for an additional 3 year period) for the sale by Beh Tam of  
lubricants to domestic consumers in Iran. Royalty payments for 2014  
were received by TOTAL S.A. during the first semester of 2018 in the  
amount of approximately €730,000. There remain outstanding royalty  
payments for 2015 through 2017 in favor of TOTAL S.A. This licensing  
agreement was terminated in 2018. In addition, representatives of  
Total Oil Asia-Pacific Pte Ltd, a wholly-owned affiliate, visited Behran  
Oil beginning 2018 regarding the potential purchase of 50% of the  
share capital of Beh Tam. Discussions on this matter ended following  
the announcement of the re-imposition of U.S. secondary sanctions  
on the oil industry.  
Refining & Chemicals  
As of May 2018, Hutchinson SA and its affiliates no longer accepted  
orders from Iranian companies and ceased all activities, in general,  
with Iran and all Iranian companies prior to August 6, 2018.  
Le Joint Français, a wholly-owned affiliate of Hutchinson SA, sold  
vehicular O-ring seals in 2018 to Iran Khodro, a company in which  
(
1) Section 560.509 of the U.S. Iranian Transactions and Sanctions Regulations provides an authorization for certain transactions in connection with patent, trademark, copyright or other  
intellectual property protection in the United States or Iran, including payments for such services and payments to persons in Iran directly connected to intellectual property rights, and  
TOTAL believes that the activities related to the industrial property rights described in this point 3.1.9.2 are consistent with that authorization.  
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3
Total Marketing Middle East FZE, a wholly-owned affiliate, sold  
lubricants to Beh Tam in 2018. The sale in 2018 of approximately  
Total Belgium, a wholly-owned affiliate, provided in 2018 fuel payment  
cards to the Iranian embassy in Brussels (Belgium) for use in the  
Group’s service stations. In 2018, these activities generated gross  
revenue of approximately €11,000 and net profit of approximately  
€4,000. The company expects to continue this activity in 2019.  
4
3 t of lubricants and special fluids generated gross revenue of  
approximately AED 500,000 (approximately $136,000) and net profit  
of approximately AED 260,000 (approximately $71,000)( . The  
company stopped all transactions with this customer as of August  
1)  
2018.  
B) Syria  
Total Marketing France (“TMF”), a company wholly-owned by TMS,  
provided in 2018 fuel payment cards to the Iranian embassy and  
delegation to UNESCO in France for use in the Group’s service  
stations. In 2018, these activities generated gross revenue of  
approximately €32,000 and net profit of approximately €5,000.  
The company expects to continue this activity in 2019.  
Since early December 2011, TOTAL has ceased its activities that  
contribute to oil and gas production in Syria and maintains a local  
office solely for non-operational functions. In late 2014, the Group  
initiated a downsizing of its Damascus office and reduced its staff to  
a few employees. In 2018, TOTAL paid approximately €84,000 to  
the Syrian government as contributions for social security in relation  
to the aforementioned personnel.  
TMF also sold jet fuel in 2018 to Iran Air as part of its airplane refueling  
activities in France. The sale of approximately 260 cubic meters of jet  
fuel generated gross revenue of approximately €130,000 and net  
profit of approximately €570. The company stopped all transactions  
with this customer prior to November 5, 2018.  
In addition, the Group paid fees related to various industrial property  
rights (patents, trademarks and designs) in 2018.  
3
3.2 Legal and arbitration proceedings  
There are no governmental, legal or arbitration proceedings, including  
any proceeding of which the Company is aware that are pending or  
threatened against the Company, that could have, or could have had  
during the last 12 months, a material impact on the Group’s financial  
situation or profitability.  
Grande Paroisse  
On September 21, 2001, an explosion occurred at the industrial site  
of Grande Paroisse (a former subsidiary of Atofina which became  
a subsidiary of Elf Aquitaine Fertilisants on December 31, 2004).  
The explosion caused the death of 31 people, including 21 workers  
at the site, injured many others and caused significant damage on  
the site and to property in the city of Toulouse.  
Described below are the main administrative, legal and arbitration  
proceedings in which the Company and the other entities of the  
Group are involved.  
After many years, the investigating magistrate brought charges  
against Grande Paroisse and the former Plant Manager before the  
Toulouse Criminal Court. On November 19, 2009, this tribunal  
acquitted both the former Plant Manager and Grande Paroisse due  
to the lack of reliable evidence for the explosion. The Court declared  
Grande Paroisse civilly liable for the damages caused by the explosion  
to the victims in its capacity as custodian and operator of the plant.  
Alitalia  
In the Marketing & Services segment, a civil proceeding was initiated  
in Italy, in 2013, against TOTAL S.A. and its subsidiary Total Aviazione  
Italia Srl before the competent Italian civil court. The plaintiff claims  
against TOTAL S.A., its subsidiary and other third parties, damages  
that it estimates to be nearly €908 million. This proceeding follows  
practices that had been condemned by the Italian competition  
authority in 2006. The parties have exchanged preliminary findings  
and a request for an expert opinion has been approved by the court.  
The existence and the assessment of the alleged damages in this  
procedure involving multiple defendants remain contested.  
On September 24, 2012, the Court of Appeal of Toulouse convicted  
Grande Paroisse and the former Plant Manager.  
On January 13, 2015, the French Supreme Court (Cour de cassation)  
fully quashed the decision of September 24, 2012. The case was  
referred back to the Court of Appeal of Paris, which, on October 31,  
2
017, convicted Grande Paroisse and the former Plant Manager.  
FERC  
Both have decided to appeal this decision before the French Supreme  
Court (Cour de cassation).  
The Office of Enforcement of the U.S. Federal Energy Regulatory  
Commission (FERC) began in 2015 an investigation in connection  
with the natural gas trading activities in the United States of Total  
Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the  
Group. The investigation covered transactions made by TGPNA  
between June 2009 and June 2012 on the natural gas market.  
TGPNA received a Notice of Alleged Violations from FERC on  
September 21, 2015. On April 28, 2016, FERC issued an order to  
show cause to TGPNA and two of its former employees, and to  
TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts.  
TGPNA contests the claims brought against it. A class action,  
launched to seek damages from these three 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 this judgment on  
May 4, 2018.  
A compensation mechanism for victims was set up immediately  
following the explosion. €2.3 billion was paid for the compensation  
of claims and related expenses amounts. A €10 million reserve  
remains booked in the Group’s Consolidated Financial Statements  
as of December 31, 2018.  
Iran  
In 2003, the Securities and Exchange Commission (SEC) followed  
by the Department of Justice (DoJ) issued a formal order directing an  
investigation against TOTAL, and other oil companies, for alleged  
violations of the Foreign Corrupt Practices Act (FCPA) and the  
Company’s accounting obligations in connection with the pursuit of  
business in Iran in the 1990s.  
(1) Converted using the average exchange rate for fiscal year 2018, as published by Bloomberg.  
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Internal control and risk management procedures  
In late May 2013, and after several years of discussions, TOTAL  
reached settlements with the U.S. authorities (a Deferred Prosecution  
Agreement with the DoJ and a Cease and Desist Order with the  
SEC). These settlements, which put an end to these investigations,  
were concluded without admission of guilt and in exchange for TOTAL  
respecting a number of obligations, including the payment of a fine  
and civil compensation for an aggregate amount of $398.2 million.  
By virtue of these settlements, TOTAL also accepted the appointment  
of an independent compliance monitor to review the Group’s  
compliance program and to recommend possible improvements.  
individuals can defend themselves, TOTAL did not want to pursue  
the case. This decision is thus definitive.  
Italy  
As part of an investigation led by the Public Prosecutor of the Potenza  
Court in 2007, Total Italia and also certain Group employees were  
the subjects of an investigation related to alleged irregularities in  
connection with the purchase of lands and the award of calls for  
tenders in relation to the preparation and development of an oil field  
located in the south of Italy.  
In July 2016, the monitor submitted his third and final report, in which  
he certified that TOTAL had devised and implemented an appropriate  
compliance program. As a result of this certification, the U.S.  
authorities, after having reviewed the monitor’s report, concluded  
that TOTAL had fulfilled all of its obligations, thus bringing an end to  
the monitoring process. As a result, a Court in the State of Virginia  
granted a motion to dismiss on November 9, 2016, thereby  
terminating the procedure directed at the Company, which can no  
longer be pursued in the United States for these same facts.  
Pursuant to a judgment issued on April 4, 2016, the Potenza Criminal  
Court found four employees to be guilty of corruption, with two of  
these employees also being found guilty of misappropriation in  
connection with the purchase of land. The procedure with respect to  
Total Italia was sent back to the public prosecutor due to the  
imprecision of the terms of prosecution. The four employees decided  
to challenge the judgment before the Court of Appeal.  
Pursuant to a definitive judgment issued on February 20, 2018 the  
Court of Appeal of Potenza recorded the termination of the  
proceedings directed towards the four employees prosecuted for  
corruption because of the expiration of the statute of limitation.  
With respect to the same facts, TOTAL was placed under formal  
investigation in France in 2012. In October 2014, the investigating  
magistrate decided to refer the case to trial. Pursuant to a judgment  
issued on December 21, 2018, the Paris Criminal Court convicted  
TOTAL of corruption of foreign official and ordered the Company to  
pay a €500,000 fine. Given the specific circumstances of this case,  
which has been already judged in the U.S. and in which none of the  
Pursuant to a judgment issued on July 17, 2018, the Court of Appeal  
of Potenza acquitted two of the Group’s employees prosecuted for  
misappropriation. The public prosecutor and a civil party (plaintiff)  
have decided to appeal this decision.  
3
.3 Internal control and risk management  
procedures  
The following information was prepared with the support of several  
functional divisions of the Company, and in particular the Audit &  
Internal Control, Legal and Finance Divisions. It was examined by the  
Audit Committee, then approved by the Board of Directors.  
3
.3.1 Fundamental elements of the internal control and risk management  
systems  
The Group is structured around its business segments, to which the  
Group’s operational entities report. The business segments’  
management are responsible, within their area of responsibility, for  
ensuring that operations are carried out in accordance with the  
strategic objectives defined by the Board of Directors and General  
Management. The functional divisions at the Holding level help  
General Management define norms and standards, oversee their  
application and monitor activities. They also lend their expertise to  
the operational divisions.  
The Group’s internal control and risk management systems are  
therefore based on the five components of this framework: control  
environment, risk assessment, control activities, monitoring, and  
information and communication.  
The Group’s risk management system draws on the main international  
standards (COSO Enterprise Risk Management integrated framework,  
ISO 31000: 2018 – Risk management) as well as on French  
standards (Reference framework of the French Financial Markets  
Authority). The internal Risk Management, Internal Control and Audit  
Charter forms the common framework on which the Group relies to  
ensure control of its activities.  
The Group’s internal control and risk management systems are  
structured around a three-level organization – Holding level, business  
segments, operational entities – where each level is directly involved  
and accountable in line with the level of delegation determined by  
General Management.  
The Group’s internal control and risk management systems cover  
the processes of the fully consolidated entities. Regarding  
acquisitions, the Group’s control environment is implemented in the  
acquired entities after a critical analysis of their own systems.  
General Management constantly strives to maintain an efficient  
internal control system, based on the framework of the Committee  
of Sponsoring Organizations of the Treadway Commission (COSO).  
In this framework, internal control is a process intended to provide  
reasonable assurance that the objectives related to operations,  
reporting and compliance with applicable laws and regulations are  
achieved. As for any internal control system, it cannot provide an  
absolute guarantee that all risks are completely controlled or  
eliminated.  
The principles of control fit into the framework of the rules of corporate  
governance. In particular, these rules task the Board of Directors’  
Audit Committee with monitoring the efficiency of the internal control  
and risk management systems, and of the internal audit performed  
to assess the risk management systems at all levels of the  
organization and make recommendations for their improvement. The  
Audit Committee also monitors the process of producing accounting  
and financial information, in order to guarantee its integrity.  
The COSO framework is considered equivalent to the reference  
framework of the French Financial Markets Authority (Autorité des  
marchés financiers). The Group has also chosen to rely on this  
framework as part of its obligations under the Sarbanes-Oxley Act.  
Approximately 400 employees monitor the internal control systems  
within the Group. The assessment of the internal control and risk  
management system is mainly overseen by the Audit & Internal  
Control Division.  
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3
.3.2 Control environment  
Integrity and ethics – Framework  
The Group’s Audit & Internal Control Division pursues a continual  
process aimed at strengthening the assessment of the role and  
involvement of all employees in terms of internal control. Training  
initiatives tailored to the various stakeholders involved in the internal  
control process are regularly launched within the Group.  
TOTAL’s control environment is based primarily on its Code of  
Conduct, which spells out the Group’s values, two of which are core  
values: Safety and Respect for Each Other, the latter being reflected  
in the areas of integrity (fraud and corruption), respect for human  
rights as well as environment and health. The principles of the Code  
of Conduct are set forth in a number of guides, such as the Business  
Integrity Guide and the Human Rights Guide. These documents are  
distributed to employees and are available on the intranet. They also  
set out the rules of individual behavior expected of all employees in  
the countries where the Group is present. Similarly, a Financial Code  
of Ethics sets forth the obligations applicable to the Chairman and  
Chief Executive Officer, the Chief Financial Officer, the Vice President  
of the Corporate Accounting Division and the financial and accounting  
officers of the principal Group activities.  
Control activities and assessment  
Any activity, process or management system may be the subject of  
an internal audit conducted by Group Audit, in accordance with the  
international internal audit framework of internal audits and its Code  
of Conduct. The Group’s Audit & Internal Control Division also  
conducts joint audits with third parties and provides assistance  
(advice, analysis, input regarding methodology). The audit plan, which  
is based on an analysis of the risks and risk management systems, is  
submitted annually to the Executive Committee and the Audit  
Committee. The Group’s Audit & Internal Control Division employs  
As a priority of General Management, the Group deploys an integrity  
policy and compliance programs, in particular for the prevention of  
corruption, fraud and competition law infringement. These programs  
include reporting and control actions (review and audit missions).  
Ethical assessments are also conducted (refer to point 5.7 of chapter  
3
75 people and conducted about 150 internal audit missions in 2018.  
The Group regularly examines and assesses the design and  
effectiveness of the key operational, financial and information  
technology controls related to internal control over financial reporting,  
in compliance with the Sarbanes-Oxley Act. In 2018, this assessment  
was performed with the assistance of the Group’s main entities and  
Audit & Internal Control Division. The system covers:  
5
). In these areas, the Group relies on the Compliance network, the  
Ethics officers’ network and the Ethics Committee, the role of which  
is to listen and provide assistance.  
TOTAL has a framework of Group standards that is completed by a  
series of practical recommendations and feedback. Like the Group’s  
organization, this framework has a three-level structure: a Group  
level, frameworks for each business segment, and a specific  
framework for each significant operational entity.  
—
the most significant entities, which assess the key operational  
controls of their significant processes and respond to a Group  
questionnaire for assessing the internal control framework; and  
—
other less significant entities, which respond only to the Group  
questionnaire for assessing the internal control system.  
Governance, authorities and responsibilities  
These two categories of entities, which include the central functions  
of the business segments and the corporate, account for  
approximately 80% and 10%, respectively, of the financial aggregates  
in the Group’s Consolidated Financial Statements.  
The Board of Directors, with the support of its Committees, ensures  
that the internal control functions are operating properly. The Audit  
Committee ensures that General Management implements internal  
control and risk management procedures based on the risks  
identified, such that the Group’s objectives are achieved.  
Direct Énergie, Quadran and Global LNG, entities acquired in 2018,  
are excluded from the scope of the assessment and conclusion on  
the effectiveness of internal control over financial reporting. These  
three entities represented respectively 1.34%, 0.50% and 2.15% of  
the Group’s consolidated balance sheet as of December 31, 2018 and  
General Management ensures that the organizational structure and  
reporting lines plan, execute, control and periodically assess the  
Group’s activities. It regularly reviews the relevance of the  
organizational structures so as to be able to adapt them quickly to  
changes in the activities and in the environment in which they are  
carried out.  
0.34%, 0.04% and 0.07% of the Group’s 2018 consolidated sales.  
The statutory auditors also review the internal controls that they deem  
necessary as part of their certification of the financial statements.  
Pursuant to American regulations, they reviewed in 2018 the  
implementation of the Group’s internal control framework and the  
design and effectiveness of key internal controls in its main entities  
regarding financial reporting. Based on their review, the statutory  
auditors stated that they had no remarks on the information presented  
on internal control and risk management procedures.  
The business segments and operational entities’ General  
management are responsible for the internal control and risk  
management system within their scope of responsibility.  
The Group has also defined central responsibilities that cover the  
three lines of internal control: (1) operational management, which is  
responsible for implementing internal control, (2) support functions  
The reports on the work performed by the Group Audit and statutory  
auditors are periodically summarized and presented to the Audit  
Committee and, thereby, to the Board of Directors. The Senior Vice  
President, Audit & Internal Control attended all Audit Committee  
meetings held in 2018. The Audit Committee also meets with the  
statutory auditors at least once a year without any Company  
representatives present.  
(
such as Finance, Legal, Human Resources, etc.), which prescribe  
the internal control systems, verify their implementation and  
effectiveness and assist operational employees, and (3) internal  
auditors who, through their internal control reports, provide  
recommendations to improve the effectiveness of the system.  
An accountability system is defined and formalized at all levels of the  
organization, through organization notes, organization charts,  
appointment notes, job descriptions and delegations of powers. Each  
business segment has established, in accordance with the Group’s  
instructions, clear rules applicable to its own scope.  
If areas of improvement are identified by these internal audits and  
operational controls, then corrective action plans are drawn up and  
shared with operational management, who, along with the Group’s  
Audit & Internal Control Division, monitor their implementation closely.  
Based on the internal reviews, General Management has reasonable  
assurance of the effectiveness of the Group’s internal control.  
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3
.3.3 Risk assessment and management  
3
.3.3.1 General principles  
The work of the GRMC is led by the Audit & Internal Control Division,  
which assists contributors in preparing the presentations and acts as  
the committee’s secretary. In this capacity, the Audit & Internal Control  
Division reports regularly on the work of the GRMC to the Executive  
Committee, and once a year to the Audit Committee in the presence  
of the Group’s Chief Financial Officer who chairs the GRMC.  
To implement its strategy, General Management ensures that clear  
and precise objectives are defined at the various levels of the  
organization with regard to operations, reporting and compliance.  
Operational objectives focus on the definition and efficient use of  
human, financial and technical resources. In particular, they are  
defined during the budgetary processes and in the long-term plan,  
and are regularly monitored as part of the self-assessment process.  
The Risk Committee (CORISK)  
The Risk Committee is chaired by a member of the Executive  
Committee (Senior Vice President of Strategy & Innovation or Chief  
Financial Officer). It is made up of representatives from the corporate  
Strategy & Climate, Finance, Legal, Insurance and HSE divisions.  
The monitoring of operational objectives (financial and non-financial)  
helps in decision-making and monitoring the performance of activities  
at each level of the organization.  
The Group implements a risk-management system that is an essential  
factor in the deployment of its strategy, based on responsible  
risk-taking.  
The Risk Committee meets on the same schedule as the Executive  
Committee. Any project submitted to the Executive Committee (and  
therefore giving rise to a financial commitment that exceeds certain  
thresholds) is first presented to the Risk Committee by the relevant  
operational division.  
This system relies on a continuous process of identifying and  
analyzing risks in order to determine those that could prevent the  
achievment of TOTAL’s goals.  
Following the review by the Risk Committee of the risks associated  
with the project submitted, the Strategy & Climate Division sends the  
Executive Committee a memorandum stating its opinion in light of  
the Risk Committee’s comments.  
The Executive Committee, with the assistance of the Group Risk  
Management Committee (GRMC), is responsible for identifying and  
analyzing internal and external risks that could impact the  
achievement of the Group’s objectives. The main responsibilities of  
the GRMC include ensuring that the Group has a map of the risks to  
which it is exposed and that suitable risk management systems are  
in place. The GRMC’s work focuses on continuously improving risk  
awareness and the risk management systems.  
The Audit & Internal Control Division  
The Risk Team of the Audit & Internal Control Division is responsible  
for producing and continuously updating the Group’s risk map.  
To this end, it uses all of the risk-mapping work carried out across  
the Group, in the business segments and in the functional divisions,  
the results of all audits and internal control activities, the action plans  
resulting from this work and the monitoring of their implementation,  
structured feedback, benchmarks and other external information  
sources, regular interviews with the Group’s executive officers, and  
all information gathered during GRMC meetings and the preparation  
for these meetings.  
Risk mapping, which has been carried out since the 2000s, is a  
dynamic process that has taken shape over the years. The Group’s  
risk map feeds the audit plan, which is based on an analysis of the  
risks and the risk management systems, and the work of the GRMC.  
The GRMC relies on the work carried out by the business segments  
and functional divisions, which concurrently establish their own risk  
mapping. The business segments are responsible for defining and  
implementing a risk management policy suited to their specific  
activities. However, the handling of certain transverse risks is more  
closely coordinated by the respective functional divisions.  
The Audit & Internal Control Division reports regularly on its work  
related to the Group’s risk map to the Executive Committee, which  
are presented annually to the Audit Committee.  
Regarding commitments, General Management exercises operational  
control over TOTAL’s activities through the Executive Committee’s  
approval of investments and expenses that exceed defined  
thresholds. The Risk Committee (CORISK) is tasked with reviewing  
these projects in advance, and in particular, with verifying the analysis  
of the various associated risks.  
3.3.3.3 Systems in place  
Risk management systems are implemented in the operational and  
financial fields as well as in information systems and protection of  
intellectual assets. Specific systems are deployed to prevent risks  
related to ethics and non-compliance. The main risk management  
systems covering health, safety, industrial security, the environment  
and the prevention of corruption are presented in the statement of  
non-financial performance (chapter 5).  
3
.3.3.2 Implementation of the organizational  
framework  
Financial risks  
The Group Risk Management Committee (GRMC)  
The management and conditions of use of financial instruments are  
governed by strict rules that are defined by the Group’s General  
Management, and which provide for centralization by the Treasury  
Division of liquidity, interest and exchange rate positions, management  
of financial instruments and access to capital markets. The Group’s  
financing policy consists of incurring long-term debt at a floating rate  
or at a fixed rate, depending on the Group’s general corporate needs,  
and interest rates. Debt is incurred mainly in dollars or euros.  
The GRMC is chaired by a member of the Executive Committee, the  
Group’s Chief Financial Officer, and includes the Senior Vice  
Presidents of the corporate functions, together with the chief  
administrative officers or chief financial officers of the business  
segments. The Group’s Chief Financial Officer attends all meetings  
of the Board of Directors’ Audit Committee, thus strengthening the  
link between the GRMC and the Audit Committee.  
The GRMC meets six times a year. At each meeting, the participants  
share any potential risks they have identified and presentations are  
given on one or more risk-related topics, during which the members  
of the GRMC are invited to cast a critical eye over the subject,  
question the work done and, if applicable, provide additional  
information or clarification in order to enhance the understanding of  
the risk and improve the risk management systems. The GRMC can  
request that actions be taken.  
The Group’s cash balances, which mainly consist of dollars and  
euros, are managed to maintain liquidity based on daily interest rates  
in the given currency. Maximum amounts are set for transactions  
exceeding one month, with placements not to exceed 12 months.  
TOTAL S.A. also has committed credit facilities granted by international  
banks. These credit facilities, along with the Group’s net cash position,  
allow it to continually maintain a high level of liquidity in accordance  
with targets set by General Management.  
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In terms of counterparty risk in financial transactions, the Group  
adheres to a cautious policy, and only makes commitments with  
institutions featuring a high degree of financial soundness, as based  
on a multi-criteria analysis. An overall credit limit is set for each  
authorized financial counterparty and allocated among the subsidiaries  
and the Group’s central treasury entities according to their needs. In  
addition, to reduce market value risk on its commitments, the  
Treasury Division has entered into margin call contracts with its  
counterparties. In addition, since December 21, 2018, pursuant to  
Regulation (EU) No. 648/2012 on OTC derivatives, central  
counterparties and trade repositories (EMIR), some of the interest  
rate swaps entered into by the Group are now being centrally cleared.  
Ethical misconduct and non-compliance risks  
Fraud prevention  
The Group deploys an anti-fraud and fraud-prevention program and  
has implemented a range of procedures and programs that help to  
prevent and detect different types of fraud. This effort is supported  
by the business principles and values of individual behavior described  
in the Group’s Code of Conduct and other standards applied by the  
Group’s business segments.  
The Group has issued a directive for handling incidents of fraud that  
has been widely distributed to employees, and has created an alert  
system that employees can use to report acts including those that  
may constitute fraud.  
The Group seeks to minimize its currency exposure, on the one  
hand, by financing its long-term assets in the functional currency of  
the entity to which they belong and, on the other hand, by  
systematically hedging the currency exposure generated by  
commercial activity. These risks are managed centrally by the Treasury  
Division, which operates within a set of limits defined by General  
Management.  
An anti-fraud compliance program has been deployed since 2015,  
including e-learning modules for all Group employees, a Guide to the  
“Prevention and the fight against fraud”, a map of the risks of fraud in  
the Group, a guide to the types of risk of fraud that includes descriptions  
of the main risks and was published in 2016, and campaigns to raise  
awareness of the major risks of fraud, launched at the end of 2016  
and 2018. This program is deployed by the network of fraud risk  
coordinators in the business segments and operational entities.  
The role of coordinator is usually performed by the Compliance  
Officer. Fraud risk analyses are also carried out in the subsidiaries.  
3
The policy for managing risks related to financing and cash  
management activities, as well as the Group’s currency exposure  
and interest rate risks, are described in detail in Note 15 to the  
Consolidated Financial Statements (point 8.7 of chapter 8).  
For information on prevention of corruption, refer to point 5.8.1 of  
chapter 5.  
Risks related to information systems  
In order to maintain information systems that are appropriate to the  
organization’s needs and limit the risks associated with information  
systems and their data, TOTAL’s IT Division has developed and  
distributed governance and security rules that describe the  
recommended infrastructure, organization and procedures. These  
rules are implemented across the Group under the responsibility of  
the various business segments. To address cyber threats, the Group  
conducts specific risk analyses permitting to define and put in place  
appropriate security controls concerning information systems.  
Prevention of competition law infringement  
A Group policy aimed at ensuring compliance with, and preventing  
infringement of, competition law has been in place since 2014 and is  
a follow-up to the various measures previously implemented by the  
business segments. Its deployment is based, in particular, on  
management and staff involvement, training courses that include an  
e-learning module, and an appropriate organization.  
Prevention of conflicts of interest and market abuse  
The Group has also developed control activities at various levels of  
the organization relating to areas where information systems cover  
all or part of the processes. Information Technology General Controls  
aim to guarantee that information systems function and are available  
as required, and that data integrity and confidentiality are also ensured  
and changes controlled.  
To prevent conflicts of interest, each of the Group’s senior executives  
completes an annual statement declaring any conflicts of interest to  
which they may be subject. By completing this declaration, each  
senior executive also agrees to report to their supervisor any conflict  
of interest that he or she has had, or of which he or she is aware in  
performing his or her duties. An internal rule named “Conflicts of  
Interests” reminds all employees of their obligation to report to their  
supervisor any situation that might give rise to a conflict of interests.  
Information Technology Automated Controls aim to ensure the  
integrity and confidentiality of data generated or supported by  
business applications, particularly those that impact financial flows.  
The Group implements a policy to prevent market abuse linked to  
trading on the financial markets that is based, in particular, on internal  
ethics rules that are updated on a regular basis and distributed.  
In addition, the Group’s senior executives and certain employees, in  
light of their positions, are asked to refrain from carrying out any  
transactions, including hedging transactions, on TOTAL shares or  
ADRs and in collective investment plans (FCPE) invested primarily in  
TOTAL shares (as well as derivatives related to such shares) on the  
day on which the Company discloses its periodic results publications  
(quarterly, interim and annual), as well as during the 30 calendar-day  
period preceding such date. An annual campaign specifies the  
applicable blackout periods.  
The outsourcing of some components of the Group’s IT infrastructure  
to service providers poses specific risks and requires the selection  
and development of additional controls of the completeness,  
accuracy and validity of the information supplied and received from  
such service providers. Accordingly, to ensure continuous  
improvement, the Group assesses whether suitable controls are  
implemented by the service providers concerned and identifies the  
controls necessary within its own organization to maintain these risks  
at an acceptable level.  
Furthermore, faced with rising legal and security-related risks, the  
Group deploys policies to retain documents and to protect personal  
data and the security of its information assets. The Group has also  
employed an Operational Security Center to detect and analyze IT  
system security events.  
Prevention of risks of non-compliance with international  
economic sanctions regimes  
The Group’s activities in relation to sanctioned countries (refer to  
point 3.1.9 of this chapter) are subject to an analysis of compliance  
with the various applicable economic sanctions regimes. With respect  
to Iran and until the withdrawal of the Group’s business operations  
from this country on October 29, 2018, a specific compliance  
program was put in place. In-depth investigations, carried out by  
specialized service providers, were conducted on the Group’s  
stakeholders in Iran, in order to identify possible links with companies  
or persons listed under international sanctions (Specially Designated  
Registration Document 2018 TOTAL  
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RISKS AND CONTROL  
3
Internal control and risk management procedures  
Nationals and Blocked Persons Lists, List of Frozen Assets of the EU  
with the Group’s industrial and commercial strategy. The Group has  
a policy of filing and maintaining patents, it monitors technological  
developments in terms of freedom of use, and it takes, when  
necessary, all appropriate measures to ensure the protection of its  
rights.  
(
1)  
and the UN, etc.). U.S. persons were also excluded from any  
transactions related to Iran. An Iran compliance coordinator,  
appointed in 2016, liaised with the compliance teams of the relevant  
business segments and the Holding in order to ensure compliance  
of the Group’s activities with applicable laws and regulations.  
In addition, since some of its employees have access to confidential  
documents while performing their duties, TOTAL has adopted internal  
rules concerning the management of confidential information.  
The Group’s intellectual property specialists also carry out  
awareness-raising activities with Group employees, so that they are  
better informed about restrictions that may apply to the use of  
information and data.  
Risks related to the protection of intellectual assets  
To mitigate the risks of third parties infringing its intellectual property  
and the leak of know-how, TOTAL protects its rights under research  
partnership agreements negotiated by the Group’s intellectual  
property specialists, the terms and conditions of which are consistent  
3
.3.4 Main characteristics of the internal control and risk management  
procedures relating to the preparation and processing of accounting and  
financial information  
Accounting and financial internal control covers the processes that  
produce accounting and financial data, and mainly the financial  
statements processes and the processes to produce and publish  
accounting and financial information. The internal control system  
aims to:  
supervised by the Budget & Financial Control Division. This  
department also produces the monthly control panel, the budget  
and the long-term plan for the Group.  
The Treasury Division implements the financial policy, and in particular  
the processing and centralization of cash flows, the debt and liquidity  
investment policy and the coverage of currency exposure and interest  
rate risks.  
—
—
conserve the Group’s assets;  
comply with accounting regulations, and properly apply standards  
and methods to the production of financial information; and  
The Information Systems Division makes decisions on the choice of  
software suited to the Group’s accounting and financial requirements.  
These information systems are subject to works to reinforce the task  
separation system and to improve the control of access rights. Tools  
are available to make sure that access rights comply with the Group’s  
rules in this area.  
—
guarantee the reliability of accounting and financial information  
by controlling the production of accounting and financial  
information and its consistency with the information used to  
produce the control panels at every appropriate level of the  
organization.  
At Group level, the Finance Division, which includes the Accounting  
Division, the Budget & Financial Control Division and the Tax Division,  
is responsible for the production and processing of accounting and  
financial information. The scope of the internal control procedures  
relating to the production and processing of financial and accounting  
information includes the parent company (TOTAL S.A.), and all fully  
consolidated entities or entities whose assets are under joint control.  
Consolidated Financial Statements process  
The Accounting Division, which reports to the Finance Division,  
prepares the Group’s quarterly Consolidated Financial Statements  
according to IFRS standards, on the basis of the consolidated  
reporting packages prepared by the entities concerned.  
The Consolidated Financial Statements are examined by the Audit  
Committee, then approved by the Board of Directors.  
Refer to point 4.1.2.3 of chapter 4 for a description of the role and  
the missions of the Audit Committee. These missions are defined by  
Directive 2014/56/EU and regulation (EU) n° 537/2014 pertaining to  
the legal control of accounts.  
The main factors in the preparation of the Consolidated Financial  
Statements are as follows:  
—
—
—
the processes feeding the individual accounts used to prepare  
the reporting packages for consolidation purposes are subject  
to validation, authorization and booking rules;  
3
.3.4.1 Production of accounting and financial  
information  
the consistency and reliability of the accounting and control data  
are validated for each consolidated entity and at each appropriate  
level of the organization;  
Organization of the Financial and Information Systems function  
Dedicated teams implement the accounting and financial processes  
in the areas of consolidation, tax, budget and management control,  
financing, cash positions and information systems. The entities,  
business segments and General Management are respectively  
responsible for accounting activities.  
a consolidation tool, supervised by the Accounting Division, is  
used by each consolidated entity and the Group. It guarantees  
the consistency and reliability of the data at each appropriate  
level of the organization;  
—
—
a consolidation reporting package from each entity concerned is  
sent directly to the Accounting Division. It is used to optimize the  
transmission and the completeness of the information;  
The Accounting Division, which is part of the Finance Division, is  
responsible for drawing up the Consolidated Financial Statements  
and manages the Group’s network of accounting teams.  
a corpus of accounting rules and methods is formally defined.  
Its application is compulsory for all the consolidated entities  
in order to provide uniform and reliable financial information. This  
framework is built according to IFRS accounting standards. The  
Accounting Division centrally distributes this framework through  
regular and formal communication with the business segment  
managers, formal procedures and a Financial Reporting Manual  
that is regularly updated. In particular, it specifies the procedures  
The tax function, made up of a network of tax experts in the Holding,  
the business segments and the entities, monitors changes in local  
and international rules. It oversees the implementation of the Group’s  
tax policy.  
Management control contributes to the reinforcement of the internal  
control system at every level of the organization. The network of  
management controllers in the entities and the business segments is  
(
1) “U.S. person” means any U.S. citizen and permanent resident alien wherever he/she is in the world, entity organized under the laws of the United States or any jurisdiction within the  
United States, including foreign branches, or any person or entity located in the United States.  
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Internal control and risk management procedures  
3
for the booking, identification and valuation of off-balance sheet  
commitments;  
by Exploration & Production’s general management and then  
validated by the Group’s General Management. They are also  
presented to the Audit Committee each year.  
—
—
—
new accounting standards under preparation and changes to  
the existing framework are monitored in order to assess and  
anticipate their impacts on the Consolidated Financial  
Statements;  
The internal control process related to estimating reserves is  
formalized in a special procedure described in detail in point 2.1.3 of  
chapter 2. The reserves evaluation and the related internal control  
processes are audited periodically.  
an accounts plan used by all the consolidated entities is formally  
set forth in the Financial Reporting Manual, specifying the content  
of each account and the procedures for the preparation of the  
reporting packages for consolidation purposes;  
The strategic outlook published by the Group is prepared, in  
particular, according to the long-term plans drawn up at the business  
segment and Group levels, and on the work carried out at each  
relevant level of the organization. The Board of Directors reviews the  
strategic outlook each year.  
the account closing process is supervised and is based mainly  
on the formalization of economic assumptions, judgments and  
estimates, treatment of complex accounting transactions and  
compliance with established timetables announced through  
Group instructions disclosed to each entity;  
3
.3.4.2 Publication of accounting and financial  
information  
Significant information about the Group is published externally  
according to formal internal procedures. These procedures aim to  
guarantee the quality and fair presentation of the information intended  
for the financial markets, and its timely publication.  
—
—
in particular, the process applicable to the preparation of the  
accounts of the acquired entities are reviewed and, where  
appropriate, amended to integrate them into those applicable to  
the preparation of the Consolidated Financial Statements.  
Furthermore, the booking in the accounts of the purchase price  
allocation of each of these entities is based on assumptions,  
estimates and judgments in line with the Group’s business model;  
3
The Disclosure Committee (CCIP), chaired by the Chief Financial  
Officer, ensures, in particular, the respect of these procedures.  
It meets before TOTAL’s financial results press releases, strategic  
presentations and annual reports are submitted to the Audit  
Committee and the Board of Directors.  
off-balance sheet commitments, which are valued according to  
the Financial Reporting Manual are reported on a quarterly basis  
to the Audit Committee.  
A calendar of the publication of financial information is published and  
made available to investors on the Group’s web site (refer to point  
6.6 of chapter 6). With the help of the Legal Division, Investor  
Relations ensures that all publications are made on time and in  
accordance with the principle of equal access to information between  
shareholders.  
Processing of accounting and financial information  
Internal control of accounting information is mainly focused around  
the following areas:  
—
—
—
a monthly financial report is formalized by Group and business  
segment control panels. This report and the Consolidated  
Financial Statements use the same framework and standards. In  
addition, the quarterly closing schedule is the same for preparing  
the Consolidated Financial Statements and financial reporting;  
Assessment of the system for the internal control of accounting  
and financial information  
The Group’s General Management is responsible for implementing  
and assessing the internal control system for financial and accounting  
disclosure. In this context, the implementation of the Group’s internal  
control framework, based on the various components of the COSO  
framework, is assessed internally at regular intervals within the  
Group’s main entities.  
a detailed analysis of differences as part of the quarterly  
reconciliation between the Consolidated Financial Statements  
and financial reporting is supervised by the Accounting and  
Budget & Financial Control Divisions, which are part of the  
Finance Division;  
Pursuant to the requirements introduced by Section 302 of the  
Sarbanes-Oxley Act, the Chairman and Chief Executive Officer and  
the Chief Financial Officer of the Company have conducted, with the  
assistance of members of certain divisions of the Group (in particular  
Legal, Audit & Internal Control and Corporate Communications), an  
evaluation of the effectiveness of the internal disclosure controls and  
procedures, over the period covered by the annual report on Form  
a detailed analysis of differences between actual amounts and  
the yearly budget established on a monthly basis is conducted  
at each level of the organization. The various monthly indicators  
are used to continually and uniformly monitor the performances  
of each of the entities, business segments and of the Group,  
and to make sure that they are in keeping with the objectives;  
2
0-F. For fiscal year 2018, the Chairman and Chief Executive Officer  
—
—
an annual reconciliation between the parent company financial  
statements and the financial statements based on IFRS  
standards is performed by entity;  
and the Chief Financial Officer concluded that the disclosure controls  
and procedures were effective.  
In addition, a specific process is in place for reporting any information  
related to the Group’s accounting procedures, internal control and  
auditing. This process is available to any shareholder, employee or  
third party.  
periodic controls are designed to ensure the reliability of  
accounting information and mainly concern the processes for  
preparing aggregated financial items;  
—
—
a regular process for the signature of representation letters is  
deployed at each level of the organization;  
Finally, the Consolidated Financial Statements undergo a limited  
examination by external auditors during quarterly closing, and an  
audit during annual closing. Almost all the audit missions in the  
countries are fulfilled by the members of the networks of the two  
statutory auditors, who, after having jointly examined all the accounts  
and the procedures used to produce them, proceed with the annual  
certification of the Group’s Consolidated Financial Statements. They  
are informed in advance of the process for the preparation of the  
accounts and present a summary of their work to the Group  
accounting and financial managers and to the Audit Committee  
during the quarterly reviews and annual closing. The statutory auditors  
also perform those internal control audits that they deem necessary  
as part of their mission to certify the Financial Statements.  
an annual control system of the accounts of equity affiliates  
based on a questionnaire completed by each entity concerned.  
This system is integrated into the Group’s internal control  
framework; and  
—
the Disclosure Committee (CCIP) ensures the respect of the  
procedures in place.  
Other significant financial information is produced according to strict  
internal control procedures.  
Proved oil and gas reserves are evaluated annually by the relevant  
entities. They are reviewed by the Reserves Committees, approved  
Registration Document 2018 TOTAL  
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3
Insurance and risk management  
3
.4 Insurance and risk management  
3
.4.1 Organization  
TOTAL has its own reinsurance company, Omnium Reinsurance  
Company (ORC). ORC is integrated within the Group’s insurance  
management and is used as a centralized global operations tool for  
covering the Group companies’ insurable risks. It allows the Group’s  
worldwide insurance program to be implemented in compliance with  
the specific requirements of local regulations applicable in the  
countries where the Group operates.  
At the same time, ORC negotiates a reinsurance program at the  
Group level with oil industry mutual insurance companies and  
commercial reinsurance markets. ORC allows the Group to better  
manage price variations in the insurance market by taking on a  
greater or lesser amount of risk corresponding to the price trends in  
the insurance market.  
In 2018, the net amount of risk retained by ORC after reinsurance  
was, on the one hand, a maximum of $100 million per onshore or  
offshore third-party liability insurance claim and, on the other hand,  
$125 million per property damage and/or business interruption  
insurance claim. Accordingly, in the event of any loss giving rise to an  
aggregate insurance claim, the effect on ORC would be limited to its  
maximum retention of $225 million per occurrence.  
Some countries may require the purchase of insurance from a local  
insurance company. If the local insurer agrees to cover the subsidiary  
of the Group in compliance with its worldwide insurance program,  
ORC negotiates a retrocession of the covered risks from the local  
insurer. As a result, ORC enters into reinsurance contracts with the  
subsidiaries’ local insurance companies, which transfer most of the  
risk to ORC.  
3
.4.2 Risk and insurance management policy  
In this context, the Group risk and insurance management policy is  
to work with the relevant internal department of each subsidiary to:  
—
help implement measures to limit the probability that a  
catastrophic event occurs and the financial consequences if such  
event should occur; and  
—
define scenarios of major disaster risks (estimated maximum  
loss);  
—
manage the level of financial risk from such events to be either  
covered internally by the Group or transferred to the insurance  
market.  
—
assess the potential financial impact on the Group should a  
catastrophic event occur;  
3
.4.3 Insurance policy  
The Group has worldwide property insurance and third-party liability  
coverage for all its subsidiaries. These programs are contracted with  
first-class insurers (or reinsurers and oil and gas industry mutual  
insurance companies through ORC).  
Deductibles for property damage and third-party liability fluctuate  
between €0.1 and €10 million depending on the level of risk and  
liability, and are borne by the relevant subsidiaries. For business  
interruption, coverage is triggered 60 days after the occurrence giving  
rise to the interruption. In addition, the main refineries and  
petrochemical plants bear a combined retention for property damage  
and business interruption of $75 million per insurance claim.  
The amounts insured depend on the financial risks defined in the  
disaster scenarios and the coverage terms offered by the market  
(
available capacities and price conditions).  
More specifically for:  
—
Other insurance contracts are bought by the Group in addition to  
property damage and third-party liability coverage, mainly in  
connection with car fleets, credit insurance and employee benefits.  
These risks are mostly underwritten by outside insurance companies.  
third-party liability: because the maximum financial risk cannot  
be evaluated by a systematic approach, the amounts insured  
are based on market conditions and oil and gas industry practice.  
In 2018, the Group’s third-party liability insurance for any  
third-party liability (including potential accidental environmental  
liabilities) was capped at $900 million (onshore) and $850 million  
The above-described policy is provided as an example of a situation  
as of a given date and cannot be considered as representative of  
future conditions. The Group’s insurance policy may be changed at  
any time depending on market conditions, specific circumstances  
and General Management’s assessment of the risks incurred and  
the adequacy of their coverage.  
(
offshore). In addition, the Group adopts, where appropriate, the  
necessary means to manage the compensation of victims in the  
event of an industrial accident for which it is liable; and  
TOTAL believes that its insurance coverage is in line with industry  
practice and sufficient to cover normal risks in its operations.  
However, the Group is not insured against all potential risks. In the  
event of a major environmental disaster, for example, TOTAL’s liability  
may exceed the maximum coverage provided by its third-party liability  
insurance. The loss TOTAL could suffer in the event of such disaster  
would depend on all the facts and circumstances of the event and  
would be subject to a whole range of uncertainties, including legal  
uncertainty as to the scope of liability for consequential damages,  
which may include economic damage not directly connected to the  
disaster. The Group cannot guarantee that it will not suffer any  
uninsured loss, and there can be no guarantee, particularly in the  
event of a major environmental disaster or industrial accident, that  
such loss would not have a material adverse effect on the Group.  
—
property damage and business interruption: the amounts insured  
vary by sector and by site and are based on the estimated cost  
and scenarios of reconstruction under maximum loss situations  
and on insurance market conditions. The Group subscribed for  
business interruption coverage in 2018 for its main refining and  
petrochemical sites.  
For example, for the Group’s highest risks (its North Sea platforms  
and main refineries or petrochemical plants), in 2018 the insurance  
limit for the Group’s share of the installations was approximately  
$
$
2 billion for the Refining & Chemicals segment and approximately  
2.25 billion for the Exploration & Production segment.  
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Vigilance Plan  
3
3.5 Vigilance Plan  
3
.5.1 Introduction  
3
.5.1.1 Background and Group commitments  
The Vigilance Plan sets out the rules and measures which, as part of  
risk management systems, enable the Group to identify and prevent  
actual or potential severe impacts related to its Activities and to  
mitigate their effects thereof, as the case may be. It does not  
guarantee that the risks identified will not materialize. It reflects the  
responsible purchasing principles applicable to relationships with  
Suppliers, but is not aimed at replacing the measures in place at  
those Suppliers.  
In accordance with Article L. 225-102-4 of the French Commercial  
Code, the vigilance plan (hereafter referred to as the “Vigilance Plan”)  
aims to set out the reasonable measures of vigilance put in place  
within the Group in order to identify the risks and prevent severe  
impacts on human rights and fundamental freedoms, human health  
and safety and the environment resulting from the activities of the  
Company and those of the companies it controls as defined in point  
II of Article L. 233-16 of the French Commercial Code, directly or  
indirectly, as well as the activities of subcontractors or suppliers with  
which it has an established commercial relationship, where such  
activities are linked to this relationship.  
Finally, the Vigilance Plan covers the risks set forth under Article  
L. 225-102-4 of the French Commercial Code.  
3.5.1.3 Dialogue with stakeholders  
3
TOTAL operates in over 130 countries in a variety of complex  
economic and socio-cultural contexts and in business areas that are  
likely to present risks that fall within the scope of the Vigilance Plan.  
TOTAL sets up dialogue procedures with its stakeholders at every  
level of its organization.  
In accordance with the Group’s framework on societal matters,  
stakeholders are identified, mapped and prioritized according to their  
levels of expectations and involvement. This mapping is kept up to  
date. A structured dialogue with the stakeholders is established and  
maintained, initially at local level but also at the central level.  
The One Total company project, which embodies the Group’s  
ambition to become the responsible energy major, is based  
specifically on Safety and Respect for Each Other, the two core  
values central to the Group’s collective principles. In addition to  
complying with applicable legislation in each country where the Group  
operates which most often aims at preventing severe impacts in the  
scope of Article L. 225-102-4 of the French Commercial Code, TOTAL  
relies on structured frameworks and stringent risk management  
systems for the conduct of its operations.  
At the local level, TOTAL has deployed since 2006 its internal  
Stakeholder Relationship Management (SRM+) methodology.  
This approach aims to list the main stakeholders of each Subsidiary  
and site (depots, refineries, etc.), to categorize them, to schedule  
consultation meetings to better understand their expectations,  
concerns and opinions. This approach then permits to define action  
plans to manage the impacts of activities and to take into account  
local development needs in order to build a long-term trusting  
relationship. This mechanism is used to explain the Group’s Activities  
to communities and other stakeholders, and to pay particular  
attention to potentially vulnerable local populations. It has been  
integrated in almost all the Subsidiaries. The system is supplemented  
by a network of mediators with local communities, deployed within  
the Exploration & Production segment to maintain a constructive  
dialogue with neighboring communities.  
The Vigilance Plan and its implementation are part of a dynamic  
process aimed at continual improvement of the Group’s practices  
with regard to the issues identified within each of the areas  
concerned.  
3
.5.1.2 Method and preparation of the Vigilance Plan  
The Vigilance Plan covers the activities (hereafter referred to as the  
Activities”) of TOTAL S.A. and its fully consolidated subsidiaries as  
defined in II of Article L. 233-16 of the French Commercial Code  
hereafter referred to as the “Subsidiaries”). Certain companies, such  
“
(
as Hutchinson, Saft Groupe and SunPower, have set up risk  
management and severe impact prevention measures specific to  
their organizations and activities; those measures related to Article  
L. 225-102-4 of the French Commercial Code are specified in the  
Group’s Vigilance Plan. In addition, for newly acquired companies,  
reasonable vigilance measures are intended to be implemented  
progressively during the integration phase of these companies into  
the Group systems. They do not therefore fall within the scope of the  
Vigilance Plan for 2018.  
At the central level, the relevant departments of the Holding also  
ensure that dialogue is maintained with the Group’s stakeholders.  
For example, in 2018 upon publication of the Information Document  
on Human Rights, the Human Rights Department of the Civil Society  
Engagement Division consulted certain of its stakeholders on the  
risk map published in the 2017 Vigilance Plan. This consultation led  
to the conclusion that the mapping could thus be maintained.  
Among these numerous stakeholders, TOTAL maintains regular  
dialogue with the Group’s employees and their representatives who  
have a privileged position and role.  
The Vigilance Plan also covers the activities of suppliers of goods  
and services with which TOTAL S.A. and its Subsidiaries have an  
established commercial relationship, where such activities are  
associated with that relationship (hereafter referred to as the  
“
Suppliers”). In accordance with legal provisions, suppliers with which  
the Group does not have an established commercial relationship do  
not fall within the scope of the Plan.  
Registration Document 2018 TOTAL  
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3
Vigilance Plan  
3
.5.2 Severe impact risk mapping  
The mapping work presented below was carried out using the  
Group’s existing risk management tools. This work was  
supplemented with regard to Suppliers by a mapping of the risks  
related to procurement, by category of goods and services, on the  
basis of questionnaires completed by the managers of each  
purchasing category.  
3.5.2.2 Safety, health and environment  
The Group defines the risk of a severe impact on safety, health or the  
environment as the probability of TOTAL’s Activities having a direct  
and significant impact on the health or safety of employees of Group  
(1)  
companies, employees of external contractors and third parties, or  
(2)  
on sensitive natural environments . This risk can materialize gradually  
or suddenly.  
3
.5.2.1 Human rights and fundamental freedoms  
TOTAL has developed safety, health and environment risk assessment  
procedures and tools applicable to operate its Activities, such as  
analyses performed regularly at various levels (Group, activities and/or  
industrial sites):  
The risks of severe impacts on human rights and fundamental  
freedoms have been identified in accordance with the criteria set out  
in the UN Guiding Principles Reporting Framework, namely the scale,  
scope and remediability of the impact.  
—
prior to investment decisions in industrial projects of the Group,  
acquisition and divestment decisions;  
This identification work was carried out in 2016 in consultation with  
internal and external stakeholders. The process included in particular  
workshops with representatives of key functions within the Group  
and Subsidiaries operating in sensitive contexts or situations  
particularly exposed to risks related to human rights and fundamental  
freedoms, and a series of interviews with independent third parties  
—
—
during operations;  
prior to releasing new substances on the market.  
These analyses have highlighted the following risks of severe impacts:  
(
GoodCorporation, International Alert and Collaborative Learning  
—
the risks to the safety of people and to the environment resulting  
from a major industrial accident (on an offshore site, onshore site  
or during the transport of products). These risks are, for example,  
an explosion, fire or leakage, resulting in death or injury and/or  
accidental pollution on a large scale or at an environmentally  
sensitive site;  
Project).  
As a result, the following risks of severe negative impacts on human  
rights and fundamental freedoms were identified:  
—
—
forced labor, which corresponds to any work or service which  
people are forced to do against their will, under threat of  
punishment; as well as child labor, which is prohibited for any  
person aged under 15, or under 18 for all types of work deemed  
hazardous in accordance with International Labour Organization  
standards;  
—
the risks to the safety of people and to the environment related  
to the physical characteristics of oil and gas fields, particularly  
during drilling operations, which can cause blow outs, explosions,  
fires or other damages;  
discrimination, characterized by unfair or unfavorable treatment  
of people, particularly due to their origin, sex, age, disability,  
sexual and gender orientation, or membership of a political or  
religious group, trade union or minority;  
—
—
the risks to the safety of people and to the environment related  
to the overall life cycle of the products manufactured, and to the  
substances and raw materials used; and  
the risks associated with transportation, for which the likelihood  
of an operational accident depends not only on the hazardous  
nature of the products handled, but also on the volumes, the  
length of the journey and the sensitivity of the regions through  
which they are transported (quality of infrastructure, population  
density, environment).  
—
—
non-compliance with fair and safe working conditions, such as  
for example the absence of employment contracts, excessive  
working hours or lack of decent compensation;  
restriction of access to land by neighboring local communities,  
resulting from the Group having, for some of its projects,  
temporary or permanent access to the land that might result in  
the physical and/or economic displacement and relocation of  
these groups;  
Climate change is a global risk for the planet and results from various  
human actions such as energy production and consumption. As an  
energy producer, TOTAL seeks to reduce its direct greenhouse gas  
emissions resulting from its operated Activities. In addition, TOTAL  
implements a strategy to tackle climate change challenges and  
reports on this in details, notably in its statement of non-financial  
performance (refer to point 5.6 of chapter 5), in accordance with  
Article L. 225-102-1 of the French Commercial Code.  
—
—
impacts on the right to health of local communities, such as  
noise and dust emissions and other impacts generated by the  
Activities that might have consequences for the health of local  
communities, their means of subsistence and their access to  
vital services such as drinking water, for example; and  
the risk of disproportionate use of force, when intervention by  
government security forces or private security companies might  
be necessary to protect the Group’s staff and facilities.  
3
.5.3 Action Principles  
The Group has frameworks that set out the Action principles to be  
followed in order to respect the Group’s values and prevent severe  
impacts on human rights and fundamental freedoms, human health  
and safety and the environment (the “Action Principles”). When the  
legal provisions applicable to the Activities provide less protection than  
the Group’s Action Principles, TOTAL strives under all circumstances  
to give precedence to the latter, while seeking to ensure that it does  
not infringe any applicable mandatory public policy.  
(
(
1) Refer to the definition in point 5.4.1 of chapter 5.  
2) Sensitive natural environments include, in particular, remarkable or highly vulnerable natural areas, such as the Arctic, and/or areas covered by regulatory protection (integral nature  
reserves, central park areas, biotope orders in France, etc.), as well as areas covered by significant regulatory protection such as Protected Area Categories I to IV as defined by the  
International Union for Conservation of Nature (IUCN).  
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3
.5.3.1 Code of Conduct  
With regard to safety at work, the Golden Rules, which were  
established on the basis of feedback and restructured in 2017 into a  
set of “dos and don’ts”, apply to all Group entities, employees and  
Suppliers on site. Each individual must ensure that they are adopted,  
strictly followed and monitored on the ground. Each individual is also  
authorized to use his or her “Stop Card” and stop any work under  
way in particular in the case of non-compliance with any of these  
rules.  
TOTAL’s Vigilance Plan is based primarily on the Group’s Code of  
(
1)  
Conduct , which specifies the Group’s values, including the two  
core values of Safety and Respect for the Other, particularly declining  
in the areas of respect for human rights, the environment and the  
health and safety of persons.  
The Code particularly sets forth the Group’s compliance with the  
following international standards:  
3
.5.3.3 Fundamental Principles of Purchasing  
—
—
the principles of the Universal Declaration of Human Rights;  
The relationship between the Group and its Suppliers is based on  
the United Nations Guiding Principles on Business & Human  
Rights;  
adherence to the principles set forth in the Code of Conduct and in  
the Fundamental Principles of Purchasing(  
3)  
.
—
the principles set out in the International Labour Organization’s  
fundamental conventions;  
The Fundamental Principles of Purchasing specify the commitments  
that TOTAL expects from its suppliers in the following areas: respect  
for human rights at work, health protection, safety and security,  
preservation of the environment, prevention of corruption and conflicts  
of interest and fraud, respect for competition law, as well as the  
promotion of economic and social development.  
—
—
—
the principles of the United Nations Global Compact;  
the OECD Guidelines for Multinational Enterprises; and  
the Voluntary Principles on Security and Human Rights.  
3
The Code of Conduct, which can be consulted on the Group’s  
website, is aimed at all employees and external stakeholders (host  
countries, local communities, customers, suppliers, industrial and  
commercial partners and shareholders). It was updated in December  
The requirements specified by this document must be communicated  
to Suppliers and be included in or transposed into agreements.  
These principles are available for consultation by all suppliers in both  
French and English on TOTAL’s website.  
2
018.  
3
.5.3.4 Internal control framework  
3
.5.3.2 Safety Health Environment Quality Charter  
At the Group, business segment and Subsidiary level, internal controls  
are based on specific procedures for organization, delegation of  
responsibilities and staff awareness and training, based on the  
framework of the Committee of Sponsoring Organizations of the  
Treadway Commission (COSO).  
The Group ensures that it complies with strict safety, security, health  
and environment standards in the performance of its Activities.  
The Safety Health Environment Quality Charter sets out the principles  
that apply to the conduct of its operations in all of the countries  
where it operates.  
TOTAL has a Group reference framework that is supplemented by a  
series of practical recommendations and feedback. Like the Group’s  
organization, this framework has a three-level structure: a Group  
level, with the REFLEX Group framework and the technical framework  
set out by the Group Technology Committee, frameworks for each  
business segment, and a specific framework for each significant  
operational entity.  
As such, the Group’s Subsidiaries(2) implement a framework  
incorporating occupational health and safety, security, societal  
commitment and environment as well as associated management  
systems (Management And Expectations Standards Towards Robust  
Operations, MAESTRO).  
3
.5.4 Organization  
The Group’s organization is structured around three main levels:  
Corporate, business segments and operational entities. The Action  
Principles are driven by the Executive Committee. The People and  
Social Responsibility Division headed by a member of the Executive  
Committee coordinates the Group’s action in the area of Human  
Resources, health – safety – environment (HSE), security and societal  
commitments. Purchases of goods and services are under the  
authority of an entity in the Total Global Services Branch which also  
reports to the Executive Committee member responsible for this  
division. This organization aims to support operational managers in  
the implementation of the Action Principles. Each level is involved in  
and accountable for identifying and implementing the reasonable  
vigilance measures deemed appropriate.  
The Ethics Committee is the guarantor of compliance with the Code  
of Conduct and ensures its proper implementation. It is assisted in  
its work by the relevant departments, as well as by a network of local  
Ethics Officers. The Chairperson of the Ethics Committee reports to  
the Chairman and Chief Executive Officer of TOTAL. The Chairperson  
submits an annual report to the Executive Committee and the  
Governance and Ethics Committee of the Board of Directors.  
Employees and stakeholders can refer any breach of the Code of  
Conduct to the Ethics Committee at any time, in accordance with  
the procedure described in point 3.5.7. The members of the Ethics  
Committee are subject to a confidentiality obligation.  
3.5.4.2 Human Rights Committee and Department  
3
.5.4.1 Ethics Committee  
The Human Rights Committee is made up of representatives from  
different departments (safety, purchasing and societal commitment  
in particular) and business segments. It meets several times a year  
and coordinates actions relating to human rights and fundamental  
freedoms led by the various business segments and Subsidiaries, in  
line with the Human Rights roadmap approved by the Executive  
Committee.  
The Ethics Committee is a central structure representing all of the  
Group’s business segments. All its members are Group employees  
who collectively have good knowledge of its activities and have  
demonstrated the independence and impartiality necessary for  
carrying out their duties.  
(
1) SunPower, a company listed on the NASDAQ in the United States and in which TOTAL has a majority interest, has a Code of professional conduct specific to the company that sets forth  
its values and the ethical principles with which all employees, as well as suppliers and partners, must comply. It covers subjects relating to compliance, integrity and protection of the  
company’s assets, as well as certain issues relating to human rights, fundamental freedoms, human health and safety and environment.  
2) Hutchinson and SunPower have developed HSE management systems specific to their activities and organization (for example, The Environmental Health Safety & Quality Management  
System).  
(
(
3) Saft Groupe and SunPower have defined fundamental principles of purchasing specific to their activities (for example, SunPower Supplier Sustainability Guidelines).  
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The Human Rights Department, within the Civil Society Engagement  
Division, supports the Group’s operational managers with its expertise  
in implementing the Action Principles relating to human rights and  
fundamental freedoms.  
3.5.4.4 Procurement  
Since January 1, 2017, a dedicated subsidiary, Total Global  
Procurement centralizes management of a large part of the Group’s  
goods and services purchasing , whether for categories of products  
or services specific to one business activity or categories shared  
between several business activities. In the Subsidiaries, purchasers  
implement framework agreements as well as manage local  
procurement.  
(1)  
3
.5.4.3 Occupational Health, Safety and  
Environment Division  
Since 2016,  
a single HSE Division combines the Group’s  
Occupational Health, Safety and Environment functions. Its role is to  
implement a strong and unified HSE model.  
A Responsible Purchasing Committee meets at least once a year  
and brings together the Management Committee of Total Global  
Procurement and the Civil Society Engagement (including the Human  
Rights Department), HSE and Legal Divisions as well as the Ethics  
Committee in order to monitor implementation of the Group’s  
Responsible Purchasing roadmap. The roadmap sets out the  
strategic direction of the Responsible Purchasing working group.  
Within the division, the HSE Departments of the Exploration &  
Production, Gas, Renewables & Power, Refining & Chemicals and  
Marketing & Services segments are in particular responsible for  
supporting the implementation of the Group’s HSE policy. Specific  
expert units set up in 2016 cover the following areas: major risks,  
human and organizational factors, environmental and societal issues,  
transportation and storage, crisis management and pollution  
prevention, standards and legislation, audits and feedback.  
Furthermore, the Vetting department of Trading & Shipping defines  
and applies the selection criteria for the tankers and barges used to  
transport the Group’s liquid petroleum or chemical products and gas  
products, in order to ascertain their technical qualities relative to the  
best international standards, the crews’ experience and the quality  
of the ship owners’ technical management.  
3
.5.5 Assessment procedures  
The Group has set up procedures for assessing its Subsidiaries and  
Suppliers, particularly in conjunction with independent bodies, which  
help identify and prevent risks of severe impacts on human rights  
and fundamental freedoms, human health and safety.  
Furthermore, TOTAL works with the Danish Institute for Human Rights  
(DIHR), an independent national body for the defense and promotion  
of human rights and fundamental freedoms, which assesses the  
impact on human rights and fundamental freedoms of the Group’s  
activities in sensitive contexts.  
3
.5.5.1 Procedures for assessing Subsidiaries  
In some cases, the Group works with independent experts such as  
CDA, a company specialized in preventing and managing conflict  
between businesses and local communities. The reports by CDA are  
published online on its website.  
HSE assessments  
The Audit and Feedback Unit within the central HSE Division is a key  
component of HSE governance. It steers the internal control  
mechanisms intended to verify compliance with the Group’s HSE  
requirements.  
Lastly, an annual self-assessment questionnaire enables each of the  
Group’s Subsidiaries and operational entities to measure and evaluate  
the level of implementation of their societal governance on the field.  
Actions involving dialogue, impact management and the contribution  
to socioeconomic and cultural development are recorded and  
analyzed.  
This mechanism is organized around a self-assessment to be carried  
out by the Subsidiaries at least every two years and an assessment  
every three to five years conducted by the Audit unit and feedback  
based on an audit protocol. The objective is to identify potential gaps  
in the application of the rules by the Subsidiairies and to enable them  
to define and implement improvement actions.  
3.5.5.2 Procedures for assessing Suppliers  
The Supplier qualification process was harmonized at Group level in  
2017 by Total Global Procurement. A new internal framework was  
published in 2018. In particular, it was used to set up a new IT  
qualification tool to be deployed progressively within the Group which  
also will serve as a consolidated database. The framework covers  
human rights, environment, health and safety.  
This unit is also in charge of analysis of major incidents and management  
of feedback.  
Additionally, the Management Committee of each of the Group’s  
business segments performs monitoring of its major risk analyses  
and of the progress of the associated action plans.  
Depending on the results of a risk analysis carried out by Suppliers,  
a detailed assessment is performed. It includes questionnaires  
addressing the aforementioned issues and, if needed, an action plan,  
a technical inspection of the site by employees or an audit of working  
conditions carried out by a specialist service provider with which a  
framework agreement was signed in 2016. Crude oil and petroleum  
product purchasing by Trading & Shipping, gas and electricity  
purchasing by the subsidiary Total Gas & Power Ltd, and the  
purchases made by the Subsidiaries Hutchinson, Saft Groupe and  
SunPower are subject to Supplier qualification processes specific to  
their organizations.  
Lastly, the HSE Division steers the measurement and reporting work  
relating to greenhouse gas emissions resulting from the Activities.  
These direct greenhouse gas measurements (Scope 1) are published  
in section 3.5.9.2 of this Chapter.  
Assessments regarding human rights and fundamental  
freedoms  
Since 2002, the Group has engaged GoodCorporation, a company  
specialized in ethical assessments, to verify the proper application of  
the principles set out in the Code of Conduct at the Subsidiary level.  
These assessments include criteria relating to human rights and  
fundamental freedoms, and corruption. As part of the process, a  
selection of employees and external stakeholders of the Subsidiary  
are questioned to understand how their Activities are perceived locally.  
Following the assessment, the Subsidiary in question defines and  
implements an action plan and a monitoring procedure.  
This qualification process may be completed if needed by specific  
organizations, such as the unit put in place in the Group as from  
September 2018 for the selection of palm oil suppliers. This unit  
aims to ensure that palm oil purchases are made on the basis of  
sustainability certifications such as the ISCC EU certification.  
(
1) With the exception of purchases made by the Subsidiaries Hutchinson, Saft Groupe and SunPower. Total Global Procurement made purchases from over 100,000 suppliers worldwide in  
2018.  
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This type of certification incorporates criteria relating to carbon  
footprint, anti-deforestation, good use of land and respect for human  
rights. In addition to this mandatory certification, suppliers must have  
signed the Fundamental principles of purchasing and be members  
of the Roundtable on Sustainable Palm Oil (RSPO).  
of any commercial considerations. The audits conducted with ship  
owners also permit the assessment of the quality of the technical  
management systems implemented by the operators, crew selection  
and training, as well as the support provided to vessels.  
Through the annual inspections performed by inspectors representing  
the Group, TOTAL is actively involved in sharing inspection reports  
with other international oil and gas companies through the SIRE (ship  
inspection report) Program set up by the OCIMF (Oil Companies  
International Marine Forum), thus contributing to the continuous  
improvement of petroleum shipping safety.  
As regards the chartering of tankers and barges, any operation that  
involves tankers or barges calling at a terminal operated by a Group  
Subsidiary, carrying shipments that belong to the Group or chartered  
by TOTAL must be approved in advance by the Vetting department.  
Responses are given on the basis of technical data and independently  
3
.5.6 Awareness and training actions  
3
.5.6.1 Awareness and training of Group employees  
Similarly, training programs in the fields of health, safety and  
environment have been rolled out within the Group reflecting different  
perspectives: general, by type of activities or by subject areas.  
For example, the following general training actions exist depending  
on the level of responsibility and experience in the Group: HSE  
Leadership for Group senior executives, HSE training for managers,  
and Safety Pass training for new recruits.  
The Group has put in place a variety of communication and  
information channels enabling all employees of TOTAL S.A. and its  
Subsidiaries to have access to the Action Principles defined by the  
Group in relation to human rights and fundamental freedoms, health,  
safety and the environment.  
3
The Code of Conduct is distributed to all employees and can be  
consulted on the Group’s website. All new employees must confirm  
that they are familiar with it.  
3.5.6.2 Awareness and training of Suppliers  
The Fundamental Principles of Purchasing are brought to the attention  
of Suppliers as of their registration in the Supplier database.  
Events such as the annual Business Ethics Day are used to raise  
awareness among employees of TOTAL S.A. and its Subsidiaries.  
Practical guides are available on the Group’s intranet, such as the  
Human Rights Guide and the Guide to dealing with religious questions  
within the Group, to help Group employees apply the commitments  
provided for in the Code of Conduct in each individual cases.  
Training initiatives are also undertaken with the Group’s Suppliers,  
such as the responsible security training given to safety service  
providers’ personnel, and the Safety Contract Owners program,  
which brings together more than 650 suppliers at the Group level.  
The HSE Division organizes the Group’s World Safety Day, which  
aims to bring teams on board and raise awareness of ways to put  
the HSE Action Principles into practice. The Group’s employees  
implement its safety culture on a day-to-day basis through “Safety  
Moments” at the beginning of meetings or before hazardous  
operations, consisting of a short discussion to reiterate the key safety  
messages and align participants with mutual commitments.  
3.5.6.3 Information on product risks  
All of the chemical and petroleum products marketed by the Group  
are covered by a safety data sheet prepared in accordance with  
applicable regulations. The packaged products are labelled  
accordingly.  
Each safety data sheet provides comprehensive information on the  
substances or mixtures usable in the regulatory framework of  
managing chemicals in the workplace. It enables users to identify the  
risks linked to handling such products, particularly regarding safety  
and the environment, in order to implement any measures necessary  
to protect people and the environment.  
Training courses, incorporating on-line educational programs as well  
as technical training tailored to the various business segments, are  
offered to all Group employees.  
Dedicated human rights and fundamental freedoms training programs  
have been set up for senior executives, site directors and the  
employees most exposed to these issues. Awareness-raising  
sessions on these subjects are organised regularly for employees, as  
is the case at the time of ethical assessments of Subsidiaries. In the  
field of procurement, training modules explaining the Group’s ethical  
commitments and the Fundamental Principles of Purchasing have  
also been developed for the Group’s purchasers.  
Safety data sheets are available to carriers of dangerous goods,  
emergency services, poison control centers, as well as professional  
and industrial customers. Consumers are informed of the risks and  
precautions of use through product labelling.  
3
.5.7 Whistleblowing mechanisms  
To support employees on a day-to-day basis, the Group encourages  
a climate of dialogue and trust that enables individuals to express  
their opinions and concerns. Employees can thus go to their line  
manager, an HR or other manager, their Compliance Officer or their  
Ethics Officer.  
address (ethics@total.com). The system is supplemented by specific  
whistleblowing mechanisms implemented at certain subsidiaries  
(SunPower, Hutchinson).  
The Group’s Suppliers can also contact the internal supplier mediator  
using a generic email address (mediation.fournisse[email protected]).  
The mediator is available to Suppliers and purchasers, and restores  
dialogue to find solutions when measures taken with the usual  
contact have been unsuccessful.  
The Group’s employees and Suppliers, as well as any other  
external stakeholder, can contact the Ethics Committee to ask  
questions or report any incident where there is a risk of  
non-compliance with the Code of Conduct using the generic email  
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Grievance handling procedures are also in place within the Group in  
order to receive and facilitate the resolution of concerns and  
grievances of local communities that may be affected by its Activities.  
As regards HSE, an on-call system has been set upto alert the  
directors of the business segments and of the Group as quickly as  
possible in the case of a major incident. Depending on the incident,  
a crisis management and monitoring process is put in place (refer to  
point 3.3.3.1).  
3
.5.8 Monitoring procedures  
To ensure the continuous updating of the Vigilance Plan, TOTAL relies  
on existing monitoring procedures and tools relating to human rights,  
safety, health and environment made available to the Subsidiaries.  
In addition, the committee responsible for monitoring the CSR Global  
Agreement signed by TOTAL in 2015, known as the “FAIR  
Committee”, meets every year in the presence of representatives  
who are members of trade unions affiliated to the IndustriALL Global  
Union (refer to points 5.3.3.3 and 5.10.3 of Chapter 5) and appointed  
by this federation to monitor and implement the agreement. It identifies  
good practice and areas for improvement in the fields of safety,  
health, human rights and fundamental freedoms.  
Thus, the system of internal reporting and of indicators for monitoring  
implementation of the actions undertaken in the Group in these areas  
is based:  
—
for social indicators (including, in particular, health), on a guide  
entitled “Corporate Social Reporting Protocol and Methodology”;  
Additionally, the Group publishes a Human Rights information  
document that describes the Group’s Activities’ major impacts on  
human rights and fundamental freedoms and the remedial measures  
taken. In 2016, TOTAL became the first company in the oil industry  
to have published this document in accordance with the UN Guiding  
Principles Reporting Framework. It is available on the Group’s website  
and was updated in 2018.  
—
for industrial safety indicators, on a Group rule concerning event  
and statistical reporting; a feedback analysis process identifies, in  
particular, events for which a structured analysis report is required  
in order to learn lessons in terms of design and operation; and  
—
for environmental indicators, on a Group reporting procedure,  
together with activity-specific instructions.  
Since 2015, TOTAL also publishes a report to assess the progress  
made in the implementation of the Voluntary Principles on Security  
and Human Rights. The information set out in the report is based on  
annual reporting organized by the Security Division that brings  
together the results of the risk and compliance analyses for each  
subsidiary operating in a sensitive context.  
Consolidated objectives are defined for each key indicator and  
reviewed annually. The business segments apply these indicators as  
appropriate to their area of responsibility, analyze the results and set  
out a plan.  
All of the procedures enable regular monitoring of actions and areas  
for improvement to be implemented in the area of human rights,  
safety, health and environment. The Group Performance Management  
Committee (refer to point 4.1.5.2 of chapter 4) is involved in this  
approach. In particular, it is responsible for examining, analyzing and  
steering the Group’s HSE, financial and operational results on a  
quarterly basis.  
Lastly, in September 2018 TOTAL published the third edition of its  
“
Integrating climate in our strategy” brochure dedicated to the  
consideration of climate issues and detailing the Group’s lines of  
action in this area.  
3
.5.9 Report on implementation of the Vigilance Plan(1)  
3.5.9.1 Human rights and fundamental freedoms  
In its activities  
TOTAL’s human rights approach is based on written commitments. It  
is supported by a dedicated organization, and embedded through  
an awareness-raising and training program, as well as evaluation  
and follow-up mechanisms aiming at measuring the effectiveness of  
the Group’s actions.  
TOTAL cares about the working conditions of its employees which  
are governed by the Group’s Human Resources policy (refer to point  
5.3 of chapter 5).  
Safety is one of the Group’s core values. Over the last few years, the  
Group has continued to develop occupational health and safety  
standards focusing on the right to enjoy fair and adequate living and  
working conditions (refer to point 3.5.9.2 of this chapter).  
A) Human rights in the workplace  
The prohibition of forced and child labor, non-discrimination, just and  
favorable conditions of work, as well as safety all form part of the  
principles set out in TOTAL’s Code of Conduct and Human Rights  
Guide.  
TOTAL is committed to promoting diversity and endeavors to combat  
all forms of discrimination (origin, gender, sexual orientation, handicap,  
age, membership in a union or a political or religious organization,  
etc.). The Diversity Council, which is chaired by a member of the  
Executive Committee, illustrates this commitment.  
TOTAL’s commitment to human rights in the workplace is  
demonstrated, in particular, by the signature of various agreements,  
such as the one concluded with IndustriALL Global Union( in 2015.  
In particular, this agreement covers the promotion of human rights in  
the workplace, diversity, the participation of employees and their  
representatives in social dialogue and the recognition of health and  
safety at work as absolute priorities in the Group’s activities and  
global supply chain.  
In 2017, TOTAL published a “Practical guide to dealing with religious  
questions within the Group” in order to provide practical solutions to  
the questions raised by the Group’s employees and managers  
worldwide. It draws on the experiences of the business segments in  
various countries and encourages dialog, respect and listening as a  
way to find solutions suited to the local context. Many internal and  
external experts helped draft this document, including representatives  
of various religious communities. This guide has been translated into  
nine languages.  
2)  
(
1) Refer to point 5.11 of chapter 5 concerning the reporting ‘s scope and medology concerning information provided in point 3.5.9 of this chapter. Since the identification of risks and the  
prevention of severe impacts on human rights, human health and safety and the environment overlap partially with certain risks covered in the non-financial performance statement (refer  
to chapter 5), TOTAL has chosen to report on the implementation of its Vigilance Plan by incorporating certain aspects of its non-financial performance statement although it includes risks  
of varying degrees.  
(2) International union federation representing more than 50 million employees in the energy, mining, manufacturing and industrial sectors in 140 countries.  
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In addition to the Group’s reporting and internal control system, the  
working conditions of TOTAL’s employees are evaluated by  
GoodCorporation, an independent third party, as part of the ethical  
assessments of the Group’s entities.  
C) Respect for human rights in security-related activities  
In certain situations, intervention by government security forces or  
private security providers might be necessary to protect TOTAL staff  
and assets. In order to prevent any misuse of force, TOTAL asks  
Group employees, private security providers and government security  
forces to implement the Voluntary Principles on Security and Human  
Rights (VPSHR) issued by States, NGOs and Extractive Companies.  
In the Group’s value chain  
The Fundamental Principles of Purchasing (FPP) set out the  
commitments expected from suppliers in various domains, including  
human rights in the workplace and safety. A Group directive reaffirms  
the obligation to annex the FPP or to transpose them in the selection  
process as well as in the contracts concluded with suppliers of goods  
or services.  
TOTAL has been a member of this initiative since 2012. Within  
this framework, the Group publishes an annual report setting  
out the challenges, lessons learned and good practices in relation to  
security and human rights and, if applicable, reports any incidents  
associated with the Group’s activities. This report is available at  
sustainable-performance.total.com.  
The prevention of forced and child labor in the supply chain is a  
critical point of attention identified in the 2017-2018 human rights  
roadmap endorsed by the Executive Committee. TOTAL has therefore  
developed a new methodology for selecting its suppliers which takes  
account the risks of human rights violations, in particular forced and  
child labor. In September 2016, TOTAL also entered into a partnership  
with a third-party service provider in charge of evaluating suppliers’  
practices with regard to fundamental rights in the workplace (refer to  
point 3.5.9.5 of this chapter).  
Self-assessment and risk analysis tools have been developed and  
are deployed, in particular, in the entities located in high risk countries  
and conflict zones.  
When government security forces are deployed to ensure the  
protection of the Group’s staff and assets, the Group entities maintain  
an ongoing dialogue with the representatives of national or regional  
authorities in order to raise their awareness on the need to respect  
the VPSHR and encourage them to sign memorandums of  
understanding that comply with these principles.  
3
Finally, the working conditions of the employees of service stations’  
dealers are evaluated by GoodCorporation, an independent third  
party, as part of the ethical assessments conducted in the Group  
entities. Between 2016 and 2017, a baseline study of 22 affiliates in  
the Marketing & Services segment across different continents was  
also conducted. One of the main recommendations identified is to  
improve service station dealers’ awareness of the Group’s Code of  
Conduct principles and of the fundamental Conventions of the  
International Labor Organization. In response, Marketing & Services  
is developing educational tools, which should be promoted in 2019  
to this business segment’s entities.  
TOTAL regularly organizes training sessions and awareness-raising  
activities on the risk of misuse of force, and more generally on the  
VPSHR, for its staff, private security providers and government  
security forces. In 2018, TOTAL partnered with other Extractive  
Companies and the Myanmar Center for Responsible Business to  
organize two VPSHR awareness workshops for government officials,  
private security providers and NGOs in Myanmar.  
3.5.9.2 Personal health and safety  
TOTAL places safety at the heart of its ambition to be a responsible  
company. The measures and indicators used to manage the Group’s  
activities are based on this fundamental value, in accordance with  
the strictest standards, particularly relating to health.  
B) Human rights and local communities  
TOTAL’s operational activities may have impacts on the rights of local  
communities, in particular when TOTAL obtains temporary or  
permanent access to their land for Group’s projects that may involve  
the physical and/or economic displacement of these populations.  
Noise and dust emissions and other potential impacts may also have  
consequences on the livelihood of neighboring communities.  
Consequently, the access to land of local communities and their right  
to health and an adequate standard of living are two salient issues  
for TOTAL.  
A) Preventing occupational accidents  
The Group’s personal safety policy covers three main areas:  
preventing occupational accidents, preventing transport accidents,  
and preventing accidents linked to technological risks, such as fires  
and explosions. It relates to all employees of Group subsidiaries,  
employees of external contractors working on these entities’ sites as  
well as employees of transport companies under long-term contracts.  
The safety results are monitored with the same vigilance for all.  
In accordance with internationally recognized human rights standards,  
TOTAL requires the Group entities to maintain a regular dialogue with  
their stakeholders and make sure that their activities have no negative  
consequences on local communities or, if these cannot be avoided,  
that they limit, mitigate and remedy them. The solutions proposed in  
response to the expectations of local communities are coordinated  
by the societal teams that work in close collaboration with the legal,  
safety and environmental teams. The Group’s approach to this topic  
is described in the section on societal issues of the non-financial  
performance Statement in point 5.9 of chapter 5.  
Indicators defined according to an internal procedure measure the  
main results. In addition to its aim of zero fatalities in the exercise of  
its activities, the Group has set the target of continuously reducing  
the TRIR( and, for 2018, of keeping it below 0.9 for all personnel  
1)  
(Group and External Contractors).  
(1) TRIR: Total Recordable Injury Rate.  
Registration Document 2018 TOTAL  
99  
RISKS AND CONTROL  
3
Vigilance Plan  
Safety indicators  
2018  
2017  
2016  
Regarding road transport, for many years the Group has been  
monitoring the number of severe road accidents involving its  
employees and those of external contractors. The actions taken have  
reduced the number of severe accidents between 2016 and 2018  
by 33%. Work began in new areas in 2018, particularly relating to the  
use of new technologies in accident prevention (defining a new  
standard for the light vehicles used, driver fatigue detection) and the  
assessment of the driver support and assistance systems offered by  
manufacturers (automatic emergency braking, lane keeping assist,  
lane change assist, etc.).  
(a)  
TRIR : number of recorded  
injuries per million hours  
worked – All Personnel  
0.91  
0.88  
0.89  
0.88  
0.91  
0.83  
0.99  
Group company employees  
0.82  
1.01  
External contractors employees(b)  
(c)  
LTIR : number of lost time  
injuries per million hours  
worked – All Personnel  
0.59  
0.58  
0.51  
Number of severe road accidents(a)  
2018  
2017  
2016  
SIR(d): average number  
of days lost per lost time injury  
26  
4
28(e)  
1
30(e)  
1
Light vehicles  
and public transport(  
b)  
7
11  
26  
9
Number of occupational fatalities  
Heavy goods vehicles(b)  
23  
36  
(
(
(
(
(
a) TRIR: Total Recordable Injury Rate.  
b) As defined in point 5.11.4 of chapter 5.  
c) LTIR: Lost Time Injury Rate.  
d) SIR: Severity Injury Rate.  
(a) Overturned vehicle or other accident resulting in the injury of a crew member (declared  
incident).  
(b) Vehicles on long-term contract with the Group (> 6 months).  
e) Excluding Saft Groupe.  
With regard to technological risks (also known as “major” industrial  
risks), the risk analysis and prevention actions are described in point  
The Group’s safety efforts over more than 10 years have resulted in a  
significant improvement in the TRIR and LTIR. Performance has  
stabilized since 2016, mainly due to acquisitions and disposals of  
assets or subsidiaries. The gradual implementation of the One  
MAESTRO framework aims to strengthen the Group’s safety culture  
and create a new drive to improve safety results. Despite the  
measures put in place, in 2018 three accidents resulted in the death  
of four employees working for external contractors: one during road  
transport in Ethiopia, one during a handling operation in the Republic  
of the Congo, and two during an operation to recommission a fuel  
storage tank in Egypt.  
3.5.9.3.B of this chapter.  
Whatever the nature of the accident, prevention actions rely on all  
employees abiding by the Group’s safety policies. These are  
disseminated through training courses aimed at the various groups  
of employees (new arrivals, managers, senior executives, etc.).  
As TOTAL’s core value, Safety has been a component of the Group’s  
employee compensation policy since 2011. A portion of the variable  
compensation received by employees, as well as by senior executives  
and the Chairman and Chief Executive Officer, depends on the  
achievement of HSE targets (refer to point 4.3.2 of chapter 4 and  
point 5.3.1 of chapter 5).  
Generally, an analysis is launched in response to any type of accident  
whatsoever. The method and scope of the analysis depend on the  
actual or potential severity of the event. Consequently, a near miss  
with a high severity potential is treated as a severe accident, and its  
analysis is considered an essential factor of progress. Depending on  
its relevance to the other Group entities, it triggers a safety alert and  
the distribution of a feedback form, depending on the circumstances.  
With regard to security, the Group has put in place means to analyze  
threats and assess risks in order to take preventive measures to limit  
its exposure to security risks in the countries where it operates.  
B) Preventing occupational health risks through  
improved assessment  
Regarding occupational safety, since 2010, the basic rules to be  
scrupulously followed by all personnel, employees and contractors  
alike, in all of the Group’s businesses worldwide, are described in the  
document “Safety at Work: TOTAL’s Twelve Golden Rules”, which  
has been widely circulated within the Group.  
With regard to prevention of occupational health risks, the Group  
implements a policy that defines the risk assessment methodology  
to be applied by all Group entities and subsidiaries. The associated  
Group directive stipulates that the assessment includes chemical,  
physical, biological, ergonomic and psychosocial risks, and that it  
must result in the design and roll-out of an action plan. In addition, it  
requires that each Group entity sets out a formal medical monitoring  
procedure taking into account the requirements under local law  
The aim of the Golden Rules is to set out simple, easy-to-remember  
rules that cover a large number of occupational accidents. In addition,  
further rules can be found in the One MAESTRO HSE framework,  
the business segment frameworks and the subsidiary frameworks.  
(
frequency, type of examination, etc.) and the level of exposure of its  
According to the Group’s internal statistics, in more than 44% of  
severe incidents or near misses with high severity potential in the  
workplace, at least one of the Golden Rules had not been followed.  
The proper application of these Golden Rules, and more generally of  
all occupational safety procedures, is verified through site visits and  
internal audits. The Stop Card system, which was set up in 2015,  
also enables any employee of the Group or an external contractor to  
intervene if any of the Golden Rules is not being followed. In addition,  
in 2016, the HSE department created a unit bringing together the  
reference persons on high-risk operations (work at height, lifting,  
high-pressure cleaning, excavations, etc.) in order to consolidate  
in-house knowledge and relations with contractors.  
personnel to the various risks.  
To complement this program, the Group has set up an employee  
health observatory. The aim is to monitor the health of a sample of  
employees in order to identify the emergence of certain illnesses  
and, if applicable, suggest appropriate preventive measures. The  
data is gathered anonymously during medical examinations and  
covers approximately 12% of Group employees worldwide.  
The Group also has a Medical Advisory Committee that meets  
regularly to discuss key health issues relating to the Group’s activities.  
It decides whether there is a need for additional health protection  
strategies to be implemented. It consists of external scientific experts  
and also brings together the Group’s senior executives and  
stakeholders concerned by these issues.  
The reporting of anomalies and near misses (approximately  
600,000 per year) is strongly encouraged on a daily basis and is  
permanently monitored. The ability of each employee to identify  
anomalies or dangerous situations is one of the measures of the  
employees’ involvement and vigilance in accident prevention and  
reflects the safety culture within the Group. In 2016, the Group HSE  
Department also created a unit aimed at providing support for sites  
to improve their safety culture upon their request.  
100  
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RISKS AND CONTROL  
Vigilance Plan  
3
In terms of prevention, the Group has decided to make psychosocial  
risk prevention a priority commitment. In 2018, the Group identified  
four areas of progress worldwide:  
The annual Group Industrial Hygiene day held in September 2018  
was dedicated to asbestos and refractory ceramic fibers.  
C) Minimizing the risks throughout the life cycle of  
products to prevent consumer health and safety risks  
—
—
a minimum level of awareness and training for all;  
a system for measuring stress and the quality of the social  
climate, facilitating the production of action plans;  
Unless certain precautions are taken, some of the products marketed  
by TOTAL pose potential risks to the health and safety of consumers.  
The Group therefore aims to meet its obligations with regard to  
information and prevention in order to minimize the risks throughout  
the life cycle of its products.  
—
—
a system for listening to and supporting employees in difficult  
situations;  
coordination of actions and monitoring of indicators.  
TOTAL’s health and products directive sets out the minimum  
requirements to be observed by the Group’s entities and subsidiaries  
for marketing the Group’s products worldwide in order to reduce  
potential risks to consumer health and the environment. TOTAL  
identifies and assesses the risks inherent to its products and their  
use. The material safety data sheets (MSDS) that accompany the  
products marketed by the Group (in at least one of the languages  
used in the country) as well as product labels are two key sources of  
information. All new products comply with the regulatory requirements  
in the countries and markets for which they are intended.  
A Quality of Life at Work and Health working group was set up in  
September 2018 to coordinate and ensure the effectiveness of all of  
the actions taken. Led by the Group Human Resources division, all  
of TOTAL’s business segments are represented, particularly the  
international medical department. Its first task is to create and roll  
out a Worldwide Psychosocial Risk (PSR) Prevention program that  
addresses the four areas for progress.  
Regarding the priority commitment to training, a fully updated PSR  
pack aimed at entity managers, prevention contributors and managers  
was finalized in 2018. Approved by international experts, it has now  
been translated into 11 languages and is the core material for training  
on this subject. The pack consists of two guides: a methodological  
guide for entity managers and anyone with a role in PSR prevention,  
and a practical guide for managers to raise awareness of the  
importance of the quality of life at work as a key factor in preventing  
PSRs. It also aims to support them in the day-to-day management  
of their teams in the event of difficulties, risky situations and crisis  
situations.  
3
3.5.9.3 Environment  
TOTAL places the environment at the heart of its ambition of being a  
responsible company. In light of the specific nature of its activities,  
the Group’s operations pose risks for which TOTAL develops  
structured management systems.  
Environmental indicators have been monitored for many years in  
order to constantly adapt the Group’s environmental protection  
measures, which are presented in this section.  
On a broader level, TOTAL is helping to promote individual and  
collective health programs in the countries where it operates,  
including vaccination campaigns and screening programs for certain  
diseases (AIDS, cancer, malaria, etc.) for employees, their families  
and local communities. Action is also taken regularly to raise  
awareness of lifestyle risks (anti-smoking and anti-drinking campaigns,  
etc.).  
A) General policy and environmental targets  
TOTAL considers the respect for the environment to be a priority. All  
employees, at every level, must do their utmost to protect the  
environment as they go about their work. TOTAL strives to control its  
energy consumption, its emissions in natural environments (water,  
air, soil), its residual waste production, its use of natural resources  
and its impact on biodiversity. With regards to the environment,  
TOTAL takes a constructive approach that is based on transparency  
and dialogue when communicating with its stakeholders and third  
parties.  
The Group has put in place the following indicators to monitor the  
performance of its program:  
Health indicators (WHRS scope)  
2018  
98%  
154  
2017  
98%  
143  
2016  
99%  
108  
Percentage of employees with  
To this end, the HSE division and the HSE departments within the  
Group’s entities seek to ensure both applicable local regulations and  
internal requirements resulting from the Safety Health Environment  
Quality Charter and the Group’s additional commitments are  
respected. Group steering bodies, led by the HSE division, are tasked  
with:  
specific occupational risks benefiting  
from regular medical monitoring(a)  
Number of occupational illnesses  
recorded in the year (in accordance  
with local regulations)  
(
a) As an exception to the reporting principles described in section 5.11 of chapter 5, the 2018  
rate does not include a company that did not report its data in time for the 2018 WHRS.  
—
monitoring TOTAL’s environmental performance, which is  
reviewed annually by the Executive Committee, for which  
multi-annual improvement targets are set;  
Reporting on occupational illnesses covers only the Group’s  
personnel (WHRS scope) and illnesses reported according to the  
regulations applicable in the country of operation of each entity.  
—
—
handling, in conjunction with the business segments, the various  
environment-related subjects of which they are in charge; and  
Musculoskeletal disorders, the main cause of occupational illnesses  
in the Group, represented 69% of all recorded illnesses in 2018,  
against 68% in 2017. Therefore, in addition to ergonomic risk  
assessments and the gradual training of personnel on its sites, the  
annual Group Industrial Hygiene Day in December 2017 was on the  
theme of Ergonomics and Musculoskeletal disorders.  
promoting the internal standards to be applied by the Group’s  
operational entities.  
Registration Document 2018 TOTAL  
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RISKS AND CONTROL  
3
Risk Factors  
The Group’s environmental targets(a)  
:
What has been accomplished:  
—
—
decrease SO air emissions by 50% between 2010 and 2020;  
—
more than 50% reduction in SO2 air emissions reached  
since 2017;  
2
maintain hydrocarbon content of water discharges below  
30 mg/l for offshore sites and below 15 mg/l for onshore and  
—
100% of the Group’s oil sites have met the target for the  
quality of onshore discharges since 2016 and 96% of the  
Group’s oil sites have met the target for the quality of offshore  
discharges in 2018;  
coastal sites;  
—
valorize more than 50% of the waste produced by the sites  
operated by the Group.  
—
more than 50% of the waste produced by the sites operated  
by the Group was valorized in 2018;  
Moreover, the Group is committed to:  
—
systematically develop biodiversity action plans for production  
(1)  
—
—
5 biodiversity action plans deployed or in preparation in 2018;  
no oil and gas exploration or production activity in the area of  
natural sites listed on the UNESCO World Heritage List ;  
sites located in protected areas ;  
—
not conducting oil and gas exploration or production operations  
in the area of natural sites listed on the UNESCO World  
(2)  
(2)  
Heritage List  
;
—
no exploration activity in oil fields under sea ice in the Arctic.  
—
not conducting exploration in oil fields under sea ice in the  
Arctic.  
(a) For climate, refer to point 3.5.9.4.D of this chapter.  
The Group’s internal requirements state that the environmental  
management systems of its operated sites that are important for the  
Second, based on these parameters, a prioritization matrix is used  
to determine whether further measures are needed in addition to  
compliance with the Group’s standards and local regulations. These  
mainly include preventive measures but can also include mitigation  
measures.  
(
3)  
environment must be ISO 14001 certified within two years of  
start-up of operations or acquisition: 100% of these 71 sites were in  
conformity in 2018. Beyond these internal requirements, at the end  
of 2018, a total of 264 sites operated by the Group were  
ISO 14001 certified. In 2018, the Moho Nord site (Republic of the  
Congo) has been ISO 14001 certified.  
The management of major technological risks also hinges on:  
—
—
—
staff training and raising awareness;  
All investment, divestment or acquisition projects which are submitted  
to the Executive Committee for approval are assessed and reviewed  
with regards to their risks and impact, particularly environmental,  
before the final investment decision is made.  
a coherent event reporting and indicators system;  
systematic, structured serious event analysis, particularly to learn  
lessons in terms of design and operation;  
—
regularly tested contingency plans and measures.  
TOTAL seeks to ensure that all employees share its environmental  
protection requirements. Employees receive training in the required  
skills. TOTAL also raises employee awareness through internal  
communication campaigns (e.g., in-house magazines, intranet, posters).  
In terms of monitoring indicators, the Group reports the number of  
Tier 1 and Tier 2 events as defined by the API and the IOGP. The  
Group set itself a loss of primary containment target of under 100  
(
Tier 1 and Tier 2) in 2018.  
B) Preventing incident risks  
The target is slightly exceeded due to the inclusion of new entities in  
the reporting scope. In addition to the 103 Tier 1 and Tier  
2 operational events indicated in the table below, the Group recorded  
four Tier 1 events and one Tier 2 event due to sabotage or theft in  
To prevent incident risks and, in particular, major industrial events,  
TOTAL carries out periodic risk assessments and implements  
adapted risk-management policies and measures.  
2
018.  
The Group has management structures and systems that present  
similar requirements and expectations across all the entities. TOTAL  
strives to minimize the potential impacts of its operations on people,  
the environment and property through a major technological risk  
management policy. This management draws on a shared approach  
in all segments that includes, on the one hand, risk identification and  
analysis, and on the other hand, the management of these risks.  
Loss of primary containment(a)  
Loss of primary containment (Tier 1)  
Loss of primary containment (Tier 2)  
Loss of primary containment  
2018  
30  
2017(b)  
28  
2016(b)  
38  
73  
75  
101  
(
Tier 1 and Tier 2)  
103  
103  
139  
This structured approach applies to all of the Group’s operated  
businesses exposed to these risks. In addition to its drilling and  
pipeline transport operations, the Group has at the end of  
(a) Tier 1 and Tier 2: indicator of the number of loss of primary containment events, with  
more or less significant consequences, as defined by the API 754 (for downstream) and  
IOGP 456 (for upstream) standards. Excluding acts of sabotage and theft.  
2018 195 sites and operating zones exposed to major technological  
(b) Excluding TEP Barnett in 2016 and 2017.  
risks, which could cause harm or damage to people, property and  
the environment, corresponding to:  
In accordance with industry best practices, TOTAL also monitors  
accidental liquid hydrocarbon spills of more than one barrel. Spills  
that exceed a predetermined severity threshold (in terms of volume  
spilled, toxicity of the product in question or sensitivity of the natural  
environment affected) are reviewed on a monthly basis and annual  
statistics are sent to the Group Performance Management  
Committee. All large spills are followed by corrective actions aimed  
at returning the environment to an acceptable state as quickly as  
possible. Due to their unpredictable nature, there is no quantitative  
target for accidental hydrocarbon spills. Nevertheless, changes in  
the number of spills are observed and analyzed.  
—
—
all the offshore and onshore operating activities in Exploration &  
Production; and  
the Seveso classified industrial sites (upper and lower threshold)  
and their equivalents outside the EU (excluding Exploration &  
Production).  
This approach first sets out an analysis of the risks related to the  
Group’s industrial operations, on each site, based on incident  
scenarios for which the probability of occurrence and the severity of  
the consequences are assessed.  
(
(
(
1) Sites located in an IUCN I to IV or Ramsar convention protected area.  
2) Natural sites included on the UNESCO World Heritage List of December 31, 2017.  
3) Sites that emit more than 30 kt CO e per year.  
2
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TOTAL Registration Document 2018  
RISKS AND CONTROL  
Risk Factors  
3
Accidental hydrocarbon spills(a)  
2018  
2017(b)  
2016  
For its sea and river shipment requirements, TOTAL only charters  
ships and barges that meet the highest international standards. The  
Group has an internal policy that lays down the process and criteria  
by which ships and barges are selected (known as vetting). These  
criteria are based, in particular, on the regulations, best practice and  
recommendations of the OCIMF( and, in Europe, on the European  
Barge Inspection Scheme (EBIS). Tankers and barges are vetted by  
a single centralized Group entity. The average age of the Group  
Shipping division’s time-chartered fleet is approximately six years.  
Number of hydrocarbon spills  
74  
62  
73  
Total volume of hydrocarbon  
spills (thousands of m³)  
0.3  
0.5  
0.9  
1)  
(
(
a) Accidental spills with an environmental impact and of more than one barrel.  
b) In 2017, the indicator perimeter was updated to exclude spills due to sabotage by a  
third party.  
In order to manage a major accidental spill efficiently, the Group  
implemented a global crisis management system that is primarily  
based on a dedicated organization and a crisis management center  
at the head office to enable the management of two simultaneous  
crises. As part of this process, TOTAL regularly trains in crisis  
management on the basis of risk scenarios identified through  
analyses.  
With regard to operated marine terminals, the Group got involved in  
an initiative that seeks to systematically record their physical  
characteristics and store this data in a global database that forms  
part of the Marine Terminal Information System (MTIS) of the OCIMF.  
At the end of 2018, 95% of coastal marine terminals and 50% of  
offshore terminals had submitted their characteristics, thereby making  
it easier to assess the compatibility of ships with the ports of call.  
Additionally, since 2018, large TOTAL terminals have used the Marine  
Terminal Management Self Assessment (MTMSA), the framework  
recommended by the industry for the self-assessment of terminals  
and the continuous improvement of the safety of product transfers.  
A training course on ship/shore interface management (SSSCL – Ship  
Shore Safety Check List) and cargo transfer operations, developed  
by the Group in 2016, had completed by operators of 80% of  
operated-terminals by the end of 2018.  
In particular, the Group has response plans and procedures in place  
in the event of a hydrocarbon leak or spill. For accidental spills that  
reach the water surface, oil spill contingency plans are regularly  
reviewed and tested during exercises. These plans are specific to  
each company or site and are adapted to their structure, activities  
and environment while complying with Group recommendations.  
3
Oil spill preparedness  
2018  
2017  
2016  
Number of sites whose risk analysis  
identified at least one risk of major  
accidental pollution  
C) Limiting the environmental footprint  
Wherever TOTAL conducts its business, it makes sure that it complies  
with applicable laws and regulations, which the Group complements  
with specific requirements and commitments when necessary. TOTAL  
implements an active policy of avoiding, reducing, managing and  
monitoring the environmental footprint of its operations. As part of  
this policy, emissions are identified and quantified by environment  
(water, air and soil) so that appropriate measures can be taken to  
better control them.  
(a)  
to surface water  
126  
126  
143  
Proportion of those sites with an  
operational oil spill contingency plan  
99%  
91%  
99%  
Proportion of those sites that have  
performed at least one oil spill  
response exercise during the year  
86%(b)  
95%  
89%  
(
(
a) The variation of the number of sites between 2016 and 2018 is due to perimeter variation.  
b) Decrease in 2018 compared to 2017 corresponds mainly to two subsidiaries where  
equipment was being refurbished in 2018.  
Water, air  
The Group’s operations generate emissions into the atmosphere from  
combustion plants and the various conversion processes and  
discharges into wastewater. In addition to complying with applicable  
legislation, the Group’s companies actively pursue a policy aimed at  
reducing emissions. After analyses have been conducted and when  
necessary, the sites introduce various reduction systems that include  
organizational measures (such as using predictive models to control  
In the event of accidental pollution, the Group companies can call on  
in-house human and material resources (Fast Oil Spill Team, FOST)  
and benefit from assistance agreements with the main third-party  
organizations specialized in the management of hydrocarbon spills.  
Since 2014, subsea capping and subsea containment equipment  
that can be transported by air has been strategically positioned at  
different points of the world (South Africa, Brazil, Norway and  
Singapore) in order to provide solutions that are readily available in  
the event of oil or gas eruptions in deep offshore drilling operations.  
From these locations, the equipment can benefit TOTAL’s operations  
worldwide. This equipment was developed by a group of nine oil  
companies, including TOTAL, and is managed by Oil Spill Response  
Ltd (OSRL), a cooperative dedicated to the response to marine  
pollution by hydrocarbons. TOTAL has also designed and developed  
its own capping system (“Subsea Emergency Response System”) to  
stop potential eruptions in drilling or production operations as quickly  
as possible. Since 2015, equipment has been installed in Angola,  
then the Republic of the Congo, potentially covering the entire Gulf  
of Guinea region.  
peaks in sulfur dioxide (SO ) emissions based on weather forecast  
2
data and the improvement of combustion processes management,  
etc.) and technical measures (wastewater treatment plants, using  
low NO burners and electrostatic scrubbers, etc.).  
X
For new facilities developed by the Group, impact assessments are  
systematically carried out on these emissions and, if necessary,  
actions are taken to limit their impact.  
In 2010, SO emissions were 99 kt. The Group set itself the target of  
2
not exceeding 49.5kt by 2020; it has met this target since 2017.  
Chronic emissions into the atmosphere(a)  
2018  
48  
2017  
47  
2016  
52  
SO emissions (kt)  
2
NOx emissions (kt)  
66  
69  
76  
(a) Refer to point 5.11 of chapter 5 for the scope of reporting.  
SO emissions that are likely to cause acid rain are regularly checked  
2
and reduced.  
(
1) OCIMF (Oil Companies International Marine Forum): An industry forum including the leading worldwide oil companies. This organization manages, in particular, the Ship Inspection Report  
(SIRE) Programme, which holds and provides access to tanker and river barge inspection reports (Barge inspection Questionnaire – BIQ).  
Registration Document 2018 TOTAL  
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RISKS AND CONTROL  
3
Risk Factors  
NO emissions, which are mainly concentrated in the Exploration &  
Production, are primarily located offshore and far away from the  
coast. Their impact on air quality is therefore considered to be minor.  
Lastly, decommissioned Group facilities operated by Group entities  
or affiliates (i.e., chemical plants, service stations, mud pits or lagoons  
resulting from hydrocarbon extraction operations, wasteland on the  
site of decommissioned refinery units, etc.) impact the landscape  
and may, despite all the precautions taken, be sources of chronic or  
accidental pollution. TOTAL created a policy of evaluation, treatment  
of environmental risks related to soil and groundwater and  
remediation of its sites at the end of their activity. In agreement with  
the authorities, the aim is to allow new operations to be set up once  
the future use of the land has been determined. Remediation  
operations are conducted by specialized entities created by the  
Group. At the end of 2018, 123 industrial sites that were no longer in  
operation (excluding service stations) were in the process of  
remediation.  
X
Discharged water quality  
In 2018, with regards to discharges to aquatic environments, all of  
the operated sites met the onshore discharge quality target set to  
restrict the impact on receiving environments.  
2018  
2017  
2016  
Hydrocarbon content of offshore  
water discharges (in mg/l)  
14.1  
17.7  
17.2  
%
of sites that meet the target for the  
quality of offshore discharges (30 mg/l)  
96%(a) 100%(a) 100%(a)  
Sustainable use of resources  
Fresh water  
Hydrocarbon content of onshore  
water discharges (in mg/l)  
1.8  
2.4  
3.1  
%
of sites that meet the target for the  
The Group’s activities, mainly those of Refining & Chemicals, and to  
a lesser extent those of the Exploration & Production, Gas,  
Renewables & Power segments, may potentially have an impact on,  
as well as be dependent of, water resources. This is especially true  
when an activity is located in a water resources sensitive environment.  
quality of onshore discharges (15 mg/l)  
100%  
100%  
100%  
(
a) Alwynn site (United Kingdom) excluded, as its produced water discharges only occur  
during the maintenance periods of the water reinjection system and are subject to a  
specific regulatory authorization.  
Fully aware of these challenges, TOTAL implements the following  
water risk management actions:  
In 2018, the percentage of sites conforming to the targets for quality  
of offshore discharges decreased due to a site acquired as part of  
the Mærsk Oil acquisition that exceeds the targets of the Group. The  
water discharge from this site is minor in terms of volume and  
represents less than 3% of the Group’s global offshore discharge.  
1.  
monitor water withdrawals to identify priority sensitive sites and  
then carry out a risk assessment;  
2. improve the water resources management depending on  
identified needs, by adapting the priority sites’ environmental  
management system.  
The improvement in the quality of onshore water discharges in 2018  
is linked to a better performance of the waste water treatment plants  
at Anvers, Donges and Normandie Refineries and to the expiry of the  
Mahakam license in Indonesia.  
In order to identify the priority facilities, TOTAL records the withdrawal  
and discharge of water on all of its sites and assesses these volumes  
on the basis of the current and future water stress indicators of the  
1)  
(2)  
Soil  
WRI( Aqueduct tool (currently 9.7% of fresh water withdrawals  
take place in a global water stress area).  
The risks of soil pollution related to TOTAL’s operations come mainly  
from accidental spills (refer to point 3.5.9.3.B of this chapter) and  
waste storage (refer to point 3.5.9.3.E of this chapter).  
In addition, TOTAL assesses water resources risk levels of priority  
facilities which are those that withdraw more than 500,000 m³ per  
year and are located in areas potentially exposed to water resource  
risks, using the Local Water Tool (LWT) for Oil & Gas from the Global  
Environmental Management Initiative (GEMI). This tool also helps to  
guide the actions taken to mitigate any risks in order to make optimal  
use of water resources on these sites.  
The Group’s approach to preventing and managing these types of  
pollution is based on four key principles:  
—
—
—
—
preventing leaks, by implementing, as far as possible, industry  
best practices in engineering, operations and transport;  
carrying out maintenance at appropriate frequency to minimize  
the risk of leaks;  
Globally, the sites operated by the Group are not particularly exposed  
to water risk. By the end of 2018, out of the 24 priority sites identified,  
the level of water risk was assessed on 16 priority Group sites  
overall monitoring of the environment to identify any soil and  
groundwater pollution; and  
(
11 Refining & Chemicals, 3 Exploration & Production, 2 Gas,  
Renewables & Power). Following this assessment, two sites were  
identified as being at risk and were reported to the CDP. This analysis  
process is expected to be extended to other current priority sites,  
including eight additional sites that have been identified.  
managing any pollution from previous activities by means of  
containment and reduction or elimination operations.  
In addition, a Group directive defines the following minimum  
requirements:  
In 2018, the Group answered the CDP Water survey for the 2017  
period and was graded A-. The main indicator used in this reporting  
is aggregated withdrawal.  
—
systematic identification of each site’s environmental and health  
impacts related to possible soil and groundwater contamination;  
—
assessment of soil and groundwater contamination based on  
various factors (extent of pollution inside or outside the site’s  
boundaries, nature and concentrations of pollutants, presence  
of a vector that could allow the pollution to migrate, use of the  
land and groundwater in and around the site); and  
Water-related indicator(a)  
2018  
2017  
2016  
Fresh water withdrawals excluding  
cooling water and rain water (million m³)  
116  
116  
123  
(a) Refer to point 5.11 of chapter 5 for the scope of reporting.  
—
management of health or environmental impacts identified  
based on the use of the site (current or future, if any) and the risk  
acceptability criteria recommended by the World Health  
Organization (WHO) and the Group.  
Soil  
TOTAL uses the ground surface that it needs to safely conduct its  
industrial operations and, in 2018, did not make extensive use of  
ground surfaces that could substantially conflict with various natural  
ecosystems or agriculture.  
(
(
1) World Resources Institute.  
2) According to CDP Water 2018 definition.  
104  
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RISKS AND CONTROL  
Risk Factors  
3
In 2018, the Group introduced a specific selection process  
concerning palm oil suppliers to ensure all palm oil purchases for the  
La Mède facility will be certified sustainable in accordance with  
European Union criteria (ISCC EU certification) and are conducted  
with a limited number of suppliers.  
The Board of Directors meeting of March 13, 2019 decided to change  
the criteria for the determination of the variable portion of the  
Chairman and Chief Executive Officer’s compensation for the year  
2019. Among others, a quantifiable criteria related to the evolution of  
GHG emissions (Scopes 1 & 2) on operated oil & gas facilities (refer  
to chapter 4, section 4.3.2 for details).  
D) Not to harm biodiversity and ecosystems during  
projects and operations  
Role of management  
TOTAL’s activities may potentially be located in sensitive natural  
environments.  
TOTAL’s Chairman and Chief Executive Officer, in compliance with  
the long-term strategic direction set by the Board of Directors,  
implements the strategy of the Group and its business segments  
while making sure climate change challenges are taken into account.  
He relies on the President, Group Strategy-Innovation, who is a  
member of the Executive Committee, to whom the Senior Vice  
President Strategy & Climate, and the Senior Vice President Climate  
report (refer to the Group organization chart in chapter 1). The Senior  
Vice President Climate chairs the Climate-Energy steering Committee,  
which mainly includes representatives of Strategy and HSE  
management from the various business segments. The mission of  
this Committee consists of structuring the Group’s approach to the  
climate.  
The Group is fully aware of this challenge and takes biodiversity and  
ecosystems into account during its projects and operations. In  
July 2018, and within the framework of the Act4Nature initiative, the  
Group made 16 biodiversity commitments to make this policy more  
tangible. The 16 commitments are described in the biodiversity  
brochure available on the website sustainable-performance.total.com.  
There are 10 general commitments common to all of the signatory  
companies and an additional 6 commitments specific to TOTAL,  
some of which existed before the initiative. These differentiate the  
Group from its competitors.  
3
3.5.9.4 Climate  
B) Strategy  
TOTAL’s ambition is to become the responsible energy major. The  
Group is committed to contributing to the United Nations Sustainable  
Development Goals, particularly with regards to those subjects that  
are connected to climate change and the development of more  
available and cleaner energy for as many people as possible.  
Identification of climate-related risks and opportunities  
The identification of climate-related risks forms an integral part of the  
analysis of investment projects. The impact of these risks is also  
examined for the Group asset portfolio as a whole. These risks are  
presented in detail in point 3.1.2 of this chapter.  
In order to make an effective contribution to the climate change  
issue, TOTAL relies on an organization and structured governance  
framework to make sure climate-related challenges are fully integrated  
into the Group’s strategy. Consequently, the Group has a robust  
strategy and implements a structured risk management system.  
In order to ensure the viability of its projects and long-term strategy  
in light of the challenges raised by climate change, the Group  
integrates, into the financial evaluation of investments presented to  
the Executive Committee, either a long-term CO price of $30 to $40  
2
In line with the multiple situations encountered in the field, and while  
supporting the Group’s governance bodies, the Strategy and Climate  
division shapes the Group’s approach to climate change while  
working with the operational divisions of the Group’s business  
segments. By monitoring indicators, progress can be measured and  
the Group’s actions can be adjusted.  
per ton (depending on the price of crude), or the actual price of CO2  
in a given country if higher.  
TOTAL has five major levers to integrate climate in its strategy.  
1) Improving energy efficiency  
Optimizing the energy consumption of its operated facilities is TOTAL’s  
first lever to reduce emissions. The Group therefore aims to improve  
the energy efficiency of its operated facilities by an average of 1%  
per year over the 2010-2020 period, at a time when exploration is  
becoming increasingly complex. This indicator is described in point  
A) Governance  
TOTAL has an organization and structured governance framework to  
make sure climate-related challenges are fully integrated into the  
Group’s strategy. Since September 2016, its organization includes a  
Strategy-Innovation corporate division, which includes the Strategy  
3.5.9.4.D of this chapter.  
&
Climate division as well as the Gas, Renewables & Power business  
TOTAL uses appropriate architectures and equipment and introduces  
technological innovations. For example, on offshore production  
barges, offshore platforms and onshore facilities, heat recovery  
systems at gas turbine exhausts have been implemented thereby  
avoiding the need for furnaces or boiler systems.  
segment, whose President is a member of the Executive Committee.  
Oversight by the Board of Directors  
TOTAL’s Board of Directors ensures that climate-related issues are  
incorporated into the Group’s strategy and examines climate change  
risks and opportunities during the annual strategic outlook review of  
the Group’s business segments.  
2) Growing in natural gas  
To respond responsibly to the strong rise in demand for electricity,  
TOTAL remains committed to gas, whose CO2 emissions are half  
those of coal when used to generate electricity(1).  
To carry out its work, the Board of Directors relies on its Strategic &  
CSR Committee, whose rules of procedure were changed in  
September 2017 then in July 2018 in order to broaden its missions  
in the realm of CSR and in questions relating to the inclusion of  
climate-related issues in the Group’s strategy.  
The Group wishes to be present throughout the whole gas chain,  
from production to end customer. Significant operations have taken  
place in the upstream and the downstream to make this possible.  
Upstream, TOTAL has acquired a stake in the giant Yamal LNG  
project in the north of Russia. The Group has also acquired the LNG  
assets of Engie. These two complementary portfolios allow for the  
management of a volume of nearly 40 Mt of LNG as from 2020.  
Downstream, the Group has made strategic acquisitions, such as  
Direct Énergie and Lampiris, gas and electricity suppliers on the  
French and Belgian markets, and has developed Total Spring, which  
was launched in 2017 on the French market.  
Aware of the importance of climate-change challenges faced by the  
Group, the Board of Directors decided, in 2016, to introduce changes  
to the variable compensation of the Chairman and Chief Executive  
Officer to take better account of the achievements of Corporate  
Social Responsibility (CSR) and the Group’s HSE targets. For fiscal  
year 2018, the importance given to these criteria rose further: CSR  
performance is assessed by considering the extent to which climate  
issues are included in the Group’s strategy, the Group’s reputation in  
the domain of Corporate Social Responsibility as well as the policy  
concerning all aspects of diversity.  
(
1) Source: International Reference Centre for the Life Cycle of Products, Processes and Services; Life cycle assessment of greenhouse gas emissions associated with natural gas and coal  
in different geographical contexts, October 2016.  
Registration Document 2018 TOTAL  
105  
RISKS AND CONTROL  
3
Risk Factors  
Finally, TOTAL has committed itself to gas fuel for transport by  
acquiring a 25% stake in Clean Energy Fuels Corp., one of the  
leading distributors of gas fuel for HGVs in the United States, and by  
signing a contract with CMA-CGM, the first shipping company to  
equip its transcontinental container ships with LNG-powered engines.  
5) Investing in carbon sink businesses  
Carbon storage is key to achieving carbon neutrality in the second  
st  
half of the 21 century. TOTAL is focusing, on the one hand, on  
developing CCUS and, on the other, on preserving and restoring the  
capacity of ecosystems to act as carbon sinks. CCUS is vital for  
several industries, especially those that emit massive amounts of CO2  
due to the nature of their business (cement, steel, etc.). TOTAL  
allocates significant resources to this area by dedicating up to 10%  
of the Group’s R&D budget to it. Several projects have made  
substantial progress in recent months. Northern Lights (Norway) is a  
project in which the Group participates alongside Equinor and Shell.  
Strengthening the position of gas in the energy mix must however be  
accompanied by a greater focus on control of methane emissions.  
To preserve the advantage that gas offers in terms of GHG emissions  
compared to coal for electricity generation, it is necessary to strictly  
reduce the methane emissions associated with the production and  
transportation of gas. In 2018, TOTAL’s methane emissions are kept  
(1)  
below 0.25% of the commercial gas produced . TOTAL’s target is  
to sustainably reduce the intensity of its methane emissions of its  
operated facilities in the Exploration & Production segment to less  
than 0.20% of commercial gas produced by 2025.  
TOTAL is also a partner of the Clean Gas Project (UK), together with  
the OGCI’s investment fund and a few companies of the sector(  
4)  
.
TOTAL announced in February 2019 the creation of an entity  
dedicated to investments in natural carbon sinks, composed of  
experts in environment and agronomy, with an investment budget  
$100 million per year from 2020 onwards. Furthermore, actions of  
preservation and restoration of the forest are currently conducted  
(refer to point 5.9 of chapter 5 where presented the Total Foundation  
program carried mainly by the Fondation d’entreprise Total).  
The Group has been a member since 2014 of the partnership  
between governments and industrial companies for the improvement  
of tools to measure and control methane emissions set up by the  
Climate and Clean Air Coalition and promoted by UN Environment  
and the non-profit organization Environmental Defense Fund. The  
Group also took several actions as part of the Oil & Gas Climate  
Initiative and signed the guiding principles on the reduction of  
Sector initiatives and international framework  
(2)  
methane emissions on the gas value chain  
.
TOTAL is also in various sector initiatives on the main challenges  
raised by climate change. Indeed, tackling climate change requires  
cooperation between all actors, from both public and private sectors.  
3) Developing a profitable low-carbon electricity business  
TOTAL is developing along the whole of the low-carbon electricity  
value chain, from electricity generation, storage and sale to the end  
customer. As demand for electricity is expected to grow strongly in  
the coming decades, TOTAL intends to become a major player in  
this segment. To meet this target, TOTAL plans to invest $1.5 to  
Thus, in 2014, TOTAL decided to join the call of the UN Global  
Compact, which encourages companies to consider a CO2 price  
internally and publicly support the importance of such a price via  
regulation mechanisms suited to the local context. In particular,  
TOTAL advocates the emergence of a balanced, progressive  
international agreement that prevents the distortion of competition  
between industries or regions of the world. Drawing attention to  
future constraints on GHG emissions is crucial to changing the energy  
mix. TOTAL therefore encourages the setting of a worldwide price  
for each ton of carbon emitted, while ensuring fair treatment of  
“sectors exposed to carbon leakage” (as defined by the EU). In  
addition, TOTAL is working with the World Bank as part of the Carbon  
Pricing Leadership Coalition (CPLC). In June 2017, TOTAL became  
a founder member of the Climate Leadership Council, an initiative  
that calls for the introduction of a “carbon dividend”, namely, a  
redistribution mechanism that would tax the biggest fossil fuel  
consumers (a population’s wealthiest citizens) in order to pay a  
dividend to the entire population.  
$
2 billion per year. In 2018, the Group completed the acquisition of  
Direct Énergie, a French electricity supplier, for nearly €2 billion. With  
regards to the generation of electricity, TOTAL aims at holding a  
production capacity of 10 GW of low-carbon electricity by 2023.  
In 2018, TOTAL acquired four combined-cycle natural gas power  
plants in France with a global capacity of 1.6 GW. Refer to chapter 2  
for further information on recent acquisitions.  
4) Developing sustainable biofuels  
A pioneer in biofuels for more than 20 years, TOTAL is now one of  
(3)  
Europe’s major actors with 2.4 Mt blended sustainable biofuels in  
018 for a worldwide distribution of 3.2 Mt.  
2
Furthermore, TOTAL produced 0.1 Mt of sustainable biofuels in its  
refineries in 2018. Production at La Mède factory is scheduled to  
start in 2019. It has a capacity of 0.5 Mt per year of hydrotreated  
vegetable oil (HVO) based on sustainable certified charges, the Group  
intends to reach a market share of over 10% in Europe. Biofuels that  
are currently available are mainly made with vegetable oil and sugar.  
In 2014, TOTAL was actively involved in launching and developing  
the Oil & Gas Climate Initiative (OGCI), a global industry partnership.  
At year-end 2018, this initiative involved 13 major international energy  
players. Its purpose is to share experiences, advance technological  
solutions and catalyze meaningful action in order to assist the  
evolution of the energy mix in a manner that takes into account  
climate change issues. Launched in 2017, the OGCI Climate  
Investments fund, which has access to over $1 billion over 10 years,  
invests in technology that significantly cuts emissions. The fund’s  
For more than 10 years, TOTAL’s R&D teams have developed  
technologies that have broadened the range of usable resources,  
while also meeting the need for sustainability. The consortium BioTFuel  
is working on, for example, the development of lignocellulose (plant  
waste).  
initial investments notably are: a large-scale industrial CO capture  
2
and storage project (Clean Gas Project); a solution that reduces the  
carbon footprint of cement by using CO2 instead of water to set  
concrete (Solidia Technologies); a high-efficiency opposed-piston  
engine that reduces GHG emissions (Achates Power) and a  
technology that incorporates CO as a raw material in the production  
2
of polyols used in polyurethanes, which are plastics that have multiple  
uses (Econic Technologies).  
(
(
(
(
1) Refer to the OGCI methodology for methane intensity calculation: http://oilandgasclimateinitiative.com/blog/methodological-note-for-ogci-methane-intensity-target-and -ambition.  
2) “Guiding Principles on Reducing Methane Emissions across the Natural Gas Value Chain”.  
3) Physical volume of biofuels in equivalent ethanol and esters according to the rules defined by the European RED Directive, excluding volumes sold to third parties via trading.  
4) BP, ENI, Equinor, Occidental Petroleum and Shell.  
106  
TOTAL Registration Document 2018  
RISKS AND CONTROL  
Risk Factors  
3
The Group also plays a role in various international initiatives that  
involve the private and the public sectors to bring about  
—
the development of new state-of-the-art energy companies, since  
2017 within the Breakthrough Energy Coalition (BEC), a group of  
investors created by Bill Gates in 2015, and since 2016 within  
the Breakthrough Energy Ventures, a $1 billion fund created in  
(non-exhaustive list):  
—
—
—
carbon pricing within Caring for Climate – United Nations Global  
Compact, and the Paying for Carbon call;  
2016 by the BEC.  
the end of routine flaring of gas associated to oil production  
within the World Bank’s Zero Routine Flaring by 2030 initiative;  
C) Targets and metrics to measure climate-related risks  
TOTAL has set itself targets and introduced a number of indicators  
to coordinate its performance.  
greater transparency, while taking into account the  
recommendations of the G20 Financial Stability Board on climate,  
and of the Task Force on Climate-related Financial Disclosures  
(TCFD);  
The Group’s climate targets:  
What has been accomplished:  
—
—
—
an 80% reduction of routine flaring(1) on operated facilities  
between 2010 and 2020 in order to eliminate it by 2030;  
—
—
—
—
more than 80% reduction in routine flaring between 2010 and  
2018;  
an average 1% improvement per year in the energy efficiency  
of operated facilities between 2010 and 2020;  
more than 10% improvement in energy efficiency between  
2010 and 2018;  
3
a sustainable reduction in the intensity of the methane  
emissions of the Exploration & Production segment’s operated  
facilities to less than 0.20% of gas produced for sale, by 2025;  
an intensity of the methane emissions below 0.25% of the  
commercial gas produced in 2018;  
a GHG emission reduction (Scopes 1 & 2) on operated oil &  
gas facilities from 46 Mt CO e to 42 Mt CO e between 2015  
—
a GHG emission reduction (Scopes 1 & 2) on operated oil &  
gas facilities of 46 Mt CO e in 2015 to less than 40 Mt CO e  
2
2
and 2018.  
2
2
in 2025.  
Indicators related to climate change  
2018  
2017  
2016  
2015  
SCOPE 1 Direct greenhouse-gas emissions (operated scope)  
Mt CO e  
40  
38  
41  
42  
2
Breakdown by segment  
Exploration & Production  
Mt CO2e  
Mt CO2e  
Mt CO2e  
Mt CO2e  
Mt CO2e  
18  
2
17  
0
19  
0
19  
-
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
21  
< 1  
54  
4
21  
< 1  
50  
4
22  
< 1  
51  
4
22  
< 1  
50  
4
SCOPE 1 Direct greenhouse-gas emissions based on the Group’s equity interest  
SCOPE 2 Indirect emissions attributable to energy consumption by sites  
GHG emissions (Scopes 1 & 2) on operated oil & gas facilities  
Net primary energy consumption (operated scope)  
Mt CO e  
2
Mt CO e  
42  
41  
142  
45  
150  
46  
153  
2
TWh  
143(a)  
Group energy efficiency indicator  
Base 100  
in 2010  
88.4  
85.7  
91.0  
90.8  
Daily volume of all flared gas (Exploration & Production operated scope)  
3
(including safety flaring, routine flaring and non-routine flaring)  
Mm /d  
6.5  
1.1  
5.4  
1.0  
7.1  
7.2  
3
1.7(b)  
2.3(c)  
Of which routine flaring  
Mm /d  
(a) Excluding primary energy consumption of Direct Énergie gas power plants.  
(b) Estimated Volume at end 2016 based on new definition of Routine Flaring published in June 2016 by the Working Group Global Gas Flaring Reduction.  
(c) Volumes estimated upon historical data.  
All this data as well as the related risks are also reported to the CDP  
once a year, and TOTAL’s response to the CDP Climate Change  
questionnaire is posted on the Group’s website (sustainable-  
performance.total.com). For its 2018 reporting regarding 2017  
activities, the Group received an A-.  
facilities by 2030. An 80% reduction target was set for 2020  
compared to 2010, in other words, an average of 1.5 Mm /d. This  
target has been met since 2017.  
3
Furthermore, as part of the Global Gas Flaring Reduction program,  
TOTAL has worked alongside the World Bank for over 10 years to  
help producing countries and industrial players control flaring of gas  
associated to oil production.  
Flaring  
Reducing routine flaring has been a long-standing target of the Group,  
which designs its new projects without resorting to it. In addition,  
TOTAL is committed to putting an end to routine flaring of its operated  
The increase in flaring linked to oil production in 2018 is due to  
acquisition and startup of new sites.  
(1) Routine flaring, as defined by the working group of the Global Gas Flaring Reduction program within the framework of the World Bank’s Zero Routine Flaring initiative.  
Registration Document 2018 TOTAL  
107  
RISKS AND CONTROL  
3
Risk Factors  
Energy efficiency  
A) The Group’s responsible procurement policy  
One of the Group’s performance targets is to better control energy  
consumption. Since the beginning of 2013, a Group directive has  
defined the requirements to be met at operated sites using more  
than 50,000 tons of oil equivalent per year of primary energy  
The Group ensures that contractual conditions are negotiated in an  
equitable manner with its suppliers. The Code of Conduct restates  
this requirement and the three essential principles that guide TOTAL’s  
relations with its suppliers: dialogue, professionalism and the  
fulfillment of commitments.  
(approximately 40 sites). At end 2018, all the concerned sites reported  
compliance or had taken steps to comply with this directive. The aim  
is to ensure that 100% sites using more than 50,000 tons of oil  
equivalent per year by the end of 2020 have an Energy Management  
System auditable, such as the ISO 50001 on energy management .  
A certain number of sites that use less energy have, voluntarily, taken  
measures to become ISO 50001 certified.  
These principles are also set forth in the Fundamental Principles of  
Purchasing, launched in 2010, that specify the commitments that  
TOTAL expects its employees and suppliers to adhere to in the  
following areas: respect for human rights at work, the protection of  
health, safety and security, preservation of the environment,  
prevention of corruption, and conflicts of interest and the fight against  
fraud, respect for competition law, as well as the promotion of  
economic and social development. These principles were drawn up  
in keeping with the fundamental principles defined in particular in the  
United Nations Universal Declaration of Human Rights, the  
conventions of the International Labor Organization, the United  
Nations Global Compact and the OECD Guidelines for Multinational  
Enterprises.  
(1)  
Energy efficiency is a key factor for the improvement of economic,  
environmental and industrial performance. Since 2013, the Group  
has used a Group Energy Efficiency Index (GEEI) to assess its  
performance in this area. It consists of a combination of energy  
intensity ratios (ratio of net primary energy consumption to the level  
of activity) per business.  
The Group’s target for the 2010-2020 period is to improve the energy  
efficiency of its operated facilities by an average of 1% per year. By  
design, the base value of the GEEI was defined as 100 in 2010 and  
the target is to reach 90.4 in 2020. This target has been met since  
Furthermore, a Sustainable Procurement road map defines TOTAL’s  
guidelines in this area. A Sustainable Procurement Committee  
regularly brings together the Management Committee of Total Global  
Procurement and the Civil Society Engagement (including the Human  
Rights Department), HSE and Legal divisions as well as the Ethics  
Committee. It is tasked with monitoring the implementation of the  
Group’s Sustainable Procurement road map.  
2017.  
Through the “Total Ecosolutions” program, the Group is developing  
innovative products and services that perform above market  
standards on the environmental front. At year-end 2018, 97 products  
and services bore the “Total Ecosolutions” label. The CO2 eq  
emissions avoided throughout the life cycle by the use of “Total  
Ecosolutions” products and services, compared to the use of  
benchmark products on the market and for an equivalent level of  
service, are measured annually based on sales volumes. This  
Employee awareness-raising actions and training  
TOTAL has set up a number of channels of communication to raise  
employee awareness of the risks and issues related to its supply  
chain. Training modules explaining the Group’s ethical commitments  
and the Fundamental Principles of Purchasing have been developed  
for and made available to Group procurement representatives. In  
2018, 196 procurement representatives were trained on respect of  
human rights and working conditions by suppliers, and 250 on  
anti-corruption rules.  
represented 1.75 Mt CO e in 2018.  
2
GHG emissions  
The Group has reduced by 25% the GHG emissions produced by its  
operated activities since 2010. This reduction was reached thanks to  
notably reducing flaring and improving energy efficiency.  
The Group provides its procurement representatives with supporting  
materials, such as the “Sustainable Purchasing Awareness Cards”  
that recap human rights at work and identify the purchaser practices  
that must alert them. A set of communication tools intended to help  
procurement representatives to enter discussions on the Fundamental  
Principles of Purchasing was also distributed within Total Global  
Procurement. The materials used in the annual performance review  
have been revised to include a section on human rights.  
In February 2019, TOTAL announced a target to decrease the GHG  
emissions (Scopes 1 & 2) on its operated oil & gas facilities to less  
than 40 Mt CO e in 2025.  
2
3.5.9.5 Contractors and suppliers  
TOTAL’s activities generate hundreds of thousands of direct and  
indirect jobs worldwide. Present in more than 130 countries, the  
Group currently works with a network of more than 100,000 suppliers  
of goods and services worldwide. In 2018, the Group’s purchases of  
goods and services (excluding petroleum products and vessel  
In June 2018, the International Procurement Days brought together  
the 170 procurement representatives present in 41 countries. The  
Fundamental Principles of Purchasing were distributed during the  
event and the internal supplier qualification and audit processes were  
presented.  
chartering by Trading  
&
Shipping) represented approximately  
(2)  
$29 billion worldwide. The allocation of expenditures on the Group  
level is approximately 32% for goods (products, materials, etc.) and  
approximately 68% for services (in particular consulting services,  
work with supply of materials, transport, etc.).  
With respect to the development of good practices in business  
relations, TOTAL also launched an initiative to raise its employees’  
awareness of mediation as an alternative method for resolving  
disputes. Since 2013, a training day run by professional mediators to  
raise awareness of mediation has been organized in French and  
English. In 2017, an open day for employees of the Group, lawyers  
and suppliers, enabled participants to learn about the benefits of  
mediation. A brochure designed to increase awareness of the  
mediation process is available to all Group employees. In addition,  
an email address is available on the Group website (under “Suppliers”).  
The Group’s suppliers can contact the internal supplier mediator  
using a generic email address (mediation.fournisse[email protected]).  
The internal mediator is tasked with facilitating relations between the  
Group and its French and international suppliers. The general  
purchasing terms and conditions also mention the possibility of  
recourse to mediation.  
TOTAL’s success as a responsible company is played out all along  
its value chain, and the Group is convinced of the importance of  
working with suppliers that respect human rights and take care of  
their employees. The Group expects its suppliers to adhere to  
principles equivalent to those in its own Code of Conduct, as set out  
in the Fundamental Principles of Purchasing directive. To this end,  
the Group wanted the management of its supplier relations to be  
coordinated by the dedicated cross-functional “Total Global  
Procurement” entity, which is tasked, in particular, with delivering  
Purchasing services and assisting the Group’s entities and sites,  
mainly in Exploration & Production, Refining & Petrochemicals,  
Marketing & Services and Gas, Renewables & Power. This approach  
is complemented by employee training programs and actions to raise  
awareness amongst the Group’s partners, customers and suppliers.  
Its success is also based on TOTAL’s involvement in international  
initiatives or collaborative approaches specific to the energy sector  
that promote the emergence of good practices.  
(
(
1) The ISO 50001 standard accompanies the implementation in companies of an energy management system that allows a better use of energy.  
2) $25 billion excluding Hutchinson, SunPower and Saft Group.  
108  
TOTAL Registration Document 2018  
RISKS AND CONTROL  
Risk Factors  
3
B) Extension of the Group’s policy to the supply chain  
Supplier awareness-raising actions  
TOTAL expects its suppliers to:  
The deployment of the anti-corruption policy in purchasing continued  
in 2017 with awareness-raising sessions for strategic suppliers at  
the Suppliers Day. This event gathered more than 100 suppliers that  
are considered to be strategic in view of their contribution to Group  
operations. In addition to numerous initiatives taken in previous years,  
in 2018 approximately 229 suppliers underwent an anti-corruption  
analysis through the issuing of specific questionnaires, completed, in  
some cases, by external inspections.  
—
adhere to the Fundamental Principles of Purchasing and ensure  
that they are adhered to in their activities;  
—
—
accept to be audited according to these principles;  
remain attentive to the everyday working conditions of their  
employees and their suppliers’ employees;  
—
—
ensure that their own suppliers and subcontractors adhere to  
these Fundamental Principles of Purchasing;  
Every year, one of the departments of the IPO (TOTAL IPO in  
Shanghai, China) organizes a compliance day and invites one of its  
approved suppliers. It can explain the actions it takes regarding  
anti-corruption compliance, the concrete problems encountered and  
how it deals with them. The discussions, based on case studies and  
topical issues, are enlightening for all. In 2018, this event was held in  
December (refer also to point 5.8.1 of chapter 5).  
refer to the Group Ethics Committee when in doubt or in the  
event of any malfunction.  
The rules set out in these Principles must be included or transposed  
into the agreements concluded with suppliers. To this end, these  
Principles are available for consultation by all suppliers in both French  
and English on TOTAL’s website (under “Suppliers”).  
Finally, pursuant to Rule 13p-1 of the Securities Exchange Act of  
1
934, as amended, which implemented certain provisions of the  
Dodd-Frank Wall Street Reform and Consumer Protection Act of  
010, TOTAL has submitted since 2014 to the SEC an annual  
The supplier qualification process  
3
2
The supplier qualification process was harmonized at Group level in  
document relating to “conflict minerals”( sourced from the  
Democratic Republic of the Congo or an adjoining country. The  
document indicates whether, during the preceding calendar year,  
any such minerals were necessary to the functionality or production  
of a product manufactured (or contracted to be manufactured) by  
the TOTAL S.A. or one of its affiliates had. The main objective of the  
rule’s obligation to publish this information is to prevent the direct or  
indirect funding of armed groups in central Africa. For more  
information, refer to TOTAL’s most recent publication available at:  
sustainable-performance.total.com or www.sec.gov.  
1)  
2
017 by Total Global Procurement. A new internal framework was  
published in 2018. A new computerized qualification tool will gradually  
be rolled out starting in 2019, with a planned scope of 107 countries  
thus far.  
It will be used to automate and document the supplier qualification  
process, which unfolds in four stages:  
1
.
.
confirmation of interest;  
2
a risk pre-analysis to decide whether an in-depth analysis of  
each criterion is necessary (HSE, anti-corruption, societal,  
financial, technical);  
C) The Group’s responsible procurement commitments  
3
.
.
determination of the qualification status;  
Since 2010, TOTAL is a signatory to the French Economy and  
Finances Ministry’s Sustainable Supplier Relations Charter, which  
aims to allow more sustainable and balanced relations between  
customers and suppliers.  
4
monitoring and renewal of qualification. Qualifications are valid  
for three years.  
The supplier assessment process  
Worldwide, a CSR global agreement monitoring Committee (known  
as the “FAIR Committee”) meets every year in the presence of  
representatives who are members of trade unions affiliated with the  
IndustriALL Global Union and appointed by this federation to monitor  
and implement the agreement. It identifies good practice and areas  
for improvement. In application of the areas for improvement defined  
by this Committee, the programs mentioned earlier have already  
been set up: Suppliers Day, International Procurement Day and  
trainings in human rights for purchasers.  
Simultaneously, the Group has set up a supplier assessment process  
to identify and prevent risks of severe impacts on human rights and  
fundamental freedoms, human health and safety. Thus, since 2016,  
the Group started conducting campaigns to audit working conditions  
amongst its suppliers. These audits are conducted by a specialized  
service provider, with which TOTAL signed a framework contract in  
2016.  
Since 2017, the Group has been rolling-out specific training for Group  
purchasers to evaluate suppliers with respect to human rights.  
Since 2018, TOTAL has been a member of the United Nations Global  
Compact platform on Decent Work in Global Supply Chains, and, in  
this capacity, takes part in various workshops that aim to help the  
member companies of the Global Compact to make progress in this  
area. In December 2018, the Group committed to pursuing its efforts  
in terms of decent work and respecting human rights in its supply  
chain by signing the “Six Commitments” of the United Nations Global  
Compact.  
Moreover, in September 2018, TOTAL, BP, Equinor and Shell  
announced their intention to develop a common collaborative  
approach to assess the respect of human rights by their suppliers.  
The partner companies are convinced of the importance of working  
with suppliers that respect human rights, on the one hand, and take  
good care of their employees, on the other. The goal of this common  
approach is to encourage the improvement of working conditions in  
the supply chain of the companies involved. This initiative addresses  
the United Nations SDG N° 8: “to promote sustained, inclusive and  
sustainable economic growth, full and productive employment and  
decent work for all”.  
The Group’s buyers also take part in international working groups on  
responsible procurement. TOTAL is an active member of IPIECA’s  
Supply Chain Working Group. Building on the workshops held since  
2
015, TOTAL continued to participate in the Operationalization of the  
UN Guiding Principles work organized by the IPIECA, aimed at both  
oil and gas companies and engineering, procurement and construction  
(EPC) contractors.  
Finally, the Group pays special attention to the disabled and protected  
employment sectors. In France, the Group’s purchases from this  
sector enabled the achievement of an indirect employment rate of  
nearly 1% in 2018. TOTAL is a member of the Pas@Pas association  
and provides its buyers with an online directory that can be used to  
identify potential suppliers and service providers (disabled or  
protected employment sectors) by geographical area and by category  
(refer to point 5.3.5.3 in chapter 5).  
(
1) Rule 13p-1 defines “conflict minerals” as follows (irrespective of their geographical origin): columbite-tantalite (coltan), cassiterite, gold, wolframite as well as their derivatives, which are  
limited to tantalum, tin and tungsten.  
Registration Document 2018 TOTAL  
109  
RISKS AND CONTROL  
3
110  
TOTAL Registration Document 2018  
4
REPORT ON CORPORATE  
GOVERNANCE  
4.1  
Administration and management bodies  
112  
4.1.1 Composition of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112  
4.1.2 Practices of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125  
4.1.3 Report of the Lead Independent Director on her mandate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137  
4.1.4 Evaluation of the functioning of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138  
4.1.5 General Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138  
4.1.6 Shares held by the administration and management bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143  
4
.2  
.3  
Statement regarding corporate governance  
145  
145  
4
Compensation for the administration and management bodies  
4.3.1 Board members’ compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145  
4.3.2 Chairman and Chief Executive Officer’s compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147  
4.3.3 Executive officers’ compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163  
4.3.4 Stock option and free share grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163  
4.4  
Additional information about corporate governance  
169  
4.4.1 Regulated agreements and undertakings and related-party transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169  
4.4.2 Delegations of authority and powers granted to the Board of Directors with respect to share capital increases  
and authorization for share cancellation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170  
4.4.3 Provisions of the bylaws governing shareholders’ participation in General Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . 171  
4.4.4 Information about factors likely to have an impact in the event of a public takeover or exchange offer. . . . . . . . . . . . . . 171  
4.4.5 Statutory auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172  
4.5  
Statutory auditors’ report on related party agreements and commitments  
173  
Registration Document 2018 TOTAL  
111  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
The information set out in this chapter forms the Board of Directors’  
report on corporate governance, produced pursuant to Article  
L. 225-37 of the French Commercial Code. This report has been  
prepared on the basis of the deliberations of the Board of Directors,  
and with the assistance of several of the Company’s corporate  
functional divisions, including in particular the Legal, Finance and  
People & Social Responsibility Departments. After the sections  
relevant to their respective duties were reviewed by the Governance  
and Ethics Committee and the Compensation Committee, the report  
was approved by the Board of Directors.  
4.1 Administration and management bodies  
4.1.1 Composition of the Board of Directors  
As of March 13, 2019  
1
2
1
1
1
90%  
independent  
(a)  
directors  
directors  
Lead  
Independent  
Director  
director  
director  
representing  
employees  
representing  
employee  
shareholders  
6
1
5.2  
45.5%  
54.5%  
6
(
b)  
(b)  
average age  
of directors  
average years  
of service  
women  
men  
nationalities  
represented  
of the Board  
(a) Excluding the director representing employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
For more information, refer to point 4.1.1.4 of this chapter.  
(b) Excluding the director representing employees, in accordance with Article L. 225-27-1 of the French Commercial Code.  
The Company is administered by a Board of Directors whose  
members include a director representing employee shareholders  
elected on the proposal of the shareholders specified in Article  
L. 225-102 of the French Commercial Code, in accordance with  
the provisions of Article L. 225-23 of the French Commercial  
Code (hereafter referred to as the “director representing employee  
shareholders”) and a director representing employees appointed by  
the Central Works Council (replaced since December 2018 by the  
Central Social and Economic Committee) of UES Amont – Global  
Services – Holding in accordance with the provisions of Article  
L. 225-27-1 of the French Commercial Code and the Company’s  
bylaws.  
Ms. Patricia Barbizet has served as Lead Independent Director since  
December 19, 2015. Her duties are specified in the Rules of  
Procedure of the Board of Directors (refer to point 4.1.2.1 of this  
chapter).  
Directors are appointed for a three-year period (Article 11 of the  
Company’s bylaws). The terms of office of the members of the Board  
are staggered to space more evenly the renewal of appointments  
and to ensure the continuity of the work of the Board of Directors  
and its Committees, in accordance with the recommendations of the  
AFEP-MEDEF Code, which the Company refers to. The profiles,  
experience and expertise of the directors are detailed in the  
biographies below.  
Mr. Patrick Pouyanné is the Chairman and Chief Executive Officer of  
TOTAL S.A. He has served as Chairman of the Board of Directors  
since December 19, 2015, the date on which the functions of  
Chairman of the Board of Directors and Chief Executive Officer of  
TOTAL S.A. were combined (refer to point 4.1.5.1 of this chapter).  
112  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
Overview of the Board of Directors  
Appendix 3 of the AFEP-MEDEF Code  
Participation  
in Board  
Personal information  
Number  
Experience  
Position on the Board  
Length of  
Committees  
Number of  
directorships  
held at listed  
Initial  
date of  
dence appointment  
Term of  
oꢀce  
service  
on the  
Board  
Indepen-  
(
a)  
Age Gender Nationality of shares corporations  
expires  
Patrick Pouyanné  
Chairman and  
55  
M
127,617  
1
2015  
2021  
4
4
Chief Executive Officer  
Patrick Artus  
67  
63  
M
F
1,000  
1,050  
2
4
4
4
2009  
2008  
2021  
2020  
10  
11  
4
4
Patricia Barbizet  
Lead Independent Director  
Marie-Christine Coisne-Roquette 62  
F
M
F
4,472  
2,000  
1,000  
1,250  
3,064  
1,042  
549  
1
1
2
4
4
1
0
4
4
2011  
2017  
2016  
2012  
2012  
2016  
2016  
2020  
2020  
2019  
2021  
2019  
2019  
2019  
8
2
3
7
7
3
3
4
4
4
4
4
4
4
Mark Cutifani  
60  
69  
67  
57  
68  
55  
Maria van der Hoeven  
Anne-Marie Idrac  
Gérard Lamarche  
Jean Lemierre  
4
F
4
M
M
F
4
4
4
Renata Perycz  
n/a  
Director representing  
employee shareholders  
Christine Renaud  
Director representing employees  
50  
60  
F
200  
0
2
n/a  
2017  
2017  
2020  
2020  
2
2
4
4
Carlos Tavares  
M
1,000  
4
(
a) Number of directorships held by the director at listed companies outside his or her group, including foreign companies, assessed in accordance with the recommendations of the  
AFEP-MEDEF Code, point 18 (refer to point 4.1.1.3 of this chapter).  
Overview of the Committees  
As of March 13, 2019  
Audit Committee  
Governance and  
Ethics Committee  
Compensation  
Committee  
Strategy & CSR  
Committee  
4
members  
4 members  
100% independent  
5 members  
100% independent  
6 members  
(
a)  
(a)  
80% independent  
1
00% independent  
Marie-Christine  
Coisne-Roquette*  
Patrick Artus  
Maria van der Hoeven  
Gérard Lamarche  
Patricia Barbizet*  
Mark Cutifani  
Anne-Marie Idrac  
Jean Lemierre  
Gérard Lamarche*  
Patricia Barbizet  
Marie-Christine  
Coisne-Roquette  
Renata Perycz(  
Carlos Tavares  
Patrick Pouyanné*  
Patrick Artus  
Patricia Barbizet  
Anne-Marie Idrac  
Jean Lemierre  
b)  
(
c)  
Christine Renaud  
(
(
(
a) Excluding the director representing employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
b) Director representing employee shareholders.  
c) Director representing employees.  
*
Chairperson of the Committee.  
Registration Document 2018 TOTAL  
113  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
Changes to the composition of the Board of Directors and the Committees  
Appendix 3 of the AFEP-MEDEF Code – Changes that have occurred within the membership  
of the Board of Directors and Committees during the financial year  
Situation as of March 13, 2019  
Departure  
Appointment  
Renewal  
Board of Directors  
-
-
Mr. Patrick Pouyanné  
OSM of 06/01/2018  
-
-
-
-
Mr. Patrick Artus(a)  
OSM of 06/01/2018  
Ms. Anne-Marie Idrac(a)  
OSM of 06/01/2018  
Mr. Gérard Lamarche(a)  
OSM of 05/29/2019  
Ms. Lise Croteau(a)  
Ms. Maria van der Hoeven  
OSM of 05/29/2019  
(a)  
OSM of 05/29/2019(  
b)  
(b)  
Ms. Renata Perycz(c)  
OSM of 05/29/2019  
Director representing  
Mr. Jean Lemierre  
(a)  
b)  
employee shareholders  
OSM of 05/29/2019(  
OSM of 05/29/2019(  
d)  
Audit Committee  
-
-
-
-
-
-
Governance and  
Ethics Committee  
Mr. Mark Cutifani(a)  
06/01/2018  
Compensation Committee  
-
-
Mr. Carlos Tavares(a)  
0
6/01/2018  
Ms. Christine Renaud(e)  
6/01/2018  
Strategy & CSR Committee  
0
(
(
(
(
(
a) Independent director.  
b) Subject to approval of the resolutions at the Shareholders’ Meeting on May 29, 2019.  
c) Director representing employee shareholders.  
d) For the appointment of the director representing employee shareholders proposed to the Shareholders’ Meeting of May 29, 2019, refer to point 4.1.1.7 of this chapter.  
e) Director representing employees.  
OSM: Ordinary Shareholders’ Meeting.  
4
.1.1.1 Profile, experience and expertise of the directors  
Information as of December 31, 2018)(  
1)  
(
PATRICK POUYANNÉ  
Chairman and Chief Executive Officer of TOTAL S.A.*  
Chairman of the Strategy & CSR Committee  
Biography & Professional Experience  
A graduate of École Polytechnique and a Chief Engineer of France’s Corps des Mines, Mr. Pouyanné held, between  
989 and 1996, various administrative positions in the Ministry of Industry and other cabinet positions (technical  
1
Born on June 24, 1963  
French)  
advisor to the Prime Minister – Édouard Balladur – in the fields of the Environment and Industry from 1993 to 1995,  
Chief of staff for the Minister for Information and Aerospace Technologies – François Fillon – from 1995 to 1996).  
In January 1997, he joined TOTAL’s Exploration & Production division, first as Chief Administrative Officer in Angola,  
before becoming Group representative in Qatar and President of the Exploration and Production subsidiary in that  
country in 1999. In August 2002, he was appointed President, Finance, Economy and IT for Exploration & Production.  
In January 2006, he became Senior Vice President, Strategy, Business Development and R&D in Exploration &  
Production and was appointed a member of the Group’s Management Committee in May 2006. In March 2011,  
Mr. Pouyanné was appointed Deputy General Manager, Chemicals, and Deputy General Manager, Petrochemicals.  
In January 2012, he became President, Refining & Chemicals and a member of the Group’s Executive Committee.  
(
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 29, 2015  
Date last reappointed:  
Ordinary Shareholders’  
Meeting of June 1, 2018  
On October 22, 2014, he became Chief Executive Officer of TOTAL S.A. and Chairman of the Group’s Executive  
Committee. On May 29, 2015, he was appointed by the Annual Shareholders’ Meeting as director of TOTAL S.A.  
for a three-year term. The Board of Directors of TOTAL appointed him as Chairman of the Board of Directors as of  
December 19, 2015. Mr. Pouyanné thus became the Chairman and Chief Executive Officer of TOTAL S.A.  
Following the renewal of Mr. Pouyanné’s directorship at the Shareholders’ Meeting on June 1, 2018 for a  
three-year period, the Board of Directors renewed Mr. Pouyanné’s term of office as Chairman and Chief Executive  
Officer for a period equal to that of his directorship. Mr. Pouyanné is also the Chairman of the Association United  
Way – L’Alliance since June 2018, having accepted this office as TOTAL S.A.’s Chairman and Chief Executive Officer.  
Expiry date of term of  
office: 2021 Ordinary  
Shareholders’ Meeting  
Number of TOTAL  
shares held: 127,617  
Number of Total  
Actionnariat France  
collective investment  
fund units held:  
Main function: Chairman and Chief Executive Officer of TOTAL S.A.*  
8,931.3728  
(as of 12/31/2018)  
(
*
1) Including information pursuant to Article L. 225-37-4 of the French Commercial Code and item 14.1 of Annex I of EC Regulation No. 809/2004 of April 29, 2004.  
For information relating to directorships, the companies marked with an asterisk are listed companies.  
114  
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REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
Business address:  
TOTAL S.A.  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
—
Chairman and Chief Executive Officer of TOTAL S.A.* and Chairman of the Strategy & CSR Committee  
9
Outside the TOTAL Group  
Director of Cap Gemini S.E.* (since May 10, 2017) and member of the Strategy and Investments Committee  
since September 1, 2017)  
France  
—
(
Directorships that have expired in the previous five years  
—
—
Chairman and Director of Total Refining & Chemicals until 2014  
Chairman and Director of Total Petrochemicals & Refining S.A./NV until 2014  
PATRICK ARTUS  
Independent director  
Member of the Audit Committee  
Member of the Strategy & CSR Committee  
Biography & Professional Experience  
A graduate of École Polytechnique, École Nationale de la Statistique et de l’Administration Économique (ENSAE)  
and the Institut d’Études Politiques de Paris, Mr. Artus began his career at INSEE (the French National Institute  
for Statistics and Economic Studies) where his work included economic forecasting and modeling. He then  
worked at the Economics Department of the OECD (1980), later becoming the Head of Research at the ENSAE  
from 1982 to 1985. He was scientific advisor at the Research Department of the Banque de France, before  
joining the Natixis Group as the head of the Research Department, and has been a member of its Executive  
Committee since May 2013. He is an associate professor at the Paris School of Economics. He is also a  
member of the Cercle des Économistes.  
Born on October 14,  
1951 (French)  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 15, 2009  
4
Date last reappointed:  
Ordinary Shareholders’  
Meeting of June 1, 2018  
Main function: Head of the Research Department and member of the Executive Committee of Natixis*  
Directorships and functions held at any company during the 2018 fiscal year  
Within the Natixis group  
Expiry date of term of  
office: 2021 Ordinary  
Shareholders’ Meeting  
—
Head of the Research Department and member of the Executive Committee of Natixis*  
Number of TOTAL  
shares held: 1,000  
Outside the Natixis group  
—
—
Director of TOTAL S.A.* and member of the Audit Committee and the Strategy & CSR Committee  
Director of IPSOS*  
(as of 12/31/2018)  
Business address:  
Natixis  
Directorships that have expired in the previous five years  
4
7 quai d’Austerlitz  
None  
75013 Paris – France  
PATRICIA BARBIZET  
Independent director – Lead Independent Director  
Chairwoman of the Governance and Ethics Committee  
Member of the Compensation Committee  
Member of the Strategy & CSR Committee  
Biography & Professional Experience  
Born on April 17, 1955  
French)  
A graduate of École Supérieure de Commerce de Paris (ESCP-Europe) in 1976, Patricia Barbizet started her  
career in the Treasury division of Renault Véhicules Industriels, and then as CFO of Renault Crédit International.  
In 1989, she joined the group of François Pinault as CFO, and was CEO of Artémis, the Pinault family’s investment  
company, between 1992 and 2018. She was also CEO and Chairwoman of Christie’s from 2014 to 2016.  
(
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 16, 2008  
Patricia Barbizet was Vice Chairwoman of the Board of Directors of Kering and Vice Chairwoman of Christie’s  
plc. She has been a member of the Board of Directors of TOTAL S.A. since 2008, and was a director of  
Bouygues, Air France-KLM and PSA Peugeot-Citroën. She chaired the Investment Committee of the Fonds  
Stratégique d’Investissement (FSI) from 2008 to 2013.  
Date last reappointed:  
Ordinary Shareholders’  
Meeting of May 26,  
Main function: Chairwoman of Temaris et Associés SAS since October 2018  
Directorships and functions held at any company during the 2018 fiscal year  
Within the Artémis group  
2017  
Expiry date of term of  
office: 2020 Ordinary  
Shareholders’ Meeting  
—
—
—
—
—
—
—
Director of Artémis until July 2018  
Chief Executive Officer of Artémis until January 2018  
Deputy Chairwoman of Christie’s International plc until January 2018  
Director and Vice Chairwoman of the Board of Directors of Kering S.A.* until December 2018  
General Manager (non-executive) and member of the Supervisory Board of Financière Pinault until January 2018  
Permanent representative of Artémis, member of the Board of Directors of Agefi until January 2018  
Permanent representative of Artémis, member of the Board of Directors of Sebdo le Point until January 2018  
Number of TOTAL  
shares held: 1,050  
(as of 12/31/2018)  
Business address:  
Temaris  
4
7
0 rue François 1er,  
5008 Paris – France  
Registration Document 2018 TOTAL  
115  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
—
—
—
—
—
Member of the Management Board of Société Civile du Vignoble de Château Latour until January 2018  
Director of Yves Saint Laurent until November 2018  
Amministratore & Amministratore Delagato of Palazzo Grassi until January 2018  
Member of the Supervisory Board of Ponant until January 2018  
Representative of Artémis, member of the Supervisory Board of Collection Pinault Paris until January 2018  
Outside the Artémis group  
—
—
Chairwoman of Temaris et Associés SAS since October 2018  
Director of TOTAL S.A.*, Lead Independent Director, Chairwoman of the Governance and Ethics Committee,  
member of the Compensation Committee and member of the Strategy & CSR Committee  
Director of Groupe Fnac Darty*  
Director of Axa* since April 2018  
Director of Pernod Ricard* since November 2018  
—
—
—
Directorships that have expired in the previous five years  
—
—
—
Chairwoman and CEO of Christie’s International plc until December 2016  
Member of the supervisory board of Peugeot S.A.* until April 2016  
Director of Société Nouvelle du Théâtre Marigny until November 2015  
MARIE-CHRISTINE COISNE-ROQUETTE  
Independent director  
Chairwoman of the Audit Committee  
Member of the Compensation Committee  
Biography & Professional Experience  
Ms. Coisne-Roquette has a Bachelor’s Degree in English. A lawyer by training, with a French Master’s in law and  
a Specialized Law Certificate from the New York bar, she started her career as an attorney in 1981 at the Paris  
and New York bars, as an associate of Cabinet Sonier & Associés in Paris. In 1984, she became a member of  
the Board of Directors of Colam Entreprendre, a family holding company that she joined full time in 1988. As  
Chairwoman of the Board of Colam Entreprendre and the Sonepar Supervisory Board, she consolidated family  
ownership, reorganized the Group structures and reinforced the shareholders’ Group to sustain its growth  
strategy. Chairwoman and Chief Executive Officer of Sonepar as of 2002, Marie-Christine Coisne-Roquette  
became Chairwoman of Sonepar S.A.S. in 2016. At the same time, she heads Colam Entreprendre as its  
Chairwoman and Chief Executive Officer. Formerly a member of the Young Presidents’ Organization (YPO), she  
served the MEDEF (France’s main employers’ association) as Executive Committee member for 13 years and  
was Chairwoman of its Tax Commission from 2005 to 2013. She was a member of the Economic, Social and  
Environmental Council from 2013 and 2015 and is currently a Director of TOTAL S.A.  
Born on November 4,  
956 (French)  
1
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 13, 2011  
Date last reappointed:  
Ordinary Shareholders’  
Meeting of May 26,  
2017  
Expiry date of term of  
office: 2020 Ordinary  
Shareholders’ Meeting  
Main function: Chairwoman of Sonepar S.A.S.  
Directorships and functions held at any company during the 2018 fiscal year  
Number of TOTAL  
shares held: 4,472  
Within the Sonepar group  
(
as of 12/31/2018)  
—
—
—
—
—
—
—
—
—
—
Chairwoman of Sonepar S.A.S.  
Chairwoman of the Corporate Board of Sonepar S.A.S.  
Chairwoman and Chief Executive Officer of Colam Entreprendre  
Legal representative of Sonepar S.A.S., Chairperson of Sonepar International  
Legal representative of Sonepar S.A.S., director of Sonepar France S.A.S.  
Legal representative of Sonepar S.A.S., co-manager of Sonedis (société civile) until October 29, 2018  
Permanent representative of Colam Entreprendre, co-manager of Sonedis (société civile) until October 29, 2018  
Permanent representative of Colam Entreprendre, director of SO.VE.MAR.CO Europe (S.A.)  
Chief Executive Officer of Sonepack S.A.S.  
Business address:  
Sonepar  
2
5 rue d’Astorg  
5008 Paris – France  
7
Permanent representative of Sonepar Belgium to the Board of Cebeo N.V. (Belgium) until February 2018  
Outside the Sonepar group  
—
—
—
—
Director of TOTAL S.A.*, Chairwoman of the Audit Committee and member of the Compensation Committee  
Co-manager of Développement Mobilier & Industriel (société civile)  
Managing Partner of Ker Coro (société civile immobilière)  
Member of the Supervisory Board of Akuo Energy S.A.S.  
Directorships that have expired in the previous five years  
Chairwoman of the Board of Directors of Sonepar S.A. until 2016  
—
116  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
MARK CUTIFANI  
Independent director  
Member of the Governance and Ethics Committee  
Biography & Professional Experience  
Mr. Cutifani was appointed director and Chief Executive of Anglo American plc on April 3, 2013. He is a member  
of the Board’s Sustainability Committee and chairs the Group Management Committee. Mr. Cutifani has 42 years  
of experience in the mining industry in various parts of the world, covering a broad range of products. Mark  
Cutifani is a non-executive director of Anglo American Platinum Limited, Chairman of Anglo American South  
Africa and Chairman of De Beers plc. He previously held the post of Chief Executive Officer of AngloGold Ashanti  
Limited. Before joining AngloGold Ashanti, Mr. Cutifani was COO responsible for global nickel business of Vale.  
Prior to that, he held various management roles at Normandy Group, Sons of Gwalia, Western Mining Corporation,  
Kalgoorlie Consolidated Gold Mines and CRA (Rio Tinto).  
Born on May 2, 1958  
Australian)  
(
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 26, 2017  
Expiry date of term of  
office: 2020 Ordinary  
Shareholders’ Meeting  
Mr. Cutifani has a degree in Mining Engineering (with honors) from the University of Wollongong in Australia.  
He is a Fellow of the Royal Academy of Engineering, the Australasian Institute of Mining and Metallurgy and the  
Institute of Materials, Minerals and Mining in the United Kingdom.  
Number of TOTAL  
shares held: 2,000  
Mr. Cutifani received an honorary doctorate from the University of Wollongong in Australia in 2013 and an honorary  
doctorate from Laurentian University in Canada in 2016.  
(
as of 12/31/2018)  
Main function: Chief Executive of Anglo American plc.*  
Directorships and functions held at any company during the 2018 fiscal year  
Within the Anglo American group  
Business address:  
Anglo American  
plc Group,  
2
0 Carlton House  
Terrace,  
London, SWY5AN  
United Kingdom  
—
—
—
—
Director and Chief Executive of Anglo American plc.*  
Non-executive director of Anglo American Platinum Limited  
Chairman of Anglo American South Africa  
Chairman of De Beers plc.  
4
Outside the Anglo American group  
Director of TOTAL S.A.* and, since June 1, 2018, member of the Governance and Ethics Committee  
—
Directorships that have expired in the previous five years  
Chief Executive Officer of AngloGold Ashanti Limited  
—
MARIA VAN DER HOEVEN  
Independent director  
Member of the Audit Committee  
Biography & Professional Experience  
Ms. van der Hoeven trained as a teacher, becoming a professor in economic sciences and administration then a  
school counselor. She was then Executive Director of the Administrative Center for vocational training for adults  
in Maastricht for seven years and then Director of the Limbourg Technology Center. She was a member of the  
Dutch Parliament, served as Minister of Education, Culture and Science from 2002 to 2007, and was Minister of  
Economic Affairs of the Netherlands from 2007 to 2010. Ms. van der Hoeven then served as Executive Director  
of the International Energy Agency (IEA) from September 2011 to August 2015. During this period, she contributed  
to increasing the number of members of the Agency and emphasized the close link between climate and energy  
policy. In September 2015, Ms. van der Hoeven joined the Board of Trustees of Rocky Mountain Institute (USA)  
and in the spring of 2016, became a member of the supervisory board of Innogy SE (Germany). Since October  
Born on September 13,  
1949 (Dutch)  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 24, 2016  
Expiry date of term of  
office: Ordinary  
Shareholders’ Meeting  
of May 29, 2019  
2016, Ms. van der Hoeven has been Vice Chairwoman of the High-level Panel of the European Decarbonisation  
Pathways Initiative within the European Commission.  
Main function: Independent director  
Number of TOTAL  
shares held: 1,000  
Directorships and functions held at any company during the 2018 fiscal year  
(
as of 12/31/2018)  
—
—
—
Director of TOTAL S.A.* and member of the Audit Committee  
Member of the Supervisory Board of Innogy SE*  
Member of the Board of Trustees of Rocky Mountain Institute (USA)  
Business address:  
Pommardlaan 17  
6
213GV Maastricht  
Directorships that have expired in the previous five years  
Member of the Supervisory Board of RWE AG (Germany)  
Netherlands  
—
Registration Document 2018 TOTAL  
117  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
ANNE-MARIE IDRAC  
Independent Director  
Member of the Governance and Ethics Committee  
Member of the Strategy & CSR Committee  
Biography & Professional Experience  
A graduate of Institut d’Études Politiques de Paris and formerly a student at École Nationale d’Administration  
Born on July 27, 1951  
French)  
(ENA -1974), Ms. Idrac began her career holding various positions as a senior civil servant at the Ministry of  
(
Infrastructure (Ministère de l’Équipement) in the fields of environment, housing, urban planning and transportation.  
She served as Executive Director of the public institution in charge of the development of Cergy-Pontoise  
(Établissement public d’Aménagement de Cergy-Pontoise) from 1990 to 1993 and Director of land transport  
from 1993 to 1995. Ms. Idrac was State Secretary for Transport from May 1995 to June 1997, elected member  
of Parliament for Yvelines from 1997 to 2002, regional councilor for Île-de-France from 1998 to 2002 and State  
Secretary for Foreign Trade from March 2008 to November 2010. She also served as Chairwoman and Chief  
Executive Officer of RATP from 2002 to 2006 and then as Chairwoman of SNCF from 2006 to 2008.  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 11, 2012  
Date last reappointed:  
Ordinary Shareholders’  
Meeting of June 1, 2018  
Main function: Independent Director  
Expiry date of term of  
office: 2021 Ordinary  
Shareholders’ Meeting  
Directorships and functions held at any company during the 2018 fiscal year  
—
Director of TOTAL S.A.*, member of the Governance and Ethics Committee and member of the Strategy &  
CSR Committee  
Number of TOTAL  
shares held: 1,250  
—
—
—
Director of Air France-KLM* and Chairwoman of the Sustainable Development and Compliance Committee  
Director of Bouygues*, Chairwoman of the CSR Committee and member of the Audit Committee  
Director of Saint Gobain* and Chairwoman of the Nominations and Compensation Committee  
(as of 12/31/2018)  
Business address:  
Directorships that have expired in the previous five years  
9
7
place Vauban  
5007 Paris  
—
—
—
Chairwoman of the Supervisory Board of Toulouse-Blagnac Airport until May 2018  
Member of the Supervisory Board of Vallourec until 2015  
Director of Mediobanca S.p.A. (Italy) until 2014  
France  
GÉRARD LAMARCHE  
Independent director  
Chairman of the Compensation Committee  
Member of the Audit Committee  
Biography & Professional Experience  
Mr. Lamarche graduated in economic science from Louvain-La-Neuve University and is also a graduate of  
INSEAD business school (Advanced Management Program for Suez Group Executives). He also attended the  
Global Leadership Series training course at the Wharton International Forum in 1998-99. He started his career at  
Deloitte Haskins & Sells in Belgium in 1983, before becoming a consultant in mergers and acquisitions in the  
Netherlands in 1987. In 1988, Mr. Lamarche joined Société Générale de Belgique as an investment manager. He  
was promoted to the position of management controller in 1989 before becoming a consultant in strategic  
operations from 1992 to 1995. He joined Compagnie Financière de Suez as a Project Manager for the Chairman  
and Secretary of the Executive Committee (1995-1997), before being appointed as the acting Managing Director  
in charge of Planning, Management Control and Accounts. In 2000, Mr. Lamarche moved to NALCO (the  
American subsidiary of the Suez group and the world leader in the treatment of industrial water) as Director and  
Chief Executive Officer. He was appointed Chief Financial Officer of the Suez group in 2003. In April 2011, Mr.  
Lamarche became a director on the Board of Directors of Groupe Bruxelles Lambert (GBL). He has been the  
Deputy Managing Director since January 2012. Mr. Lamarche is currently a director of LafargeHolcim Ltd  
(Switzerland), TOTAL S.A., SGS S.A. (Switzerland) and Umicore (Belgium).  
Born on July 15, 1961  
(Belgian)  
Director of TOTAL S.A.  
since January 12, 2012  
Date last reappointed:  
Ordinary Shareholders’  
Meeting of May 24,  
2016  
Expiry date of term  
of office: Ordinary  
Shareholders’ Meeting  
of May 29, 2019  
Number of TOTAL  
shares held: 3,064  
Main function: Deputy Managing Director of Groupe Bruxelles Lambert*  
Directorships and functions held at any company during the 2018 fiscal year  
Within Groupe Bruxelles Lambert  
(as of 12/31/2018)  
Business address:  
Groupe Bruxelles  
Lambert  
—
Deputy Managing Director of Groupe Bruxelles Lambert*  
2
1
4, avenue Marnix  
000 Brussels  
Within holdings of Groupe Bruxelles Lambert  
—
—
—
—
Director of TOTAL S.A.*, Chairman of the Compensation Committee and member of the Audit Committee  
Director and member of the Audit Committee of LafargeHolcim Ltd*  
Director of SGS S.A.*  
Belgium  
Director of Umicore*  
Directorships that have expired in the previous five years  
—
—
—
Director of Lafarge* until 2016  
Director and Chairman of the Audit Committee of Legrand* until 2016  
Non-voting member (censeur) of Engie S.A.* until 2015  
118  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
JEAN LEMIERRE  
Independent director  
Member of the Governance and Ethics Committee  
Member of the Strategy & CSR Committee  
Biography & Professional Experience  
Mr. Lemierre is a graduate of the Institut d’Études Politiques de Paris and the École Nationale d’Administration; he  
also has a law degree. Mr. Lemierre held various positions at the French tax authority, including as Head of the Fiscal  
Legislation Department and Director-General of Taxes. He was then appointed as Cabinet Director at the French  
Ministry of Economy and Finance before becoming Director of the French Treasury in October 1995. Between 2000  
and 2008, he was President of the European Bank for Reconstruction and Development (EBRD). He became an  
advisor to the Chairman of BNP Paribas in 2008 and has been Chairman of BNP Paribas since December 1, 2014.  
During his career, Mr. Lemierre has also been a member of the European Monetary Committee (1995-1998), Chairman  
of the European Union Economic and Financial Committee (1999-2000) and Chairman of the Paris Club (1999-2000).  
He then became a member of the International Advisory Council of China Investment Corporation (CIC) and the  
International Advisory Council of China Development Bank (CDB). He is currently Chairman of the Centre d’Études  
Prospectives et d’Informations Internationales (CEPII) and a member of the Institute of International Finance (IIF).  
Born on June 6, 1950  
French)  
(
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 24, 2016  
Expiry date of term of  
office:  
Ordinary Shareholders’  
Meeting of May 29,  
Main function: Chairman of the Board of Directors of BNP Paribas*  
Directorships and functions held at any company during the 2018 fiscal year  
Within the BNP Paribas group  
2019  
Number of TOTAL  
shares held: 1,042  
(as of 12/31/2018)  
—
—
Chairman of the Board of Directors of BNP Paribas*  
Director of TEB Holding AS  
Business address:  
BNP Paribas  
3
7
rue d’Antin  
5002 Paris  
Outside the BNP Paribas group  
4
—
Director of TOTAL S.A.*, member of the Governance and Ethics Committee and member of the Strategy &  
CSR Committee  
France  
—
—
—
—
—
—
Chairman of Centre d’Études Prospectives et d’Informations Internationales (CEPII)  
Member of the Institute of International Finance (IIF)  
Member of the International Advisory Board of Orange*  
Member of the International Advisory Council of China Development Bank* (CDB)  
Member of the International Advisory Council of China Investment Corporation (CIC)  
Member of the International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS)  
Directorships that have expired in the previous five years  
Director of Bank Gospodarki Zywnosciowej (BGZ) (Poland) until 2014  
—
RENATA PERYCZ  
Director representing employee shareholders  
Member of the Compensation Committee  
Biography & Professional Experience  
Ms. Perycz is a graduate of the University of Warsaw, the École des Hautes Etudes Commerciales (HEC) and the  
SGH Warsaw School of Economics. Ms. Perycz entered the Group in 1993 as a logistics and sales manager for  
Total Polska. In 2000, she became a supplies and logistics manager before becoming head of the subsidiary’s  
Purchasing Department in 2003.  
Born on November 5,  
1963 (Polish)  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 24, 2016  
In 2007, she became Director of Human Resources and Purchasing at Total Polska. Since 2013, Ms. Perycz has  
been the subsidiary’s Human Resources and Internal Communications director.  
She has also been an elected member, representing unit-holders, of the Supervisory Board of FCPE Total  
Actionnariat International Capitalisation since 2012.  
Expiry date of term  
of office: Ordinary  
Shareholders’ Meeting  
of May 29, 2019  
Main function: Human Resources and Internal Communications Director of Total Polska  
Directorships and functions held at any company during the 2018 fiscal year  
Number of TOTAL  
shares held: 549  
— Director representing employee shareholders of TOTAL S.A.* and member of the Compensation Committee  
Directorships that have expired in the previous five years  
Number of Total  
None  
Actionnariat International  
Capitalisation collective  
investment fund units  
held: 1,573.8958  
Number of Total  
International Capital  
collective investment  
fund units held: 6.4581  
(as of 12/31/2018)  
Business address:  
Total Polska Sp. Z o.o.  
Al. Jana Pawla II 80,  
00-175 Warsaw – Poland  
Registration Document 2018 TOTAL  
119  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
CHRISTINE RENAUD  
Director representing employees  
Member of the Strategy & CSR Committee  
Biography & Professional Experience  
A graduate of the Institut Universitaire de Technologie en Chimie at Poitiers University, Ms. Renaud began her  
career with the Group in 1990 as an analytical development technician for Sanofi (Ambarès site) and then the  
Groupement de Recherches de Lacq (GRL). In 2004, she joined the organic analysis laboratory at the Pôle  
d’Études et de Recherches de Lacq (PERL), before helping to set up a new research laboratory. During her time  
at GRL, Ms. Renaud was elected as a member of the Works Committee before holding office as a union  
representative and member of the Group’s European Committee from 2004 to 2011. At the end of 2011, Ms.  
Renaud was elected as Secretary of the Group’s European Committee. Her term of office was renewed in 2013  
until April 5, 2017. At its meeting of March 30, 2017, the UES Amont Central Works Council – Global  
Services – Holding appointed Ms. Renaud as director representing employees on the Board of Directors of  
TOTAL S.A. as of May 26, 2017, for a period of three years expiring following the 2020 Shareholders’ Meeting of  
TOTAL S.A.  
Born on May 7, 1968  
French)  
(
Director representing  
employees of TOTAL  
S.A. since the Ordinary  
Shareholders’ Meeting  
of May 26, 2017  
Expiry date of term of  
office: 2020 Ordinary  
Shareholders’ Meeting  
Since March 1, 2018, Ms. Renaud has served as communications officer at the Centre Technique et Scientifique  
Jean Féger.  
Number of TOTAL  
shares held: 200  
Main function: TOTAL S.A.* employee  
Number of Total  
Directorships and functions held at any company during the 2018 fiscal year  
Actionnariat France  
collective investment  
fund units held: 1,471  
—
Director representing employees of TOTAL S.A.* and, since June 1, 2018, member of the Strategy & CSR  
Committee  
(as of 12/31/2018)  
Directorships that have expired in the previous five years  
Business address:  
TOTAL S.A.  
None  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
9
France  
CARLOS TAVARES  
Independent director  
Member of the Compensation Committee  
Biography & Professional Experience  
A graduate of the École Centrale de Paris, Mr. Carlos Tavares held various positions of responsibility within the  
Renault group between 1981 and 2004 before joining the Nissan group. Having been Executive Vice President,  
Chairman of the Management Committee Americas and President of Nissan North America, he was then Group  
Chief Operating Officer of the Renault Group from 2011 to 2013. He joined the Managing Board of Peugeot S.A.  
on January 1, 2014, and was appointed Chairman of the Managing Board on March 31, 2014.  
Born on August 14,  
1958 (Portuguese)  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 26, 2017  
Main function: Chairman of the Managing Board of Peugeot S.A.*  
Directorships and functions held at any company during the 2018 fiscal year  
Within the Peugeot group  
Expiry date of term of  
office: 2020 Ordinary  
Shareholders’ Meeting  
—
—
—
—
Chairman of the Managing Board of Peugeot S.A.*  
Director of Banque PSA Finance  
Chairman of the Board of Directors of PSA Automobiles S.A.*  
Chairman of the Supervisory Board of Opel Automobiles GmbH  
Number of TOTAL  
shares held: 1,000  
(as of 12/31/2018)  
Outside the Peugeot group  
Business address:  
Peugeot S.A.  
—
—
Director of TOTAL S.A.* and, since June 1, 2018, member of the Compensation Committee  
Director of AIRBUS Group*  
7
rue Henri  
Ste Claire Deville,  
2500 Rueil-Malmaison  
France  
Directorships that have expired in the previous five years  
9
—
—
Director of PCMA Holding B.V.  
Director of Faurecia* until October 2018  
Directorships of TOTAL S.A. expired in 2018  
None.  
120  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
4
.1.1.2 Absence of conflicts of interest  
The current members of the Company’s Board of Directors have  
informed the Company that they have not been charged with,  
convicted or subject to any incrimination, conviction or sanction  
pronounced by a judicial or administrative authority or a professional  
body, have not been associated with bankruptcy, sequestration,  
receivership or court-ordered liquidation proceedings, and have  
not been convicted of fraud, prohibited from managing a company  
or disqualified as stipulated in item 14.1 of Annex I of EC Regulation  
or convictions  
The Board of Directors’ Rules of Procedure stipulate the specific  
rules for preventing conflicts of interest applicable to directors in the  
following terms (refer to point 4.1.2.1 of this chapter for the full version  
of the Rules of Procedure):  
809/2004 of April 29, 2004, over the last five years.  
“2.5. Duty of Loyalty  
Directors must not take advantage of their office or duties to gain,  
for themselves or a third party, any monetary or non-monetary  
benefit.  
4.1.1.3 Plurality of directorships held by directors  
The number of directorships held by the directors at listed companies  
outside their group, including foreign companies, was assessed as  
of December 31, 2018, in accordance with the recommendations of  
the AFEP-MEDEF Code (point 18) which states that “an executive  
officer should not hold more than two other directorships in listed  
corporations, including foreign corporations, outside of his or her  
group. [This] limit […] does not apply to directorships held by an  
executive officer in subsidiaries and holdings, held alone or together  
with others, of companies whose main activity is to acquire and  
manage such holdings. […] A director should not hold more than  
four other directorships in listed corporations, including foreign  
corporations outside of the group.”  
They must notify the Chairman of the Board of Directors and  
the Lead Independent Director, if one has been appointed, of  
any existing or potential conflict of interest with the Company  
or any Group company, and they must refrain from participating  
in the vote relating to the corresponding resolution as well as  
from participating in any debate preceding such vote.  
Directors must inform the Board of Directors of their  
participation in any transaction that directly involves the  
Company, or any Group company, before such transaction is  
finalized.  
Directors must not assume personal responsibilities in companies  
or businesses having activities in competition with those of the  
Company or any Group company without first having informed  
the Board of Directors.  
Summary of other directorships held by members  
of the Board of Directors  
4
Number of Compliance with  
directorships  
the criteria of  
held at listed the AFEP-MEDEF  
Directors undertake not to seek or accept from the Company,  
or from companies directly or indirectly connected to the  
Company, any advantages liable to be considered as being of  
a nature that may compromise their independence.”  
(
a)  
As of December 31, 2018  
companies  
Code  
Patrick Pouyanné  
Patrick Artus  
1
2
4
1
1
2
4
4
1
0
0
2
4
4
4
4
4
4
4
4
4
4
4
4
“7.2 Duties of the Lead Independent Director  
Patricia Barbizet  
Marie-Christine Coisne-Roquette  
Mark Cutifani  
5. Prevention of conflicts of interest  
Within the Governance and Ethics Committee, the Lead  
Independent Director organizes the performance of due diligence  
in order to identify and analyze potential conflicts of interest  
within the Board of Directors. He informs the Chairman and  
Chief Executive Officer of any conflicts of interest identified as a  
result and reports to the Board of Directors on these activities.  
Maria van der Hoeven  
Anne-Marie Idrac  
Gérard Lamarche  
Jean Lemierre  
Pursuant to the obligation to declare conflicts of interest set  
out in Article 2.5 of these Rules, any director affected by an  
existing or potential conflict of interest must inform the  
Chairman and Chief Executive Officer and the Lead  
Independent Director.”  
Renata Perycz(b)  
Christine Renaud(c)  
Carlos Tavares  
(
a) In accordance with the criteria of the AFEP-MEDEF Code.  
b) Director representing employee shareholders.  
The Lead Independent Director has performed due diligence in order  
to identify and analyze potential conflicts of interest. He brought to  
the attention of the Chairman and Chief Executive Officer the potential  
conflicts of interest that had been identified. In this regard, the Lead  
Independent Director was consulted in July 2018 by a director about  
a potential conflict of interest that could arise due to that director’s  
possible participation in a Committee of an energy-related entity in  
an Asian country. Due to the absence of a conflict of interest, this  
director then decided to respond to the offer to chair this Committee.  
The Lead Independent director was also consulted in October 2018  
by the director concerning that director’s potential participation to a  
strategic committee of a fund manager. He was answered positively.  
(
(c) Director representing employees.  
4
.1.1.4 Directors independence  
At its meeting on February 6, 2019, the Board of Directors, on the  
proposal of the Governance and Ethics Committee, reviewed the  
independence of the Company’s directors as of December 31, 2018.  
At this Committee’s proposal, the Board considered that, pursuant  
to the AFEP-MEDEF Code to which the Company refers to, a director  
is independent when “he or she has no relationship of any kind  
whatsoever with the corporation, its group or its management that  
may interfere the exercise of his or her freedom of judgment”.  
On the basis of the work carried out, the Board of Directors noted  
the absence of potential conflicts of interest between the directors’  
duties with respect to the Company and their private interests.  
To the Company’s knowledge, there is no family relationship among  
the members of the Board of Directors of TOTAL S.A.; there is no  
arrangement or agreement with the major shareholders, customers  
or suppliers under which a director was selected, and there is no  
service agreement that binds a director to TOTAL S.A. or to any of its  
subsidiaries and provides for special benefits under the terms thereof.  
Registration Document 2018 TOTAL  
121  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
For each director, this assessment was based on the independence criteria set forth in point 8.5 of the AFEP-MEDEF Code, revised in June 2018,  
and as described below.  
Criterion 1: Employee corporate oꢀcer during the previous five years  
“Not to be or not to have been during the course of the previous five years:  
—
—
—
an employee or executive officer of the company;  
an employee, executive officer or director of a company consolidated within the corporation;  
an employee, executive officer or director of the company’s parent company or a company consolidated within this parent  
company.”  
Criterion 2: Cross-directorships  
Not to be an executive officer of a company in which the company holds a directorship, directly or indirectly, or in which an employee  
“
appointed as such or an executive officer of the Corporation (currently in office or having held such office within the last five years) holds  
a directorship.”  
Criterion 3: Significant business relationships  
“Not to be a customer, supplier, commercial banker, investment banker or consultant:  
—
—
that is significant to the corporation or its group;  
or for which the corporation or its group represents a significant portion of its activity.  
The evaluation of the significance or otherwise of the relationship with the company or its group must be debated by the Board and the  
quantitative and qualitative criteria that led to this evaluation (continuity, economic dependence, exclusivity, etc.) must be explicitly  
stated in the report on corporate governance.”  
Criterion 4: Family ties  
“Not to be related by close family ties to a company officer.”  
Criterion 5: Auditor  
Not to have been an auditor of the corporation within the previous 5 years.”  
“
Criterion 6: Period of oꢀce exceeding 12 years  
Not to have been a director of the corporation for more than 12 years. Loss of the status of independent director occurs on the date  
“
of this 12 years is reached.”  
Criterion 7: Status of non-executive oꢀcer  
“A non-executive officer cannot be considered independent if he or she receives variable compensation in cash or in the form of shares  
or any compensation linked to the performance of the corporation or group.”  
Criterion 8: Status of the major shareholder  
“Directors representing major shareholders of the corporation or its parent company may be considered independent, provided these  
shareholders do not take part in the control of the corporation. Nevertheless, beyond a 10% threshold in capital or voting rights, the Board,  
upon a report from the nominations Committee, should systematically review the qualification of a director as independent in the light of  
the make-up of the corporation’s capital and the existence of a potential conflict of interest.”  
It was confirmed, regarding the independence of Mses. Barbizet,  
Coisne-Roquette, van der Hoeven and Idrac and Messrs. Artus,  
Cutifani, Lamarche, Lemierre and Tavares that the independence  
analyses carried out previously remained relevant.  
noted the absence of economic dependence and exclusivity in  
the activities between the two groups. It thus concluded that  
Mr. Artus could be deemed to be an independent director.  
—
Regarding Peugeot S.A., of which Mr. Tavares is Chairman of  
the Managing Board, on the one hand, the Group’s sales to  
Peugeot S.A. in 2018 (i.e., €519 million) represented 0.29% of the  
Group’s 2018 consolidated sales ($209 billion, i.e., €177 billion)  
and, on the other hand, the amount of the Group’s purchases  
from Peugeot S.A. in 2018 (i.e., €50.9 million) represented 0.23%  
of the total amount of purchases made by the Group in 2018  
In particular, the following was noted as of the date of December 31,  
2018.  
—
The level of activity between Group companies and companies  
of BNP Paribas, of which Mr. Lemierre is Chairman of the Board  
of Directors, did not represent a material part of the financial  
institution’s overall business (the level of activity of the Group  
companies with BNP Paribas is less than 0.1% of this bank’s net  
banking income ), nor a material part of the total amount of  
external financing of the Group’s activities (less than 5%). The Board  
noted the absence of economic dependence and exclusivity in  
the activities between the two groups. It thus concluded that  
Mr. Lemierre could be deemed to be an independent director.  
(
i.e. €22 billion). The portion of the Group’s business with  
Peugeot S.A. cannot be considered material. Moreover, for  
Peugeot S.A., on the one hand, the amount of Peugeot’s  
purchases from the Group in 2018 (i.e., €519 million) represented  
(1)  
1.3% of the total amount of Peugeot S.A.’s purchases in 2018  
(i.e., €38.8 billion) and, on the other hand, the amount of Peugeot  
S.A.’s sales in 2018 to the Group (i.e., €50,9 million) represented  
0.08% of Peugeot S.A.’s consolidated sales in 2017 (i.e.,  
€65.2 billion). The portion of Peugeot S.A.’s business with the  
Group cannot be considered material for Peugeot S.A. The Board  
noted the absence of economic dependence and exclusivity in  
the activities between the two groups. It thus concluded that Mr.  
Tavares could be deemed to be an independent director.  
—
The level of activity between Group companies and companies  
of the Natixis group, of which Mr. Artus is a member of the  
Executive Committee, did not represent a material part of this  
group’s overall business (the level of activity of the Group  
companies with Natixis is less than 0.2% of this bank’s net  
(1)  
banking income ), nor a material part of the total amount of external  
financing of the Group’s activities (less than 5%). The Board  
(1) 2018 net banking income.  
122  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
—
Regarding Anglo American plc, of which Mr. Cutifani is Chief  
Executive, on the one hand, the Group’s sales to Anglo American  
plc in 2018 (i.e., $345 million) represented 0.16% of the Group’s  
consolidated sales in 2018 (i.e., $209 billion) and, on the other  
hand, the amount of the Group’s purchases from Anglo American  
plc in 2018 was immaterial. The portion of the Group’s business  
with Anglo American plc cannot be considered material for the  
Group. Moreover, for Anglo American plc, on the one hand the  
amount of Anglo American plc’s purchases in 2018 from the  
Group (i.e., $345 million) represented 3.2% of the total amount  
of Anglo American plc’s purchases in 2018 (i.e., $10.8 billion) and,  
on the other hand, the amount of Anglo American plc’s sales in  
—
The level of activity between Group companies and companies  
of the Artémis group, of which Ms. Barbizet was a Chief Executive  
Officer until January 2018, did not represent a material part of  
the overall business of the Artémis group (the purchases made  
by Group companies from the Artémis group were not material),  
nor a material part of the Group’s purchases in 2018 (close to 0%).  
The Board noted the absence of economic dependence and  
exclusivity in the activities between the two groups. It thus  
concluded that Ms. Barbizet could be deemed to be an  
independent director.  
—
The level of the holding of stock in TOTAL S.A. by Groupe  
Bruxelles Lambert, of which Mr. Lamarche is Deputy Managing  
Director, which was less than 1% of the share capital as of  
December 31, 2018, was not material and did not call into  
question Mr. Lamarche’s independence.  
2018 to the Group was immaterial. The portion of Anglo American  
plc’s business with the Group cannot be considered material for  
Anglo American plc. The Board noted the absence of economic  
dependence and exclusivity in the activities between the two  
groups. It thus concluded that Mr. Cutifani could be deemed to  
be an independent director.  
Accordingly, following the Governance and Ethics Committee’s  
proposal, Mses. Barbizet, Coisne-Roquette, van der Hoeven and  
Idrac and Messrs. Artus, Cutifani, Lamarche, Lemierre and Tavares  
were considered independent directors.  
—
The level of activity between Group companies and companies  
of the Sonepar group, of which Ms. Coisne-Roquette is  
Chairwoman, did not represent a material part of the overall  
business of the Sonepar group; the purchases made by Group  
companies from the Sonepar group totaled €1.4 million in 2018,  
i.e., 0.01% of the total amount of purchases made by the Group  
in 2018 (€22 billion). The Board noted the absence of economic  
dependence and exclusivity in the activities between the two  
groups. It thus concluded that Ms. Coisne-Roquette could be  
deemed to be an independent director.  
The percentage of independent directors on the Board based on its  
composition as of December 31, 2018, was 90%(  
1)  
.
The rate of independence of the Board of Directors is higher than  
the rate of independence recommended by the AFEP-MEDEF Code,  
which specifies that at least half of the members of the Board in  
widely-held companies with no controlling shareholders must be  
independent.  
4
Summary of the independence of the members of the Board of Directors  
Appendix 3 of the AFEP-MEDEF Code – Independence of Directors  
As of December 31, 2018  
Marie-  
Christine  
Coisne-  
Maria  
van der  
Hoeven  
Anne-  
Marie  
Patrick  
Pouyanné  
Patrick  
Artus  
Patricia  
Mark  
Cutifani  
Gérard  
Jean  
Lemierre  
Renata Christine  
Carlos  
Tavares  
Criteria(a)  
(b)  
(c)  
Renaud  
Barbizet Roquette  
Idrac Lamarche  
Perycz  
Criterion 1:  
Employee corporate  
officer within the  
past 5 years  
8
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
n/a  
n/a  
n/a  
n/a  
4
4
Criterion 2:  
Cross-directorships  
4
Criterion 3:  
Significant business  
relationships  
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
4
4
4
Criterion 4:  
Family ties  
Criterion 5:  
Auditor  
Criterion 6:  
Period of office  
exceeding 12 years  
4
4
4
4
4
4
4
4
4
n/a  
n/a  
4
Criterion 7:  
Status of  
non-executive  
director  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
Criterion 8:  
Status of major  
shareholder  
4
4
4
4
4
4
4
4
4
4
Compliance with  
the independence  
criteria of the  
AFEP- MEDEF Code  
8
4
4
4
4
4
4
4
4
n/a(d)  
n/a(d)  
4
(
(
(
(
a) In this table, 4 signifies that a criterion for independence is satisfied and 8 signifies that a criterion for independence is not satisfied.  
b) Director representing employee shareholders.  
c) Director representing employees.  
d) Excluding the director representing employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
(1) Excluding the director representing employee shareholders and the director representing employees, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
Registration Document 2018 TOTAL  
123  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
4
.1.1.5 Diversity policy of the Board of Directors  
4.1.1.7 Renewal of directorships and appointments  
proposed to the Shareholders’ Meeting of  
May 29, 2019  
The Board of Directors places a great deal of importance on its  
composition and the composition of its Committees. In particular, it  
relies on the work of the Governance and Ethics Committee, which  
reviews annually and proposes, as circumstances may require,  
desirable changes to the composition of the Board of Directors and  
Committees based on the Group’s strategy.  
The terms of office of directors Ms. Maria van der Hoeven and Messrs.  
Gérard Lamarche and Jean Lemierre, as well as the term of office of  
Ms. Renata Perycz, director representing employee shareholders, will  
expire at the Annual Ordinary Shareholders’ Meeting of May 29, 2019.  
The Governance and Ethics Committee conducts its work within the  
framework of a formal procedure so as to ensure that the directors’  
areas of expertise are complementary and that their profiles are  
diverse, to maintain an overall proportion of independent members  
that is appropriate to the Company’s governance structure and  
shareholder base, to allow for a balanced representation of women  
and men on the Board, as well as to promote an appropriate  
representation of directors of different nationalities.  
Renewal of directorships  
At its meeting on March 13, 2019, the Board of Directors, on the  
proposal of the Governance and Ethics Committee, decided to  
submit to the Annual Shareholders’ Meeting of May 29, 2019, the  
renewal of the directorships of Ms. Maria van der Hoeven and  
Mr. Jean Lemierre for a three-year term to expire at the end of the  
Annual Shareholders’ Meeting to be held in 2022 to approve the  
2
021 financial statements.  
As part of an effort that began several years ago, the composition of  
the Board of Directors has changed significantly since 2010 to  
achieve better gender balance and an openness to more international  
profiles.  
Ms. Maria van der Hoeven will continue to offer the Group her  
knowledge of the energy sector.  
Mr. Jean Lemierre will continue to offer the Group his expertise in  
banking and finance matters, as well as his experience in international  
relations.  
Based on its composition as of March 13, 2019, the 12 members of  
the Board of Directors include 6 male directors and 6 female directors,  
with 6 nationalities represented.  
Appointment of Ms. Lise Croteau as a director  
In accordance with Article L. 225-27-1 of the French Commercial  
Code, the director representing employees is not taken into account  
for the application of the provisions relating to the gender balance of  
the Board. Therefore, the proportion of women on the Board was  
At the meeting of March 13, 2019, the Board of Directors decided,  
on the proposal of the Governance and Ethics Committee, to propose  
to the same Shareholders’ Meeting the appointment of Ms. Lise  
Croteau as a director for a three-year term to expire at the end of the  
Shareholders’ Meeting to be held in 2022 to approve the 2021  
financial statements.  
45.5% as of December 31, 2018 (5 women out of 11 directors).  
The 40% threshold of directors from each gender required by Article  
L. 225-18-1 of the French Commercial Code was reached as of  
December 31, 2018.  
Ms. Lise Croteau, of Canadian nationality, will bring in particular to  
the Board her knowledge of the electricity and renewable energies  
field as well as of financial field. After analysis based on the  
independence criteria set forth in point 8.5 of the AFEP-MEDEF  
Code, the Board noted that Mrs. Croteau could be considered as  
independent.  
4
.1.1.6 Training of directors and knowledge  
of the Company  
Directors may ask to receive training in the specifics of the Company,  
its businesses and its business sector, as well as any training that  
may help them perform their duties as directors.  
Appointment of the director  
In addition, the director representing employees receives in-house  
training time at the Company and/or economics training offered by  
an outside body chosen by the director, after the Board Secretary  
has accepted the body and the training program. This training time,  
which was initially set at 20 hours per year, has been increased to  
representing employee shareholders  
As the term of office of Ms. Perycz, director representing employee  
shareholders, will expire at the Annual Ordinary Shareholders’ Meeting  
of May 29, 2019, the Board of Directors, at its meeting on March 13,  
2
019, and on the proposal of the Governance and Ethics Committee,  
decided to submit to the Annual Shareholders’ Meeting of May 29,  
019, the resolutions regarding the appointment of the new director  
60 hours per year by decision of the Board of Directors at its meeting  
of July 26, 2017.  
2
Since 2013, the Board of Directors has met each year at a Group site.  
Having been to the CSTJF (Centre scientifique et technique Jean  
Féger) in Pau, France, the Antwerp platform in Belgium, the Bu Hasa  
field in Abu Dhabi and the Laggan project site in the North Sea in the  
United Kingdom, the Board of Directors visited in 2018 the Yamal  
LNG site in Northern Russia at the time of the Board meeting held in  
Russia on October 25, 2018.  
representing employee shareholders.  
In accordance with Article 11 of the Company’s bylaws, the Annual  
Shareholders’ Meeting of May 29, 2019, will be asked to appoint the  
director representing employee shareholders from among the  
following candidates:  
—
—
—
Ms. Valérie Della Puppa Tibi, member of the Supervisory Board  
of the “Total Actionnariat France” collective investment fund  
Several directors also had an opportunity to visit other Group sites in  
(FCPE), designated as a candidate for the position of director  
2018. Mses. van der Hoeven, Perycz and Renaud visited the Umm  
representing employee shareholders by the Supervisory Board  
of the “Total Actionnariat France” FCPE (89.2 million shares of  
the Company held as of December 31, 2018) as well as by the  
Supervisory Board of the “Total France Capital +” FCPE (which  
held 5.7 million shares of the Company as of December 31, 2018).  
Shaif offshore field (Abu Dhabi) in September 2018. Mses. Barbizet  
and Idrac visited the deepwater operational center in Lagos, the  
FPSO of the AKPO offshore field and the LNG plant on Bonny Island  
(Nigeria) in December 2018.  
These site visits by the Board of Directors and its members are  
opportunities to meet with the Group’s employees, partners and  
leading figures in the energy sector.  
Ms. Renata Perycz, member of the “Total Actionnariat  
International Capitalisation” FCPE, designated as a candidate for  
the position of director representing employee shareholders by  
the Supervisory Board of the “Total Actionnariat International  
Capitalisation” FCPE (which held 26.1 million shares of the  
Company as of December 31, 2018) as well as by the Supervisory  
Board of the FCPE “Total International Capital” (which held  
2.6 million shares of the Company as of December 31, 2018).  
The directors also have regular contact with Group management,  
including members of the Executive Committee at Board meetings  
and operational managers during visits to the Group’s sites. These  
interactions between directors and managers help the directors better  
understand the Group’s activities in a practical way.  
Mr. Oliver Wernecke, elected as a candidate for the position of  
director representing employee shareholders, by the shareholders  
who have individual voting rights and together holding 2.77 million  
shares of the Company as of December 31, 2018.  
124  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
In accordance with Article 11 of the Company’s bylaws, in order to  
be appointed as director representing employee shareholders, the  
candidate must receive a majority of the votes of the shareholders  
present and represented at the Shareholders’ Meeting. Since only  
one seat is to be filled, only the candidate who receives the highest  
number of votes (and at least a majority of the votes) cast by the  
shareholders present and represented will be appointed as director  
representing employee shareholders and will serve on the Board of  
Directors for the three-year term stipulated in the bylaws.  
fund (employees of international subsidiaries) to diversify the origin of  
the employees represented on the Board of Directors after the  
Shareholders’ Meeting appointed on four occasions from 2004 to  
2013 a representative of the Total Actionnariat France fund (French  
employees), this time decided to approve the application of the  
representative of the Total Actionnariat France fund taking into  
account, on the one hand, that it is the fund representing the largest  
number of employee shareholders and, on the other hand, the  
ongoing evolution of French legislation, which will lead to the  
appointment of a second director representing the employees in the  
Board to be appointed by the European Committee of the Group.  
The Board of Directors, at its meeting on March 13, 2019, and on  
the proposal of the Governance and Ethics Committee, decided, in  
accordance with Article 11 paragraph 20 of the bylaws, to approve  
the resolution proposing the appointment of Ms. Valérie Della Puppa  
Tibi as director representing employee shareholders.  
At the end of the Shareholders’ Meeting of May 29, 2019, if the  
proposed resolutions were approved, the Board of Directors would  
comprise 12 members (as previously). The proportion of Directors of  
each sex would be greater than 40% in accordance with the  
The Board of Directors, that had chosen to approve in 2016 the  
candidate elected by the Total Actionnariat International Capitalisation  
(1)  
provisions of Article L. 225-18-1 of the French Commercial Code .  
4.1.2 Practices of the Board of Directors  
1
0
Board of  
Directors meetings  
in 2018  
95%Average  
1executive session  
attendance rate of directors  
at Board meetings  
chaired by the Lead  
Independent Director in 2018  
4
4
.1.2.1 Working procedures of the Board of Directors  
The Rules of Procedure of the Board of Directors are reviewed on a  
regular basis in order to adapt them to changes in governance rules  
and practices. In 2014, changes were made to include, in particular,  
new provisions relating to information of the Board of Directors in the  
event of new directorships being assumed by the directors or changes  
in existing directorships, together with a reminder of the obligations  
of confidentiality inherent to the work of the Board. In December  
2015, changes were made to provide for the appointment of a Lead  
Independent Director in the event of the combination of the functions  
of Chairman of the Board and Chief Executive Officer and to define  
his or her duties. In July 2018, changes were made in response to  
the new demands pertaining to social and environmental responsibility  
further to the revision of the AFEP-MEDEF Code in June 2018.  
The working procedures of the Board of Directors are set out in its  
Rules of Procedure, which specify the mission of the Board of Directors  
and the rules related to the organization of its work. The Board’s Rules  
of Procedure also specify the obligations of each director, as well as  
the role and powers of the Chairman and the Chief Executive Officer.  
Mr. Charles Paris de Bollardière has served as Secretary of the Board  
of Directors since his appointment by the Board of Directors on  
September 15, 2009.  
Since November 4, 2014, the date of the first appointment of the  
director representing employees on the Board of Directors, a member  
of the Central Works Council (replaced since December 2018 by the  
Central Social and Economic Committee) attends Board meetings  
in an advisory capacity, pursuant to Article L. 2312-75 of the French  
Labor Code.  
The text of the latest unabridged version of the Rules of Procedure of  
the Board of Directors, as approved by the Board of Directors at its  
meeting on July 25, 2018, is provided below. It is also available on the  
Company’s website under “Our Group/Our identity/Our governance”.  
The Board of Directors of TOTAL S.A(2) approved the following  
Rules of Procedure.  
—
—
defining the Company’s strategic orientations and, more  
generally, that of the Group;  
regularly reviewing, in relation with such strategic orientations,  
opportunities and risks such as financial, legal, operational,  
social and environmental risks as well as measures taken as  
a result;  
1
. ROLE OF THE BOARD OF DIRECTORS  
The Board of Directors is a collegial body that determines  
the strategic direction of the Company and supervises the  
implementation of this vision. With the exception of the powers  
and authority expressly reserved for shareholders and within the  
limits of the Company’s legal purpose, the Board may address  
any issue related to the Company’s operation and make any  
decision concerning the matters falling within its purview. Within  
this framework, the Board’s duties and responsibilities include,  
but are not limited to, the following:  
—
—
being informed of market developments, the competitive  
environment and the main challenges facing the Company,  
including with regard to social and environmental responsibility;  
approving investments or divestments being considered by  
the Group that exceed 3% of shareholders’ equity as well as  
any significant transaction outside the announced strategy of  
the Company;  
—
appointing the executive directors(3) and supervising the  
handling of their responsibilities;  
—
reviewing information on significant events related to the  
Company’s operations, in particular for investments and  
divestments involving amounts exceeding 1% of shareholders’  
equity;  
—
striving to promote creation of long-term value by the Company  
by taking into account the social and environmental challenges  
of its activities;  
(
(
(
1) Excluding the director representing employees, in accordance with Article L. 225-27-1 of the French Commercial Code.  
2) TOTAL S.A. is referred to in these Rules of Procedure as the “Company” and collectively with all its direct and indirect subsidiaries as the “Group”.  
3) The term “executive director” refers to the Chairman and Chief Executive Officer, if the Chairman of the Board of Directors is also responsible for the management of the Company; the  
Chairman of the Board of Directors and the Chief Executive Officer, if the two roles are carried out separately; and, where applicable, any Deputy Chief Executive Officers or Chief  
Operating Officers, depending on the organisational structure adopted by the Board of Directors.  
Registration Document 2018 TOTAL  
125  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
—
—
ensuring that its composition as well as that of the Committees  
it establishes are balanced in terms of diversity (nationality,  
age, gender, skills and professional experience);  
undertake to promptly notify the Chairman of the Board of Directors,  
and the Lead Independent Director if one has been appointed,  
of any changes to the positions held, for any reason, whether  
appointment, resignation, termination or non-renewal.  
conducting any audits and investigations it deems appropriate.  
In particular, the Board, with the assistance of the Committees  
it has established, ensures that:  
2
.3 Participation in the board’s work  
–
authority has been properly defined and that the various  
corporate bodies of the Company make proper use of their  
powers and responsibilities,  
no individual is authorized to commit to pay or to make  
payments, on behalf of the Company, without proper  
supervision and control,  
a system for preventing and detecting corruption and  
influence peddling is in place,  
a non-discrimination and diversity policy within the Company  
and its Group exists and is implemented,  
Directors undertake to devote the amount of time required to duly  
consider the information they are given and otherwise prepare  
for meetings of the Board of Directors and of the Committees of  
the Board of Directors on which they sit. They may request from  
the executive directors any additional information they deem  
necessary or useful to their duties. If they consider it necessary, they  
may request training on the Company’s specificities, businesses  
and industry sector, its challenges in terms of social and  
environmental responsibility as well as any other training that may  
be of use to the effective exercise of their duties as directors.  
–
–
–
–
–
the internal control function operates properly and the statutory  
auditors are able to perform their mission satisfactorily, and  
the Committees duly perform their responsibilities;  
Unless unable, in which case the Chairman of the Board shall be  
provided advance notice, directors are to attend all meetings  
of the Board of Directors, meetings of Committees of the Board  
of Directors on which they serve and Shareholders’ Meetings.  
—
ensuring the quality of the information provided to shareholders  
and financial markets through the financial accounts that it  
closes and the reports that it publishes, as well as when major  
transactions are completed;  
The Chairman of the Board ensures that directors receive all relevant  
information concerning the Company, including that of a negative  
nature, particularly analyst reports, press releases and the most  
important media articles.  
—
—
convening and setting the agenda for Shareholders’ Meetings  
or meetings of bond holders;  
2
.4 Confidentiality  
preparing on an annual basis the list of directors it deems to  
be independent according to criteria set by the Code of  
Corporate Governance to which the Company refers; and  
Directors and any other person who attends all or part of any  
meeting of the Board of Directors or its Committees, are under  
the strict obligation not to disclose any details of the proceedings.  
—
appointing a Lead Independent Director under the conditions  
set out in article 7, when the Chairman of the Board of Directors  
is also the Chief Executive Officer pursuant to a decision by  
the Board of Directors.  
All documents reviewed at meetings of the Board of Directors,  
as well as information conveyed prior to or during the meetings,  
are strictly confidential.  
With respect to all non-public information acquired during the  
exercise of their functions, directors are bound by professional  
secrecy not to divulge such information to employees of the Group  
or to outside parties. This obligation goes beyond the mere duty  
of discretion provided for by law.  
2
.
OBLIGATIONS OF THE DIRECTORS OF TOTAL S.A.  
Before accepting a directorship, all candidates receive a copy of  
TOTAL S.A.’s bylaws and these rules of procedure. They must  
ensure that they have broad knowledge of the general and  
particular obligations related to their duty, especially the laws and  
regulations governing directorships in French limited liability  
companies (sociétés anonymes) whose shares are listed in one  
or several regulated markets. They must also ensure that they are  
familiar with the guidelines set out in the Corporate Governance  
Code to which the Company refers.  
Directors must not use confidential information obtained prior to  
or during meetings for their own personal benefit or for the benefit  
of anyone else, for whatever reason. They must take all necessary  
steps to ensure that the information remains confidential.  
Confidentiality and privacy are lifted when such information is  
made publicly available by the Company.  
Accepting a directorship creates an obligation to comply with  
applicable regulations relating in particular to the functioning of  
the Board of Directors, and with the ethical Rules of Professional  
Conduct for directors as described in the Corporate Governance  
Code to which the Company refers. It also creates an obligation  
to comply with these rules of procedure and to uphold the Group’s  
values as described in its Code of Conduct.  
2.5 Duty of Loyalty  
Directors must not take advantage of their office or duties to gain,  
for themselves or a third party, any monetary or non-monetary  
benefit.  
They must notify the Chairman of the Board of Directors and  
the Lead Independent Director, if one has been appointed, of any  
existing or potential conflict of interest with the Company or any  
Group company, and they must refrain from participating in the  
vote relating to the corresponding resolution as well as from  
participating in any debates preceding such vote.  
When directors participate in and vote at meetings of the Board of  
Directors, they are required to represent all of the Company’s  
shareholders and to act in the interest of the Company as a whole.  
2.1 Independence of judgment  
Directors must inform the Board of Directors of their participation  
in any transaction that directly involves the Company, or any Group  
company, before such transaction is finalized.  
Directors undertake to maintain, in all circumstances, the  
independence of their analysis, judgment, decision-making and  
actions as well as not to be unduly influenced, directly or indirectly,  
by other directors, particular groups of shareholders, creditors,  
suppliers or, more generally, any third party.  
Directors must not assume personal responsibilities in companies  
or businesses having activities in competition with those of the  
Company or any Group company without first having informed  
the Board of Directors.  
2.2 Other directorships or functions  
Directors must keep the Board of Directors informed of any  
position they hold on the management team, Board of Directors  
or Supervisory Board of any other company, whether French or  
foreign, listed or unlisted. This includes any positions as a non-voting  
member (censeur) of a board. To this end, directors expressly  
Directors undertake not to seek or accept from the Company, or  
from companies directly or indirectly connected to the Company,  
any advantages liable to be considered as being of a nature that  
may compromise their independence.  
126  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
2
.6 Duty of expression  
7. Directors must make all necessary arrangements to declare,  
pursuant to the form and timeframe provided by applicable  
law, to the French securities regulator (Autorité des marchés  
financiers), as well as to the Secretary of the Board of  
Directors, any transaction involving the Company’s securities  
conducted by themselves or by any other person to whom  
they are closely related.  
Directors undertake to clearly express their opposition if they deem  
a decision being considered by the Board of Directors is contrary  
to the Company’s corporate interest and they must endeavor to  
convince the Board of Directors of the pertinence of their position.  
2.7 Transactions in the Company’s securities  
and Stock Exchange rules  
3.  
FUNCTIONING OF THE BOARD OF DIRECTORS  
While in office, directors are required to hold the minimum number  
of registered shares of the Company as set by the bylaws.  
3.1 Board meetings  
Generally speaking, directors must act with the highest degree of  
prudence and vigilance when completing any personal transaction  
involving the financial instruments of the Company, its subsidiaries  
or affiliates that are listed or that issue listed financial instruments.  
The Board of Directors meets at least four times a year and  
whenever circumstances require.  
Prior to each Board meeting, the directors receive the agenda  
and, whenever possible, all other materials necessary to consider  
for the session.  
To that end, directors must comply with the following requirements:  
1
.
Any shares or ADRs of TOTAL S.A. or its listed subsidiaries  
are to be held in registered form, either with the Company or  
its agent, or as administered registered shares with a French  
broker (or North American broker for ADRs), whose contact  
details are communicated by the director to the Secretary of  
the Board of Directors.  
Directors may be represented by another director at a meeting  
of the Board, provided that no director holds more than one proxy  
at any single meeting.  
Whenever authorized by law, directors are considered present  
for quorum and majority purposes who attend Board meetings  
through video conferencing or other audiovisual means that are  
compliant with the technical requirements set by applicable  
regulations.  
2.  
Directors shall refrain from directly or indirectly engaging in  
(
or recommending engagement in) transactions involving  
the financial instruments (shares, ADRs or any other securities  
related to such financial instruments) of the Company or its  
listed subsidiaries, or any listed financial instruments for which  
the director has insider information.  
4
3.2 Directors’ fees  
The Board of Directors allocates annual directors’ fees within the  
total amount authorized by the Annual Shareholders’ Meeting.  
Compensation includes a fixed portion and a variable portion that  
takes into account each directors’ actual participation in the work  
of the Board of Directors and its Committees together with, if  
applicable, the duties of the Lead Independent Director.  
Insider information is specific information that has not yet been  
made public and that directly or indirectly concerns one or  
more issuers of financial instruments or one or more financial  
instruments and which, if it were made public, could have a  
significant impact on the price of the financial instruments  
concerned or on the price of financial instruments related  
to them.  
The Chief Executive Officer or, if the functions are combined,  
the Chairman and Chief Executive Officer, does not receive any  
director’s fees for his participation in the work of the Board and its  
Committees.  
3
.
.
Any transaction in the Company’s financial instruments (shares,  
ADRs or related financial instruments) is strictly prohibited  
during the thirty calendar days preceding the publication  
by the Company of its periodic results (quarterly, half-year or  
annual) as well as on the day of any such announcement.  
3.3 Secretary of the Board of Directors  
The Board of Directors, based on the recommendation of its  
Chairman, appoints a Secretary of the Board who assists the  
Chairman in organizing the Board’s activities, and particularly in  
preparing the annual work program and the schedule of Board  
meetings.  
4
Moreover, directors shall comply, where applicable, with the  
provisions of Article L. 225-197-1 of the French Commercial  
Code, which stipulates that free shares may not be sold:  
–
during the ten trading days preceding and the three trading  
days following the date on which the Consolidated Financial  
Statements or, failing that, the annual financial statements,  
are made public; and  
during the period from the date on which the Company’s  
corporate bodies become aware of information that, if it  
were made public, could have a significant impact on the  
Company’s share price, until ten trading days after such  
information is made public.  
The Secretary drafts the minutes of Board meetings, which are  
then submitted to the Board for approval. The Secretary is  
authorized to dispatch Board meeting minutes and to certify  
copies and excerpts of the minutes.  
–
The Secretary is responsible for all procedures pertaining to  
the functioning of the Board of Directors. These procedures are  
reviewed periodically by the Board.  
All Board members may ask the Secretary for information or  
assistance.  
5
.
.
Directors are prohibited from carrying out transactions on any  
financial instruments related to the Company’s share (Paris  
option market (MONEP), warrants, exchangeable bonds, etc.),  
and from buying on margin or short selling such financial  
instruments.  
3.4 Evaluation of the functioning of the Board  
of Directors  
The Board evaluates its functioning at regular intervals not exceeding  
three years. The evaluation is carried out under the supervision  
of the Lead Independent Director, if one has been appointed, or  
under the supervision of the Governance and Ethics Committee,  
with the assistance of an outside consultant. The Board of Directors  
also conducts an annual review of its practices.  
6
Directors are also prohibited from hedging the shares of  
the Company and any financial instruments related to them,  
and in particular:  
–
Company shares that they hold; and, where applicable,  
-
-
Company share subscription or purchase options,  
rights to Company shares that may be awarded free of  
charge, and  
-
Company shares obtained from the exercise of options  
or granted free of charge.  
Registration Document 2018 TOTAL  
127  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
4
.
ROLE AND AUTHORITY OF THE CHAIRMAN  
The Committees perform their duties under the authority and for  
the benefit of the Board of Directors.  
The Chairman represents the Board of Directors and, except under  
exceptional circumstances, has sole authority to act and speak  
on behalf of the Board of Directors.  
Each Committee reports on its activities to the Board of Directors.  
7
.
LEAD INDEPENDENT DIRECTOR  
The Chairman organizes and oversees the work of the Board of  
Directors and ensures that the Company’s corporate bodies  
operate effectively and in compliance with good governance  
principles. The Chairman coordinates the work of the Board of  
Directors and its Committees. The Chairman establishes the  
agenda for each Board meeting, including items suggested by  
the Chief Executive Officer.  
7.1 Appointment of the Lead Independent Director  
When the functions of the Chairman of the Board and Chief  
Executive Officer are combined, the Board of Directors appoints  
a Lead Independent Director, on the recommendation of the  
Governance and Ethics Committee, among the directors considered  
to be independent by the Board of Directors.  
The Chairman ensures that directors receive, in a timely manner  
and in a clear and appropriate format, the information they need  
to effectively carry out their duties.  
The appointed Lead Independent Director holds this position while  
in office as director, unless otherwise decided by the Board of  
Directors, which may choose to terminate his duties at any time. If  
for any reason the director is no longer deemed to be independent,  
his or her position as Lead Independent Director will be terminated.  
In liaison with the Group’s General Management, the Chairman  
is responsible for maintaining relations between the Board of  
Directors and the Company’s shareholders. The Chairman monitors  
the quality of information disclosed by the Company.  
The Lead Independent Director, if one is appointed, chairs the  
Governance and Ethics Committee.  
In close cooperation with the Group’s General Management, the  
Chairman may represent the Company in high-level discussions  
with government authorities and major partners, both at a national  
and international level.  
7.2 Duties of the Lead Independent Director  
The Lead Independent Director’s duties include:  
The Chairman is regularly informed by the Chief Executive Officer  
of significant events and situations relating to the Group,  
particularly with regard to strategy, organization, monthly financial  
reporting, major investment and divestment projects and key  
financial transactions. The Chairman may ask the Chief Executive  
Officer or other senior executives of the Company, provided that  
the Chief Executive Officer is informed, to supply any information  
that may help the Board or its Committees to carry out their duties.  
1
. Convening meetings of the  
Board of Directors – Meeting Agenda  
The Lead Independent Director may request that the Chairman  
and Chief Executive Officer call a meeting of the Board of Directors  
to discuss a given agenda.  
He may request that the Chairman and Chief Executive Officer  
include additional items on the agenda of any meeting of the Board  
of Directors.  
The Chairman may meet with the statutory auditors in order to  
prepare the work of the Board of Directors and the Audit  
Committee.  
2. Participation in the work of the Committees  
Every year, the Chairman presents a report to the Annual  
Shareholders’ Meeting describing the preparation and organisation  
of the Board of Directors’ work, any limits set by the Board of  
Directors concerning the powers of the Chief Executive Officer,  
and the internal control procedures implemented by the Company.  
To this end, the Chairman obtains the necessary information from  
the Chief Executive Officer.  
If not a member of the Compensation Committee, the Lead  
Independent Director is invited to attend meetings and participates  
in the work of the Compensation Committee relating to the annual  
review of the executive directors’ performance and recommendations  
regarding their compensation.  
3. Acting as Chairperson of Board of Directors’ meetings  
When the Chairman and Chief Executive Officer is unable to attend  
all or part of a meeting of the Board of Directors, the Lead  
Independent Director chairs the meeting. In particular, he or she  
chairs those Board meetings the proceedings of which relate to  
the evaluation of the performance of the executive directors and  
the determination of their compensation, which take place in their  
absence.  
5
. AUTHORITY OF THE CHIEF EXECUTIVE OFFICER  
The Chief Executive Officer is responsible for the Company’s overall  
management. He represents the Company in its relationships with  
third parties and chairs the Executive Committee. The Chief  
Executive Officer is vested with the broadest powers to act on  
behalf of the Company in all circumstances, subject to the powers  
that are, by law, restricted to the Board of Directors and to the  
Annual Shareholders’ Meeting, as well as to the Company’s  
corporate governance rules and in particular these rules of  
procedure of the Board of Directors.  
4. Evaluation of the functioning of the Board of Directors  
The Lead Independent Director manages the evaluation process  
relating to the functioning of the Board of Directors and reports on  
this evaluation to the Board of Directors.  
The Chief Executive Officer is responsible for presenting the  
Group’s results and prospects to shareholders and the financial  
community on a regular basis.  
5. Prevention of conflicts of interest  
At each meeting of the Board of Directors, the Chief Executive  
Officer presents an overview of significant Group events.  
Within the Governance and Ethics Committee, the Lead Independent  
Director organizes the performance of due diligence in order to  
identify and analyze potential conflicts of interest within the Board  
of Directors. He informs the Chairman and Chief Executive Officer  
of any conflicts of interest identified as a result and reports to the  
Board of Directors on these activities.  
6.  
BOARD COMMITTEES  
The Board of Directors approved the creation of:  
—
—
—
—
an Audit Committee;  
Pursuant to the obligation to declare conflicts of interest set out in  
Article 2.5 of these Rules, any director affected by an existing or  
potential conflict of interest must inform the Chairman and Chief  
Executive Officer and the Lead Independent Director.  
a Governance and Ethics Committee;  
a Compensation Committee; and  
a Strategy & CSR Committee.  
The roles and composition of each Committee are set forth in  
their respective rules of procedure, which have been approved by  
the Board of Directors.  
128  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
6
. Monitoring of the satisfactory functioning of the Board  
and compliance with the Rules of Procedure  
and Chief Executive Officer, providing his or her opinion, so that  
the Chairman and Chief Executive Officer may respond appropriately  
to the request. The Chairman and Chief Executive Officer must  
inform the Lead Independent Director of the response given.  
The Lead Independent Director ensures compliance with the rules  
of the Corporate Governance Code to which TOTAL S.A. refers and  
with the Rules of Procedure of the Board of Directors. He or she  
may make any suggestions or recommendations that he deems  
appropriate to this end.  
With the consent of the Chairman of the Board of Directors, the  
Lead Independent Director may represent the Board of Directors  
at meetings with the shareholders of the Company on matters of  
corporate governance.  
He or she ensures that the directors are in a position to carry out  
their tasks under optimal conditions and that they have sufficient  
information to perform their duties.  
7.3 Resources, conditions of oꢀce and activity report  
The Chairman and Chief Executive Officer must regularly update  
the Lead Independent Director on the Company’s activities.  
With the agreement of the Governance and Ethics Committee,  
the Lead Independent Director may hold meetings of the directors  
who do not hold executive or salaried positions on the Board of  
Directors. He reports to the Board of Directors on the conclusions  
of such meetings.  
The Lead Independent Director has access to all of the documents  
and information necessary for the performance of his or her duties.  
The Lead Independent Director may consult the Secretary of the  
Board and use the latter’s services in the performance of his or  
her duties.  
7. Relationships with Shareholders  
The Chairman and Chief Executive Officer and the Lead Independent  
Director are the shareholders’ dedicated contacts on issues that  
fall within the remit of the Board.  
Under the conditions set out in Article 3.2 of these Rules and  
those established by the Board of Directors, the Lead Independent  
Director may receive additional director’s fees for the duties  
entrusted to him or her.  
When a shareholder approaches the Chairman and Chief Executive  
Officer in relation to such issues, they may seek the opinion of  
the Lead Independent Director before responding appropriately to  
the shareholder’s request.  
The Lead Independent Director must report annually to the Board  
of Directors on the performance of his or her duties. During Annual  
General Meetings, the Chairman and Chief Executive Officer may  
invite the Lead Independent Director to report on his or her  
activities.  
4
When the Lead Independent Director is approached by a shareholder  
in relation to such issues, he or she must inform the Chairman  
4
.1.2.2 Activity of the Board of Directors in 2018  
In 2018, the Board of Directors held 10 meetings. The global  
attendance rate for the directors was 95%. The Audit Committee  
held 7 meetings, with an attendance rate of 100%; the Compensation  
Committee met twice, with 100% attendance; the Governance and  
Ethics Committee held 3 meetings, with 91.7% attendance; and the  
Strategy & CSR Committee met 3 times, with 100% attendance.  
Directors are in principle summoned to Board meetings by letter sent  
the week preceding the meetings. Whenever possible, documents  
to be considered for decisions to be made at Board meetings are  
sent with the notice of meetings. The minutes of the previous meeting  
are expressly approved at the following Board meeting.  
A table summarizing individual attendance at the Board of Directors  
and Committee meetings is provided below.  
Directors’ attendance at Board and Committees meetings in 2018  
Board of  
Directors  
Audit  
Committee  
Compensation  
Committee  
Governance and  
Ethics Committee  
Strategy & CSR  
Committee  
Atten- Number  
Atten- Number  
Atten- Number  
Atten- Number  
Atten- Number  
dance  
rate meetings  
of  
dance  
rate meetings  
of  
dance  
rate meetings  
of  
dance  
rate meetings  
of  
dance of  
rate meetings  
Directors  
Patrick Pouyanné,  
Chairman and  
Chief Executive Officer  
100%  
10/10  
10/10  
-
-
-
-
-
-
-
-
-
-
100%  
3/3  
3/3  
Patrick Artus  
100%  
100%  
7/7  
100%  
Patricia Barbizet,  
Lead Independent Director  
100%  
100%  
90%  
10/10  
10/10  
9/10  
-
-
100%  
2/2  
2/2  
-
100%  
3/3  
100%  
3/3  
3(f)  
Marie-Christine Coisne-Roquette  
Mark Cutifani  
100%  
7/7  
100%  
-
-
-
-
-
-
0%  
0/1(c)  
-
-
2(f)  
Maria van der Hoeven  
Anne-Marie Idrac  
Gérard Lamarche  
Jean Lemierre  
100%  
90%  
10/10  
9/10  
100%  
7/7  
-
-
-
-
3/3  
-
3(f)  
-
-
-
-
100%  
100%  
-
3/3  
3(f)  
100%  
90%  
10/10  
9/10  
100%  
7/7  
100%  
2/2  
-
-
-
-
-
-
-
-
100%  
-
100%  
3/3  
-
100%  
100%  
100%  
-
3/3  
3(f)  
Renata Perycz(a)  
100%  
100%  
70%  
10/10  
10/10  
7/10  
-
2/2  
-
-
Christine Renaud(b)  
Carlos Tavares  
-
-
-
-
-
3/3(e)  
-(f)  
-
-(c)  
-
Attendance rate  
95%  
100%  
100%  
91.7%  
100%(d)  
(
(
(
(
(
(
a) Director representing employee shareholders.  
b) Director representing employees.  
c) Member of the Committee since June 1, 2018 – no meeting beyond this date in 2018.  
d) Excluding voluntary participation.  
e) Member of the Committee since June 1, 2018. Including one voluntary participation.  
f) Voluntary participation (director not a member of the Strategy & CSR Committee).  
Registration Document 2018 TOTAL  
129  
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4
Administration and management bodies  
The Board meetings included, but were not limited to, a review of the  
following subjects:  
March 14  
—
—
report on the acquisition of Mærsk Oil;  
February 7  
presentation to the Board of the work of the Audit Committee at  
its meeting on March 12, 2018;  
—
—
examination of the project to invest in the Umm Shaif/Nasr and  
Lower Zakum offshore concessions in the United Arab Emirates  
and authorization to issue corresponding guarantees;  
—
—
—
presentation to the Board of the work of the Governance and  
Ethics Committee at its meeting on March 13, 2018;  
approval of the contribution by AP Møller – Mærsk A/S to TOTAL  
S.A. of 100% of the share capital and voting rights of Mærsk Oil  
review of the directorships: proposal for nomination and renewal  
of the directorships;  
&
Gas A/S – decision to increase the share capital – authorization  
to issue guarantees within the framework of this acquisition;  
examination of the proposal by the Governance and Ethics  
Committee to maintain the combined positions of Chairman of  
the Board of Directors and Chief Executive Officer; proposal to  
renew the directorship of the Chairman of the Board of Directors  
and Chief Executive Officer, subject to the renewal of  
Mr. Pouyanné’s directorship by the Shareholders’ Meeting of  
June 1, 2018 (in the absence of the Chairman and Chief  
Executive Officer);  
—
—
presentation of the shareholder return policy;  
presentation to the Board of the work of the Audit Committee at  
its meeting on February 5, 2018;  
—
—
closing of the 2017 accounts (Consolidated Financial Statements,  
parent company accounts) after the Audit Committee’s report  
and work performed by the statutory auditors;  
—
—
composition of the Board’s Committees;  
draft allocation of the result of TOTAL S.A., setting of the dividend,  
ex-dividend and payment dates, option for the payment of the  
balance of the dividend in shares;  
presentation to the Board of the work of the Compensation  
Committee at its meeting on March 14, 2018;  
—
—
main financial communication messages;  
—
confirmation of the granting of performance shares under the  
terms of the 2015 plan, following examination of the fulfillment of  
the applicable performance conditions;  
presentation to the Board of the work of the Governance and  
Ethics Committee at its meeting on February 7, 2018;  
—
—
—
compensation policy for the Chairman and Chief Executive Officer  
for fiscal year 2018;  
—
—
report of the Lead Independent Director on her mandate;  
discussion on the Board of Directors’ practices based on a formal  
self-assessment carried out in the form of a detailed questionnaire  
answered by each director, the process of which was conducted  
by the Lead Independent Director; suggestion of areas for  
improvement;  
granting of performance shares to the Chairman and Chief  
Executive Officer and other beneficiaries;  
presentation to the Board of the work of the Strategy & CSR  
Committee at its meeting on March 14, 2018;  
—
review of the directorships: proposal for nomination and renewal  
of the directorships – composition of the Board’s Committees;  
—
—
approval of the Group’s financial policy;  
preparation for the Annual Shareholders’ Meeting; setting of the  
agenda for the Shareholders’ Meeting; approval of the various  
chapters of the Registration Document forming the management  
report within the meaning of the French Commercial Code, of  
the report on corporate governance and of the special reports  
on Company share options and the granting of performance  
shares; approval of the report of the Board of Directors and the  
text of the draft resolutions put to the Shareholders’ Meeting;  
—
—
—
—
assessment of the independence of the directors;  
allocation of directors’ fees for fiscal year 2017;  
market abuse regulations – blackout periods;  
information on transactions on the Company’s securities by the  
Chairman and Chief Executive Officer;  
—
—
—
—
—
—
information on the Directors and Officers liability insurance taken  
out by the Company;  
—
—
press releases;  
setting the schedule related to the dividend (interim dividends  
and balance) for fiscal year 2019;  
review of the draft report on corporate governance, drawn up in  
application of Article L. 225-37 of the French Commercial Code;  
—
—
distribution of the third interim dividend for the 2017 fiscal year  
and setting of the new share issue price for this interim dividend;  
presentation to the Board of the work of the Compensation  
Committee at its meeting on February 7, 2018;  
information to the Board of Directors regarding the setting of the  
subscription period and price for shares of the Company for the  
the Chairman and Chief Executive Officer’s compensation (in his  
absence);  
2018 share capital increase reserved for employees; and  
commitments made by the Company to the Chairman and Chief  
Executive Officer;  
—
information on Company share buybacks.  
April 17  
examination of the conditions of implementation of performance  
shares grant plan in 2018;  
—
approval in principle of the project to acquire a controlling  
block in Direct Énergie, before submitting a public offer for the  
shares in Direct Énergie, listed on Euronext Paris, to the French  
Financial Markets Authority (Autorité des marchés financiers);  
and  
—
—
examination of certain points in the management report;  
approval of the Board of Directors’ report to the Shareholders’  
Meeting regarding purchases and sales of shares of the  
Company pursuant to Article L. 225-211 of the French  
Commercial Code;  
—
press release pertaining to this transaction.  
April 25  
—
—
information on the amount of the share capital of TOTAL S.A.;  
—
—
—
presentation to the Board of the work of the Strategy & CSR  
Committee at its meeting on March 14, 2018;  
information about the results of the option to receive the payment  
of the second interim dividend for fiscal year 2017 in shares;  
presentation of the Group’s risk map and, in particular,  
presentation of the cybersecurity risk;  
—
—
renewal of the authorization to issue bonds;  
renewal of the authorization to issue security, commitments and  
guarantees;  
statutory and Consolidated Financial Statements, results for the  
first quarter of 2018 after the Audit Committee’s report and work  
performed by the statutory auditors;  
—
—
information on share buybacks; and  
declarations of crossing of thresholds in the Company’s share  
capital or voting rights.  
—
presentation to the Board of the work of the Audit Committee at  
its meeting on April 23, 2018;  
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Administration and management bodies  
4
—
—
setting of a first interim dividend on the dividend for fiscal year 2018;  
—
—
information on the revision of the AFEP-MEDEF Code and  
changes to the rules of procedure of the Board of Directors, of  
the Audit Committee, of the Governance and Ethics Committee,  
of the Compensation Committee and of the Strategy & CSR  
Committee;  
preparation for the Annual Shareholders’ Meeting; request for  
the addition of a draft resolution to the agenda of the Shareholders’  
Meeting proposed by the Central Works Council;  
—
information and decisions pertaining to the 2018 share capital  
increase reserved for employees; supplementary report by the  
Board of Directors on the share capital increase reserved for  
employees;  
information about the results of the option to receive the payment  
of the dividend for fiscal year 2017 in shares;  
—
—
information on bond issues;  
—
information about the results of the option to receive the payment  
of the third interim dividend for fiscal year 2017 in shares;  
declarations of crossing of thresholds in the Company’s share  
capital; and  
—
—
—
information on Company share buybacks;  
authorization to issue guarantees; and  
—
information on Company share buybacks.  
September 19  
declarations of crossing of thresholds in the Company’s share  
capital or voting rights.  
—
presentation to the Board of the report of the Strategy & CSR  
Committee at its meeting on September 19, 2018;  
June 1 – pre-Shareholders’ Meeting  
—
strategic perspectives of Exploration & Production activities with  
a presentation of safety indicators and environmental objectives;  
—
—
—
preparation for and organization of the Annual Shareholders’  
Meeting: responses to the written questions submitted by  
shareholders;  
—
—
presentation of the Group’s five-year plan;  
information to be presented to investors in September 2018 in  
New York on the strategy and the perspectives of the Group;  
setting of the share issue price for the payment of the balance of  
the 2017 dividend, subject to the approval of the third resolution  
by the Shareholders’ Meeting on June 1, 2018; and  
—
—
the Company’s strategic directions (Article L. 2323-10 of the  
French Labor Code);  
authorization to issue guarantees.  
share capital increase reserved for employees (Total Capital 2019)  
and grant of free shares as a deferred contribution in this  
framework;  
4
June 1 – post-Shareholders’ Meeting  
—
appointment of the Chairman and Chief Executive Officer and  
form of management;  
—
—
distribution of the first interim dividend for the 2018 fiscal year  
and setting of the issue price of new shares for the option to  
receive the interim dividend in shares; and  
—
determination of the compensation of the Chairman and Chief  
Executive Officer by application of the compensation policy of the  
Chairman and Chief Executive Officer for 2018, as adopted by  
the Board of Directors on March 14, 2018, and approved by the  
Shareholders’ Meeting on June 1, 2018 (twelfth resolution);  
information on bond issues.  
October 25 (in Moscow)  
—
presentation to the Board of the work of the Strategy & CSR  
Committee at its meeting on September 19, 2018;  
—
confirmation of all the provisions of the commitments made by  
the Company in favor of the Chairman and Chief Executive  
Officer, as described in the compensation policy for the Chairman  
and Chief Executive Officer for 2018, adopted by the Board of  
Directors on March 14, 2018, and approved by the Shareholders’  
Meeting on June 1, 2018 (twelfth resolution);  
—
presentation of the results of the public offer to acquire Direct  
Énergie;  
—
—
strategic perspectives of the Marketing & Services segment;  
presentation of the Company’s equal opportunity and salary  
equality policy and comparative status of overall employment  
and training conditions for women and men in the company;  
—
—
reimbursement of the expenses incurred by the Directors and  
the Chairman and Chief Executive Officer; and  
renewal of the authorization to issue securities, commitments  
and guarantees, of the authorization to issue bonds and of the  
authorization to issue guarantees for certain financial transactions;  
delegation of powers to buy back Company shares; delegation  
of powers to increase the share capital.  
—
Consolidated Financial Statements, results for the third quarter  
of 2018 after the Audit Committee’s report and work performed  
by the statutory auditors;  
—
—
presentation to the Board of the work of the Audit Committee  
at its meetings on October 9 and 23, 2018;  
July 25  
setting a third interim dividend to be paid on the dividend for  
fiscal year 2018;  
—
—
information on the project to acquire Direct Énergie;  
information on the acquisition of 25% of the capital of Clean  
Energy Fuels Corp.;  
—
—
information on bond issues;  
information about the results of the option to receive the payment  
of the first interim dividend for fiscal year 2018 in shares;  
—
presentation of the strategic perspectives of the Refining &  
Chemicals segment, including safety and energy efficiency  
aspects, the improvement of operational performance and the  
control of investments;  
—
—
authorization to issue guarantee;  
declarations of crossing of thresholds in the Company’s share  
capital; and  
—
statutory and Consolidated Financial Statements, results for the  
second quarter 2018 and the first half of 2018 after the Audit  
Committee’s report and work performed by the statutory auditors;  
—
information on the situation of the legal proceedings (Iran – South  
Pars 2&3).  
—
—
—
—
presentation to the Board of the work of the Audit Committee  
at its meetings on June 12 and July 23, 2018;  
December 12  
—
—
presentation of the project to invest in the Arctic LNG 2 project;  
setting of a second interim dividend on the dividend for fiscal  
year 2018;  
presentation of the project to sell off a 4% stake in the Ichtys  
project in Australia;  
presentation to the Board of the work of the Governance and  
Ethics Committee at its meeting on July 25, 2018;  
—
—
presentation of the Strategy & CSR Committee report of  
December 12, 2018;  
information on the Shareholders’ Meeting on June 1, 2018, and  
results of the votes;  
presentation of the Group’s 2019 budget;  
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4
Administration and management bodies  
—
—
—
Board of Directors’ response to the Central Works Council’s  
opinion on the Company’s strategic directions;  
—
agreements and commitments concluded and authorized in  
the preceding periods, the execution of which continued during  
the 2018 fiscal year;  
distribution of the second interim dividend for the 2018 fiscal  
year and setting of the issue price of new shares;  
—
—
information on bond issues; and  
authorization to issue guarantees.  
reduction of the Company’s capital through the cancellation of  
treasury shares;  
4.1.2.3 Committees of the Board of Directors  
THE AUDIT COMMITTEE  
Composition  
As of March 13, 2019  
Independence  
Years of service of the Board  
Expiry of director’s term of oꢀce  
Marie-Christine Coisne-Roquette*  
Patrick Artus  
4
4
4
4
8
10  
3
2020  
2021  
2019  
2019  
Maria van der Hoeven  
Gérard Lamarche  
7
*
Chairperson of the Committee.  
As of March 13, 2019, the Committee is made up of four members,  
with a 100% rate of independence.  
statements, in accordance with the applicable regulations.  
Regarding accounting and financial information:  
The careers of the Committee members confirm their possession of  
acknowledged expertise in the financial, accounting or audit fields  
—
—
—
following the process to produce financial information and, where  
appropriate, formulating recommendations to guarantee its  
integrity, where appropriate;  
(refer to point 4.1.1.1 above). Ms. Coisne-Roquette was appointed  
“financial expert” of the Committee by the Board at its meeting of  
December 16, 2015.  
monitoring the implementation and the proper workings of a  
disclosures Committee in the Company, and reviewing its  
conclusions;  
Duties  
The rules of procedure of the Audit Committee define the Committee’s  
duties as well as its working procedures. After having been modified  
on February 8, 2017, in order to adapt the missions of the Committee  
to the European audit reform, the Committee’s rules of procedure  
were last modified on July 25, 2018, in order to take account of the  
new social and environmental responsibility requirements, further to  
the revision of the AFEP-MEDEF Code in June 2018. The text of the  
unabridged version of the rules of procedure approved by the Board  
of Directors on July 25, 2018, is available on TOTAL’s website under  
examining the assumptions used to prepare the financial  
statements, assessing the validity of the methods used to handle  
significant transactions and examining the parent company  
financial statements and annual, half-yearly, and quarterly  
Consolidated Financial Statements prior to their examination by  
the Board of Directors, after regularly monitoring the financial  
situation, cash position and off-balance sheet commitments;  
—
guaranteeing the appropriateness and the permanence of the  
accounting policies and principles chosen to prepare the statutory  
and Consolidated Financial Statements of the Company;  
“Our Group/Our identity/Our Governance”.  
Notwithstanding the duties of the Board of Directors, the Audit  
Committee is tasked with the following missions in particular:  
—
—
—
examining the scope of the consolidated companies and, where  
appropriate, the reasons why companies are not included;  
Regarding the statutory auditors:  
examining the process to validate the proved reserves of the  
companies included in the scope of consolidation; and  
–
making a recommendation to the Board of Directors on the  
statutory auditors put before the Annual Shareholders’ Meeting  
for designation or renewal, following their selection procedure  
organized by General Management and enforcing the  
applicable regulations;  
reviewing, if requested by the Board of Directors, major transactions  
contemplated by the Company.  
Regarding internal control and risk management procedures:  
–
monitoring the statutory auditors in the performance of their  
missions and, in particular, examining the additional report  
drawn up by the statutory auditors for the Committee, while  
taking account of the observations and conclusions of the  
High Council of statutory auditors (Haut Conseil du  
Commissariat aux comptes) further to the inspection of the  
auditors in question in application of the legal provisions, where  
appropriate;  
ensuring that the statutory auditors meet the conditions of  
independence as defined by the regulations, and analyzing  
the risks to their independence and the measures taken to  
mitigate these risks; to this end, examining all the fees paid by  
the Group to the statutory auditors, including for services other  
than the certification of the financial statements, and making  
sure that the rules applying to the maximum length of the term  
of the statutory auditors and the obligation to alternate are  
obeyed; and  
—
monitoring the efficiency of the internal control and risk management  
systems, and of internal audits, in particular with regard to the  
procedures relating to the production and processing of accounting,  
financial and non-financial information, without compromising  
its independence, and in this respect:  
–
checking that these systems exist and are deployed, and that  
actions are taken to correct any identified weaknesses or  
anomalies,  
–
–
examining, based in particular on the risk maps developed  
by the Company, the exposure to risks, such as financial risks  
(
including significant off-balance sheet commitments), legal  
risks, operational risks, social and environmental risks, as well  
as measures taken as a result,  
–
annually examining the reports on the work of the Group Risk  
Management Committee (formerly named Group Risk  
Committee) and the major issues for the Group,  
examining the annual work program of the internal auditors  
and being regularly informed of their work,  
–
–
–
approving the delivery by the statutory auditors of services  
other than those relating to the certification of the financial  
reviewing significant litigation at least once a year,  
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Administration and management bodies  
4
–
–
overseeing the implementation of the Group’s Financial Code  
of Ethics,  
The Audit Committee’s work mainly focused on the following areas:  
February 5  
proposing to the Board of Directors, for implementation, a  
procedure for complaints or concerns of employees,  
shareholders and others, related to accounting, internal control  
or auditing matters, and monitoring the implementation of  
this procedure, and  
—
review of the Consolidated Financial Statements and statutory  
financial statements of TOTAL S.A. as parent company for the  
fourth quarter of 2017 and the 2017 fiscal year. Presentation by  
the statutory auditors of their work performed in accordance  
with French and American professional audit standards;  
–
where appropriate, examining important operations in which  
a conflict of interests could have arisen.  
—
—
—
review of the Group’s financial position;  
The Audit Committee reports to the Board of Directors on the  
performance of its duties. It also reports on the results of the statutory  
auditors’ mission concerning the certification of the financial  
statements, on how this mission contributed to the integrity of the  
accounting and financial information and its role in this process.  
It shall inform the Board of Directors without delay of any difficulties  
encountered.  
update on unvalued guarantees given by TOTAL S.A.;  
update on the Sarbanes-Oxley process: self-assessment carried  
out by the Group and audit of the internal control related to  
financial reporting by the statutory auditors as part of the SOX  
404 process;  
—
—
presentation of the “Risks and control” chapter of the Registration  
Document: risk factors, legal proceedings, internal control and  
risk management procedures;  
Organization of activities  
The Committee meets at least seven times each year: each quarter to  
review in particular the statutory financial statements of the Company,  
and the annual and quarterly Consolidated Financial Statements, and  
at least on three other occasions to review matters not directly related  
to the review of the quarterly financial statements.  
general presentation of the Group’s insurance policy: coverage  
for 2018 against property damage, business interruption and  
civil liability, update on coverage against damage resulting from a  
cyberattack; presentation of D&O (Directors & Officers) insurance  
and update on main claims; and  
At each Committee meeting where the quarterly financial statements  
are reviewed, the Chief Financial Officer presents the Consolidated  
Financial Statements and the statutory financial statements of the  
Company, as well as the Group’s financial position and, in particular,  
its liquidity, cash flow and debt situation. A memo describing risk  
exposure and off-balance sheet commitments is communicated to  
the Committee. This review of the financial statements includes a  
presentation by the statutory auditors underscoring the key points  
observed.  
—
update on the 2017 internal audit and 2018 work schedule.  
March 12  
4
—
presentation of the chapter of the Registration Document containing  
social, environmental and societal information;  
—
—
presentation of the duty of vigilance and the vigilance plan;  
evaluation of hydrocarbon reserves at the end of the 2017 fiscal  
year;  
As part of monitoring the efficiency of the internal control and risk  
management systems, as well as internal audits with regard to the  
procedures relating to the production and processing of accounting,  
financial and non-financial information, the Committee is informed of  
the work program of the Corporate Internal Control and Audit  
Department and its organization, on which it may issue an opinion.  
The Committee also receives a summary of the internal audit reports,  
which is presented at each Committee meeting where the quarterly  
financial statements are reviewed. The risk management processes  
implemented within the Group, as well as updates to them, are  
presented regularly to the Committee.  
—
—
presentation of the report on the payments made to governments;  
and  
presentation of the statutory auditors’ report in accordance with  
the European audit reform.  
April 23  
—
review of the Consolidated Financial Statements and statutory  
financial statements of TOTAL S.A. for the first quarter of 2018,  
with a presentation by the statutory auditors of a summary of  
their limited review;  
The Committee may meet with the Chairman and Chief Executive  
Officer or, if the functions are separate, the Chairman of the Board of  
Directors, the Chief Executive Officer as well as, if applicable, any  
Deputy Chief Executive Officer of the Company. It may perform  
inspections and consult with managers of operating or non-operating  
department, as may be useful in performing its duties. The Chairman  
of the Committee gives prior notice of such meeting to the Chairman  
and Chief Executive Officer or, if the functions of Chairman of the  
Board of Directors and Chief Executive Officer are separate, both the  
Chairman of the Board of Directors and the Chief Executive Officer.  
In particular, the Committee is authorized to consult with those involved  
in preparing or auditing the financial statements (Chief Financial Officer  
and principal Finance Department managers, Audit Department,  
Legal Department) by asking the Company’s Chief Financial Officer  
to call them to a meeting.  
—
—
—
presentation of the Group’s financial position at the end of the  
quarter;  
update on the internal audits conducted in the first quarter of  
2018 and the 2018 health, safety and environment audit plan;  
presentation of actions taken to implement the corruption  
prevention aspects of the French law n° 2016-1691 dated  
December 9, 2016, relating to transparency, the fight against  
corruption and modernization of the economy;  
—
presentation of the 2018 health, safety and environment audit  
plan and review of the fiscal year 2017;  
—
—
review of the internal audit; and  
presentation of the Group risk map: focus on the risk of cyber  
crime and example of intrusion test.  
The Committee consults with the statutory auditors regularly, including  
at least once a year without any Company representative present.  
If it is informed of a substantial irregularity, it recommends to the  
Board of Directors all appropriate action.  
June 12  
—
—
presentation of the Refining & Chemicals risk map;  
presentation by the Group Risk Management Committee on the  
main issues covered in the last year;  
If it considers that it is necessary for the accomplishment of its  
mission, the Committee can ask the Board of Directors for resources  
to receive assistance or conduct external studies on subjects within its  
competence. If the Committee calls on external consulting services,  
it makes sure that they are objective.  
—
—
presentation of the significant Exploration & Production  
subsidiaries; and  
presentation of the duties of the Consolidation Department  
regarding accounting standards as well as the organization of  
this function within the Group; presentation of the options chosen  
to implement the IFRS 16 standard and description of how the  
consolidation scope is monitored as well as the associated  
control tests.  
Work of the Audit Committee  
In 2018, the Audit Committee met seven times, with an attendance  
rate of 100%. The Chairman and Chief Executive Officer did not  
attend any of the meetings of the Audit Committee.  
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4
Administration and management bodies  
July 23  
—
—
—
—
presentation of the Group’s financial position at the end of the  
quarter;  
—
changes to the rules of procedure of the Audit Committee further  
to the revision of the AFEP-MEDEF Code in June 2018;  
update on the internal audits conducted in the third quarter of  
2018;  
—
review of the Consolidated Financial Statements and statutory  
financial statements of TOTAL S.A. as parent company for the  
second quarter of 2018 as well as those for the first half of 2018.  
Presentation by the statutory auditors of a summary of their  
limited review;  
information on compliance by relevant employees with the  
provisions of the Financial Code of Ethics; and  
presentation of the architecture of the accounting information  
systems.  
—
—
—
presentation of the Group’s financial position at the end of the  
second quarter of 2018;  
At each meeting related to the quarterly financial statements, the  
Committee reviewed the Group’s financial position in terms of liquidity,  
cash flow and debt, as well as its significant risks and off-balance  
sheet commitments. The Audit Committee was periodically informed  
of the risk management processes implemented within the Group as  
well as the work carried out by the Audit & Internal Control division,  
which was presented at each Committee meeting where the quarterly  
financial statements were reviewed.  
update on the internal audits conducted in the second quarter  
of 2018; and  
presentation of the Marketing & Services risk map.  
October 9  
—
audit of the accounts as of December 31, 2018: statutory  
auditors’ analysis of the main transverse risks to be addressed  
as important points in their audit plan for the closing of the 2018  
accounts;  
The Audit Committee reviewed the financial statements no later than  
two days before they were reviewed by the Board of Directors,  
a sufficient amount of time as set out in the recommendations of the  
AFEP-MEDEF Code.  
—
review of significant litigation and status update on the main  
pending proceedings involving the Group;  
The statutory auditors attended all Audit Committee meetings held  
in 2018.  
—
—
presentation of the Group’s fiscal position; and  
The Chief Financial Officer, the Deputy Chief Financial Officer, the  
Vice President Accounting, the Senior Vice President Audit & Internal  
Control division as well as the Treasurer attended all Audit Committee  
meetings, related to their area.  
presentation of the statutory auditors’ fees and the new non-audit  
services policy.  
October 23  
—
interview of the members of the Audit Committee with the  
The Chairman of the Committee reported to the Board of Directors  
on the Committee’s work.  
statutory auditors in the absence of Group employees. Review  
of the Consolidated Financial Statements and statutory financial  
statements of TOTAL S.A. as parent company for the third quarter  
of 2018 as well as those for the first nine months of 2018.  
Presentation by the statutory auditors of a summary of their  
limited review;  
THE GOVERNANCE AND ETHICS COMMITTEE  
Composition  
As of March 13, 2019  
Independence  
Years of service of the Board  
Expiry of director’s term of oꢀce  
Patricia Barbizet*  
Mark Cutifani  
4
4
4
4
11  
2
2020  
2020  
2021  
2019  
Anne-Marie Idrac  
Jean Lemierre  
7
3
*
Chairperson of the Committee.  
As of March 13, 2019, the Governance and Ethics Committee is made  
up of four members, with a 100% rate of independence.  
—
—
—
—
recommending to the Board of Directors the persons that are  
qualified to be appointed as executive directors;  
preparing the Company’s corporate governance rules and  
supervising their implementation;  
Duties  
The rules of procedure of the Governance and Ethics Committee  
define the Committee’s duties as well as its working procedures.  
They were modified in order to extend the duties of the Committee  
to matters regarding compliance as well as the prevention and the  
detection of corruption and influence peddling. The text of the  
unabridged version of the rules of procedure approved by the Board  
of Directors on July 25, 2018, is available on TOTAL’s website under  
ensuring compliance with ethics rules and examining any questions  
related to ethics and situations of conflicting interests; and  
reviewing matters regarding compliance as well as the prevention  
and detection of corruption and influence peddling.  
Its duties include:  
“
Our Group/Our identity/Our Governance”.  
—
presenting recommendations to the Board of Directors for its  
membership and the membership of its Committees, and the  
qualification in terms of independence of each candidate for  
Directors’ positions on the Board of Directors;  
The Governance and Ethics Committee is focused on:  
—
recommending to the Board of Directors persons that are qualified  
to be appointed as directors, so as to guarantee the scope of  
coverage of the directors’ competencies and the diversity of their  
profiles;  
—
—
proposing annually to the Board of Directors the list of directors  
who may be considered as “independent directors”;  
examining, for the parts within its remit, reports to be sent by the  
Board of Directors to the shareholders;  
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4
—
assisting the Board of Directors in the selection of the organisation  
of the governance of the Company as well as the selection and  
evaluation of the executive directors and examining the preparation  
of their possible successors including establishing a succession  
plan, including cases of unforeseeable absence;  
—
proposal to the Board of Directors regarding the terms of office  
of three directors the renewal of which was put to the Annual  
Shareholders’ Meeting of June 1, 2018;  
—
—
proposal to the Board of Directors regarding the renewal of the  
directorship of the Chairman and the Chief Executive Officer;  
—
—
recommending to the Board of Directors the persons that are  
qualified to be appointed as directors;  
proposals to the Board of Directors regarding the assessment of  
the independence of the directors based on the independence  
criteria specified in the AFEP-MEDEF Code and after reviewing  
the level of activity between the Group and companies in which  
directors serve;  
recommending to the Board of Directors the persons that are  
qualified to be appointed as members of a Committee of the Board  
of Directors;  
—
—
proposing methods for the Board of Directors to evaluate its  
performance, and in particular preparing means of regular  
self-assessment of the workings of the Board of Directors, and  
the possible assessment thereof by an external consultant;  
—
proposals to the Board of Directors regarding the composition of  
the Committees;  
—
—
allocating of directors’ fees to directors and Committee members;  
update on the Market Abuse regulations (Regulation (EU)  
n° 596/2014 of April 16, 2014, which came into force on July 3,  
proposing to the Board of Directors the terms and conditions  
for allocating directors’ fees and the conditions under which  
expenses incurred by the directors are reimbursed;  
2016) and the applicable blackout periods; and  
—
information update on transactions on the Company’s securities  
by executive directors.  
—
—
developing and recommending to the Board of Directors the  
corporate governance principles applicable to the Company;  
March 13  
preparing recommendations requested at any time by the Board  
of Directors or the General Management of the Company  
regarding appointments or governance;  
—
proposal to the Board of Directors regarding the terms of office  
of three directors the renewal of which was put to the Annual  
Shareholders’ Meeting of June 1, 2018;  
—
—
examining the conformity of the Company’s governance practices  
with the recommendations of the Code of Corporate Governance  
to which the Company refers;  
—
proposal to the Board of Directors regarding  
a unified  
4
Management Form, subject to the renewal of the directorship of  
Mr. Patrick Pouyanné by the Shareholders’ Meeting in June 1, 2018;  
supervising and monitoring the implementation of the approach  
of the Company with regard to ethics, compliance, prevention  
and detection of corruption and influence peddling and, in this  
respect, ensuring that the necessary procedures are in place,  
including those for updating the Group’s Code of Conduct and  
that this Code is disseminated and applied;  
—
—
proposals to the Board of Directors regarding the composition  
of the Committees; and  
examination of the parts of the report on corporate governance  
within its remit.  
July 25  
—
—
examining any questions related to ethics and potential situations  
of conflicting interests;  
—
presentation of the Group’s Ethics and Compliance policy; 2017  
review of ethics and compliance activities; 2018 ethics road map;  
018 anti-corruption compliance road map;  
examining changes in the duties of the Board of Directors.  
2
Work of the Governance and Ethics Committee  
—
presentation of forthcoming changes in the composition of the  
Board of Directors in view of the directorships that come to expire  
at the Shareholders’ Meeting of May 29, 2019;  
In 2018, the Governance and Ethics Committee held three meetings,  
with 91.7% attendance. Its work mainly focused on the following  
areas:  
—
—
review of the Shareholders’ Meeting of June 1, 2018; and  
February 7  
proposal to the Board of Directors regarding the modifications  
of the rules of procedure of the Board of Directors and its  
Committees in order to notably take into account the AFEP-MEDEF  
Code revised in June 2018.  
—
—
report of the Lead Independent Director on her mandate;  
discussion on the functioning of the Board of Directors;  
THE COMPENSATION COMMITTEE  
Composition  
As of March 13, 2019  
Independence  
Years of service of the Board  
Expiry of director’s term of oꢀce  
Gérard Lamarche*  
Patricia Barbizet  
4
7
11  
8
2019  
2020  
2020  
2019  
2020  
4
Marie-Christine Coisne-Roquette  
Renata Perycz(a)  
4
n/a(b)  
4
3
Carlos Tavares  
2
(
(
*
a) Director representing employee shareholders.  
b) In accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
Chairperson of the Committee.  
As of March 13, 2019, the Compensation Committee is made up of five members, with a 100% rate of independence(1)  
.
(1) Excluding the director representing employee shareholders, in accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
Registration Document 2018 TOTAL  
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4
Administration and management bodies  
Duties  
—
at the request of the Chairman of the Board, examining all draft  
reports of the Company regarding compensation of the executive  
officers or any other matters within its competence.  
The rules of procedure of the Compensation Committee define the  
Committee’s duties as well as its working procedures. They were  
modified on July 25, 2018, in order to take account of the new social  
and environmental responsibility requirements, further to the revision  
of the AFEP-MEDEF Code in June 2018. The text of the unabridged  
version of the rules of procedure approved by the Board of Directors  
on July 25, 2018, is available on TOTAL’s website under “Our  
Group/Our identity/Our Governance”.  
Work of the Compensation Committee  
In 2018, the Compensation Committee held two meetings, with  
100% attendance. The Chairman and Chief Executive Officer does  
not attend the Committee’s deliberations regarding his own situation.  
Its work mainly focused on the following areas:  
The Committee is focused on:  
February 7  
—
examining the executive compensation policies implemented by  
the Group and the compensation of members of the Executive  
Committee;  
—
determination of the variable portion of the compensation to be  
paid to the Chairman and Chief Executive Officer for his  
performance in fiscal year 2017;  
—
—
evaluating the performance and recommending the compensation  
of each executive director; and  
—
—
—
—
proposed compensation for the Chairman and Chief Executive  
Officer (fixed and variable portion for fiscal year 2017);  
preparing reports which the Company must present in these  
areas.  
examination of the commitments made by the Company to the  
Chairman and Chief Executive Officer;  
The Committee’s duties include:  
examining sections within its remit of the report on corporate  
governance to shareholders;  
—
—
examining the main objectives proposed by the Company’s General  
Management regarding compensation of the Group’s executive  
officers, including stock option and restricted share grant plans  
as well as equity-based plans, and advising on this subject;  
proposal of principles and criteria to determine the components  
of the compensation of the Chairman and Chief Executive Officer  
for 2018;  
presenting recommendations and proposals to the Board of  
Directors concerning:  
—
—
review of compliance with the restrictions on share transfers by  
the Chairman and Chief Executive Officer; and  
–
compensation, pension and life insurance plans, in-kind  
benefits and other compensation (including severance benefits)  
for the executive directors of the Company; in particular, the  
Committee proposes compensation structures that take into  
account the Company’s strategic orientations, objectives and  
earnings, market practices as well as one or more criteria  
related to social and environmental responsibility,  
review of the possibility and implementation conditions of a  
performance share and/or stock option plan in 2018.  
March 14  
—
confirmation of the acquisition rate of performance shares under  
the 2015 plan;  
–
stock option and restricted share grants, particularly grants  
of restricted shares to the executive directors;  
—
proposal of the principles and criteria used to determine the  
components of the compensation of the Chairman and Chief  
Executive Officer for 2018, in light of the guidance given by the  
Board at its meeting of February 7, 2018;  
—
examining the compensation of the members of the Executive  
Committee, including stock option and restricted share grant  
plans as well as equity-based plans, pension and insurance plans  
and in-kind benefits;  
—
—
proposals regarding the 2018 performance share plan; proposal  
regarding the grant of performance shares to the Chairman and  
Chief Executive Officer; and  
—
—
—
preparing and presenting reports in accordance with these rules  
of procedure;  
examining sections within its remit of the report on corporate  
governance to shareholders.  
examining, for the parts within its remit, reports to be sent by the  
Board of Directors or its Chairman to the shareholders;  
preparing recommendations requested at any time by the  
Chairman of the Board of Directors or the General Management  
of the Company regarding compensation; and  
THE STRATEGY & CSR COMMITTEE  
Composition  
As of March 13, 2019  
Independence  
Years of service of the Board  
Expiry of director’s term of oꢀce  
Patrick Pouyanné*  
Patrick Artus  
4
10  
11  
7
2021  
2021  
2020  
2021  
2019  
2020  
4
Patricia Barbizet  
Anne-Marie Idrac  
Jean Lemierre  
4
4
4
3
Christine Renaud(a)  
n/a(b)  
2
(
(
*
a) Director representing employees.  
b) In accordance with the recommendations of the AFEP-MEDEF Code (point 8.3).  
Chairperson of the Committee.  
As of March 13, 2019, the Strategy & CSR Committee is made up of six members, including four independent directors.  
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4
Duties  
Work of the Strategy & CSR Committee  
The rules of procedure of the Strategy & CSR Committee define the  
Committee’s duties as well as its working procedures. They were last  
modified on July 25, 2018, in order to take account of the new social  
and environmental responsibility requirements, further to the revision  
of the AFEP-MEDEF Code in June 2018. The text of the unabridged  
version of the rules of procedure approved by the Board of Directors  
on July 25, 2018, is available on TOTAL’s website under “Our  
Group/Our identity/Our Governance”.  
In 2018, the Strategy & CSR Committee held three meetings, with  
100% attendance. Its work mainly focused on the following areas:  
March 14  
—
—
—
analysis of the strategy of one of the Group’s major competitors;  
comparison of major oil companies’ 2017 results; and  
presentation of the Group’s ESG performance.  
To allow the Board of Directors of TOTAL S.A. to ensure the Group’s  
development, the Strategy & CSR Committee’s duties include:  
September 19  
—
strategic directions of the Gas, Renewables & Power segment;  
—
examining the Group’s overall strategy proposed by the  
Company’s Chief Executive Officer;  
and  
—
the Group’s “Climate” ambition.  
—
examining the Group’s corporate social and environmental  
responsibility (CSR) issues and, in particular, issues relating to  
the incorporation of the Climate challenge in the Group’s strategy;  
December 12  
presentation of the climate strategy; review of worldwide  
climate-related litigation and financing of the oil and gas projects.  
—
—
—
examining operations that are of particular strategic importance;  
reviewing the competitive environment, the main challenges the  
Group faces, including with regard to social and environmental  
responsibility, as well as the resulting medium and long-term  
outlook for the Group.  
4.1.3 Report of the Lead Independent Director on her mandate  
4
During the Board meeting of February 6, 2019, Ms. Barbizet  
presented a report on her mandate as Lead Independent Director.  
The Lead Independent Director indicated that she exercised her  
duties during the 2018 fiscal year as follows:  
— Relationships with shareholders:  
The Chairman and Chief Executive Officer and the Lead Independent  
Director are the privileged points of contacts for shareholders  
concerning matters under the Board’s responsibility. In accordance  
with the provisions of the rules of procedure of the Board, when the  
Chairman and Chief Executive Officer is solicited in this area, he may  
consult the Lead Independent Director before responding.  
—
Contact with the Chairman and Chief Executive Officer:  
The Lead Independent Director has been a privileged interlocutor of  
the Chairman and Chief Executive Officer with respect to significant  
matters concerning the Group’s business and preparing meetings  
of the Board of Directors. The Lead Independent Director thus met  
the Chairman and Chief Executive Officer very regularly, on a monthly  
basis, and before each meeting of the Board of Directors.  
When the Lead Independent Director is solicited in this area, she  
informs the Chairman and Chief Executive Officer and gives her  
opinion, so that the Chairman and Chief Executive Officer can give  
appropriate response to the request. The Chairman and Chief  
Executive Officer informs the Lead Independent Director of the  
response.  
—
Assessment of the Board of Directors’ practices:  
The Lead Independent Director conducted the assessment of the  
Board of Directors’ practices.  
In addition, the Lead Independent Director participated on June 28,  
2018 with the Chairman and Chief Executive Officer in a meeting  
—
Avoidance of conflicts of interest:  
with a large shareholder of the Company. He also participated with  
the Chairman and Chief Executive Officer in another conference call  
on December 10, 2018 with another large shareholder of the  
Company. The terms discussed during these two meetings included  
the functioning of the Board of Directors, the exercise by the Lead  
Director of the missions entrusted to her by the Board, the way in  
which the Board manages the risks facing the Company as well as  
the compensation of the Chairman and Chief Executive Officer.  
The Lead Independent Director has performed due diligence in order  
to identify and analyze potential conflicts of interest. She brought to  
the attention of the Chairman and Chief Executive Officer the potential  
conflicts of interest that had been identified. The Lead Independent  
Director was consulted in July 2018 by a director about a potential  
conflict of interest arising due to that director’s possible participation  
in Committee of an energy-related entity in an Asian country. Due to  
the absence of a conflict of interest, this director then decided to  
respond to the offer to chair this Committee. The Lead Independent  
Director was also consulted in October 2018 by the director  
concerning that director’s potential participation to a strategic  
committee of a fund manager. He was answered positively.  
The Lead Independent Director presented to the shareholders her  
report on the her mandate during the Shareholders’ Meeting on  
st  
June 1 , 2018.  
—
Visits to Group sites by the Directors:  
Ms. Barbizet took part, with other directors, in the following visits to  
Group sites:  
—
Monitoring of the Board’s practices:  
The Lead Independent Director held a meeting of the independent  
directors on December 12, 2018. At the meeting, the discussions  
related in particular to increasing the senior executives’ knowledge  
of the Group, with a particular view to the succession plans, and to  
analyzing the impact of disruptive scenarios on the Group’s situation.  
—
—
Yamal LNG plant (October 26, 2018);  
Akpo field and Bonny LNG plant in Nigeria (December 18, 2018).  
These site visits provided the opportunity for the directors concerned  
to meet Group executives and partners as well as leading figures in  
the energy sector.  
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4
Administration and management bodies  
4.1.4 Evaluation of the functioning of the Board of Directors  
Once a year, the Board of Directors discusses its functioning. It also  
conducts a formal assessment of its own functioning at regular  
intervals of up to three years. The evaluation is carried out under the  
supervision of the Lead Independent Director, if one has been  
appointed, or under the supervision of the Governance and Ethics  
Committee, with the assistance of an outside consultant. When a  
Lead Independent Director is appointed, he or she oversees this  
evaluation process and reports on it to the Board of Directors.  
expectations of the Board members, particularly with the addition  
of the experience of two Chief executive officers of leading  
companies, who joined the Board following the Shareholders’  
Meeting of May 26, 2017;  
—
—
—
independent directors’ meeting: now held at least once a year at  
the initiative of the Lead Independent Director. Meetings took  
place on December 21, 2016, December 12, 2017, and  
December 12, 2018;  
At its meeting of March 13, 2019, the Board of Directors discussed  
its functioning. Ms. Barbizet, Lead Independent Director, managed  
this evaluation process in January and February 2019 on the basis of  
a formal assessment carried out with the help of an outside  
consultant, in the form of a detailed questionnaire. The responses  
given by the directors were then presented to the Governance and  
Ethics Committee to be reviewed and summarized. This summary  
was then discussed by the Board of Directors. This process made it  
possible to confirm the quality of each director’s contribution to the  
work of the Board and its Committees.  
secure platform to access the Board’s documents: the platform  
was put in place as of September 21, 2016, for Board meetings  
and as of April 24, 2017, for Audit Committee meetings, with the  
establishment of a directors’ manual in June 2018;  
succession plan for the executive directors: the succession plan  
for executive directors was reviewed at the meeting of the  
Governance and Ethics Committee of February 8, 2017 and  
February 7, 2018.  
The assessment conducted in January and February 2019 highlighted  
the directors’ satisfaction with the functioning of the Board of  
Directors, both in terms of form and substance, and, in particular,  
concerning freedom of expression, the quality of dialog, the collegiality  
of decision-making as well as the relevance of subjects addressed.  
The directors particularly appreciated the pace and agenda of  
meetings, the quality of the exchanges during lunches before the  
meetings and during the visits to Group sites organized for them, as  
well as the quality of relations with the Lead Independent Director.  
This formal evaluation showed a positive opinion of the functioning of  
the Board of Directors and the Committees. In particular, it was noted  
that the suggestions for improvement made by the directors in recent  
years had generally been taken into account. During the Board of  
Directors’ meetings, some of which were held at certain of the Group’s  
sites, special attention was paid at the start of each meeting to the  
review of the main points to be examined by the Board (financial  
statements, large-scale investment and divestment projects, etc.).  
Furthermore, the main suggestions for improving the Board made by  
the directors during their January 2016, January 2017 and January  
The Board of Directors made the following suggestions that could  
further improve its functioning:  
2
018 self-assessments have been implemented:  
—
consider alternative disruptive scenarios within the framework of  
the strategic consideration;  
—
monitoring risks at Board level: an annual presentation of the  
Group’s risk map is now on the Board’s agenda. Presentations  
were given at the Board meetings of April 26, 2016, April 26,  
—
—
increase opportunities to meet the Group’s executive officers; and  
2017 and April 25, 2018;  
prepare the succession plan for key positions among the Board  
of Directors.  
—
changes to the composition of the Board: the Governance and  
Ethics Committee’s proposals to the Board of Directors met the  
4.1.5 General Management  
4
.1.5.1 Unified Management Form  
At the Ordinary Shareholders’ Meeting of June 1, 2018, Mr. Pouyanné’s  
directorship was renewed for a period of three years, i.e., until the  
end of the Shareholders’ Meeting in 2021 that will approve the  
accounts of fiscal year 2020. On the proposal of the Governance  
and Ethics Committee, approved by the meeting of the Board of  
Directors of March 14, 2018, the latter met after the Shareholders’  
Meeting and unanimously decided to renew Mr. Pouyanné’s term of  
office as the Chairman and Chief Executive Officer for the duration of  
his directorship.  
Combination of the management positions  
At its meeting on December 16, 2015, the Board of Directors decided  
to reunify the positions of Chairman and Chief Executive Officer of  
TOTAL S.A. as of December 19, 2015. As a result, since that date,  
Mr. Pouyanné has held the position of Chairman and Chief Executive  
Officer of TOTAL S.A.  
Following the death of TOTAL’s former Chairman and Chief Executive  
Officer, Mr. de Margerie, the Board of Directors decided, at its meeting  
on October 22, 2014, to separate the functions of Chairman and  
Chief Executive Officer in order to best ensure the transition of the  
General Management. The Board of Directors therefore appointed  
Mr. Pouyanné as Chief Executive Officer for a term of office expiring  
following the Annual Shareholders’ Meeting called in 2017 to approve  
the 2016 financial statements( , and Mr. Desmarest as Chairman of  
the Board of Directors for a term of office expiring on December 18,  
At the meeting of the Board of Directors of March 14, 2018, the  
Lead Independent Director notably reiterated that the proposal to  
continue to combine the positions of Chairman of the Board of  
Directors and Chief Executive Officer was made further to work done  
by the Governance and Ethics Committee in the interests of the  
Company. In this regard, the unified Management Form was deemed  
to be most appropriate to the Group’s organization, modus operandi  
and business, and to the specific features of the oil and gas sectors,  
particularly in light of the advantage for the Group of having a unified  
management in strategic negotiations with States and the Group’s  
partners.  
1)  
2015, in accordance with the age limit set out in the bylaws. It was  
announced that, on that date, the functions of Chairman and Chief  
Executive Officer of TOTAL S.A. would be combined.  
(
1) The meeting of the Board of Directors of December 16, 2015, decided to extend the term of this office to the end of the Annual Shareholders’ Meeting of June 1, 2018, date of expiry of  
the preceding term of office of Mr. Pouyanné as director.  
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4
The Lead Independent Director also reiterated that the Group’s  
governance structure ensures a balanced distribution of powers. To this  
end, at its meeting on December 16, 2015, the Board amended the  
provisions of its Rules of Procedure to provide for the appointment of  
a Lead Independent Director in the event of the combination of the  
positions of Chairman of the Board of Directors and Chief Executive  
Officer. The Lead Independent Director’s duties, resources and rights  
are described in the Rules of Procedure of the Board of Directors.  
The duties of the Lead Independent Director are described in detail  
in the Rules of Procedure of the Board of Directors, the full version  
of which is provided in point 4.1.2.1 of this chapter.  
4.1.5.2 Executive Committee and Group  
Performance Management Committee  
The Executive Committee  
The balance of powers within the Company’s bodies is also ensured  
by the composition of the Board of Directors and that of its four  
Committees, particularly given the high proportion of members who  
are independent directors. It is further ensured by the directors’ full  
involvement in the work of the Board and the Committees, and by  
their diverse profiles, skills and expertises.  
The Executive Committee, under the responsibility of the Chairman  
and Chief Executive Officer, is the decision-making body of the Group.  
It implements the strategy formulated by the Board of Directors and  
authorizes related investments, subject to the approval of the Board  
of Directors for investments exceeding 3% of the Group’s equity, as  
well as any significant transactions not included in the announced  
company strategy, or notification of the Board for investments  
exceeding 1% of equity.  
In addition, the Board’s Rules of Procedure provide that investments  
and divestments considered by the Group exceeding 3% of equity,  
as well as any significant transactions not included in the announced  
Company strategy, must be approved by the Board, which is also  
informed of any significant events related to the Company’s  
operations, particularly investments and divestments in amounts  
exceeding 1% of equity.  
In 2018, the Executive Committee met at least twice a month, except  
in August when it met once.  
As of December 31, 2018, the members of Executive Committee  
were as follows:  
Finally, the Company’s bylaws offer the necessary guarantees to  
ensure compliance with best governance practices under a unified  
Management Form. In particular, they stipulate that a Board meeting  
may be convened by any means, including verbally, and at short  
notice in case of urgency, by the Chairman or by a third of its members,  
at any time and as often as required to ensure the best interests of  
the Company.  
—
Patrick Pouyanné, Chairman and Chief Executive Officer and  
President of the Executive Committee;  
—
—
—
—
—
Arnaud Breuillac, President, Exploration & Production;  
Patrick de La Chevardière, Chief Financial Officer;  
Momar Nguer, President, Marketing & Services;  
Bernard Pinatel, President, Refining & Chemicals;  
Philippe Sauquet, President, Gas, Renewables & Power, and  
President, Group Strategy-Innovation; and  
4
Lead Independent Director  
—
Namita Shah, President, People & Social Responsibility.  
At its meeting on December 16, 2015, the Board of Directors appointed  
Ms. Barbizet as Lead Independent Director as of December 19,  
The current members of the Executive Committee have informed the  
Company that they have not been charged with, convicted or subject  
to any incrimination, conviction or sanction pronounced by a judicial  
or administrative authority or a professional body, have not been  
associated with bankruptcy, sequestration, receivership or court-ordered  
liquidation proceedings, and have not been convicted of fraud,  
prohibited from managing a company or disqualified as stipulated in  
item 14.1 of Annex I of EC Regulation 809/2004 of April 29, 2004,  
over the last five years.  
2015. Pursuant to the provisions of the Rules of Procedure of the  
Board of Directors, she therefore chairs the Governance and Ethics  
Committee.  
Profile, experience and expertise of the members of the Executive Committee (information as of December 31, 2018)  
PATRICK POUYANNÉ  
Chairman and Chief Executive Officer of TOTAL S.A.  
Chairman of the Strategy & CSR Committee  
Biography & Professional Experience  
A graduate of École Polytechnique and a Chief Engineer of France’s Corps des Mines, Mr. Pouyanné held,  
between 1989 and 1996, various administrative positions in the Ministry of Industry and other cabinet positions  
Born on June 24, 1963  
(technical advisor to the Prime Minister – Édouard Balladur – in the fields of the Environment and Industry from  
(
French)  
1993 to 1995, Chief of staff for the Minister for Information and Aerospace Technologies – François Fillon – from  
Director of TOTAL S.A.  
since the Ordinary  
Shareholders’ Meeting  
of May 29, 2015  
1995 to 1996). In January 1997, he joined TOTAL’s Exploration & Production division, first as Chief Administrative  
Officer in Angola, before becoming Group representative in Qatar and President of the Exploration and Production  
subsidiary in that country in 1999. In August 2002, he was appointed President, Finance, Economy and IT for  
Exploration & Production. In January 2006, he became Senior Vice President, Strategy, Business Development  
and R&D in Exploration & Production and was appointed a member of the Group’s Management Committee in  
May 2006. In March 2011, Mr. Pouyanné was appointed Deputy General Manager, Chemicals, and Deputy  
General Manager, Petrochemicals. In January 2012, he became President, Refining & Chemicals and a member  
of the Group’s Executive Committee.  
Business address:  
TOTAL S.A.  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
France  
9
On October 22, 2014, he became Chief Executive Officer of TOTAL S.A. and Chairman of the Group’s Executive  
Committee. On May 29, 2015, he was appointed by the Annual Shareholders’ Meeting as director of TOTAL S.A.  
for a three-year term. The Board of Directors of TOTAL appointed him as Chairman of the Board of Directors  
as of December 19, 2015. Mr. Pouyanné thus became the Chairman and Chief Executive Officer of TOTAL S.A.  
Following the renewal of Mr. Pouyanné’s directorship at the Shareholders’ Meeting on June 1, 2018 for a  
three-year period, the Board of Directors renewed Mr. Pouyanné’s term of office as Chairman and Chief Executive  
Officer for a period equal to that of his directorship. Mr. Pouyanné is also the Chairman of the Association United  
Way – L’Alliance since June 2018, having accepted this office as TOTAL S.A.’s Chairman and Chief Executive  
Officer.  
Main function: Chairman and Chief Executive Officer of TOTAL S.A.  
Registration Document 2018 TOTAL  
139  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
Chairman and Chief Executive Officer of TOTAL S.A.* and Chairman of the Strategy & CSR Committee  
—
Outside the TOTAL Group  
Director of Cap Gemini S.E.* (since May 10, 2017) and member of the Strategy and Investments Committee  
since September 1, 2017)  
—
(
Directorships that have expired in the previous five years  
—
—
Chairman and Director of Total Refining & Chemicals until 2014  
Chairman and Director of Total Petrochemicals & Refining S.A./NV until 2014  
ARNAUD BREUILLAC  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
A graduate of the École Centrale de Lyon, Arnaud Breuillac joined TOTAL in 1982. He occupied various positions  
in Exploration & Production in France, Abu Dhabi, the United Kingdom, Indonesia and Angola, and in Refining  
management in France.  
Born on July 2, 1958  
French)  
(
Between 2004 and 2006, he was the Iran director in the Middle East division. In December 2006, he became a  
member of the Management Committee of the Exploration & Production segment, as the director of the  
Continental Europe and Central Asia area. In July 2010, he became the Middle East director in the Exploration &  
Production segment, and joined the Management Committee in January 2011. On January 1, 2014, Arnaud  
Breuillac was appointed President of TOTAL’s Exploration & Production segment, and he has been a member of  
the Group’s Executive Committee since October 1, 2014.  
Member of TOTAL S.A.’s  
Executive Committee  
since October 1, 2014  
Business address:  
TOTAL S.A.  
Main function: President of TOTAL S.A.’s Exploration & Production segment  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
9
France  
—
Member of the TOTAL Executive Committee  
Outside the TOTAL Group  
None  
Directorships that have expired in the previous five years  
None  
PATRICK DE LA CHEVARDIÈRE  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
Patrick de La Chevardière was born in March 1957. He is a graduate of the École Centrale de Paris and a former  
student of the École des hautes études commerciales (HEC). He joined TOTAL in 1982, where he worked as  
a drilling engineer in the Exploration & Production segment until 1989. He then joined the Financial Division as  
a business manager and became the director of the Operations and Subsidiaries department in 1995. In 2000,  
he was appointed Asia director in the Refining and Marketing division, then Deputy Chief Financial Officer of  
TOTAL in September 2003, and he became a member of the Management Committee in January 2005. Patrick  
de La Chevardière has also been a member of the Executive Committee since June 2008.  
Born on March 1, 1957  
(
French)  
Member of TOTAL S.A.’s  
Executive Committee  
since June 2008  
Main function: Chief Financial Officer of TOTAL S.A.  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
Business address:  
TOTAL S.A.  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
9
—
—
—
—
Member of the TOTAL Executive Committee  
Chairman and member of the Governance committee of Elf Aquitaine  
Director of Total Capital  
France  
Chairman and Chief Executive Officer of Total Capital International  
Outside the TOTAL Group  
None  
Directorships that have expired in the previous five years  
—
—
—
—
Chairman of Total Nucléaire until 2017  
Chairman and Chief Executive Officer of Elf Aquitaine until 2016  
Member of the Board of Directors of Socap International Ltd until 2015  
Member of the Board of Directors of Total International Limited until 2015  
140  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
MOMAR NGUER  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
6
2 year-old Momar Nguer is a graduate of ESSEC. He started his career in 1982 in the financial department of  
Hewlett Packard France, before joining the Downstream activity of the TOTAL Group in 1984. He became the  
Sales Director of Total Senegal in 1985. In 1991, he became the manager of TOTAL Network and Consumers in  
Africa. He then took charge of the General Management of the Marketing subsidiaries of Total Cameroon, in 1995,  
then Total Kenya, in 1997. In 2000, he was appointed director of East Africa and the Indian Ocean in TOTAL’s  
Refining & Marketing segment. From 2007 to 2011, Momar Nguer was the Group’s Aviation Managing Director.  
In December 2011, he became the Africa – Middle East director of TOTAL’s Marketing & Services segment.  
He joined the Group Performance Management Committee in January 2012 and was appointed Chairman of  
the Diversity Council on August 1, 2015. On April 15, 2016, he became President, Refining & Chemicals and a  
member of the TOTAL Group’s Executive Committee.  
Born on July 8, 1956  
French and Senegalese)  
(
Member of TOTAL S.A.’s  
Executive Committee  
since April 15, 2016  
Business address:  
TOTAL S.A.  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
Main function: President of TOTAL S.A.’s Marketing & Services segment  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
9
France  
—
—
—
Member of the TOTAL Executive Committee  
Chairman and Chief Executive Officer of Total Marketing & Services  
Member of the Board of Directors of Clean Energy Fuels Corp.  
Outside the TOTAL Group  
—
—
Member of the Board of Directors of CFAO  
Member of the Board of Directors of Africa Radio  
4
Directorships that have expired in the previous five years  
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Chairman & Chief Executive Officer of Total Outre-Mer until 2016  
Chairman & Chief Executive Officer de Total Africa SA until 2016  
Chairman of Total Réunion until 2016  
Director of Sofocop until 2016  
Director of Total Cameroun until 2016  
Director of Total Cote d’Ivoire until 2016  
Director of Total Liban until 2016  
Director of Total Maroc until 2016  
Director of Total Sénégal until 2016  
Chairman of Board of Directors de Total Nigeria until 2016  
Chairman of Board of Directors de Total (Africa) ltd until 2016  
Chairman of Board of Directors de Total Kenya Plc until 2016  
Chairman of Board of Directors de Total Petroleum Ghana Ltd until 2016  
Chairman of Board of Directors de Total South Africa Ltd until 2016  
Chairman of Board of Directors de Total Oil Turkyie until 2016  
BERNARD PINATEL  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
Bernard Pinatel is a graduate of the École Polytechnique and the Institut d’Études Politiques (IEP) de Paris, and  
has an MBA from the Institut Européen d’Administration des Affaires (INSEAD). He is also a statistician-economist  
(
École Nationale de la Statistique et de l’Administration Économique – ENSAE). He started his career at Booz  
Born on June 5, 1962  
Allen & Hamilton, before joining the TOTAL group in 1991, where he occupied various operational positions in  
the production plants and head offices of different subsidiaries, including Hutchinson and Coates Lorilleux. He  
became the CEO France, and then the CEO Europe of Bostik between 2000 and 2006, and the Chairman and  
Chief Executive Officer of Cray Valley, from 2006 to 2009. In 2010, he became the Chairman and Chief Executive  
Officer of Bostik. At TOTAL, he became a member of the Group’s Management Committee in 2011 and was  
member of the Management Committee of Refining & Chemicals from 2011 to 2014.  
(
French)  
Member of TOTAL S.A.’s  
Executive Committee  
since September 1, 2016  
Business address:  
TOTAL S.A.  
When Arkema took over Bostik in February 2015, he was nominated as a member of the Executive Committee  
of Arkema, responsible for the High-Performance Materials activity.  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
France  
He joined the TOTAL Group on September 1, 2016, and was appointed President of the Refining & Chemicals  
segment and a member of the Group Executive Committee.  
9
Main function: President of TOTAL S.A.’s Refining & Chemicals segment  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
—
—
—
—
Member of the TOTAL Executive Committee  
Chairman and Chief Executive Officer of Total Refining & Chemicals  
Chairman, Delegate Director of Total Country Services Belgium  
Chairman and Delegate Director of Total Chemicals & Refining SA/NV  
Registration Document 2018 TOTAL  
141  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
Outside the TOTAL Group  
None  
Directorships that have expired in the previous five years  
—
Chairman and Chief Executive Officer of Bostik SA  
PHILIPPE SAUQUET  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
Philippe Sauquet is a graduate of l’École Polytechnique, l’École Nationale des Ponts et Chaussées and of the  
University of California, Berkeley, United States. He started his career in 1981 as a civil engineer at the French  
Ministry of Infrastructure, then at the French Ministry of the Economy and Finance. He joined the Orkem Group in  
Born on September 20,  
957 (French)  
1
988 as the sales manager of the Acrylic Materials division. He joined TOTAL in 1990 as Vice President,  
Anti-Corrosion Paints, before being nominated Chemicals Strategy Vice President.  
1
Member of TOTAL S.A.’s  
Executive Committee  
since September 1, 2016  
In 1997, he joined Gas & Power, where he was successively Vice President, Americas, Vice President,  
International, Senior Vice President, Strategy and Renewable Energies, Senior Vice President, Trading & Marketing,  
Gas & Power, based in London. On July 1, 2012, he was appointed President of Gas & Power, and became a  
member of the Group’s Management Committee at the same time.  
Business address:  
TOTAL S.A.  
On October 29, 2014, he took charge of the Refining & Chemicals segment and joined the Group Executive  
Committee. On April 15, 2016, he also became interim President of New Energies.  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
9
On September 1, 2016, he was appointed President of the newly created Gas, Renewables & Power segment.  
Philippe Sauquet is also the President of Group Strategy-Innovation and a member of the Group Executive  
Committee.  
France  
Main function: President, Gas, Renewables & Power, and President, TOTAL S.A. Group Strategy-Innovation.  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
—
Member of the TOTAL Executive Committee  
Outside the TOTAL Group  
Director of IFPEN  
—
Directorships that have expired in the previous five years  
None  
NAMITA SHAH  
Member of the TOTAL Executive Committee  
Biography & Professional Experience  
Namita Shah is a graduate of Delhi University, New Delhi and has a postgraduate degree in Law from the New  
York University School of Law, USA. She began her career as an Associate Attorney at Shearman & Sterling, a  
New York law firm, where she spent eight years providing advice and supervising transactions including those  
involving financings of pipeline and power plant companies.  
Born on August 21,  
1968 (French)  
She joined TOTAL in 2002 as a Legal Counsel in the E&P mergers and acquisitions team. In 2008, she joined the  
New Business team where she was responsible for business development in Australia and Malaysia. She held  
this position until 2011 when she moved to Yangon as General Manager, Total E&P, Myanmar.  
Member of TOTAL S.A.’s  
Executive Committee  
since September 1, 2016  
On July 1, 2014, she was appointed Senior Vice President, Corporate Affairs, Exploration & Production.  
Business address:  
TOTAL S.A.  
st  
On September 1 , 2016, she was appointed President People & Social Responsibility and member of the Executive  
2
place Jean Millier,  
La Défense 6,  
2400 Courbevoie  
Committee.  
Main function: President of People & Social Responsibility at TOTAL S.A.  
9
France  
Directorships and functions held at any company during the 2018 fiscal year  
Within the TOTAL Group  
—
Member of the TOTAL Executive Committee  
Outside the TOTAL Group  
None  
Directorships that have expired in the previous five years  
None  
142  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Administration and management bodies  
4
The Group Performance Management Committee  
men is promoted in the Group through a global policy of gender  
diversity, goals set by General Management, a Human Resources  
process that takes the issue of gender into consideration, agreements  
in favor of a better work-life balance (such as the agreement on  
remote working in France) and awareness-raising and training actions.  
The mission of the Group Performance Management Committee is  
to examine, analyze and monitor the HSE, financial and operational  
results of the Group. It is chaired by the Chairman and Chief Executive  
Officer and meets monthly.  
In terms of TOTAL S.A., the Group’s commitment in favor of diversity  
took shape in 2016 with the arrival of the President of the People &  
Social Responsibility division to the Group’s Executive Committee  
In addition to the members of the Executive Committee, this Committee  
is made up of the heads of the Group’s main business units, as well  
as a limited number of Senior Vice Presidents of functions at the  
Group and business segments levels.  
(
7 people). With regard to diversity in the 10% of the highest  
management positions of the Company, the proportion of women  
equals 15%. At Group level, which is the most relevant perimeter  
Balanced representation of women and men and diversity  
results in the 10% of positions at TOTAL S.A. with the  
highest responsibilities (Article L. 225-37-4, 6° of the French  
Commercial Code)  
considering TOTAL’s activities, this proportion equals 21%(  
1)  
.
For further information, refer to point 5.3.3 of chapter 5.  
TOTAL is committed to respecting the principle of equal treatment  
for women and men; it promotes this fundamental principle and  
ensures that it is correctly applied. Equal treatment for women and  
4.1.6 Shares held by the administration and management bodies  
As of December 31, 2018, based on statements by the concerned  
persons and the share register listing registered shares, all of the  
members of the Board of Directors and the Group’s executive  
officers( held less than 0.5% of the share capital:  
By decision of the Board of Directors:  
—
Executive directors are required to hold a number of TOTAL  
shares equal in value to two years of the fixed portion of their  
annual compensation; and  
4
2)  
—
members of the Board of Directors(3): 144,244 shares and  
1,982.73 units of the collective investment fund (“FCPE”)  
—
members of the Executive Committee are required to hold a  
number of TOTAL shares equal in value to two years of the fixed  
portion of their annual compensation. These shares must be  
acquired within three years of their appointment to the Executive  
Committee.  
1
invested in TOTAL shares;  
—
—
Chairman and Chief Executive Officer: 127,617 shares and  
8
,931.37 units of the FCPE invested in TOTAL shares;  
members of the Executive Committee(4): 429,674 shares and  
2,822.23 units of the collective investment fund (“FCPE”)  
The number of TOTAL shares to be considered is comprised of  
TOTAL shares and units of the FCPE invested in TOTAL shares.  
4
invested in TOTAL shares;  
—
executive officers(2): 678,534 shares and 75,514.57 units of the  
collective investment fund (“FCPE”) invested in TOTAL shares.  
(
(
1) Proportion calculated on the basis of 95,327 employees.  
2) The Group’s executive officers include the members of the Executive Committee, the four Senior Vice Presidents of the central Group functions who are members of the Group  
Performance Management Committee (HSE, Strategy & Climate, Communications, Legal), the Deputy Chief Financial Officer and the Treasurer.  
3) Including the Chairman and Chief Executive Officer, the director representing employee shareholders and the director representing employees.  
4) Excluding the Chairman and Chief Executive Officer.  
(
(
Registration Document 2018 TOTAL  
143  
REPORT ON CORPORATE GOVERNANCE  
4
Administration and management bodies  
Summary of transactions in the Company’s securities (Article L. 621-18-2 of the French Monetary and Financial Code)  
The following table presents transactions, of which the Company has been informed, in the Company’s shares or related financial instruments  
carried out in 2018 by the individuals referred to in paragraphs a), b)( and c) of Article L. 621-18-2 of the French Monetary and Financial Code:  
1)  
2
018  
Acquisition Subscription  
Transfer Exchange Exercise of options  
Patrick Pouyanné(a)  
TOTAL shares  
38,880.00  
3,665.00  
(21,400.00)  
-
21,400.00  
Units in FCPE and other  
related financial instruments  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
(b)  
363.49  
-
1.98  
-
-
-
-
-
-
-
Patrick Artus(a)  
TOTAL shares  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
-
Patricia Barbizet(a)  
TOTAL shares  
Units in FCPE and other  
related financial instruments  
Marie-Christine Coisne-Roquette(a) TOTAL shares  
-
-
-
-
-
-
-
-
-
161.00  
Units in FCPE and other  
related financial instruments  
TOTAL shares  
-
-
-
-
-
-
-
-
-
-
Mark Cutifani(a)  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
-
Maria van der Hoeven(a)  
Anne-Marie Idrac(a)  
Gérard Lamarche(a)  
Jean Lemierre(a)  
TOTAL shares  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
TOTAL shares  
(99.00)  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
TOTAL shares  
107.00  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
TOTAL shares  
14.00  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
Renata Perycz(a)  
TOTAL shares  
150.00  
Units in FCPE and other  
related financial instruments  
81.99  
-
-
-
-
-
-
-
-
-
Carlos Tavares(a)  
TOTAL shares  
Units in FCPE and other  
related financial instruments  
-
-
-
-
-
-
-
-
-
-
Christine Renaud(a)  
Arnaud Breuillac(a)  
Patrick de La Chevardière(a)  
Momar Nguer(a)  
TOTAL shares  
Units in FCPE and other  
related financial instruments  
176.80  
-
(392.00)  
-
-
-
TOTAL shares  
18,860.00  
1,348.00  
(6,100.00)  
17,300.00  
Units in FCPE and other  
related financial instruments  
301.11  
2,950.40  
-
(8,511.27)  
-
-
-
TOTAL shares  
26,240.00  
(37,000.00)  
52,900.00  
Units in FCPE and other  
related financial instruments  
108.34  
12,439.04  
429.00  
(11,736.04)  
(5,712.00)  
-
-
-
-
TOTAL shares  
7,790.00  
Units in FCPE and other  
related financial instruments  
409.02  
-
7,091.96  
897.00  
-
-
-
-
Bernard Pinatel(a)  
Philippe Sauquet(a)  
Namita Shah(a)  
TOTAL shares  
2,550.00  
Units in FCPE and other  
related financial instruments  
52.69  
2,850.55  
-
(1,729.97)  
-
-
-
TOTAL shares  
18,860.00  
(12,500.00)  
12,500.00  
Units in FCPE and other  
related financial instruments  
653.67  
3,080.99  
281.00  
(4,964.89)  
-
-
-
-
TOTAL shares  
4,920.00  
1,350.00  
Units in FCPE and other  
related financial instruments  
410.10  
6,475.45  
(1,029.60)  
-
-
(
(
a) Including related parties within the meaning of the provisions of Article R. 621-43-1 of the French Monetary and Financial Code.  
b) FCPE primarily invested in TOTAL shares.  
(1) The individuals referred to in paragraph b) of Article L. 621-18-2 of the French Monetary and Financial Code include the members of the Executive Committee.  
144  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
4.2 Statement regarding corporate governance  
For many years, TOTAL has taken an active approach to corporate  
governance and at its meeting on November 4, 2008, the Board of  
Directors decided to refer to the AFEP-MEDEF Code of Corporate  
Governance for publicly traded companies (available on the AFEP  
and MEDEF websites).  
of at least one half of the Company’s assets and to bring the Code in  
line with new laws regarding supplementary pensions of executive  
directors. The Code was also revised in November 2016 in order  
to clarify and complete certain recommendations, in particular on  
the independence of directors, CSR and the compensation of the  
executive directors. Finally, the AFEP-MEDEF Code was revised in  
June 2018, in particular in order to take increased account of corporate  
social and environmental responsibility. It also contains more stringent  
requirements in the realms of non-discrimination and diversity.  
The AFEP-MEDEF Code was revised in June 2013 to introduce new  
changes regarding, in particular, a consultation procedure in which  
shareholders can express an opinion on the individual compensation  
of the executive directors (say on pay), as well as the establishment  
of a High Committee for corporate governance, an independent  
structure in charge of monitoring the implementation of the Code.  
It was also revised in November 2015 to introduce the principle of  
consultation of the Annual Shareholders’ Meeting in case of the sale  
Pursuant to Article L. 225-37-4 of the French Commercial Code,  
the following table sets forth the sole recommendation made in the  
AFEP-MEDEF Code that the Company has opted not to follow as  
well as the reasons for such decision.  
RECOMMENDATIONS NOT FOLLOWED  
EXPLANATION – PRACTICE FOLLOWED BY TOTAL  
Supplementary pension plan (point 24.6.2 of the Code)  
It appeared justified not to deprive the relevant beneficiaries of  
the benefit of the pension commitments made by the Company in  
the particular cases of the disability or departure of a beneficiary  
over 55 years of age at the initiative of the Group. In addition,  
it should be noted that the supplementary pension plan set up by  
the Company was declared to URSSAF in 2004, in accordance  
with Articles L. 137-11 and R. 137-16 of the French Social Security  
Code.  
Supplementary pension schemes with defined benefits must be  
subject to the condition that the beneficiary must be a director or  
employee of the company when claiming his or her pension rights  
pursuant to the applicable rules.  
4
In recent years, the Company’s practices have evolved in two areas  
concerning the recommendations made in the AFEP-MEDEF Code.  
Second, concerning the recommendation made in the AFEP-MEDEF  
Code concerning the composition of the Compensation Committee  
that one “employee director should be a member”, the Board of  
Directors approved on February 8, 2017, the proposal of the  
Governance and Ethics Committee to appoint Ms. Renata Perycz as  
a member of the Compensation Committee as of the Shareholder  
Meeting of May 26, 2017. Ms. Perycz, thanks to the nature of her  
salaried duties in the Group, brings in particular to the Compensation  
Committee her experience in Human Resources.  
First, a meeting of directors not attended by the executive directors  
has been held annually since 2017. The recommendation made in  
the AFEP-MEDEF Code (point 10.3) stating that “It is recommended  
that a meeting not attended by the executive officers be organized  
each year” is thus followed.  
4
.3 Compensation for the administration  
and management bodies  
4.3.1 Board members’ compensation  
Aggregate amount of directors’ fees  
—
—
a fixed annual portion of €20,000 per director(1)  
;
(1)  
The conditions applicable to Board members’ compensation are  
defined by the Board of Directors on the proposal of the Governance  
and Ethics Committee, subject to the aggregate maximum amount  
of directors’ fees authorized by the Annual Shareholders’ Meeting of  
May 17, 2013, and set at €1.4 million per fiscal year.  
a fixed annual portion of €30,000 for the Chairman of the Audit  
Committee(  
2)  
;
(
1)  
—
—
a fixed annual portion of €25,000 for the Audit Committee  
members(  
2)  
;
a fixed annual portion(1) of €25,000 for the Chairman of the  
In 2018, the aggregate amount of directors’ fees due to the members  
of the Board of Directors (12 directors on December 31, 2018) was  
Governance and Ethics Committee and for the Chairman of the  
Compensation Committee(  
2)  
;
€1.4 million.  
—
—
an additional fixed annual portion(1) of €30,000 for the Lead  
Independent Director (beyond amounts above);  
Rules for allocating directors’ fees  
The directors’ fees for fiscal year 2018 are allocated according to a  
formula comprised of fixed compensation and variable compensation  
based on fixed amounts per meeting, which makes it possible to  
take into account each director’s actual attendance at the meetings  
of the Board of Directors and its Committees, subject to the  
conditions below:  
an amount of €7,500 per director for each Board of Directors’  
meeting actually attended (in view of the additional workload of  
the Board);  
—
an amount of €3,500 per director for each Governance and  
Ethics Committee, Compensation Committee or Strategy and  
CSR Committee meeting actually attended;  
(
(
1) Calculated on a pro rata basis, in the event of change in the course of the year.  
2) To be substituted to the €20,000 fixed annual portion per director. In case of accumulation of the functions of director and/or Audit Committee member and/or Chairman of a Committee  
Audit, Governance and Ethics, Compensation), the difference between the fixed annual portion per director and the fixed annual portion of the other functions is added.  
(
Registration Document 2018 TOTAL  
145  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
—
—
an amount of €7,000 per director for each Audit Committee  
meeting actually attended; and  
equal to the amount of €1.4 million authorized by the Shareholders’  
Meeting.  
a premium of €4,000 for travel from outside France to attend a  
Board of Directors’ or Committee meeting.  
The table below presents the total compensation and including  
in-kind benefits due and paid during the previous two fiscal years  
to each executive and non-executive director in duties during the  
fiscal year.  
The Chairman and Chief Executive Officer does not receive directors’  
fees for his work on the Board and Committees of TOTAL S.A.  
Ms. Christine Renaud, the director representing employees since  
May 26, 2017, participates in the internal defined contribution pension  
plan applicable to all TOTAL S.A. employees, known as RECOSUP  
The total amount paid to each director is determined after taking into  
consideration the director’s actual presence at each Board of Directors’  
or Committee meeting and, if appropriate, after prorating the amount  
set for each director such that the overall amount paid remains within  
the maximum limit set by the Shareholders’ Meeting. Directors’ fees  
for each fiscal year are paid following a decision by the Board of  
Directors, on the proposal of the Governance and Ethics Committee,  
at the beginning of the following fiscal year.  
(Régime collectif et obligatoire de retraite supplémentaire à cotisations  
définies), governed by Article L. 242-1 of the French Social Security  
Code. The Company’s commitment is limited to its share of the  
contribution paid to the insurance company that manages the plan.  
For fiscal year 2018, this pension plan represented a booked expense  
to TOTAL S.A. in favor of Ms. Renaud of €647.  
The director representing employee shareholders and the director  
representing employees receive directors’ fees according to the same  
terms and conditions as any other director.  
During the past two years, the directors currently in office have not  
received any compensation or in-kind benefits from TOTAL S.A. or  
from its controlled companies other than those mentioned in the  
table below.  
In view of the number of Board and Committee meetings held in  
fiscal year 2018, the above allocation rules produced an amount of  
Moreover, there is no service contract between a director and  
TOTAL S.A. or any of its controlled companies that provides for the  
grant of benefits under such a contract.  
€1,610,000, which is higher than the cap voted by the Shareholders’  
Meeting of May 17, 2013. Consequently, this amount was prorated,  
in application of the decision of the Board of Directors’ decision of  
February 9, 2012, so that the amount paid to the directors was at most  
146  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Table of directors’ fees and other compensation due and paid to the executive and non-executive directors  
AMF position-recommendation No. 2009-16 – AMF Table No. 3)  
(
Fiscal year 2017  
Amounts paid  
Fiscal year 2018  
Amounts paid  
Gross amount (€)  
Amounts due  
Amounts due  
Patrick Pouyanné  
Directors’ fees  
-
-
-
-
(
a)  
(a)  
(a)  
(a)  
Other compensation  
Directors’ fees  
Patrick Artus  
128,000  
121,000  
138,696  
128,000  
Other compensation  
Directors’ fees  
-
-
-
-
Patricia Barbizet  
Marie-Christine Coisne-Roquette  
Mark Cutifani  
128,534  
109,500  
137,391  
128,534  
Other compensation  
Directors’ fees  
-
154,000  
-
-
-
149,130  
-
-
154,000  
-
146,500  
Other compensation  
Directors’ fees(b)  
Other compensation  
Directors’ fees  
-
53,500  
-
-
106,522  
-
53,500  
-
-
Maria van der Hoeven  
Anne-Marie Idrac  
Gérard Lamarche  
Jean Lemierre  
148,500  
-
43,576  
194,348  
-
148,500  
-
Other compensation  
Directors’ fees  
-
91,500  
-
84,000  
94,348  
-
91,500  
-
Other compensation  
Directors’ fees  
-
181,000  
-
150,000  
201,304  
-
181,000  
-
4
Other compensation  
Directors’ fees  
-
88,000  
-
32,076  
94,348  
-
88,000  
-
Other compensation  
Directors’ fees  
-
Renata Perycz  
120,000  
57,946  
53,000  
60,789  
42,000  
-
48,576  
129,130  
60,681  
91,739  
63,471  
63,043  
-
120,000  
60,681  
53,000  
63,471  
42,000  
-
Other compensation  
Directors’ fees(c)  
Other compensation  
Directors’ fees(b)  
Other compensation  
57,946  
Christine Renaud  
Carlos Tavares  
-
60,789  
-
-
TOTAL(d)  
1,306,769  
853,963  
1,524,151  
1,312,186  
(
(
(
(
a) For detailed information concerning compensation, refer to the summary tables presented in point 4.2.3 of this chapter.  
b) Director since May 26, 2017.  
c) Director representing employees since May 26, 2017. Ms. Renaud chose to pay, for the entire term of her directorship, all her directors’ fees to her trade union membership organizations.  
d) In 2018, the directors who left the Board of Directors following the Shareholders’ Meeting on May 26, 2017, received the amounts shown below for the fiscal year 2017: Mr. Desmarais,  
Jr. and Ms. Kux respectively received amounts of €17,000 and €39,500 in directors’ fees; Mr. Blanc, director representing employees, received an amount of €31,500 in directors’ fees,  
and an amount of €77,997 for the exercise of his salaried duties in the Group.  
4.3.2 Chairman and Chief Executive Oꢀcer’s compensation  
4
.3.2.1 Compensation of Mr. Patrick Pouyanné  
The payment to the Chairman and Chief Executive Officer of the  
variable component for fiscal year 2018 is conditional on the approval  
of the Ordinary Shareholders’ Meeting on May 29, 2019, of the  
compensation components of the Chairman and Chief Executive  
Officer, under the conditions stipulated in Articles L. 225-37-2,  
L. 225-100, and R. 225-29-1 of the French Commercial Code (decree  
No. 2017-340 of March 16, 2017, applicable since March 18, 2017).  
for fiscal year 2018  
This report by the Board of Directors, on the proposal of the  
Compensation Committee, and in application of Article L. 225-37-3 of  
the French Commercial Code, presents the total compensation and  
benefits of all kinds, paid to the Chairman and Chief Executive Officer  
in the fiscal year 2018( . It makes the distinction between the fixed,  
variable and extraordinary components of the total compensation  
and benefits, as well as the criteria used to calculate them or the  
circumstances due to which they were attributed. This report also  
mentions all the commitments of all kinds made by the Company in  
favor of the Chairman and Chief Executive Officer corresponding  
to the components of compensation, indemnities or benefits due or  
likely to be due upon acceptance, termination or change in duties or  
after the discharge thereof, in particular pension commitments and  
other annuities.  
1)  
The Ordinary Shareholders’ Meeting on May 29, 2019 will be called  
on to approve the fixed and variable components of the total  
compensation and the benefits of any kind paid or attributed to the  
Chairman and Chief Executive Officer for the fiscal year 2018, in  
application of Article L. 225-100 of the French Commercial Code.  
(
1) Including attributions in the form of stock, securities or rights giving accès to the company’s share capital or rights to the attribution of securities of the Company or of the companies  
mentioned in Articles L. 228-13 and L. 228-93 of the French commercial Code.  
Registration Document 2018 TOTAL  
147  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Table of the compensation of the Chairman and Chief Executive Officer  
(AMF position-recommendation No. 2009-16 – AMF Table No. 2)  
Fiscal year 2017  
Fiscal year 2018  
Amount due  
for the  
fiscal year  
Amount paid  
during the  
fiscal year  
Amount due  
for the  
fiscal year  
Amount paid  
during the  
fiscal year  
(
a)  
(a)  
(in €)  
Patrick Pouyanné  
Chairman and Chief Executive Officer  
Fixed compensation  
Annual variable compensation  
Multi-year variable compensation  
Extraordinary compensation  
Directors’ fees  
1,400,000  
1,400,000  
1,400,000  
1,400,000  
2,400,300  
2,339,400  
1,725,900  
2,400,300  
-
-
-
-
-
-
-
-
-
-
-
-
In-kind benefits(b)  
67,976  
3,868,276  
67,976  
3,807,376  
69,232  
3,195,132  
69,232  
3,869,532  
TOTAL  
(
a) Variable portion paid for the prior fiscal year.  
(b) Company car and the life insurance and health care plans paid for by the Company.  
Summary of the compensation, options and shares granted to the Chairman and Chief Executive Officer  
AMF position-recommendation No. 2009-16 – AMF Table No. 1)  
(
(in €, except the number of shares)  
Fiscal year 2017  
Fiscal year 2018  
Patrick Pouyanné  
Chairman and Chief Executive Officer  
Compensation due for the fiscal year (details in AMF Table No. 2 above)  
Valuation of multi-year variable compensation paid during the fiscal year  
Accounting valuation of the options granted during the fiscal year  
Accounting valuation of the performance shares granted during the fiscal year(a)  
Number of performance shares granted during the fiscal year  
TOTAL  
3,868,276  
-
3,195,132  
-
-
-
2,134,200  
60,000  
6,002,476  
2,607,840  
72,000  
5,802,972  
Note: The valuations of the options and performance shares correspond to a valuation performed in accordance with IFRS 2 (see Note 9 to the Consolidated Financial Statements) and not  
to any compensation actually received during the fiscal year. Entitlement to performance shares is subject to the fulfillment of performance conditions assessed over a three-year period.  
(a) For detailed information, refer to AMF Table No. 6 below. The valuation of the shares was calculated on the grant date (see Note 9 to the Consolidated Financial Statements).  
AMF position-recommendation No. 2009-16 – AMF table No. 11  
Payments  
or benefits  
due or likely  
to be due upon  
termination or  
change in duties  
Benefits  
related to a  
non-compete  
agreement  
Executive  
directors  
Employment Supplementary  
contract  
pension plan  
Patrick Pouyanné  
NO  
YES  
YES(a)  
NO  
Chairman and Chief Executive Officer  
Internal supplementary  
defined benefit pension  
plan( and defined  
contribution pension plan  
known as RECOSUP  
Severance benefit and  
retirement benefit  
Start of term of office: December 19, 2015  
End of term of office: Shareholders’ Meeting of 2021  
to approve the financial statements for fiscal year 2020  
a)  
(
a) Payment subject to a performance condition under the terms approved by the Board of Directors on March 14, 2018. Details of these commitments are provided below. The retirement  
benefit cannot be combined with the severance benefit.  
148  
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Compensation for the administration and management bodies  
4
Summary table of the components of the 2018 compensation for Mr. Patrick Pouyanné, Chairman and Chief Executive Officer of TOTAL S.A.  
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
Components of total compensation paid or granted for fiscal year 2018  
Fixed  
€1,400,000  
The fixed compensation due to Mr. Pouyanné for his duties as Chairman and Chief  
compensation  
(amount paid in 2018)  
Executive Officer for fiscal year 2018 was €1,400,000 (unchanged from fiscal year 2017).  
Annual variable  
compensation  
€1,725,900  
(amount to be paid  
in 2019)  
The variable portion of Mr. Pouyanné’s compensation for his duties as Chairman and  
Chief Executive Officer for fiscal year 2018 has been set at €1,725,900, corresponding  
to 123.28% (of a maximum of 180%) of his fixed annual compensation based on  
results of the economic parameters and the evaluation of his personal contribution.  
At its meeting on March 13, 2019, the Board of Directors reviewed the level of  
achievement of the economic parameters based on the quantifiable targets set by the  
Board of Directors at its meeting on March 14, 2018. The Board of Directors also  
assessed the Chairman and Chief Executive Officer’s personal contribution on the basis  
of the four target criteria set during its meeting on March 14, 2018, to qualitatively  
assess his management.  
Annual variable compensation due for fiscal year 2018  
(expressed as a percentage of the base salary)  
Maximum Percentage  
percentage  
allocated  
Economic parameters (quantifiable targets)  
140%  
83.28%  
4
–
Safety  
20%  
15.68%  
–
–
–
TRIR  
FIR, comparative  
Evolution of the number of Tier 1 + Tier 2 incidents  
12%  
4%  
4%  
11.80%  
0%  
3.88%  
–
–
–
Return on equity (ROE)  
30%  
40%  
50%  
40%  
27.6%  
40%  
0%  
Net-debt-to-equity ratio(1)  
Adjusted net income (ANI), comparative  
Personal contribution (qualitative criteria)  
40%  
–
–
–
Steering of the strategy and successful strategic  
negotiations with producing countries–achievement  
of production and reserve targets  
15%  
15%  
Performance and outlook with respect to Downstream  
activities (Refining & Chemicals/Marketing & Services)–  
The Group’s gas-electricity-renewables growth strategy  
10%  
15%  
10%  
15%  
Corporate Social Responsibility (CSR) performance  
TOTAL  
180% 123.28%  
The Board of Directors assessed achievement of the targets set for the economic  
parameters as follows:  
—
The safety criterion was assessed for a maximum of 20% of the base salary through  
i) the achievement of the annual TRIR (Total Recordable Injury Rate) target, (ii) the  
(
number of accidental deaths per million hours worked, FIR (Fatality Incident Rate)  
compared to those of the four large competitor oil companies (ExxonMobil, Royal Dutch  
(2)  
Shell, BP and Chevron), as well as (iii) through change in the Tier 1 + Tier 2 indicator .  
These three sub-criteria were assessed based on the elements set out in the 2018  
compensation policy for the Chairman and Chief Executive Officer, as approved by  
the Shareholders’ Meeting of June 1, 2018, and providing that:  
–
the maximum weighting of the TRIR criterion is 12% of the base salary. The  
maximum weighting is reached if the TRIR is less than 0.9; the weighting of the  
criterion is zero if the TRIR is greater than or equal to 1.5. The interpolations are  
linear between these points of reference,  
–
–
the maximum weighting of the FIR criterion is 4% of the base salary. The maximum  
weighting is reached if the FIR is the best of the majors’ panel; it is zero if the FIR is  
the worst of the panel. The interpolations are linear between these points of reference,  
the maximum weighting of the Tier 1 + Tier 2 criterion is 4% of the base salary.  
The maximum weighting is reached if the number of incidents is less than 100, it is  
zero if the number of incidents is greater than 200. The interpolations are linear  
between these points of reference.  
(
(
1) Net debt/shareholders’ equity + net debt before IFRS 16 impact.  
2) Tier 1 and Tier 2: indicator of the number of loss of primary containment events, with more or less significant consequences, as defined by the API 754 (for downstream) and IOGP 456  
for upstream) standards. Excluding acts of sabotage and theft.  
(
Registration Document 2018 TOTAL  
149  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
Concerning the 2018 fiscal year, the following elements were noted:  
–
–
–
the TRIR was 0.91, which is above the target of 0.9. The result of this criterion  
was thus set at 11.80%;  
the FIR rate is 0.88, the last of the majors’ panel. The result of this criterion was  
thus fixed at 0%;  
the number of Tier 1 + Tier 2 incidents was 103, which is above the target of 100.  
The result of this criterion was set at 3.88%.  
The result of the criterion related to the safety performance was thus set at 15.68%.  
—
—
—
The return on equity (ROE) criterion(1), was assessed for a maximum of 30% of the  
base salary, based on the elements set out in the 2018 compensation policy of the  
Chairman and Chief Executive Officer, as approved by the Shareholders’ Meeting of  
June 1, 2018, and providing that:  
–
the maximum weighting of the criterion is reached if the ROE is greater than or  
equal to 13%,  
–
–
–
the weighting of the criterion is zero if the ROE is less than or equal to 6%,  
the weighting of the criterion is at 50% of the maximum, i.e., 15%, for an ROE of 8%,  
the interpolations are linear between these three points of reference.  
The Board of Directors noted that the ROE for fiscal year 2018 was 12.2%, i.e., higher  
than the target announced by the Group to the shareholders but below the limit of  
13% corresponding to the maximum weighting. The result of this criterion was thus  
set at 27.6%.  
The net-debt-to-equity ratio criterion (net debt/shareholders’ equity + net debt  
before IFRS 16 impact), was assessed for a maximum of 40% of the base salary,  
based on the elements set out in the compensation policy of the Chairman and  
Chief Executive Officer for 2018, as approved by the Shareholders’ Meeting of June  
1, 2018 and providing that:  
–
the maximum weighting of the criterion is reached for a net debt-to-equity ratio  
equal to or less than 20%,  
–
–
the weighting of the criterion is zero for a net-debt-to-equity ratio equal to or  
greater than 30%,  
the interpolations are linear between these two points of reference.  
The Board of Directors noted that the net-debt-to-equity ratio at 2018 year-end was  
1
2
5.5%, i.e., below 20%. The target to maintain a net-debt-to-equity ratio below  
0% being fully reached, the result of this criterion was set to its maximum at 40%.  
The criterion related to the change in the Group’s adjusted net income (ANI)  
was assessed by comparison with those of the four large oil companies on the  
basis of estimates calculated by a group of leading financial analysts( , based on  
the elements set out in the compensation policy of the Chairman and Chief Executive  
Officer for 2018, as approved by the Shareholders’ Meeting of June 1, 2018 and  
providing that:  
2)  
–
the comparison is made on the average three-year progress of the ANI (a sliding  
three-year average of the ANI for each of the four companies in the panel applies,  
and the arithmetical average of these four averages is then calculated and  
compared with the changes in TOTAL’s ANI),  
–
–
–
–
if the Group does better than the value observed for the panel, plus 12%,  
the weighting of the criterion is equal to the maximum of 50% of the base salary,  
the weighting of the criterion is 60% of this maximum if the performance of  
the Group is identical to that of the panel,  
the weighting of the criterion is zero if the performance of the Group is identical  
to that of the panel, minus 12%,  
the interpolations are linear between these points of reference.  
The Board of Directors noted with regret that, whereas the income of the Group  
reached a higher level in 2018 with the price of oil at $71/b compared to 2014 with  
the price of oil at $99/b, this criterion presents an anomalous result: due to their  
very strong counter-performance in 2016 and 2017, two companies of the panel  
saw a strong growth of their relative performance in 2018 compared to 2017 in view  
of the evolution of the price of crude oil. As a result, the Group’s performance was  
below than that of the panel minus 12% and the result of this criterion was 0%.  
(
1) The Group evaluates ROE as the ratio of adjusted consolidated net income to average adjusted shareholders’ equity between the beginning and the end of the period. Adjusted  
shareholders’ equity for fiscal year 2018 is calculated after payment of a dividend of €2.56 per share, subject to approval by the Shareholders’ Meeting on May 29, 2019. The ROE was  
10.15% in 2017.  
(
2) Adjusted results are defined as income at replacement cost, excluding non-recurring items and the impact of fair value changes. The annual ANI of each peer used for the calculation is  
determined by taking the average of the ANIs published by a panel of six financial analysts: UBS, Crédit Suisse, Barclays, Bank of America Merrill Lynch, JP Morgan and Deutsche Bank.  
If any of these analysts is unable to publish the results of one or more peers for a given year, it will be replaced, for the year and for the peer(s) in question, in the order listed, by an analyst  
included in the following additional list: Jefferies, HSBC, Société Générale, Goldman Sachs and Citi. The ANIs used will be set according to these analysts’ last publications two business  
days after the publication of the press release announcing the “fourth quarter and annual results” of the last peer.  
150  
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REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
Regarding the Chairman and Chief Executive Officer’s personal contribution, the Board  
of Directors determined that the targets set were largely achieved in fiscal year 2018,  
particularly those related to:  
—
Steering of the strategy and successful strategic negotiations with producing countries,  
and achievement of production and reserve targets, for a maximum of 15%:  
The Board of Directors has set the result of this criterion at its maximum because of  
the success in the Group’s strategic negotiations with the producing countries and  
the achievement of the production and reserve objectives. The Board noted in  
particular:  
–
the finalization by Petrobras and TOTAL of the transfer of participation of the  
Lapa and Iara concessions in Brazil,  
–
–
the finalization of the acquisition and integration of Mærsk Oil,  
the extension of two offshore concessions in the United Arab Emirates in  
partnership with ADNOC,  
–
–
–
the start of Kaombo Norte in Angola, the start of Egina in Nigeria, the gas  
discovery at Glendronach in the United Kingdom,  
the start of the 3 Yamal LNG train, the departure of the first Ichthys LNG cargo  
ship in Australia,  
the discovery of Ballymore in the deep waters of Mexico.  
rd  
The Board of Directors also noted an increase in hydrocarbon production in 2018 of  
8.17% compared to 2017 and the rate of renewal of reserves recorded at December  
31, 2018 which is established (with an average price passing from $54.36/b in  
2017 to $71.43/b in 2018) to + 157%.  
4
—
Performance and outlook with respect to Downstream activities (Refining &  
Chemicals/Marketing & Services) and the Group’s gas-electricity-renewables growth  
strategy for a maximum of 10%:  
The Board of Directors set the result of this criterion to its maximum, i.e., 10%  
because of the success in development of the activities. The Board noted in  
particular:  
–
–
the launch of the construction of the steam cracker in Port Arthur,  
the opening of the first Total service station in Mexico in the framework of the  
agreement signed with Gasored,  
–
–
–
–
the acquisition of Grupo Zema in Brazil,  
the finalization of the acquisition of Engie’s LNG business,  
the acquisition of Direct Énergie,  
the association of TOTAL and Saudi Aramco to build a petrochemical complex  
in Jubail,  
–
–
the association of TOTAL and Adani Group to develop a multi-energy offer in India,  
the association of TOTAL and Sonatrach to launch studies for a petrochemical  
project in Algeria,  
–
the start of the biosourced and recyclable plastic plant in Thailand.  
—
CSR performance, notably taking into account the climate into the Group’s Strategy,  
the Group’s reputation in the domain of Corporate Social Responsibility as well as  
the policy concerning all aspects of diversity, for a maximum of 15%:  
The Board of Directors has set the result of this criterion at its maximum i.e. 15%  
because of the success in the actions realized in 2018 in the following fields:  
–
Concerning the Group’s reputation in the field of societal policy:  
-
the recognition of TOTAL as a Lead Company of the United Nations Global  
Compact,  
-
-
TOTAL’s membership as a founding member of the UNGC Ocean Platform,  
the Group’s commitment, in partnership with BP, Equinor and Shell, to adopt a  
collaborative approach to suppliers’ assessments of respect for human rights,  
the revision of the Group Code of Conduct,  
the Group’s commitment to the Total Foundation program supported by the  
Fondation d’entreprise, with significant partnerships and the launch of Action!  
Global Solidarity Program which allows all Group employees to take up to  
three days on working time for the benefit of associations.  
-
-
–
Regarding non-financial rating agencies:  
-
-
-
maintaining TOTAL in the Dow Jones Sustainability Indexes – DJSI World and  
Europe indices,  
maintaining TOTAL in the FTSE4Good index (“footsie for good”) – London Stock  
Exchange,  
the retention of TOTAL’s A rating with the MSCI non-financial rating agency  
(on a scale from AAA to C).  
Registration Document 2018 TOTAL  
151  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
-
-
the retention of the B- rating of TOTAL with the non-financial rating agency  
ISS-oekom (on a scale from A + to D-) and its “Prime” status (value recommended  
to socially responsible investors),  
th  
TOTAL’s ranking in the Corporate Human Rights Benchmark (9 in the extractive  
th  
sector – 4 Oil & Gas company, behind ENI, Shell and BP).  
–
–
Taking climate into account in the Group’s strategy:  
-
-
-
the announcement of an ambition to reduce the carbon intensity of energy  
products used by its customers by 15% by 2030,  
the announcement of a target to reduce methane emissions with an intensity of  
less than 0.20 in 2025,  
the continued development on the integrated low carbon electricity chain:  
acquisition of Direct Énergie in France and Clean Energy Fuels Corp. in the  
United States, and of 4 natural gas combined cycle plants (CCGT).  
Diversity policy:  
-
-
-
TOTAL’s ranking in the top 10 of the Corporate Women Directors International  
Report (CWDI) in terms of diversity,  
the commitment of the Group in the fight against sexism STOPE (“Stop au  
sexisme dit Ordinaire dans l’Entreprise”),  
the achievement of the objectives set at the end of 2010 regarding the  
percentage of women and internationals individuals on the Management  
Committees,  
-
-
the development of mentoring for women,  
the Group’s support for the professional integration of young people:  
-
alternates: Plan France “5,000 alternating” corresponding to 5% of the French  
workforce per year and spread over the 2016-2018 period;  
-
-
3% of hirings in 2018 are hiring from disadvantaged areas,  
st  
1
year of High School internships: 50% of internships for High School (first  
year) in the Paris region are dedicated to disadvantaged young people,  
creation and implementation of a learning path in partnership with “Create  
Your Future” and “United Way – L’Alliance”.  
-
-
the Group’s action in the area of disability, particularly with the signing of the  
ILO’s Corporate & Disability Charter and the launch of the Group’s International  
Disability initiative (roll-out to 40 first voluntary subsidiaries).  
Being that all the objectives were considered as largely met by the Board, the personal  
contribution of the Chairman and Chief Executive Officer was thus determined at its  
maximum, i.e., 40% of the fixed compensation.  
Multi-year or  
n/a  
The Board of Directors has not granted any multi-year or deferred variable compensation.  
deferred variable  
compensation  
Extraordinary  
compensation  
n/a  
n/a  
The Board of Directors has not granted any extraordinary compensation.  
Directors’ fees  
Mr. Pouyanné does not receive directors’ fees for his duties at TOTAL S.A. or at the  
companies it controls.  
Stock options,  
performance  
shares (and all  
other forms  
of long-term  
compensation)  
€2,607,840(1)  
(accounting valuation)  
On March 14, 2018, Mr. Pouyanné was granted 72,000 existing shares of the Company  
(corresponding to 0.0028% of the share capital( ) pursuant to the authorization of the  
Company’s Combined Shareholders’ Meeting of May 24, 2016 (twenty-fourth resolution)  
subject to the conditions set out below. These shares were granted under a broader  
share plan approved by the Board of Directors on March 14, 2018, relating to 0.24% of  
the share capital in favor of more than 10,000 beneficiaries. The definitive grant of all the  
shares is subject to the beneficiary’s continued presence within the Group during the  
vesting period and to performance conditions as described below. The definitive number  
of shares granted will be based on the comparative TSR (Total Shareholder Return) and  
the annual variation in net cash flow per share for fiscal years 2018 to 2020, applied as  
follows:  
2)  
—
the Company will be ranked against its peers (ExxonMobil, Royal Dutch Shell, BP  
and Chevron) each year during the three vesting years (2018, 2019 and 2020),  
based on the TSR criterion of the last quarter of the year in question, the dividend  
being considered reinvested based on the closing price on the ex-dividend date.  
—
the Company will be ranked each year against its peers (ExxonMobil, Royal Dutch  
Shell, BP and Chevron) during the three vesting years (2018, 2019 and 2020) using  
the annual variation in net cash flow per share criterion expressed in dollar.  
(
(
1) The valuation of the shares was calculated on the grant date (see Note 9 to the Consolidated Financial Statements).  
2) Based on a share capital made up of 2,536,236,019 shares on the grant date.  
152  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
st  
Based on the ranking, a grant rate will be determined for each year: 1 : 180% of the  
nd  
rd  
th  
th  
grant; 2 : 130% of the grant; 3 : 80% of the grant; 4 and 5 : 0%. For each of the  
criteria, the average of the three grant rates obtained (for each of the three fiscal years  
for which the performance conditions are assessed) will be rounded to the nearest  
0.1 whole percent (0.05% being rounded to 0.1%) and capped at 100%. Each criterion  
will have a weight of 50% in the definitive grant rate. The definitive grant rate will be  
rounded to the nearest 0.1 whole percent (0.05% being rounded to 0.1%). The number  
of shares definitively granted, after confirmation of the performance conditions, will be  
rounded to the nearest whole number of shares in case of a fractional lot.  
In application of Article L. 225-197-1 of the French Commercial Code, Mr. Pouyanné  
will, until the end of his term, be required to retain in the form of registered shares, 50%  
of the gains on the granted shares net of tax and national insurance contributions  
related to the shares granted in 2018. When Mr. Pouyanné holds( a volume of shares  
representing five times the fixed portion of his gross annual compensation, this  
percentage will be equal to 10%. If this condition is no longer met, the above-mentioned  
1)  
50% holding requirement will again apply.  
In addition, the Board of Directors has noted that, pursuant to the Board’s Rules of  
Procedure applicable to all directors, the Chairman and Chief Executive Officer is not  
allowed to hedge the shares of the Company or any related financial instruments and  
has taken note of Mr. Pouyanné’s commitment to abstain from such hedging operations  
with regard to the performance shares granted.  
The grant of performance shares to Mr. Pouyanné is subject to the same requirements  
applicable to the other beneficiaries of the performance share plan as approved by the  
Board at its meeting on March 14, 2018. In particular, these provisions stipulate that the  
shares definitively granted at the end of the three-year vesting period will, after  
confirmation of fulfillment of the presence and performance conditions, be automatically  
recorded as pure registered shares on the start date of the two-year holding period and  
will remain non-transferable and unavailable until the end of the holding period.  
4
Payment for  
assuming a  
position  
n/a  
Mr. Pouyanné was not granted any payment for assuming his position.  
Components of total compensation paid or granted for fiscal year 2018 subject to a vote by the Annual Shareholders’ Meeting as per the  
procedure regarding regulated agreements and undertakings  
Valuation of  
€69,232  
The Chairman and Chief Executive Officer is entitled to a company vehicle.  
in-kind benefits  
(accounting valuation)  
He is covered by the following life insurance plans provided by various life insurance  
companies:  
—
An “incapacity, disability, life insurance” plan applicable to all employees, partly paid for  
by the Company, that provides for two options in case of death of a married employee:  
either the payment of a lump sum equal to 5 times the annual compensation up to  
16 times the PASS, corresponding to a maximum of €3,241,920 in 2019, plus an  
additional amount if there is a dependent child or children, or the payment of a lump  
sum equal to three times the annual compensation up to 16 times the PASS, plus a  
survivor’s pension and education allowance;  
—
A second “disability and life insurance” plan, fully paid by the Company, applicable  
to executive officers and senior executives whose annual gross compensation is  
more than 16 times the PASS. This contract, signed on October 17, 2002, amended  
on January 28 and December 16, 2015, guarantees the beneficiary the payment of  
a lump sum, in case of death, equal to two years of compensation (defined as the  
gross annual fixed reference compensation (base France), which corresponds to  
12 times the monthly gross fixed compensation paid during the month prior to death  
or sick leave, to which is added the highest amount in absolute value of the variable  
portion received during one of the five previous years of activity), which is increased  
to three years in case of accidental death and, in case of accidental permanent  
disability, a lump sum proportional to the degree of disability. Death benefits are  
increased by 15% for each dependent child. Payments due under this contract are  
made after the deduction of any amount paid under the above-mentioned plan  
applicable to all employees.  
The Chairman and Chief Executive Officer also benefits from the health care plan  
applicable to all employees.  
(1) In the form of shares or units of mutual funds invested in shares of the Company.  
Registration Document 2018 TOTAL  
153  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
Severance  
benefit  
None  
The Chairman and Chief Executive Officer is entitled to a benefit equal to two years of  
his gross compensation in the event of a forced departure related to a change of control  
or strategy. The calculation is based on the gross compensation (fixed and variable) of  
the 12 months preceding the date of termination or non-renewal of his term of office.  
The severance benefit will only be paid in the event of a forced departure related to a  
change of control or strategy. It will not be due in case of gross negligence or willful  
misconduct or if the Chairman and Chief Executive Officer leaves the Company of his  
own volition, accepts new responsibilities within the Group or may claim full retirement  
benefits within a short time period.  
These undertakings were subject to the procedure for regulated agreements, as provided  
for by Article L. 225-38 of the French Commercial Code. They were approved by the  
Annual Shareholders’ Meeting held on June 1, 2018.  
Pursuant to the provisions of Article L. 225-42-1 of the French Commercial Code, receipt  
of this severance benefit is contingent upon a performance-related condition applicable  
to the beneficiary, which is deemed to be fulfilled if at least two of the following criteria  
are met:  
—
—
—
the average ROE (return on equity) for the three years preceding the year in which  
the Chairman and Chief Executive Officer leaves is at least 10%;  
the average net-debt-to-equity ratio for the three years preceding the year in which  
the Chairman and Chief Executive Officer leaves is less than or equal to 30%; and  
growth in TOTAL’s oil and gas production is greater than or equal to the average  
growth rate of four oil companies (ExxonMobil, Royal Dutch Shell, BP and Chevron)  
during the three years preceding the year in which the Chairman and Chief Executive  
Officer leaves.  
Retirement  
benefit  
None  
The Chairman and Chief Executive Officer is entitled to a retirement benefit equal to  
those available to eligible members of the Group under the French National Collective  
Bargaining Agreement for the Petroleum Industry. This benefit is equal to 25% of the  
fixed and variable annual compensation received during the 12 months preceding  
retirement.  
Pursuant to the provisions of Article L. 225-42-1 of the French Commercial Code,  
receipt of this retirement benefit is contingent upon a performance-related condition  
applicable to the beneficiary, which is deemed to be fulfilled if at least two of the following  
criteria are met:  
—
—
—
the average ROE (return on equity) for the three years preceding the year in which  
the Chairman and Chief Executive Officer retires is at least 10%;  
the average net-debt-to-equity ratio for the three years preceding the year in which  
the Chairman and Chief Executive Officer retires is less than or equal to 30%;  
growth in TOTAL’s oil and gas production is greater than or equal to the average  
growth rate of four oil companies (ExxonMobil, Royal Dutch Shell, BP and Chevron)  
during the three years preceding the year in which the Chairman and Chief Executive  
Officer retires.  
The retirement benefit cannot be combined with the severance benefit described above.  
Mr. Pouyanné has not received any non-compete compensation.  
Non-compete  
compensation  
n/a  
Supplementary  
pension plan  
None  
Pursuant to applicable legislation, the Chairman and Chief Executive Officer is eligible  
for the basic French Social Security pension and for pension benefits under the ARRCO  
and AGIRC supplementary pension plans.  
He also participates in the internal defined contribution pension plan applicable to all  
TOTAL S.A. employees, known as RECOSUP (Régime collectif et obligatoire de retraite  
supplémentaire à cotisations définies), covered by Article L. 242-1 of the French Social  
Security Code. The Company’s commitment is limited to its share of the contribution  
paid to the insurance company that manages the plan. For fiscal year 2018, this pension  
plan represented a booked expense to TOTAL S.A. in favor of the Chairman and Chief  
Executive Officer of €2,384.  
The Chairman and Chief Executive Officer also participates in a supplementary defined  
benefit pension plan, covered by Article L. 137-11 of the French Social Security Code,  
set up and financed by the Company and approved by the Board of Directors on March  
13, 2001, for which management is outsourced to two insurance companies effective  
January 1, 2012. This plan applies to all TOTAL S.A. employees whose compensation  
exceeds eight times the annual ceiling for calculating French Social Security contributions  
(PASS), set at €39,732 for 2018 (i.e., €317,856), and above which there is no conventional  
pension plan.  
154  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
To be eligible for this supplementary pension plan, participants must have served for at  
least five years, be at least 60 years old and exercised his or her rights to retirement  
from the French Social Security. The benefits under this plan are subject to a presence  
condition under which the beneficiary must still be employed at the time of retirement.  
However, the presence condition does not apply if a beneficiary aged 55 or older leaves  
the Company at the Company’s initiative or in case of disability.  
The length of service acquired by Mr. Pouyanné as a result of his previous salaried  
duties held at the Group since January 1, 1997, has been maintained for the benefit of  
this plan.  
The compensation taken into account to calculate the supplementary pension is the  
average gross annual compensation (fixed and variable portion) over the last three years.  
This pension plan provides a pension for its beneficiaries equal to 1.8% of the portion  
of the compensation falling between 8 and 40 times the PASS and 1% for the portion of  
the compensation falling between 40 and 60 times the PASS, multiplied by the number  
of years of service up to a maximum of 20 years.  
The sum of the annual supplementary pension plan benefits and other pension plan  
benefits (other than those set up individually and on a voluntary basis) may not exceed  
4
5% of the average gross compensation (fixed and variable portion) over the last  
three years. In the event that this percentage is exceeded, the supplementary pension is  
reduced accordingly. The amount of the supplementary pension determined in this way  
is indexed to the ARRCO pension point.  
4
The supplementary pension includes a clause whereby 60% of the amount will be paid  
to beneficiaries in the event of death after retirement.  
To ensure that the acquisition of additional pension rights under this defined-benefit  
pension plan is subject to performance conditions to be defined pursuant to the  
provisions of Article L. 225-42-1 of the French Commercial Code amended by law  
No. 2015-990 of August 6, 2015, at the meeting on December 16, 2015, the Board of  
Directors noted the existence of the Chief Executive Officer’s pension rights under  
the above-mentioned pension plan, immediately before his appointment as Chairman,  
for the period from January 1, 1997, to December 18, 2015.  
The conditional rights granted for the period from January 1, 1997, to December 18, 2015  
(inclusive), acquired without performance condition, correspond to a replacement rate  
equal to 34.14% for the portion of the base compensation falling between 8 and 40 times  
the PASS and a replacement rate of 18.96% for the portion of the base compensation  
falling between 40 and 60 times the PASS.  
The conditional rights granted for the period from December 19, 2015, to December  
3
1, 2016, are subject to the performance condition described below and correspond to  
a replacement rate equal to 1.86% for the portion of the base compensation falling between  
and 40 times the PASS and a replacement rate equal to 1.04% for the portion of the  
8
base compensation falling between 40 and 60 times the PASS.  
These undertakings regarding the supplementary pension plan were subject to the  
procedure for regulated agreements, as per Article L. 225-38 of the French Commercial  
Code, and they were approved by the Company’s Annual Shareholders’ Meeting on  
May 24, 2016.  
Pursuant to the provisions of Article L. 225-42-1 of the French Commercial Code, the  
acquisition of these conditional rights for the period from December 19, 2015, to  
December 31, 2016, was submitted by the Board of Directors meeting on December 16,  
2
015, to a condition related to the beneficiary’s performance, to be considered as  
fulfilled if the variable portion of the Chairman and Chief Executive Officer’s compensation  
paid in 2017 for fiscal year 2016 reached 100% of the base salary due for fiscal year  
2016. In the event the variable portion had not reached 100% of his base salary, the  
rights would have been on a pro rata basis.  
On February 8, 2017, the meeting of the Board of Directors noted that the specified  
performance condition was fully met and therefore confirmed the acquisition by  
Mr. Pouyanné of additional pension rights for the period from December 19, 2015,  
to December 31, 2016.  
In addition, the Board noted that Mr. Pouyanné can no longer acquire additional pension  
rights under this plan given the rules for determining pension rights set out in the plan  
and the 20 years of service of Mr. Pouyanné as of December 31, 2016.  
The conditional rights granted to Mr. Patrick Pouyanné for the period from January 1,  
1997, to December 31, 2016 (inclusive), are now equal to a reference rate of 36% for the  
portion of the base compensation falling between 8 and 40 times the PASS and 20%  
for the portion of the base compensation falling between 40 and 60 times the PASS.  
Registration Document 2018 TOTAL  
155  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Amount or  
Components  
of compensation  
accounting valuation  
submitted for vote  
Presentation  
Based on Mr. Pouyanné’s seniority at the Company, capped at 20 years on December  
31, 2016, the commitments made by TOTAL S.A. to the Chairman and Chief Executive  
Officer in terms of supplementary defined benefits and similar pension plans represented,  
at December 31, 2018, a gross annual retirement pension estimated at €616,641.  
It corresponds to 19.73% of Mr. Pouyanné’s gross annual compensation consisting of  
the annual fixed portion for 2018 (i.e., €1,400,000) and the variable portion to be paid in  
019 for fiscal year 2018( (i.e., €1,725,900).  
1)  
2
Nearly the full amount of TOTAL S.A.’s commitments under these supplementary and  
similar retirement plans (including the retirement benefit) is outsourced for all beneficiaries  
to insurance companies and the non-outsourced balance is evaluated annually and  
adjusted through a provision in the accounts. The amount of these commitments as of  
December 31, 2018, is €18.0 million for the Chairman and Chief Executive Officer  
(
€18.0 million for the Chairman and Chief Executive Officer and the executive and  
non-executive directors covered by these plans). These amounts represent the gross  
value of TOTAL S.A.’s commitments to these beneficiaries based on the estimated  
gross annual pensions as of December 31, 2018 as well as the statistical life expectancy  
of the beneficiaries.  
The total amount of all the pension plans in which Mr. Pouyanné participates represents,  
at December 31, 2018, a gross annual pension estimated at €719,002, corresponding  
to 23.00% of Mr. Pouyanné’s gross annual compensation defined above (annual fixed  
portion for 2018 and variable portion to be paid in 2019 for fiscal year 2018).  
In line with the principles for determining the compensation of executive directors as set  
out in the AFEP-MEDEF Code which the Company uses as a reference, the Board of  
Directors took into account the benefit accruing from participation in the pension plans  
when determining the Chairman and Chief Executive Officer’s compensation.  
Approval by the  
Shareholders’  
Meeting  
-
The commitments made to the Chairman and Chief Executive Officer regarding the pension  
and insurance plans, the retirement benefit and the severance benefit (in the event of  
forced departure related to a change of control or strategy) were authorized by the  
Board of Directors on March 14, 2018, and approved by the Shareholders’ Meeting on  
June 1, 2018.  
Draft resolution prepared by the Board of Directors in accordance with Article L. 225-100 of the French Commercial Code  
submitted to the Ordinary Shareholders’ Meeting of May 29, 2019  
Approval of the fixed and variable components of the total compensation and the in-kind benefits paid or granted to  
the Chairman and Chief Executive Officer for the fiscal year ended December 31, 2018  
Voting under the conditions of quorum and majority required for  
Ordinary Shareholders’ Meetings and in accordance with the  
provisions of Article L. 225-100 of the French Commercial Code,  
the shareholders approve the fixed and variable components  
of the total compensation and in-kind benefits paid or granted to  
the Chairman and Chief Executive Officer for the fiscal year  
ended December 31, 2018, as presented in the report on  
corporate governance, covered by Article L. 225-37 of the  
French Commercial Code and in the 2018 Registration Document  
(chapter 4, point 4.3.2.1).  
(1) Subject to approval by the Ordinary Shareholders’ Meeting on May 29, 2019.  
156  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Compensation due to the Chairman and Chief Executive Officer for the last three fiscal years  
€
€
€
€
€
€
€
3,000,000  
2,500,000  
2,000,000  
1,500,000  
1,000,000  
500,000  
0
Based salary (paid in Y)  
Variable portion (paid in Y+1)  
Performance shares  
(accounting valuation)  
In-kind beneꢀts  
accounting valuation)  
(
Fiscal year 2016  
Fiscal year 2017  
Fiscal year 2018  
4
.3.2.2 Principles and criteria for the determination, breakdown and allocation of the fixed, variable  
and extraordinary components of the total compensation (including in-kind benefits) attributable  
to the Chairman and Chief Executive Oꢀcer (Article L. 225-37-2 of the French Commercial Code)  
This report, issued by the Board of Directors further to a proposal by  
the Compensation Committee, in accordance with the provisions of  
Article L. 225-37-2 of the French Commercial Code, describes the  
principles and criteria for the determination, breakdown and allocation  
of the fixed, variable and extraordinary components of the total  
compensation (including in-kind benefits) attributable to the Chairman  
and Chief Executive Officer as a result of his duties.  
The compensation policy for the Chairman and Chief Executive Officer  
was approved by the Board of Directors, on the proposal of the  
Compensation Committee, at its meeting on March 13, 2019, on  
this basis. It remained based on the general principles for determining  
the compensation of the executive directors described below.  
The payment to the Chairman and Chief Executive Officer of the  
variable compensation and of extraordinary components of the  
compensation due for fiscal year 2019 is subject to approval by the  
Ordinary Shareholders’ Meeting of May 29, 2020 of the compensation  
components of the Chairman and Chief Executive Officer in conditions  
provided for by Articles L. 225-37-2, L. 225-100 and R. 225-29-1 of  
French Commercial Code (Decree n° 2017-340 of March 16, 2017  
entered into force on March 18, 2017).  
4
At its meeting on March 14, 2018, and on the proposal of the  
Compensation Committee, the Board of Directors decided that the  
amount of the fixed component of the compensation of the Chairman  
and Chief Executive Officer, the maximum percentage of the variable  
part of his compensation, as well as the annual number of performance  
shares attributed to the Chairman and Chief Executive Officer will not  
be changed throughout his term of office as Chairman and Chief  
Executive Officer, in other words, until the General Shareholders’  
Meeting held in 2021 to approve the accounts of fiscal year ending  
December 31, 2020.  
The Ordinary General Shareholders’ Meeting of May 29, 2020 will be  
called on to approve the fixed, variable and extraordinary components  
of the total compensation and the benefits of any kind paid or  
attributed to the Chairman and Chief Executive Officer for fiscal year  
2019 in application of Article L. 225-100 of French Commercial Code.  
General principles for determining the compensation of the executive directors  
The general principles for determining the compensation and other  
benefits granted to the executive directors of TOTAL S.A. are as follows.  
—
—
There is no specific pension plan for the executive directors.  
They are eligible for retirement benefits and pension plans  
available to certain employee categories in the Group under  
conditions determined by the Board.  
—
Compensation as well as benefits for the executive directors are  
set by the Board of Directors on the proposal of the Compensation  
Committee. Such compensation must be reasonable and fair.  
Compensation for the executive directors is based on the market,  
the work performed, the results obtained and the responsibilities  
assumed.  
In line with the principles for determining the compensation of  
executive directors as set out in the AFEP-MEDEF Code which  
the Company uses as a reference, the Board of Directors takes  
into account the benefit accruing from participation in the pension  
plans when determining the compensation policy of the executive  
directors.  
—
Compensation for the executive directors includes a fixed portion  
and a variable portion. Only highly specific circumstances may  
warrant the award of extraordinary compensation (for example,  
due to their importance for the corporation, the involvement they  
demand and the difficulties they present). Justified reasons for  
the payment of this extraordinary compensation must be given,  
and the realisation of the event that gave rise to the payment  
must be explained.  
—
Stock options and performance shares are designed to align the  
interests of the executive directors with those of the shareholders  
over the long term.  
The grant of options and performance shares to the executive  
directors is reviewed in light of all the components of  
compensation of the person in question. No discount is applied  
when stock options are granted.  
—
—
The fixed portion is reviewed with a periodicity that cannot be  
below two years.  
The exercise of options and the definitive grant of performance  
shares to which the executive directors are entitled are subject  
to conditions of presence in the Company and performance that  
must be met over several years. The departure of executive  
directors from the Group results in the inapplicability of share  
options and the rights to the definitive attribution of performance  
shares. Under exceptional circumstances, the Board of Directors  
can decide to maintain the share options and the rights to the  
definitive attribution of performance shares after the executive  
beneficiary’s departure, if the decision of the Board of Directors  
is specially justified and taken in the Company’s interest.  
The amount of the variable portion is reviewed each year and  
may not exceed a stated percentage of the fixed portion. Variable  
compensation is determined based on pre-defined quantifiable  
and qualitative criteria that are periodically reviewed by the Board  
of Directors. Quantifiable criteria are limited in number, objective,  
measurable and adapted to the Company’s strategy.  
—
—
The variable portion rewards short-term performance and the  
progress made toward paving the way for medium-term  
development. It is determined in a manner consistent with the  
annual performance review of the executive directors and the  
Company’s medium-term strategy.  
The Board of Directors monitors the change in the fixed and  
variable portions of the executive directors’ compensation over  
several years in light of the Company’s performance.  
Registration Document 2018 TOTAL  
157  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
The Board of Directors determines the rules related to holding a  
portion of the shares resulting from the exercise of options as  
well as the performance shares definitively granted, which apply  
to the executive directors until the end of their term of office.  
—
—
The executive directors do not take part in any discussions or  
deliberations of the corporate bodies regarding items on the  
agenda of Board of Directors’ meetings related to the assessment  
of their performance or the determination of the components  
of their compensation.  
The executive directors cannot be granted stock options or  
performance shares when they leave office.  
When a new executive director is nominated, the Board of  
Directors decides on his or her compensation as well as benefits,  
further to a proposal by the Compensation Committee, and in  
accordance with the above general principles for determining  
the compensation of the executive directors. Exceptional  
compensation or specific benefits when taking office are forbidden,  
unless the Board of Directors decides otherwise for particular  
reasons, in the Company’s interest and within the limits of the  
exceptional circumstances.  
—
—
After three years in office, the executive directors are required to  
hold at least the number of Company shares set by the Board.  
The components of compensation of the executive directors are  
made public after the Board of Directors’ meeting at which they  
are approved.  
Compensation policy for the Chairman and Chief Executive Officer for fiscal year 2019  
Base salary of the Chairman and Chief Executive Officer  
fixed compensation)  
The Board of Directors has noted with satisfaction the remarkable  
(
success of the Group in achieving the objectives previously set.  
The Group’s strategy has evolved since 2015. In accordance with  
the principles relating to compensation policy of the executive director,  
the Board considers it appropriate to align the criteria of determination  
of the variable portion of the Chairman and Chief Executive Officer  
with the key criteria of this strategy, which is promoted to shareholders.  
The Board of Directors decided to maintain Mr. Patrick Pouyanné’s  
annual base salary (fixed compensation) for his duties as Chairman  
and Chief Executive Officer for fiscal year 2019 at €1,400,000 (the  
same as the fixed portion due for fiscal year 2018).  
The level of the Chairman and Chief Executive Officer’s fixed  
compensation was set based on the responsibilities assumed and  
the compensation levels applied for executive directors of comparable  
companies (particularly CAC 40 companies).  
Thus, although the ROE and the net-debt-to-capital ratio are among  
the key objectives announced to shareholders, the strategy presented  
since 2015 rightly focuses on the pre-dividend organic cash  
breakeven with a target set since 2017 at a level below $30/b.  
Annual variable portion of the Chairman and Chief Executive  
Officer’s compensation  
The Board retains the pre-dividend organic cash breakeven, which is  
essential in the management of the Company and which summarizes  
simultaneously all the discipline of the Group in connection with its  
cost reduction program, the choice of its investments and the policy  
of management of the Group’s portfolio.  
The Board of Directors also decided to maintain the maximum  
amount of the variable portion that could be paid to the Chairman  
and Chief Executive Officer for fiscal year 2019 at 180% of his base  
salary (the same percentage as in fiscal year 2018). This ceiling was  
set based on the level applied by a benchmark sample of companies  
operating in the energy sectors.  
The Board also considers it desirable to maintain a comparative  
criterion (to ensure a certain continuity in the structure of the  
compensation policy) and therefore to take into account the  
comparative ROACE of the majors since the Group has announced  
that it aims to be the most profitable among the majors.  
As in 2018, the formula for calculating the variable portion of the  
Chairman and Chief Executive Officer’s compensation for fiscal year  
2
019 uses economic parameters that refer to quantifiable targets  
Finally, taking into account the climate change-related challenges,  
the Board decides to introduce a quantitative criterion on the  
reduction of greenhouse gas emissions of the Group’s operated oil &  
gas facilities, given the stated objective of reducing them from 46 Mt  
CO e in 2015 to less than 40 Mt CO e in 2025.  
reflecting the Group’s performance as well as the Chairman and Chief  
Executive Officer’s personal contribution allowing a qualitative  
assessment of his management.  
The criteria applicable to the determination of the variable portion of  
the Chairman and Chief Executive Officer were set by the Board of  
Directors at its meeting of December 15, 2015, when Mr. Patrick  
Pouyanné, Chief Executive Officer since October 22, 2014, was  
appointed Chairman of the Board of Directors. In September 2016, a  
new organization within the Group was set up with the objectives of  
strengthening the Group’s resilience, reducing its sensitivity to the  
volatility of the price of oil on the integrated oil chain, and ensuring its  
development in the integrated gas chain, in renewable energies as  
well as in low-carbon electricity.  
2
2
158  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Annual variable compensation due for fiscal year 2019 (expressed as a percentage of the base salary)  
Maximum percentage  
Economic parameters (quantifiable targets):  
140%  
–
HSE  
30%  
a) Safety  
20%  
–
–
–
TRIR  
8%  
4%  
8%  
FIR, comparative  
Evolution of the number of Tier 1 + Tier 2 incidents  
b) Evolution of greenhouse gas (GHG) emissions  
Return on equity (ROE)  
10%  
30%  
30%  
30%  
20%  
40%  
–
–
–
–
Net-debt-to-capital ratio  
Pre-dividend organic cash breakeven  
Return on average capital employed (ROACE), comparative  
Personal contribution (qualitative criteria):  
–
steering of the strategy and successful strategic negotiations with  
producing countries – achievement of production and reserve targets  
15%  
–
performance and outlook with respect to Downstream activities  
(Refining & Chemicals/Marketing & Services) – the Group’s gas-electricity-renewables  
growth strategy  
10%  
15%  
4
–
Corporate Social Responsibility (CSR) performance  
TOTAL  
180%  
The parameters used include:  
assessed as follows. The maximum weighting of the ROE  
criterion will be 30% of the base salary:  
—
change in safety, for up to 20% of the base salary, assessed  
through the achievement of an annual TRIR (Total Recordable  
Injury Rate) target and the number of accidental deaths per  
million hours worked, FIR (Fatality Incident Rate) compared to  
those of four large competitor oil companies (ExxonMobil, Royal  
–
–
–
–
the maximum weighting of the criterion is reached, i.e. 30% of  
the base salary, if the ROE is higher than or equal to 13%;  
the weighting of the criterion is zero if the ROE is lower than  
or equal to 6%;  
the weighting of the criterion is 50% of the maximum, i.e. 15%  
of the base salary, if the ROE is 8%;  
Dutch Shell, BP and Chevron), as well as through changes in the  
Tier 1 + Tier 2 indicator(  
1)  
:
the interpolations are linear between these three points of  
reference.  
–
–
–
the maximum weighting of the TRIR criterion is 8% of the  
base salary. The maximum weighting will be reached if the  
TRIR is below 0.85; the weighting of the criterion will be zero if  
the TRIR is above or equal to 1.4. The interpolations are linear  
between these points of reference;  
the maximum weighting of the FIR criterion is 4% of the base  
salary. The maximum weighting will be reached if the FIR is  
the best of the panel of the majors. It will be zero if the FIR is  
the worst of the panel. The interpolations are linear between  
these two points and depend on the ranking;  
the maximum weighting of the changes in the number of  
Tier 1 + Tier 2 incidents is 8% of the base salary. The maximum  
weighting will be reached if the number of Tier 1 + Tier 2  
incidents equals 100 or below. The weighting of the parameter  
will be zero if the number of Tier 1 + Tier 2 incidents is equal  
to or higher than 180. The interpolations are linear between  
these two points of reference.  
—
the net-debt-to-capital ratio as published by the Group on the  
basis of its balance sheet and consolidated statement of income,  
assessed as follows. The maximum weighting of the net-debt-  
to-capital ratio criterion is 30% of the base salary:  
– the maximum weighting of the criterion, i.e. 30% of the base  
salary, is reached for a net-debt-to-capital ratio equal to or  
below 20%;  
– the weighting of the criterion is zero if the net-debt-to-capital  
ratio is equal or above 30%;  
– the interpolations are linear between these two points of  
reference.  
—
the pre-dividend organic cash breakeven, assessed as follows.  
The maximum weighting of this criterion is 30% of the base  
salary. The pre-dividend organic cash breakeven is defined as  
the Brent price for which the operating cash flow before working  
capital changes( (MBA) covers the organic investments  
2)  
(3)  
.
—
change in GHG emission reduction on operated oil & gas  
facilities, assessed through the achievement of a GHG (Scope  
The ability of the Group to resist to the variations of the Brent  
barrel price is measured by this parameter.  
1
2
6
and Scope 2) reduction emission target from 46 Mt CO e in  
2
015 to 40 Mt CO e in 2025, corresponding to a reduction of  
2
–
–
–
the maximum weighting of the criterion is reached, i.e. 30% of  
the base salary, if the breakeven is below or equal to 30 $/b;  
the weighting of the criterion is zero if the breakeven is above  
or equal to 40 $/b;  
the interpolations are linear between these two points of  
reference.  
00 kt CO e/y, i.e. a target of 43.6 Mt CO e for 2019. The  
2
2
maximum weighting of the GHG criterion is 10% of the base  
salary:  
–
the maximum weighting of the criterion is reached, i.e. 10% of  
the base salary, if the GHG Scopes 1 and 2 emission on the  
operated oil & gas facilities are below 43.6 Mt CO e in 2019;  
2
–
–
the weighting of the criterion is zero if the emissions remain  
—
the return on average capital employed (ROACE), by  
comparison, assessed as follows. The maximum weighting of  
the ROACE criterion will be 20% of the base salary. TOTAL’s  
ROACE, as published from the consolidated balance sheet and  
the income statement, will be compared to the ROACE average  
stable or increase compared to 2015 (46 Mt CO e);  
2
the interpolations are linear between these points of reference.  
—
the return on equity (ROE) as published by the Group on the  
basis of its balance sheet and consolidated statement of income  
(
1) Tier 1 and Tier 2: indicator of the number of loss of primary containment events, with more or less significant consequences, as defined by the API 754 (for downstream) and IOGP 456  
(for upstream) standards. Excluding acts of sabotage and theft.  
(
(
2) The operating cash flow before working capital changes is defined as cash flow from operating activities before changes in capital at replacement cost.  
3) Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.  
Registration Document 2018 TOTAL  
159  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
of each of the four peers (ExxonMobil, Royal Dutch Shell, BP  
and Chevron). The ROACE is equal to the net adjusted operating  
income( divided by the average of the capital employed (at  
replacement costs, net of deferred income tax and non-current  
liabilities) of the start and end of the fiscal year.  
7% higher volume of performance shares compared with the 2017  
plan. More than 10,640 employees were concerned by this plan,  
over 97% of whom are non-senior executives. The Board of Directors  
adopts this proactive policy in an effort to strengthen the sense of  
belonging to the Group of the beneficiaries of performance shares,  
to involve them more closely in its performance and encourage their  
investment in the Company’s share capital.  
1)  
–
–
–
the maximum weighting of the criterion is reached, i.e. 20% of  
the base salary, if TOTAL’s ROACE is above 2% or more  
compared to the average of the 4 peers’ ROACE;  
the weighting of the criterion is zero if the TOTAL’s ROACE is  
under 2% or more compared to the average of the peers’  
ROACE;  
The compensation policy proposed for fiscal year 2019 thus includes  
the granting of performance shares.  
In this context, on the proposal of the Compensation Committee, the  
Board of Directors decided at its meeting on March 13, 2019, to grant  
72,000 performance shares to the Chairman and Chief Executive  
Officer (the same number of shares as in 2018), as part of a 2019  
plan that is not specific to him. The definitive granting of performance  
shares is subject to a presence condition and performance conditions  
assessed at the end of the three-year vesting period.  
the interpolations are linear between these two points of  
reference.  
The Chairman and Chief Executive Officer’s personal contribution,  
which may represent up to 40% of the base salary, is evaluated  
based on the following criteria:  
—
—
—
steering of the strategy and successful strategic negotiations  
with producing countries, and achievement of production and  
reserve targets, for up to 15%;  
The definitive number of granted shares will be based on the TSR  
(Total Shareholder Return), the annual variation of the net cash flow  
by share in dollars, as well as the pre-dividend organic cash  
breakeven, for fiscal years 2019, 2020 and 2021, applied as follows:  
performance and outlook with respect to Downstream activities  
(Refining & Chemicals/Marketing & Services) and the Group’s  
gas-electricity-renewables growth strategy, for up to 10%;  
CSR performance, notably taking into account climate issues in  
the Group’s Strategy, the Group’s reputation in the domain of  
Corporate Social Responsibility, as well as the policy concerning  
all aspects of diversity, for up to 15%.  
—
—
For 1/3 of the shares, the Company will be ranked against its  
peers (ExxonMobil, Royal Dutch Shell, BP and Chevron) each  
year during the three vesting years (2019, 2020 and 2021) based  
on the TSR criterion of the last quarter of the year in question, the  
dividend being considered reinvested based on the closing price  
on the ex-dividend date.  
In the event of a significant change in the Group affecting the  
calculation of the economic perimeters for the Group (change in  
accounting standard, significant patrimonial transaction approved by  
the Board of Directors…), the Board may calculate the parameters  
mutatis mutandis, i.e., excluding exogenous extraordinary elements.  
For 1/3 of the shares, the Company will be ranked each year  
against its peers (ExxonMobil, Royal Dutch Shell, BP and  
Chevron) during the three vesting years (2019, 2020 and 2021)  
using the annual variation in net cash flow per share criterion  
expressed in dollar.  
Furthermore, the Board of Directors reserves the right to exercise its  
discretionary powers regarding the determination of the  
compensation of the Chairman and Chief Executive Officer, pursuant  
to Articles L. 225-47, paragraph 1 and L. 225-53, paragraph 3 of the  
French Commercial Code, and according to Articles L. 225-37-2  
and L. 225-100 of the French Commercial Code, in the event of  
particular circumstances that could justify that the Board of Directors  
adjusts, exceptionally and both on the upside and the downside,  
one or more of the criteria that make up his compensation to ensure  
that the results of the application of the criteria described above  
reflect both the performance of the Chairman and Chief Executive  
Officer and the performance of the Group either in absolute terms or  
relative to the four peers of the Group, for the economic criteria  
measured in comparison with these four peers.  
Based on the ranking, a grant rate will be determined for each year  
st  
nd  
for these two first criteria: 1 : 180% of the grant; 2 : 130% of the  
rd  
th  
th  
grant; 3 : 80% of the grant; 4 and 5 : 0%.  
—
For 1/3 of the shares, the pre-dividend organic cash breakeven  
criterion will be assessed during the three vesting years (2019,  
2
020 and 2021) as follows. The pre-dividend organic cash  
breakeven is defined as the Brent price for which the operating  
cash flow before working capital changes covers the organic  
investments. The ability of the Group to resist to the variations of  
the Brent barrel price is measured by this parameter.  
– the maximum grant rate will be reached if the breakeven is  
less than or equal to $30/b,  
–
the grant rate will be zero if the breakeven is greater than or  
equal to $40/b,  
the interpolations will be linear between these two points of  
reference.  
This adjustment will be made to the variable compensation of the  
Chairman and Chief Executive Officer by the Board of Directors on  
the proposal of the Compensation Committee, within the limit of the  
variable compensation cap of 180% of the fixed compensation, after  
the Board of Directors duly motivated its decision.  
–
A grant rate will be determined for each year.  
Components of long-term compensation  
For each of the three criteria, the average of the three grant rates  
obtained (for each of the three fiscal years for which the performance  
conditions are assessed) will be rounded to the nearest 0.1 whole  
percent (0.05% being rounded to 0.1%) and capped at 100%.  
The granting of performance shares to the Chairman and Chief Executive  
Officer is structured over a five-year period: a three-year vesting  
period, followed by a two-year holding period. The definitive grant of  
shares is subject to a presence condition and performance conditions  
assessed at the end of the three-year vesting period.  
Each criterion will have a weight of 1/3 in the definitive grant rate.  
The definitive grant rate will be rounded to the nearest 0.1 whole percent  
(
0.05% being rounded to 0.1%). The number of shares definitively granted,  
Performance shares are granted to the Chairman and Chief Executive  
Officer each year as part of plans that are not specific to him and  
concern more than 10,000 employees, a large majority of which are  
non-executive employees.  
after confirmation of the performance conditions, will be rounded up  
to the nearest whole number of shares in case of a fractional share.  
Following the three-year acquisition period, shares that have been  
definitively granted could not be disposed of before the end of a  
two-year holding period.  
It should be noted that at its meeting on March 14, 2018, the Board  
of Directors decided to grant 72,000 performance shares to the  
Chairman and Chief Executive Officer under the 2018 plan. The 2018  
plan approved by the Board of Directors in March 2018 granted a  
(1) Adjustments items include special items, the inventory effect and the impact for change for fair value.  
(2) The operating cash flow before working capital changes is defined as cash flow from operating activities before changes in capital at replacement cost.  
(3) Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.  
160  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Commitments made by the Company to the Chairman and  
Chief Executive Officer  
The sum of the annual supplementary pension plan benefits and  
other pension plan benefits (other than those set up individually and  
on a voluntary basis) may not exceed 45% of the average gross  
compensation (fixed and variable portion) over the last three years. In  
the event that this percentage is exceeded, the supplementary  
pension is reduced accordingly. The amount of the supplementary  
pension determined in this way is indexed to the ARRCO pension  
point.  
The Board of Directors decided on March 14, 2018, on the  
Compensation Committee’s proposal, to maintain unchanged the  
commitments made to the Chairman and Chief Executive Officer  
regarding the pension plans, the retirement benefit and the severance  
benefit to be paid in the event of forced departure related to a change  
of control or strategy, as well as the life insurance and health care  
benefits presented below. They were approved by the Board of  
Directors on March 14, 2018, and by the Annual Shareholders’  
Meeting on June 1, 2018, in accordance with the provisions of Article  
L. 225-42-1 of the French Commercial Code.  
The supplementary pension includes a clause whereby 60% of the  
amount will be paid to beneficiaries in the event of death after  
retirement.  
To ensure that the acquisition of additional pension rights under this  
defined-benefit pension plan is subject to performance conditions to  
be defined pursuant to the provisions of Article L. 225-42-1 of the  
French Commercial Code amended by law No. 2015-990 of August  
6, 2015, the Board of Directors noted the existence of the Chief  
Executive Officer’s pension rights under the above-mentioned pension  
plan, immediately before his appointment as Chairman, for the period  
from January 1, 1997, to December 18, 2015.  
It should be noted that Mr. Pouyanné already benefited from all these  
provisions when he was an employee of the Company, except for  
the commitment to pay severance benefits in the event of forced  
departure related to a change of control or strategy. It should also be  
noted that Mr. Pouyanné, who joined the Group on January 1, 1997,  
ended the employment contract that he previously had with TOTAL  
S.A. through his resignation at the time of his appointment as Chief  
Executive Officer on October 22, 2014.  
The conditional rights granted for the period from January 1, 1997,  
to December 18, 2015 (inclusive), acquired without performance  
conditions, correspond to a replacement rate equal to 34.14% for  
the portion of the base compensation falling between 8 and 40 times  
the PASS and a replacement rate of 18.96% for the portion of the  
base compensation falling between 40 and 60 times the PASS.  
—
Pension plans  
Pursuant to applicable legislation, the Chairman and Chief Executive  
Officer is eligible for the basic French Social Security pension and for  
pension benefits under the ARRCO and AGIRC supplementary  
pension plans.  
4
The conditional rights granted for the period from December 19, 2015,  
to December 31, 2016, are subject to the performance condition  
described below and correspond to a replacement rate equal to  
He also participates in the internal defined contribution pension plan  
applicable to all TOTAL S.A. employees, known as RECOSUP (Régime  
collectif et obligatoire de retraite supplémentaire à cotisations définies),  
covered by Article L. 242-1 of the French Social Security Code. The  
Company’s commitment is limited to its share of the contribution  
paid to the insurance company that manages the plan. For fiscal year  
1
.86% for the portion of the base compensation falling between 8  
and 40 times the PASS and replacement rate equal  
to 1.04% for the portion of the base compensation falling between  
0 and 60 times the PASS.  
a
4
2018, this pension plan represented a booked expense to TOTAL  
S.A. in favor of the Chairman and Chief Executive Officer of €2,384.  
These undertakings regarding the supplementary pension plan were  
subject to the procedure for regulated agreements, as per Article  
L. 225-38 of the French Commercial Code, and they were approved  
by the Company’s Annual Shareholders’ Meeting on May 24, 2016.  
The Chairman and Chief Executive Officer also participates in a  
supplementary defined benefit pension plan, covered by Article  
L. 137-11 of the French Social Security Code, set up and financed  
by the Company and approved by the Board of Directors on March  
Pursuant to the provisions of Article L. 225-42-1 of the French  
Commercial Code, the acquisition of these supplementary pension  
rights under the terms of the pension plan for the period from  
December 19, 2015, to December 31, 2016, was submitted by  
the Board of Directors meeting on December 16, 2015, to a condition  
related to the beneficiary’s performance, to be considered as fulfilled  
if the variable portion of the Chairman and Chief Executive Officer’s  
compensation paid in 2017 for fiscal year 2016 reached 100% of the  
base salary due for fiscal year 2016. In the event the variable portion  
had not reached 100% of his base salary, the rights would have  
been awarded on a pro rata basis.  
13, 2001, for which management is outsourced to two insurance  
companies effective January 1, 2012. This plan applies to all TOTAL S.A.  
employees whose compensation exceeds eight times the annual  
ceiling for calculating French Social Security contributions (PASS),  
set at €39,732 for 2018 (i.e., €317,856), and above which there is  
no conventional pension plan.  
To be eligible for this supplementary pension plan, participants must  
have served for at least five years, be at least 60 years old and  
exercised his or her rights to retirement from the French Social  
Security. The benefits under this plan are subject to a presence  
condition under which the beneficiary must still be employed at the  
time of retirement. However, the presence condition does not apply if  
a beneficiary aged 55 or older leaves the Company at the Company’s  
initiative or in case of disability.  
On February 8, 2017, the Board of Directors noted that the specified  
performance condition was fully met and therefore confirmed the  
acquisition by Mr. Pouyanné of additional pension rights for the period  
from December 19, 2015, to December 31, 2016.  
The length of service acquired by Mr. Pouyanné as a result of his  
previous salaried duties held at the Group since January 1, 1997,  
has been maintained for the benefit of this plan.  
In addition, the Board noted that Mr. Pouyanné is no longer able to  
acquire additional pension rights under this plan given the rules for  
determining pension rights set out in the plan and Mr. Pouyanné’s  
2
0 years of service as of December 31, 2016.  
The compensation taken into account to calculate the supplementary  
pension is the average gross annual compensation (fixed and variable  
portion) over the last three years. The amount paid under this plan is  
equal to 1.8% of the compensation falling between 8 and 40 times  
the PASS and 1% for the portion of the compensation falling between  
The conditional rights granted to Mr. Patrick Pouyanné for the period  
from January 1, 1997, to December 31, 2016 (inclusive), are now equal  
to a reference rate of 36% for the portion of the base compensation  
falling between 8 and 40 times the PASS and 20% for the portion of  
the base compensation falling between 40 and 60 times the PASS.  
40 and 60 times this ceiling, multiplied by the number of years of service  
up to a maximum of 20 years, subject to the performance condition  
set out below applicable to the Chairman and Chief Executive Officer.  
Based on Mr. Pouyanné’s seniority at the Company, capped at  
2
0 years on December 31, 2016, the commitments made by  
TOTAL S.A. to the Chairman and Chief Executive Officer in terms of  
supplementary defined benefits and similar pension plans represented,  
at December 31, 2018, a gross annual retirement pension estimated  
Registration Document 2018 TOTAL  
161  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
at €616,641. It corresponds to 19.73% of Mr. Pouyanné’s gross  
The severance benefit will only be paid in the event of a forced  
departure related to a change of control or strategy. It will not be due  
in case of gross negligence or willful misconduct or if the Chairman  
and Chief Executive Officer leaves the Company of his own volition,  
accepts new responsibilities within the Group or may claim full retirement  
benefits within a short time period.  
annual compensation consisting of the annual fixed portion for 2018  
(
i.e., €1,400,000) and the variable portion paid in 2019(1) for fiscal  
year 2018 (i.e., €1,725,900).  
Nearly the full amount of TOTAL S.A.’s commitments under these  
supplementary and similar retirement plans (including the retirement  
benefit) is outsourced for all beneficiaries to insurance companies  
and the non-outsourced balance is evaluated annually and adjusted  
through a provision in the accounts. The amount of these commitments  
as of December 31, 2018, is €18.0 million for the Chairman and  
Chief Executive Officer (€18.0 million for the Chairman and Chief  
Executive Officer and the executive and non-executive directors  
covered by these plans). These amounts represent the gross value  
of TOTAL S.A.’s commitments to these beneficiaries based on the  
estimated gross annual pensions as of December 31, 2018 as well  
as the statistical life expectancy of the beneficiaries.  
Pursuant to the provisions of Article L. 225-42-1 of the French  
Commercial Code, receipt of this severance benefit is contingent upon  
a performance-related condition applicable to the beneficiary, which  
is deemed to be fulfilled if at least two of the following criteria are met:  
—
—
—
the average ROE (return on equity) for the three years preceding  
the year in which the Chairman and Chief Executive Officer leaves  
is at least 10%;  
the average net-debt-to-equity ratio for the three years preceding  
the year in which the Chairman and Chief Executive Officer leaves  
is less than or equal to 30%; and  
The total amount of all the pension plans in which Mr. Pouyanné  
participates represents, at December 31, 2018, a gross annual  
pension estimated at €719,002, corresponding to 23.00% of  
Mr. Pouyanné’s gross annual compensation defined above (annual  
fixed portion for 2018 and variable portion paid in 2019 for fiscal  
year 2018).  
growth in TOTAL’s oil and gas production is greater than or equal  
to the average growth rate of four oil companies (ExxonMobil,  
Royal Dutch Shell, BP and Chevron) during the three years  
preceding the year in which the Chairman and Chief Executive  
Officer leaves.  
—
Retirement benefit  
— Life insurance and health care plans  
The Chairman and Chief Executive Officer is entitled to a retirement  
benefit equal to those available to eligible members of the Group  
under the French National Collective Bargaining Agreement for  
the Petroleum Industry. This benefit is equal to 25% of the fixed  
and variable annual compensation received during the 12 months  
preceding retirement.  
The Chairman and Chief Executive Officer is covered by the following  
life insurance plans provided by various life insurance companies:  
—
an “incapacity, disability, life insurance” plan applicable to all  
employees, partly paid for by the Company, that provides for  
two options in case of death of a married employee: either  
the payment of a lump sum equal to five times the annual  
compensation up to 16 times the PASS, corresponding to a  
maximum of €3,241,920 in 2019, plus an additional amount if  
there is a dependent child or children, or the payment of a lump  
sum equal to three times the annual compensation up to 16 times  
the PASS, plus a survivor’s pension and education allowance;  
Pursuant to the provisions of Article L. 225-42-1 of the French  
Commercial Code, receipt of this retirement benefit is contingent  
upon a performance-related condition applicable to the beneficiary,  
which is deemed to be fulfilled if at least two of the following criteria  
are met:  
—
—
—
the average ROE (return on equity) for the three years preceding  
the year in which the Chairman and Chief Executive Officer retires  
is at least 10%;  
—
a second “disability and life insurance” plan, fully paid by the  
Company, applicable to executive officers and senior executives  
whose annual gross compensation is more than 16 times the  
PASS. This contract, signed on October 17, 2002, amended on  
January 28 and December 16, 2015, guarantees the beneficiary  
the payment of a lump sum, in case of death, equal to two years  
of compensation (defined as the gross annual fixed reference  
compensation (base France), which corresponds to 12 times the  
monthly gross fixed compensation paid during the month prior  
to death or sick leave, to which is added the highest amount in  
absolute value of the variable portion received during one of the  
five previous years of activity), which is increased to three years  
in case of accidental death and, in case of accidental permanent  
disability, a lump sum proportional to the degree of disability.  
Death benefits are increased by 15% for each dependent child.  
the average net-debt-to-equity ratio for the three years preceding  
the year in which the Chairman and Chief Executive Officer retires  
is less than or equal to 30%; and  
growth in TOTAL’s oil and gas production is greater than or equal  
to the average growth rate of four oil companies (ExxonMobil,  
Royal Dutch Shell, BP and Chevron) during the three years  
preceding the year in which the Chairman and Chief Executive  
Officer retires.  
The retirement benefit cannot be combined with the severance benefit  
described below.  
—
Severance benefit  
Payments due under this contract are made after the deduction of  
any amount paid under the above-mentioned plan applicable to all  
employees.  
The Chairman and Chief Executive Officer is entitled to a benefit  
equal to two years of his gross compensation in the event of a forced  
departure related to a change of control or strategy. The calculation  
is based on the gross compensation (fixed and variable) of the  
The Chairman and Chief Executive Officer also has the use of a  
company car and is covered by the health care plan available to all  
employees.  
12 months preceding the date of termination or non-renewal of his  
term of office.  
(1) Subject to approval by the Ordinary Shareholders’ Meeting on May 29, 2019.  
162  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Draft resolution prepared by the Board of Directors in accordance with Article L. 225-37-2 of the French Commercial Code  
submitted to the Ordinary Shareholders’ Meeting of May 29, 2019  
Approval of the principles and criteria for the determination, breakdown and allocation of the fixed, variable and extraordinary  
components of the total compensation (including in-kind benefits) attributable to the Chairman and Chief Executive Officer  
Voting under the conditions of quorum and majority required  
for Ordinary Shareholders’ Meetings and in accordance with Article  
L. 225-37-2 of the French Commercial Code, the shareholders  
approve the principles and criteria for the determination, breakdown  
and allocation of the fixed, variable and extraordinary components  
of the total compensation (including in-kind benefits) attributable  
to the Chairman and Chief Executive Officer, as presented in the  
report on corporate governance, covered by Article L. 225-37 of  
the French Commercial Code and in the 2018 Registration  
Document (chapter 4, point 4.3.2.2).  
4.3.3 Executive oꢀcers’ compensation  
The Group’s executive officers include the members of the Executive  
Committee, the four Senior Vice Presidents of the central Group  
functions who are members of the Group Performance Management  
Committee (HSE, Strategy & Climate, Communications, Legal), the  
Deputy Chief Financial Officer and the Treasurer.  
—
Namita Shah, President, People & Social Responsibility, member  
of the Executive Committee;  
Xavier Bontemps, Senior Vice President Health, Safety Environment;  
Ladislas Paszkiewicz, Senior Vice President Strategy & Climate;  
Jacques-Emmanuel Saulnier, Senior Vice President Communication;  
Aurélien Hamelle, Senior Vice President Legal;  
—
—
—
—
—
—
As of December 31, 2018, the list of the Group’s executive officers was  
as follows (13 people, the same number as at December 31, 2017):  
Jean-Pierre Sbraire, Deputy Chief Financial Officer; and  
Antoine Larenaudie, Treasurer.  
—
—
—
—
—
—
Patrick Pouyanné, Chairman and Chief Executive Officer and  
President of the Executive Committee;  
Arnaud Breuillac, President, Exploration & Production, member  
of the Executive Committee;  
Patrick de La Chevardière, Chief Financial Officer, member of  
the Executive Committee;  
Momar Nguer, President, Marketing & Services, member of  
the Executive Committee;  
Bernard Pinatel, President, Refining & Chemicals, member of  
the Executive Committee;  
Philippe Sauquet, President, Gas, Renewables & Power, and  
President, Group Strategy-Innovation, member of the Executive  
Committee;  
In 2018, the aggregate amount paid directly or indirectly by the  
Group’s French and foreign companies as compensation to  
the Group’s executive officers in office as of December 31, 2018  
4
(
13 people, the same number as at December 31, 2017) was  
€
14.86 million (compared to €13.66 million in 2017), including  
€11.70 million paid to the members of the Executive Committee  
(seven people). The variable component (based on economic, HSE  
performance and personal contribution criteria) represented 51.20%  
of this global amount of €14.86 million.  
4.3.4 Stock option and free share grants  
4
.3.4.1 General policy  
For beneficiaries employed by a non-French company on the grant  
date, the vesting period for free shares may be increased to four years,  
in which case there is no mandatory holding period. Since 2011,  
all shares granted to senior executives have been subject to  
performance conditions.  
In addition to its employee shareholding development policy, TOTAL  
S.A. has implemented a policy to involve employees and senior  
executives in the Group’s future performance which entails granting  
free performance shares each year. TOTAL S.A. may also grant  
stock options, although no plan has been put in place since  
September 14, 2011. These shares are granted under selective plans  
based on a review of individual performance at the time of each grant.  
— Stock options  
Stock options have a term of eight years, with a strike price set at  
the average of the closing TOTAL share prices on Euronext Paris  
during the 20 trading days preceding the grant date, without any  
discount. Exercise of the options granted between 2007 and 2011  
was subject to a presence condition and performance conditions,  
notably related to the Group’s return on equity (ROE), which vary  
depending on the plan and category of beneficiary.  
The stock option and free share plans offered by TOTAL S.A.  
concern only TOTAL shares and no free shares of the Group’s listed  
subsidiaries or options on them are granted by TOTAL S.A.  
All grants are approved by the Board of Directors, on the proposal of  
the Compensation Committee. For each plan, the Compensation  
Committee recommends a list of beneficiaries, the conditions as  
well as the number of options or shares granted to each beneficiary.  
The Board of Directors then gives final approval for this list and the  
grant conditions.  
All options granted in 2011 were subject to performance conditions.  
For options that could be granted pursuant to the authorization given  
by the Extraordinary Shareholders’ Meeting of May 24, 2016  
(twenty-fifth resolution), the performance conditions will be assessed  
over a minimum period of three consecutive fiscal years. For earlier  
option plans, and subject to applicable presence and performance  
conditions being met, options may be exercised only at the end of  
an initial two-year period and the shares resulting from the exercise  
may only be disposed of at the end of a second two-year period.  
—
Grant of free performance shares  
Grants of free performance shares under selective plans become  
definitive only at the end of a three-year vesting period, subject  
to the fulfillment of applicable presence and performance conditions.  
At the end of the vesting period, and provided that the conditions are  
met, the TOTAL shares are definitively granted to the beneficiaries,  
who must then hold them for at least two years (holding period). The  
presence condition applies to all shares.  
In addition, for the 2007 to 2011 option plans, the shares resulting from  
the exercise of options by beneficiaries employed by a non-French  
company on the grant date may be disposed of or converted to  
bearer form at the end of the first two-year vesting period.  
Registration Document 2018 TOTAL  
163  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
4
.3.4.2 Follow-up of grants to the executive directors  
For the options granted between 2007 and 2011, the Board of Directors  
made the exercise of the options granted to the executive directors  
in office contingent upon a presence condition and performance  
conditions based on the Group’s ROE and ROACE. The grant rate of  
the performance-related options under the 2009, 2010 and 2011  
plans was 100%, compared to 60% for the 2008 plan.  
Stock options  
No stock options have been granted since September 14, 2011.  
Until that date, the Company’s executive directors in office at the  
time of the decision were granted stock options as part of broader  
grant plans approved by the Board of Directors for certain Group  
employees and senior executives. The options granted to the executive  
directors were subject to the same requirements applicable to the  
other beneficiaries of the grant plans.  
All the options granted to Mr. Pouyanné outstanding at December 31,  
2018, represent 0.000379% of the Company’s share capital(  
on that date.  
1)  
Stock options granted in 2018 to each executive director by the issuer and by any Group company  
(AMF position-recommendation No. 2009-16 – AMF Table No. 4)  
Number  
of options  
granted  
during the  
fiscal year  
Type  
of options  
(purchase or  
subscription)  
Valuation  
of options  
Plan No.  
and date  
Exercise  
period  
(
a)  
Executive directors  
(€)  
Strike price  
Patrick Pouyanné  
Chairman and Chief Executive Officer  
-
-
-
-
-
-
(a) According to the method used for the Consolidated Financial Statements.  
Stock options exercised in fiscal year 2018 by each executive director  
AMF position-recommendation No. 2009-16 – AMF Table No. 5)  
(
Number of options exercised  
during the fiscal year  
Plan No. and date  
Strike price  
Patrick Pouyanné  
Chairman and Chief Executive Officer since December 19, 2015  
2010 Plan – 09/14/2010  
011 Plan – 09/14/2011  
9,000  
€38.20  
€33.00  
2
12,400  
Grant of free performance shares  
Mr. Pouyanné is granted performance shares as part of the broader grant plans approved by the Board of Directors for certain Group  
employees. The performance shares granted to him are subject to the same requirements applicable to the other beneficiaries of the grant plans.  
Summary tables  
Free shares granted to each director(a) in fiscal year 2018 by the issuer and by any Group company  
(AMF position-recommendation No. 2009-16 – AMF Table No. 6)  
Number  
of shares  
granted  
Executive and  
non-executive  
directors  
during Valuation of  
Plan No. the fiscal  
the shares  
Acquisition  
Date of  
b)  
and date  
year  
(€)(  
date transferability Performance conditions  
Patrick  
2018 Plan  
72,000  
2,607,840 03/15/2021 03/16/2023 The performance conditions are based for:  
Pouyanné  
Chairman  
and Chief  
Executive  
Officer  
03/14/2018  
—
50% of the performance shares granted, on the  
Company’s ranking against its peers( completed  
each year during the three vesting years (2018, 2019  
and 2020) based on the TSR criterion of the last  
quarter of the year in question, the dividend being  
considered reinvested based on the closing price  
on the ex-dividend date; and  
c)  
Renata  
Perycz  
2018 Plan  
03/14/2018  
280  
10,141.60 03/15/2021 03/16/2023  
Director  
—
50% of the performance shares granted, on the  
Company’s ranking against its peers( completed  
each year during the three years of vesting (2018,  
representing  
employee  
shareholders  
since  
c)  
2019 and 2020) using the annual variation in net  
cash flow per share expressed in dollars criterion.  
May 24, 2016  
Christine  
Renaud  
2018 Plan  
03/14/2018  
-
-
03/15/2021 03/16/2023  
Director  
representing  
employees  
since  
May 26, 2017  
TOTAL  
72,280 2,617,981.60  
(
(
(
a) List of executive and non-executive directors who had this status during fiscal year 2018.  
b) The valuation of the shares was calculated on the grant date according to the method used for the Consolidated Financial Statements.  
c) ExxonMobil, Royal Dutch Shell, BP and Chevron.  
(1) Based on share capital divided into 2,640,602,007 shares.  
164  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
Free shares that have become transferable for each director(a)  
AMF position-recommendation No. 2009-16 – AMF Table No. 7)  
(
Number of shares that  
became transferable  
during the fiscal year  
Executive and  
non-executive directors  
Plan No.  
and date  
Vesting conditions  
Patrick Pouyanné  
Chairman and Chief  
Executive Officer  
2015 Plan  
07/28/2015  
The performance conditions are based for:  
—
40% of the performance shares granted, on the  
Group’s average return on equity (ROE) and return  
on average capital employed (ROACE) during the  
three years of vesting (2015, 2016 and 2017); and  
38,880  
—
60% of the performance shares granted, on the  
variation of the 3-year average adjusted net income  
(
ANI) of TOTAL, as published by the Group,  
(b)  
compared to its peers during the three years of  
vesting (2015, 2016 and 2017).  
Renata Perycz  
2015 Plan  
07/28/2015  
The first 150 shares are granted without performance  
conditions. Above this threshold, the performance  
conditions are based for:  
Director representing  
employee shareholders  
since May 24, 2016  
—
40% of the performance shares granted, on the  
Group’s return on equity (ROE) during the three years  
of vesting (2015, 2016 and 2017); and  
150  
—
60% of the performance shares granted, on the  
variation of the 3-year average adjusted net income  
4
(
ANI) of TOTAL, as published by the Group,  
(b)  
compared to its peers during the three years of  
vesting (2015, 2016 and 2017).  
Christine Renaud  
Director representing  
employees since  
May 26, 2017  
2015 Plan  
07/28/2015  
-
(
(
a) List of executive and non-executive directors who had this status during fiscal year 2018.  
b) ExxonMobil, Royal Dutch Shell and Chevron.  
4.3.4.3 Follow-up of TOTAL stock option plans as of December 31, 2018  
Breakdown of TOTAL stock option grants by category of beneficiary  
The breakdown of TOTAL stock options granted by category of beneficiary (executive officers, other senior executives and other employees)  
for each of the plans in effect during fiscal year 2018 is as follows:  
Number of  
notified  
Average number  
of options per  
beneficiary  
Number of  
beneficiaries  
options  
Percentage  
2
010 Plan(a)  
:
Executive officers(b)  
Senior executives  
25  
1,348,100  
2,047,600  
28.2%  
42.8%  
53,924  
7,261  
Subscription options Decision  
of the Board of Directors  
of September 14, 2010  
Strike price: €38.20;  
282  
Other employees  
1,790  
1,392,720  
29.0%  
778  
discount: 0.0%  
TOTAL  
2,097  
4,788,420  
100%  
2,283  
2
011 Plan(a)  
:
Executive officers(b)  
Senior executives  
29  
846,600  
672,240  
55.7%  
44.3%  
29,193  
3,798  
Subscription options Decision  
of the Board of Directors  
of September 14, 2011  
Strike price: €33.00;  
177  
Other employees  
-
-
-
-
discount: 0.0%  
TOTAL  
206  
1,518,840  
100%  
7,373  
(
(
a) The grant rate of performance-related options was 100% for the 2009, 2010 and 2011 plans.  
b) Members of the Executive Committee and the Management Committee and the Treasurer, as of the date of the Board meeting granting the TOTAL share subscription options.  
For the 2010 share subscription options plan, only a portion of the  
TOTAL share subscription options granted to beneficiaries of more  
than 3,000 share subscription options was subject to a performance  
condition. For the 2011 share subscription options plan, the granting  
of all the options was subject to a performance condition.  
Since September 14, 2011, the Board of Directors has not granted  
any share subscription or purchase options.  
Registration Document 2018 TOTAL  
165  
REPORT ON CORPORATE GOVERNANCE  
4
Compensation for the administration and management bodies  
Breakdown of TOTAL stock option plans  
History of stock option grants – Information on stock options (AMF position-recommendation No. 2009-16 – AMF Table No. 8)  
2010 Plan  
2011 Plan  
Total  
Type of options  
Subscription  
options  
Subscription  
options  
Date of the Shareholders’ Meeting  
05/21/2010  
09/14/2010  
4,788,420  
40,000  
05/21/2010  
09/14/2011  
1,518,840  
30,400  
Date of the Board meeting/grant date(a)  
Total number of options granted by the Board of Directors, including to:  
Executive and non-executive directors(b)  
6,307,260  
70,400  
70,400  
n/a  
–
–
–
P. Pouyanné  
C. Renaud  
R. Perycz  
40,000  
30,400  
n/a  
n/a  
n/a  
n/a  
n/a  
Date as of which the options may be exercised:  
Expiry date  
09/15/2012  
09/14/2018  
38.20  
09/15/2013  
09/14/2019  
33.00  
Strike price (€)(c)  
Cumulative number of options exercised as of December 31, 2018  
Cumulative number of options canceled as of December 31, 2018  
4,618,084  
170,336  
1,249,210  
4,400  
5,867,294  
174,736  
Number of options:  
–
–
–
–
Outstanding as of January 1, 2018  
Granted in 2018  
1,950,372  
490,568  
2,440,940  
-
-
79,139  
1,871,233  
-
-
-
Canceled in 2018(d)  
79,139  
2,096,571  
265,230  
Exercised in 2018  
225,338  
265,230  
OUTSTANDING AS OF DECEMBER 31, 2018  
(
(
a) The grant date is the date of the Board meeting granting the options.  
b) List of executive and non-executive directors who had this status during fiscal year 2018. Ms. Perycz is a TOTAL Polska sp. Z.o.o. employee and a TOTAL S.A. director representing  
employee shareholders since May 24, 2016. Ms. Renaud is a TOTAL S.A. employee and a TOTAL S.A. director representing employees since May 26, 2017.  
c) The strike price is the average closing price of TOTAL’s share on Euronext Paris during the 20 trading days preceding the option grant date, without any discount.  
d) The 79,139 share subscription options canceled in 2018 correspond to unexercised options before the expiration date of the 2010 plan that had expired on September 14, 2018.  
(
(
If all the stock options outstanding at December 31, 2018, were exercised, the corresponding shares would represent 0.01%(1) of the Company’s  
share capital on that date.  
Stock options granted to the 10 employees (other than executive or non-executive directors) receiving the largest number of  
options/Stock options exercised by the ten employees (other than executive or non-executive directors) exercising the largest  
number of options (AMF position-recommendation No. 2009-16 – AMF Table No. 9)  
Weighted  
Total number  
of options  
granted/exercised  
average  
strike price  
(€)  
2010 Plan  
09/14/2010  
2011 Plan  
09/14/2011  
Options granted in fiscal year 2018 by  
(a)  
TOTAL S.A. and its affiliates to each of the  
0 employees of TOTAL S.A. and its affiliates  
other than executive or non-executive  
1
(
directors) receiving the largest number of  
options (aggregate – not individual information)  
-
-
-
-
Options held on TOTAL S.A. and its affiliates(a)  
and exercised in fiscal year 2018 by the  
10 employees of TOTAL S.A. and its affiliates  
(other than executive or non-executive directors  
at the date of the exercises) who purchased  
or subscribed for the largest number of shares  
(aggregate – not individual information)  
222,800  
37.42  
189,200  
33,600  
(a) Pursuant to the conditions of Article L. 225-180 of the French Commercial Code.  
(1) Based on share capital divided into 2,640,602,007 shares.  
166  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Compensation for the administration and management bodies  
4
4.3.4.4 Follow-up of TOTAL free share grants as of December 31, 2018  
Breakdown of TOTAL performance share grants by category of beneficiary  
The following table gives a breakdown of TOTAL performance share grants by category of beneficiary (executive officers, other senior executives  
and other employees):  
Number  
of notified  
shares  
Average number  
of shares per  
beneficiary  
Number of  
beneficiaries  
Percentage  
2
014 Plan(a)  
Executive officers(b)  
Senior executives  
32  
421,200  
975,300  
9.4%  
13,163  
3,471  
Decision of the Board of  
Directors of July 29, 2014  
281  
21.7%  
Other employees  
9,624  
3,089,800  
68.9%  
321  
TOTAL  
9,937  
4,486,300  
100%  
451  
2
015 Plan(a)  
Executive officers(d)  
Senior executives  
13  
264,600  
5.6%  
20,354  
3,906  
Decision of the Board of  
Directors of July 28, 2015  
290  
1,132,750  
23.8%  
Other employees  
10,012  
3,364,585  
70.6%  
336  
TOTAL  
10,315  
4,761,935  
100%  
462  
2
016 Plan  
Executive officers(d)  
Senior executives  
12  
269,900  
4.8%  
22,492  
4,739  
Decision of the Board of  
Directors of July 27, 2016  
279  
1,322,300  
23.4%  
4
Other employees(c)  
10,028  
4,047,200  
71.8%  
404  
TOTAL  
10,319  
5,639,400  
100%  
547  
2
017 Plan  
Executive officers(d)  
Senior executives  
12  
266,500  
4.7%  
22,208  
4,770  
Decision of the Board of  
Directors of July 26, 2017  
277  
1,321,200  
23.3%  
Other employees(c)  
10,288  
4,092,249  
72.0%  
398  
TOTAL  
10,577  
5,679,949  
100%  
537  
2
018 Plan  
Executive officers(d)  
Senior executives  
13  
301,000  
5.0%  
23,154  
5,014  
Decision of the Board of  
Directors of March 14, 2018  
288  
1,443,900  
23.7%  
Other employees(c)  
10,344  
4,338,245  
71.3%  
419  
TOTAL  
10,645  
6,083,145  
100%  
571  
(
a) For the 2014 plan, the share acquisition rate related to the ROE performance condition only was 38%. For the 2015 plan, the share acquisition rate related to a comparison of ROE and  
ANI was 81% for the executive director and 82% for the other beneficiaries.  
(
(
b) Members of the Executive Committee and the Management Committee and the Treasurer, as of the date of the Board meeting granting the performance shares.  
c) Ms. Perycz, an employee of Total Polska sp. Z.o.o. and a TOTAL S.A. director representing employee shareholders since May 24, 2016, was granted 160 shares under the 2016 plan,  
260 shares under the 2017 plan and 280 shares under the 2018 plan. Ms. Renaud, an employee of TOTAL S.A. and a TOTAL S.A. director representing employee shareholders since  
May 26, 2017, was not granted any shares under the 2017 plan or the 2018 plan.  
(
d) Group’s executive officers as of the date of the Board meeting granting the performance shares. The Group’s executive officers as of this date included the members of the Executive  
Committee (excluding the Chairman and Chief Executive Officer), the four Senior Vice Presidents of the central Group functions who are members of the Group Performance Management  
Committee (HSE, Strategy & Climate, Communications, Legal), the Deputy Chief Financial Officer, under the 2018 plan only, and the Treasurer.  
The performance shares, which were previously bought back by the  
Company on the market, are definitively granted to their beneficiaries  
at the end of a three-year vesting period from the grant date.  
last quarter of the year in question, the dividend being considered  
reinvested based on the closing price on the ex-dividend date;  
and  
The definitive grant of performance shares is subject to a presence  
condition and performance conditions.  
—
for 50% of the performance shares granted, the Company will  
be ranked each year against its peers( during the three years of  
vesting (2018, 2019 and 2020) using the annual variation in net  
cash flow per share expressed in dollars criterion.  
1)  
For the 2018 plan, the applicable performance conditions are the  
following:  
In addition, shares that have been definitively granted cannot be  
disposed of before the end of a mandatory two-year holding period.  
—
for 50% of the performance shares granted, the Company will  
be ranked against its peers( each year during the three vesting  
years (2018, 2019 and 2020) based on the TSR criterion of the  
1)  
(1) ExxonMobil, Royal Dutch Shell, BP and Chevron.  
Registration Document 2018 TOTAL  
167  
REPORT ON CORPORATE GOVERNANCE  
4
Additional information about corporate governance  
Breakdown of TOTAL performance share plans  
History of TOTAL performance share grants – Information on performance shares granted  
(AMF position-recommendation No. 2009-16 – AMF Table No. 10)  
2
014 Plan  
2015 Plan  
05/16/2014  
07/28/2015  
€43.215  
€45.150  
4,761,935  
48,000  
2016 Plan  
05/24/2016  
07/27/2016  
€42.685  
€46.010  
5,639,400  
60,160  
2017 Plan  
05/24/2016  
07/26/2017  
€43.220  
€47.350  
5,679,949  
60,260  
2018 Plan  
05/24/2016  
03/14/2018  
€47.030  
n/a  
Date of the Shareholders’ Meeting  
05/16/2014  
07/29/2014  
€52.220  
€48.320  
4,486,300  
25,000  
Date of Board meeting/grant date  
Closing price on grant date  
Average purchase price per share paid by the Company  
Total number of performance shares granted, including to:  
Executive and non-executive directors(a)  
6,083,145  
72,280  
–
–
–
P. Pouyanné  
R. Perycz(c)  
C. Renaud(d)  
25,000(b)  
n/a  
48,000  
60,000  
60,000  
72,000  
n/a  
160  
260  
280  
n/a  
n/a  
n/a  
-
-
Start of the vesting period  
07/29/2014  
07/28/2015  
07/27/2016  
07/26/2017  
03/14/2018  
Definitive grant date, subject to the conditions set  
(
end of the vesting period)  
07/30/2017  
07/30/2019  
07/29/2018  
07/29/2020  
07/28/2019  
07/29/2021  
07/27/2020  
07/28/2022  
03/15/2021  
03/16/2023  
Disposal possible from (end of the holding period)  
Number of free shares granted:  
-
Outstanding as of January 1, 2018  
Notified in 2018  
-
-
-
-
-
4,697,305  
5,607,100  
-
5,679,039  
-
-
6,083,145  
(12,350)  
-
–
–
–
-
(621,568)  
(4,075,737)  
-
Canceled in 2018  
(61,840)  
(2,040)  
5,543,220  
(26,640)  
(1,480)  
5,650,919  
Definitively granted in 2018(e)  
OUTSTANDING AS OF DECEMBER 31, 2018  
6,070,795  
(
(
(
(
(
a) List of executive and non-executive directors who had this status during fiscal year 2018.  
b) Shares granted in respect of his previous salaried duties.  
c) Ms. Perycz, a TOTAL Polska sp. Z.o.o. employee and a TOTAL S.A. director representing employee shareholders since May 24, 2016.  
d) Ms. Renaud, a TOTAL S.A. employee and a TOTAL S.A. director representing employees since May 26, 2017.  
e) Definitive grants completed during fiscal year 2018, including early grants following the death of the beneficiaries of shares for the respective plan.  
If all the performance shares outstanding at December 31, 2018, were definitively granted, they would represent 0.65%(1) of the Company’s  
share capital on that date.  
Performance shares granted to the 10 employees (other than executive and non-executive directors)  
receiving the largest number of performance shares  
Number of  
performance shares  
notified/definitively  
granted  
Date of the  
final award transferability  
(end of the (end of the  
the award vesting period) holding period  
Date of  
Date of  
Free performance share grants approved by the Board of Directors  
at its meeting on March 14, 2018, to the ten employees of TOTAL S.A.  
and its affiliates (other than executive or non-executive directors  
at the date of the exercises) who purchased or subscribed for the  
largest number of shares(  
236,500  
03/14/2018  
03/15/2021  
03/16/2023  
07/29/2020  
a)  
Performance shares definitively granted in fiscal year 2018 to the  
136,530  
07/28/2015  
07/29/2018  
10 employees of TOTAL S.A. and its affiliates (other than executive  
and non-executive directors on the date of the decision) receiving  
the largest number of performance shares  
(
a) These shares will be definitively granted to their beneficiaries at the end of a three-year vesting period, i.e., on March 15, 2021, subject to two performance conditions being met. The free  
shares that have been definitively granted cannot be disposed of before the end of a two-year holding period, i.e., March 16, 2023.  
(1) Based on share capital divided into 2,640,602,007 shares.  
168  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Additional information about corporate governance  
4
4
.4 Additional information  
about corporate governance  
4.4.1 Regulated agreements and undertakings and related-party transactions  
Regulated agreements and undertakings  
Related-party transactions  
The special report of the statutory auditors of TOTAL S.A. on regulated  
agreements and undertakings referred to in Article L. 225-38 et seq.  
of the French Commercial Code for fiscal year 2018 is provided in  
point 4.5 of this chapter.  
Details of transactions with related parties as specified by the  
regulations adopted under EC regulation 1606/2002, entered into  
by the Group companies during fiscal years 2016, 2017 or 2018, are  
provided in Note 8 to the Consolidated Financial Statements (refer to  
point 8.7 of chapter 8).  
In addition, to TOTAL’s knowledge there exists no agreement, other  
than the agreements related to its ordinary course of business  
and signed under normal conditions, engaged, directly or through an  
intermediary, between, on the one hand, any director or shareholder  
holding more than 10% of TOTAL S.A.’s voting rights and, on the  
other hand, a company of which TOTAL S.A. directly or indirectly owns  
more than half the capital.  
These transactions primarily concern equity affiliates and non-  
consolidated companies.  
4
Registration Document 2018 TOTAL  
169  
REPORT ON CORPORATE GOVERNANCE  
4
Additional information about corporate governance  
4
.4.2 Delegations of authority and powers granted to the Board  
of Directors with respect to share capital increases  
and authorization for share cancellation  
Table compiled in accordance with Article L. 225-37-4 3° of the French Commercial Code summarizing the use of delegations  
of authority and powers granted to the Board of Directors with respect to share capital increases as of December 31, 2018  
Date of  
delegation of  
authority or  
Available  
balance as of  
Expiry date  
and term of  
authorization  
granted  
Use in 2018,  
by value,  
or number  
of shares  
12/31/2018 authorization by  
by value, the Extraordinary  
Cap on par value, or number of shares  
or expressed as % of share capital  
or number  
of shares  
Shareholders’  
Meeting (ESM)  
to the Board  
of Directors  
Type  
Debt securities €10 Bn in securities  
-
€10 Bn  
June 1, 2018 August 1, 2020  
th  
th  
representing  
(13 , 14 ,  
15th and 17  
resolutions)  
26 months  
th  
rights to capital  
An overall cap of €2.5 Bn (i.e., a maximum  
of 1,000 million shares issued with a  
pre-emptive subscription right), from  
which can be deducted:  
18 million  
€2.455 Bn  
June 1, 2018 August 1, 2020  
th  
(i.e., 982 million (13 resolution) 26 months  
shares)  
(
c)  
shares  
1
/ a specific cap of €625 million, i.e., a  
-
€625 million  
June 1, 2018 August 1, 2020  
th  
(14 and 26 months  
maximum of 250 million shares for issuances  
without a pre-emptive subscription right  
16th resolutions)  
(with potential use of a greenshoe), including  
in compensation with securities contributed  
within the scope of a public exchange offer,  
provided that they meet the requirements of  
Article L. 225-148 of the French Commercial  
Code, from which can be deducted:  
Maximum cap  
for the issuance  
of securities  
granting  
immediate or  
1a/ a sub-cap of €625 million with a view  
to issuing, through an offer as set forth in  
Article L. 411-2 II of the French Monetary  
-
-
€625 million  
June 1, 2018 August 1, 2020  
th  
(15 and 26 months  
future rights to Nominal share  
16th resolutions)  
share capital  
capital  
(b)  
and Financial Code , shares and securities  
resulting in a share capital increase, without a  
shareholders’ pre-emptive subscription right  
1
b/ a sub-cap of €625 million through  
€625 million  
21.6 million  
19.8 million  
June 1, 2018 August 1, 2020  
th  
(17 resolution) 26 months  
in-kind contributions when the provisions  
of Article L. 225-148 of the French  
Commercial Code are not applicable  
2
/ a specific cap of 1.5% of the share capital  
18 million  
June 1, 2018 August 1, 2020  
(c)  
(d)  
th  
on the date of the Board decision for share  
capital increases reserved for employees  
participating in a Company savings plan  
shares  
shares (18 resolution)  
26 months  
0
.75% of share capital(c) on the date  
of the Board decision to grant options  
-
-
May 24, 2016  
July 24, 2019  
38 months  
th  
shares (25 resolution)  
Free shares granted to Group  
employees and to executive  
directors  
1% of share capital(c) on the date of  
the Board decision to grant the shares  
26.4 million June 1, 2018 August 1, 2021  
th  
shares (19 resolution) 38 months  
(
a) The number of new shares authorized under the 13th resolution of the ESM held on June 1, 2018, cannot exceed 1,000 million shares. Pursuant to the 18th resolution of the ESM held on  
June 1, 2018, the Board of Directors decided on September 19, 2018, to proceed with a share capital increase reserved for Group employees in 2019 (see Note(c) below). As a result,  
the available balance under this authorization amounts to 982,000,000 new shares as of December 31, 2018.  
(b) And the offers set out in Article 1, Paragraph 4, a) and b) of Regulation (EU) No. 2017/1129 of the European Parliament and of the Council of June 14, 2017, on the prospectus to be  
published when securities are offered to the public or admitted to trading on a regulated market.  
(
c) Based on share capital as of December 31, 2018, divided into 2,640,602,007 shares.  
th  
(d) The number of new shares authorized under the 18 resolution of the June 1, 2018, ESM may not exceed 1.5% of the share capital on the date when the Board of Directors decides to  
use the delegation. The meeting of the Board of Directors of September 19, 2018, decided to proceed with a share capital increase in 2019 with a cap of 18,000,000 shares (subscription  
to the shares under this operation is planned for the second quarter of 2019, subject to the decision of the Chairman and Chief Executive Officer). As a result, the available balance under  
this authorization was 21,609,030 new shares as of December 31, 2018.  
Authorization to cancel shares of the Company  
th  
Pursuant to the terms of the 13 resolution of the Shareholders’ Meeting  
cancellation of 100,331,268 TOTAL shares on December 16, 2016,  
brings the number of TOTAL shares canceled in the last 24 months  
to 144,921,967.  
held on May 26, 2017, the Board of Directors is authorized to cancel  
shares of the Company up to a maximum of 10% of the share capital  
of the Company existing as of the date of the operation within a  
4-month period. This authorization is effective until the Shareholders’  
Meeting held to approve the financial statements for the year ending  
December 31, 2021.  
Based on 2,640,602,007 shares outstanding on December 31, 2018,  
the Company could, taking into account the shares canceled on  
December 12, 2018, cancel 219,469,501 further shares, before  
reaching the cancellation threshold of 10% of share capital canceled  
over a 24-month period.  
2
On December 12, 2018, the Board of Directors, pursuant to this  
authorization, canceled 44,590,699 shares representing 1.66% of  
the share capital on that date. This cancellation, combined with the  
170  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Additional information about corporate governance  
4
4.4.3 Provisions of the bylaws governing shareholders’ participation  
in General Meetings  
4
.4.3.1 Calling of shareholders to Shareholders’  
draft resolution must be accompanied by the draft resolution text  
and brief summary of the grounds for this request. Requests made  
by shareholders must be accompanied by a proof of their share  
ownership as well as their ownership of the portion of capital as  
required by the regulations. Review of the item or draft resolution  
filed pursuant to regulatory conditions is subject to those making the  
request providing a new attestation justifying the shares being  
recorded in a book-entry form in the same accounts on the second  
business day preceding the date of the meeting.  
Meetings  
Shareholders’ Meetings are convened and conducted under the  
conditions provided for by law.  
The Ordinary Shareholders’ Meeting is called to take any decisions  
that do not modify the Company’s bylaws. It is held at least once  
a year within six months of the closing date of each fiscal year to  
approve the financial statements of that year. It may only deliberate,  
at its first meeting, if the shareholders present, represented or  
participating by remote voting hold at least one fifth of the shares  
that confer voting rights. No quorum is required at its second meeting.  
Ordinary Shareholders’ Meeting decisions are made with the majority  
of votes of shareholders present, represented or participating by  
remote voting.  
The Central Social and Economic Committee (formerly the Central  
Works Council) may also request the addition of draft resolutions to  
the meeting agendas under the forms, terms and deadlines set by  
the French Labor Code. In particular, requests to add draft resolutions  
must be sent within 10 business days following the date on which  
the notice of meeting was published.  
Only the Extraordinary Shareholders’ Meeting is authorized to modify  
the bylaws. It may not, however, increase shareholders’ commitments.  
It may only deliberate, at its first meeting, if the shareholders present,  
represented or participating by remote voting hold at least one  
quarter, and, at the second meeting, one fifth, of the shares that  
confer voting rights. Decisions of Extraordinary Shareholders’ Meeting  
are made with a two thirds majority of votes of shareholders present,  
represented or participating by remote voting.  
4.4.3.2 Admission of shareholders  
to Shareholders’ Meetings  
Participation in any form in Shareholders’ Meetings is subject to  
registration of participating shares, either in the registered account  
maintained by the Company (or its securities agent) or recorded in  
bearer form in a securities account maintained by a financial  
intermediary. Proof of this registration is obtained under a certificate of  
participation (attestation de participation) delivered to the shareholder.  
Registration of the shares must be effective no later than midnight  
(Paris time) on the second business day preceding the date of the  
Shareholders’ Meeting. If, after having received such a certificate,  
shares are sold or transferred prior to this record date, the certificate  
of participation will be canceled and the votes sent by mail or proxies  
granted to the Company for such shares will be canceled accordingly.  
If shares are sold or transferred after this record date, the certificate  
of participation will remain valid and votes cast or proxies granted will  
be taken into account.  
4
One or several shareholders holding a certain percentage of the  
Company’s share capital (calculated using a decreasing scale based  
on the share capital) may ask for items or draft resolutions to be added  
to the agenda of a Shareholders’ Meeting under the forms, terms  
and deadlines set forth by the French Commercial Code. Requests  
to add items or draft resolutions to the agenda must be sent no later  
than 20 days after the publication of the notice of meeting that the  
Company must publish in the French official journal of legal notices  
(Bulletin des annonces légales obligatoires, BALO). Any request to  
add an item to the agenda must be justified. Any request to add a  
4.4.4 Information about factors likely to have an impact in the event  
of a public takeover or exchange oꢁer  
In accordance with Article L. 225-37-5 of the French Commercial  
Code, information relating to factors likely to have an impact in the  
event of a public offering is provided below.  
— Control mechanisms specified in an employee shareholding  
system  
The rules relating to the exercise of voting rights within the  
Company collective investment funds are presented in point  
—
Structure of the share capital  
6
.4.2 of this chapter 6.  
The structure of the Company’s share capital as well as the  
interests that the Company is aware of pursuant to Articles  
L. 233-7 and L. 233-12 of the French Commercial Code are  
presented in points 6.4.1 to 6.4.3 in chapter 6.  
— Shareholder agreements of which the Company is aware  
and that could restrict share transfers and the exercise  
of voting rights  
—
Restrictions on the exercise of voting rights and transfers  
of shares provided in the bylaws – Clauses of the agreements  
of which the Company has been informed in accordance  
with Article L. 233-11 of the French Commercial Code  
The Company is not aware of any agreements between  
shareholders as specified in paragraph 6 of Article L. 225-37-5 of  
the French Commercial Code which could result in restrictions on  
the transfer of shares and exercise of the voting rights of the  
Company.  
The provisions of the bylaws relating to shareholders’ voting rights  
are mentioned in point 7.2.4 of chapter 7. The Company has not  
been informed of any clauses as specified in paragraph 2 of Article  
L. 225-37-4 of the French Commercial Code.  
— Rules applicable to the appointment and replacement  
of members of the Company’s Board of Directors  
and amendment of the bylaws  
—
Holders of securities conferring special control rights  
No provision of the bylaws or agreement made between the  
Company and a third party contains a specific provision relating to  
the appointment and/or replacement of the Company’s directors  
that is likely to have an impact in the event of a public offering.  
Article 18 of the bylaws stipulates that double voting rights are  
granted to all the shares held in the name of the same shareholder  
for at least two years. Subject to this condition, there are no  
securities conferring special control rights as specified in paragraph  
— Powers of the Board of Directors in the event of a public offering  
4
of Article L. 225-37-5 of the French Commercial Code.  
The delegations of authority or authorizations granted by the  
Shareholders’ Meeting that are currently in effect limit the powers  
of the Board of Directors during public offering on the Company’s  
shares. Such delegation expire during a public offering.  
Registration Document 2018 TOTAL  
171  
REPORT ON CORPORATE GOVERNANCE  
4
Additional information about corporate governance  
—
Agreements to which the Company is party and which are  
altered or terminated in the event of a change of control  
of the Company – Agreements providing for the payment  
of compensation to members of the Board of Directors  
or employees in the event of their resignation or dismissal  
without real and serious cause or if their employment were  
to be terminated as a result of a public offering  
Although a number of agreements made by the Company contain  
a change in control clause, the Company believes that there are no  
agreements as specified in paragraph 9 of Article L. 225-37-5 of the  
French Commercial Code. The Company also believes that there are  
no agreements as specified in paragraph 10 of Article L. 225-37-5 of  
the French Commercial Code. For commitments made for the Chairman  
and Chief Executive Officer in the event of a forced departure owing  
to a change of control or strategy, refer to point 4.2.2 of this chapter.  
4.4.5 Statutory auditors  
4.4.5.1 Auditor’s term of oꢀce  
Statutory auditors  
Alternate auditors  
Cabinet Auditex  
ERNST & YOUNG Audit  
1/2, place des Saisons,  
1/2, place des Saisons,  
92400 Courbevoie-Paris-La Défense, Cedex 1  
92400 Courbevoie-Paris-La Défense, Cedex 1  
Appointed: May 14, 2004.  
Appointed: May 21, 2010.  
Appointment renewed on May 24, 2016, for a 6-fiscal year term.  
Appointment renewed on May 24, 2016, for a 6-fiscal year term.  
Céline Eydieu-Boutté, Yvon Salaün  
KPMG S.A.  
KPMG Audit IS  
Tour EQHO, 2 avenue Gambetta, CS 60055,  
92066 Paris-La Défense Cedex  
Tour EQHO, 2 avenue Gambetta, CS 60055,  
92066 Paris-La Défense Cedex  
Appointed: May 21, 2010.  
Appointment renewed on May 24, 2016, for a 6-fiscal year term.  
Appointed: May 13, 1998.  
Appointment renewed on May 24, 2016, for a 6-fiscal year term.  
Jacques-François Lethu, Éric Jacquet  
French law provides that the statutory and alternate auditors are appointed for renewable 6-fiscal year terms. The terms of office of the  
statutory auditors and of the alternate auditors will expire at the end of the Shareholders’ Meeting called in 2022 to approve the financial  
statements for fiscal year 2021.  
4.4.5.2 Fees received by the statutory auditors (including members of their networks)  
ERNST & YOUNG Audit  
KPMG S.A.  
Amount in M$  
excluding VAT)  
Amount in M$  
(excluding VAT)  
(
%
%
2
017  
2018  
2017  
2018  
2017  
2018  
2017  
2018  
Audit  
Statutory auditors. certification. examination of  
the parent company and consolidated accounts  
22.3  
3.3  
26.3  
3.5  
74.5  
10.9  
63.6  
77.3  
10.3  
67.0  
17.7  
3.3  
20.8  
3.5  
76.3  
14.2  
62.1  
76.7  
12.9  
63.8  
TOTAL S.A.  
Fully Consolidated subsidiaries  
19.0  
22.8  
14.4  
17.3  
Other work and services directly related to  
the mission of the statutory auditors  
2.8  
0.9  
3.2  
0.2  
9.3  
3.1  
9.4  
0.6  
3.8  
0.7  
4.2  
0.7  
16.4  
3.0  
15.5  
2.6  
TOTAL S.A.  
Fully Consolidated subsidiaries  
SUBTOTAL  
1.9  
3.0  
6.2  
8.8  
3.1  
3.5  
13.4  
92.7  
12.9  
92.2  
25.1  
29.5  
83.8  
86.7  
21.5  
25.0  
Other services provided by the networks to  
fully Consolidated subsidiaries  
Legal. tax. labor law  
Other  
4.2  
0.7  
3.9  
0.6  
13.9  
2.3  
11.5  
1.8  
1.5  
0.2  
1.9  
0.2  
6.5  
0.9  
7.0  
0.8  
SUBTOTAL  
TOTAL  
4.9  
4.5  
16.2  
100  
13.3  
100  
1.7  
2.1  
7.3  
7.8  
30.0  
34.0  
23.2  
27.1  
100  
100  
172  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Statutory auditors’ report on related party agreements and commitments  
4
4
.5 Statutory auditors’ report on related party  
agreements and commitments  
This is a free translation into English of the original report issued in French and is provided solely for the convenience of English-speaking  
readers. This report should be read in conjunction with, and construed in accordance with, professional guidelines applicable in France.  
To the Annual General Meeting of TOTAL S.A.,  
As statutory auditors of your Company, we hereby present our report on related party agreements and commitments.  
It is our responsibility to inform you, on the basis of the information provided to us, of the terms and conditions, the purpose, and the benefits  
to the Company of the agreements and commitments of which we were informed or became aware of during our engagement. It is not our  
role to determine whether they are beneficial or appropriate or to ascertain whether any other agreements and commitments exist. It is your  
responsibility, in accordance with Article R. 225-31 of the French Commercial Code (Code de commerce), to assess the merit of these  
agreements and commitments with a view to approving them.  
In addition, it is our responsibility to inform you, where appropriate, in accordance with Article R. 225-31 of the French Commercial Code, of  
the agreements and commitments already approved at the General Meeting of Shareholders.  
We performed the procedures that we deemed necessary in accordance with the professional guidance issued by the French Institute of  
Statutory Auditors (Compagnie nationale des commissaires aux comptes) applicable to this engagement. Our work entailed verifying that the  
information provided is consistent with the documents from which it was derived.  
AGREEMENTS AND COMMITMENTS SUBMITTED FOR APPROVAL AT THE GENERAL MEETING OF SHAREHOLDERS  
Agreements and commitments authorized and signed during the period  
4
We hereby inform you that, to our knowledge, no agreements or commitments authorized and signed during the period are to be submitted  
for approval at the General Meeting of Shareholders in accordance with the provisions of Article L. 225-38 of the French Commercial Code.  
Agreements and commitments not previously authorized  
In accordance with Articles L. 225-42 and L. 823-12 of the French Commercial Code, we hereby inform you that the following agreement was  
not previously authorized by your Board of Directors. At their meeting on March 13, 2019, your Board of Directors decided to retrospectively  
authorize this agreement.  
With the not-for-profit organization United Way-L’Alliance (UWA)  
—
Nature, purpose, terms and conditions:  
As a means of supporting the not-for-profit organization United Way-L’Alliance, TOTAL S.A. has provided free office space since October 31,  
018 in the Tour Michelet, which it owns and occupies. Providing such office space is classified as corporate patronage through a contribution  
2
in kind and as such it is eligible under the tax and legal regime set out in Article 238 bis of the French Tax Code.  
TOTAL S.A. and UWA agreed to sign a draft “Agreement on the provision of free office space” (the TSA/UWA Agreement) to formally  
document their agreement.  
Under the draft TSA/UWA Agreement, TOTAL S.A. has agreed to provide UWA with free office space of 179 sq. m. in the Tour Michelet, along  
with associated infrastructure and services (including mail, photocopy and printer services, access to the company’s cantine with admission  
charges and cleaning services). The draft agreement provides for retroactive implementation from the effective date of October 31, 2018 until  
termination on December 31, 2019.  
In addition, upon expiry of the Agreement’s first term and if not terminated, the Agreement will be tacitly renewed for a one year period. The  
Parties will be able to terminate the Agreement by registered post with acknowledgement of receipt, on condition that they inform the other  
party at least three months before the planned termination date.  
TOTAL S.A. and UWA have the same director, as Patrick Pouyanné is Chairman of the Board of Directors of TTOTAL S.A., and Chairman of  
the not-for-profit organization United Way-L’Alliance, having accepted the latter position as Chief Executive Officer of TOTAL S.A.. As a result,  
the TSA/UWA Agreement is governed by Article L. 225-38 paragraph 3 of the French Commercial Code. The Board of Directors has  
approved the Agreement on the grounds that it is fully in line with TOTAL S.A.’s policy on Corporate Social Responsibility and with its  
corporate patronage operations.  
AGREEMENTS AND COMMITMENTS ALREADY APPROVED AT THE GENERAL MEETING OF SHAREHOLDERS  
Agreements and commitments already approved in prior years  
We have been informed of the continuance of the commitments, described in detail below, regarding the pension plan, retirement benefit and  
severance benefit if Mr Patrick Pouyanné’s contract is terminated or if his term of office is not renewed, and insurance and health care plans  
already approved at the General Meeting of Shareholders in prior years, and which were not applicable between January 1, 2018 and May 31, 2018.  
Agreements and commitments approved during the period  
In addition, we have been informed of the continuance of the following commitments, authorized under the same terms and conditions at the  
Board of Directors’ meeting held on March 14, 2018, already approved at the General Meeting of Shareholders held on June 1, 2018,  
addressed in the statutory auditors’ report on related party agreements and commitments dated March 14, 2018. These commitments  
remain unchanged as confirmed at the Board of Directors’ meeting held on June 1, 2018 following its decision to renew the mandate of  
Mr Patrick Pouyanné as Chairman and Chief Executive Officer of the Company. The commitments were not applicable between June 1, 2018  
and December 31, 2018.  
Registration Document 2018 TOTAL  
173  
REPORT ON CORPORATE GOVERNANCE  
4
Statutory auditors’ report on related party agreements and commitments  
Pension plan  
—
Director concerned:  
Mr Patrick Pouyanné, Chairman and Chief Executive Officer  
Nature and purpose:  
Following the appointment of Mr Patrick Pouyanné as Chairman and Chief Executive Officer of your Company, with effect as of December 19,  
015, at its meeting on December 16, 2015 your Board of Directors confirmed the commitments entered into previously by TOTAL S.A. in  
favor of Mr Patrick Pouyanné with regard to the pension plan, in accordance with the following terms and conditions.  
Terms and conditions:  
—
2
—
The Chairman and Chief Executive Officer has a supplementary defined benefit pension plan. The plan is applicable to all employees whose  
annual compensation is greater than eight times the annual ceiling for calculating French social security contributions (Plafond annuel de la  
sécurité sociale, PASS), set at €317,856 for 2018, and above which there is no conventional pension plan.  
To be eligible for the supplementary pension plan, set up and financed by TOTAL S.A., members must be at least 60 years old and have  
served the Company for at least five years. In addition, they must still be employed by the Company at the time of their retirement, unless they  
retire due to disability or take early retirement at your Company’s initiative after the age of 55. They must also have claimed their basic pension  
from the French social security.  
During its meeting on December 16, 2014, the Board of Directors decided to maintain the seniority vested by Mr Patrick Pouyanné in respect  
of his previous salaried positions with the Group since January 1, 1997.  
Average gross annual compensation (fixed and variable) over the retiree’s last three years of employment is taken into account to calculate the  
supplementary benefits.  
The supplementary benefit plan provides beneficiaries with a pension equal to the sum of 1.8% of the portion of the reference compensation  
between 8 and 40 times the annual ceiling for calculating French social security contributions, and 1% of the reference compensation  
between 40 and 60 times the annual ceiling for calculating French social security contributions, multiplied by the number of years of  
employment (up to 20 years). The assessment basis for this supplementary plan is indexed to changes in the French Association for  
Supplementary Pensions Schemes (ARRCO) index.  
Aggregate supplementary and other pension plan benefits (other than those funded personally on a voluntary basis) may not exceed 45% of  
average gross compensation (fixed and variable) for the last three years of employment. In the event that this percentage is exceeded,  
the supplementary pension is reduced accordingly.  
The Board of Directors noted the existence of the Chief Executive Officer’s pension rights under the above-mentioned pension plan,  
immediately before his appointment as Chairman, for the period from January 1, 1997 to December 18, 2015.  
The conditional rights awarded for the period from January 1, 1997 to December 18, 2015 inclusive, correspond to a replacement rate of  
34.14% of the portion of compensation that is between 8 and 40 times the annual ceiling for calculating French social security contributions,  
and 18.96% of the portion of compensation that is between 40 and 60 times the annual ceiling for calculating French social security  
contributions. These conditional rights are not subject to performance conditions.  
The conditional rights awarded to the Chairman and Chief Executive Officer for the period from December 19, 2015 to December 31, 2016  
correspond to a maximum replacement rate of 1.86% of the portion of compensation that is between 8 and 40 times the annual ceiling for  
calculating French social security contributions, and 1.04% of the portion of compensation that is between 40 and 60 times the annual ceiling  
for calculating French social security contributions. These additional rights are awarded subject to fulfilment by the Chairman and Chief  
Executive Officer of a performance condition, determined on the basis of the Company’s financial position. The performance condition is  
deemed to be fulfilled if the variable portion of the Chairman and Chief Executive Officer’s compensation paid in 2017 for financial year 2016 is  
100% of his base compensation due for financial year 2016. Should the variable portion not reach 100% of his base compensation, the rights  
will be awarded on a pro rata basis.  
During its meeting on February 8, 2017, the Board of Directors noted that the specified performance condition had been fulfilled and Mr  
Patrick Pouyanné had additional vested pension rights for the period from December 19, 2015 to December 31, 2016.  
The Board of Directors also noted that Mr Patrick Pouyanné would not be entitled to further pension rights under the plan, given the terms for  
determining pension rights under the plan and the 20 years of service vested by Mr Patrick Pouyanné at December 31, 2016.  
The conditional rights awarded to the Chairman and Chief Executive Officer for the period from January 1, 1997 to December 31, 2016  
inclusive, correspond to a maximum replacement rate of 36% of the portion of compensation that is between 8 and 40 times the annual  
ceiling for calculating French social security contributions, and 20% of the portion of compensation that is between 40 and 60 times the  
annual ceiling for calculating French social security contributions. These conditional rights are not subject to performance conditions.  
Consequently, based on his seniority in the Company at December 31, 2018, the commitments made by TOTAL S.A. to the Chairman and  
Chief Executive Officer in terms of supplementary defined benefits and similar pension plans represented a gross annual retirement pension  
estimated at €616,641, which is 19.73% of Mr Patrick Pouyanné’s gross annual compensation, comprising the annual fixed portion for 2018  
(€1,400,000) and the variable portion to be paid in 2019 for financial year 2018 (€1,725,900).  
The supplementary pension includes a clause whereby up to 60% of the amount will be paid to beneficiaries in the event of death after  
retirement.  
—
Purposes and benefits to the Company of the commitment:  
The Board of Directors held on March 14, 2018, decided that it was in the Company’s interest to maintain the commitments made by the  
Company to the Chairman and Chief Executive Officer in terms of pension plan.  
174  
TOTAL Registration Document 2018  
REPORT ON CORPORATE GOVERNANCE  
Statutory auditors’ report on related party agreements and commitments  
4
Retirement benefit  
Director concerned:  
Mr Patrick Pouyanné, Chairman and Chief Executive Officer  
Nature and purpose:  
Following the appointment of Mr Patrick Pouyanné as Chairman and Chief Executive Officer of your Company, with effect as of December 19,  
015, at its meeting on December 16, 2015 your Board of Directors confirmed the commitments entered into previously by TOTAL S.A. in  
favor of Mr Patrick Pouyanné with regard to retirement benefit, in accordance with the following terms and conditions.  
Terms and conditions:  
—
—
2
—
The Chairman and Chief Executive Officer is entitled to receive a retirement benefit equal to those available to eligible members of TOTAL  
Group under the French Collective Bargaining Agreement for the Petroleum Industry. The benefit amounts to 25% of gross annual compensation  
(fixed and variable) for the twelve-month period preceding the retirement of the person concerned.  
Payment of this benefit is subject to performance conditions. The performance conditions are deemed to be met if at least two of the following  
three criteria are met:  
−
−
−
average return on equity (ROE) in the three years preceding the year of retirement is at least 10%;  
average debt-to-equity ratios for the three years preceding the year of retirement is less than or equal to 30%;  
TOTAL Group’s oil and gas production growth rate over the three years preceding the year of retirement is greater than or equal to the  
average growth rate of the following four oil companies: ExxonMobil, Royal Dutch Shell, BP and Chevron.  
—
Purposes and benefits to the Company of the commitment:  
The Board of Directors held on March 14, 2018, decided that it was in the Company’s interest to maintain the commitments made by the  
Company to the Chairman and Chief Executive Officer in terms of retirement benefit.  
Severance benefit  
4
—
Director concerned:  
Mr Patrick Pouyanné, Chairman and Chief Executive Officer.  
Nature and purpose:  
Following the appointment of Mr Patrick Pouyanné as Chairman and Chief Executive Officer of your Company, with effect as of December 19,  
015, your Board of Directors, at its meeting on December 16, 2015, confirmed TOTAL S.A.’s prior commitments on severance benefits for  
—
2
Mr Patrick Pouyanné. The commitments will apply if he is removed from office or his term of office is not renewed, in accordance with the  
following terms and conditions.  
—
Terms and conditions:  
The severance benefit is equal to two years’ gross compensation.  
The severance benefit is calculated based on gross compensation (fixed and variable) for the twelve-month period preceding the date of  
termination or non-renewal of the Chief Executive Officer’s term of office.  
The severance benefit is only paid if termination is imposed due to a change in control or strategy decided by the Company. It is not due in the  
event of gross negligence or willful misconduct or if the Chairman and Chief Executive Officer leaves the Company of his own will, accepts  
new responsibilities within the Group, or may claim full retirement benefits in the short term.  
Payment of the benefit is subject to performance conditions, which are deemed to be met if at least two of the following three criteria are met:  
−
−
−
average return on equity (ROE) for the three years preceding the year of retirement is at least 10%;  
the average debt-to-equity ratios for the three years preceding the year of retirement is less than or equal to 30%;  
TOTAL Group’s oil and gas production growth rate over the three years preceding the year of retirement is greater than or equal to the  
average growth rate of the following four oil companies: ExxonMobil, Royal Dutch Shell, BP and Chevron.  
—
Purposes and benefits to the Company of the commitment:  
The Board of Directors held on March 14, 2018, decided that it was in the Company’s interest to maintain the commitments made by the  
Company to the Chairman and Chief Executive Officer in terms of severance benefit.  
Insurance and health care plans  
—
Director concerned:  
Mr Patrick Pouyanné, Chairman and Chief Executive Officer.  
Nature and purpose:  
Following the appointment of Mr Patrick Pouyanné as Chairman and Chief Executive Officer of your Company, with effect as of December 19,  
015, at its meeting on December 16, 2015 your Board of Directors confirmed the commitments entered into previously by TOTAL S.A. in  
favor of Mr Patrick Pouyanné with regard to insurance and health care plans, in accordance with the following terms and conditions.  
Terms and conditions:  
The Chairman and Chief Executive Officer is covered by:  
—
2
—
−
the incapacity, disability and life insurance plan that covers all employees, which is borne in part by the Company, with two options in  
the event of death of a married employee. The first option entails a death benefit payment equal to five times the deceased’s annual  
compensation within the limit of 16 times the annual ceiling for calculating French social security contributions, corresponding to a  
maximum of €3,241,920 in 2019. The amount is increased if there is a dependent child or children. The second option entails a death  
benefit payment equal to three times the deceased’s annual compensation within the limit of 16 times the annual ceiling for calculating  
French social security contributions, in addition to survivor benefits (for spouses and children’s education);  
Registration Document 2018 TOTAL  
175  
REPORT ON CORPORATE GOVERNANCE  
4
Statutory auditors’ report on related party agreements and commitments  
−
a disability and life insurance plan for corporate officers and senior executives whose annual gross compensation is greater than  
6 times the annual ceiling for calculating French social security contributions, which is funded entirely by the Company. The contract,  
1
which was signed on October 17, 2002, guarantees the beneficiary a death benefit payment corresponding to two years’ compensation.  
This is defined as annual gross base compensation in France corresponding to 12 times the gross monthly salary for the last month of  
service prior to death, plus the highest amount of variable compensation received during one of the last five years of service in absolute  
value terms. The amount is increased to three years in the event of accidental death. In the event of accidental permanent disability, the  
beneficiary receives a payment proportional to the degree of disability. Death benefits are increased by 15% for each dependent child.  
Payments due under this contract are made after the deduction of amounts paid under the above-mentioned plan for all employees;  
the health care plan covering all employees.  
−
—
Purposes and benefits to the Company of the commitment:  
The Board of Directors held on March 14, 2018, decided that it was in the Company’s interest to maintain the commitments made by the  
Company to the Chairman and Chief Executive Officer in terms of insurance and health care plans.  
Paris-La Défense, March 13, 2019  
The Statutory Auditors  
French original signed by  
KPMG Audit  
ERNST & YOUNG Audit  
A division of KPMG S.A.  
Jacques-François Lethu  
Eric Jacquet  
Partner  
Yvon Salaün  
Partner  
Céline Eydieu-Boutté  
Partner  
Partner  
176  
TOTAL Registration Document 2018  
5
NON-FINANCIAL PERFORMANCE  
5.1  
5.2  
5.3  
Introduction  
179  
180  
181  
Business model  
Social challenges  
5.3.1 Attracting and developing talents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181  
5.3.2 Maintaining employees’ long-term employability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184  
5.3.3 Ensuring a high level of commitment based on respect for each other, health and well-being at work. . . . . . . . . . . . . . 185  
5.4  
Personal health and safety challenges  
189  
5.4.1 Preventing occupational accidents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189  
5.4.2 Preventing occupational health risks through improved assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191  
5.4.3 Minimizing the risks throughout the life cycle of products to prevent consumer health and safety risks . . . . . . . . . . . . . 192  
5.5  
Environmental challenges  
192  
5.5.1 General policy and environmental targets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192  
5.5.2 Preventing incident risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193  
5.5.3 Limiting the environmental footprint. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195  
5.5.4 Not to harm biodiversity and ecosystems during projects and operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196  
5.5.5 Promoting a better use of natural resources by supporting the circular economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197  
5.6  
Climate changeꢀrelated challenges  
198  
5.6.1 Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198  
5.6.2 Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199  
5.6.3 Risk management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201  
5.6.4 Targets and metrics to measure climate-related risks and opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202  
5.6.5 TCFD correspondence table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203  
5.7  
Actions in support of human rights  
205  
5.7.1 Human rights in the workplace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206  
5.7.2 Human rights and local communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207  
5.7.3 Respect for human rights in security-related activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207  
5.8  
Fighting corruption and tax evasion  
208  
5
5
.8.1 Fighting corruption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208  
.8.2 Fighting tax evasion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209  
5.9  
Societal challenges  
210  
5.9.1 Managing societal challenges related to operations in a responsible manner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210  
5.9.2 Fostering economic development through employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213  
5.9.3 Engaging in citizenship initiatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214  
5.10 Contractors and suppliers  
215  
5.10.1 The Group’s responsible procurement policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216  
5.10.2 Extension of the Group’s policy to the supply chain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216  
5.10.3 The Group’s responsible procurement commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217  
5.10.4 Payment terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218  
5.11 Reporting scopes and method  
218  
5.11.1 Frameworks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218  
5.11.2 Scopes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218  
5.11.3 Adopted principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219  
5.11.4 Details of certain indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220  
5.12 Independent third party’s report  
221  
Registration Document 2018 TOTAL  
177  
NON-FINANCIAL PERFORMANCE  
5
Chapter 5 of this Registration Document constitutes the consolidated  
statement of non-financial performance as per Article L. 225-102-1 of  
the French Commercial Code, and discloses how the Company and  
the entities included in the scope of consolidation, in accordance  
with Article L. 233-16 of the French Commercial Code, take into  
account the social and environmental consequences of their activities,  
as well as the effects of those activities with regard to respect for  
human rights and fighting corruption and tax evasion.  
economic performance as well as on employees’ working conditions,  
the actions aimed at fighting discrimination and promoting diversity,  
and the measures taken in favor of people with disabilities(  
1)  
.
This statement of non-financial performance was prepared with the  
assistance of several of the Company’s corporate functional divisions,  
in particular the Legal, Finance, Audit & Internal Control and People  
&
Social Responsibility Divisions. The statement was reviewed by the  
Audit Committee and was thereafter approved by the Board of  
Directors.  
Pursuant to the above mentioned Article L. 225-102-1, this statement  
also includes information about the impact on climate change of the  
Company’s activity and the use of the goods and services that it  
produces, its societal commitments in order to promote sustainable  
development, the circular economy, the collective agreements in  
place within the Company and their impacts on the Company’s  
The data presented in the statement of non-financial performance  
are provided on a current-scope basis. The reporting scopes and  
method concerning the information in this chapter are presented in  
point 5.11 of this chapter.  
(
1) The Group has not made any specific societal commitments in order to prevent food waste and food poverty or to promote animal welfare and responsible, fair and sustainable food,  
as these are not significant challenges with respect to the nature of the Group’s activities.  
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Introduction  
5
5.1 Introduction  
An ambition for the Company: to become the responsible energy major  
TOTAL is present in more than 130 countries. The nature of its  
activities and its geographical footprint in complex environments  
place the Group at the junction of a range of society’s concerns  
relating to people, the environment or business ethics. Faced with  
these challenges, TOTAL’s ambition is to become the responsible  
energy major by contributing to supply to as many people as possible  
a more affordable, more available, and cleaner energy.  
—
—
during operations;  
prior to placing new substances on the market (toxicological and  
ecotoxicological studies, life cycle analyses).  
These assessments incorporate the regulatory requirements of the  
countries where the Group operates and generally accepted  
professional practices. In addition, internal control systems are  
structured and regularly adjusted to align with the specific features of  
certain areas and the corporate strategic orientations set by the  
Board of Directors and General Management.  
This ambition is embodied by the One Total Company project, which  
unites the various activities of the Group, its entities and all of its  
employees around a Company’s evolution process with the aim to  
supply energy to an ever-growing population, taking into account the  
challenges of climate change and new energy production and  
consumption patterns. This ambition is based on the values restated  
and shared by all, (Safety, Respect for Each Other, Pioneer Spirit,  
Stand Together and Performance-Minded). These values guide the  
Group’s actions.  
As part of its statement of non-financial performance, TOTAL  
has thus identified the main challenges linked to its activities.  
These are listed in the introduction to the sections relating to  
social information, health, safety, the environment, climate,  
human rights, the fight against corruption and tax evasion, its  
societal approach and contractors and suppliers relationships.  
TOTAL’s Code of Conduct sets forth the principles to be applied  
during day-to-day operations. It states the Group’s commitments and  
expectations of each of its stakeholders and serves as a reference  
for employees and any other person working on behalf of the Group.  
For its reporting, TOTAL refers to the GRI (Global Reporting Initiative)  
and to the TCFD (Task Force on Climate-related Financial Disclosures)  
recommendations on climate. It also relates to the IPIECA guidance  
for environmental and societal issues. Detailed information on  
these reporting guidelines is available on the Group’s website  
The Company adheres to the United Nations Global Compact and  
the responsible development strategy of the Group is based, in  
particular, on taking into account the United Nations’ Sustainable  
Development Goals (SDGs) in its operations. As such, TOTAL intends  
to conduct its activities according to the following principles of:  
(
sustainable-performance.total.com).  
TOTAL also monitors its stakeholders’ perception of its CSR  
Corporate Social Responsibility) performance. The Group intends to  
5
—
ensuring the safety and security of people and the integrity of its  
facilities;  
(
organize its action through a lasting approach of dialogue and  
transparency vis-à-vis its stakeholders.  
—
—
—
limiting its environmental footprint;  
taking into account climate change challenges into its strategy;  
In terms of non-financial rating, TOTAL has been included  
continuously in the FTSE4Good index (London Stock Exchange)  
since 2001 and in the Dow Jones Sustainability World Index (DJSI  
World – New York Stock Exchange) since 2004. TOTAL has been  
listed on DJSI Europe every year since 2005, except in 2015. TOTAL  
is also in second place in the ranking produced in November 2018  
by the CDP in its publication “Beyond the cycle – Which oil and gas  
companies are ready for the low-carbon transition?” In addition, 2018  
saw the confirmation of the Gold status of the three TOTAL  
commercial entities listed on the EcoVadis platform vis-à-vis their  
customers.  
incorporating the challenges of sustainable development in the  
management of its activities;  
—
promoting equal opportunities and fostering gender and cultural  
diversity among its personnel;  
—
—
respecting human rights and business ethics;  
increasing its local foothold through stakeholders dialogue with  
the objective of creating shared value.  
The Group employs a continuous risk identification process. These  
risk mappings enable the Group to develop sector policies according  
to the desired level of control. The Group also manages its activities  
through internal management systems implemented at the different  
levels of the company (headquarters, subsidiaries and sites). Within  
this framework, the Group performs regular assessments, following  
different modalities, of the risks and impacts of its activities in the  
areas of industrial safety, security, the environment, workers and local  
residents’ protection, and business ethics. These assessments are  
generally carried out:  
In 2018, TOTAL was recognized as a “LEAD Company” by the Global  
Compact for its commitment to environmental and societal  
responsibility, amongst thirty other companies worldwide.  
The Global Compact appointed TOTAL’s Chairman and Chief  
Executive Officer as an SDG Pioneer in 2017 in recognition of the  
commitments made by the Group for driving partnerships and  
investing in low carbon energies.  
—
prior to investment decisions in the Group’s industrial projects  
safety and security studies, impact assessments, particularly  
environmental and societal), acquisition and divestiture;  
(
Registration Document 2018 TOTAL  
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NON-FINANCIAL PERFORMANCE  
5
Business model  
A Group committed to contributing to the United Nations’ Sustainable  
Development Goals  
The United Nations, which adopted in 2015 the 17 Sustainable  
Development Goals (SDGs) originally aimed for States, have called  
upon corporations’ contribution to collectively find solutions to  
sustainable development challenges.  
what contribution the oil and gas industry can make to the SDGs.  
Furthermore, TOTAL has integrated the United Nations’  
recommendations( to better identify the scope of its contribution to  
the SDGs.  
1)  
Energy being central to human and economic development, TOTAL  
has committed since 2016 to contributing to the SDGs. The Group  
has become involved in a sectoral approach through its active work  
within IPIECA to help produce a common framework setting out  
Through its activities, the Group is concerned by all of the SDGs.  
However, TOTAL has identified the following SDGs as those on which  
it can have a more direct influence.  
People  
SDG 8: by providing a solid social base for its employees and promoting decent working  
conditions in its supply chain  
SDG 3: by ensuring the safety of its employees and stakeholders and the health of all  
people linked to its activities  
SDG 4: by supporting the evolution of existing jobs through training and employees’ skills  
enhancement  
SDG 5: by strengthening its commitment to diversity, particularly through policies to promote  
women within the Company  
Environment  
SDG 12: by reducing its environmental footprint and increasing its involvement in the circular  
economy  
SDG 14 and 15: by committing to protect biodiversity through its operations and corporate  
citizenship policy  
Climate  
SDG 13: by incorporating the challenges of climate change into its strategy  
SDG 7: by developing a portfolio of low carbon activities and an affordable energy offering  
to as many people as possible  
SDG 9: by investing in reliable, modern, responsible industrial sites, as well as in research  
and development  
Ethics & Societal  
Collective action  
SDG 16: by contributing to the promotion of human rights, transparency and the fight  
against corruption  
SDG 10: by contributing to the development and progress of the territories in which the  
Group operates  
SDG 17: by encouraging a collective approach to find solutions to the global sustainable  
growth challenges  
The Group’s contributions to each SDG are illustrated below in the form of icons. They can also be found on the Group’s website  
sustainable-performance.total.com.  
5.2 Business model  
The business model implemented by the Company and all of the  
entities included in the scope of consolidation in accordance with  
Article L. 233-16 of the French Commercial Code is set forth in the  
integrated report (refer to chapter 1) and in the business overview  
(points 2.1 to 2.4 of chapter 2).  
(1) According to SDG Compass: Understanding the SDGs, Defining priorities, Setting goals, Integrating, Reporting and Communicating.  
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Social challenges  
5
5.3 Social challenges  
TOTAL’s ambition is to become the responsible energy major. Thus,  
in order to help provide specific solutions to the major challenges  
emerging over the coming decades, TOTAL relies on the know-how  
and commitment of over 104,000 employees around the world.  
To address its challenges, TOTAL relies on the Group Human  
Resources division, which forms part of People & Social Responsibility  
division, whose President is a member of the Executive Committee.  
In particular, the Group Human Resources division has the role of  
defining the Human Resources strategy and policies of the Group in  
accordance with the business challenges and the One Total Company  
project.  
In this context, the Group has identified its main challenges to  
developing Human Resources:  
In line with the multiple situations encountered in the field, it coordinates  
the promotion and roll-out of the new policies to support the various  
Human Resources departments in the Group’s business segments.  
The Group’s indicators were reviewed in 2018 with a view to  
improving the implementation of Human Resources policies and  
obtaining more detailed knowledge of specific local requirements,  
and are monitored in order to enhance the Group’s Human Resources  
activities.  
—
—
—
attracting and developing talents by identifying and  
enhancing each person’s abilities, based on the principle  
of non-discrimination and equal opportunity;  
maintaining employees’ long-term employability by facilitating  
skills acquisition in order to keep up with the development  
of job sectors and technologies;  
ensuring a high level of commitment based on respect for  
each other, health and well-being at work.  
5.3.1 Attracting and developing talents  
5
Group registered headcount  
as of December 31,  
Attracting and developing the talents that the Group needs is  
one of the key factors in the implementation of the Company  
project. TOTAL’s tools for dealing with these challenges include  
appropriate management of employees joining and leaving  
the Group, a responsible compensation policy for employees,  
and on increasing employee shareholding.  
2018  
2017  
2016  
Total number of employees  
104,460 98,277 102,168  
Breakdown by business segment  
Exploration & Production segment  
13.2% 14.3% 14.6%  
11.6% 11.8% 12.7%  
Gas, Renewables & Power segment  
Refining & Chemicals segment  
Refining & Chemicals  
5
.3.1.1 Appropriate management of the Group’s  
48.7%  
48.1%  
0.6%  
49.8% 50.4%  
49.1% 49.8%  
workforce  
Group employees  
Trading & Shipping  
0.7%  
21.6% 20.4%  
2.5% 1.9%  
0.6%  
As of December 31, 2018, the Group had 140,460 employees  
belonging to 326 employing companies and subsidiaries located in  
Marketing & Services segment  
Corporate  
2.5%  
1
03 countries. At year-end 2018, the countries with the most  
employees were in descending order France, Poland, the United  
States, Mexico, Belgium, Germany and China.  
Breakdown by region  
France metropolitan  
34.5%  
32.1% 31.1%  
The tables below present the breakdown of employees by business  
segment, region and age bracket, as well as the breakdown of  
managers or equivalent (≥ 300 Hay points ). The breakdown by  
French overseas departments  
and territories  
0.4%  
28.3%  
9.4%  
6.7%  
11.8%  
7.9%  
0.9%  
0.1%  
0.4%  
0.4%  
(
1)  
gender and nationality is given in point 5.3.3.1 of this chapter.  
Rest of Europe  
Africa  
26.1% 25.2%  
10.1%  
7.1%  
9.9%  
7.1%  
North America  
Latin America  
Asia  
12.5% 11.8%  
10.5% 13.4%  
Middle East  
Oceania  
1.0%  
0.2%  
1.0%  
0.1%  
(1) The Hay method is a unique reference framework used to classify and assess jobs level.  
Registration Document 2018 TOTAL  
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NON-FINANCIAL PERFORMANCE  
5
Social challenges  
Group registered headcount  
as of December 31,  
As of December 31,  
2018  
2017  
2016  
2018  
2017  
2016  
Total number hired on  
permanent contracts  
13,506 12,141 10,940  
Breakdown by age bracket  
<
25 years  
6.6%  
6.9%  
7.0%  
Women  
39.5%  
60.5%  
15.1%  
38.6% 36.9%  
61.4% 63.1%  
25 to 34 years  
35 to 44 years  
45 to 54 years  
26.0% 26.4% 27.8%  
29.5% 29.9% 29.3%  
24.1% 23.5% 22.7%  
Men  
French  
9.7%  
6.6%  
Other nationalities  
84.9% 90.3% 93.4%  
>
55 years  
13.8%  
13.3% 13.2%  
The regions that hired the most employees were Latin America  
36.7%), mainly in Brazil and Mexico (taking into account the high  
turnover rate in these countries), Europe excluding France (21.8%),  
France (15.7%) and North America (10.7%).  
(
The increase in the number of employees between 2017 and 2018 is  
.3% (6,183 employees). This is mainly due to the scope variation  
addition of the 3,268 employees of Argedis included in the  
6
(
consolidation scope and integration of nearly 4,000 employees  
following the acquisitions of notably Mærsk Oil and Direct Énergie)  
as well as an increase of hirings.  
In 2018, the consolidated Group companies hired 11,650 employees  
on fixed-term contracts, compared with 5,287 in 2017. This increase  
results from a scope variation due to the integration in 2018 in the  
consolidation scope of Argedis, which business has a significant  
seasonality (service stations) and which involves hiring on temporary  
contracts.  
Breakdown of managers or equivalent  
as of December 31,  
2018  
2017  
2016  
Total number of managers  
30,340 28,369 29,243  
As of December 31,  
2018  
2017  
2016  
Total number of departures(a)  
Deaths  
12,458 13,111 11,058  
The table below presents the breakdown by business segment of  
(1)  
the Group employees present  
.
110  
8,259  
3,923  
90  
7,379  
5,492  
90  
5,868  
4,958  
Resignations  
Breakdown by business  
segment of the Group employees  
present as of December 31,  
Negotiated departures, Dismissals  
2018  
2017  
2016  
Ruptures conventionnelles  
(specific negotiated departures  
in France)  
Exploration & Production segment  
Gas, Renewables & Power segment  
Refining & Chemicals segment  
Refining & Chemicals  
12,801 13,023 13,975  
12,011 11,492 12,841  
49,883 47,985 50,442  
49,231 47,350 49,838  
166  
150  
142  
Total departures/total employees  
11.9% 13.3% 10.8%  
(
a) Excluding retirements, transfers, early retirements, voluntary departures and expiration  
of fixed-term contracts.  
Trading & Shipping  
652  
24,630 20,932 20,402  
2,512 2,433 1,951  
635  
604  
Marketing & Services segment  
Corporate  
5.3.1.2 A responsible compensation policy  
The Group’s compensation policy applies to all companies in which  
TOTAL S.A. holds the majority of voting rights. The aim of this policy  
is to ensure external competitiveness and internal fairness, reinforce  
the link to individual performance, increase employee share ownership  
and implement the Group’s Corporate Social Responsibility  
commitments.  
TOTAL’s workforce movements  
Since the end of 2014, the oil & gas industry has experienced an  
economic downturn related in particular to the significant fall in oil  
prices. In this difficult environment, TOTAL decided to protect its  
workforce while limiting recruitment. In light of a more favorable  
economic environment, which nonetheless remains subject to the oil  
price volatility, hiring resumed in 2018 and increased by 11.2%  
compared to 2017. This represents a total of 13,506 employees  
hired with permanent contract within the consolidated scope.  
A large majority of employees benefit from laws that guarantee a  
minimum wage, and, whenever this is not the case, the Group’s  
policy ensures that compensation is above the minimum wage  
observed locally. Regular benchmarking is used to assess  
compensation based on the external market and the entity’s  
competitive environment. Each entity’s positioning relative to its  
reference market is assessed by the Human Resources Department  
of each business segment, which monitors evolutions in payroll,  
turnover and consistency with the market.  
TOTAL implements a proactive policy of recruiting young people at  
the start of their career, regardless of their job sector or background.  
The Group gives them the opportunity to forge a variety of career  
paths through tailored, continuous training programs designed to  
improve long-term employability. This enables TOTAL to adapt to  
structural and job sector changes.  
Fair treatment is ensured within the Group through the widespread  
implementation of a management job level evaluation (JL ≥ 10)(  
using the Hay method which associates a salary range with each job  
level. Performance of the Group’s employees (attainment of set  
targets, skills assessment, overall evaluation of job performance) is  
evaluated during an annual individual review and formalized in  
accordance with principles common to the entire Group.  
2)  
In addition, TOTAL hires more experienced profiles for more specific  
positions, while offering them long-term career prospects within the  
Group.  
(
(
1) Employees present as defined in point 5.11.2 of this chapter.  
2) Job level of the position according to the Hay method. JL10 corresponds to junior manager (cadre débutant) (≥ 300 Hay points).  
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NON-FINANCIAL PERFORMANCE  
Social challenges  
5
The compensation structure of the Group’s employees is based on  
the following components, depending on the country:  
5.3.1.3 A proactive policy to increase employee  
shareholding and employee savings  
—
a base salary, which is subject to individual and/or general  
salary-raise campaigns each year. The merit-based salary-raise  
campaigns are intended to compensate employees’ individual  
performance according to the targets set during the annual  
individual review, including at least one HSE (Health, Safety,  
Environment) target; and  
Employee shareholding, one of the pillars of the Group’s Human  
Resources policy, is extended via three main mechanisms: the grant  
of performance shares, share capital increases reserved for  
employees, and employee savings. In this way, TOTAL wishes to  
encourage employee shareholding, strengthen their sense of  
belonging to the Group and give them a stake in the Group’s  
performance by allowing them to benefit from their involvement.  
—
an individual variable compensation starting at a certain level  
of responsibility, which is intended to compensate individual  
performance (quantitative and qualitative attainment of previously  
set targets) and the employee’s contribution to collective  
performance evaluated among others according to HSE targets  
set for each business segment, which represent up to 10% of  
the variable portion. In 2018, 86.7% of the Group’s entities (WHRS  
scope) included HSE criteria in the variable compensation.  
Each year since 2005, TOTAL has granted performance shares to  
many of its employees (approximately 10,000 each year since 2009).  
The definitive granting of these shares depends on the fulfillment of  
performance conditions assessed at the end of a vesting period  
extended to three years in 2013 (refer to point 4.3.4 of chapter 4).  
The 2018 plan approved by the Board of Directors of TOTAL S.A. in  
March 2018 granted a 7% higher volume of performance shares  
compared with the 2017 plan. Over 40% of plan beneficiaries had  
not received performance shares the previous year. More than  
Complementary collective variable compensation programs are  
implemented in some countries, such as France, via incentives and  
profit-sharing that also incorporates HSE criteria. According to the  
agreement signed for 2018-2020 applicable to the oil and  
petrochemicals (scope of about 17,700 employees in 2018) sector  
in France, the amount available for employee incentive is determined  
based on:  
1
0,000 employees were concerned by this plan, over 97% of whom  
are non-senior executives.  
(1)  
TOTAL also invites employees of companies more than 50% owned  
in terms of voting rights, and subscribing to the Shareholder Group  
Savings Plan (PEG-A) created in 1999 for this purpose, to subscribe  
to share capital increases reserved for employees. Previously offered  
every two years, share capital increases reserved for employees now  
take place annually. As a result, more than 60% of the Group’s  
employees are shareholders. Depending on the offerings chosen and  
the employees’ location, these operations are completed either  
through Company Savings Plans( (FCPE) or by subscribing directly  
for shares or for American Depositary Receipts (ADRs) in the United  
States.  
—
—
—
financial parameters (the Group’s return on equity as an absolute  
(2)  
value and compared to four peers ),  
the attainment of safety targets (injury rate and accidental deaths  
in the oil and petrochemicals sector in France),  
3)  
criteria assessed at the level of the entity to which the employees  
belong, relating to employee commitment to priority areas  
identified by the Total Foundation program, which is driven mainly  
by the Fondation d’entreprise Total in France,  
Pursuant to the authorization given by the Annual Shareholders’  
Meeting of June 1, 2018, the Board of Directors of TOTAL S.A.  
approved, at its meeting on September 19, 2018, the principle of a  
share capital increase reserved for employees to be completed  
in 2019. This operation will concern approximately 100 countries.  
As in 2018, two offerings are proposed: a traditional scheme with a  
20% discount and a leveraged scheme in all countries where  
permitted by law. Employees will receive a matching contribution of  
five free shares for the first five shares subscribed. The shares  
subscribed will give holders current dividend rights. The subscription  
period will close in mid-May 2019.  
5
—
criteria relating to the performance of the entity in question  
(
production, sales volumes, gross margins, operating costs, etc.).  
The Group also offers pension and employee benefit programs  
health and death) meeting the needs of the subsidiaries and the  
(
Group’s standards. These programs, which supplement those that  
may be provided for by local regulations, allow each employee to:  
—
benefit, in case of illness, from coverage that is at least equal to  
the median amount for the national industrial market;  
—
—
save or accumulate income substitution benefits for retirement;  
The previous operation took place in 2018. Over 40,000 employees  
in 94 countries took part in this share capital increase, which resulted  
in the subscription of 9,174,817 shares at a price of €37.20 per  
share.  
arrange for the protection of family members in case of the  
employee’s death via insurance that provides for the payment of  
a benefit recommended to equal two years’ gross salary.  
These programs are reviewed on a regular basis and adjusted when  
necessary.  
Employee savings are also developed via the TOTAL Group  
Savings Plan (PEGT) and the Complementary Company Savings Plan  
(
PEC), both open to employees of the Group’s French companies  
that have subscribed to the plans under the agreements signed in  
002 and 2004 and their amendments. These plans allow  
2
investments in a wide range of mutual funds, including the Total  
Actionnariat France fund that is invested in TOTAL shares.  
A Collective Retirement Savings Plan (PERCO) is open to employees  
of the Group’s French companies covered by the 2004 Group  
agreement on provisions for retirement savings. Other saving plans  
and PERCO are open in some French companies covered by specific  
agreements. Employees can make discretionary contributions in the  
framework of these various plans, which the Group’s companies may  
supplement under certain conditions through a matching contribution.  
The Group’s companies in France made gross matching contributions  
that totaled €70.8 million in 2018.  
(
1) i.e., the following companies in France: TOTAL S.A., Elf Exploration Production, Total Exploration Production France, Total Marketing Services, Total Marketing France, Total Additifs et  
Carburants Spéciaux, Total Lubrifiants, Total Fluides, Total Raffinage-Chimie, Total Petrochemicals France, Total Raffinage France, Total Global Information Technology Services, Total  
Global Financial Services, Total Global Procurement, Total Global Human Resources Services, Total Learning Solutions, Total Facilities Management Services and Total Consulting.  
2) ExxonMobil, Royal Dutch Shell, BP and Chevron.  
(
(
3) Total Actionnariat France, Total France Capital+, Total Actionnariat International Capitalisation, Total International Capital.  
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5
Social challenges  
5.3.2 Maintaining employees’ longꢀterm employability  
The Group’s policy in the field of training hinges on five major areas:  
Maintaining employees’ long-term employability is another key  
factor in the successful implementation of the Company project.  
In order to manage this risk, the Group operates a tailored  
training policy focused on two areas: facilitating skills acquisition  
in order to keep up with the development of job sectors and  
technologies, and contributing to maintaining employees’  
long-term employability.  
—
—
—
—
sharing TOTAL’s corporate values, particularly with respect to HSE,  
ethics, leadership, innovation and digital technology;  
supporting the development of existing activities and creating  
new ones in order to achieve the Group’s ambitions;  
increasing key skills in all business areas to maintain a high level  
of operating performance;  
promoting employees’ integration and career development  
through Group induction and training on management and  
personal development; and  
The technical and commercial know-how of employees and their  
ability to manage large projects underpin the Group’s operational  
excellence and are essential for the Group’s development. TOTAL  
therefore offers tailored, continuous training programs aimed at  
enhancing employees’ skills and employability. These training courses  
form part of an approach based on improving skills and supporting  
careers, including for employees moving between business segments  
and/or geographical region.  
—
supporting the policy of mobility and diversity within the Group  
through language and intercultural training.  
The Group’s training efforts remained strong in 2018, with 75% of  
employees having attended at least one site training during the year.  
In 2018, there were 234,174 days of on site training, for a total  
budget around €157 million.  
For remote training, there were 30,128 people trained.  
Average number of training days/year per employee(a) (excluding “Companion” apprenticeships)  
2018(b)  
WHRS 2017  
WHRS 2016  
On site training  
Remote training  
Group average  
2.8  
0.5  
3.3  
3.0  
0.5  
3.5  
3.2  
0.4  
3.6  
Average number of days/year of training per employee(a)  
(on site and remote training, excluding “Companion” apprenticeships)  
By segment  
Exploration & Production segment  
5.6  
1.9  
2.6  
2.6  
1.7  
3.4  
5.8  
6.5  
2.8  
2.7  
2.7  
2.3  
3.3  
3.4  
7.1  
2.8  
2.9  
2.9  
1.9  
2.7  
3.7  
Gas, Renewables & Power segment  
Refining & Chemicals segment  
Refining & Chemicals  
Trading & Shipping  
Marketing & Services segment  
Corporate  
By region  
Africa  
4.8  
4.0  
3.5  
4.2  
2.7  
5.7  
3.6  
0.8  
5.3  
4.1  
2.8  
4.4  
3.1  
6.4  
0.5  
2.7  
5.8  
3.9  
3.0  
4.3  
3.0  
5.4  
0.5  
1.8  
North America  
Latin America  
Asia Pacific  
Europe  
Middle East  
Oceania  
French overseas departments and territories  
Breakdown by type of training given  
(on site training, excluding “Companion” apprenticeships and remote training)  
Technical  
35%  
29%  
7%  
36%  
28%  
7%  
38%  
23%  
8%  
Health, Safety, Environment, Quality (HSEQ)  
Language  
Other (management, personal development, intercultural, etc.)  
29%  
28%  
31%  
(
(
a) This number is calculated using the number of training hours, where 7.6 hours equal one day.  
b) As an exception to the reporting principles described in section 5.11 of this chapter, the 2018 training reporting scope was established on the basis of a constant perimeter compared  
to 2017 and covers the results of 127 companies representing a total workforce of 83,514 employees. The column on 2018 training results also includes the specific situation of  
2
companies that did not report their data in time in the training report and that were estimated based on the 2017 achievements.  
184  
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NON-FINANCIAL PERFORMANCE  
Social challenges  
5
In addition, TOTAL has a technical training center, Oléum, which  
combines technical expertise and life-size technical learning  
platforms. The center operates on two sites in France (in Dunkerque  
and La Mède), offering trainees a life-size Seveso environment and  
providing technical training in operations, maintenance, inspection,  
safety and more. Oléum welcomes interns from all sectors of activity  
of the Group worldwide, as well as partners and external customers.  
In 2018, a platform was introduced enabling the delivery of the  
certified Basic Offshore Safety Induction and Emergency Training  
course. This certification is mandatory for all personnel working on  
offshore platforms.  
5.3.3 Ensuring a high level of commitment based on respect for each other,  
health and wellꢀbeing at work  
TOTAL renewed its commitment to diversity, equal opportunities and  
To ensure a high level of commitment from its employees,  
economic and social performance by signing the new Diversity  
the Group promotes Human Resources development based  
Charter introduced by the “Les entreprises pour la cité” network in  
on respect for each other, health and well-being at work.  
France. By signing this new charter, TOTAL has reaffirmed its aim to  
TOTAL’s approach is based on a number of levers. In addition  
be a responsible employer. The Group was one of the 33 founding  
to the organization of work and social dialogue, TOTAL aims  
signatories of the charter when it was launched in 2004. In  
to promote equal opportunities and diversity. It intends to ban  
November 2018, within the European Round Table of Industrialists  
all discrimination related to origin, gender, sexual orientation  
or identity, disability, age or affiliation with a political, labor or  
religious organization.  
(
ERT) framework, TOTAL signed a pledge through which the  
signatories hope to strengthen the European movement to promote  
Diversity and Inclusion.  
Equal treatment for women and men  
5
.3.3.1 Promoting equal treatment of employees  
and banning discrimination  
TOTAL is committed to respecting the principle of equal treatment  
for women and men and promotes this fundamental principle and  
ensures that it is correctly applied. Equal treatment for women and  
men is promoted in the Group through a global policy of gender  
diversity, targets set by General Management, Human Resources  
processes that take the issue of gender into consideration,  
agreements in favor of a better work-life balance (such as the  
agreement on remote working in France) and awareness-raising and  
training actions.  
Present in more than 130 countries, diversity is an integral part of the  
Group’s DNA. Openness to the world, its cultures and differences is  
a significant feature of TOTAL and is a key success factor. The Group  
has long been involved in promoting equal opportunities and diversity,  
and strives to promote an environment conducive to the expression  
and development of all employees’ potential.  
5
The diversity of its employees and management is crucial to the  
Group’s competitiveness, innovative capacity and attractiveness.  
TOTAL works to develop its employees’ skills and careers while  
prohibiting any discrimination related to origin, gender, sexual  
orientation or identity, disability, age or affiliation with a political, labor  
or religious organization.  
TOTAL’s commitment spans from recruitment to the end of a career.  
It guarantees equal treatment for women and for men in the process  
for identifying high-potential employees and appointing executives.  
In terms of compensation, specific measures have been set in place  
since 2010 to prevent and compensate for unjustified salary gaps.  
This policy is supported at the highest level and promoted by the  
Diversity Council, which is chaired by a member of the Group’s  
Executive Committee.  
The Group’s target for 2020 is:  
—
women represent 25% of senior executives (they were  
approximately 5% in 2004 and are 21.6% in 2018);  
Each entity is responsible for creating a suitable work environment  
so that they offer all employees the same career opportunities and  
can benefit from all of the skills and diverse approaches they bring.  
—
women represent more than 20% of Management Committees  
members (head office and subsidiaries) (they are 21.8% in 2018).  
Promoting equal opportunity and diversity is part of a policy and has  
long been monitored. TOTAL was one of the pioneering Groups with  
regard to diversity. It has prioritized two key components of diversity:  
gender diversity and internationalization, aiming to offer women and  
men of all nationalities the same career opportunities up to the highest  
levels of management. TOTAL has set itself targets to this end.  
In order to increase the representation of women in Management  
Committees, at the end of 2018 the Executive Committee set a new  
target of 20% women members of Management Committees of  
branches and large operational divisions.  
In terms of TOTAL S.A., TOTAL’s commitment took shape in 2016  
with the arrival of the President of the People & Social Responsibility  
division to the Group’s Executive Committee (7 people). With regard  
to diversity in the 10% of the highest management of the Company  
positions, the proportion of women equals 15%. At Group level,  
In addition to the components of gender diversity and  
internationalization, disability forms an integral part of the Group’s  
diversity policy. Previously mainly deployed and coordinated in France,  
the disability policy was rolled out internationally in October 2018  
through the signing of the International Labour Organization (ILO)  
Global Business and Disability Network Charter. In September 2018,  
which is the most relevant perimeter considering TOTAL’s activities,  
this proportion equals 21%(  
1)  
.
(1) Proportion calculated on the basis of 95,327 employees.  
Registration Document 2018 TOTAL  
185  
NON-FINANCIAL PERFORMANCE  
5
Social challenges  
TOTAL aims to hire women in proportions that reflect the percentages  
of qualifications awarded by the higher education establishments in  
its business segments. The Group strives to promote the same  
proportion of women and men with equivalent qualifications and  
experience within the overall population eligible for a specific  
promotion.  
% of men  
2018  
64.9%  
60.5%  
2017  
2016  
Employees  
66.7% 67.6%  
61.4% 63.1%  
Permanent contract recruitment  
Internationalization of management  
To encourage young women to choose to study technical subjects,  
TOTAL has been a partner of the “Elles bougent” organization in  
France since 2011, and served as honorary Chairman in 2015. Some  
With employees representing over 150 nationalities, TOTAL enjoys  
broad cultural diversity and believes that it is important to promote  
this at all levels of its activities. In 2018, 84.9% of employees hired by  
the Group and 58.9% of managers hired were non-French nationals.  
In 2018, the integration in the consolidation scope of companies  
mainly present in France (such as Argedis, Direct Énergie and  
GreenFlex for instance) is partly responsible for the more  
representation of French people in hires and Group employees.  
1
30 female engineers regularly inform high-school girls about careers  
in science. Throughout the Group, female engineers and technicians  
from all cultures are encouraged to give talks to high-school girls and  
female students to illustrate women’s contribution to the fields of  
science and technology.  
Diversity is also promoted through action to change mentalities, and  
awareness, training and communication events are held regularly.  
Internal training courses such as “Managing your career as a woman”  
and “Managing diversity” are also available.  
The Group has set a target of having local managers representing  
5
0% to 75% of the subsidiaries’ Management Committee members  
by 2020 (they represented 52% in 2018 compared to 54% in 2017)  
and non-French nationals representing 40% of senior executives  
(having represented approximately 19% in 2004 and are 32.1% in  
2018).  
Through its mentoring activities and development workshops, the  
TWICE (Total Women’s Initiative for Communication and Exchange)  
network also helps to develop the gender diversity policy. It aims to  
promote the progression of women within the Group, particularly to  
management roles, and help women further their careers. Created in  
Several measures have been put in place to internationalize the  
management population, including career paths to internationalize  
careers, increasing the number of foreign postings for employees of  
all nationalities (approximately 4,000 employees representing more  
than 100 nationalities are posted in more than 100 countries), and  
integration and personal development training organized by large  
regional hubs (for example, Houston, Johannesburg and Singapore).  
2
006, it is currently in place in France and abroad (35 local networks)  
and has over 3,200 members. Since 2010, nearly 610 women have  
benefitted from the network’s mentoring program, in France and  
internationally, and which helps them to better anticipate the key  
phases of their careers.  
The signing of agreements, international charters and commitments  
relating to diversity is emblematic of the Group’s conviction at the  
very highest level of decision-making.  
% of employees  
of nonꢀFrench nationality  
Permanent contract recruitment  
Management (JL ≥ 10) recruitment(a)  
Employees  
2018  
2017  
2016  
84.9% 90.3% 93.4%  
58.9% 68.0% 75.3%  
66.2% 68.2% 69.0%  
56.6% 58.1% 58.8%  
32.1% 28.9% 28.2%  
Thus, in 2010, TOTAL signed the “Women’s Empowerment  
Principles – Equality Means Business” set out in the United Nations  
Global Compact, and its commitment to equal opportunities and the  
equal treatment of women and men is regularly embodied in  
agreements that address the issue of diversity, such as the global  
agreement signed in 2015 with IndustriALL, or the Global Deal to  
which TOTAL has adhered more recently in 2017.  
Managers (JL ≥ 10)(a)  
Senior executives  
In 2016, TOTAL, along with 20 other oil and gas companies, got  
involved at the World Economic Forum by signing “Closing the  
Gender Gap – a Call to Action”. This joint declaration is based on  
seven action principles (leadership; expectations and goal setting;  
Science, Technology, Engineering and Mathematics (STEM) program;  
clear responsibilities; recruitment, retention and promotion policies;  
inclusive corporate culture; and work environment and work-life  
balance) and two decisive drivers: more diverse recruitment and  
greater openness of technical and management roles to women.  
% of employees of French nationality  
Employees  
2018  
33.8%  
15.1%  
2017  
2016  
31.8% 31.0%  
9.7% 6.6%  
Permanent contract recruitment  
(
a) Job Level of the position according to the Hay method. JL10 corresponds to junior  
manager (cadre débutant) (≥ 300 Hay points).  
The inclusion of the teams from Mærsk Oil, the acquisition of which  
was finalized in March 2018, explains the increase in international  
employees on local Management Committees and senior executives  
of non-French nationality.  
In the same vein, the Chairman and Chief Executive Officer chaired  
th  
the 15 edition of the Entretiens de Royaumont discussion forum at  
the end of 2018, on the subject of “Being a woman”.  
Measures promoting the employment  
and integration of people with disabilities  
%
of women  
2018  
2017  
2016  
The integration and job retention of people with disabilities are  
covered by specific measures incorporated into the Group’s diversity  
policy.  
Permanent contract recruitment  
Management (JL ≥ 10)(a) recruitment  
Employees  
39.5% 38.6% 36.9%  
31.9% 31.9% 29.7%  
35.1%  
27.7%  
21.6%  
33.3% 32.4%  
26.3% 25.5%  
21.1% 19.9%  
In France, for over 20 years, TOTAL has implemented its policy to  
promote the employment of people with disabilities by signing  
agreements with employee representatives. Three framework  
agreements signed for three years (2016-2018) with the French  
representative unions and approved by the government (DIRECCTE  
Managers (JL ≥ 10)(a)  
Senior executives  
(
a) Job Level of the position according to the Hay method. JL10 corresponds to junior  
manager (cadre débutant) (≥ 300 Hay points).  
9
2) set out the commitments of the Group’s French companies with  
regard to occupational integration of people with disabilities. The  
average Group employment rate of people with disabilities in France  
(
direct and indirect employment) was 5.19% in 2017( (compared  
1)  
to 5.16% in 2016 and 4.99% in 2015). These agreements will be  
renegotiated in 2019.  
(1) The percentage for 2018 is not available at the date of publication of this Registration Document.  
186  
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Social challenges  
5
The agreements in force are based on three major priorities:  
In Africa, the Young Graduate Program run by the Marketing &  
Services segment offers graduates below the age of 25 an 18-month  
work placement. The program is split into two phases consisting of  
work experience at a subsidiary in the young person’s home country  
followed by an assignment in another country. Since the program  
was launched in 2014, over 350 young people have taken this  
opportunity to improve their employability. The Young Graduate  
Program aims to reach the milestone of 500 graduates registered by  
2020.  
—
—
—
professional support throughout the employee’s career;  
an integration and professional training plan;  
the development of agreements and partnerships with the  
disabled and protected employment sectors (ESAT and EA).  
TOTAL promotes recruitment of people with disabilities as well as  
indirect employment by purchasing from the protected employment  
sector as part of its responsible procurement. At the same time, the  
Group takes various types of action:  
Volontariat International en Entreprise (VIE) is an international  
internship program that offers young graduates aged between 18  
and 28, from France or other European Economic Area member  
states, professional internship within an affiliate and abroad for a  
maximum of 24 months. The program has been in operation within  
the Group since 2002, and over 1,700 young people have benefited  
from it to date.  
—
internally: integration, professional training, support and job  
retention, communication, awareness actions and sessions  
organized for managers and all the teams, as well as for Human  
Resources managers;  
—
externally: information and advertising aimed at students,  
cooperation with recruitment agencies, attendance at specialized  
forums, partnerships with schools and universities.  
Other anti-discrimination measures  
Large-scale initiatives aimed at raising employees’ awareness of  
diversity are organized on a regular basis.  
TOTAL’s Disability Program is a structure within the Diversity department  
of the Group’s Human Resources division. It is responsible for leading  
the disability policy and relies on a network of expert contacts within  
the establishments.  
In October 2018, the Diversity Council, chaired by a member of the  
Executive Committee, met in Paris. A year-end 2017 review was  
performed and areas for action were identified to ensure that the  
goals set for 2020 are achieved, particularly in terms of the  
appointment, recruitment, feminization and internationalization of the  
Group’s senior executives.  
Internationally, the Group’s actions to support employees with  
disabilities took on a new dimension at the end of 2018, with the  
ambition of going beyond the legal requirements in all of the countries  
where it operates. This aim was embodied by the signing of the  
International Labour Organization (ILO) Global Business and Disability  
Network Charter in October 2018. To date, 40 subsidiaries have  
voluntarily signed up to the scheme and have set goals for the next  
two years on the basis of the five principles identified as priorities by  
the Group: respect and promotion of rights, policy and practice of  
non-discrimination, accessibility, job retention and confidentiality. The  
first stage of implementation took place in December 2018, on  
International Day of Persons with Disabilities, giving the participating  
subsidiaries the opportunity to share internal best practices and learn  
from the ILO network and other companies’ experiences.  
The Group signed the LGBT (lesbian, gay, bisexual and transgender)  
Charter in 2014. Prepared by the “L’Autre Cercle” association, it  
establishes a framework for combating discrimination related to  
sexual orientation or identity in the workplace in France.  
TOTAL has written a practical guide to religion in the Group to offer  
concrete answers to employees’ questions about religion in the  
workplace and to promote tolerance of everyone’s beliefs, while  
respecting differences at the same time. The guide, which was posted  
on the Group’s intranet site in March 2017, offers the keys to  
understanding different beliefs, so that everyone can better  
comprehend them in their everyday activities.  
5
In addition, TOTAL supports organizations such as the Association  
Total Solidarité Handicap (ATSH), which was formed in 1975 by  
employees with children with disabilities. ATSH provides discreet,  
confidential moral and financial support, helps with paperwork and  
practical assistance to current and retired employees of the Group  
and their dependents in France who are affected by disability. It  
currently has over 350 members, a third of whom received help from  
the association in 2018.  
5.3.3.2 Measures to meet the specific requirements  
of the organization of work  
The Group’s activities are varied and, depending on the segments,  
require the implementation of specific regimes for the organization of  
work, such as the “shift” regime( and the “rotational” regime . Most  
shift workers are employed in the Refining & Chemicals, Marketing &  
Services and Gas, Renewables & Power segments, while the  
rotational regime mainly concerns the Exploration & Production  
segment.  
1)  
(2)  
Commitment to promote the professional  
integration of young people  
TOTAL is committed to promoting the professional integration of  
young people, thus increasing their employability. It believes that for  
maximum impact, this issue must be tackled as early as possible in  
the education system, and has therefore put in place targeted actions  
tailored to the specific context of the countries where they are  
implemented.  
The average work week is determined in accordance with applicable  
local law and limits set by International Labour Organization (ILO)  
conventions. Excluding specific regimes, it is less than 40 hours in  
most subsidiaries located in Europe, Japan and Qatar. It is 40 hours  
in most subsidiaries located in Asian, African and North American  
countries. It is above 40 hours, without exceeding 48 hours, in  
subsidiaries located in Latin America (mainly Argentina, Brazil,  
Mexico), a few countries in Asia (Cambodia, India, Philippines) and  
Africa (mainly South Africa, Equatorial Guinea and Morocco).  
In France, TOTAL’s target is to have 50% of secondary education  
internships offered to disadvantaged youths. Since 2018, this has  
been implemented in the Paris region.  
TOTAL recruited nearly 5,000 interns in France over the 2016-2018  
period, corresponding to 5% of the workforce in France. As of 2019,  
the Group is committed to continuing with the scheme in the long  
term. In addition, indicators reflecting TOTAL’s priority commitments  
in relation to gender diversity, disability and the professional integration  
of disadvantaged youths will be set up to improve monitoring.  
The challenges involved in the organization of work are many and  
varied depending on the regions of the world where the Group  
operates, and the applicable local law. The Group entities put in  
place measures to meet the specific requirements of the organization  
of work and promote, where possible, a good work-life balance. For  
example, remote working has been in place in France since 2012.  
(
(
1) For employees providing a continual activity with relays between teams to maintain production (two or three 8-hour shifts), for example in plants or refineries.  
2) For employees working at a location (town or worksite) far from their place of residence with alternating periods of work and rest.  
Registration Document 2018 TOTAL  
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5
Social challenges  
As of December 31, 2018, the number of remote workers in France  
Responsibility (CSR) standards and guarantees worldwide for  
subsidiaries in which it has more than a 50% stake (occupational  
health and safety, human rights in the workplace, enhancement of  
the dialogue with employees, life insurance, professional equality,  
societal responsibility and assistance with organizational changes).  
In addition, the Group ensures that the principles of the agreement  
on health, safety and human rights are disclosed to and promoted  
among its service providers and suppliers. The implementation of  
this agreement is monitored annually with representatives who are  
members of trade unions affiliated with the IndustriALL Global Union  
and appointed by this federation. Two follow-up meetings were  
therefore held in July 2017 and 2018 to assess the implementation  
of the agreement and identify areas for improvement and actions to  
be taken. The aim is to maintain the partnership and renegotiate the  
agreement for 2019 and beyond.  
(
4
WHRS scope) was 1,371, 34.5% of whom were men (representing  
73 men), compared to 952 in 2017 and 746 in 2016.  
WHRS  
018  
WHRS  
2017  
WHRS  
2016  
2
%
of companies offering the option  
of remote working  
of employees involved in remote  
working of those given the option  
25.8% 24.1% 18.5%  
5.0% 4.1% 3.4%  
%
In addition, as part of a global approach to preventing and managing  
employee absenteeism, the sickness absenteeism rate is one of the  
indicators monitored under the WHRS:  
WHRS  
018  
WHRS  
2017  
WHRS  
2016  
In December 2017, TOTAL also joined the worldwide Global Deal  
initiative, a multi-stakeholder partnership that aims to incite  
governments, companies, unions and other organizations to make  
concrete commitments to favoring dialogue with employees. The  
Global Deal promotes the idea that effective social dialogue can  
contribute to decent work and quality jobs and, as a consequence,  
to more equality and inclusive growth from which workers, companies  
and civil society benefit.  
2
Sickness absenteeism rate  
3.0%  
2.4%  
2.4%  
The sickness absenteeism rate evolves notably due to the integration  
of new companies in the consolidated scope.  
5
.3.3.3 Promoting social dialogue  
As a company that listens to the people who work for it, TOTAL  
continues to build on its Company project, One Total, through a  
participative approach that engages employees. This approach was  
illustrated in 2016 by the involvement of employees in a reflection of  
the Group’s ambitions and values. This was followed in 2018 by the  
One Total, Be Simple collaborative campaign focusing on employees’  
day-to-day lives, with simplification having been identified as the key  
area in which progress must be made in order to achieve the Group’s  
ambition. Employees were able to express their opinions on the  
theme of simplification, share ideas for solutions and discuss the  
issues with each other through a dedicated collaborative platform.  
Social dialogue is one of the pillars of the Company project. It includes  
all types of negotiations, consultations or exchanges of information  
between the Group entities, the employees and their representatives  
about economic and social issues and related to the life of the  
company. The subjects covered by dialogue with employees vary  
from company to company, but some are shared throughout, such  
as health and safety, work time, compensation, training and equal  
opportunity.  
The Group strives to maintain this dialogue at both a local level and  
at the head offices or centrally, as well as through its membership of  
bodies and the signing of agreements.  
In addition, every two year, TOTAL carries out an internal survey  
(
Total Survey) among its employees to gather their views and  
Among the numerous stakeholders with which TOTAL maintains  
regular dialogue, the Group’s employees and their representatives  
have a privileged position and role, particularly in discussions with  
the management teams. In countries where employee representation  
is not required by law (for example in Myanmar and Brunei), the  
Group companies strive to set up such representation. There are  
therefore employee representatives in the majority of Group  
companies, most of whom are elected.  
expectations with regard to their work situation and perception of  
the Company, locally and as a Group. The results of the last survey  
conducted in 2017 among 70,000 employees in 124 countries  
demonstrated that employees have a commitment rate of 78% and  
that 85% of them are proud to work for TOTAL.  
WHRS  
2018  
WHRS  
2017  
WHRS  
2016  
At European level, the European Committee enables the provision of  
information and discussions about the Group’s strategy and social,  
economic and financial situation, as well as on matters relating to  
sustainable development, environmental and societal responsibility,  
and safety. It examines any significant proposed organizational  
change concerning at least two companies in two European  
countries, to express its opinion, in addition to the procedures initiated  
before the national representative bodies. A new agreement was  
reached in July 2017 that contains some innovative measures  
allowing for better dialogue with the members of the European  
Committee (field safety visits and learning expeditions to discuss the  
Group’s strategy directly on site).  
% of companies with  
employee representation  
80.5%  
71.5%  
78.9% 78.5%  
73.1% 68.9%  
%
of employees covered  
by collective agreements  
Number of active agreements signed  
with employee representatives  
worldwide  
316  
190  
256  
330  
245  
of which in France(a)  
160  
(a) Some agreements cover several companies at once (for example, agreements in the  
Social and Economic Units -Unités Économiques et Sociales- or agreements in groups  
of companies).  
Globally, social dialogue is embodied through the signing of various  
agreements. In 2015, TOTAL signed an agreement with the worldwide  
trade union federation, IndustriALL Global Union, which represents  
The number of employees covered by collective agreements has  
increased in 2018: they were 62,628 in 2017 and 66,822 in 2018  
within the WHRS scope.  
50 million employees in 140 countries. Under this agreement, the  
Group made a commitment to maintain minimum Corporate Social  
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NON-FINANCIAL PERFORMANCE  
Personal health and safety challenges  
5
5.4 Personal health and safety challenges  
TOTAL places safety at the heart of its ambition to be a responsible  
company. The measures and indicators used to manage the Group’s  
activities are based on this fundamental value, in accordance with  
the strictest standards, particularly relating to health.  
TOTAL conducts its operations on the basis of its Safety Health  
Environment Quality Charter (available at total.com). It forms the  
common foundation for the Group’s management frameworks, and  
sets out the basic principles applicable to safety, security, health, the  
environment, quality and societal commitment. This Charter is  
implemented at several levels within the Group through its  
management systems. Group directives and rules define the minimum  
requirements expected in these areas. General specifications, guides  
and manuals are the documents used to implement these directives  
and rules. The Group’s framework is available to all employees.  
Given the specific nature of its activities, the Group’s operations give  
rise to occupational health and safety risks for its employees and the  
personnel of external contractors. In addition, some of the products  
marketed by TOTAL pose potential risks to the health and safety of  
consumers. The Group therefore aims to meet its obligations with  
regards to information and prevention in order to minimize the risks  
throughout the life cycle of its products.  
Since 2013, the Group’s business segments have increased their  
efforts regarding the frameworks of the HSE management systems  
in order to provide greater overall Group-wide consistency, while at  
the same time respecting the businesses’ specific characteristics.  
The One MAESTRO (Management and Expectations Standards  
Toward Robust Operations) reference framework, which focuses on  
HSE issues and is common to all of the business segments, has  
been gradually rolled out since 2018. This reference framework  
stipulates that HSE audits must be carried out every three to  
five years on all assets, activities and sites operated by the  
Group’s entities and subsidiaries( , which must also perform a  
self-assessment at least every two years. The Group’s HSE audit  
protocol is based on this framework and contains all of the  
requirements of ISO 14001:2015 and ISO 45001:2018. The audit  
protocol is applied in full during self-assessments and according to a  
risk-based approach during audits.  
The Group has therefore identified its main personal health and  
safety challenges:  
—
—
preventing occupational accidents;  
preventing occupational health risks through improved  
assessment;  
—
minimizing the risks throughout the life cycle of products to  
prevent consumer health and safety risks.  
1)  
5
To address its challenges, TOTAL relies on the HSE division, which  
forms part of the People & Social Responsibility division, whose  
President is a member of the Executive Committee.  
The Group’s entities and subsidiaries holding an interest in  
non-operated assets endeavor to promote the Group HSE  
requirements and best practices and to adopt similar requirements  
by the operator. This promotion process can be exercised during  
board meetings, technical assistance contracts or through audits  
when they are part of the shareholders’ agreements.  
In line with the multiple situations encountered in the field, the HSE  
division coordinates the promotion and implementation of new  
policies to support the various HSE departments of the Group’s  
entities and subsidiaries to enable them to prevent or mitigate risks.  
Indicators are monitored so that the Group’s actions in relation to  
personal health and safety can be continuously adapted.  
5.4.1 Preventing occupational accidents  
The Group’s personal safety policy covers three main areas:  
preventing occupational accidents, preventing transport accidents,  
and preventing accidents linked to technological risks, such as fires  
and explosions. It relates to all employees of Group subsidiaries,  
employees of external contractors working on these entities’ sites as  
well as employees of transport companies under long-term contracts.  
The safety results are monitored with the same vigilance for all.  
Indicators defined according to an internal procedure measure the  
main results. In addition to its aim of zero fatalities in the exercise of  
its activities, the Group has set the target of continuously reducing  
the TRIR( and, for 2018, of keeping it below 0.9 for all personnel  
(Group and External Contractors).  
2)  
(
(
1) Excluding Hutchinson and SunPower, which have their own reference frameworks. Hutchinson also has its own audit protocol.  
2) TRIR: Total Recordable Injury Rate.  
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Safety indicators  
2018  
2017  
2016  
Regarding road transport, for many years the Group has been  
monitoring the number of severe road accidents involving its  
employees and those of external contractors. The actions taken have  
reduced the number of severe accidents between 2016 and 2018  
by 33%. Work began in new areas in 2018, particularly relating to the  
use of new technologies in accident prevention (defining a new  
standard for the light vehicles used, driver fatigue detection) and the  
assessment of the driver support and assistance systems offered by  
manufacturers (automatic emergency braking, lane keeping assist,  
lane change assist, etc.).  
(a)  
TRIR : number of recorded  
injuries per million hours  
worked – All Personnel  
0.91  
0.82  
1.01  
0.88  
0.89  
0.88  
0.91  
0.83  
0.99  
Group company employees  
External contractors employees(b)  
(c)  
LTIR : number of lost time  
injuries per million hours  
worked – All Personnel  
0.59  
0.58  
0.51  
Number of severe road accidents(a)  
Light vehicles and public transport(b)  
Heavy goods vehicles(b)  
2018  
7
2017  
11  
2016  
9
SIR(d): average number of days lost  
per lost time injury  
26  
4
28(e)  
1
30(e)  
1
Number of occupational fatalities  
23  
26  
36  
(
(
(
(
(
a) TRIR: Total Recordable Injury Rate.  
b) As defined in point 5.11.4 of this chapter.  
c) LTIR: Lost Time Injury Rate.  
d) SIR: Severity Injury Rate.  
(a) Overturned vehicle or other accident resulting in the injury of a crew member (declared  
incident).  
(b) Vehicles on long-term contract with the Group (> 6 months).  
e) Excluding Saft Groupe.  
With regard to air transport, a carrier selection process exists to limit  
the risks relating to travel by Group and external contractor’s  
employees, if their journey is organized by the Group. This process is  
based on data provided by recognized international bodies: the  
International Civil Aviation Organization (ICAO), the IATA Operational  
Safety Audit (IOSA), the International Association of Oil and Gas  
Producers (IOGP), and civil aviation authority recommendations.  
Airlines that do not have a rating from an international body are  
assessed by an independent body commissioned by the Group.  
The Group’s safety efforts over more than 10 years have resulted in a  
significant improvement in the TRIR and LTIR. Performance has  
stabilized since 2016, mainly due to acquisitions and disposals of  
assets or subsidiaries. The gradual implementation of the One  
MAESTRO framework aims to strengthen the Group’s safety culture  
and create a new drive to improve safety results. Despite the  
measures put in place, in 2018 three accidents resulted in the death  
of four employees working for external contractors: one during road  
transport in Ethiopia, one during a handling operation in the Republic  
of the Congo, and two during an operation to recommission a fuel  
storage tank in Egypt.  
With regard to technological risks (also known as “major” industrial  
risks), the risk analysis and prevention actions are described in point  
5.5.2 of this chapter.  
Generally, an analysis is launched in response to any type of accident  
whatsoever. The method and scope of the analysis depend on the  
actual or potential severity of the event. Consequently, a near miss  
with a high severity potential is treated as a severe accident, and its  
analysis is considered an essential factor of progress. Depending on  
its relevance to the other Group entities, it triggers a safety alert and  
the distribution of a feedback form, depending on the circumstances.  
Whatever the nature of the accident, prevention actions rely on all  
employees abiding by the Group’s safety policies. These are  
disseminated through training courses aimed at the various groups  
of employees (new arrivals, managers, senior executives, etc.),  
including:  
—
Safety Pass: These safety induction courses were started on  
January 1 , 2018, for new arrivals at the Group. Various courses  
st  
Regarding occupational safety, since 2010, the basic rules to be  
scrupulously followed by all personnel, employees and contractors  
alike, in all of the Group’s businesses worldwide, are described in the  
document “Safety at Work: TOTAL’s Twelve Golden Rules”, which  
has been widely circulated within the Group.  
exist depending on the position held, and cover the Company’s  
major risks, the risks linked to the activities on site as well as  
those linked to the workplace. The theoretical content is  
supplemented by practical “life-saving” training sessions;  
—
—
HSE for Managers aimed at operational or functional managers  
who are currently or will in the future be responsible within one of  
the Group’s entities. Sessions are offered on all of the continents  
where TOTAL operates. Seven sessions were held in 2018 with  
305 managers participating;  
The aim of the Golden Rules is to set out simple, easy-to-remember  
rules that cover a large number of occupational accidents. In addition,  
further rules can be found in the One MAESTRO HSE framework,  
the business segment frameworks and the subsidiary frameworks.  
According to the Group’s internal statistics, in more than 44% of  
severe incidents or near misses with high severity potential in the  
workplace, at least one of the Golden Rules had not been followed.  
The proper application of these Golden Rules, and more generally of  
all occupational safety procedures, is verified through site visits and  
internal audits. The Stop Card system, which was set up in 2015,  
also enables any employee of the Group or an external contractor to  
intervene if any of the Golden Rules is not being followed. In addition,  
in 2016, the HSE department created a unit bringing together the  
reference persons on high-risk operations (work at height, lifting,  
high-pressure cleaning, excavations, etc.) in order to consolidate  
in-house knowledge and relations with contractors.  
HSE Leadership for Group Senior Executives focused on safety  
leadership. Its objective is to give senior executives the tools to  
a safety culture within their  
organization. This course is currently being updated, and a pilot  
session in the new format will be held in early 2019. The target is  
for all senior executives to have taken the new module within  
three years.  
communicate and develop  
As TOTAL’s core value, Safety has been a component of the Group’s  
employee compensation policy since 2011. A portion of the variable  
compensation received by employees, as well as by senior executives  
and the Chairman and Chief Executive Officer, depends on the  
achievement of HSE targets (refer to point 4.3.2 of chapter 4 and  
point 5.3.1 of this chapter).  
The reporting of anomalies and near misses (approximately  
6
00,000 per year) is strongly encouraged on a daily basis and is  
With regard to security, the Group has put in place means to analyze  
threats and assess risks in order to take preventive measures to limit  
its exposure to security risks in the countries where it operates.  
permanently monitored. The ability of each employee to identify  
anomalies or dangerous situations is one of the measures of the  
employees’ involvement and vigilance in accident prevention and  
reflects the safety culture within the Group. In 2016, the Group HSE  
Department also created a unit aimed at providing support for sites  
to improve their safety culture upon their request.  
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5.4.2 Preventing occupational health risks through improved assessment  
With regard to prevention of occupational health risks, the Group  
implements a policy that defines the risk assessment methodology  
to be applied by all Group entities and subsidiaries. The associated  
Group directive stipulates that the assessment includes chemical,  
physical, biological, ergonomic and psychosocial risks, and that it  
must result in the design and roll-out of an action plan. In addition, it  
requires that each Group entity sets out a formal medical monitoring  
procedure taking into account the requirements under local law  
Regarding the priority commitment to training, a fully updated PSR  
pack aimed at entity managers, prevention contributors and  
managers was finalized in 2018. Approved by international experts,  
it has now been translated into 11 languages and is the core material  
for training on this subject. The pack consists of two guides: a  
methodological guide for entity managers and anyone with a role in  
PSR prevention, and a practical guide for managers to raise  
awareness of the importance of the quality of life at work as a key  
factor in preventing PSRs. It also aims to support them in the  
day-to-day management of their teams in the event of difficulties,  
risky situations and crisis situations.  
(
frequency, type of examination, etc.) and the level of exposure of its  
personnel to the various risks.  
To complement this program, the Group has set up an employee  
health observatory. The aim is to monitor the health of a sample of  
employees in order to identify the emergence of certain illnesses  
and, if applicable, suggest appropriate preventive measures. The  
data is gathered anonymously during medical examinations and  
covers approximately 12% of Group employees worldwide.  
On a broader level, TOTAL is helping to promote individual and  
collective health programs in the countries where it operates,  
including vaccination campaigns and screening programs for certain  
diseases (AIDS, cancer, malaria, etc.) for employees, their families  
and local communities. Action is also taken regularly to raise awareness  
of lifestyle risks (anti-smoking and anti-drinking campaigns, etc.).  
The Group also has a Medical Advisory Committee that meets  
regularly to discuss key health issues relating to the Group’s activities.  
It decides whether there is a need for additional health protection  
strategies to be implemented. It consists of external scientific experts  
and also brings together the Group’s senior executives and  
stakeholders concerned by these issues.  
The Group has put in place the following indicators to monitor the  
performance of its program:  
Health indicators (WHRS scope)  
2018  
98%  
154  
2017  
98%  
143  
2016  
99%  
108  
Percentage of employees with  
specific occupational risks benefiting  
from regular medical monitoring(  
In terms of prevention, the Group has decided to make psychosocial  
risk prevention a priority commitment. In 2018, the Group identified  
four areas of progress worldwide:  
a)  
5
Number of occupational illnesses  
recorded in the year (in accordance  
with local regulations)  
—
—
a minimum level of awareness and training for all;  
a system for measuring stress and the quality of the social  
climate, facilitating the production of action plans;  
(a) As an exception to the reporting principles described in section 5.11 of this chapter, the 2018  
rate does not include a company that did not report its data in time for the 2018 WHRS.  
—
—
a system for listening to and supporting employees in difficult  
situations;  
Reporting on occupational illnesses covers only the Group’s  
personnel (WHRS scope) and illnesses reported according to the  
regulations applicable in the country of operation of each entity.  
coordination of actions and monitoring of indicators.  
A Quality of Life at Work and Health working group was set up in  
September 2018 to coordinate and ensure the effectiveness of all of  
the actions taken. Led by the Group Human Resources division, all  
of TOTAL’s business segments are represented, particularly the  
international medical department. Its first task is to create and roll  
out a Worldwide Psychosocial Risk (PSR) Prevention program that  
addresses the four areas for progress.  
Musculoskeletal disorders, the main cause of occupational illnesses  
in the Group, represented 69% of all recorded illnesses in 2018,  
against 68% in 2017. Therefore, in addition to ergonomic risk  
assessments and the gradual training of personnel on its sites, the  
annual Group Industrial Hygiene Day in December 2017 was on the  
theme of Ergonomics and Musculoskeletal disorders.  
The annual Group Industrial Hygiene day held in September 2018  
was dedicated to asbestos and refractory ceramic fibers.  
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5.4.3 Minimizing the risks throughout the life cycle of products  
to prevent consumer health and safety risks  
Unless certain precautions are taken, some of the products marketed  
by TOTAL pose potential consumer health and safety risks; the Group  
therefore aims to meet its obligations with regard to information  
and prevention in order to minimize the risks throughout its products’  
life cycle.  
for marketing the Group’s products worldwide in order to reduce  
potential risks to consumer health and the environment. TOTAL  
identifies and assesses the risks inherent to its products and their  
use. The material safety data sheets (MSDS) that accompany the  
products marketed by the Group (in at least one of the languages  
used in the country) as well as product labels are two key sources of  
information. All new products comply with the regulatory requirements  
in the countries and markets for which they are intended.  
TOTAL’s health and products directive sets out the minimum  
requirements to be observed by the Group’s entities and subsidiaries  
5.5 Environmental challenges  
TOTAL places the environment at the heart of its ambition of being a  
responsible company. In light of the specific nature of its activities,  
the Group’s operations pose risks for which TOTAL develops  
structured management systems.  
To address its challenges, TOTAL relies on the HSE division, which is  
part of the People & Social Responsibility division, whose President  
is a member of the Executive Committee. In particular, the HSE  
division is tasked with defining the HSE strategy and policies of the  
Group in line with the business challenges and the One Total  
Company project.  
The Group has therefore identified its main environmental  
challenges:  
The HSE division manages in an integrated manner the  
environmental, security, health and societal challenges associated  
with the Group’s operations. It coordinates the implementation of the  
Group’s Health, Safety, Environment and Quality charter, which  
incorporates these challenges, by defining and monitoring the  
implementation of the One MAESTRO reference framework. This  
reference framework is described in detail in point 5.4 of this chapter.  
—
preventing incident risks connected to major industrial  
events;  
—
limiting its environmental footprint by managing energy  
consumption, emissions in natural environments (water, air,  
soil) and use of natural resources;  
Environmental indicators have been monitored for many years in  
order to constantly adapt the Group’s environmental protection  
measures, which are presented in this section.  
—
—
not to harm biodiversity and ecosystems during projects  
and operations especially when situated in sensitive natural  
environments;  
limiting its production of residual waste by supporting the  
circular economy.  
5.5.1 General policy and environmental targets  
TOTAL considers respect for the environment to be a priority.  
All employees, at every level, must do their utmost to protect the  
environment as they go about their work. TOTAL strives to control its  
energy consumption, its emissions in natural environments (water, air,  
soil), its residual waste production, its use of natural resources and  
its impact on biodiversity. With regards to the environment, TOTAL  
takes a constructive approach that is based on transparency and  
dialogue when communicating with its stakeholders and third parties.  
Quality Charter and the Group’s additional commitments are respected.  
Group steering bodies, led by the HSE division, are tasked with:  
—
monitoring TOTAL’s environmental performance, which is  
reviewed annually by the Executive Committee, for which  
multi-annual improvement targets are set;  
—
—
handling, in conjunction with the business segments, the various  
environment-related subjects of which they are in charge; and  
To this end, the HSE division and the HSE departments within the  
Group’s entities seek to ensure both applicable local regulations and  
internal requirements resulting from the Safety Health Environment  
promoting the internal standards to be applied by the Group’s  
operational entities.  
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The Group’s environmental targets(a)  
:
What has been accomplished:  
—
—
decrease SO air emissions by 50% between 2010 and 2020;  
—
more than 50% reduction in SO2 air emissions reached  
since 2017;  
2
maintain hydrocarbon content of water discharges below  
30 mg/l for offshore sites and below 15 mg/l for onshore and  
—
100% of the Group’s oil sites have met the target for the  
quality of onshore discharges since 2016 and 96% of the  
Group’s oil sites have met the target for the quality of offshore  
discharges in 2018;  
coastal sites;  
—
valorize more than 50% of the waste produced by the sites  
operated by the Group.  
—
more than 50% of the waste produced by the sites operated  
by the Group was valorized in 2018;  
Moreover, the Group is committed to:  
—
systematically develop biodiversity action plans for production  
(1)  
sites located in protected areas ;  
—
—
5 biodiversity action plans deployed or in preparation in 2018;  
no oil and gas exploration or production activity in the area of  
natural sites listed on the UNESCO World Heritage List ;  
—
not conducting oil and gas exploration or production operations  
in the area of natural sites listed on the UNESCO World  
(2)  
(2)  
Heritage List  
;
—
no exploration activity in oil fields under sea ice in the Arctic.  
—
not conducting exploration in oil fields under sea ice in the  
Arctic.  
(a) For the climate change targets, refer to point 5.6 of this chapter.  
The Group’s internal requirements state that the environmental  
management systems of its operated sites that are important for the  
All investment, divestment or acquisition projects which are submitted  
to the Executive Committee for approval are assessed and reviewed  
with regards to their risks and impact, particularly environmental,  
before the final investment decision is made.  
(
3)  
environment must be ISO 14001 certified within two years of  
start-up of operations or acquisition: 100% of these 71 sites were in  
conformity in 2018. Beyond these internal requirements, at the end  
of 2018, a total of 264 sites operated by the Group were  
ISO 14001 certified. In 2018, the Moho Nord site (Republic of the  
Congo) has been ISO 14001 certified.  
TOTAL seeks to ensure that all employees share its environmental  
protection requirements. Employees receive training in the required  
skills. TOTAL also raises employee awareness through internal  
communication campaigns (e.g., in-house magazines, intranet,  
posters).  
5
5.5.2 Preventing incident risks  
To prevent incident risks and, in particular, major industrial events,  
TOTAL carries out periodic risk assessments and implements  
adapted risk-management policies and measures.  
This approach first sets out an analysis of the risks related to the  
Group’s industrial operations, on each site, based on incident  
scenarios for which the probability of occurrence and the severity of  
the consequences are assessed.  
The Group has management structures and systems that present  
similar requirements and expectations across all the entities. TOTAL  
strives to minimize the potential impacts of its operations on people,  
the environment and property through a major technological risk  
management policy. This management draws on a shared approach  
in all segments that includes, on the one hand, risk identification and  
analysis, and on the other hand, the management of these risks.  
Second, based on these parameters, a prioritization matrix is used  
to determine whether further measures are needed in addition to  
compliance with the Group’s standards and local regulations. These  
mainly include preventive measures but can also include mitigation  
measures.  
The management of major technological risks also hinges on:  
This structured approach applies to all of the Group’s operated  
businesses exposed to these risks. In addition to its drilling and  
pipeline transport operations, the Group has at the end of 2018  
—
—
—
staff training and raising awareness;  
a coherent event reporting and indicators system;  
1
95 sites and operating zones exposed to major technological risks,  
which could cause harm or damage to people, property and the  
environment, corresponding to:  
systematic, structured serious event analysis, particularly to learn  
lessons in terms of design and operation;  
—
regularly tested contingency plans and measures.  
—
all the offshore and onshore operating activities in Exploration &  
Production; and  
In terms of monitoring indicators, the Group reports the number of  
Tier 1 and Tier 2 events as defined by the API and the IOGP. The  
Group set itself a loss of primary containment target of under 100  
—
the Seveso classified industrial sites (upper and lower threshold)  
and their equivalents outside the EU (excluding Exploration &  
Production).  
(Tier 1 and Tier 2) in 2018.  
(
(
(
1) Sites located in an IUCN I to IV or Ramsar convention protected area.  
2) Natural sites included on the UNESCO World Heritage List of December 31, 2017.  
3) Sites that emit more than 30 kt CO e per year.  
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The target is slightly exceeded due to the inclusion of new entities in  
the reporting scope. In addition to the 103 Tier 1 and Tier 2 operational  
events indicated in the table below, the Group recorded four Tier  
Oil spill preparedness  
2018  
2017  
2016  
Number of sites whose risk analysis  
identified at least one risk of major  
accidental pollution to surface water(  
1
events and one Tier 2 event due to sabotage or theft in 2018.  
a)  
126  
126  
143  
Loss of primary containment(a)  
Loss of primary containment (Tier 1)  
Loss of primary containment (Tier 2)  
Loss of primary containment  
2018  
30  
2017(b)  
28  
2016(b)  
38  
Proportion of those sites with an  
operational oil spill contingency plan  
99%  
91%  
99%  
Proportion of those sites that have  
performed at least one oil spill  
response exercise during the year  
73  
75  
101  
86% (b)  
95%  
89%  
(Tier 1 and Tier 2)  
103  
103  
139  
(
(
a) The variation of the number of sites between 2016 and 2018 is due to perimeter variation.  
b) Decrease in 2018 compared to 2017 corresponds mainly to two subsidiaries where  
equipment was being refurbished in 2018.  
(
a) Tier 1 and Tier 2: indicator of the number of loss of primary containment events, with  
more or less significant consequences, as defined by the API 754 (for downstream) and  
IOGP 456 (for upstream) standards. Excluding acts of sabotage and theft.  
b) Excluding TEP Barnett in 2016 and 2017.  
(
In the event of accidental pollution, the Group companies can call on  
in-house human and material resources (Fast Oil Spill Team, FOST)  
and benefit from assistance agreements with the main third-party  
organizations specialized in the management of hydrocarbon spills.  
In accordance with industry best practices, TOTAL also monitors  
accidental liquid hydrocarbon spills of more than one barrel. Spills  
that exceed a predetermined severity threshold (in terms of volume  
spilled, toxicity of the product in question or sensitivity of the natural  
environment affected) are reviewed on a monthly basis and annual  
statistics are sent to the Group Performance Management  
Committee. All large spills are followed by corrective actions aimed  
at returning the environment to an acceptable state as quickly as  
possible. Due to their unpredictable nature, there is no quantitative  
target for accidental hydrocarbon spills. Nevertheless, changes in  
the number of spills are observed and analyzed.  
Since 2014, subsea capping and subsea containment equipment  
that can be transported by air has been strategically positioned at  
different points of the world (South Africa, Brazil, Norway and  
Singapore) in order to provide solutions that are readily available in  
the event of oil or gas eruptions in deep offshore drilling operations.  
From these locations, the equipment can benefit TOTAL’s operations  
worldwide. This equipment was developed by a group of nine oil  
companies, including TOTAL, and is managed by Oil Spill Response  
Ltd (OSRL), a cooperative dedicated to the response to marine  
pollution by hydrocarbons. TOTAL has also designed and developed  
its own capping system (“Subsea Emergency Response System”) to  
stop potential eruptions in drilling or production operations as quickly  
as possible. Since 2015, equipment has been installed in Angola,  
then the Republic of the Congo, potentially covering the entire Gulf  
of Guinea region.  
Accidental hydrocarbon spills(a)  
Number of hydrocarbon spills  
Total volume of hydrocarbon spills  
2018  
2017(b)  
2016  
74  
62  
73  
(thousands of m³)  
0.3  
0.5  
0.9  
(
(
a) Accidental spills with an environmental impact and of more than one barrel.  
b) In 2017, the indicator perimeter was updated to exclude spills due to sabotage by a  
third party.  
For its sea and river shipment requirements, TOTAL only charters  
ships and barges that meet the highest international standards. The  
Group has an internal policy that lays down the process and criteria  
by which ships and barges are selected (known as vetting). These  
criteria are based, in particular, on the regulations, best practice and  
recommendations of the OCIMF( and, in Europe, on the European  
Barge Inspection Scheme (EBIS). Tankers and barges are vetted by  
a single centralized Group entity. The average age of the Group  
Shipping division’s time-chartered fleet is approximately six years.  
In order to manage a major accidental spill efficiently, the Group  
implemented a global crisis management system that is primarily  
based on a dedicated organization and a crisis management center  
at the head office to enable the management of two simultaneous  
crises. As part of this process, TOTAL regularly trains in crisis  
management on the basis of risk scenarios identified through  
analyses.  
1)  
With regard to operated marine terminals, the Group got involved in  
an initiative that seeks to systematically record their physical  
characteristics and store this data in a global database that forms  
part of the Marine Terminal Information System (MTIS) of the OCIMF.  
At the end of 2018, 95% of coastal marine terminals and 50% of  
offshore terminals had submitted their characteristics, thereby making  
it easier to assess the compatibility of ships with the ports of call.  
Additionally, since 2018, large TOTAL terminals have used the Marine  
Terminal Management Self Assessment (MTMSA), the framework  
recommended by the industry for the self-assessment of terminals  
and the continuous improvement of the safety of product transfers.  
A training course on ship/shore interface management (SSSCL – Ship  
Shore Safety Check List) and cargo transfer operations, developed  
by the Group in 2016, had completed by operators of 80% of  
operated-terminals by the end of 2018.  
In particular, the Group has response plans and procedures in place  
in the event of a hydrocarbon leak or spill. For accidental spills that  
reach the water surface, oil spill contingency plans are regularly  
reviewed and tested during exercises. These plans are specific to  
each company or site and are adapted to their structure, activities  
and environment while complying with Group recommendations.  
(
1) OCIMF (Oil Companies International Marine Forum): An industry forum including the leading worldwide oil companies. This organization manages, in particular, the Ship Inspection Report  
(SIRE) Programme, which holds and provides access to tanker and river barge inspection reports (Barge inspection Questionnaire – BIQ).  
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5
5.5.3 Limiting the environmental footprint  
Wherever TOTAL conducts its business, it makes sure that it complies  
with applicable laws and regulations, which the Group complements  
with specific requirements and commitments when necessary. TOTAL  
implements an active policy of avoiding, reducing, managing and  
monitoring the environmental footprint of its operations. As part of  
this policy, emissions are identified and quantified by environment  
In 2018, the percentage of sites conforming to the targets for quality  
of offshore discharges decreased due to a site, aquired as part of the  
Mærsk Oil acquisition that exceed the target of the Group. The water  
discharge from this site is minor in terms of volume and represents  
less than 3% of the Group’s global offshore discharge.  
The improvement in the quality of onshore water discharges in 2018  
is linked to a better performance of the waste water treatment plants  
at Anvers, Donges and Normandie Refineries and to the expiry of the  
Mahakam license in Indonesia.  
(
water, air and soil) so that appropriate measures can be taken to  
better control them.  
Water, air  
The Group’s operations generate emissions into the atmosphere from  
combustion plants and the various conversion processes and  
discharges into wastewater. In addition to complying with applicable  
legislation, the Group’s companies actively pursue a policy aimed at  
reducing emissions. After analyses have been conducted and when  
necessary, the sites introduce various reduction systems that include  
organizational measures (such as using predictive models to control  
Soil  
The risks of soil pollution related to TOTAL’s operations come mainly  
from accidental spills (refer to point 5.5.2 of this chapter) and waste  
storage (refer to point 5.5.5 of this chapter).  
The Group’s approach to preventing and managing these types of  
pollution is based on four key principles:  
peaks in sulfur dioxide (SO ) emissions based on weather forecast  
data and the improvement of combustion processes management,  
etc.) and technical measures (wastewater treatment plants, using  
2
—
—
—
—
preventing leaks, by implementing, as far as possible, industry  
best practices in engineering, operations and transport;  
low NO burners and electrostatic scrubbers, etc.).  
carrying out maintenance at appropriate frequency to minimize  
the risk of leaks;  
X
For new facilities developed by the Group, impact assessments are  
systematically carried out on these emissions and, if necessary,  
actions are taken to limit their impact.  
overall monitoring of the environment to identify any soil and  
groundwater pollution; and  
5
In 2010, SO emissions were 99 kt. The Group set itself the target of  
managing any pollution from previous activities by means of  
containment and reduction or elimination operations.  
2
not exceeding 49.5 kt by 2020; it has met this target since 2017.  
In addition, a Group directive defines the following minimum  
requirements:  
Chronic emissions  
into the atmosphere(  
a)  
2018  
2017  
2016  
—
systematic identification of each site’s environmental and health  
impacts related to possible soil and groundwater contamination;  
SO emissions (kt)  
48  
69  
47  
68  
52  
76  
2
NO emissions (kt)  
X
—
assessment of soil and groundwater contamination based on  
various factors (extent of pollution inside or outside the site’s  
boundaries, nature and concentrations of pollutants, presence  
of a vector that could allow the pollution to migrate, use of the  
land and groundwater in and around the site); and  
(a) Refer to point 5.1 of this chapter for the scope of reporting.  
SO emissions that are likely to cause acid rain are regularly checked  
2
and reduced.  
NO emissions, which are mainly concentrated in the Exploration &  
Production, are primarily located offshore and far away from the  
coast. Their impact on air quality is therefore considered to be minor.  
—
management of health or environmental impacts identified based  
on the use of the site (current or future, if any) and the risk  
acceptability criteria recommended by the World Health  
Organization (WHO) and the Group.  
X
Discharged water quality  
Lastly, decommissioned Group facilities operated by Group entities  
or affiliates (i.e., chemical plants, service stations, mud pits or lagoons  
resulting from hydrocarbon extraction operations, wasteland on the  
site of decommissioned refinery units, etc.) impact the landscape  
and may, despite all the precautions taken, be sources of chronic or  
accidental pollution. TOTAL created a policy of evaluation, treatment  
of environmental risks related to soil and groundwater and  
remediation of its sites at the end of their activity. In agreement with  
the authorities, the aim is to allow new operations to be set up once  
the future use of the land has been determined. Remediation  
operations are conducted by specialized entities created by the  
Group. At the end of 2018, 123 industrial sites that were no longer in  
operation (excluding service stations) were in the process of  
remediation.  
In 2018, with regards to discharges to aquatic environments, all of  
the operated sites met the onshore discharge quality target set to  
restrict the impact on receiving environments.  
2018  
2017  
2016  
Hydrocarbon content of offshore  
water discharges (in mg/l)  
14.1  
17.7  
17.2  
%
of sites that meet the target for  
the quality of offshore discharges  
(30 mg/l)  
96%(a) 100%(a) 100%(a)  
Hydrocarbon content of onshore  
water discharges (in mg/l)  
1.8  
2.4  
3.1  
%
of sites that meet the target for  
The Group’s provisions for the protection of the environment and site  
remediation are detailed in Note 12 to the Consolidated Financial  
Statements (point 8.7 of chapter 8).  
the quality of onshore discharges  
(15 mg/l)  
100%  
100%  
100%  
(
a) Alwynn site (United Kingdom) excluded, as its produced water discharges only occur  
during the maintenance periods of the water reinjection system and are subject to a  
specific regulatory authorization.  
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5
Environmental challenges  
Sustainable use of resources  
Fresh water  
Renewables & Power). Following this assessment, two sites were  
identified as being at risk and were reported to the CDP. This analysis  
process is expected to be extended to other current priority sites,  
including eight additional sites that have been identified.  
The Group’s activities, mainly those of Refining & Chemicals, and to  
a lesser extent those of the Exploration & Production, Gas,  
Renewables & Power segments, may potentially have an impact on,  
as well as be dependent of, water resources. This is especially true  
when an activity is located in a water resources sensitive environment.  
In 2018, the Group answered the CDP Water survey for the 2017  
period and was graded A-. The main indicator used in this reporting  
is aggregated withdrawal.  
Fully aware of these challenges, TOTAL implements the following  
water risk management actions:  
Waterꢀrelated indicator(a)  
2018  
2017  
2016  
Fresh water withdrawals excluding  
1.  
monitor water withdrawals to identify priority sensitive sites and  
then carry out a risk assessment;  
cooling water (million m³)  
116  
116  
123  
(a) Refer to point 5.1 of this chapter for the scope of reporting.  
2.  
improve the water resources management depending on  
identified needs, by adapting the priority sites’ environmental  
management system.  
Soil  
TOTAL uses the ground surface that it needs to safely conduct its  
industrial operations and, in 2018, did not make extensive use of  
ground surfaces that could substantially conflict with various natural  
ecosystems or agriculture.  
In order to identify the priority facilities, TOTAL records the withdrawal  
and discharge of water on all of its sites and assesses these volumes  
on the basis of the current and future water stress indicators of the  
WRI Aqueduct tool (currently 9.7% of fresh water withdrawals  
take place in a global water stress area).  
(
1)  
(2)  
In 2018, the Group introduced a specific selection process  
concerning palm oil suppliers to ensure all palm oil purchases for the  
La Mède facility will be certified sustainable in accordance with  
European Union criteria (ISCC EU certification) and are conducted  
with a limited number of suppliers. This certification imposes criteria  
of sustainability and traceability of the oils (carbon footprint,  
non-deforestation, proper soil use, respect for Human Rights) used  
specifically for sustainable biofuels. Those criteria apply to the entire  
production and distribution chain of the sustainable biofuels and are  
regularly updated. To be certified, sustainable biofuels must lead to a  
GHG emissions reduction from well to wheel of minimum 50%  
compared to fossil fuels. As at December 31, 2018, supplies of palm  
oil to La Mède had not yet begun.  
In addition, TOTAL assesses water resources risk levels of priority  
facilities which are those that withdraw more than 500,000 m³ per  
year and are located in areas potentially exposed to water resource  
risks, using the Local Water Tool (LWT) for Oil & Gas from the Global  
Environmental Management Initiative (GEMI). This tool also helps to  
guide the actions taken to mitigate any risks in order to make optimal  
use of water resources on these sites.  
Globally, the sites operated by the Group are not particularly exposed  
to water risk. By the end of 2018, out of the 24 priority sites identified,  
the level of water risk was assessed on 16 priority Group sites  
(
11 Refining & Chemicals, 3 Exploration & Production, 2 Gas,  
5.5.4 Not to harm biodiversity and ecosystems during projects and operations  
TOTAL’s activities may potentially be located in sensitive natural  
environments.  
brochure available on the website sustainable-performance.total.com.  
There are 10 general commitments common to all of the signatory  
companies and an additional 6 commitments specific to TOTAL,  
some of which existed before the initiative. These differentiate the  
Group from its competitors.  
The Group is fully aware of this challenge and takes biodiversity and  
ecosystems into account during its projects and operations. In  
July 2018, and within the framework of the Act4Nature initiative, the  
Group made 16 biodiversity commitments to make this policy more  
tangible. The 16 commitments are described in the biodiversity  
The commitments are currently being implemented. A review of the  
actions that have already been performed is provided below.  
TOTAL commitments  
Achievements  
Commitment No. 1  
The Group extended its commitment not to engage in oil and gas  
exploration or extraction operations at natural sites included on the  
UNESCO World Heritage List of December 31, 2017.  
This commitment is respected. In the Democratic Republic of the  
Congo, where TOTAL made the commitment not to carry out any  
exploration activity in the Virunga National Park, partly located in  
Block III of the Graben Albertine. TOTAL is no longer present in this  
license since January 2019.  
Commitment No. 2  
TOTAL does not conduct any oil exploration activities in oil fields  
under sea ice in the Arctic.  
The Group publishes on its website sustainable-performance.total.com,  
a list of its licenses in the Arctic. No exploration activities have been  
conducted in the oil fields under sea ice in the Arctic.  
(
(
1) World Resources Institute.  
2) According to CDP Water 2018 definition.  
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Commitment No. 3  
TOTAL develops biodiversity action plans for operated production  
sites located in the most sensitive protected areas.  
A biodiversity action plan has been developed for operated production  
sites located in the most sensitive protected areas, corresponding to  
the UICN I to IV or Ramsar categories. Consequently, the biodiversity  
action plan developed in 2015 for Djeno in the Republic of the Congo  
is still being implemented, particularly with regards to the ecosystem  
services of Lagune de la Loubie. Other action plans shall be  
implemented in the short term in Italy (Tempa Rossa project) or the  
medium term, for example, in Uganda (Tilenga project), Tanzania  
(EACOP project) and Papua New Guinea (Papua LNG project).  
Commitment No. 4  
TOTAL commits to implement, as part of Total Foundation, a global  
program for the preservation of forests, mangroves and wetlands.  
For more information on the preservation and restoration of forests,  
refer to point 5.9.3 of this chapter, which presents the Total  
Foundation program, for which the Fondation d’entreprise Total in  
France is primarily responsible.  
Commitment No. 5  
TOTAL develops innovative tools and methods for the analysis and  
modeling of biodiversity data collected as part of its baseline studies  
and promotes their sharing with the scientific community.  
In order to share the data collected by the Group during its baseline  
studies, a cooperation program with Oxford University (Long Term  
Ecology Laboratory), in partnership with Equinor, was launched in  
2018 to develop a marine biodiversity sensitivity screening tool called  
LEFT Marine (Local Ecological Footprint Tool); this tool shall be made  
available to the public so that it can be used by third parties.  
Commitment No. 6  
TOTAL promotes employee awareness of biodiversity issues through  
actions that promote biodiversity at its office buildings.  
In order to raise awareness of biodiversity among employees, the  
Group’s environmental communication plan comprises a series of  
actions that are aimed at employees at its head-office, office and  
sites, and across all segments. In 2018, a brochure on the subject of  
biodiversity, which presented the new Act4Nature commitments and  
the Group’s biodiversity actions, was released and explained through  
a biodiversity MOOC (massive open on-line course) on the Group’s  
intranet.  
5
5.5.5 Promoting a better use of natural resources  
by supporting the circular economy  
With regards to food waste and food poverty, the Group’s activities  
pertaining to food distribution are minor and are therefore not directly  
affected by these issues.  
Between 2017 and 2020, TOTAL is rolling out a range of  
actions that form part of the circular economy and are based  
on five commitments to different areas of the circular economy:  
—
—
—
—
limit the production of waste and favor its valorization,  
develop polymers that contain up to 50% recycled plastic,  
install solar panels on 5,000 service stations,  
Waste prevention and management  
Regarding waste in particular, a Group directive lays down a number  
of minimum waste-management requirements, which limit the  
potential risks associated with the improper management of waste.  
Waste management is carried out in four basic stages: waste  
identification (technical and regulatory); waste storage (soil protection  
and discharge management); waste traceability, from production  
through to disposal (e.g., notes, logs, statements); and waste  
treatment, with technical and regulatory knowledge of the relevant  
processes, under the site’s responsibility.  
improve by an average of 1% per year the energy efficiency  
of the Group’s operated industrial facilities,  
—
incorporate a criterion dedicated to the circular economy  
into the Company’s purchases.  
What has been accomplished:  
—
with regards to the valorization of waste, the target has  
been met,  
The Group’s companies are also focused on controlling the waste  
produced on all of the operated sites, at every stage in their  
operations. This approach is based on the following four principles,  
listed in decreasing order of priority:  
—
conclusive industrial tests have been carried out on the  
three main types of polymer (polyethylene, polypropylene  
and polystyrene),  
—
reducing waste at source by designing products and processes  
that generate as little waste as possible, as well as minimizing  
the quantity of waste produced by the Group’s operations;  
—
—
by the end of 2018, solar panels had been installed on  
880 service stations,  
—
reusing products for a similar purpose in order to prevent them  
from becoming waste;  
for information on energy efficiency, refer to points 5.6.2  
and 5.6.4 of this chapter.  
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Climate change-related challenges  
—
—
recycling residual waste; and  
Since 2017, all the Refining & Chemicals segment’s plastic production  
sites worldwide are participating in the CleanSweep program, which  
aims to achieve zero loss of plastic pellets in handling operations.  
CleanSweep® is an international program that aims to avoid losses  
of plastic pellets during handling operations by the players in the  
plastics industry, so that they are not disseminated into the aquatic  
environment.  
®
recovering energy, wherever possible, from non-recycled products.  
TOTAL deploys programs on its operated sites to valorize (sorting  
and energy valorization) the majority of the Group’s waste. In 2018,  
the Group processed 573 kt of waste (all modes of management  
combined). In the end, the Group’s target of recovering more than  
5
0% of its waste is achieved:  
At end of 2018, the program has been deployed at all polymer sites  
in the Refining & Chemicals segment.  
Waste treatment processes  
Recycling and/or valorization(a)  
Landfill  
2018  
57%  
18%  
25%  
2017  
59%  
13%  
28%  
2016  
58%  
18%  
24%  
The Group is also committed to develop solutions to help end plastic  
waste in the environment, especially in oceans, within the Alliance to  
End Plastic Waste of which TOTAL is a founding member.  
Others (incineration, biotreatment, etc.)  
(
a) The valorization percentages of 2017 and 2018 exclude excavated soil in the scope of  
Port Arthur Ethan Cracker project. It was exceptional non-hazardous waste associated  
with the construction of a new installation which was used as soil cover in a landfill. 2017  
data was restated to take into account this new calculation mode. Refer to point 5.1 of  
this chapter for the scope of reporting.  
5.6 Climate changeꢀrelated challenges  
TOTAL’s ambition is to become the responsible energy major. The  
Group is committed to contributing to the United Nations Sustainable  
Development Goals, particularly with regards to those subjects that  
are connected to climate change and the development of more  
available and cleaner energy for as many people as possible.  
In order to make an effective contribution to the climate change  
issue, TOTAL relies on an organization and structured governance  
framework to make sure climate-related challenges are fully integrated  
into the Group’s strategy. Consequently, the Group has a robust  
strategy and implements a structured risk management system.  
In line with the multiple situations encountered in the field, and while  
supporting the Group’s governance bodies, the Strategy and Climate  
division shapes the Group’s approach to climate change while  
working with the operational divisions of the Group’s business  
segments. By monitoring indicators, progress can be measured and  
the Group’s actions can be adjusted.  
The Group has therefore identified its main climate change  
challenges:  
—
—
—
reduce the greenhouse gas emissions of its operated oil &  
gas activities including methane emissions;  
implement a strategy allowing to reduce the carbon  
intensity of the energy products used by its customers;  
identify and support technologies and initiatives that helps  
respond to the challenge of climate change.  
5.6.1 Governance  
TOTAL has an organization and structured governance framework to  
make sure climate-related challenges are fully integrated into the  
Group’s strategy. Since September 2016, its organization includes a  
Strategy-Innovation corporate division, which includes the Strategy  
Oversight by the Board of Directors  
TOTAL’s Board of Directors ensures that climate-related issues are  
incorporated into the Group’s strategy and examines climate change  
risks and opportunities during the annual strategic outlook review of  
the Group’s business segments.  
&
Climate division as well as the Gas, Renewables & Power business  
segment, whose President is a member of the Executive Committee.  
To carry out its work, the Board of Directors relies on its Strategic &  
CSR Committee, whose rules of procedure were changed in  
September 2017 then in July 2018 in order to broaden its missions  
in the realm of CSR and in questions relating to the inclusion of  
climate-related issues in the Group’s strategy.  
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5
Aware of the importance of climate change challenges faced by the  
Group, the Board of Directors decided, in 2016, to introduce changes  
to the variable compensation of the Chairman and Chief Executive  
Officer to take better account of the achievements of Corporate  
Social Responsibility (CSR) and the Group’s HSE targets. For fiscal  
year 2018, the importance given to these criteria rose further: CSR  
performance is assessed by considering the extent to which climate  
issues are included in the Group’s strategy, the Group’s reputation in  
the domain of Corporate Social Responsibility as well as the policy  
concerning all aspects of diversity.  
He relies on the President, Group Strategy-Innovation, who is a  
member of the Executive Committee, to whom the Senior Vice  
President Strategy & Climate, and the Senior Vice President Climate  
report (refer to the Group organization chart in chapter 1). The Senior  
Vice President Climate chairs the Climate-Energy steering Committee,  
which mainly includes representatives of Strategy and HSE  
management from the various business segments. The mission of  
this Committee consists of structuring the Group’s approach to the  
climate, and in particular to:  
—
propose GHG emission reduction targets for the Group’s  
operated oil & gas facilities;  
The Board of Directors meeting of March 13, 2019 decided to change  
the criteria for the determination of the variable portion of the  
Chairman and Chief Executive Officer’s compensation for the year  
—
propose a strategy to reduce the carbon intensity of the energy  
products used by the Group’s customers;  
2019. Among others, a quantifiable criteria related to the evolution of  
GHG emissions (Scopes 1 & 2) on operated oil & gas facilities (refer  
to chapter 4, section 4.3.2 for details).  
—
—
monitor the existing or emerging CO markets; and  
2
drive new-technology initiatives and projects that can reduce CO2  
emissions (energy efficiency, CO2 capture and storage, for  
example).  
Role of management  
TOTAL’s Chairman and Chief Executive Officer, in compliance with  
the long-term strategic direction set by the Board of Directors,  
implements the strategy of the Group and its business segments  
while making sure climate change challenges are taken into account.  
5.6.2 Strategy  
5
Identification of climate-related risks and opportunities  
Impact of climate-related risks and opportunities  
The risks and opportunities related to climate change are analyzed  
according to different timescales: short term (until 2020), medium  
term (until 2030) and long term (beyond 2030).  
Climate change is at the heart of the Company’s strategic vision.  
TOTAL positions itself on high-growth low-carbon markets and  
intends to offer customers an energy mix with a carbon intensity that  
shall gradually decrease. To accompany these changes, TOTAL has  
introduced a carbon intensity indicator for the energy products used  
by its customers. This indicator is described in point 5.6.4 of this  
chapter.  
The identification of climate-related risks forms an integral part of the  
analysis of investment projects. The impact of these risks is also  
examined for the Group asset portfolio as a whole. These risks are  
presented in detail in point 3.1.2 of chapter 3.  
TOTAL has five major levers to structure its approach.  
Climate change also provides TOTAL with opportunities. In the  
coming decades, demand for electricity will grow faster than the  
global demand for energy, and the contribution of renewables and  
gas to the production of electricity shall therefore play an essential  
role in the fight against climate change. Electricity alone will not be  
sufficient to meet all needs, particularly those connected to transport.  
Gas and sustainable biofuels will be attractive and credible  
alternatives to conventional fuels and the Group intends to develop  
them.  
1) Improving energy efficiency  
Optimizing the energy consumption of its operated facilities is TOTAL’s  
first lever to reduce emissions. The Group therefore aims to improve  
the energy efficiency of its operated facilities by an average of 1%  
per year over the 2010-2020 period, at a time when exploration is  
becoming increasingly complex. This indicator is described in point  
5.6.4 of this chapter.  
Certain sectors, particularly the cement industry and the steel sector,  
could struggle to reduce their GHG emissions. They will therefore  
require CO2 capture, use and storage technology (CCUS).  
Consequently, the Group intends to step up the development of  
CCUS to respond to these new needs.  
TOTAL uses appropriate architectures and equipment and introduces  
technological innovations. For example, on offshore production  
barges, offshore platforms and onshore facilities, heat recovery  
systems at gas turbine exhausts have been implemented thereby  
avoiding the need for furnaces or boiler systems.  
Helping customers to reduce their energy consumption and  
environmental impact also offers opportunities and forms part of a  
trend that will be accelerated by digital technology. TOTAL intends to  
innovate in order to provide them with new product and service offers  
that will support their energy options and their usages. The promotion  
of hybrid solutions combining hydrocarbons and renewables is part  
of this approach. Similarly, services can be offered to optimize energy  
for industrial sites. The Group aims to develop this approach for  
industrial and mobility applications.  
TOTAL also offers customers an energy efficiency consultancy service  
so that they can optimize their own energy consumption and reduce  
their GHG emissions. The recent acquisition of GreenFlex forms part  
of this initiative. By providing consultancy (strategic and operational),  
data intelligence (digital platforms) and financing services, GreenFlex  
helps companies and regions improve their energy and environmental  
performance. The Company’s areas of expertise are varied and  
include, for example, the improvement and management of the  
energy performance of buildings, equipment, utilities and processes,  
sustainable mobility, flexible electricity consumption, renewables and  
positive-energy buildings. More than 700 companies have already  
been supported by GreenFlex.  
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Climate change-related challenges  
Finally, in 2017, TOTAL signed an agreement with Fondation  
GoodPlanet, chaired by Yann Arthus-Bertrand, for the implementation  
of a program to neutralize the carbon emissions from air travel by  
Group employees over a 10-year period. This project is expected to  
4) Developing sustainable biofuels  
A pioneer in biofuels for more than 20 years, TOTAL is now one of  
Europe’s major actors with 2.4 Mt blended sustainable biofuels( in  
4)  
2018 for a worldwide distribution of 3.2 Mt.  
avoid the emission of 50,000 t of CO into the atmosphere per year.  
2
It will entail the creation and operation of 8,400 biodigesters in India.  
Furthermore, TOTAL produced 0.1 Mt of sustainable biofuels in its  
refineries in 2018. Production at La Mède factory, scheduled to start  
in 2019, with a capacity of 0.5 Mt per year of hydrotreated vegetable  
oil (HVO) based on sustainable certified charges. The Group intends  
to reach a market share of over 10% in Europe in HVO production.  
Biofuels that are currently available are mainly made with vegetable  
oil and sugar.  
2) Growing in natural gas  
To respond responsibly to the strong rise in demand for electricity,  
TOTAL remains committed to gas, whose CO2 emissions are half  
those of coal when used to generate electricity 1).  
(
The Group wishes to be present throughout the whole gas chain,  
from production to end customer. Significant operations have taken  
place in the upstream and the downstream to make this possible.  
Upstream, TOTAL has acquired a stake in the giant Yamal LNG  
project in the north of Russia. The Group has also acquired the LNG  
assets of Engie. These two complementary portfolios allow for the  
management of a volume of nearly 40 Mt of LNG as from 2020.  
Downstream, the Group has made strategic acquisitions, such as  
Direct Énergie and Lampiris, gas and electricity suppliers on the  
French and Belgian markets, and has developed Total Spring, which  
was launched in 2017 on the French market.  
For more than 10 years, TOTAL’s R&D teams have developed  
technologies that have broadened the range of usable resources, while  
also meeting the need for sustainability. The consortium BioTFuel is  
working on, for example, the development of lignocellulose (plant  
waste).  
5) Investing in carbon sink businesses  
Carbon storage is key to achieving carbon neutrality in the second  
st  
half of the 21 century. TOTAL is focusing, on the one hand, on  
developing CCUS and, on the other, on preserving and restoring the  
capacity of ecosystems to act as carbon sinks. CCUS is vital for  
several industries, especially those that emit massive amounts of CO2  
due to the nature of their business (cement, steel, etc.). TOTAL  
allocates significant resources to this area by dedicating up to 10%  
of the Group’s R&D budget to it. Several projects have made  
substantial progress in recent months. Northern Lights (Norway) is a  
project in which the Group participates alongside Equinor and Shell.  
Finally, TOTAL has committed itself to gas fuel for transport by  
acquiring a 25% stake in Clean Energy Fuels Corp., one of the  
leading distributors of gas fuel for HGVs in the United States, and by  
signing a contract with CMA-CGM, the first shipping company to  
equip its transcontinental container ships with LNG-powered engines.  
Strengthening the position of gas in the energy mix must however be  
accompanied by a greater focus on control of methane emissions.  
To preserve the advantage that gas offers in terms of GHG emissions  
compared to coal for electricity generation, it is necessary to strictly  
reduce the methane emissions associated with the production and  
transportation of gas. In 2018, TOTAL’s methane emissions are kept  
TOTAL is also a partner of the Clean Gas Project (UK), together with  
the OGCI’s investment fund and a few companies of the sector(  
5)  
.
TOTAL announced in February 2019 the creation of an entity  
dedicated to investments in natural carbon sinks, composed of  
experts in environment and agronomy, with an investment budget  
(2)  
below 0.25% of the commercial gas produced . TOTAL’s target is  
to sustainably reduce the intensity of its methane emissions of its  
operated facilities in the Exploration & Production segment to less  
than 0.20% of commercial gas produced by 2025.  
$
100 million per year from 2020 onwards. Furthermore, actions of  
preservation and restoration of the forest are currently conducted  
refer to point 5.9 of this chapter which presents the Total Foundation  
(
program carried mainly by the Fondation d’entreprise Total).  
The Group has been a member since 2014 of the partnership  
between governments and industrial companies for the improvement  
of tools to measure and control methane emissions set up by the  
Climate and Clean Air Coalition and promoted by UN Environment  
and the non-profit organization Environmental Defense Fund. The  
Group also took several actions as part of the Oil & Gas Climate  
Initiative and signed the guiding principles on the reduction of  
Sector initiatives and international framework  
TOTAL is also committed to various sector initiatives on the main  
challenges raised by climate change. Indeed, tackling climate change  
requires cooperation between all actors, from both public and private  
sectors.  
Thus, TOTAL joined, in 2014, the call of the UN Global Compact,  
(3)  
methane emissions on the gas value chain  
.
which encourages companies to consider a CO price internally and  
2
publicly support the importance of such a price via regulation  
mechanisms suited to the local context. In particular, TOTAL  
advocates the emergence of a balanced, progressive international  
agreement that prevents the distortion of competition between  
industries or regions of the world. Drawing attention to future  
constraints on GHG emissions is crucial to changing the energy mix.  
TOTAL therefore encourages the setting of a worldwide price for  
each ton of carbon emitted, while ensuring fair treatment of “sectors  
exposed to carbon leakage” (as defined by the EU). In addition,  
TOTAL is working with the World Bank as part of the Carbon Pricing  
Leadership Coalition (CPLC). In June 2017, TOTAL became a  
founding member of the Climate Leadership Council, an initiative that  
calls for the introduction of a “carbon dividend”, namely a  
redistribution mechanism that would tax the biggest fossil fuel  
consumers (the population’s wealthiest citizens) in order to pay a  
dividend to the entire population.  
3
) Developing a profitable low-carbon electricity  
business  
TOTAL is developing along the whole of the low-carbon electricity  
value chain, from electricity generation, storage and sale to the end  
customer. As demand for electricity is expected to grow strongly in  
the coming decades, TOTAL intends to become a major player in  
this segment. To meet this target, TOTAL plans to invest $1.5 to  
$2 billion per year. In 2018, the Group completed the acquisition of  
Direct Énergie, a French electricity supplier, for nearly €2 billion. With  
regards to the generation of electricity, TOTAL aims at holding a  
production capacity of 10 GW of low-carbon electricity by 2023. In  
2
018, TOTAL acquired four combined-cycle natural gas power plants  
in France with a global capacity of 1.6 GW. Refer to chapter 2 for  
further information on recent acquisitions.  
(
1) Source: International Reference Centre for the Life Cycle of Products, Processes and Services; Life cycle assessment of greenhouse gas emissions associated with natural gas and coal  
in different geographical contexts, October 2016.  
(
(
(
(
2) Refer to the OGCI methodology for methane intensity calculation: http://oilandgasclimateinitiative.com/blog/methodological-note-for-ogci-methane-intensity-target-and-ambition.  
3) “Guiding Principles on Reducing Methane Emissions across the Natural Gas Value Chain”.  
4) Physical volume of biofuels in equivalent ethanol and esters according to the rules defined by the European RED Directive, excluding volumes sold to third parties via trading.  
5) BP, ENI, Equinor, Occidental Petroleum and Shell.  
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Climate change-related challenges  
5
In 2014, TOTAL was actively involved in launching and developing  
the Oil & Gas Climate Initiative (OGCI), a global industry partnership.  
At year-end 2018, this initiative involved 13 major international energy  
players. Its purpose is to develop solutions for a sustainable low  
emissions future. Launched in 2017, the OGCI Climate Investments  
fund, which has access to over $1 billion over 10 years, invests in  
technology that significantly cuts emissions. The fund’s initial  
investments notably are: a large-scale industrial CO2 capture and  
storage project (Clean Gas Project); a solution that reduces the  
carbon footprint of cement by using CO2 instead of water to set  
concrete (Solidia Technologies); a high-efficiency opposed-piston  
engine that reduces GHG emissions (Achates Power) and a  
TOTAL also actively participates in the debate on climate issues,  
thanks especially to its long-term partnerships with university chairs,  
such as the Climate Economics Chair at Paris-Dauphine University,  
the climate change research program of Massachusetts Institute of  
Technology (MIT)( , and Toulouse School of Economics. Lastly,  
TOTAL offers training and makes presentations at several universities,  
thereby taking part in the debate.  
1)  
Resilience of the organization’s strategy  
In order to ensure the viability of its projects and long-term strategy  
in light of the challenges raised by climate change, the Group  
integrates, into the financial evaluation of investments presented to  
the Executive Committee, either a long-term CO2 price of $30 to  
technology that incorporates CO as a raw material in the production  
2
of polyols used in polyurethanes, which are plastics that have multiple  
uses (Econic Technologies).  
$
40 per ton (depending on the price of crude), or the actual price  
of CO in a given country if higher.  
2
The Group also plays a role in various international initiatives that  
involve the private and the public sectors to bring about  
Regulations designed to gradually limit fossil fuel use may, depending  
on the GHG emission limits and time horizons set, negatively and  
significantly affect the development of projects, as well as the  
economic value of certain of the Group’s assets.  
(non-exhaustive list):  
—
—
—
carbon pricing within Caring for Climate – United Nations Global  
Compact, and the Paying for Carbon call;  
The Group performs sensitivity tests to assess the ability of its asset  
the end of routine flaring of gas associated to oil production  
within the World Bank’s Zero Routine Flaring by 2030 initiative;  
portfolio to withstand an increase in the price per ton of CO . These  
2
(2)  
studies show that a long-term CO price of $40/t applied worldwide  
2
would have a negative impact of around 5% on the discounted  
present value of the Group’s assets (upstream and downstream). In  
addition, the average reserve life of the Group’s proved and probable  
reserves is approximately 20 years and the discounted value of  
proved and probable reserves beyond these 20 years is less than  
10% of the discounted value of the Group’s upstream assets.  
greater transparency, while taking into account the  
recommendations of the G20 Financial Stability Board on climate,  
and of the Task Force on Climate-related Financial Disclosures  
(
TCFD); and  
the development of new state-of-the-art energy companies, since  
017 within the Breakthrough Energy Coalition (BEC), a group of  
—
2
As part of the annual preparation of its long-term plan, TOTAL makes  
long-term energy demand forecasts (oil, gas and electricity). The  
Group presented in February 2019 these forecasts (Total Energy  
Outlook), available on total.com.  
investors created by Bill Gates in 2015, and since 2016 within  
the Breakthrough Energy Ventures, a $1 billion fund created in  
2016 by the BEC.  
5
5.6.3 Risk management  
Processes to identify and assess risks related to climate change  
The Group also ensures that it assesses the vulnerability of its facilities  
to climate hazards so that the consequences do not affect the  
integrity of the facilities, or the safety of people. More generally, natural  
hazards (climate-related risks as well as seismic, tsunami, soil strength  
and other risks) are taken into account in the construction of industrial  
facilities, which are designed to withstand both normal and extreme  
conditions. The Group carries out a systematic assessment of the  
possible repercussions of climate change on its future projects. These  
analyses include a review by type of risk (e.g., sea level, storms,  
temperature, permafrost) and take into account the lifespan of the  
projects and their capacity to gradually adapt. These internal studies  
have not identified any facilities that cannot withstand the  
consequences of climate change known today.  
Climate-related risks form part of the major risks that are identified  
and analyzed by the Group Risk Management Committee. The latter  
therefore has a map of the climate-related risks to which the Group  
is exposed.  
In addition, the Risk Committee (CORISK) assesses investment  
projects, risks and corresponding climate-related issues (flaring, GHG  
emissions, sensitivity to CO prices) before they are presented to the  
2
Executive Committee.  
Processes to manage risks related to climate change  
In its decision-making process, the risks and associated climate  
issues are assessed prior to the presentation of the projects to the  
Executive Committee. if the level of risk requires it, they are subject  
to mitigation measures.  
Integration of climate-related risks into global risk management  
The risks related to climate issues are fully integrated in TOTAL’s  
global risk management processes.  
With regard to risks related to climate issues, TOTAL, in accordance  
with its Safety Health Environment Quality Charter, is committed to  
managing its energy consumption and develops processes to  
improve its energy performance and that of its customers.  
The Audit Committee takes part in the annual review of the results of  
the climatic and environmental reporting process. In addition, these  
results are audited by an independent third party.  
(
(
1) The Joint Program on the Science and Policy of Global Change.  
2) 40$/t as from 2021 for all countries, or the current price in a given country if it is higher than 40$/t.  
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5
Climate change-related challenges  
5.6.4 Targets and metrics to measure climateꢀrelated risks  
and opportunities  
TOTAL has set itself targets and introduced a number of indicators to coordinate its performance.  
The Group’s climate targets:  
What has been accomplished:  
—
—
—
an 80% reduction of routine flaring(1) on operated facilities  
between 2010 and 2020 in order to eliminate it by 2030,  
—
—
—
—
more than 80% reduction in routine flaring between 2010  
and 2018;  
an average 1% improvement per year in the energy efficiency  
of operated facilities between 2010 and 2020,  
more than 10% improvement in energy efficiency between  
2010 and 2018;  
a sustainable reduction in the intensity of the methane  
emissions of the Exploration & Production segment’s operated  
facilities to less than 0.20% of the commercial gas produced,  
by 2025.  
an intensity of the methane emissions below 0.25% of the  
commercial gas produced in 2018;  
a GHG emission reduction (Scopes 1 & 2) on operated oil &  
gas facilities from 46 Mt CO e to 42 Mt CO e between 2015  
2
2
—
a GHG emission reduction (Scopes 1 & 2) on operated oil &  
gas facilities of 46 Mt CO e in 2015 to less than 40 Mt CO e  
and 2018.  
2
2
in 2025.  
The Group also intends to reduce the carbon intensity of energy  
products used by its customers by 15% between 2015, the date of  
the Paris Agreement, and 2030. This carbon intensity was reduced  
from 75 g CO /kBtu in 2015 to 71 g CO /kBtu in 2018, a reduction of  
more than 5%.  
2
2
Indicators related to climate change(a)  
2018  
2017  
2016  
2015  
SCOPE 1 Direct greenhouse-gas emissions (operated scope)  
Mt CO 2e  
Mt CO2e  
40  
38  
41  
42  
Breakdown by segment  
Exploration & Production  
18  
2
17  
0
19  
0
19  
-
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
Mt CO  
2
e
Mt CO2e  
Mt CO2e  
Mt CO2e  
Mt CO 2e  
Mt CO2e  
21  
< 1  
54  
4
21  
< 1  
50  
4
22  
< 1  
51  
4
22  
< 1  
50  
4
SCOPE 1 Direct greenhouse-gas emissions based on the Group’s equity interest  
SCOPE 2 Indirect emissions attributable to energy consumption by sites  
GHG emissions (Scopes 1 & 2) on operated oil & gas facilities  
42  
41  
45  
46  
SCOPE 3(b) Other indirect emissions – Use by  
customers of products sold for end use  
Mt CO 2  
e
400  
400  
420  
410  
Net primary energy consumption (operated scope)  
Group energy efficiency indicator  
TWh  
143(c)  
142  
150  
153  
Base 100  
in 2010  
88.4  
85.7  
91.0  
90.8  
Daily volume of all flared gas (Exploration & Production operated scope)  
3
(including safety flaring, routine flaring and non-routine flaring)  
Mm /d  
6.5  
1.1  
71  
5.4  
1.0  
73  
7.1  
1.7(d)  
74  
7.2  
2.3(e)  
75 (f)  
3
Of which routine flaring  
Mm /d  
Carbon intensity of energy products used by customers of the Group  
g CO e /kBtu  
2
(
a) Refer to point 5.11 of this chapter for the scope on reporting.  
(
b) The Group usually follows the oil industry reporting guidelines published by IPIECA which are conform to the GHG Protocol methodologies. In this document, only item 11 of scope 3 (use  
of sold products), which is the most significant, is reported. Emissions for this item are calculated based on sales of finished products for which the next stage is end use, in other words  
combustion of the products to obtain energy. A stoichiometric emission factor is applied to these sales (oxidation of molecules to carbon dioxide) to obtain an emission volume.  
c) Excluding primary energy consumption of Direct Énergie gas power plants.  
(
(
(
(
d) Estimated volume at end 2016 based on new definition of Routine Flaring published in June 2016 by the Working Group Global Gas Flaring Reduction.  
e) Volumes estimated upon historical data.  
f) Indicator developed in 2018, with 2015 as the baseline year.  
(1) Routine flaring, as defined by the working group of the Global Gas Flaring Reduction program within the framework of the World Bank’s Zero Routine Flaring initiative.  
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Climate change-related challenges  
5
All this data as well as the related risks are also reported to  
the CDP once year, and TOTAL’s response to the CDP  
Climate Change questionnaire is posted on the Group’s website  
sustainable-performance.total.com). For its 2018 reporting regarding  
017 activities, the Group received an A-.  
avoided throughout the life cycle by the use of “Total Ecosolutions”  
products and services, compared to the use of benchmark products  
on the market and for an equivalent level of service, are measured  
annually based on sales volumes. This represented 1,75 Mt CO2e  
in 2018.  
a
(
2
Flaring  
GHG emissions  
Reducing routine flaring has been a long-standing target of the Group,  
which designs its new projects without resorting to it. In addition,  
TOTAL is committed to putting an end to routine flaring of its operated  
facilities by 2030. An 80% reduction target was set for 2020  
compared to 2010, in other words, an average of 1.5 Mm3/d. This  
target has been met since 2017.  
The Group has reduced by 25% the GHG emissions produced by its  
operated activities since 2010. This reduction was reached thanks to  
notably reducing flaring and improving energy efficiency.  
In February 2019, TOTAL announced a target to reduce GHG  
emissions (Scopes 1 & 2) on its operated oil & gas facilities from  
4
6 Mt CO e to less than 40 Mt CO e in 2025.  
2
2
Furthermore, as part of the Global Gas Flaring Reduction program,  
TOTAL has worked alongside the World Bank for over 10 years to  
help producing countries and industrial players control flaring of gas  
associated to oil production.  
Carbon intensity indicator of the products  
used by its customers  
TOTAL wishes to fully address the issue regarding the emissions of  
energy products used by its customers and therefore decided to  
report all of the emissions associated with these products in the form  
of a carbon intensity indicator.  
The increase in flaring linked to oil production in 2018 is due to  
acquisition and startup of new sites.  
Energy efficiency  
This indicator measures the average GHG emissions of these  
products, from production in TOTAL facilities to end use by  
customers. This indicator takes into account:  
One of the Group’s performance targets is to better control energy  
consumption. Since the beginning of 2013, a Group directive has  
defined the requirements to be met at operated sites using more  
than 50,000 tons of oil equivalent per year of primary energy  
—
for the numerator:  
– the emissions connected to the production and conversion of  
energy products used by its customers on the basis of the  
Group’s average emission rates,  
(
approximately 40 sites). At end 2018, all the concerned sites reported  
compliance or had taken steps to comply with this directive. The aim  
is to ensure that 100% sites using more than 50,000 tons of oil  
equivalent per year by the end of 2020 have an auditable energy  
management system, such as the ISO 50001 on energy  
management . A certain number of sites that use less than 50,000  
tons of oil equivalent per year have, voluntarily, taken measures to  
become ISO 50001 certified.  
– the emissions connected to the use of energy products used  
by the customers. For each product, stoichiometric emission  
factors( are applied to these sales to obtain an emission  
volume. Non-fuel use products (bitumen, lubricants, plastics,  
etc.) are not taken into account,  
2)  
(1)  
5
– negative emissions stored thanks to CCUS and natural carbon  
sinks;  
Energy efficiency is a key factor for the improvement of economic,  
environmental and industrial performance. Since 2013, the Group  
has used a Group Energy Efficiency Index (GEEI) to assess its  
performance in this area. It consists of a combination of energy  
intensity ratios (ratio of net primary energy consumption to the level  
of activity) per business.  
—
for the denominator: the quantity of energy sold, knowing that  
electricity is placed on an equal footing with fossil fuels by taking  
into account the average capacity factor and average efficiency  
ratio.  
The Group intends to reduce its carbon intensity by 15% between  
2015, the date of the Paris agreement, and 2030. This undertaking  
represents a responsible contribution by TOTAL to the Paris  
agreement targets and it also enables the Group to fulfill its mission  
to supply to as many people as possible a more affordable, more  
available and cleaner energy.  
The Group’s target for the 2010-2020 period is to improve the energy  
efficiency of its operated facilities by an average of 1% per year. By  
design, the base value of the GEEI was defined as 100 in 2010 and  
the target is to reach 90.4 in 2020. This target has been met since  
2017.  
Through the “Total Ecosolutions” program, the Group is developing  
innovative products and services that perform above market  
standards on the environmental front. At year-end 2018, 97 products  
Additional work on this method, whose main principles have already  
been established, is currently taking place. This work will improve the  
accuracy of the method used to calculate the method’s various  
components.  
and services bore the “Total Ecosolutions” label. The CO e emissions  
2
5.6.5 TCFD correspondence table  
In June 2017, the TCFD(3) of the G20’s Financial Stability Board  
published its final recommendations on information pertaining to  
climate to be released by companies. These recommendations  
include additional details for certain sectors, such as energy.  
expected to be disclosed in financial filings, and the additional  
information that they choose to report on a voluntary basis. TOTAL  
also believes that the quantification of impacts of different scenarios  
may not be relevant to investors as assumptions made by different  
companies may strongly diverge. The Group considers that  
companies have a major role to play in shaping how these issues  
evolve and that the modalities of the application of scenarios and the  
use of metrics should be further studied.  
TOTAL publicly announced its support for the TCFD and its  
recommendations during the summer of 2017, while noting that it is  
up to companies to define the information about climate-related risks  
and opportunities that are significant, which, consequently, are  
(1) The ISO 50001 standard accompanies the implementation in companies of an energy management system that allows a better use of energy.  
(2) The emission factors used are taken from a technical note from the CDP: Guidance methodology for estimation of scope 3 category 11 emissions for oil and gas companies.  
(3) Task Force on Climate-related Financial Disclosures.  
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5
Climate change-related challenges  
TOTAL continued discussions by taking part in the Oil & Gas Preparer  
Forum set up by the TCFD in the autumn of 2017; this work resulted  
in the publication, in July 2018, of best practices on the disclosure of  
climate-related information and on the implementation of TCFD  
recommendations by the four companies that are members of the  
Forum(  
1)  
.
Source of information in  
TOTAL’s reporting  
Thematic area  
Recommended TCFD disclosures  
Governance  
Disclose the organization’s governance around  
climate-related risks and opportunities.  
a) Describe the board’s oversight of climate-related  
risks and opportunities.  
RD 2018 – 5.6.1  
CR p. 10  
CDP C1.1  
b) Describe management’s role in assessing and  
managing climate-related risks and opportunities.  
RD 2018 – 5.6.1  
CR p. 5-9  
CDP C1.2  
Strategy  
Disclose the actual and potential impacts of  
climate-related risks and opportunities on the  
organization’s businesses, strategy, and financial  
planning where such information is material.  
a) Describe the climate-related risks and opportunities  
the organization has identified over the short,  
medium, and long term.  
RD 2018 – 5.6.2  
CDP C2  
b) Describe the impact of climate-related risks and  
opportunities on the organization’s businesses,  
strategy, and financial planning.  
RD 2018 – 5.6.2  
CDP C2.5, C2.6  
c) Describe the resilience of the organization’s strategy,  
taking into consideration different climate-related  
scenarios, including a 2°C or lower scenario.  
RD 2018 – 5.6.2  
CR p. 30  
Risk Management  
Disclose how the organization identifies, assesses,  
and manages climate-related risks.  
a) Describe the organization’s processes for identifying  
and assessing climate-related risks.  
RD 2018 – 5.6.3  
CDP CC2.2  
b) Describe the organization’s processes for managing  
climate-related risks.  
RD 2018 – 5.6.3  
CDP C2.2d  
c) Describe how processes for identifying, assessing,  
and managing climate-related risks are integrated  
into the organization’s overall risk management.  
RD 2018 – 5.6.3  
CDP C3.1  
Metrics & targets  
Disclose the metrics and targets used to assess  
and manage relevant climate-related risks and  
opportunities where such information is material.  
a) Disclose the metrics used by the organization to  
assess climate-related risks and opportunities in line  
with its strategy and risk management process.  
RD 2018 – 5.6.4  
CR p. 52  
CDP C6.5, C10  
b) Disclose Scope 1, Scope 2, and, if appropriate,  
Scope 3 greenhouse gas (GHG) emissions, and the  
related risks.  
RD 2018 – 5.6.4  
CR p. 52  
CDP C6.5, C10  
c) Describe the targets used by the organization to  
manage climate-related risks and opportunities and  
performance against targets.  
RD 2018 – 5.6.4  
CR p. 24-25, 42  
CDP C4.1a,b  
Key:  
CR = TOTAL’s 2018 Climate Report CDP = TOTAL’s 2018 response to the CDP Climate Change questionnaire (available on total.com)  
(1) Eni, Equinor, Shell and TOTAL, with the support of the WBCSD (World Business Council for Sustainable Development).  
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Actions in support of human rights  
5
5.7 Actions in support of human rights  
The main challenges associated with the Group activities and respect  
for human rights are identified using the methodology set out in the  
United Nations Guiding Principles Reporting Framework relating  
to the “salient issues” with regard to human rights, that is to say the  
human rights at risk of the most severe negative impact through the  
Company’s activities or business relationships.  
The Ethics Committee is a central and independent structure where  
sit representatives of all TOTAL’s business segments. Its key role is  
one of listener and support. Both employees and external  
stakeholders can refer matters to the Ethics Committee by email  
at ethics@total.com. The Committee ensures the confidentiality of  
the complaints, which can only be lifted with the agreement of the  
complainant.  
The Human Rights Department and the Ethics Committee rely on a  
network of “ethics officers” in charge of promoting the values set out  
in the Code of Conduct among employees working in the Group’s  
subsidiaries and ensuring that the Group’s commitments are correctly  
implemented at the local level.  
This analysis, as well as the internal risk mapping activities,  
have led the Group to identify six risks subdivided across three  
key areas:  
—
“Human rights in the workplace” of TOTAL’s employees as  
well as of the employees of its suppliers and other business  
partners:  
Awareness-raising and training  
–
–
–
forced labor and child labor,  
discrimination,  
just and favorable conditions of work and safety;  
To ensure that employees understand the Group’s commitments,  
TOTAL raises their awareness via internal communication channels,  
such as its Ethics and Human Rights intranet websites or by means  
of events such as the annual Business Ethics Day. In 2018, the  
Business Ethics Day was held in December on the day of the  
—
—
“human rights and local communities”:  
–
–
access to land,  
the right to health and an adequate standard of living;  
th  
70 anniversary of the Universal Declaration of Human Rights.  
“respect for human rights in security-related activities”:  
the risk of misuse of force.  
Since 2011, the Group has issued and made available to its  
employees and other stakeholders a Human Rights Guide which  
comes as complement to the Group’s Code of Conduct. It aims to  
raise the Group’s employee’s awareness on issues relating to human  
rights in their industry and provides guidance as to the appropriate  
behavior to adopt in their activities and relationships with  
stakeholders.  
–
5
In 2016, TOTAL published an initial Human Rights Briefing Paper, in  
line with the UN Guiding Principles Reporting Framework, making it  
the first company in the oil and gas industry to do so. An updated  
version of this document was published in 2018 (available at  
sustainable-performance.total.com).  
TOTAL also organizes special trainings tailored to the challenges  
faced on the field by employees who are particularly exposed to  
such issues such as human rights training sessions for HSE experts  
and Community Liaison Officers (CLO) organized with the Danish  
Institute for Human Rights (DIHR) or sessions designed to raise  
awareness of the Group’s Ethics Officers. Actions intended to raise  
awareness of the Group’s external stakeholders, such as specific  
VPSHR trainings for the private security providers, are also organized.  
The Forum of the United Nations on Business and Human Rights  
2
018 invited the Chairman and CEO to attend a panel of senior  
business leaders at the opening plenary session on November 26,  
018. This opportunity has allowed TOTAL to explain how the Group  
integrates respect for human rights into its operations and value  
chain and how it puts into practice reasonable diligence concerning  
human rights, as well as to remind the challenges that needs to be  
tackled.  
2
Assessments  
TOTAL’s human rights approach is based on written commitments.  
It is supported by a dedicated organization, and embedded through  
an awareness-raising and training program, as well as evaluation  
and follow-up mechanisms aiming at measuring the effectiveness of  
the Group’s actions.  
The practices of the Group’s entities and the risks to which they may  
be exposed are regularly evaluated when it comes to human rights  
issues. The Group works with independent third parties and qualified  
experts to conduct these assessments.  
Since 2002, the British company GoodCorporation has assessed  
the policies and practices of more than 120 entities with regard to  
the principles and values enshrined in the Group’s Code of Conduct.  
During these evaluations, the working conditions in the Group’s  
activities and service stations are assessed, among other things. In  
2018, seven entities were assessed. These evaluations help identify  
entities’ best practices, share them within the Group and highlight  
areas for improvement. The Group uses these evaluations as  
opportunities to encourage its employees to voice their concerns in  
a confidential manner and report behaviors contrary to the Code of  
Conduct. These evaluations confirm that the Code of Conduct is  
well known by the Group’s employees. TOTAL must nevertheless  
continue to raise awareness among its commercial and industrial  
partners, in particular with regard to respect for human rights at  
work. The supplier’s qualification and evaluation procedure which is  
being progressively deployed by Total Global Procurement, described  
in point 5.10 of this chapter, contributes to raise these partners’  
awareness.  
Written commitments  
TOTAL is committed to respecting internationally recognized human  
rights wherever the Group operates, in particular the Universal  
Declaration of Human Rights, the Fundamental Conventions of the  
International Labor Organization, the UN Guiding Principles on  
Business and Human Rights and the Voluntary Principles on Security  
and Human Rights (VPSHR).  
A dedicated organization  
The Group’s Human Rights Department provides advice and support  
to employees and operational divisions and supervises efforts made  
to promote respect for human rights in close collaboration with the  
Ethics Committee. In particular, it runs a Human Rights Committee  
which coordinates the actions taken internally and externally by the  
various Group entities.  
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Actions in support of human rights  
Stand-alone human rights impact assessments may also be  
conducted in addition to the environmental and societal impact  
assessments in high risk areas or conflict zones with the support of  
independent experts such as the Danish Institute for Human Rights,  
a Danish public non-profit organization. In 2017 and 2018, the Danish  
Institute for Human Rights conducted two human rights impact  
assessments of our projects in Papua New Guinea and Myanmar. In  
Papua New Guinea, the assessment focused on equal treatment  
between women and men, security and conflict. The  
recommendations included in particular awareness-raising of the  
relevant stakeholders to complaint mechanisms and the periodic  
measurement of their effectiveness; the organization of trainings on  
the Voluntary Principles on Security and Human Rights (VPSHR) for  
government security forces and private security providers. As a result  
of this study, steps have been taken by the entity to implement these  
recommendations. Other non-profit partner organizations, such as  
the CDA Corporate Engagement Project, also contribute to the  
evaluation of the societal impact of the Group’s activities or projects  
on nearby local communities. It includes interviews with local  
communities. CDA’s reports are available on their website.  
The Group also assesses the practices of its suppliers, including the  
working conditions of their own employees (refer to point 5.10 of this  
chapter).  
Follow-up  
The Group’s approach is integrated within a Human rights roadmap  
endorsed by the Group’s Executive Committee at regular intervals.  
The 2017-2018 roadmap on human rights focuses on three main  
areas for improvement: integrating human rights considerations in  
business practices at local level; improving management awareness  
and accountability on human rights issues at all levels; improving  
evaluation processes of at risk entities, the tools available to them  
and their follow-up. It includes an action plan for relevant Group’s  
division and business segments.  
5.7.1 Human rights in the workplace  
The prohibition of forced and child labor, non-discrimination, just and  
favorable conditions of work, as well as safety all form part of the  
principles set out in TOTAL’s Code of Conduct and Human Rights  
Guide.  
In addition to the Group’s reporting and internal control system, the  
working conditions of TOTAL’s employees are evaluated by  
GoodCorporation, an independent third party, as part of the ethical  
assessments of the Group’s entities.  
TOTAL’s commitment to human rights in the workplace is  
demonstrated, in particular, by the signature of various agreements,  
such as the one concluded with IndustriALL Global Union( in 2015.  
In particular, this agreement covers the promotion of human rights in  
the workplace, diversity, the participation of employees and their  
representatives in social dialogue and the recognition of health and  
safety at work as absolute priorities in the Group’s activities and  
global supply chain.  
In the Group’s value chain  
1)  
The Fundamental Principles of Purchasing (FPP) set out the  
commitments expected from suppliers in various domains, including  
human rights in the workplace and safety. A Group directive reaffirms  
the obligation to annex the FPP or to transpose them in the selection  
process as well as in the contracts concluded with suppliers of goods  
or services.  
The prevention of forced and child labor in the supply chain is a  
critical point of attention identified in the 2017-2018 human rights  
roadmap endorsed by the Executive Committee. TOTAL has therefore  
developed a new methodology for selecting its suppliers which takes  
account the risks of human rights violations, in particular forced and  
child labor. In September 2016, TOTAL also entered into a partnership  
with a third-party service provider in charge of evaluating suppliers’  
practices with regard to fundamental rights in the workplace (refer to  
point 5.10 of this chapter).  
In its activities  
TOTAL cares about the working conditions of its employees which  
are governed by the Group’s Human Resources policy (refer to point  
5.3 of this chapter).  
Safety is one of the Group’s core values. Over the last few years, the  
Group has continued to develop occupational health and safety  
standards focusing on the right to enjoy fair and adequate living and  
working conditions (refer to point 5.4 of this chapter).  
Finally, the working conditions of the employees of service stations’  
dealers are evaluated by GoodCorporation, an independent third  
party, as part of the ethical assessments conducted in the Group  
entities. Between 2016 and 2017, a baseline study of 22 affiliates in  
the Marketing & Services segment across different continents was  
also conducted. One of the main recommendations identified is to  
improve service station dealers’ awareness of the Group’s Code of  
Conduct principles and of the fundamental Conventions of the  
International Labor Organization. In response, Marketing & Services  
is developing educational tools, which should be promoted in 2019  
to this business segment’s entities.  
TOTAL is committed to promoting diversity and endeavors to combat  
all forms of discrimination (origin, gender, sexual orientation, handicap,  
age, membership in a union or a political or religious organization,  
etc.). The Diversity Council, which is chaired by a member of the  
Executive Committee, illustrates this commitment.  
In 2017, TOTAL published a “Practical guide to dealing with religious  
questions within the Group” in order to provide practical solutions to  
the questions raised by the Group’s employees and managers  
worldwide. It draws on the experiences of the business segments in  
various countries and encourages dialog, respect and listening as a  
way to find solutions suited to the local context. Many internal and  
external experts helped draft this document, including representatives  
of various religious communities. This guide has been translated into  
nine languages.  
(1) International union federation representing more than 50 million employees in the energy, mining, manufacturing and industrial sectors in 140 countries.  
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5
5.7.2 Human rights and local communities  
TOTAL’s operational activities may have impacts on the rights of local  
communities, in particular when TOTAL obtains temporary or  
permanent access to their land for Group’s projects that may involve  
the physical and/or economic displacement of these populations.  
Noise and dust emissions and other potential impacts may also have  
consequences on the livelihood of neighboring communities.  
Consequently, the access to land of local communities and their right  
to health and an adequate standard of living are two salient issues  
for TOTAL.  
In accordance with internationally recognized human rights standards,  
TOTAL requires the Group entities to maintain a regular dialogue with  
their stakeholders and make sure that their activities have no negative  
consequences on local communities or, if these cannot be avoided,  
that they limit, mitigate and remedy them. The solutions proposed in  
response to the expectations of local communities are coordinated  
by the societal teams that work in close collaboration with the legal,  
safety and environmental teams. The Group’s approach to this topic  
is described in the section on societal issues in point 5.9 of this  
chapter.  
5.7.3 Respect for human rights in securityꢀrelated activities  
In certain situations, intervention by government security forces or  
private security providers might be necessary to protect TOTAL staff  
and assets. In order to prevent any misuse of force, TOTAL asks  
Group employees, private security providers and government security  
forces to implement the Voluntary Principles on Security and Human  
Rights (VPSHR) issued by States, NGOs and Extractive Companies.  
When government security forces are deployed to ensure the  
protection of the Group’s staff and assets, the Group entities maintain  
an ongoing dialogue with the representatives of national or regional  
authorities in order to raise their awareness on the need to respect  
the VPSHR and encourage them to sign memorandums of  
understanding that comply with these principles.  
5
TOTAL has been a member of this initiative since 2012. Within this  
framework, the Group publishes an annual report setting out the  
challenges, lessons learned and good practices in relation to  
security and human rights and, if applicable, reports any incidents  
associated with the Group’s activities. This report is available at  
sustainable-performance.total.com.  
TOTAL regularly organizes training sessions and awareness-raising  
activities on the risk of misuse of force, and more generally on the  
VPSHR, for its staff, private security providers and government  
security forces. In 2018, TOTAL partnered with other Extractive  
Companies and the Myanmar Center for Responsible Business to  
organize two VPSHR awareness workshops for government officials,  
private security providers and NGOs in Myanmar.  
Self-assessment and risk analysis tools have been developed and  
are deployed, in particular, in the entities located in high risk countries  
and conflict zones.  
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Fighting corruption and tax evasion  
5.8 Fighting corruption and tax evasion  
5.8.1 Fighting corruption  
5
.8.1.1 Management commitment  
TOTAL is a major player in the energy sector, in which public  
authorities play a significant role and in which the amounts  
invested may be very high. TOTAL is present in more than  
The constant high level of commitment by the General Management  
is reflected by the principle of zero tolerance for corruption that is set  
out in the Group’s Code of Conduct. Managers have a duty to lead  
by example and are responsible for promoting a culture of integrity  
and dialog. This commitment is expressed in regular statements  
made by the Chairman and Chief Executive Officer as well as through  
large-scale communications actions, such as the annual Business  
Ethics Day organized on the occasion of the UN’s International  
Anti-Corruption Day and Human Rights Day. This event was held for  
the fourth time in December 2018 and was devoted to the updated  
Code of Conduct which was published on the same day and  
presented by the Chairman and Chief Executive Officer in a video.  
1
30 countries, some of which have a high perceived level of  
corruption according to the index drawn up by Transparency  
International.  
TOTAL is aware of the risk of corruption and applies a principle  
of zero tolerance.  
To prevent risks of corruption, TOTAL has implemented a robust,  
regularly updated anti-corruption compliance program that has been  
rolled out throughout the Group. The aim of this program is to  
promote  
a
culture of compliance, transparency and dialog,  
The commitment of the management bodies is also expressed  
externally by TOTAL joining anti-corruption initiatives and supporting  
collaborative and multipartite approaches. TOTAL joined the  
Partnering Against Corruption Initiative (PACI) in 2016, thereby  
adhering to the PACI Principles for Countering Corruption. The  
Group’s commitment has been further reinforced by TOTAL’s  
Chairman and Chief Executive Officer joining the PACI Vanguard  
Board.  
components that are key in ensuring the sustainability of the Group’s  
operations and activities, as well as to meet legal requirements and,  
in particular, to comply with applicable anti-corruption laws, such as  
the U.S. Foreign Corrupt Practices Act, the UK Bribery Act or the  
French law on transparency, the fight against corruption and the  
modernization of the economy. Failure to comply with such legislation  
could expose the Group to a high financial and criminal risk, a risk to  
its reputation, as well as measures such as the review and  
reinforcement of the compliance program under the supervision of  
an independent third party.  
(
1)  
TOTAL is also a member of other initiatives that contribute to the  
global effort to fight against corruption, such as the UN Global  
Compact since 2002 or the Extractive Industries Transparency  
Initiative (EITI)( ever since it was launched in 2002. Furthermore, in  
October 2018, TOTAL’s Chairman and Chief Executive Officer took  
part in the International Anti-Corruption Conference, which is  
organized every two years by Transparency International.  
2)  
The commitment of the entire Group and the efforts undertaken are  
unrelenting in order to ensure the sustainability and continuous  
improvement of the anti-corruption compliance program, which the  
U.S. authorities deemed to be appropriate in 2016, thus putting an  
end to the monitorship process that was introduced in 2013.  
5
.8.1.2 Risk assessment  
This program is drawn up by a dedicated organization acting at the  
corporate and business segment levels: the Legal Risks Management  
and Compliance department, headed by the Chief Compliance  
Officer, and the Branch Compliance Officers. They coordinate a  
network of nearly 390 Compliance Officers in charge of rolling out  
and running the program at the subsidiary level. This structured  
organization lies in close proximity to operational activities while having  
its own dedicated reporting line.  
To ensure that the compliance program is adequate regarding the  
risks to which TOTAL is exposed, these must first be identified and  
assessed. Beyond the Group risk mapping, a risk mapping dedicated  
to the risks of corruption have been carried out at Group level and  
every Compliance Officer is responsible for establishing a mapping  
dedicated to the risks of corruption within their entities, with the aim  
of drawing up a suitable action plan. Employees are provided with  
tools that help them identify the risk of corruption, e.g., the Typological  
guide of corruption risks.  
TOTAL’s anti-corruption compliance program is based primarily on  
the following seven pillars: management commitment or “tone at the  
top”, risk assessment, adoption of internal standards, awareness  
raising and training of the employees, feedback of information,  
including the whistleblowing system, mechanisms for assessing and  
monitoring the implementation of the program, and imposition of  
disciplinary sanctions in the event of misconduct.  
Specific rules have been adopted and incorporated within the Group  
referential in order to mitigate the identified risks.  
5.8.1.3 Internal standards  
As an essential element of the Group referential, the Code of Conduct  
sets out the behavior to be adopted, in particular with regard to the  
question of integrity. It prohibits corruption, including influence  
peddling, and advocates “zero tolerance” in this area.  
The Code of Conduct is complemented by a regularly updated set of  
anti-corruption standards. The Anti-Corruption Compliance Directive,  
which was updated in 2016, recalls the main principles and organizes  
the roll-out of the anti-corruption program. It deals, among others,  
(
1) Launched in 2004 within the World Economic Forum, PACI now numbers approximately 90 major corporations and forms a platform for discussion that brings together business leaders  
and governmental and non-governmental organizations, allowing them to share their experiences and ideas and develop best practices.  
2) The EITI brings together representatives of the governments of the member countries as well as representatives of civil society and business in order to strengthen transparency and  
governance with regard to income from oil, gas and mineral resources.  
(
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5
with commitment, training and awareness raising, accounting  
and book-keeping, the assessment system and whistleblowing  
mechanisms. This directive is complemented by rules that deal with  
more specific subjects in order to prevent the various identified risks.  
These rules relate, among others, to the due diligence process, i.e.,  
the analysis and assessment of third parties before entering into  
business relations with them. This analysis is performed according to  
criteria that differ depending on the risk level associated with the  
type of third party. These provisions are incorporated in the supplier  
and service provider qualification process, which was harmonized in  
The consolidated data resulting from this reporting, which reflects  
the results of the implemented policies, is presented once a year to  
the Executive Committee and the Board of Directors via the  
Governance and Ethics Committee. This presentation provides an  
opportunity to report the results of the undertaken actions at the very  
highest level and to review the roadmap aligned with the identified  
areas of improvement.  
In addition, TOTAL strives to develop a speak-up culture and asks its  
employees to report any situations that they consider to be contrary  
to the Code of Conduct. This culture is encouraged by regular  
communications that inform personnel about the various speak-up  
channels; employees, depending on the option they feel is most  
appropriate, can contact: their line manager, their human resources  
manager, their Compliance Officer or Ethics Officer, or the Group  
Ethics Committee. Both employees and third parties can refer to this  
Committee by writing to [email protected]. The Group will tolerate no  
retaliation measure toward anyone who submits a report in good  
faith and undertakes to respect confidentiality.  
2
017-2018 in connection with the gradual roll-out of a shared  
database within the Group.  
Standards have been drawn up to deal with other high-risk areas,  
such as gifts and hospitalities, which have to be registered and  
approved by the line manager above given thresholds; conflicts of  
interest, which must be declared to the line manager; compliance  
programs implemented within joint-ventures; and human  
resources-related processes such as recruitment.  
5.8.1.4 Awareness raising and training  
5.8.1.6 Assessment and monitoring  
Awareness raising actions are carried out towards all employees.  
The Group’s intranet contains a section on the fight against corruption  
which provides employees with various media, e.g., the internal  
standards or guides such as the booklet entitled Prevention and fight  
against corruption. Poster campaigns communicating the key  
messages in the risk areas are organized on a regular basis; the  
latest one was launched in mid-2018. An initial anti-corruption  
e-learning course was rolled out in 2011 in 12 languages, followed  
by a more in-depth e-learning module in 2015. This module is  
accessible to all employees and mandatory for the targeted personal  
The anti-corruption program is monitored firstly by the line managers  
and the Compliance Officers who are in charge of ensuring the  
day-to-day implementation of the rules. Secondly, controls are  
performed by the Compliance function, in particular through  
assessment missions (referred to as compliance reviews) that are  
undertaken by a dedicated team within the Group’s Compliance  
department. Internal Control also performs annual tests, in particular  
by documentary checks, in order to verify the quality of the reporting  
performed by the Compliance Officers. Thirdly, Group Audit helps  
monitor the anti-corruption program through audits performed  
according to a framework that includes compliance topics or via  
more specific missions such as those relating to the Sarbanes-Oxley  
regulations.  
(
approximately 30,000 employees). New employees are also required  
to follow these e-learning courses.  
More targeted training courses are also provided for the most highly  
exposed functions, whether by the corporate or segments  
Compliance teams or by the Compliance Officers in the subsidiaries.  
In-depth training is available to the Compliance Officers and a digital  
training program, intended more specifically for new Compliance  
Officers, was launched in early 2019.  
5
5.8.1.7 Sanctions  
In line with the principle of zero tolerance and in application of the  
Code of Conduct and the Anti-Corruption Directive, any infringement  
of the anti-corruption standards must give rise to disciplinary  
sanctions, up to dismissal. The Group’s resolve in this matter is  
recalled in communication media intended for employees as well as  
on the intranet. This resolve, which results from the management  
commitment, contributes, with the other pillars described above, to  
the robustness of the anti-corruption compliance program.  
5.8.1.5 Feedback of information  
The feedback of information is ensured primarily through an annual  
reporting process. This is performed by the Compliance Officers,  
reviewed by their Branch Compliance Officer and sent to the Chief  
Compliance Officer. This reporting contributes to monitor the roll-out  
and implementation of the anti-corruption program, through figures  
on key elements of the program, for example the number of training  
courses or due diligences performed.  
5.8.2 Fighting tax evasion  
In this context, TOTAL has developed a responsible tax approach  
based on clear principles of action and rigorous governance rules as  
set out in its tax policy statement, which was released in 2014 and is  
available to the public at sustainable-performance.total.com.  
With a presence in more than 130 countries through  
,191 consolidated affiliates, TOTAL carries out its operations  
in a constantly changing environment and is subject to an  
increasingly complex set of tax regulations, which may be in  
conflict when combined or subject to varying interpretations,  
thus giving rise to potential tax risk.  
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Societal challenges  
“
Tax policy:  
processes to manage risk and ensure compliance with tax  
disclosure and filing obligations.  
Tax payments of TOTAL represent a substantial part of our Group’s  
economic contribution to the countries in which we operate.  
The management of tax risks is fully integrated in the Group’s  
global risk governance process. As part of this process, the Group  
VP Tax regularly reports to the Audit Committee and the Group  
Risk Committee on TOTAL’s global tax position, risk monitoring  
and associated improvement actions.  
TOTAL is mindful of its responsibility and is committed to paying  
its fair share of taxes to the host countries of its operations,  
in compliance with applicable laws and conventions and in  
accordance with our Code of Conduct.  
We engage with a broad range of stakeholders, and especially  
with tax authorities, in a timely, transparent and professional  
manner which is the basis of a constructive and long term  
relationship.  
Our intercompany transactions are thus based on arm’s length  
terms and our tax strategy is aligned with our business strategy.  
The formation of affiliates worldwide is driven by business  
operations, as well as regulatory constraints and JV requirements.  
It is the Group’s long term commitment not to create affiliates in  
countries generally acknowledged as tax havens and to repatriate  
or liquidate existing affiliates, where feasible.  
As a permanent member of the Extractive Industries Transparency  
Initiative (EITI) since its creation in 2002, Total fully supports  
initiatives for greater transparency and accountability. We encourage  
governments to ensure that the tax reporting obligations they will  
impose upon multinational groups are consistent, coordinated and  
proportionate.  
Our tax policy’s prime focus is certainty and sustainability in the  
long term. We believe that the expected short term tax benefit  
derived from artificial or aggressive tax planning will often be  
outweighed by the reputational and future tax litigation risks  
inherent in such schemes.  
Total publishes in its Registration Document an annual report  
covering the payments made by the Group’s extractive affiliates to  
governments( and the full list of its consolidated entities, together  
with their countries of incorporation and of operations.”  
1)  
The Group takes a responsible approach to the management and  
control of taxation issues, relying on well-documented and controlled  
Since 2017, the Group also files a country-by-country reporting to the French tax authorities.  
5.9 Societal challenges  
TOTAL puts its societal responsibility at the heart of its activities, in  
keeping with its ambition to become the major in responsible energy  
and the principles formally set forth in its Code of Conduct and its  
Safety Health Environment Quality Charter.  
The Group has therefore identified its main societal challenges:  
—
—
—
to manage societal challenges related to operations in a  
responsible manner;  
While the Group’s activities may cause nuisances and have negative  
impacts on the living conditions of local communities and residents,  
they are also a source of opportunities through the socio-economic  
development that they fuel. In line with its socially responsible  
commitments, the Group intends to actively support local and global  
initiatives that contribute to more inclusive growth and global  
progress.  
to promote the economic development in the territories  
where it is present through employment;  
to engage with citizenship initiatives.  
In an effort to offer practical responses to its societal challenges that  
are adapted to the multitude of realities it encounters in the field, the  
TOTAL HSE and Civil Society Engagement divisions support the  
Group entities in their Group societal initiatives.  
5.9.1 Managing societal challenges related to operations in a responsible manner  
The Group’s operational societal approach in the territories where it  
is present is based on a structured process that is implemented with  
the support of dedicated teams:  
and cultural issues in the impacted area. It is complemented by  
societal impact assessments that measure and analyze the societal  
impacts – actual and potential, positive and negative, direct and  
indirect, in the short, medium and long term, intentional or  
unintentional – of the project on the stakeholders. They cover areas  
such as the socio-cultural, economic and real estate context and  
ecosystem services. In 2018, Exploration & Production conducted  
seven assessments.  
1) Analysis of the challenges and the societal context  
Before an industrial project is developed by the Group, an initial  
pre-project survey is conducted to identify any potentially affected  
stakeholders and to describe and assess the main socio-economic  
(1) Refer to point 9.3 of chapter 9.  
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The assessment of risks and issues by the risks Committee (CORISK),  
before an investment project is submitted to the Executive Committee,  
takes the societal aspects into consideration.  
3) Implementing and monitoring societal actions  
and projects  
The societal approach is integrated within operations through the  
internal industrial health, safety, security, societal and environmental  
management system. Internal expectations regarding the management  
of stakeholders and local impacts are formally expressed in an internal  
Group rule that applies to all the operated entities. Guides, manuals  
and a community of practices are available on the Group intranet site  
to help the entities to implement their operational societal initiative.  
The internal standards require all the Group’s entities and subsidiaries  
to conduct and update, at least every five years, an assessment  
of their societal context in terms of the exposure of the entity or  
subsidiary and of the impact of its activities on its stakeholders, and  
in particular the sensitivity of the human, social, economic and cultural  
context, as well as the societal impacts (including human rights) of  
their operations and their presence.  
The societal teams reporting to HSE departments and their  
correspondents with the Group entities oversee the fulfillment of  
these requirements. Societal aspects are included within the scope  
of the HSE audits that produce recommendations to reinforce the  
control of operations. In keeping with the strategic orientations  
defined by General Management, each entity and subsidiary conducts  
an annual self-diagnostic of the activities it operates. All the societal  
actions taken are listed in an annual internal reporting.  
2
) Development of a societal strategy integrated  
with operations  
Every entity pays close attention to local issues by defining short-term  
and long-term societal targets and its priority fields of action that  
take account of:  
—
the need to remain within the regulatory and contractual  
framework, as well as meeting the applicable international  
standards;  
In addition to the global training covering all the HSE topics, specific  
training is delivered to managers and operational personnel in charge  
of societal matters, such as The basics of societal engineering (seven  
sessions in 2018, with 109 trainees, including 49 in Nigeria) or  
advanced and specific training modules in the operations of  
Exploration & Production (four sessions in 2018, with 32 trainees).  
—
—
—
the social, economic and environmental concerns and  
expectations of the stakeholders;  
the assessment of the societal context in terms of risks and  
impacts;  
In an effort to structure its societal initiative, in 2006, TOTAL  
introduced the internal Stakeholder Relationship Management (SRM+)  
methodology that aims to facilitate the mapping out of the  
stakeholders and the societal issues related to the local context, and  
to commit to an action plan intended to build trusting relationships  
over time. SRM+ has been deployed in almost every subsidiary. The  
Group also developed MOST (Management Operational Societal Tool)  
for its Exploration & Production subsidiaries. This tool, which includes  
a geographical information system, can be used to manage relations  
with stakeholders, complaints about sites, as well as societal projects  
and the resulting specific actions (access to land, compensation,  
dialog) more efficiently.  
The Group’s ambitious commitments to civil society.  
These targets are built into a structured operational action plan,  
based on three pillars:  
—
—
dialogue and involvement of local stakeholders;  
avoiding and reducing the societal impacts of the Group’s  
activities;  
5
—
taking initiatives in favor of the local communities and residents.  
5.9.1.1 Dialogue and involvement of local stakeholders  
TOTAL takes initiatives to establish dialogue by listening to and  
involving stakeholders in order to develop constructive and  
transparent relations with them. For industrial projects developed by  
the Group, this information, consultation and dialogue process starts  
well before any decisions on investments.  
—
feedback to the stakeholders on the actions taken and  
completed.  
TOTAL acknowledges the specificities of indigenous and tribal  
peoples (as referred to in International Labor Organization’s  
Convention No. 169) and has developed a Charter of Principles and  
Guidelines Regarding Indigenous and Tribal Peoples to be followed  
with communities that are in contact with its subsidiaries. This charter  
encourages the use of experts in order to identify and understand  
these peoples’ expectations and specificities, consult with them and  
contribute to their socioeconomic development.  
In accordance with the Group’s framework, every Group entity and  
subsidiary is expected to dialogue regularly with its stakeholders  
about the assets, activities or sites that it operates, in order to better  
understand their concerns and expectations, to measure their  
satisfaction and to identify means of improving the entity’s societal  
policy.  
The approach to dialogue at Exploration & Production is managed in  
certain subsidiaries by mediators, called Community Liaison Officers  
(CLO), who liaise between the entity and the surrounding populations.  
Employed by TOTAL, they are from the local communities, speak  
their language and understands their customs, and they play a  
decisive role in reaching a mutual understanding. Special attention is  
paid to the most vulnerable populations. By way of example, in Papua  
New Guinea in 2018, the appointment of a woman from a Papua  
tribe residing close to Block PRL 15 as the CLO, helped to establish  
constructive dialog, with the involvement of women in this process.  
On the basis of the map of local stakeholders, which is drawn up  
and regularly updated as part of the SRM+ methodology, the entities  
concerned are required to establish a dialogue process that is structured  
as follows:  
—
—
—
information on the entity’s activities that could have impacts and  
on the planned mitigation actions;  
listening to opinions, concerns, perceptions and expectations,  
public consultations;  
consideration of the concerns and expectations in the action  
plans deployed;  
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Refining & Chemicals has set up structures for dialogue and  
exchanges with local stakeholders (such as the Community Advisory  
Panels in the United States or the special local commissions on  
some European platforms). In 2018, the Feyzin site celebrated the  
tenth anniversary of its residents’ Conference, which organizes  
quarterly exchanges with area residents, NGOs and the local  
authorities. Open days are also organized on the occasion of the  
inauguration of new facilities or of site anniversaries, for example at  
the Lindsay (United Kingdom), Port Arthur (United States), Carling  
(France) and Antwerp (Belgium) platforms. These events are ideal  
opportunities to maintain dialogue and build trusting relations.  
5.9.1.2 Managing the societal impacts of the Group’s activities  
Societal impact assessments conducted upstream of industrial  
projects developed by the Group help to identify the types of potential  
impacts of the activities on the communities and to set up specific  
and adapted local action plans to avoid, reduce or compensate for  
these impacts.  
Impacts on cultural and religious practices and heritage  
—
In Lebanon, in the preliminary study phase of the Block 4 and  
Block 9 exploration project, an assessment of the underwater  
archeological potential was conducted.  
Handling grievances from local communities  
Avoid, reduce and compensate  
The Group framework provides for the implementation of operational  
procedures to handle grievances by providing local communities with  
a preferential, rapid and simple channel to voice their problems and  
grievances. The Group’s local entities handle these grievances in  
order to offer an appropriate response to anyone who feels that they  
have suffered damage as a result of the activity and to improve  
internal processes in order to reduce nuisances or impacts that may  
be caused by the activities.  
The action plans usually cover the common topics presented below.  
The actions taken to minimize the impacts must be adapted to the  
local context, the stakeholders involved and the type of project. In  
every project, special attention is paid to listening to vulnerable  
populations (women, ethnic minorities, natives, etc.). The following  
examples illustrate some of the actions taken in 2018:  
Impacts and nuisances for local communities and residents  
—
In Mauritania, in order to avoid accidents in fishing zones, Fishing  
Liaison Officers were assigned to the seismic line-laying boats in  
order to dialogue with fishermen during the seismic campaign of  
Block C7.  
At Exploration & Production, a set of tools is made available to the  
subsidiaries, including, in particular, a standard procedure designed  
to make it easier for local communities to access the grievances  
mechanisms. This standard procedure complies with the United  
Nations guiding principles on Business and Human Rights. By way  
of example, a campaign was organized in Senegal to inform  
fishermen in the coastal villages between Dakar and Joal about the  
ROP Block offshore seismic campaign. The existence and workings  
of the grievances management mechanism were explained to them.  
In Tanzania, access to this mechanism and contact with the project  
teams were made easier by installing visual materials, information  
noticeboards, letter boxes, a free telephone number and information  
offices were installed in the villages concerned.  
Impacts on access to land and water  
—
—
In Tanzania, where 4,000 hectares of land and 200 villages will  
be impacted to varying degrees by the 1,143 km pipeline project,  
a major program to involve the stakeholders is being deployed  
by a dedicated local team in order to facilitate access to  
information for the greatest number and to come up with  
differentiating solutions that take the concerns and problems of  
the various populations concerned into consideration (nomads,  
shepherds, traditional miners).  
Grievance management systems are in place on every  
ISO 14001-certified Refining & Chemicals platform. The local  
communities are extensively involved in the search for solutions to  
control the impacts of the Group’s activities.  
In Papua New Guinea, where land law is customary, i.e., based  
on ancestral oral traditions, social mapping and identification of  
landowners has been carried out in the LNG PRL-15 project  
area in accordance with the petroleum developments law.  
At Marketing & Services, a guide intended to raise awareness of  
grievance management helps the subsidiaries and the operational  
sites to set up dedicated systems that are separate from the business  
grievances circuit.  
Impacts on socio-economic activities (economic losses)  
and employment  
—
In France, Carling and La Mède have taken action to enhance  
the attractiveness of the platforms (refer to chapter 5.9.2.2).  
5.9.1.3 Taking initiatives in favor of the local communities and residents  
Built on constructive dialog, the involvement of stakeholders bears  
witness to the Group’s will to build trusting, long-term relations. The  
long-term future of societal projects is guaranteed by partnerships  
with local institutions and organizations. TOTAL cooperates directly  
with the local authorities in all its actions and collaborates with NGOs  
that have experience in the field.  
First and foremost, the projects address the issues of local  
development and solidarity and favor cooperation and skills  
development.  
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5
At Exploration & Production, the following initiatives are just some  
examples of the approach adopted:  
—
TEP Congo inaugurated a community center for the populations  
living in Djeno, where the oil terminal operated by TOTAL is  
located. The center features sports facilities, a conference center  
and a library.  
—
In Papua New Guinea, the Societal Baseline Study and the  
Human Rights Impact Assessment (HRIA) highlighted the critical  
nature of health problems, especially among women for which  
maternal mortality rates are very high. A partnership with the  
government agency NVS (National Volunteer Service) resulted in  
the hiring of two social workers to help the populations in the  
villages close to Block PRL 15, who live under very precarious  
sanitary conditions. Members of the local communities are being  
trained to eventually replace the social workers as employees of  
the Gulf Province. Care centers are being set up, and in two  
years (2017 – 2018) more than 4,000 consultations have taken  
place.  
At Marketing & Services, TOTAL is pursuing its actions against  
energy insecurity in France notably for support and to help  
low-income households thermally renovate their homes. The Group  
works alongside the French government and other energy suppliers  
in the “Living Better” program, as well as the Coup de pouce  
économies d’énergie (energy saving boost) initiative launched in  
February 2017.  
In 2018, Refining & Chemicals has concluded a number of  
partnerships with educational institutions. As for example, in France,  
SOBEGI (Lacq) which is involved in a partnership with La Cité scolaire  
de Mourenx which is based on constructive and diversified exchanges  
(e.g., on site intervention by SOBEGI employees to increase  
awareness in the field of circular economy among bachelors’  
students; welcoming of students during three weeks on the industrial  
facilities; support for students and teachers in the Olympiades de la  
Chimie; organization of a competition of noses as part of the Year of  
Chemistry.  
—
—
In Nigeria, TOTAL supported the Agric Farm Project dedicated  
to the communities neighboring OML 58 that conducts research  
and introduces new varieties of plants to improve the yield of  
local agricultural activities.  
Total Austral launched the first Expertos en Seguridad (safety  
experts) operation in Neuquén and Tierra del Fuego provinces,  
with the participation of five schools located close to the  
subsidiary’s operations in Añelo and Rio Grande. The Total’s  
Road Safety Cube road safety awareness-raising program for  
children was attended by 756 children aged between 8 and 12  
in 18 educational workshops.  
In the Gas, Renewables & Power branch, an entity is dedicated to  
the development of an access-to-energy offer based on clean and  
affordable solutions (refer to point 2.2.3 of chapter 2).  
5.9.2 Fostering economic development through employment  
5
The Group is building a global, integrated local development  
approach (“in-country value”) that creates synergies among all the  
value-creating elements for host countries (employment, subcontracting,  
infrastructure, support for local industries, socioeconomic development  
projects, education, access to energy, etc.) by promoting the Group’s  
industrial know-how. TOTAL promotes actions that help to strengthen  
the capacity of individuals and local organizations to organize their  
development independently and durably, by favoring co-construction  
and partnerships with local players.  
These action plans help to structure technical resources, in particular  
through training, by strengthening human skills and supporting the  
economic development of areas of high employment by supporting  
local SMEs and recruiting local people. For example, in Nigeria, 77%  
of hours on the FPSO project for the Egina field were worked by  
local people.  
5.9.2.2 Leveraging the reindustrialization  
of the Group’s platforms  
In addition to the jobs generated by its activities, the Group, as a  
responsible company, supports SMEs, mainly in France, through its  
Total Développement Régional (TDR) subsidiary. TDR proposes  
various measures that contribute to creating and keeping jobs in the  
long term, such as financial support for the creation, development or  
takeover of SMEs in the form of loans, support for industrial  
redeployment with actors in local development, or support for exports  
and international development. Between 2016 and 2018, loans were  
granted to more than 500 SME projects, amounting to a total of  
more than €30 million, and support for more than 10,000 jobs.  
5
.9.2.1 Developing an approach to create  
shared value  
The Group is committed to creating jobs and using resources for its  
projects and operations (local citizens and local subcontractors), if  
it’s operational imperatives so permit. Human skills-building and local  
SME support programs complete this commitment, resulting not only  
in the development of local capacity, but also in the economic  
diversification of the territories where TOTAL operates.  
To guarantee the coherence over time of each project’s action plans,  
their durability in the production phase and the optimization of the  
allocated resources, this long-term initiative forms part of a local  
industrial strategy that aims to maximize the impact on the host  
country measured in terms of new jobs. This strategy is applied to  
each of the Group’s major industrial projects with high local-content  
impacts, after first analyzing all the industrial and human capacities  
and the associated risks, resulting in a plan of specific actions. For  
example, an analysis of this kind was made in 2018 in Tanzania as  
part of the EACOP project.  
Additionally, the Group is pursuing its projects for the future of the  
Carling, La Mède and Lacq platforms. The Voluntary Agreements for  
Economic and Social Development (CVDES) signed for Carling and  
La Mède set forth the Group’s commitments in terms of support for  
SMEs and industrial actions.  
On the Carling industrial platform (France), following the shutdown  
of the second steam cracker in 2015, TOTAL is proceeding with this  
industrial redeployment without any job losses and in keeping with  
its contractual commitments to its customers and partner companies.  
In particular, the Group has set up a fund to support subcontractor  
companies. TOTAL has invested €190 million in order to develop  
new activities in the growing hydrocarbon resins (Cray Valley) and  
polymers markets.  
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Societal challenges  
TOTAL is also involved in developing a shared services offer on the  
platform to boost its appeal and support the arrival of new industrial  
actors.  
In 2018, TDR also supported the industrial development of three  
local companies, with the creation of 94 new jobs.  
On the Lacq platform in France, a TDR unit, hosted by Sobegi, the  
platform’s controller, is improving the platform’s marketing and  
research offer and examining third-party industrial projects that could  
join the platform. 2018 saw the launch of the new “The Lacq  
Advantage” platform offer, with a dedicated web site. A working  
group comprising the Pau-Béarn chamber of commerce and industry,  
the Chemparc public interest group, the Lacq-Orthez district authority,  
Sobegi and TDR is actively looking for investors in Europe and Asia,  
with the help of two expert consulting firms.  
—
A first industrial project (SNF Coagulants, €19 million of  
investments and 25 direct jobs) was launched in 2017;  
—
In October 2018, Quaron, France’s leading chemicals distributor,  
confirmed its decision to open a new chemicals distribution and  
formulation site on the platform (20 industrial jobs in the long  
term);  
—
Two innovative biochemicals companies: Metabolic Explorer has  
confirmed its decision to invest (€48 million and 48 direct jobs);  
Afyren has finalized its funding plan (€50 million and 50 direct  
jobs) and intends to lift the technical conditions applying to its  
arrival on the platform.  
The examination of Fonroche’s industrial project to produce biogas  
on the Lacq platform has reached an advanced stage.  
5.9.2.3 Supporting the creation of new businesses  
In this way, TOTAL confirms its responsibility towards the employment  
areas in which the Group operates as well as its commitment to  
maintain a strong and lasting industrial presence in the Lorraine  
region.  
Following the success of TOTAL’s first Startupper of the Year  
Challenge in 34 African countries in 2015, the 2018-2019 challenge  
has been extended to 55 countries worldwide and will support and  
reward young local entrepreneurs in 2019 who have launched a  
project or created a company in the last two years, irrespective of  
the segment of activity. The 13,100 projects, complete and compliant  
with the rules, submitted in the autumn of 2018 have been assessed  
according to three criteria: their innovative character, their social and  
societal impact and their feasibility and development potential.  
Plan to convert the La Mède refinery (France) through an initial  
investment greater than €275 million is underway to create the first  
(1)  
French biorefinery and an Adblue production workshop, establish  
an 8 MW solar farm and set up a training center in partnership with  
the IFP Énergies nouvelles. This project will be completed without  
any lay-offs.  
A Grand Jury will then meet to select the six continental “Grand  
Winners” from the winners in each country. In keeping with the  
Group’s promise to develop women’s careers, the 2018-2019  
challenge will award one “Female favorite” per country to support  
female entrepreneurs. This special prize will be awarded in addition  
to the other prizes.  
TDR is supporting the subcontractors and putting the Group’s  
commitments into action. In particular, as a qualified member of  
PIICTO (Platform for Industry and Innovation at Caban Tonkin), TDR  
organized PIICTO bio-industries working group, which is targeting  
the profile of new enterprises that could become part of the industrial  
fabric of the Etang de Berre. As a consequence, in 2018, the  
Aix-Marseille-Provence district authority issued a call for interest in  
an attempt to attract investors in the fields of the energy transition  
and energy efficiency, sustainable biofuels and bio-industries.  
Much more than an entrepreneurial contest, the 2018-2019  
Startupper Challenge confirms TOTAL’s wish to support the  
socio-economic development of the countries worldwide where the  
Group is present. It contributes locally to the strengthening of the  
social fabric by helping the most innovative entrepreneurs to turn  
their projects into reality.  
In October 2018, the Chinese group Quechen signed a building lease  
with the Marseille port authority for a 12-hectare plot of land in the  
heart of the PIICTO platform that will host a plant producing silica for  
In parallel to this initiative, the Group’s segments and subsidiaries  
locally support entrepreneurship through partnerships.  
“
green tires” (an investment of €105 million and 130 direct jobs),  
representing a major Chinese investment in a new production plant  
in France.  
5.9.3 Engaging in citizenship initiatives  
TOTAL is also involved in the community through civic initiatives in  
all of its host regions. They extend and complete the actions taken  
as part of its economic activities.  
Through this program, the Group and the Fondation d’entreprise  
Total want to contribute to the development of the territories where  
the Group is present, alongside their partners. With a clear focus on  
young people, the program concentrates on four themes: road safety,  
forests and climate, youth inclusion and education, and cultural  
dialogue and heritage.  
5.9.3.1 The Total Foundation program  
In the face of societal issues and today’s environmental challenges,  
TOTAL wishes to strengthen its public interest initiatives. This strong  
commitment is part of TOTAL’s ambition to become the responsible  
energy major. In 2017, the Group drew up a new citizenship  
commitment policy, aligned with its history, values and businesses,  
to intensify its impact. This policy is currently being deployed  
internationally to gradually include community support initiatives.  
In 2018, the Group’s citizenship initiatives were gradually brought  
into line with these themes:  
—
Road safety: safer mobility by educating youth under the age of  
5, training and raising the awareness of specific populations  
2
and supporting and encouraging the authorities to implement  
road safety policies.  
Against this backdrop, the Total Foundation program covers the  
actions of solidarity taken every day worldwide by the Group’s sites,  
subsidiaries and Fondation d’entreprise. The Total Foundation  
program is driven mainly by Fondation d’entreprise Total in France,  
whose accreditation was renewed at the end of 2017 for the five  
years from 2018 to 2022, with a budget of €125 million.  
For example, in 2018, the Fondation d’entreprise Total teamed  
up with the Michelin Company Foundation to launch the VIA  
road safety education program. With its innovative and interactive  
methodology, this program aims to raise awareness amongst  
10 to 18-year-olds by inviting them to propose ways of identifying  
X
(1) Fuel additive intended for road transport and designed to lower nitrogen oxide (NO ) compound emissions.  
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Contractors and suppliers  
5
risks and changing behaviors. The program kicked off with three  
pilots in France, Cameroon and India. The Fondation d’entreprise  
Total is also a founding member of the United Nations Road  
Safety Trust Fund that aims to contribute to the achievement of  
target 3.6 of the United Nations SDGs: to halve the number of  
global deaths and injuries from road traffic accidents.  
people to learn a trade using the “learning by doing” teaching  
method. It is supporting the United Way-l’Alliance’s “Défi  
Jeunesse” program that aims to create the conditions conducive  
to a professional future chosen for young people from priority  
districts. It is also pursuing its involvement with “Sport dans la  
Ville”, whose “Job dans la Ville” project supports the training and  
professional integration of young people. Additionally, the  
Fondation d’entreprise Total continues to support “La Fondation  
La France s’engage”, which allows for the development of  
innovative projects in the social and inclusive economy.  
—
Forests and climate: an environment more beneficial to humans  
through the natural storage of carbon by conserving and restoring  
forests, mangroves, wetlands and degraded soils, by improving  
biodiversity and the quality of life of local communities through  
the conservation and restoration of sensitive ecosystems, by  
raising awareness and training, especially young people, in  
environmental conservation.  
—
Cultural dialogue and heritage: for cultural openness and the  
promotion of heritage through actions to conserve and hand  
over architectural and cultural heritage, to support contemporary  
creation by young people and access to culture and artistic and  
cultural education.  
For example, in 2018, three new partnerships were launched to  
conserve and protect sensitive ecosystems in France: one with  
the French State forestry agency ONF, to conserve France’s  
State-owned forests and protect them against natural risks, one  
with the agency for the protection of the coastline, to look for  
natural solutions to the effects of climate change on the coastline,  
and one with the Port-Cros national park, to restore  
Mediterranean forests destroyed by fires and manage fire-related  
risks. The Fondation d’entreprise Total also plans to become  
involved in a junior tranche of the Land Degradation Neutrality  
Fund, the world’s leading fund tasked with restoring soil or  
reducing soil degradation on a large scale. This fund was created  
in 2017 under the terms of the United Nations Convention to  
Combat Desertification (UNCCD) and Mirova, the Natixis  
management company dedicated to responsible investment.  
For example, in 2018, the Fondation d’entreprise Total renewed  
its three-year agreement with the Fondation du patrimoine to  
fund works to restore heritage that encourage the  
socio-professional integration of young people and local vitality.  
It also supports numerous initiatives in favor of artistic and cultural  
education that attempt to combat the mechanisms of social  
reproduction and to broaden the opportunities of the participants,  
including the Paris National Opera’s “Dix Mois d’École et  
d’Opéra” program and the Paris Philharmonic Orchestra’s  
“Démos” program. Additionally, it works to enhance the appeal  
of the areas where it is present and to promote contemporary  
creation in the regions, by supporting events such as Marseille  
Provence 2018.  
—
Youth education and inclusion: empowering socially at-risk  
young people, through actions in support of academic success  
and personal development, the development of training and  
professional integration programs, in particular in industry, and  
support for entrepreneurship.  
5
.9.3.2 The employee volunteering program  
Since the end of 2018, the Group has launched Action!, the Group’s  
Employee Volunteering Program, through which TOTAL gives its  
employees the time and means to get involved and contribute to the  
development of the areas where the Group is present. It thus gives  
employees, on a voluntary basis, the possibility to support, up to  
three days per year during their working time, or outside of it, local  
solidarity projects within the scope of the Total Foundation Program.  
5
For example, in 2018, to contribute to the empowerment of  
socially fragile young people and their professional integration, in  
France, the Fondation d’entreprise Total supported the  
development of Les Ecoles de production that enable young  
5.10 Contractors and suppliers  
TOTAL’s activities generate hundreds of thousands of direct and  
indirect jobs worldwide. Present in more than 130 countries, the  
Group currently works with a network of more than 100,000 suppliers  
of goods and services worldwide. In 2018, the Group’s purchases of  
goods and services (excluding petroleum products and vessel  
Through their activities, the Group’s subcontractors and  
suppliers may face the same risks that the Group encounters  
in its own activities notably in terms of social, environmental,  
societal and corruption-related risks. The most prominent risks  
relate mainly to human rights in the workplace (forced labor  
and child labor, discrimination, fair and equitable working  
conditions and safety), health, security and safety, corruption,  
conflicts of interest, fraud and the environment.  
chartering by Trading  
&
Shipping) represented approximately  
(1)  
$29 billion worldwide. The allocation of expenditures on the Group  
level is approximately 32% for goods (products, materials, etc.) and  
approximately 68% for services (in particular consulting services,  
work with supply of materials, transport, etc.).  
(1) $25 billion excluding Hutchinson, SunPower and Saft Group.  
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Contractors and suppliers  
TOTAL’s success as a responsible company is played out all along  
its value chain, and the Group is convinced of the importance of  
working with suppliers that respect human rights and take care of  
their employees. The Group expects its suppliers to adhere to  
principles equivalent to those in its own Code of Conduct, as set out  
in the Fundamental Principles of Purchasing directive. To this end,  
the Group wanted the management of its supplier relations to be  
coordinated by the dedicated cross-functional “Total Global  
Procurement” entity, which is tasked, in particular, with delivering  
Purchasing services and assisting the Group’s entities and sites,  
mainly in Exploration & Production, Refining & Petrochemicals,  
Marketing & Services and Gas, Renewables & Power. This approach  
is complemented by employee training programs and actions to raise  
awareness amongst the Group’s partners, customers and suppliers.  
Its success is also based on TOTAL’s involvement in international  
initiatives or collaborative approaches specific to the energy sector  
that promote the emergence of good practices.  
5.10.1 The Group’s responsible procurement policy  
The Group ensures that contractual conditions are negotiated in an  
equitable manner with its suppliers. The Code of Conduct restates  
this requirement and the three essential principles that guide TOTAL’s  
relations with its suppliers: dialogue, professionalism and the  
fulfillment of commitments.  
In 2018, 196 procurement representatives were trained on respect  
of human rights and working conditions by suppliers, and 250 on  
anti-corruption rules.  
The Group provides its procurement representatives with supporting  
materials, such as the “Sustainable Purchasing Awareness Cards”  
that recap human rights at work and identify the purchaser practices  
that must alert them. A set of communication tools intended to help  
procurement representatives to enter discussions on the Fundamental  
Principles of Purchasing was also distributed within Total Global  
Procurement. The materials used in the annual performance review  
have been revised to include a section on human rights.  
These principles are also set forth in the Fundamental Principles of  
Purchasing, launched in 2010, that specify the commitments that  
TOTAL expects its employees and suppliers to adhere to in the  
following areas: respect for human rights at work, the protection of  
health, safety and security, preservation of the environment,  
prevention of corruption, and conflicts of interest and the fight against  
fraud, respect for competition law, as well as the promotion of  
economic and social development. These principles were drawn up  
in keeping with the fundamental principles defined in particular in the  
United Nations Universal Declaration of Human Rights, the  
conventions of the International Labor Organization, the United  
Nations Global Compact and the OECD Guidelines for Multinational  
Enterprises.  
In June 2018, the International Procurement Days brought together  
the 170 procurement representatives present in 41 countries. The  
Fundamental Principles of Purchasing were distributed during the  
event and the internal supplier qualification and audit processes were  
presented.  
With respect to the development of good practices in business  
relations, TOTAL also launched an initiative to raise its employees’  
awareness of mediation as an alternative method for resolving  
disputes. Since 2013, a training day run by professional mediators to  
raise awareness of mediation has been organized in French and  
English. In 2017, an open day for employees of the Group, lawyers and  
suppliers, enabled participants to learn about the benefits of mediation.  
A brochure designed to increase awareness of the mediation process  
is available to all Group employees. In addition, an email address is  
available on the Group website (under “Suppliers”). The Group’s  
suppliers can contact the internal supplier mediator using a generic  
email address (mediation.fournisse[email protected]). The internal  
mediator is tasked with facilitating relations between the Group and  
its French and international suppliers. The general purchasing terms  
and conditions also mention the possibility of recourse to mediation.  
Furthermore, a Sustainable Procurement road map defines TOTAL’s  
guidelines in this area. A Sustainable Procurement Committee  
regularly brings together the Management Committee of Total Global  
Procurement and the Civil Society Engagement (including the Human  
Rights Department), HSE and Legal divisions as well as the Ethics  
Committee. It is tasked with monitoring the implementation of the  
Group’s Sustainable Procurement road map.  
Employee awareness-raising actions and training  
TOTAL has set up a number of channels of communication to raise  
employee awareness of the risks and issues related to its supply  
chain. Training modules explaining the Group’s ethical commitments  
and the Fundamental Principles of Purchasing have been developed  
for and made available to Group procurement representatives.  
5.10.2 Extension of the Group’s policy to the supply chain  
TOTAL expects its suppliers to:  
—
—
ensure that their own suppliers and subcontractors adhere to  
these Fundamental Principles of Purchasing,  
—
adhere to the Fundamental Principles of Purchasing and ensure  
that they are adhered to in their activities,  
refer to the Group Ethics Committee when in doubt or in the  
event of any malfunction.  
—
—
accept to be audited according to these principles,  
remain attentive to the everyday working conditions of their  
employees and their suppliers’ employees,  
216  
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Contractors and suppliers  
5
The rules set out in these Principles must be included or transposed  
into the agreements concluded with suppliers. To this end, these  
Principles are available for consultation by all suppliers in both French  
and English on TOTAL’s website (under “Suppliers”).  
with suppliers that respect human rights, on the one hand, and take  
good care of their employees, on the other. The goal of this common  
approach is to encourage the improvement of working conditions in  
the supply chain of the companies involved. This initiative addresses  
the United Nations SDG N° 8: “to promote sustained, inclusive and  
sustainable economic growth, full and productive employment and  
decent work for all”.  
The supplier qualification process  
The supplier qualification process was harmonized at Group level in  
2
017 by Total Global Procurement. A new internal framework was  
Supplier awareness-raising actions  
published in 2018. A new computerized qualification tool will gradually  
be rolled out starting in 2019, with a planned scope of 107 countries  
thus far.  
The deployment of the anti-corruption policy in purchasing continued  
in 2017 with awareness-raising sessions for strategic suppliers at  
the Suppliers Day. This event gathered more than 100 suppliers that  
are considered to be strategic in view of their contribution to Group  
operations. In addition to numerous initiatives taken in previous years,  
in 2018 approximately 229 suppliers underwent an anti-corruption  
analysis through the issuing of specific questionnaires, completed, in  
some cases, by external inspections.  
It will be used to automate and document the supplier qualification  
process, which unfolds in four stages:  
1
.
.
confirmation of interest;  
2
a risk pre-analysis to decide whether an in-depth analysis of each  
criterion is necessary (HSE, anti-corruption, societal, financial,  
technical);  
Every year, one of the departments of the IPO (TOTAL IPO in  
Shanghai, China) organizes a compliance day and invites one of its  
approved suppliers. It can explain the actions it takes regarding  
anti-corruption compliance, the concrete problems encountered and  
how it deals with them. The discussions, based on case studies and  
topical issues, are enlightening for all. In 2018, this event was held in  
December (refer also to point 5.8.1 of this chapter).  
3
.
.
determination of the qualification status;  
4
monitoring and renewal of qualification. Qualifications are valid  
for three years.  
The supplier assessment process  
Simultaneously, the Group has set up a supplier assessment process  
to identify and prevent risks of severe impacts on human rights and  
fundamental freedoms, human health and safety. Thus, since 2016,  
the Group started conducting campaigns to audit working conditions  
amongst its suppliers. These audits are conducted by a specialized  
service provider, with which TOTAL signed a framework contract  
in 2016.  
Finally, pursuant to Rule 13p-1 of the Securities Exchange Act of  
1934, as amended, which implemented certain provisions of the  
Dodd-Frank Wall Street Reform and Consumer Protection Act of  
2010, TOTAL has submitted since 2014 to the SEC an annual  
document relating to “conflict minerals”( sourced from the  
Democratic Republic of the Congo or an adjoining country. The  
document indicates whether, during the preceding calendar year,  
any such minerals were necessary to the functionality or production  
of a product manufactured (or contracted to be manufactured) by  
the TOTAL S.A. or one of its affiliates had. The main objective of the  
rule’s obligation to publish this information is to prevent the direct or  
indirect funding of armed groups in central Africa. For more  
information, refer to TOTAL’s most recent publication available at:  
sustainable-performance.total.com or www.sec.gov.  
1)  
Since 2017, the Group has been rolling-out specific training for Group  
purchasers to evaluate suppliers with respect to human rights.  
5
Moreover, in September 2018, TOTAL, BP, Equinor and Shell  
announced their intention to develop a common collaborative  
approach to assess the respect of human rights by their suppliers.  
The partner companies are convinced of the importance of working  
5.10.3 The Group’s responsible procurement commitments  
Since 2010, TOTAL is a signatory to the French Economy and  
Finances Ministry’s Sustainable Supplier Relations Charter, which  
aims to allow more sustainable and balanced relations between  
customers and suppliers.  
in terms of decent work and respecting human rights in its supply  
chain by signing the “Six Commitments” of the United Nations Global  
Compact.  
The Group’s buyers also take part in international working groups on  
responsible procurement. TOTAL is an active member of IPIECA’s  
Supply Chain Working Group. Building on the workshops held since  
2015, TOTAL continued to participate in the Operationalization of the  
UN Guiding Principles work organized by the IPIECA, aimed at both  
oil and gas companies and engineering, procurement and  
construction (EPC) contractors.  
Worldwide, a CSR global agreement monitoring Committee (known  
as the “FAIR Committee”) meets every year in the presence of  
representatives who are members of trade unions affiliated with the  
IndustriALL Global Union and appointed by this federation to monitor  
and implement the agreement. It identifies good practice and areas  
for improvement. In application of the areas for improvement defined  
by this Committee, the programs mentioned earlier have already  
been set up: Suppliers Day, International Procurement Day and  
trainings in human rights for purchasers.  
Finally, the Group pays special attention to the disabled and protected  
employment sectors. In France, the Group’s purchases from this  
sector enabled the achievement of an indirect employment rate of  
nearly 1% in 2018. TOTAL is a member of the Pas@Pas association  
and provides its buyers with an online directory that can be used to  
identify potential suppliers and service providers (disabled or  
protected employment sectors) by geographical area and by category  
(refer to point 5.3.5.3 in this chapter).  
Since 2018, TOTAL has been a member of the United Nations Global  
Compact platform on Decent Work in Global Supply Chains, and, in  
this capacity, takes part in various workshops that aim to help the  
member companies of the Global Compact to make progress in this  
area. In December 2018, the Group committed to pursuing its efforts  
(
1) Rule 13p-1 defines “conflict minerals” as follows (irrespective of their geographical origin): columbite-tantalite (coltan), cassiterite, gold, wolframite as well as their derivatives, which are  
limited to tantalum, tin and tungsten.  
Registration Document 2018 TOTAL  
217  
NON-FINANCIAL PERFORMANCE  
5
Reporting scopes and method  
5.10.4 Payment terms  
The payment terms for invoices from suppliers and customers of TOTAL S.A. as of December 31, 2018, in application of the provisions of  
Article D. 441-4 of the French Commercial Code, are as follows:  
As of December 31, 2018  
in M€)  
SUPPLIERS  
Invoices received and outstanding at the  
closing date of the previous fiscal year  
CUSTOMERS  
Invoices issued and outstanding at the  
closing date of the previous fiscal year  
(
9
1 days Total (1  
or day and  
91 days Total (1  
or day and  
more more)  
0
days 1 to 30  
31 to  
60 days  
61 to  
90 days  
0 days 1 to 30  
days  
31 to  
60 days  
61 to  
90 days  
(
provisional)  
days  
more  
more) (provisional)  
(A) Late payment brackets  
Number of invoices affected  
Total value of invoices affected  
3,847  
191  
1,737  
189  
12,253  
480  
(including tax)  
0
0
0
8
8
148  
24  
224  
66  
166  
Percentage of the total value  
of purchases for the fiscal year  
(including tax)  
3.0% 0.0%  
0.0%  
0.0%  
0.1% 0.1%  
Percentage of sales for  
the fiscal year (including tax)  
2.5% 0.4%  
3.8%  
1.1%  
2.8% 8.1%  
(B) Invoices excluded from (A) relating to disputed or unrecorded liabilities and receivables  
Number of invoices excluded  
Total value of invoices excluded  
None  
None  
None  
None  
(C) Reference payment terms used (contractual or legal – Article L. 441-6 or Article L. 443-1 of the French Commercial Code)  
Payment terms used  
for late payment penalties  
Legal payment terms  
Legal payment terms  
5.11 Reporting scopes and method  
5.11.1 Frameworks  
The Group’s reporting is based:  
—
for environmental indicators, on a Group reporting procedure,  
together with segment-specific instructions.  
—
for social indicators, on a practical handbook titled “Corporate  
Social Reporting Protocol and Method”;  
These documents are available to all companies of the Group and  
can be consulted at Corporate headquarters, in the relevant  
departments.  
—
for safety indicators, on the Corporate Guidance on Event and  
Statistical Reporting;  
5.11.2 Scopes  
Social reporting is based on two surveys: the Global Workforce  
Analysis, and the complementary Worldwide Human Resources  
Survey. Two centralized tools (Sogreat and HR4U) facilitate  
performance of the above surveys.  
—
The Worldwide Human Resources Survey (WHRS) is an annual  
survey which comprises 211 indicators in addition to those used  
in the Global Workforce Analysis. The indicators are selected in  
cooperation with the relevant counterparties and cover major  
components of the Group Human Resources policy, such as  
mobility, career management, training, work conditions, social  
dialogue, Code of Conduct deployment, human rights, health,  
compensation, retirement benefits and insurance. The survey  
covers a representative sample of the consolidated scope. The  
data published in this document are extracted from the most  
recent survey, carried out in December 2018 and January 2019;  
—
The Global Workforce Analysis is conducted once a year, on  
December 31, in all the controlled consolidated Group companies  
(
refer to Note 18 of the Consolidated Financial Statements,  
chapter 8, point 8.7) having employees, i.e., 326 companies in  
03 countries on December 31, 2018. This survey mainly covers  
1
worldwide workforces, hiring under permanent and fixed-term  
contracts (non-French equivalents of contrats à durée déterminée  
or indéterminée) as well as employee turnover at the worldwide  
level. This survey produces a breakdown of the workforce by  
gender, professional category (managers and other employees  
and non-French equivalents), age and nationality.  
1
28 companies in 54 countries, of which three new countries  
Sweden, Israel and Denmark, representing 89.5% of the  
consolidated Group workforce (93,473 employees) replied to  
the survey.  
218  
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NON-FINANCIAL PERFORMANCE  
Reporting scopes and method  
5
Reporting on environmental indicators or indicators related to  
climate change covers all activities, sites and industrial assets in  
which TOTAL S.A., or one of the companies it controls, is the  
operator, i.e., either operates or contractually manages the operations  
Consolidation method  
For the scopes defined above, the safety and social indicators are  
fully consolidated.  
(
“operated domain”). Compared to the scope of consolidation, this  
corresponds to fully consolidated companies, with some exceptions,  
as well as a number of non-fully consolidated entities(1) (2)  
Regarding environmental indicators or indicators related to climate  
change, the materiality thresholds mentioned in point 5.11.2 allow  
for the consolidation of 99% of greenhouse gas emissions and 95%  
of other emissions from the Group’s operated domain, observed for  
fiscal year 2017. These thresholds are also applied to greenhouse  
gas emissions published on an equity interest basis, i.e., by  
consolidating the Group share of the emissions of all assets in which  
the Group has a financial interest or rights to production.  
.
Greenhouse gas (GHG) emissions “based on the Group’s equity  
interest” are the only data which are published for the “equity interest”  
scope. This scope, which is different from the “operated domain”,  
includes all the assets in which the consolidated entities have a  
financial interest or rights to production.  
The list of environmental indicators or indicators related to climate  
change on which an entity must report is drawn up on the basis of  
the materiality thresholds for 2018. These thresholds were calibrated  
in order to report 99% of greenhouse gas emissions and 95% of the  
Group’s other emissions observed in 2017. Furthermore, no site  
accounting for more than 2% of an indicator excludes this indicator  
from their reports.  
Changes in scope  
Social indicators are calculated on the basis of the consolidated  
scope of the Group as of December 31, 2018. These social data are  
presented on the basis of the operational business segments  
identified in the 2018 Consolidated Financial Statements.  
Regarding safety indicators and environmental indicators of point  
5
.5.2 of this chapter, acquisitions are taken into consideration as  
Safety reporting covers all employees of activities, working on sites  
and industrial assets for which TOTAL S.A. or a controlled company  
is the operator, i.e., either operates or contractually manages the  
operations (“operated domain”), as well as employees of contractors  
working there, and employees of transport companies under  
long-term contracts. Compared to the scope of consolidation, this  
corresponds to fully consolidated companies, with some exceptions,  
soon as possible, and at the latest on January 1 of the following  
year. The following main affiliates or activities, acquired in 2018, are  
not included in this reporting this year, but will be in 2019: Direct  
Énergie (with the exception of combined cycle gas power plants  
which have been integrated this year), Global LNG, new networks of  
service stations of Brazil and Mexico M&S affiliates. All facilities sold  
are taken into consideration up to the date of the sale.  
(1) (3)  
as well as a number of non-fully consolidated entities  
.
For environmental indicators and indicators related to climate change  
(
excluding indicators of point 5.5.2), acquisitions are taken into  
account as of January 1 of the current year to the extent possible or  
as of the next fiscal year. The following main affiliates or activities,  
acquired in 2018, are not included in the reporting of environmental  
or climate change indicators this year, but will be in 2019: Direct  
Énergie (with the exception of combined cycle gas power plants  
which have been integrated since this year), Global LNG, a new  
blending activity of the M&S affiliate Total Vostock, new networks of  
service stations of the M&S affiliates in Brazil and Mexico. Any facility  
sold before December 31 is excluded from the Group’s reporting  
scope for the current year.  
5
5.11.3 Adopted principles  
Indicator selection and relevance  
Consolidation and internal control  
The data published in the Registration Document are intended to  
inform stakeholders about the Group’s annual results in social and  
environmental responsibility. The environmental indicators include  
Group performance indicators referring to the IPIECA reporting  
guidelines, updated in 2015.  
The social, environmental, climate change-related and industrial safety  
data are consolidated and checked by each business unit and  
business segment, before being checked at Group level. Data  
pertaining to certain specific indicators are calculated directly by the  
business segments. These processes undergo regular internal audits.  
Methodological specificities  
External verification  
The methodology may be adjusted to in particular due to the diversity  
of TOTAL’s activities, the integration of newly acquired entities, lack  
of regulations or standardized international definitions, practical  
procedures for collecting data, or changes in methods.  
The external verification (Article R. 225-105-2 of the French  
Commercial Code) is performed at the Group and business levels,  
as well as in a sample of operational entities in and outside France,  
selected each year in line with their relative contribution to the Group,  
previous years’ results and  
a risk analysis. The auditors’  
independence is defined by regulations and the professions’ Rules  
of Professional Conduct and/or an impartiality Committee.  
Restatement of previous years’ published data, unless there is a  
specific statement, is now limited to changes of methodology.  
(1) The reporting scope of safety, environmental and climate change indicators also includes the activities of nearly 200 controlled but not consolidated companies. It does not include Basf  
Total Petrochemicals LLC.  
(
2) The scope of the reporting of environmental or climate change related indicators also includes the Khuff and Nasr fields (United Arab Emirates) for which the Group is operator without  
having the right to production, but does not integrate Naphtachimie (Lavéra site), Appryl (Lavera site), fully consolidated. In addition, environmental or climate change indicators have been  
recalculated over the 2016-2018 period, to include data from the Zeeland refinery reintegrated into the operated domaine.  
3) The reporting scope of the safety indicators also includes sites not operated by the Group of non-fully consolidated companies: Hanwha Total Petrochemical co. Limited (Daesan and  
Dongguan Sites), Bayport Polymers LLC.  
(
Registration Document 2018 TOTAL  
219  
NON-FINANCIAL PERFORMANCE  
5
Reporting scopes and method  
5.11.4 Details of certain indicators  
Social definitions and indicators  
Fresh water: water with salinity below 1.5 g/l.  
Outside of France, “management staff” refers to any employee whose  
job level is the equivalent of 300 or more Hay points. Permanent  
contracts correspond to contrats à durée indéterminée (CDI) and  
fixed-term contracts to contrats à durée déterminée (CDD), according  
to the terminology used in the Group’s social reporting.  
GEEI (Group Energy Efficiency Index): a combination of energy  
intensity ratios (ratio of net primary energy consumption to the level  
of activity) per business reduced to base 100 in 2010 and  
consolidated with a weighting by each business’s net primary energy  
consumption for Exploration & Production and Refining & Chemicals  
segments (Hutchinson excluded).  
Employees present: employees present are employees on the payroll  
of the consolidated scope, less employees who are not present, i.e.,  
persons who are under suspended contract (sabbatical, business  
development leave, etc.), absent on long-term sick leave (more than  
six months), assigned to a company outside the Group, etc.  
GHG: the six gases of the Kyoto protocol, which are CO , CH , N O,  
2
4
2
HFCs, PFCs and SF , with their respective GWP (Global Warming  
6
Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6  
are almost absent from the Group’s emissions or are considered as  
non-material, and are therefore no longer counted in 2018.  
Safety definitions and indicators  
GHG based on the Group’s equity interest: GHGs emitted by the  
Group’s operated assets and non-operated assets in which the  
Group holds an equity share. In both cases, emissions are reported  
to that equity. Assets with GHG emissions of less than 40 ktCO2e/y  
on an equity basis are excluded. For non-operated assets, TOTAL  
relies on information provided by its partner operators. In cases where  
this information is not available, estimates are made based on past  
data, budget data or by pro rata with similar assets.  
TRIR (Total Recordable Injury Rate): number of recorded injuries per  
million hours worked.  
LTIR (Lost Time Injury Rate): number of lost time injuries per million  
hours worked.  
SIR (Severity Injury Rate): average number of days lost per lost time  
injury.  
Employees of external contractors: any employee of a contractor  
working at a Group-operated site or assigned by a transport company  
under a long-term contract.  
GHG scope 1 emissions: direct GHG emissions from sources  
located within the boundaries of a site coming under the operated  
domain or in which TOTAL holds a financial interest.  
Tier 1 and Tier 2: indicator of the number of loss of primary  
containment events, with more or less significant consequences, as  
defined by the API 754 (for downstream) and IOGP 456 (for upstream)  
standards.  
GHG scope 2 emissions: indirect emissions attributable to  
brought-in energy (electricity, heat, steam), excluding purchased  
industrial gases (H2).  
GHG scope 3 emissions: other indirect emissions. The Group  
follows the oil & gas industry reporting guidelines published by IPIECA  
and which conform to the GHG Protocol methodologies. In this  
Registration Document, only item 11 of Scope 3 (use of sold  
products), which is the most significant, is reported. Emissions for  
this item are calculated based on sales of finished products for which  
the next stage is end use, in other words, combustion of the products  
to obtain energy. A stoichiometric emission factor is applied to these  
sales (oxidation of molecules to carbon dioxide) to obtain an emission  
volume.  
Near miss: event which, under slightly different circumstances, could  
have resulted in an accident. The term “potential severity” is used for  
near misses.  
Incidents and near misses are assessed in terms of actual or potential  
severity based on a scale that consists of six levels. Events with an  
actual or potential severity level of four or more are considered  
serious.  
Environmental or climate change-related definitions  
and indicators  
Carbon intensity: This indicator measures the average GHG  
emissions of these products, from production in TOTAL facilities to  
end use by customers. This indicator takes into account:  
Non-routine flaring: flaring other than routine flaring and safety flaring  
occurring primarily during occasional and intermittent events.  
—
for the numerator:  
Routine flaring: flaring during normal production operations  
conducted in the absence of sufficient facilities or adequate  
geological conditions permitting the reinjection, on-site utilization or  
commercialization of produced gas (as defined by the working group  
of the Global Gas Flaring Reduction program within the framework of  
the World Bank’s Zero Routine Flaring initiative). Routine flaring does  
not include safety flaring.  
–
the emissions connected to the production and conversion of  
energy products used by the customers on the basis of the  
Group’s average emission rates,  
–
the emissions connected to the use of sold products. For  
each product, stoichiometric emission factors( are applied to  
these sales to obtain an emission volume. Non-fuel use  
products (bitumen, lubricants, plastics, etc.) are not taken into  
account,  
1)  
Safety flaring: flaring to ensure the safe performance of operations  
conducted at the production site (emergency shutdown,  
safety-related operations etc.).  
– negative emissions stored thanks to CCUS and natural carbon  
sinks;  
Waste: the contaminated soil excavated and removed from active  
sites to be treated externally is counted a waste. Drilling debris,  
mining cuttings or soil polluted in inactive sites are not counted as  
waste.  
—
for the denominator: the quantity of energy sold, knowing that  
electricity is placed on an equal footing with fossil fuels by taking  
into account the average capacity factor and average efficiency  
ratio.  
Hydrocarbon spills: spills with a volume greater than 1 barrel  
Operated oil & gas facilities: Facilities operated in the Exploration &  
Production, Refining & Chemicals and Marketing & Services  
segments of the Group.  
(
≈159 liters) are counted. These are accidental spills of which at least  
part of the volume spilled reaches the natural environment (including  
non-waterproof ground). Spills resulting from sabotage or malicious  
acts are included, unless specified otherwise. Spills that do not affect  
the environment are excluded.  
(1) The emission factors used are taken from a technical note from the CDP: Guidance methodology for estimation of scope 3 category 11 emissions for oil and gas companies.  
220  
TOTAL Registration Document 2018  
NON-FINANCIAL PERFORMANCE  
Independent third party’s report  
5
Oil spill preparedness:  
that are adapted to each scenario, if it defines the technical and  
organizational means, internal and external, to be implemented  
and, lastly, if it mentions elements to be taken into account to  
implement a follow-up of the environmental impacts of the  
pollution; and  
—
an oil spill scenario is deemed “important” as soon as its  
consequences are on a small scale and with limited impacts on  
the environment (orders of magnitude of several hundred meters  
of shores impacted, and several tons of hydrocarbons);  
—
oil spill preparedness exercise: only exercises conducted on the  
basis of one of the scenarios identified in the oil spill preparedness  
plan and which are played out until the stage of equipment  
deployment are included for this indicator.  
—
an oil spill preparedness plan is deemed operational if it describes  
the alert mechanisms, if it is based on pollution scenarios that  
stem from risk analyses and if it describes mitigation strategies  
5.12 Independent third party’s report  
Independent third party’s report on the consolidated nonꢀfinancial statement  
presented in the management report  
This is a free translation into English of the original report issued in French and it is provided solely for the convenience of English speaking  
readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable  
in France.  
To the General Assembly,  
In our quality as an independent third party, accredited by the COFRAC under number n° 3-1050 (scope of accreditation available on the  
website www.cofrac.fr), and as a member of the network of one of the statutory auditors of your entity (hereafter “entity”), we present our  
report on the consolidated non-financial statement established for the year ended on the 31 December 2018 (hereafter referred to as the  
“
Statement”), presented in chapter 5 of the management report pursuant to the legal and regulatory provisions of Articles L. 225 102-1,  
R. 225-105 et R. 225-105-1 of the French Commercial Code (Code de commerce).  
Responsibility of the entity  
It is the responsibility of the Board of Directors to establish the Statement in compliance with the legal and regulatory provisions including a  
presentation of the business model, a description of the main non-financial risks, a presentation of the policies applied regarding these risks  
as well as the results of these policies, including key performance indicators.  
5
The Statement has been established based on the procedures of the entity (hereinafter referred to as the “Criteria”), the significant elements of  
which are presented in the Statement.  
Independence and quality control  
Our independence is defined by the provisions of Article L. 822-11-3 of the French Commercial Code and the Code of Ethics (Code de  
déontologie) of our profession. In addition, we have implemented a quality control system, including documented policies and procedures to  
ensure compliance with ethical standards, professional standards and applicable legal and regulatory requirements.  
Responsibility of the independent third party  
On the basis of our work, our responsibility is to provide a report expressing a limited assurance conclusion on:  
—
—
the compliance of the Statement with the provisions of Article R. 225-105 of the French Commercial Code;  
the fairness of the information provided in accordance with Article R. 225 105 I, 3° and II of the French Commercial Code, namely the  
results of the policies, including key performance indicators, and the actions related to the main risks, hereinafter the “Information”.  
However, it is not our responsibility to comment on:  
—
the entity’s compliance with other applicable legal and regulatory provisions, particularly the French duty of care law and anti-corruption  
and tax evasion legislation;  
—
the compliance of products and services with the applicable regulations.  
Nature and scope of the work  
Our work described below has been carried out in accordance with the provisions of Articles A. 225-1 et seq. of the French Commercial Code  
determining the conditions in which the independent third party performs its mission and according to professional standards as well as to the  
international ISAE standard 3000 – Assurance engagements other than audits or reviews of historical financial information.  
The work that we conducted allows us to assess the compliance of the Statement with the regulatory provisions and the fairness of the  
Information:  
—
we obtained an understanding of the entity’s activities and of all the entities included in the scope of consolidation, the statement of the  
main social and environmental risks related to this activity, and, where applicable, its effects regarding compliance with human rights,  
anti-corruption, tax evasion legislation, as well as the resulting policies and their results;  
—
—
we assessed the suitability of the Criteria with respect to their relevance, completeness, reliability, neutrality and understandability by  
taking into consideration, where relevant, the best practices of the industry;  
we verified that the Statement covers each category of information set out in Article L. 225-102-1 III of the French Commercial Code  
regarding social and environmental matters, as well as respect of human rights and anti-corruption and tax evasion legislation;  
Registration Document 2018 TOTAL  
221  
NON-FINANCIAL PERFORMANCE  
5
Independent third party’s report  
—
—
we verified that the Statement includes an explanation justifying the absence of the information required by the 2nd paragraph of III of  
Article L. 225-102-1 of the French Commercial Code;  
we verified that the Statement presents the business model and the main risks associated with the activity of the entity and of all the  
entities included in the scope of consolidation; including, where relevant and proportionate, the risks associated with their business  
relationships, their products or services, as well as their policies, actions and results, including key performance indicators;  
—
we verified, where relevant with respect to the main risks or the policies presented, that the Statement presents the information required  
under Article R. 225-105 II of the French Commercial Code;  
—
—
we assessed the process used to select and validate the main risks;  
we inquired about the existence of internal control and risk management procedures put in place by the entity and of all the entities  
included in the scope of consolidation;  
—
—
—
we assessed the consistency of the results and the key performance indicators with respect to the main risks and policies presented;  
we verified that the Statement includes a clear and reasoned explanation for the absence of a policy regarding one or more of those risks;  
we verified that the Statement covers the consolidated scope, i.e., all the companies included in the scope of consolidation in accordance  
with Article L. 233-16 of the French Commercial Code, with the limits specified in the Statement;  
—
—
we assessed the collection process implemented by the entity to ensure the completeness and fairness of the Information;  
we implemented for the key performance indicators and other quantitative results that we considered to be the most important presented  
in Appendix 1:  
–
–
analytical procedures to verify the correct consolidation of the data collected as well as the consistency of their evolutions,  
detailed tests based on samples, consisting of checking the correct application of the definitions and procedures and reconciling the  
data with the supporting documents. This work was carried out with a selection of contributing entities listed hereafter: Total Gabon,  
Total E&P Myanmar, Antwerp Refinery, Leuna Refinery, SunPower Philippines Manufacturing Limited, Saft S.A.S site of Poitiers, Total  
Philippines Corporation, Total Marketing Gabon which cover between 5% and 28% of the consolidated data selected for these tests  
(5% of total workforce, 21% of direct operated GHG emissions (scope 1), 25% of freshwater withdrawals, 28% of waste);  
—
—
we consulted documentary sources and conducted interviews to corroborate the qualitative information (actions and results) that we  
considered the most important presented in Appendix 1;  
we assessed the overall consistency of the Statement based on our knowledge of all the entities included in the scope of consolidation.  
We believe that the work we have carried out, based on our professional judgment allows us to express a limited assurance conclusion;  
a higher level of assurance would have required more extensive verification work.  
Means and resources  
Our verification work mobilized the skills of nine people and took place between September 2018 and March 2019 on a total duration of  
intervention of about thirty weeks.  
We conducted interviews with around twenty persons responsible for the preparation of the Statement including in particular the divisions  
Strategy & Climate, Legal Affairs, HSE, Human Resources, Civil Society Engagement, Support & Purchasing Performance.  
Conclusion  
Based on our work, we have not identified any significant misstatement that causes us not to believe that the consolidated non-financial  
statement complies with the applicable regulatory provisions and that the Information, taken together, is fairly presented, in compliance with  
the Criteria.  
Paris-La Défense, the 13th March 2019  
French original signed by:  
Independent third party ERNST & YOUNG et Associés  
Christophe Schmeitzky  
Partner, Sustainable Development  
Jean-François Bélorgey  
Partner  
222  
TOTAL Registration Document 2018  
NON-FINANCIAL PERFORMANCE  
Independent third party’s report  
5
Appendix 1: Information considered as the most important  
Social Information  
Quantitative Information  
including key performance indicators)  
Qualitative Information  
(actions or results)  
(
Social  
Social  
–
–
–
–
–
–
Number of employees  
Number of employees hired on permanent contract  
Number of departures per category  
Sickness absenteeism rate  
Turnover (departures divided by number of employees)  
– Employment (attractiveness, retention)  
– Organization of work (organization, absenteeism)  
– Compensation (policy)  
– Social relations (social dialogue, collective agreements)  
– Training (policy)  
Percentage of the Group’s entities including HSE criteria in the  
variable compensation  
– Equal treatment (promotion of diversity, fight against discrimination,  
insertion of people with disabilities)  
–
–
–
Average number of training days/year per employee (on-site training)  
Percentage of women among Senior executives  
Percentage of women among permanent contract recruitment,  
among management recruitment, among total employees and  
among managers  
–
Percentage of employees of non-French nationality among  
permanent contract recruitment, among management recruitment,  
among total employees and among managers  
–
–
Percentage of companies offering the option of remote working  
Percentage of employees involved in remote working of those  
given the option  
–
–
Percentage of companies with employee representation  
Percentage of employees covered by collective agreement  
Health & Safety  
Health & Safety  
–
–
–
–
–
–
TRIR (number of recorded injuries per million hours worked)  
LTIR (number of lost time injuries per million hours worked)  
SIR (average number of days lost per lost time injury)  
Number of severe road accidents  
Number of occupational illnesses recorded in the year  
Percentage of employees with specific occupational risks  
benefiting from regular monitoring  
– Health and safety (prevention actions)  
– Measures taken for the health and safety of consumers  
5
Environmental Information and Information linked to Climate Change  
Quantitative Information  
Qualitative Information  
(actions or results)  
(
including key performance indicators)  
–
Number of operated sites important for the environment  
ISO 14001 certified  
Loss of primary containment Tier 1 and Tier 2  
Number and volumes of accidental hydrocarbon spills with an  
environmental impact and of more than one barrel  
Number of sites whose risk analysis identified at least one risk  
of major accidental pollution to surface water  
Proportion of those sites with an operational oil spill contingency  
plan  
– The results of the environmental policy  
– Climate change (significant emission sources due to activity,  
reduction objectives, adaptation measures)  
– Measures undertaken not to harm the biodiversity  
– Pollution prediction measures (water, air, soil…)  
– Circular economy (raw material, energy, waste management)  
–
–
–
–
–
–
Water management  
Proportion of those sites that have performed  
at least one oil spill response exercise during the year  
–
–
–
SO emissions  
2
NO emissions  
X
Hydrocarbon content of offshore water discharges and  
percentage of sites that meet the Group target for the quality  
of offshore discharges  
–
Hydrocarbon content of onshore water discharges and  
percentage of sites that meet the Group target for the quality  
of onshore discharges  
–
–
–
Fresh water withdrawals excluding cooling water  
Quantity of waste processed  
Proportion of waste processed per waste treatment process  
(recycling and/or valorization, landfill, others)  
–
–
Direct greenhouse- gas emissions (operated scope)  
Direct greenhouse- gas emissions based on the Group’s equity  
interest  
–
–
Indirect emissions attributable to energy consumption by sites  
Other indirect emissions – Use by customers of products sold for  
end use  
–
–
–
–
–
Net primary energy consumption  
Total volume of flared gas  
Routine flaring  
Group energy efficiency indicator  
Carbon intensity of energy products used by customers  
of the Group  
Registration Document 2018 TOTAL  
223  
NON-FINANCIAL PERFORMANCE  
5
Independent third party’s report  
Societal Information  
Quantitative Information  
Qualitative Information  
(actions or results)  
(
including key performance indicators)  
–
–
–
–
Local impact (employment, development, local residents,  
dialogue…)  
Subcontracting: subcontracting and suppliers  
(environmental and social issues)  
Human rights: actions in favor of human rights,  
in particular respect for fundamental ILO Conventions  
Corruption: plans implemented to prevent corruption  
224  
TOTAL Registration Document 2018  
6
TOTAL AND ITS SHAREHOLDERS  
6
.1  
Listing details  
226  
6
.1.1 Listing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226  
.1.2 Share performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227  
6
6
.2  
Dividend  
229  
6.2.1 Dividend policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229  
6.2.2 Dividend payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231  
6.2.3 Coupons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231  
6
.3  
Share buybacks  
232  
6.3.1 Share buybacks and cancellations in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232  
6.3.2 Board of Directors’ report on share buybacks and sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232  
6.3.3 2019-2020 share buyback program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233  
6
.4  
Shareholders  
235  
6.4.1 Major shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235  
6.4.2 Employee shareholding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237  
6.4.3 Shareholding structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237  
6
.5  
Information for foreign shareholders  
238  
6
.5.1 American holders of ADRs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238  
.5.2 Non-resident shareholders (other than American shareholders). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238  
6
6
.6  
Investor relations  
239  
6.6.1 Documents on display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239  
6.6.2 Relationships with institutional investors, financial analysts and individual shareholders. . . . . . . . . . . . . . . . . . . . . . . . . 239  
6.6.3 Registered shareholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239  
6.6.4 2019 financial calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240  
6.6.5 2020 financial calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240  
6.6.6 Contacts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240  
Registration Document 2018 TOTAL  
225  
TOTAL AND ITS SHAREHOLDERS  
6
Listing details  
6.1 Listing details  
6
.1.1 Listing  
Stock exchanges and markets  
Market capitalization on Euronext Paris  
and in the Euro zone as of December 31, 2018  
—
—
—
—
Paris (Euronext Paris);  
Brussels (Euronext Brussels);  
London (London Stock Exchange); and  
New York (New York Stock Exchange).  
TOTAL S.A. is the second-largest capitalization on the Euronext Paris  
regulated market and is the third-largest market capitalization among  
the companies that make up the Euro Stoxx 50. The largest market  
capitalizations in the Euro zone are:  
Codes  
As of December 31, 2018(a) (€B)  
ISIN  
FR0000120271  
TOTF.PA  
FP FP  
Unilever NV  
LVMH  
134.7  
130.4  
121.9  
116.5  
112.7  
106.8  
Reuters  
Bloomberg  
Mnemonic/Ticker  
TOTAL S.A.(b)  
AB InBev  
L’Oréal  
FP  
Inclusion and weighting in the main stock indices  
as of December 31, 2018  
SAP SE  
Weighting in  
Ranking in  
the index  
(
(
a) Source: Bloomberg for the market capitalizations in the Euro zone other than TOTAL S.A.  
b) Based on a share capital divided into 2,640,602,007 shares as of December 31, 2018  
Indice  
the index  
and on TOTAL closing share price on Euronext Paris (€46.18) at the same date.  
CAC 40  
11.1%  
5.7%  
3.7%  
1.3%  
1st  
1st  
Euro Stoxx 50  
Stoxx Europe 50  
DJ Global Titans  
Percentage of free float  
5th  
As of December 31, 2018, the free float factor determined by  
Euronext Paris for calculating TOTAL S.A.’s weight in the CAC 40 was  
31st  
9
5%. The free float factor determined by Stoxx for calculating TOTAL’s  
(2)  
weight in the Euro Stoxx 50 was 100% .  
Sources: Euronext, Stoxx and Bloomberg.  
Par value  
Inclusion in the ESG (Environment, Social, Governance) indices  
€2.50.  
DJSI World, DJSI Europe, FTSE4Good and Nasdaq Global Sustainability.  
Debt credit rating (long-term/outlook/short-term)  
Market capitalization as of December 31, 2018(1)  
As of December 31  
Standard & Poor’s  
Moody’s  
2018  
A+/Stable/A-1  
2017  
A+/Stable/A-1  
Aa3/Stable/P-1  
Market  
capitalization  
Closing  
price  
Market  
Euronext  
NYSE  
€46.18  
Aa3/Positive/P-1  
€
121.9 B  
$137.8 B  
$52.18  
On February 26, 2019, Standard & Poor’s revised TOTAL S.A.’s Outlook  
from Stable to Positive.  
(
(
1) Based on a share capital divided into 2,640,602,007 shares as of December 31, 2018.  
2) Based on the last quarterly calculation available as of end of November 2018.  
226  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Listing details  
6
6
.1.2 Share performance  
6.1.2.1 Change in share prices between January 1 and December 31, 2018  
The change in TOTAL share price in 2018, compared with that of the share prices of the major oil and gas companies listed in Europe and the  
United States, is shown in the following tables:  
In Europe  
In the United States (American Depositary Receipts  
prices for European companies)  
(based on closing price in local currency)  
(
closing price in US$)  
TOTAL (euro)  
0.3%  
-7.7%  
-6.7%  
-5.1%  
-0.4%  
TOTAL  
-5.6%  
-18.5%  
-13.1%  
-12.7%  
-12.2%  
-9.8%  
Royal Dutch Shell A (euro)  
Royal Dutch Shell B (pound sterling)  
BP (pound sterling)  
ENI (euro)  
ExxonMobil  
Chevron  
Royal Dutch Shell A  
Royal Dutch Shell B  
BP  
Source: Bloomberg.  
ENI  
-5.1%  
Source: Bloomberg.  
6.1.2.2 Shareholder’s annual total return  
€1,000 invested in TOTAL shares by an individual residing in France, assuming that the dividends are reinvested in TOTAL shares, would have  
generated the following returns as of December 31, 2018 (excluding tax and social withholding):  
Shareholder’s annual Value as of December 31, 2018,  
total return  
of €1,000 invested  
Investment term  
TOTAL  
CAC 40(b)  
-8.14%  
5.24%  
TOTAL  
CAC 40  
919  
1
5
1
1
year  
1,054  
1,357  
2,078  
2,727  
years  
6.30%  
7.59%  
1,291  
2,110  
2,219  
0 years  
5 years  
7.75%  
6.92%(a)  
5.46%  
(
(
a) TOTAL share prices, used for the calculation of the total return, take into account the adjustment made by Euronext Paris in 2006 following the detachment of Arkema’s share allocation rights.  
b) CAC 40 prices taken into account to calculate the total return include all dividends distributed by the companies that are in the index.  
6
Sources: Euronext Paris, Bloomberg.  
6.1.2.3 Market information summary  
Share price over the 2014-2018 period (€)  
Highest (during trading session)  
2014  
54.71  
38.25  
42.52  
44.32  
2015  
50.30  
36.92  
41.27  
43.57  
2016  
48.89  
35.21  
48.72  
46.22  
2017  
49.50  
42.23  
46.05  
47.00  
2018  
56.82  
43.09  
46.18  
47.96  
Lowest (during trading session)  
End of the year (closing)  
Average of the last 30 trading sessions (closing)  
Trading volume (average per session)(a)  
Euronext Paris  
5,519,597  
1,277,433  
7,412,179  
1,853,669  
6,508,817  
2,109,802  
5,380,909  
1,667,928  
6,199,835  
1,855,274  
NYSE(b)  
(
a) Number of shares traded.  
(b) Number of American Depositary Receipts (“ADR”).  
Sources: Euronext Paris, NYSE.  
Registration Document 2018 TOTAL  
227  
TOTAL AND ITS SHAREHOLDERS  
6
Listing details  
Change in TOTAL share price on Euronext Paris (2014-2018)  
130  
120  
110  
100  
9
0
0
—
CAC 40 — TOTAL — Euro Stoxx 50  
8
2014  
2015  
2016  
2017  
2018  
Base 100 as of 01/01/2014. Sources: Euronext Paris, Bloomberg.  
Change in TOTAL ADR price on NYSE (2014-2018)  
160  
140  
120  
100  
8
0
0
—
Dow Jones — TOTAL US  
6
2014  
2015  
2016  
2017  
2018  
Base 100 as of 01/01/2014. Sources: NYSE, Bloomberg.  
Change in TOTAL share price at closing on Euronext Paris (2017-2018)  
(€)  
60  
55  
50  
4
5
4
0
2017  
2018  
Source: Euronext Paris.  
TOTAL average daily volumes traded on Euronext Paris (2017-2018)  
(in millions of shares)  
8
7.67  
7.55  
7.22  
6
.84  
6.76  
6.14  
6
.56  
6
.44  
6
.16 6.05  
5.79  
5.85  
5.89  
5.30  
5.96  
6
4
2
0
5.48  
5.30  
5.17  
4.81  
4.92  
4.28  
4.67  
4.50  
4.35  
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.  
2017  
2018  
Source: Euronext Paris.  
6
.1.2.4 Arkema spin-of  
In accordance with the provisions of the notice prior to the sale of  
unclaimed shares (“Avis préalable à la mise en vente de titres non  
réclamés”) published on August 3, 2006, in the French newspaper Les  
Échos, Arkema shares corresponding to allotment rights for fractional  
shares which were unclaimed as of August 3, 2008, were sold on  
Euronext Paris at an average price of €32.5721 per share. BNP Paribas  
Securities Services paid an indemnity to the financial intermediaries  
on remittance of corresponding allotment rights for Arkema shares.  
Within the framework of the spin-off of Arkema’s chemical activities  
from the Group’s other chemical activities, TOTAL S.A.’s Annual  
Shareholders’ Meeting on May 12, 2006, approved TOTAL S.A.’s  
contribution to Arkema, under the regulation governing spin-offs,  
of all its interests in the businesses included under Arkema’s scope,  
as well as the allocation for each TOTAL share (prior to share division  
by 4) of an allotment right for Arkema shares, with ten allotment  
rights entitling the holder to one Arkema share. Additionally, since  
May 18, 2006, Arkema’s shares have been traded on Euronext Paris.  
Since March 1, 2019, the unclaimed amounts were transferred to  
the French Caisse des dépôts et consignations, where the holders are  
still able to claim them for a period of 20 years. Past this time limit,  
the amounts will permanently become the property of the French State.  
228  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Dividend  
6
6
.2 Dividend  
6
.2.1 Dividend policy  
6.2.1.1 Dividend payment policy  
Dividends for the fiscal year 2019  
On October 28, 2010, TOTAL S.A.’s Board of Directors adopted a  
policy based on quarterly dividend payments starting in fiscal year 2011.  
Subject to the applicable legislative and regulatory provisions, as well  
as the pending approval by the Board of Directors and by the  
Shareholders’ Meeting to be held on May 29, 2019, the ex-date  
calendar for the interim dividends and the final dividend for the fiscal  
year 2019 is expected to be as follows:  
The decision of TOTAL S.A.’s subsidiaries to declare dividends is  
made by their relevant Shareholders’ Meetings and is subject to the  
provisions of applicable local laws and regulations. As of December  
3
1, 2018, there is no restriction under such provisions that would  
Ex-dividend date  
materially restrict the distribution to TOTAL S.A. of the dividends  
declared by those subsidiaries.  
First interim dividend  
Second interim dividend  
Third interim dividend  
Final dividend  
September 27, 2019  
January 6, 2020  
March 30, 2020  
June 29, 2020  
6
.2.1.2 Fiscal year 2018 and 2019 dividends  
Dividends for the fiscal year 2018  
TOTAL S.A. decided on the distribution and the payment of the  
following interim dividends with respect to fiscal year 2018:  
The provisional ex-dividend dates above relate to the TOTAL shares  
admitted for trading on Euronext Paris.  
—
on September 19, 2018, the Board of Directors decided on the  
payment of the first interim dividend for fiscal year 2018 of  
€
0.64 per share and set the issuance price of the new shares  
Dividends for the last five fiscal years(1)  
likely to be then issued at €52.95 per share, equal to the average  
Euronext Paris opening price of the shares for the 20 trading  
days preceding the Board of Directors meeting, reduced by the  
amount of the interim dividend, without a discount, and rounded  
up to the nearest cent. The ex-dividend date of this interim  
dividend was September 25, 2018, and the payment in cash or  
new shares was made on October 12, 2018;  
2.44  
2.44  
2.45  
2.48  
2.56  
(in €)  
—
on December 12, 2018, the Board of Directors decided on the  
payment of the second interim dividend for fiscal year 2018 of  
Final  
€
0.64 per share and set the issuance price of the new shares  
Interim  
likely to be then issued at €48.27 per share, equal to the average  
Euronext Paris opening price of the shares for the 20 trading  
days preceding the Board of Directors meeting, reduced by the  
amount of the second interim dividend, without a discount and  
rounded up to the nearest cent. The ex-dividend date of this  
interim dividend was December 18, 2018, and the payment in  
cash or new shares was made on January 10, 2019.  
dividends  
6
2014  
2015  
2016  
2017  
2018  
TOTAL’s pay-out ratio for the fiscal year 2018 was 60%(2). Changes  
in the pay-out ratio( over the past five fiscal years are as follows:  
3)  
On March 13, 2019, the Board of Directors decided on the payment  
of the third interim dividend for fiscal year 2018 of €0.64 per share  
and set the issuance price of the newly issued shares at €49.30 per  
share. The ex-dividend date will be March 19, 2019, and this interim  
dividend will be paid on April 5, 2019 in cash or in new shares of the  
Company.  
80%  
6
8%  
60%  
60%  
58%  
In addition, after closing the 2018 statutory accounts, the Board of  
Directors decided on February 6, 2019, to propose to the Shareholders’  
Meeting on May 29, 2019, an annual dividend of €2.56 per share for  
fiscal year 2018. Subject to the decision of the Shareholders’ Meeting  
and in light of the first three interim dividends decided by the Board  
of Directors, the final dividend for the fiscal year 2018 will be €0.64 per  
share, which is equal to the amount of the three interim dividends  
for the fiscal year 2018. The ex-dividend date of the final dividend will  
be June 11, 2019, and the payment date will be June 13, 2019. The  
Board of Directors also decided on February 6, 2019, to propose to  
this Meeting that the final 2018 dividend be paid exclusively in cash.  
2014  
2015  
2016  
2017  
2018  
(
1) Subject to approval at the Annual Shareholders’ Meeting on May 29, 2019. Since January 1, 2018, dividends received by individuals having their tax residence in France are subject to a  
30% flat-rate on gross amount (i.e., 12.8% for income tax and 17.2% for social security contributions). However, with respect to income tax, taxpayers can opt for the taxation of their  
dividend income at the progressive scale with a 40% rebate.  
2) Based on adjusted fully diluted earnings per share of € 4.27 and a dividend of €2.56 per share pending approval at the Shareholders’ Meeting on May 29, 2019.  
3) Based on adjusted fully diluted earnings for the relevant year.  
(
(
Registration Document 2018 TOTAL  
229  
TOTAL AND ITS SHAREHOLDERS  
6
Dividend  
6
.2.1.3 Shareholder return policy over the  
3. In addition to the buyback of shares issued as part of the scrip  
dividend, buyback program of up to $5 billion over the period  
2
018-2020 period  
2018-2020  
The Board of Directors met on February 7, 2018 and reviewed the  
cash flow allocation, including the shareholder return policy, for the  
– the amount of buyback will be adjusted to the oil price over  
the period;  
2018-2020 period.  
–
shares bought back in 2018 (excluding shares issued as scrip  
dividend): 24,721,940, for an amount of $1.5 billion.  
On this occasion, the Board of Directors approved a capital  
investment program of $15-17 billion per year, set an objective to  
maintain the net-debt-to-capital ratio (net debt / shareholders’ equity  
The Board of Directors met on February 6, 2019, confirmed the  
program announced in 2018 and proposed the following measures:  
+
net debt) below 20% with a grade A credit rating and also proposed  
the following measures:  
–
given the strong financial position of the Group, non-renewal  
of the scrip dividend option beginning with the payment of the  
final 2018 dividend;  
distribution of the 2019 interim dividends of €0.66 per share,  
an increase of 3.1% compared to the 2018 interim dividends,  
with the intent to propose to the Shareholders’ Meeting a  
full-year 2019 dividend of €2.64, which will therefore be paid  
exclusively in cash;  
1. Increasing the dividend by 10% over the 2018-2020 period  
–
distribution of the full-year 2017 dividend of €2.48 per share  
proposed to the Shareholders’ Meeting, corresponding to a  
final dividend of €0.62 per share and an increase of 1.2%  
compared to the full-year 2016 dividend (€2.45 per share);  
distribution of the 2018 interim dividends proposed to the  
Shareholders’ Meeting, increased by 3.2% to €0.64 per share,  
corresponding to a full-year 2018 dividend of €2.56 per share;  
full-year 2020 dividend target of €2.72 per share.  
–
–
–
–
–
buyback of all shares issued in 2019 for the payment of the  
2
018 interim dividends;  
buyback of shares, in a $60/b Brent environment, for an  
amount of $1.5 billion for 2019 as part of the $5 billion buyback  
program over the period 2018-2020.  
2
.
Buying back shares issued with no discount under the scrip  
dividend option  
–
maintain the scrip dividend option in response to certain  
shareholders’ preference, but with no discount on the issue  
price compared to the market price;  
–
–
buy back the shares issued in 2018 in order to cancel them,  
neutralizing the dilution related to the scrip dividend option;  
immediate buyback of the shares issued in January 2018  
as part the scrip dividend option of the second 2017 interim  
dividend.  
230  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Dividend  
6
6
.2.2 Dividend payment  
BNP Paribas Securities Services manages the payment of the  
dividend, which is made through financial intermediaries using the  
Euroclear France direct payment system.  
registered on a custody account and vice-versa. However, in  
compliance with the Belgian law of December 14, 2005, on the  
dematerialization of securities in Belgium, CR Actions may only be  
issued in the form of a dematerialized certificate since January 1, 2008.  
In addition, ING Belgique is the bank handling the payment of all  
coupons detached from outstanding CR Actions.  
JP Morgan Chase Bank N.A. (4 New York Plaza, New York, NY  
10005-1401, USA) manages the payment of dividends to holders of  
TOTAL ADR.  
No fees are applicable to the payment of coupons detached from  
CR Actions, except for any income or withholding taxes; the payment  
may be received on request at the following bank branches:  
Dividend payment on stock certificates  
TOTAL issued stock certificates (certificats représentatifs d’actions,  
CR Actions) as part of the public exchange offer for Total  
Petrochemicals & Refining SA/NV (formerly PetroFina) shares.  
—
—
ING Belgique, avenue Marnix 24, 1000 Brussels, Belgium;  
BNP Paribas Fortis, avenue des Arts 45, 1040 Brussels, Belgium;  
and  
The CR Actions is a stock certificate provided for by French rules,  
issued by Euroclear France, intended to circulate exclusively outside  
of France, and which may not be held by French residents. The CR  
Actions is freely convertible from a physical certificate into a security  
—
KBC BANK N.V., avenue du Port 2, 1080 Brussels, Belgium.  
6
.2.3 Coupons  
Fiscal year  
Ex-dividend date  
Payment date  
09/27/2012  
12/20/2012  
03/21/2013  
06/27/2013  
09/27/2013  
12/19/2013  
03/27/2014  
06/05/2014  
09/26/2014  
12/17/2014  
03/25/2015  
07/01/2015  
10/21/2015  
01/14/2016  
04/12/2016  
06/23/2016  
10/14/2016  
01/12/2017  
04/06/2017  
06/22/2017  
10/12/2017  
01/11/2018  
04/09/2018  
06/28/2018  
10/12/2018  
01/10/2019  
04/05/2019  
06/13/2019  
Date of expiration  
09/27/2017  
12/20/2017  
03/21/2018  
06/27/2018  
09/27/2018  
12/19/2018  
03/27/2019  
06/05/2019  
09/26/2019  
12/17/2019  
03/25/2020  
07/01/2020  
10/21/2020  
01/14/2021  
04/12/2021  
06/23/2021  
10/14/2021  
01/12/2022  
04/06/2022  
06/22/2022  
10/12/2022  
01/11/2023  
04/09/2023  
06/28/2023  
10/12/2023  
01/10/2024  
04/05/2024  
06/13/2024  
Type of coupon  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
Net amount (€)  
0.57  
0.59  
0.59  
0.59  
0.59  
0.59  
0.59  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.61  
0.62  
0.62  
0.62  
0.62  
0.62  
0.64  
0.64  
0.64  
0.64  
2012  
2013  
2014  
2015  
2016  
2017  
09/24/2012  
1
2/17/2012  
3/18/2013  
0
06/24/2013  
09/24/2013  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/16/2013  
3/24/2014  
0
06/02/2014  
09/23/2014  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/15/2014  
3/23/2015  
6
0
06/08/2015  
09/28/2015  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/21/2015  
3/21/2016  
0
06/06/2016  
09/27/2016  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/21/2016  
3/20/2017  
0
06/05/2017  
09/25/2017  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/19/2017  
3/19/2018  
0
06/11/2018  
2
018(a)  
09/25/2018  
Interim dividend  
Interim dividend  
Interim dividend  
Final dividend  
1
2/18/2018  
3/19/2019  
0
06/11/2019  
(
a) A resolution will be submitted to the Annual Shareholders’ Meeting on May 29, 2019, to pay a dividend of €2.56 per share for fiscal year 2018, including a final dividend of €0.64 per  
share, with an ex-dividend date on June 11, 2019, and a payment date set from June 13, 2019, exclusively in cash.  
Registration Document 2018 TOTAL  
231  
TOTAL AND ITS SHAREHOLDERS  
6
Share buybacks  
6.3 Share buybacks  
The Annual Shareholders’ Meeting on June 1, 2018, after having  
considered the report from the Board of Directors, authorized the  
Board of Directors, with the possibility to sub-delegate such authority  
under the terms provided for by French law, pursuant to the  
provisions of Article L. 225-209 of the French Commercial Code, of  
Regulation (EU) N°596/2014 of April 16, 2014, on market abuse and  
of the General Regulation (règlement général) of the French Financial  
Markets Authority (Autorité des marchés financiers, AMF), to buy or  
sell shares of the Company within the framework of a share buyback  
program. The maximum purchase price was set at €80 per share  
and the number of shares acquired may not exceed 10% of the  
share capital. This authorization was granted for a period of  
18 months and replaced the previous authorization granted by the  
Shareholders’ Meeting on May 26, 2017.  
6
.3.1 Share buybacks and cancellations in 2018  
In 2018, TOTAL S.A. bought back 72,766,481 TOTAL shares on the  
market, i.e. 2.76% of the share capital as of December 31, 2018.  
—
16,144,859 shares bought back pursuant to the shareholder  
return policy, up to an amount of $5 billion over the 2018-2020  
period.  
7
1,950,977 TOTAL shares were bought back for cancellation,  
including:  
Percentage of share capital bought back  
—
—
47,229,037 shares in order to cancel the dilution related to the  
shares issued for payment (i) of the second and third interim  
dividends and the final dividend for the fiscal year ended  
December 31, 2017, as well as (ii) the first interim dividend for  
the fiscal year ended December 31, 2018; and  
4.13%  
2
.76%  
24,721,940 shares for $1.5 billion(1), pursuant to the Board’s  
decision to buy back shares of the Company up to an amount of  
$5 billion over the 2018-2020 period.  
8
15,504 TOTAL shares were bought back in order to cover the  
performance share plans approved by the Board of Directors on  
July 27, 2016, and July 26, 2017.  
Finally, the Board of Directors, at a meeting held on December 12, 2018,  
decided, following the authorization of the Extraordinary Shareholders’  
Meeting on May 26, 2017, to cancel 44,590,699 treasury shares  
including:  
0
.18%  
0.19%  
2015  
0.00%  
2017  
(
a)  
2
014  
2016  
2018  
(
a) Buyback of treasury shares oꢀ-market in order to cancel them immediately after.  
—
28,445,840 shares issued, with no discount, in 2018 for payment  
of the second and third interim dividends, as well as the final  
dividend, for the fiscal year ended December 31, 2017; and  
6
.3.2 Board of Directors’ report on share buybacks and sales  
6
.3.2.1 Share buybacks during fiscal year 2018  
In addition, also pursuant to the above-mentioned authorizations, in  
018 the Company bought back a total of 815,504 shares for a total  
amount of €41 million, at an average unit price of €50.31, in order to  
2
Following the Board of Directors’ decision on February 7, 2018, and  
pursuant to the authorizations granted by the Ordinary Shareholders’  
Meetings of May 26, 2017, and June 1, 2018, the Company bought  
back 71,950,977 TOTAL shares, i.e. 2.72% of the share capital as of  
December 31, 2018, in order to cancel them, including:  
cover the performance share plans approved by the Board of Directors.  
6
.3.2.2 Cancellation of Company shares  
during fiscal years 2016, 2017 and 2018  
—
47,229,037 shares for a total amount of €2.4 billion, at an  
average unit price of €50.57, in order to cancel the dilution  
related to the shares issued for payment(i) of the second and  
third interim dividends and the final dividend for the fiscal year  
ended December 31, 2017, as well as (ii) the first interim dividend  
for the fiscal year ended December 31, 2018; and  
On December 12, 2018, the Board of Directors, pursuant to the  
authorization granted by the Extraordinary Shareholders’ Meeting on  
May 26, 2017, in the thirteenth resolution to reduce, on one or more  
occasions, the Company’s share capital by canceling shares within  
the limits permitted by law, in accordance with the provisions of  
Articles L. 225-209 and L. 225-213 of the French Commercial Code,  
canceled 44,590,699 TOTAL shares bought back between February 9  
and October 11, 2018, in order to cancel them. They represented  
1.66% of the share capital on the date of the operation, including:  
—
24,721,940 shares for a total amount of €1.2 billion, at an  
average unit price of €50.45, equivalent to $1.5 billion, at the  
average exchange rate for 2018, pursuant to the shareholder  
return policy, up to an amount of $5 billion over the 2018-2020  
period.  
—
28,445,840 shares in order to cancel any dilution related to the  
shares issued, with no discount, for the payment of the second  
(1) Or €1.2 billion at the average exchange rate for 2018.  
232  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Share buybacks  
6
and third interim dividends, as well as the final dividend, for the  
fiscal year ended December 31, 2017; and  
In accordance with French law, these shares are deprived of voting  
rights and do not entitle holders to dividends.  
—
16,144,859 shares pursuant to the shareholder return policy, up  
to an amount of $5 billion over the 2018-2020 period.  
In addition, for shares bought back in order to be allocated to  
Company or Group employees in line with the objectives referred to  
in Regulation (EU) No. 596/2014 of the European Parliament and of  
the Council of April 16, 2014, on market abuse, it should be noted that,  
when such shares are held to cover share purchase option plans  
that have expired or performance shares that have not been granted  
by the end of the vesting period, they may be held under the conditions  
regarding the holding by the Company of its own shares and used in  
accordance with the purposes specified for the buyback by the  
Company of its own shares.  
TOTAL S.A. did not cancel any shares in the fiscal year 2017.  
As regards fiscal year 2016, following the authorization granted by  
the Shareholders’ Meeting on May 11, 2012, the Board of Directors,  
after the purchase by the Company of 100,331,268 treasury shares,  
canceled the TOTAL shares purchased by the Company under the  
share buyback program, as authorized by the Shareholders’ Meeting  
on May 24, 2016.  
6
.3.2.3 Transfer of shares during fiscal year 2018  
6.3.2.5 Reallocation for other purposes during fiscal  
year 2018  
4,079,257 TOTAL shares were transferred during fiscal year 2018  
following the final award of TOTAL shares under performance share  
plans.  
Treasury shares held by the Company were not, during fiscal year  
2018, reallocated for purposes other than those initially planned when  
they were purchased.  
6
.3.2.4 Shares held in the name of the Company  
and its subsidiaries as of December 31, 2018  
6.3.2.6 Conditions for the buyback and use of  
derivative products  
As of December 31, 2018, the Company held 32,473,281 shares  
treasury shares) representing 1.23% of TOTAL S.A.’s share capital  
on that same date, including:  
(
The Company did not use any derivative products as part of the share  
buyback programs successively authorized by the Shareholders’  
Meetings on May 26, 2017 and June 1, 2018. There was no open  
purchase or sale position as of December 31, 2018.  
—
—
27,360,278 to be canceled; and  
5,113,003 to cover the performance share plans.  
Transactions completed by the Company involving its treasury shares from January 1 to December 31, 2018  
Cumulative gross movements  
Purchases  
Sales/Transfers  
Number of shares  
72,766,481  
50.52  
4,079,257 (a)  
Average transactions’ price(b) (€)  
-
-
Amount of transactions (€)  
3,676,419,886(c)  
(
(
(
a) Corresponding to final award of TOTAL shares under the performance share plans.  
b) Including brokerage fees (excluding tax).  
c) Including €385,727.53 of brokerage fees (excluding tax).  
6
Treasury shares as of December 31, 2018  
Percentage of share capital held by TOTAL S.A.  
Number of shares held in portfolio  
Nominal value of the portfolio (M€)  
Book value of the portfolio (M€)  
1.23%  
32,473,281 (a)  
81.2 (b)  
1,589.23  
Market value of the portfolio (M€)  
1,499.62 (c)  
(
(
(
a) Including 5,044,817 shares held to cover the performance share plans and 68,186 shares to be awarded under new share purchase option plans or new performance share plans.  
b) Based on a TOTAL share par value of €2.50.  
c) Based on TOTAL closing share price of €46.18 on Euronext Paris on December 31, 2018.  
6
.3.3 2019-2020 share buyback program  
6
.3.3.1 Description of the share buyback program under Article 241-1 et seq. of the general regulation of the  
French Financial Markets Authority  
The objectives of the share buyback program are as follows:  
—
—
honor the Company’s obligations related to stock option  
programs or other share grants to the Company’s executive  
directors or to employees of the Company or a Group subsidiary;  
and  
—
—
reduce the Company’s capital through the cancellation of shares;  
honor the Company’s obligations related to securities convertible  
or exchangeable into Company shares;  
stimulate the secondary market or the liquidity of the TOTAL  
share under a liquidity agreement.  
Registration Document 2018 TOTAL  
233  
TOTAL AND ITS SHAREHOLDERS  
6
Share buybacks  
6.3.3.2 Legal framework  
Implementation of this share buyback program, which is covered  
by Articles L. 225-209 et seq. of the French Commercial Code,  
Article 241-1 et seq. of the General Regulation of the AMF) and the  
provisions of Regulation (EU) N°596/2014 on market abuse, is subject  
to approval by the TOTAL S.A. Annual Shareholders’ Meeting on  
May 29, 2019, under the fourth resolution that reads as follows:  
“
Upon presentation of the report by the Board of Directors and  
The purpose of this share buyback program is to reduce the  
number of outstanding shares of the Company or to allow it to  
fulfill its engagements in connection with:  
information appearing in the description of the program prepared  
pursuant to Articles 241-1 et seq. of the General Regulation  
(
(
règlement général) of the French Financial Markets Authority  
Autorité des marchés financiers, AMF), and voting under the  
—
convertible or exchangeable securities that may give holders  
rights to receive shares of the Company upon conversion or  
exchange; and/or  
conditions of quorum and majority required for Ordinary General  
Meetings, the shareholders hereby authorize the Board of  
Directors, with the possibility to sub-delegate such authority under  
the terms provided for by French law, pursuant to the provisions  
of Article L. 225-209 of the French Commercial Code and of  
Regulation (EU) N°596/2014 of April 16, 2014, on market abuse  
and of the General Regulation of the AMF, to buy or sell shares of  
the Company within the framework of a share buyback program.  
—
share purchase option plans, employee shareholding plans,  
Company Savings Plans or other share allocation programs  
for executive directors or employees of the Company or Group  
companies.  
The purpose of buybacks may also be the implementation of the  
market practice accepted by the French Financial Markets  
Authority (Autorité des marchés financiers), i.e., support the  
secondary market or the liquidity of TOTAL shares by an  
investment services provider by means of a liquidity agreement  
compliant with the deontology charter recognized by the French  
Financial Markets Authority (Autorité des marchés financiers).  
The purchase, sale or transfer of such shares may be transacted  
by any means on regulated markets, multilateral trading facilities  
or over the counter, including the purchase or sale by block-trades,  
in accordance with the regulations of the relevant market  
authorities. Such transactions may include the use of any financial  
derivative instrument traded on regulated markets, multilateral  
trading facilities or over the counter, and implementing option  
strategies.  
This program may also be used by the Company to trade in its  
own shares, either on or off the market, for any other purpose  
that is authorized under the applicable law or any other permitted  
market practice that may be authorized at the date of the  
operations under consideration. In case of transactions other than  
the above-mentioned intended purposes, the Company will inform  
its shareholders in a press release.  
These transactions may be carried out at any time, in accordance  
with the applicable rules and regulations at the date of the  
operations under consideration, except during any public offering  
periods applying to the Company’s share capital.  
The maximum purchase price is set at €80 per share.  
According to the intended purposes, the treasury shares that are  
acquired by the Company through this program may, in particular,  
be:  
In the case of a share capital increase by incorporation of reserves  
or free share grants and in the case of a stock-split or a  
reverse-stock-split, this maximum price shall be adjusted by  
applying the ratio of the number of shares outstanding before the  
transaction to the number of shares outstanding after the  
transaction.  
—
—
canceled, up to the maximum legal limit of 10% of the total  
number of shares composing the capital on the date of the  
operation, per each 24-month period;  
granted for no consideration to the employees and to the  
executive directors of the Company or of other companies of  
the Group;  
Pursuant to the provisions of Article L. 225-209 of the French  
Commercial Code, the maximum number of shares that may be  
bought back under this authorization may not exceed 10% of the  
total number of shares composing the capital as of the date on  
which this authorization is used. This limit of 10% is applicable to  
the share capital of the Company which may be adjusted from  
time to time as a result of transactions after the date of the present  
Meeting. Purchases made by the Company may under no  
circumstances result in the Company holding more than 10% of  
the share capital, either directly or indirectly through subsidiaries.  
—
—
—
delivered to the beneficiaries of the Company’s shares  
purchase options having exercised such options;  
sold to employees, either directly or through the intermediary  
of Company savings funds;  
delivered to the holders of securities that grant such rights to  
receive such shares, either through redemption, conversion,  
exchange, presentation of a warrant or in any other manner;  
and  
As of December 31, 2018, out of the 2,640,602,007 shares  
outstanding, the Company held 32,473,281 shares directly. Under  
these circumstances, the maximum number of shares that the  
Company could buy back is 231,586,919 shares and the  
maximum amount that the Company may spend to acquire such  
shares is €18,526,953,520.00 (excluding acquisition fees).  
—
used in any other way consistent with the purposes stated in  
this resolution.  
While they are bought back and held by the Company, such  
shares will be deprived of voting rights and dividend rights.  
This authorization is granted for an 18-month period from the date  
of this Meeting. It renders ineffective, up to the unused portion,  
any previous authorization having the same purpose.  
The Board of Directors is hereby granted full authority, with the  
right to sub-delegate such authority, to undertake all actions  
authorized by this resolution.”  
234  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Shareholders  
6
6.3.3.3 Conditions  
Conditions for buybacks  
Such shares may be bought back by any means on regulated  
markets, multilateral trading facilities or over the counter, including  
through the purchase or sale of blocks of shares, under the conditions  
authorized by the relevant market authorities. These means include  
the use of any financial derivative instrument traded on a regulated  
market or over the counter and the implementation of option  
strategies, with the Company taking measures, however, to avoid  
increasing the volatility of its stock. The portion of the program carried  
out through the purchase of blocks of shares will not be subject to  
quota allocation, up to the limit set by this resolution. These  
transactions may be carried out at any time, in accordance with the  
applicable rules and regulations, except during any public offering  
periods applying to the Company’s share capital.  
Maximum share capital to be purchased and maximum funds  
allocated to the transaction  
The maximum number of shares that may be purchased under  
the authorization provided by the Annual Shareholders’ Meeting on  
June 1, 2018, may not exceed 10% of the total number of shares  
composing the capital, with this limit applying to an amount of the  
Company’s share capital that will be adjusted, if necessary, to include  
transactions affecting the share capital subsequent to this Meeting.  
Purchases made by the Company may under no circumstances  
result in the Company holding more than 10% of the share capital,  
either directly or indirectly through subsidiaries.  
Before any share cancellation under the authorization granted by  
the Annual Shareholders’ Meeting on June 1, 2018, based on  
the number of shares outstanding as of December 31, 2018  
Duration and schedule of the share buyback program  
(
2,640,602,007 shares), and given the 32,473,281 shares held by  
In accordance with the fourth resolution, which will be submitted to  
the Annual Shareholders’ Meeting on May 29, 2019, the share buyback  
program may be implemented over an 18-month period following  
the date of this Meeting, i.e. until November 28, 2020.  
the Company as of December 31, 2018, i.e., 1.23% of the share  
capital, the maximum number of shares that may be purchased  
a theoretical maximum  
investment of € 18,526,953,520 (excluding acquisition fees) based  
on the maximum purchase price of € 80.  
would be 231,586,919, representing  
Transactions carried out under the previous program  
Transactions carried out under the previous program are listed in the  
special report of the Board of Directors on share buybacks (refer to  
point 6.3.2 of this chapter).  
6
.4 Shareholders  
6
.4.1 Major shareholders  
6.4.1.1 Changes in major shareholders’ holdings  
TOTAL S.A.’s major shareholders(1) as of December 31, 2018, 2017 and 2016 are as follows:  
2
018  
2017  
2016  
6
%
of  
theoretical  
voting  
%
of share  
capital  
% of voting  
rights  
% of share  
capital  
% of voting  
rights  
% of share  
capital  
% of voting  
rights  
(a)  
rights  
As of December 31  
BlackRock, Inc.(b)  
6.1  
4.8  
5.3  
8.4  
5.2  
8.3  
6.3  
5.0  
5.5  
8.8  
5.6  
4.8  
4.9  
8.6  
Group employees(c)  
of which FCPE Total  
Actionnariat France  
3.4  
89.1  
8.1  
6.2  
86.3  
7.7  
6.1  
86.5  
7.6  
3.5  
88.7  
7.9  
6.4  
85.7  
7.4  
3.5  
89.6  
9.1  
6.4  
86.5  
8.6  
Other shareholders  
of which holders of ADRs(d)  
(a) Pursuant to Article 223-11 of the AMF General Regulation, the number of theoretical voting rights is calculated on the basis of all outstanding shares to which voting rights are attached,  
including treasury shares that are deprived of voting rights.  
(b) Information taken from Schedule 13G/A filed by BlackRock, Inc. (“BlackRock”) with the SEC on February 22, 2019, in which BlackRock declared a holding of 160,322,277 shares of the  
Company as of December 31, 2018 (i.e., 6.1% of the Company’s share capital). BlackRock stated that it has the exclusive right to dispose of its holding and of 145,945,842 voting rights  
(
i.e., 5.3% of the Company’s voting rights). In addition, BlackRock stated that it does not have any joint voting rights or joint right to dispose of these shares.  
(
c) A director representing the employees and a director representing employee shareholders sit on the Board of Directors of TOTAL S.A. On the basis of the definition of employee shareholding  
set forth in Article L. 225-102 of the French Commercial Code. Amundi, the Holding company of Amundi Asset Management, which in turn manages the Total Actionnariat France  
collective investment fund (see below), filed a Schedule 13G/A with the SEC on February 21, 2019, declaring a holding of 204,860,269 shares of the Company as of December 31, 2018  
(i.e., 7.8% of the Company’s share capital). Amundi stated that it does not have any exclusive voting rights or exclusive right to dispose of these shares and that it has joint voting rights  
on 45,556,546 of these shares (i.e., 1.6% of the Company’s share capital) and a joint right to dispose of all of these shares.  
d) Including all of the American Depositary Shares represented by ADR admitted to trading on the NYSE.  
(
(1) Major shareholders are defined herein as shareholders whose interest exceeds 5% of the share capital or voting rights.  
Registration Document 2018 TOTAL  
235  
TOTAL AND ITS SHAREHOLDERS  
6
Shareholders  
The percentage of the holdings of the major shareholders as of  
December 31, 2018 was calculated based on a share capital divided  
into 2,640,602,007 shares, representing 2,766,134,802 voting rights  
exercisable at Shareholders’ Meetings, or 2,798,608,083 theoretical  
voting rights including 32,473,281 voting rights attached to the  
6.4.1.2 Holdings above the legal thresholds  
In accordance with Article L. 233-13 of the French Commercial Code,  
to TOTAL’s knowledge, two known shareholders hold 5% or more of  
TOTAL’s share capital or voting rights at year-end 2018:  
32,473,281 TOTAL shares held by TOTAL S.A. that are deprived of  
—
the Total Actionnariat France collective investment fund held, as  
of December 31, 2018, 3.4% of the share capital representing  
voting rights.  
6
.2% of the voting rights exercisable at Shareholders’ Meetings  
For fiscal years 2017 and 2016, the holdings of the major shareholders  
were calculated on the basis of respectively 2,528,989,616 shares  
to which 2,678,015,444 voting rights exercisable at Shareholders’  
Meetings were attached as of December 31, 2017, and  
and 6.1% of the theoretical voting rights;  
—
BlackRock held, as of December 31, 2018, 6.1% of the share  
capital representing 5.3% of the voting rights exercisable at  
Shareholders’ Meetings and 5.2% of the theoretical voting rights.  
2,430,365,862 shares to which 2,572,363,626 voting rights exercisable  
at Shareholders’ Meetings were attached as of December 31, 2016.  
6.4.1.3 Legal threshold notifications in fiscal year 2018  
Date on which  
N° AMF  
disclosure  
thresholds were  
crossed Company  
Number  
of shares  
% share % voting  
Number of  
voting rights  
capital  
rights Comments  
Share capital  
2
18C1989  
18C2026  
12/12/2018 JP Morgan  
Chase & Co.  
138,085,347  
50,231,045  
5.23%  
4.98% Crossed upward  
the 5% threshold  
in the  
2,640,602,007 2,770,811,788  
Company’s  
voting rights  
2
12/18/2018 JP Morgan  
Chase & Co.  
1.90%  
1.81% Crossed downward 2,640,602,007 2,770,811,788  
the 5% threshold  
in the  
Company’s  
voting rights  
6
.4.1.4 Threshold notifications required by the  
Any individual or legal entity is also required to notify the Company in  
due form and within the time limits stated above when their direct or  
indirect holdings fall below each of the aforementioned thresholds.  
bylaws  
In addition to the legal obligation to inform the Company and the  
French Financial Markets Authority when the number of shares (or  
securities similar to shares or voting rights pursuant to Article  
L. 233-9 of the French Commercial Code) held represents more than  
Notifications must be sent to the Senior Vice President of Investor  
Relations in London (contact details in point 6.6.6 of this chapter).  
5
%, 10%, 15%, 20%, 25%, 30%, one third, 50%, two thirds, 90%  
6.4.1.5 Temporary transfer of securities  
or 95% of the share capital or theoretical voting rights, such  
information being made at the latest on the close of the fourth trading  
day after the threshold is exceeded (Article L. 233-7 of the French  
Commercial Code and Article 223-14 of the AMF General Regulation),  
any individual or legal entity who directly or indirectly comes to hold a  
percentage of the share capital, voting rights or rights giving future  
access to the Company’s share capital that is equal to or greater  
than 1%, or a multiple of this percentage, is required to notify the  
Company, within 15 days of the date on which each of the above  
thresholds is exceeded, by registered mail with return receipt  
requested, and indicate the number of shares held.  
Pursuant to legal provisions, any legal entity or individual (with the  
exception of those described in paragraph IV-3 of Article L. 233-7 of  
the French Commercial Code) holding alone or in concert a number  
of shares representing more than two hundredth of the Company’s  
voting rights pursuant to one or more temporary transfers or similar  
operations as described in Article L. 225-126 of the aforementioned  
Code is required to notify the Company and the AMF of the number  
of shares temporarily owned no later than the second business day  
preceding the Shareholders’ Meeting at midnight (Paris time).  
Notifications must be e-mailed to the Company at the following  
address: holding.df-declaration[email protected]  
In case the shares above these thresholds are not declared, any  
shares held in excess of the threshold that should have been declared  
will be deprived of voting rights at Shareholders’ Meetings if, at a  
If no notification is sent, any shares acquired under any of the above  
temporary transfer operations will be deprived of voting rights at the  
relevant Shareholders’ Meeting and at any Shareholders’ Meeting  
that may be held until such shares are transferred again or returned.  
Shareholders’ Meeting, the failure to make  
a declaration is  
acknowledged and if one or more shareholders holding collectively  
at least 3% of the Company’s share capital or voting rights so request  
at that Meeting.  
6.4.1.6 Shareholders’ agreements  
TOTAL S.A. is not aware of any agreements among its shareholders.  
236  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Shareholders  
6
6
.4.2 Employee shareholding  
Based on the definition of employee shareholding set forth in Article L. 225-102 of the French Commercial Code, the Group’s employees held  
26,355,179 TOTAL shares, representing 4.8% of the Company’s share capital and 8.4% of the voting rights as of December 31, 2018.  
1
These shares, held directly or indirectly by the Group’s employees as of December 31, 2018, were as follows:  
FCPE Total Actionnariat France  
89,235,952  
26,087,382  
5,711,832  
2,551,062  
794,587  
FCPE Total Actionnariat International Capitalisation  
FCPE Total France Capital +  
FCPE Total International Capital  
Shares subscribed by employees in the U.S.  
Shares subscribed by employees in Italy and Germany  
466,220  
TOTAL shares from the exercise of the Company’s stock options and held as registered shares within a Company Savings Plan 1,508,144  
TOTAL SHARES HELD BY EMPLOYEES  
126,355,179  
The management of each of the Collective investment funds (FCPEs)  
mentioned above is controlled by a dedicated Supervisory Board,  
two thirds of its members representing holders of fund units and one  
third representing the Company. The Supervisory Board is responsible  
for reviewing the Collective investment fund’s management report  
and annual financial statements, as well as the financial, administrative  
and accounting management of the fund, exercising voting rights  
attached to portfolio securities, deciding contributions of securities in  
case of a public tender offer, deciding mergers, spin-offs or  
liquidations, and granting its approval prior to changes in the rules  
and procedures of the Collective investment fund in the conditions  
provided for by the rules and procedures.  
These rules and procedures also stipulate a simple majority vote for  
decisions, except for decisions requiring a qualified majority vote of  
two-thirds plus one related to a change in a fund’s rules and  
procedures, its conversion or disposal.  
For employees holding shares outside of the employee collective  
investment funds mentioned in the table above, voting rights are  
exercised individually.  
The information regarding shares held by the administration and  
management bodies is set forth in point 4.1.6 of chapter 4.  
6
.4.3 Shareholding structure  
Estimates below are as of December 31, 2018, excluding treasury shares, based on the survey of identifiable holders of bearer shares  
conducted on that date.  
By shareholder type  
By area  
6
Institutional shareholders 87.6%  
France 26.6%  
of which: 15.5% in France  
Rest of Europe 19.2%  
1
3.2% in United Kingdom  
8.7% for the rest of Europe  
1.8% for North America  
.4% for the rest of world.  
1
3
8
United Kingdom 13.2%  
(
a)  
Group employees  
4.8%  
Rest of world 8.6%  
North America 32.4%  
Individual shareholders 7.6%  
(
a) On the basis of employee shareholdings as defined in Article L. 225-102  
of the French Commercial Code, treasury shares excluded  
4.8% of the total share capital, refer to point 6.4.1 of this chapter).  
(
The number of individual and institutional TOTAL shareholders is estimated at approximately 450,000.  
Registration Document 2018 TOTAL  
237  
TOTAL AND ITS SHAREHOLDERS  
6
Information for foreign shareholders  
6.5 Information for foreign shareholders  
6
.5.1 American holders of ADRs  
Information for holders of TOTAL ADR, representing American  
Depositary Shares, is provided in TOTAL’s annual report on Form  
20-F filed with the SEC for the fiscal year ended December 31, 2018.  
6
.5.2 Non-resident shareholders (other than American shareholders)  
The information set forth below is a general overview. Shareholders  
are invited to consult their own tax advisor to determine the applicable  
procedures, the effect of tax treaties and, more generally, the tax  
impacts applicable to their particular situation. Furthermore, the  
following summary does not address the tax treatment applicable as  
from July 1, 2019 to temporary transfers of shares and other similar  
transactions which could, under certain conditions, fall within the  
scope of the new anti-abuse measures set forth in Article 119 bis A  
of the French Tax Code.  
tax deducted from dividends may result in a tax credit being applied  
to the foreign income tax payable by the shareholder. However, there  
are some exceptions.  
Excluding exceptions, dividends paid in shares and dividends paid in  
cash have the same tax treatment.  
Taxation on sales of shares  
Capital gains on sales of shares realized by shareholders resident  
outside France are generally exempt from income tax in France. Two  
exceptions are provided, without any threshold condition: one for  
sales of shares where the seller owns a permanent establishment or  
a fixed base in France to which his or her shares are attached, and  
the other for sales carried out by individuals or organizations resident  
or established in a NCCT.  
Dividend  
Dividends distributed by TOTAL S.A. are, in principle, subject to a  
(1)  
withholding tax in France at a rate of 30% when they are paid to  
non-resident legal entities shareholders and, since January 1, 2018,  
1
2.8% when they are paid to individual shareholders, subject to  
compliance with certain formalities. This rate is increased to 75% for  
income paid outside France in a Non-Cooperative Country or Territory  
The shareholder may, nevertheless, be taxed on the capital gain or  
loss on the sale of shares in his or her country of residence.  
Shareholders are invited to consult their own tax advisor to confirm  
the applicable tax treatment.  
(“NCCT”), as defined by the French Tax Code (Article 238-0 A).  
However, under many bilateral international tax treaties signed  
between France and other countries for the avoidance of double  
taxation (“Tax Treaties”) and subject to specific conditions, the  
withholding tax rate is reduced or withholding tax is not applicable in  
cases where dividends are paid to a shareholder resident in one of  
the countries that signed such Tax Treaties (for example, 15% for  
dividends paid to shareholders resident of Austria, Belgium, Canada,  
Germany, Indonesia, Ireland, Italy, Luxembourg, the Netherlands,  
Norway, Singapore, South Africa, Spain, Switzerland, the United  
Kingdom and the United States; 10% for dividends paid by a French  
company to a resident of China, India or Japan; no French  
withholding tax for dividends paid to a resident of Qatar or the United  
Arab Emirates).  
A financial transactions tax (“FTT”) applies, except under exceptional  
circumstances, to purchases of shares of companies listed on a  
French, European or foreign regulated market, provided that the  
purchase results in a transfer of ownership and that the securities  
are issued by a French company whose market capitalization exceeds  
€1 billion as of December 1 of the year preceding the year of taxation.  
The FTT also applies to securities representing shares of stock issued  
by a company. Transactions carried out on certificates representing  
shares, such as ADRs and European Depositary Receipts, are therefore  
subject to this tax.  
The FTT equals 0.3% of the share purchase price, as of January 1, 2017.  
Taxation of dividends outside France varies according to each  
country’s respective tax legislation. In most countries, the gross  
amount of dividends is included in the shareholder’s taxable income.  
Based on certain requirements and limitations, the French withholding  
In principle, sales of shares of French companies are also subject to  
a French stamp duty. However, French law provides that stamp duties  
are not applicable to transactions subject to the FTT.  
(
1) According to French Finance Act for 2018, this 30% withholding tax rate is to be aligned with the standard corporate income tax rate, which should be reduced to 28% as from January 1, 2020,  
26.5% as from January 1, 2021 and 25% as from January 1, 2022.  
238  
TOTAL Registration Document 2018  
TOTAL AND ITS SHAREHOLDERS  
Investor relations  
6
6
.6 Investor relations  
6
.6.1 Documents on display  
Information and documents regarding TOTAL S.A., its bylaws and  
the Company’s Statutory and Consolidated Financial Statements for  
the year ended December 31, 2018, or previous fiscal years, may be  
consulted at its registered office pursuant to the legal and regulatory  
provisions in force, as well as on the Company website.  
are available on its website total.com (under Investors/Publications  
and regulated information). The Group’s biannual presentations of its  
results and outlook, as well as the quarterly financial information, are  
also available on its website.  
Furthermore, in order to meet its obligations related to the listing of  
its shares in the United States, the Company also files an annual  
report on Form 20-F, in English, with the SEC. This report is also  
available on the Company website.  
In addition, the French version of TOTAL S.A.’s Registration  
Documents (including the annual financial reports) and mid-year  
financial reports filed with the French Financial Markets Authority  
(Autorité des marchés financiers) for each of the past 10 financial years  
6
.6.2 Relationships with institutional investors, financial analysts and  
individual shareholders  
Members of the Group’s General Management and Investor Relations  
regularly meet with institutional investors and financial analysts in the  
leading financial centers throughout the world. In 2018, the Group  
organized more than 1,000 meetings.  
In addition, the Group has a team dedicated to relationships with  
individual shareholders. This department, which is ISO 9001 certified,  
offers a comprehensive communication package, featuring:  
—
a direct line, e-mail address, and postal address (refer to point  
6.6.6 of this chapter);  
Each year, two main presentations are given to the financial  
community: one in February following the publication of the results  
for the previous fiscal year, and one in September to present the  
Group’s outlook and objectives. A series of meetings is held after  
each of these presentations. In addition, each year the Chief Financial  
Officer hosts three conference calls to discuss results for the first,  
second and third quarters of the year.  
—
documentation and material provided for individual shareholders  
(e.g., the shareholders’ newsletter, individual shareholders pages  
available on the Company’s website, and a Total Investors mobile  
app for digital tablets and smartphones);  
—
—
shareholder meetings and investor fairs held in France and  
worldwide;  
The information presented and broadcast at these events is available  
on the Group’s website.  
the Shareholders’ Club, which organizes visits to industrial  
facilities, visits to natural sites and cultural events sponsored by  
the Total Foundation, and conferences about the Group;  
With a dedicated team, the Group maintains an active dialogue with  
shareholders in the field of Corporate Social Responsibility (CSR)  
and governance. Around 100 meetings covering these themes were  
organized in France and worldwide in 2018.  
6
—
the Shareholders’ e-Advisory Committee, which expresses its  
views on the communication service as a whole.  
This team also organizes the Annual Shareholders’ Meeting, which  
was held on June 1, 2018, at the Palais des Congrès in Paris and  
attended by nearly 3,000 people.  
The documentation on relationships with individual shareholders is  
available on the Company’s website total.com (under Investors/  
Individual shareholders).  
6
.6.3 Registered shareholding  
TOTAL shares can be held in bearer form or registered form. In the  
latter case, shareholders are identified by TOTAL S.A., in its capacity  
as the issuer, or by its agent, BNP Paribas Securities Services, which  
is responsible for keeping the register of shareholders’ registered shares.  
Main advantages of registered shares  
The advantages of registered shares include:  
—
double voting rights if the shares are held continuously for more  
than two successive years (refer to point 7.2.4.1 of chapter 7);  
Registered shares  
—
a number for all contacts with BNP Paribas Securities Services  
(a toll-free call within France from a landline): 0 800 117 000 or  
There are two forms of registration:  
+
33 1 40 14 80 61 (from outside France); from Monday to Friday  
—
administered registered shares: shares are registered with TOTAL  
through BNP Paribas Securities Services, but the holder’s financial  
intermediary continues to administer them (sales, purchases,  
coupons, etc.);  
(business days), from 8:45 a.m. to 6:00 p.m., GMT+1;  
—
—
registration as a recipient of all information published by the  
Group for its shareholders;  
—
pure registered shares: TOTAL holds and directly administers  
shares on behalf of the holder through BNP Paribas Securities  
Services (sales, purchases, coupons, Shareholders’ Meeting  
notices, etc.), so that the shareholder does not need to appoint  
a financial intermediary.  
the ability to join the TOTAL Shareholders’ Club by holding at  
least 50 shares.  
Registration Document 2018 TOTAL  
239  
TOTAL AND ITS SHAREHOLDERS  
6
Investor relations  
The advantages of pure registered shares, in addition to those of  
administered registered shares, include:  
—
the option to view and manage shareholdings online and via the  
Planetshares app for digital tablets.  
—
—
—
no custodial fees;  
To convert TOTAL shares into pure registered shares, shareholders  
must fill out a form that can be obtained upon request from the  
Individual Shareholder Relations Department and send it to their  
financial intermediary.  
easier placement of market orders(1) (phone, mail, fax, internet);  
brokerage fees of 0.20% (before tax) of the gross amount of the  
trade, with no minimum charge and up to €1,000 per trade;  
6
.6.4 2019 financial calendar  
February 7  
March 19  
April 26  
Results of the fourth quarter and full year 2018, and Investors’ Day – London  
Ex-dividend date for the 2018 third interim dividend  
Results of the first quarter 2019  
May 29  
2019 Annual Shareholders’ Meeting in Paris  
Ex-dividend date for the 2018 final dividend(a)  
Results of the second quarter and first half 2019  
Investors’ Day (outlook and objectives) – New-York  
Ex-dividend date for the 2019 first interim dividend(b)  
Results of the third quarter and first nine months of 2019  
June 11  
July 25  
September 24  
September 27  
October 30  
(
(
a) Subject to approval at the Annual Shareholders’ Meeting on May 29, 2019.  
b) Subject to the Board of Directors’ decision.  
The full calendar including Shareholders’ Meetings and investor fairs is available on the Company’s website total.com (under Investors).  
6
.6.5 2020 financial calendar  
January 6  
March 30  
May 29  
Ex-dividend date for the 2019 second interim dividend(a)  
Ex-dividend date for the 2019 third interim dividend(a)  
2020 Annual Shareholders’ Meeting in Paris  
June 29  
Ex-dividend date for the 2019 final dividend(b)  
(
(
a) Subject to the Board of Directors’ decision.  
b) Subject to approval at the Annual Shareholders’ Meeting on May 29, 2020.  
6
.6.6 Contacts  
Mr. Brendan Warn,  
Senior Vice President, Investor Relations TOTAL S.A.  
Mr. Laurent Toutain,  
Head of Individual Shareholder Relations  
Total Finance Corporate Services  
TOTAL S.A. Individual Shareholder Relations Department  
Tour Coupole 2, place Jean Millier  
10 Upper Bank Street, Canary Wharf  
London E14 5BF, United Kingdom  
e-mail: [email protected]  
92078 Paris-La Défense Cedex, France  
e-mail: actionnair[email protected]  
Phone: +44 (0)207 7197 962  
Phone (Monday to Friday from 9 a.m. to 12:30 p.m. and from  
1:30 p.m. to 5:30 p.m., GMT+1):  
Mr. Robert Hammond,  
Director of Investor Relations North America  
–
from France: 0 800 039 039  
TOTAL American Services Inc.  
(toll-free number from a landline);  
– from Belgium: 02 288 3309;  
1201 Louisiana Street, Suite 1800  
Houston, TX 77002, United States  
e-mail: [email protected]  
Phone: +1 (713) 483-5070  
– from the United Kingdom: 020 7719 6084;  
– from Germany: 30 2027 7700;  
– from other countries: +33 1 47 44 24 02.  
(1) Provided the subscriber has signed the market service agreement. Signing this agreement is free of charge.  
240  
TOTAL Registration Document 2018  
7
GENERAL INFORMATION  
7
.1  
Share capital  
242  
7
7
7
7
.1.1 Share capital as of December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242  
.1.2 Features of the shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242  
.1.3 Potential capital as of December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242  
.1.4 Share capital history since 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242  
7.2  
Articles of incorporation and bylaws; other information  
244  
7
7
7
7
7
7
7
7
7
.2.1 General information concerning the Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244  
.2.2 Summary of the Company’s corporate purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244  
.2.3 Provisions of the bylaws governing the administration and management bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244  
.2.4 Rights, privileges and restrictions attached to the shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245  
.2.5 Amending shareholders’ rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246  
.2.6 Shareholders’ Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246  
.2.7 Identification of the holders of bearer shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246  
.2.8 Thresholds to be declared according to the bylaws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246  
.2.9 Changes in the share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246  
7.3  
Historical financial information and additional information  
247  
7
7
7
7
.3.1 2018, 2017 and 2016 Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247  
.3.2 Statutory financial statements of TOTAL S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247  
.3.3 Audit of the historical financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247  
.3.4 Additional information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247  
Registration Document 2018 TOTAL  
241  
GENERAL INFORMATION  
7
Share capital  
7.1 Share capital  
7.1.1 Share capital as of December 31, 2018  
As of December 31, 2018, the share capital amounted to  
with a nominal value of €2.50 per share. All the shares issued have  
been fully paid up.  
(1)  
€6,601,505,017.50, consisting of 2,640,602,007 ordinary shares,  
7.1.2 Features of the shares  
There is a single category of shares. A double voting right is granted  
under certain conditions (refer to point 7.2.4.1 of this chapter) to every  
shareholder.  
The shares are registered or in bearer form, at the shareholder’s  
discretion. The shares are in book-entry form and registered in an  
account.  
7.1.3 Potential capital as of December 31, 2018  
The potential share capital is made up of the existing share capital to  
which are added the new TOTAL shares that could be issued in the  
event of (i) the conversion or reimbursement in shares of all the rights  
giving access to the share capital, and (ii) the exercise of all the share  
subscription options.  
share subscription options that may be exercised at this date. These  
options were awarded on September 14, 2011, under the plan  
decided by the Board of Directors.  
The table below shows the theoretical evolution in the share capital  
of TOTAL S.A. in view of the maximum potential for the creation of  
shares by exercising the 265,230 share subscription options existing  
as of December 31, 2018.  
As of December 31, 2018, the only existing financial instruments likely  
to result in the creation of new TOTAL shares were the 265,230 TOTAL  
As of December 31, 2018  
Number of shares  
2,640,602,007  
265,230  
Share capital (%)  
100  
Ordinary shares issued  
Shares likely to be created by the exercise of share subscription options  
Maximum total number of shares (potential capital)  
0.01  
2,640,867,237  
100.01  
7.1.4 Share capital history since 2016  
Shares  
composing  
the capital  
after the  
Shares  
created/  
Nominal  
amount contribution  
Issue/  
Share  
capital  
Transaction  
acknowledgment  
date  
(canceled)  
(number of Type of transaction  
shares) (share capital increase/reduction)  
of the  
transaction  
(euros)  
premium  
per share  
(euros)  
after the  
transaction  
(euros)  
transaction  
(number of  
shares)  
Fiscal year 2016  
January 14, 2016  
1,469,606 Increase – Exercise of share subscription  
options in fiscal year 2015  
3,674,015.00  
34,864,272.50  
61,882,052.50  
60,932,120.00  
63,324,877.50  
n/a (a) 6,100,144,707.50 2,440,057,883  
37.27 6,135,008,980.00 2,454,003,592  
33.74 6,196,891,032.50 2,478,756,413  
35.76 6,257,823,152.50 2,503,129,261  
35.50 6,321,148,030.00 2,528,459,212  
January 14, 2016  
April 12, 2016  
13,945,709 Increase – Payment of the 2015 second  
interim dividend  
24,752,821 Increase – Payment of the 2015 third  
interim dividend  
June 23, 2016  
24,372,848 Increase – Payment of the 2015 final  
dividend  
October 14, 2016  
25,329,951 Increase – Payment of the 2016 first  
interim dividend  
December 15, 2016 (100,331,268) Reduction – Cancellation of treasury  
shares  
(250,828,170.00)  
n/a 6,070,319,860.00 2,428,127,944  
(
a) The shares created result from the exercise of share subscription options in fiscal year 2015 under the 2008, 2009, 2010 and 2011 share subscription option plans. The issue premiums  
corresponding to the creation of these shares under the 2008, 2009, 2010 and 2011 plans respectively amount to €40.40, €37.40, €35.70 and €30.50.  
(
1) Based on the number of shares composing the share capital as of December 31, 2018 published by the Company in accordance with article 223-16 of the General Regulation of the  
French Financial Markets Authority.  
242  
TOTAL Registration Document 2018  
GENERAL INFORMATION  
Share capital  
7
Shares  
composing  
Shares  
created/  
Nominal  
amount contribution  
Issue/  
Share  
capital  
the capital  
after the  
Transaction  
acknowledgment  
date  
(canceled)  
(number of Type of transaction  
shares) (share capital increase/reduction)  
of the  
transaction  
(euros)  
premium  
per share  
(euros)  
after the  
transaction  
(euros)  
transaction  
(number of  
shares)  
Fiscal year 2017  
January 12, 2017  
2,237,918 Increase – Exercise of share subscription  
options in fiscal year 2016  
5,594,795.00  
58,015,427.50  
49,501,475.00  
23,830,475.00  
44,504,840.00  
64,083,897.50  
n/a(a) 6,075,914,655.00 2,430,365,862  
39.37 6,133,930,082.50 2,453,572,033  
42.14 6,183,431,557.50 2,473,372,623  
35.60(b) 6,207,262,032.50 2,482,904,813  
42.36 6,251,766,872.50 2,500,706,749  
38.62 6,315,850,770.00 2,526,340,308  
January 12, 2017  
April 6, 2017  
23,206,171 Increase – Payment of the 2016 second  
interim dividend  
19,800,590 Increase – Payment of the 2016 third  
interim dividend  
April 26, 2017  
June 22, 2017  
October 12, 2017  
9,532,190 Share capital increase reserved for  
employees  
17,801,936 Increase – Payment of the 2016  
final dividend  
25,633,559 Increase – Payment of the 2017  
first interim dividend  
(
(
a) The shares created result from the exercise of share subscription options in fiscal year 2016 under the 2008, 2009, 2010 and 2011 share subscription option plans.  
b) Only the 9,350,220 shares issued as a result of employee subscriptions as part of the share capital increase included an issue premium. The 181,970 shares created for the matching  
contribution, in the form of free shares pursuant to Article L. 3332-21 of the French Labor Code, did not include an issue premium.  
Shares  
composing  
Shares  
created/  
Nominal  
amount contribution  
Issue/  
Share  
capital  
the capital  
after the  
Transaction  
acknowledgment  
date  
(canceled)  
(number of Type of transaction  
shares) (share capital increase/reduction)  
of the  
transaction  
(euros)  
premium  
per share  
(euros)  
after the  
transaction  
(euros)  
transaction  
(number of  
shares)  
Fiscal years 2018 and 2019  
January 11, 2018  
January 11, 2018  
March 8, 2018  
April 9, 2018  
2,649,308 Increase – Exercise of share subscription  
options in fiscal year 2017  
6,623,270.00  
17,719,760.00  
243,806,482.50  
38,899,002.50  
23,387,222.50  
14,495,837.50  
46,957,992.50  
(111,476,747.50)  
5,241,427.50  
n/a(a) 6,322,474,040.00 2,528,989,616  
44.05 6,340,193,800.00 2,536,077,520  
40.70 6,584,000,282.50 2,633,600,113  
43.20 6,622,899,285.00 2,649,159,714  
34.70(b) 6,646,286,507.50 2,658,514,603  
49.53 6,660,782,345.00 2,664,312,938  
50.45 6,707,740,337.50 2,683,096,135  
n/a 6,596,263,590.00 2,638,505,436  
n/a(c) 6,601,505,017.50 2,640,602,007  
45.77 6,604,536,935.00 2,641,814,774  
7,087,904 Increase – Payment of the 2017 second  
interim dividend  
97,522,593 Increase – Consideration for the contribution  
of Mærsk Olie og Gas A/S shares  
15,559,601 Increase – Payment of the 2017 third  
interim dividend  
May 3, 2018  
9,354,889 Share capital increase reserved for  
employees  
June 28, 2018  
October 12, 2018  
5,798,335 Increase – Payment of the 2017  
final dividend  
7
18,783,197 Increase – Payment of the 2018  
first interim dividend  
December 12, 2018 (44,590,699) Reduction – Cancellation of  
treasury shares  
January 14, 2019  
2,096,571 Increase – Exercise of share subscription  
options in fiscal year 2018  
January 14, 2019  
1,212,767 Increase – Payment of the 2018 second  
interim dividend  
3,031,917.50  
(
(
a) The shares created result from the exercise of share subscription options in fiscal year 2017 under the 2009, 2010 and 2011 share subscription option plans.  
b) Only the 9,174,817 shares issued as a result of employee subscriptions as part of the share capital increase included an issue premium. The 180,072 shares created for the matching  
contribution, in the form of free shares pursuant to Article L. 3332-21 of the French Labor Code, did not include an issue premium.  
(c) The shares created result from the exercise of share subscription options in fiscal year 2018 under the 2010 and 2011 share subscription option plans.  
Registration Document 2018 TOTAL  
243  
GENERAL INFORMATION  
7
Articles of incorporation and bylaws; other information  
7
.2 Articles of incorporation and bylaws;  
other information  
7.2.1 General information concerning the Company  
The Company’s name is TOTAL S.A.  
LEI (Legal Entity Identifier): 529900S21EQ1BO4ESM68.  
TOTAL S.A. is a French limited liability company (société anonyme).  
EC Registration Number: FR 59 542 051 180.  
The headquarters are located at 2, place Jean Millier, La Défense 6,  
APE Code (NAF): 111Z until January 7, 2008; 7010Z since January 8,  
9
2400 Courbevoie, France. It is registered in the French trade registry  
in Nanterre under No. 542 051 180 RCS.  
2008.  
The Company’s bylaws are on file with K.L. Associés, Notaries in  
Paris.  
The Company’s term was extended for 99 years from March 22,  
2000, to expire on March 22, 2099, unless dissolved prior to this  
date or extended.  
The telephone number is +33 (0)1 47 44 45 46 and its internet address  
is total.com.  
Fiscal year: from January 1 to December 31 of each year.  
7.2.2 Summary of the Company’s corporate purpose  
The direct and indirect purpose of the Company is to search for and  
extract mining deposits in all countries, particularly hydrocarbons in  
all forms, and to perform industrial refining, processing and trading in  
said materials as well as their derivatives and by-products, as well as  
all activities relating to production and distribution of all forms of  
energy, as well as the chemicals sector in all of its forms and to the  
rubber and health sectors. The complete details of the Company’s  
corporate purpose are set forth in Article 3 of the bylaws.  
7.2.3 Provisions of the bylaws governing the administration and management  
bodies  
7.2.3.1 Election of directors and term of oꢀce  
7.2.3.2 Age limit of directors  
Directors are elected by the Shareholders’ Meeting for a 3-year term  
up to a maximum number of directors authorized by law (currently  
On the closing date of each fiscal year, the number of individual  
directors over the age of 70 may not be greater than one third of the  
directors in office. If this percentage is exceeded, the oldest Board  
member is automatically considered to have resigned. The director  
permanent representative of a legal entity must be under 70 years old.  
1
8), subject to the legal provisions that allow the term to be extended  
until the next Ordinary Shareholders’ Meeting called to approve the  
financial statements for the previous fiscal year.  
In addition, one director representing the employee shareholders is  
also elected by the Shareholders’ Meeting for a 3-year term from a  
list of at least two candidates pre-selected by the employee  
shareholders under the conditions provided for by the laws,  
regulations and bylaws in force. However, his or her term shall expire  
automatically once this Director is no longer an employee or a  
shareholder. The Board of Directors may meet and conduct valid  
deliberations until the date his or her replacement is named.  
7
.2.3.3 Age limit of the Chairman of the Board and  
the Chief Executive Oꢀcer  
The duties of the Chairman of the Board automatically cease on his  
or her 70 birthday at the latest.  
th  
To hold this office, the Chief Executive Officer must be under the age  
of 67. When the age limit is reached during his or her duties, such  
duties automatically cease, and the Board of Directors elects a new  
Chief Executive Officer. However, his or her duties as Chief Executive  
Officer will continue until the date of the Board of Directors’ meeting  
aimed at electing his or her successor. Subject to the age limit  
specified above, the Chief Executive Officer can always be re-elected.  
Furthermore, a director representing the employees is designated by  
the Company’s Central Works Council(1). Where the number of  
directors appointed by the Shareholders’ Meeting is greater than  
(2)  
12  
, a second director representing the employees is designated by  
the Company’s European Works Council. In accordance with  
applicable legal provisions, the director elected by the Central Works  
Council must have held an employment contract with the Company  
or one of its direct or indirect subsidiaries, whose registered office is  
based in mainland France, for at least two years prior to appointment.  
The second director elected by the European Works Council must  
have held an employment contract with the Company or one of its  
direct or indirect subsidiaries for at least two years prior to  
appointment. The term of office for a director representing the  
employees is three years. However, the term of office ends following  
the Ordinary Shareholders’ Meeting called to approve the financial  
statements for the last fiscal year and held in the year during which  
the said director’s term of office expires.  
The age limits specified above are stipulated in the Company’s  
bylaws. They were approved by the Annual Shareholders’ Meeting  
held on May 16, 2014.  
7
.2.3.4 Minimum interest in the Company held by  
directors  
Each director (other than the director representing the employee  
shareholders or the director representing the employees) must own  
at least 1,000 shares during his or her term of office. If, however, any  
director ceases to own the required number of shares, they may  
adjust their position subject to the conditions set by law. The director  
representing employee shareholders must hold, during his or her  
term of office, either individually or through a Company Savings Plan  
(
(
1) The Company’s Central Works Council was replaced by the Central Social and Economic Committee (CSEC) in December 2018.  
2) Neither the director representing employee shareholders, elected by the Annual Shareholders’ Meeting, nor the director(s) representing employees are taken into consideration when  
calculating the 12-member threshold, which is assessed on the date on which the employee director(s) is/are elected.  
244  
TOTAL Registration Document 2018  
GENERAL INFORMATION  
Articles of incorporation and bylaws; other information  
7
(
Fonds Commun de Placement d’Entreprise, FCPE) governed by  
7.2.3.7 Form of management  
Article L. 214-165 of the French Monetary and Financial Code, at  
least one share or a number of units in said fund equivalent to at  
least one share. The director representing the employees is not bound  
to be a shareholder.  
Management of the Company is assumed either by the Chairman of  
the Board of Directors (who then holds the title of the Chairman and  
Chief Executive Officer), or by another person appointed by the Board  
of Directors with the title of Chief Executive Officer. It is the  
responsibility of the Board of Directors to choose between these two  
forms of management under the majority rules described above.  
7
.2.3.5 Majority rules for Board meetings  
Decisions are adopted by a majority vote of the directors present or  
represented. In the event of a tie vote, the person chairing the meeting  
shall cast the deciding vote.  
At its meeting on December 16, 2015, the Board of Directors decided  
to reunify the positions of Chairman and Chief Executive Officer of  
TOTAL S.A. as of December 19, 2015. Since that date, Mr. Pouyanné  
has held the position of Chairman and Chief Executive Officer of  
TOTAL S.A. As the Shareholders’ Meeting held on June 1, 2018  
renewed Mr. Pouyanné as a director for a three-year period, the  
Board of Directors decided to renew Mr. Pouyanné in his positions  
as Chairman and Chief Executive Officer of TOTAL S.A. for the same  
period. For additional information on the governance structure, refer  
to point 4.1.5.1 in chapter 4.  
7
.2.3.6 Rules of procedure and Committees of the  
Board of Directors  
Refer to point 4.1.2 of chapter 4 of this Registration Document.  
7.2.4 Rights, privileges and restrictions attached to the shares  
In addition to the right to vote, each share entitles the holder to a  
portion of the corporate assets, distributions of profits and liquidation  
dividend that is proportional to the number of shares issued, subject  
to the laws and regulations in force, as well as the bylaws.  
tender offer under which the acquisition of at least two thirds of the  
overall number of shares of the Company was made possible, and  
not solely to the first meeting following that public tender offer.  
Since in such circumstances the limitation no longer applies, such  
limitation on voting rights cannot prevent or delay any takeover of the  
Company, except in case of a public tender offer where the bidder  
does not acquire at least two thirds of the Company’s shares.  
With the exception of double voting rights, no privilege is attached to  
a specific class of shares or to a specific class of shareholders.  
7
.2.4.1 Double voting rights  
7
.2.4.3 Fractional rights  
Double voting rights, in relation to the portion of share capital they  
represent, are granted to all fully paid-up registered shares held  
continuously in the name of the same shareholder for at least two  
years , and to additional registered shares allotted to a shareholder  
in connection with a share capital increase by capitalization of  
reserves, profits or premiums on the basis of the existing shares  
which entitle the shareholder to a double voting right.  
Whenever it is necessary to own several shares in order to exercise a  
right, a number of shares less than the number required does not  
give the owners any right with respect to the Company; in such  
case, the shareholders are responsible for aggregating the required  
number of shares.  
(1)  
7
.2.4.4 Statutory allocation of profits  
7
.2.4.2 Limitation of voting rights  
The Company may distribute dividends under the conditions provided  
for by the French Commercial Code and the Company’s bylaws.  
Article 18 of the Company’s bylaws provides that at Shareholders’  
Meetings, no shareholder may cast, by himself or through his agent,  
on the basis of the single voting rights attached to the shares he  
holds directly or indirectly and the shares for which he holds powers,  
more than 10% of the total number of voting rights attached to the  
Company’s shares. In the case of double voting rights, by himself or  
through his agent, this limit may be exceeded, taking only the resulting  
additional voting rights into account, provided that the total voting  
rights that he exercises do not exceed 20% of the total voting rights  
associated with the shares in the Company.  
The net profit for the period is equal to the net income minus general  
expenses and other personnel expenses, all amortization and  
depreciation of the assets, as well as all provisions for commercial  
and industrial contingencies.  
7
From this profit, minus prior losses, if any, the following items are  
deducted in the order indicated:  
—
—
—
5% to constitute the legal reserve fund, until said fund reaches  
0% of the share capital;  
1
Additionally, Article 18 of the bylaws also provides that the limitation  
on voting rights no longer applies, absent any decision of the  
Shareholders’ Meeting, if an individual or a legal entity acting solely  
or together with one or more individuals or entities acquires at least  
two thirds of the Company’s shares following a public tender offer for  
all the Company’s shares. In that case, the Board of Directors  
acknowledges that the limitation no longer applies and carries out  
the necessary procedure to modify the Company’s bylaws  
accordingly.  
the amounts set by the Shareholders’ Meeting in order to fund  
reserves for which it determines the allocation or use; and  
the amounts that the Shareholders’ Meeting decides to retain.  
The remainder is paid to the shareholders as dividends.  
The Board of Directors may pay interim dividends.  
The Shareholders’ Meeting held to approve the financial statements  
for the fiscal year may decide to grant shareholders an option, for all  
or part of the dividend or interim dividends, between payment of the  
dividend in cash or in shares.  
Once acknowledged, the fact that the limitation no longer applies is  
final and applies to all Shareholders’ Meetings following the public  
(
1) This term is not interrupted and the right acquired is retained in case of a conversion of bearer to bearer pursuant to intestate or testamentary succession, share of community property  
between spouses or donation to the spouse or relatives entitled to inherit (Article 18 § 6 of the bylaws).  
Registration Document 2018 TOTAL  
245  
GENERAL INFORMATION  
7
Articles of incorporation and bylaws; other information  
The Shareholders’ Meeting may decide at any time, but only based  
on a proposal by the Board of Directors, to make a full or partial  
distribution of the amounts in the reserve accounts, either in cash or  
in Company shares.  
Dividends that have not been claimed at the end of a 5-year period  
are forfeited to the French State.  
7.2.5 Amending shareholders’ rights  
Any amendment to the bylaws must be approved or authorized by  
the Shareholders’ Meeting voting with the quorum and majority  
required by the laws and regulations governing Extraordinary  
Shareholders’ Meetings.  
7.2.6 Shareholders’ Meetings  
Refer to point 4.4.3 in chapter 4 for the terms and conditions of the notice and admission to Shareholders’ Meetings.  
7.2.7 Identification of the holders of bearer shares  
In accordance with Article 9 of its bylaws, TOTAL S.A. is authorized,  
to the extent permitted under applicable law, to identify the holders  
of securities that grant immediate or future voting rights at the  
Company’s Shareholders’ Meetings.  
7.2.8 Thresholds to be declared according to the bylaws  
Any individual or entity who directly or indirectly acquires a percentage  
of the share capital, voting rights or rights giving future access to the  
share capital of the Company that is equal to or greater than 1%, or  
a multiple of this percentage, is required to notify the Company within  
voting rights at Shareholders’ Meetings if, at a Shareholders’ Meeting,  
the failure to make a declaration is acknowledged and if one or more  
shareholders holding collectively at least 3% of the Company’s share  
capital or voting rights so request at that meeting.  
1
5 days as from the crossing of each threshold, by registered mail with  
All individuals and entities are also required to notify the Company, in  
due form and within the time limits stated above, when their direct or  
indirect holdings fall below each of the thresholds mentioned in the  
first paragraph.  
return receipt requested, and declare the number of securities held.  
In case the shares above these thresholds are not declared, as  
specified in the preceding paragraph, any shares held in excess of,  
the threshold that should have been declared will be deprived of  
7.2.9 Changes in the share capital  
The Company’s share capital may be changed only under the  
conditions stipulated by the legal and regulatory provisions in force.  
No provision of the bylaws, charter, or internal regulations provide for  
more stringent conditions than the law governing changes in the  
Company’s share capital.  
The French Commercial Code stipulates that shareholders hold, in  
proportion to their number of shares, a preemptive subscription right  
to shares issued for cash to increase the share capital. The  
Extraordinary Shareholders’ Meeting can decide, under the conditions  
provided for by law, to remove this preemptive subscription right.  
246  
TOTAL Registration Document 2018  
GENERAL INFORMATION  
Historical financial information and additional information  
7
7
.3 Historical financial information and additional  
information  
7.3.1 2018, 2017 and 2016 Consolidated Financial Statements  
The Consolidated Financial Statements of TOTAL S.A. for the years  
ended December 31, 2018, 2017 and 2016 were prepared in  
accordance with International Financial Reporting Standards (IFRS)  
as issued by the International Accounting Standards Board (IASB)  
and as adopted by the European Union.  
7.3.2 Statutory financial statements of TOTAL S.A.  
The statutory financial statements of TOTAL S.A. as parent company,  
for the years ended December 31, 2018, 2017 and 2016 were  
prepared in accordance with applicable French accounting standards.  
7.3.3 Audit of the historical financial information  
The Consolidated Financial Statements for the fiscal year 2018  
presented in chapter 8 of this Registration Document were certified  
by the Company’s statutory auditors. A translation into English for  
information purposes only of the statutory auditors’ report on the  
Consolidated Financial Statements is provided in point 8.1 of  
chapter 8.  
Pursuant to Article 28 of EC Regulation 809/2004 dated April 29,  
2004, the following are incorporated by reference in this Registration  
Document:  
—
the statutory and Consolidated Financial Statements for fiscal  
year 2017, together with the statutory auditors’ reports on the  
statutory and Consolidated Financial Statements presented on  
pages 234 and 378 of the French version of the Registration  
Document for fiscal year 2017 which was filed with the French  
Financial Markets Authority on March 16, 2018 (and a translation  
for information purposes only is reproduced on pages 234 and  
378 of the English version of such Registration Document); and  
The statutory financial statements of TOTAL S.A. as parent company  
for the fiscal year 2018 presented in chapter 10 of this Registration  
Document were also certified by the Company’s statutory auditors.  
A translation into English for information purposes only of the statutory  
auditors’ report on the 2018 parent company financial statements is  
provided in point 10.1 of chapter 10.  
—
the statutory and Consolidated Financial Statements for fiscal  
year 2016, together with the statutory auditors’ reports on the  
statutory and Consolidated Financial Statements presented on  
pages 208 and 349 of the French version of the Registration  
Document for fiscal year 2016 which was filed with the French  
Financial Markets Authority on March 17, 2017 (and a translation  
for information purposes only is reproduced on pages 206 and  
347 of the English version of such Registration Document).  
7
7.3.4 Additional information  
Financial information other than that contained in chapters 8 or 10 of  
this Registration Document, in particular ratios, statistical data or  
other calculated data, which are used to describe the Group or its  
business performance, is not extracted from the audited financial  
statements of the issuer. Except where otherwise stated, this  
additional information is based on internal Company data.  
Company’s statutory auditors. This additional information was  
prepared by the Company based on information available to it, using  
its own calculations or estimates and taking into account the U.S.  
standards to which the Company is subject for this kind of information  
as a result of the listing of its shares (in the form of ADRs) on the  
NYSE.  
In particular, the supplemental oil and gas information provided in  
chapter 9 of this Registration Document is not extracted from the  
audited financial statements of the issuer and was not audited by the  
This Registration Document does not include profit forecasts or  
estimates for the period after December 31, 2018, under the meaning  
given to such terms by EC Regulation 809/2004 dated April 29, 2004.  
Registration Document 2018 TOTAL  
247  
GENERAL INFORMATION  
7
248  
TOTAL Registration Document 2018  
8
CONSOLIDATED FINANCIAL  
STATEMENTS  
8.1  
8.2  
8.3  
8.4  
8.5  
8.6  
8.7  
Statutory auditors' report on the Consolidated Financial Statements  
250  
254  
255  
256  
257  
258  
259  
Consolidated statement of income  
Consolidated statement of comprehensive income  
Consolidated balance sheet  
Consolidated statement of cash flow  
Consolidated statement of changes in shareholders’ equity  
Notes to the Consolidated Financial Statements  
Registration Document 2018 TOTAL  
249  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Statutory auditors' report on the Consolidated Financial Statements  
8
.1 Statutory auditors' report on the Consolidated  
Financial Statements  
This is a translation into English of the statutory auditors’ report on the Consolidated Financial Statements of the Company issued in French  
and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by  
European regulations and French law, such as information about the appointment of the statutory auditors or verification of the information  
concerning the Group presented in the management report. This report should be read in conjunction with, and construed in accordance  
with, French law and professional auditing standards applicable in France.  
To the Annual General Meeting of TOTAL S.A.,  
Opinion  
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying Consolidated  
Financial Statements of TOTAL S.A. for the year ended December 31, 2018.  
In our opinion, the Consolidated Financial Statements give a true and fair view of the assets and liabilities and of the financial position of the  
Group as at December 31, 2018 and of the results of its operations for the year then ended in accordance with International Financial  
Reporting Standards as adopted by the European Union.  
The audit opinion expressed above is consistent with our report to the Audit Committee.  
Basis for Opinion  
Audit Framework  
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained  
is sufficient and appropriate to provide a basis for our opinion.  
Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Consolidated  
Financial Statements section of our report.  
Independence  
We conducted our audit engagement in compliance with independence rules applicable to us, for the period from January 1, 2018 to the date  
of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5 (1) of Regulation (EU) No. 537/2014  
or in the French Code of Ethics (Code de déontologie) for statutory auditors.  
Justification of Assessments – Key Audit Matters  
In accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code (Code de commerce) relating to the  
justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment,  
were of most significance in our audit of the Consolidated Financial Statements of the current period, as well as how we addressed those risks.  
These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion  
thereon, and we do not provide a separate opinion on specific items of the Consolidated Financial Statements.  
Impairment testing of Exploration & Production segment non-current assets  
Risk identified  
Our response  
As at December 31, 2018, the non-current assets of the Exploration  
Our works consisted in:  
&
Production segment mainly comprised property, plant and equipment,  
—
analyzing whether there was an indication of impairment for these  
assets (except for goodwill tested at least annually);  
and intangible assets.  
The net carrying amount of these assets totaled 117 billion US dollars,  
corresponding to 45% of the Group’s assets. They mainly include  
exploration wells, mining rights, hydrocarbon production assets for  
exploration and production, and goodwill allocated to Exploration &  
Production segment.  
—
obtaining an understanding of the procedures used to implement  
the impairment tests decided by the Executive Committee, including  
the test of the recoverable amount of the Mærsk Oil goodwill;  
—
analyzing the valuation models used.  
The Group performs impairment tests on these assets. The testing  
methods are described in Note 3.D to the Consolidated Financial  
Statements.  
We also analyzed the key assumptions used to determine the  
recoverable amount of the related assets:  
—
the hydrocarbon pricing scenarios used by the Group were  
assessed based on data from reports issued by independent experts;  
We considered the measurement of Exploration & Production  
segment non-current assets to be a key audit matter given the  
materiality of these assets in the Group’s financial statements and  
also because calculating their recoverable amount based on  
discounted future cash flows requires the use of assumptions,  
estimates and significant assessments by Management, as presented  
in Note 3.D to the Consolidated Financial Statements.  
—
we performed an independent re-calculation of the discount rate  
used for future cash flows, which we reconciled with the rates  
calculated by major financial analysts.  
The information and assumptions used to determine the recoverable  
amount were also analyzed to assess their consistency with the  
budgets and forecasts prepared by Management and approved by  
the Executive Committee and the Board of Directors, and during  
interviews with members of the Executive Committee.  
Specifically, continued low prices of hydrocarbons would adversely  
affect the Group’s net income and could significantly impact the  
recoverable amount of Exploration & Production segment assets.  
In addition, we analyzed the data underlying the future cash flows  
taken into account to determine the recoverable amount of all assets  
of the CGUs that are at risk of impairment:  
Management assesses the recoverable amount of Exploration &  
Production segment property, plant and equipment and intangible  
assets based on the cash-generating unit (“CGU”) that includes all  
the hydrocarbon sites and industrial assets involved in the production,  
processing and extraction of hydrocarbons (excluding goodwill tested  
—
oil production profiles were reconciled with the probable reserves  
established as part of the Group’s internal procedures;  
250  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Statutory auditors' report on the Consolidated Financial Statements  
8
at Exploration & Production segment level). The recoverable amount  
was measured for each CGU, taking into account the economic  
business environment and Executive Management’s operating plans.  
—
assumptions of future operating costs and capital expenditure  
required to complete production assets were compared with the  
budget and the long-term plan approved by Management;  
The main assumptions used by Management to measure the  
recoverable amount include the following (as stated in the  
aforementioned Note to the Consolidated Financial Statements):  
—
—
asset-specific risks were assessed according to geographic  
location and oil deposit maturity;  
we assessed the consistency of the tax rates used with  
applicable tax schemes and the oil agreements in force.  
—
—
—
—
—
the future price of hydrocarbons;  
the operating costs;  
the estimates of hydrocarbon reserves;  
the future production volumes and sales;  
the after-tax discount rate.  
Finally, we assessed the appropriateness of the information provided  
in Note 3.D – “Asset impairment” to the Consolidated Financial  
Statements.  
Effect of estimated proved and proved developed hydrocarbon reserves on the recognition  
of Exploration & Production segment assets  
Risk identified  
Our response  
Proved reserves are the quantities of oil and gas which, by analysis  
of geoscience and engineering data, can be estimated with reasonable  
certainty to be commercially recoverable, before the contracts giving  
the right to operate expire, unless evidence indicates that this right  
renewal is reasonably certain.  
The works performed consisted in:  
—
obtaining an understanding of the procedures and internal control  
system implemented by the Group to determine its hydrocarbon  
reserves;  
—
—
testing the qualifications of the Group’s petroleum engineers  
responsible for estimating reserves, using sampling techniques;  
Proved reserves and proved developed reserves, which are estimated  
by the Group’s petroleum engineers in accordance with industry best  
practice and Securities and Exchange Commission (SEC) rules (as  
set forth in the Note to the Consolidated Financial Statements entitled  
analyzing the changes in proved and proved developed reserves  
with regard to the last fiscal year, in order to focus our work on  
the period’s main changes;  
“Major judgments and accounting estimates”), change according to  
production, and the price of hydrocarbons.  
—
—
reconciling actual production with expected production;  
We considered the effect of estimates of proved and proved  
developed hydrocarbon reserves to be a key audit matter for the  
following reasons:  
analyzing the assumptions used by the Group to determine the  
quantities of recoverable reserves before the contracts giving the  
right to operate expire, and where appropriate, examining the  
reasons leading the Group to believe that the renewal of an  
operating agreement is reasonably certain to estimate proved  
and proved developed reserves by also taking into account gas  
sales agreements;  
—
—
these estimates are an essential part of accounting for the  
Group’s oil activities, particularly with regard to recognizing  
exploration expenses using the “successful efforts” method and  
determining the depreciation rate for Exploration & Production  
segment property, plant and equipment (outlined respectively in  
Notes 7.1 and 7.2 to the Consolidated Financial Statements);  
—
assessing the Group’s application of the provisions under SEC  
rules, particularly with regard to the average annual reference  
prices used to measure the value of proved and proved developed  
reserves.  
these estimates are inherently uncertain given the geoscience  
and engineering data used to determine deposit quantities. They  
are also complex due to the contractual arrangements that  
determine the Group’s share of the reserves.  
Measurement of fair value of acquired assets, liabilities and contingent liabilities in the context  
of Mærsk Oil and Global LNG acquisitions  
Risk identified  
Our response  
During the fiscal year 2018, the Group acquired:  
For these two acquisitions, our works consisted mainly in:  
—
the shares of the Mærsk Oil entity for a purchase price of  
,741 million US dollars, transaction which resulted in the  
—
obtaining an understanding of and testing the internal control  
procedures implemented for business combination transactions;  
5
recognition of a goodwill of 2,642 million US dollars;  
—
analyzing the methods applied and the key assumptions used  
by the Group to assess the fair value of the identifiable assets  
acquired and liabilities assumed;  
—
the shares of Global LNG entity for a purchase price of  
8
1
,269 million US dollars plus an additional purchase price  
estimated at 550 million US dollars at the acquisition date. This  
transaction resulted in the recognition of goodwill of  
,791 million US dollars.  
—
—
—
analyzing the allocation of discounted future cash flows to the  
identifiable assets acquired and liabilities assumed;  
a
2
checking the arithmetic accuracy of the goodwill amount  
recognized;  
As presented in Note 2.2 “Major business combinations” to the  
Consolidated Financial Statements, the Group is assessing the fair  
value of acquired assets, liabilities and contingent liabilities on the  
basis of available information.  
and lastly, assessing the appropriateness of the information  
provided in Note 2.2 “Major business combinations” to the  
Consolidated Financial Statements.  
The initial accounting for these business combinations is described  
in Note 2.2 to the Consolidated Financial Statements.  
We considered measurement of fair value of acquired assets, liabilities  
and contingent liabilities in the context of these two acquisitions to  
be a key audit matter given the significance of these transactions  
and the extent of Management’s judgement in assessing this  
measurement.  
Registration Document 2018 TOTAL  
251  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Statutory auditors' report on the Consolidated Financial Statements  
Specific verifications  
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and  
regulations of the information pertaining to the Group presented in the Board of Directors’ management report.  
We have no matters to report as to its fair presentation and its consistency with the Consolidated Financial Statements.  
We attest that the consolidated non-financial statement provided for by Article L. 225-102-1 of the French Commercial Code (Code de  
commerce) is included in the information pertaining to the Group presented in the management report, it being specified that, in accordance  
with the provisions of Article L. 823-10 of said Code, we have verified neither the fair presentation nor the consistency with the financial  
statements of the information contained in this statement which has to be subject to a report by an independent third party.  
Report on Other Legal and Regulatory Requirements  
Appointment of the Statutory Auditors  
We were appointed as statutory auditors of TOTAL S.A. by the annual general meeting held on May 13, 1998 for KPMG S.A. (replacing  
CCAS, appointed in 1986, a firm acquired by KPMG S.A. in 1997) and on May 14, 2004 for ERNST & YOUNG Audit.  
As at December 31, 2018, KPMG S.A. was in its 21st year of total uninterrupted engagement and ERNST & YOUNG Audit in its 15th year of  
total uninterrupted engagement.  
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements  
Management is responsible for the preparation and fair presentation of the Consolidated Financial Statements in accordance with International  
Financial Reporting Standards as adopted by the European Union and for such internal control as management determines is necessary to  
enable the preparation of Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.  
In preparing the Consolidated Financial Statements, management is responsible for assessing the Company’s ability to continue as a going  
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to  
liquidate the Company or to cease operations.  
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management  
systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures.  
The Consolidated Financial Statements were approved by the Board of Directors.  
Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements  
Objectives and audit approach  
Our role is to issue a report on the Consolidated Financial Statements. Our objective is to obtain reasonable assurance about whether the  
Consolidated Financial Statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is  
not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists.  
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected  
to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.  
As specified in Article L. 823-10-1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on  
the viability of the Company or the quality of management of the affairs of the Company.  
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional  
judgment throughout the audit and furthermore:  
—
identifies and assesses the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error,  
designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate  
to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting  
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;  
—
—
—
obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the  
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;  
evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made  
by management in the Consolidated Financial Statements;  
assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,  
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue  
as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or  
conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty  
exists, there is a requirement to draw attention in the audit report to the related disclosures in the Consolidated Financial Statements or, if  
such disclosures are not provided or inadequate, to modify the opinion expressed therein;  
—
—
evaluates the overall presentation of the Consolidated Financial Statements and assesses whether these statements represent the  
underlying transactions and events in a manner that achieves fair presentation;  
obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to  
express an opinion on the Consolidated Financial Statements. The statutory auditor is responsible for the direction, supervision and  
performance of the audit of the Consolidated Financial Statements and for the opinion expressed on these Consolidated Financial  
Statements.  
252  
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CONSOLIDATED FINANCIAL STATEMENTS  
Consolidated statement of income  
8
Report to the Audit Committee  
We submit to the Audit Committee a report which includes in particular a description of the scope of the audit and the audit program  
implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and  
financial reporting procedures that we have identified.  
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in  
the audit of the Consolidated Financial Statements of the current period and which are therefore the key audit matters that we are required to  
describe in this report.  
We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, confirming our  
independence within the meaning of the rules applicable in France, as set out in particular in Articles L. 822-10 to L. 822-14 of the French  
Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for statutory auditors. Where appropriate, we  
discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards.  
Paris-La Défense, March 13, 2019  
The Statutory Auditors  
French original signed by  
KPMG Audit  
ERNST & YOUNG Audit  
A division of KPMG S.A.  
Jacques-François Lethu  
Partner  
Eric Jacquet  
Partner  
Yvon Salaün  
Partner  
Céline Eydieu-Boutté  
Partner  
8
Registration Document 2018 TOTAL  
253  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Consolidated statement of income  
8.2 Consolidated statement of income  
TOTAL  
(a)  
For the year ended December 31, (M$)  
Sales  
2018  
209,363  
(25,257)  
184,106  
(125,816)  
(27,484)  
(797)  
2017  
171,493  
(22,394)  
149,099  
(99,411)  
(24,966)  
(864)  
2016  
149,743  
(21,818)  
127,925  
(83,377)  
(24,302)  
(1,264)  
(Notes 3, 4, 5)  
(Notes 3, 5)  
(Notes 3, 5)  
(Note 5)  
Excise taxes  
Revenues from sales  
Purchases, net of inventory variation  
Other operating expenses  
Exploration costs  
(Note 5)  
(Note 5)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(Note 5)  
(Note 6)  
(Note 6)  
(13,992)  
1,838  
(1,273)  
(1,933)  
(188)  
(16,103)  
3,811  
(1,034)  
(1,396)  
(138)  
(13,523)  
1,299  
(1,027)  
(1,108)  
4
Other income  
Other expense  
Financial interest on debt  
Financial income and expense from cash & cash equivalents  
Cost of net debt  
(Note 15)  
(Note 6)  
(Note 6)  
(Note 8)  
(Note 11)  
(2,121)  
1,120  
(685)  
(1,534)  
957  
(1,104)  
971  
Other financial income  
Other financial expense  
Net income (loss) from equity affiliates  
Income taxes  
(642)  
(636)  
2,214  
(970)  
6,206  
6,196  
10  
3,170  
(6,516)  
11,550  
11,446  
104  
2,015  
(3,029)  
8,299  
8,631  
(332)  
CONSOLIDATED NET INCOME  
Group share  
Non-controlling interests  
Earnings per share ($)  
4.27  
3.36  
2.52  
Fully-diluted earnings per share ($)  
4.24  
3.34  
2.51  
(a) Except for per share amounts.  
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CONSOLIDATED FINANCIAL STATEMENTS  
Consolidated statement of comprehensive income  
8
8.3 Consolidated statement of comprehensive income  
TOTAL  
For the year ended December 31, (M$)  
CONSOLIDATED NET INCOME  
2018  
2017  
2016  
11,550  
8,299  
6,206  
Other comprehensive income  
Actuarial gains and losses  
(Note 10)  
(Note 15)  
(12)  
-
823  
-
(371)  
-
Change in fair value of investments in equity instruments  
Tax effect  
13  
(390)  
9,316  
9,749  
(2,578)  
7
55  
Currency translation adjustment generated by the parent company  
ITEMS NOT POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS  
Currency translation adjustment  
(Note 9)  
(4,022)  
(4,021)  
1,113  
-
(1,548)  
(1,864)  
(1,098)  
4
(Note 9)  
(Note 8)  
Available for sale financial assets  
Cash flow hedge  
(Notes 15, 16)  
(Note 15)  
25  
324  
239  
-
Variation of foreign currency basis spread  
Share of other comprehensive income of equity affiliates, net amount  
Other  
(80)  
-
(Note 8)  
(540)  
(5)  
(677)  
-
935  
1
Tax effect  
14  
(100)  
(3,024)  
6,725  
15,024  
15,312  
(288)  
(76)  
5
ITEMS POTENTIALLY RECLASSIFIABLE TO PROFIT AND LOSS  
TOTAL OTHER COMPREHENSIVE INCOME (NET AMOUNT)  
COMPREHENSIVE INCOME  
527  
(3,494)  
8,056  
8,021  
35  
(1,859)  
4,347  
4,336  
11  
Group share  
Non-controlling interests  
(Note 9)  
8
Registration Document 2018 TOTAL  
255  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Consolidated balance sheet  
8.4 Consolidated balance sheet  
TOTAL  
ASSETS  
As of December 31, (M$)  
2018  
2017  
2016  
Non-current assets  
Intangible assets, net  
(Notes 4 & 7)  
(Notes 4 & 7)  
(Note 8)  
28,922  
113,324  
23,444  
1,421  
14,587  
109,397  
22,103  
1,727  
15,362  
111,971  
20,576  
1,133  
Property, plant and equipment, net  
Equity affiliates: investments and loans  
Other investments  
(Note 8)  
Non-current financial assets  
Deferred income taxes  
(Note 15)  
(Note 11)  
(Note 6)  
680  
679  
908  
6,663  
5,206  
4,368  
Other non-current assets  
2,509  
3,984  
4,143  
TOTAL NON-CURRENT ASSETS  
176,963  
157,683  
158,461  
Current assets  
Inventories, net  
(Note 5)  
(Note 5)  
(Note 5)  
(Note 15)  
(Note 15)  
(Note 2)  
14,880  
17,270  
14,724  
3,654  
16,520  
14,893  
14,210  
3,393  
15,247  
12,213  
14,835  
4,548  
Accounts receivable, net  
Other current assets  
Current financial assets  
Cash and cash equivalents  
Assets classified as held for sale  
TOTAL CURRENT ASSETS  
TOTAL ASSETS  
27,907  
1,364  
33,185  
2,747  
24,597  
1,077  
79,799  
256,762  
84,948  
242,631  
72,517  
230,978  
LIABILITIES & SHAREHOLDERS’ EQUITY  
As of December 31, (M$)  
2018  
2017  
2016  
Common shares  
8,227  
120,569  
(11,313)  
(1,843)  
7,882  
112,040  
(7,908)  
(458)  
7,604  
105,547  
(13,871)  
(600)  
Paid-in surplus and retained earnings  
Currency translation adjustment  
Treasury shares  
TOTAL SHAREHOLDERS’ EQUITY – GROUP SHARE  
Non-controlling interests  
(Note 9)  
115,640  
2,474  
111,556  
2,481  
98,680  
2,894  
TOTAL SHAREHOLDERS’ EQUITY  
118,114  
114,037  
101,574  
Non-current liabilities  
Deferred income taxes  
(Note 11)  
(Note 10)  
(Note 12)  
(Note 15)  
11,490  
3,363  
10,828  
3,735  
11,060  
3,746  
Employee benefits  
Provisions and other non-current liabilities  
Non-current financial debt  
21,432  
40,129  
76,414  
15,986  
41,340  
71,889  
16,846  
43,067  
74,719  
TOTAL NON-CURRENT LIABILITIES  
Current liabilities  
Accounts payable  
26,134  
22,246  
13,306  
478  
26,479  
17,779  
11,096  
245  
23,227  
16,720  
13,920  
327  
Other creditors and accrued liabilities  
Current borrowings  
(Note 5)  
(Note 15)  
(Note 15)  
(Note 2)  
Other current financial liabilities  
Liabilities directly associated with the assets classified as held for sale  
TOTAL CURRENT LIABILITIES  
70  
1,106  
491  
62,234  
256,762  
56,705  
242,631  
54,685  
230,978  
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY  
256  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Consolidated statement of cash flow  
8
8
.5 Consolidated statement of cash flow  
TOTAL  
For the year ended December 31, (M$)  
2018  
2017  
2016  
CASH FLOW FROM OPERATING ACTIVITIES  
Consolidated net income  
11,550  
14,584  
(887)  
8,299  
16,611  
(384)  
6,206  
14,423  
(1,559)  
(263)  
Depreciation, depletion, amortization and impairment  
(Note 5.3)  
(Note 5.5)  
Non-current liabilities, valuation allowances, and deferred taxes  
(
Gains) losses on disposals of assets  
Undistributed affiliates’ equity earnings  
Increase) decrease in working capital  
(930)  
(2,598)  
42  
(826)  
(643)  
(
(Note 5.5)  
(Note 7)  
769  
827  
(1,119)  
(524)  
Other changes, net  
443  
(478)  
CASH FLOW FROM OPERATING ACTIVITIES  
24,703  
22,319  
16,521  
CASH FLOW USED IN INVESTING ACTIVITIES  
Intangible assets and property, plant and equipment additions  
(17,080)  
(3,379)  
(1,108)  
(618)  
(13,767)  
(800)  
(18,106)  
(1,123)  
(180)  
Acquisitions of subsidiaries, net of cash acquired  
Investments in equity affiliates and other securities  
Increase in non-current loans  
(1,368)  
(961)  
(1,121)  
(20,530)  
1,462  
270  
Total expenditures  
(22,185)  
3,716  
12  
(16,896)  
1,036  
2,909  
294  
Proceeds from disposals of intangible assets and property, plant and equipment  
Proceeds from disposals of subsidiaries, net of cash sold  
Proceeds from disposals of non-current investments  
Repayment of non-current loans  
1,444  
2,067  
7,239  
(14,946)  
132  
1,025  
5,264  
(11,632)  
1,013  
2,877  
(17,653)  
Total divestments  
CASH FLOW USED IN INVESTING ACTIVITIES  
CASH FLOW FROM FINANCING ACTIVITIES  
Issuance (repayment) of shares:  
–
–
Parent company shareholders  
Treasury shares  
498  
519  
-
100  
-
(4,328)  
Dividends paid:  
–
–
Parent company shareholders  
Non-controlling interests  
(4,913)  
(97)  
(2,643)  
(141)  
(2,661)  
(93)  
Issuance of perpetual subordinated notes  
(Note 9)  
(Note 9)  
-
-
4,711  
(133)  
Payments on perpetual subordinated notes  
(325)  
(276)  
Other transactions with non-controlling interests  
Net issuance (repayment) of non-current debt  
(622)  
(4)  
(104)  
(Note 15)  
649  
2,277  
(7,175)  
1,903  
(5,540)  
5,147  
3,441  
24,597  
33,185  
3,576  
(3,260)  
1,396  
3,532  
2,400  
(1,072)  
23,269  
24,597  
8
Increase (decrease) in current borrowings  
(3,990)  
(797)  
Increase (decrease) in current financial assets and liabilities  
CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  
Effect of exchange rates  
(13,925)  
(4,168)  
(1,110)  
33,185  
27,907  
Cash and cash equivalents at the beginning of the period  
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD  
(Note 15)  
Registration Document 2018 TOTAL  
257  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Consolidated statement of changes in shareholders’ equity  
8
.6 Consolidated statement of changes  
in shareholders’ equity  
TOTAL  
Common shares issued  
Paid-in  
surplus and  
Treasury shares Shareholders’  
equity –  
Currency  
Non-  
Total  
retained translation  
earnings adjustment  
Group controlling shareolders’  
(
M$)  
Number Amount  
Number Amount  
share  
interests  
equity  
AS OF JANUARY 1, 2016  
2,440,057,883  
7,670  
101,528 (12,119) (113,967,758) (4,585)  
92,494  
6,196  
(1,860)  
4,336  
(6,512)  
3,804  
-
2,915  
95,409  
6,206  
(1,859)  
4,347  
(6,605)  
3,804  
-
Net income 2016  
-
-
6,196  
(108)  
6,088  
(6,512)  
3,553  
-
-
-
-
10  
Other comprehensive income  
Comprehensive income  
Dividend  
-
-
(1,752)  
-
-
1
-
-
(1,752)  
-
-
11  
-
-
-
-
-
-
-
-
-
-
(93)  
Issuance of common shares  
Purchase of treasury shares  
Sale of treasury shares(a)  
Share-based payments  
Share cancellation  
90,639,247  
251  
-
-
-
-
-
-
-
-
-
-
-
3,048,668  
-
-
-
-
-
(163)  
112  
163  
-
-
-
112  
112  
(100,331,268)  
(317)  
(3,505)  
100,331,268 3,822  
-
-
Issuance of perpetual  
subordinated notes  
-
-
-
-
4,711  
(203)  
-
-
-
-
-
-
4,711  
(203)  
-
-
4,711  
(203)  
Payments on perpetual  
subordinated notes  
Other operations with  
non-controlling interests  
-
-
(98)  
36  
-
-
-
-
-
(98)  
36  
(43)  
(141)  
140  
Other items  
-
-
-
104  
AS OF DECEMBER 31, 2016  
Net income 2017  
2,430,365,862  
7,604  
105,547 (13,871) (10,587,822)  
(600)  
98,680  
8,631  
6,681  
15,312  
(6,992)  
4,709  
-
2,894  
101,574  
8,299  
6,725  
15,024  
(7,133)  
4,709  
-
-
-
8,631  
718  
-
-
-
(332)  
Other comprehensive income  
Comprehensive income  
Dividend  
-
-
5,963  
-
-
44  
-
-
9,349  
(6,992)  
4,431  
-
5,963  
-
-
(288)  
-
-
-
-
-
-
-
-
-
-
(141)  
Issuance of common shares  
Purchase of treasury shares  
Sale of treasury shares(a)  
Share-based payments  
Share cancellation  
98,623,754  
278  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
142  
-
(142)  
151  
2,211,066  
-
-
-
-
151  
151  
-
-
-
-
Issuance of perpetual  
subordinated notes  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments on perpetual  
subordinated notes  
(302)  
(302)  
(302)  
Other operations with  
non-controlling interests  
-
-
-
-
(8)  
6
-
-
-
-
-
-
(8)  
6
4
12  
(4)  
18  
Other items  
AS OF DECEMBER 31, 2017  
2,528,989,616  
7,882  
112,040  
(7,908) (8,376,756)  
(458)  
111,556  
2,481  
114,037  
Net income 2018  
-
-
11,446  
(20)  
-
-
-
-
-
-
-
-
-
-
-
11,446  
(3,425)  
8,021  
(7,881)  
8,842  
(4,328)  
-
104  
11,550  
(3,494)  
8,056  
(7,978)  
8,842  
(4,328)  
-
Other comprehensive income  
Comprehensive income  
Dividend  
-
-
(3,405)  
(69)  
-
-
11,426  
(7,881)  
8,366  
-
(3,405)  
35  
-
-
-
-
-
-
-
-
(97)  
Issuance of common shares  
Purchase of treasury shares  
Sale of treasury shares(a)  
Share-based payments  
Share cancellation  
156,203,090  
476  
-
-
-
-
-
-
-
(72,766,481) (4,328)  
-
-
-
-
(240)  
294  
4,079,257  
-
240  
-
294  
294  
(44,590,699)  
(131)  
(2,572)  
44,590,699 2,703  
-
-
Issuance of perpetual  
subordinated notes  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments on perpetual  
subordinated notes  
(315)  
(315)  
(315)  
Other operations with  
non-controlling interests  
-
-
-
-
(517)  
(32)  
-
-
-
-
-
-
(517)  
(32)  
(99)  
154  
(616)  
122  
Other items  
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  
(a) Treasury shares related to the restricted stock grants.  
Changes in equity are detailed in Note 9.  
258  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
8
8.7 Notes to the Consolidated Financial Statements  
On February 6, 2019, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TOTAL S.A.  
for the year ended December 31, 2018, which will be submitted for approval to the Shareholders’ Meeting to be held on May 29, 2019.  
Basis of preparation of the Consolidated Financial Statements  
Major judgments and accounting estimates  
260  
260  
Judgments in case of transactions not addressed by  
any accounting standard or interpretation  
261  
261  
263  
265  
276  
277  
282  
284  
288  
294  
304  
308  
310  
312  
317  
320  
336  
339  
340  
NOTE 1 General accounting policies  
NOTE 2 Changes in the Group structure  
NOTE 3 Business segment information  
NOTE 4 Segment Information by geographical area  
NOTE 5 Main items related to operating activities  
NOTE 6 Other items from operating activities  
NOTE 7 Intangible and tangible assets  
NOTE 8 Equity aꢀliates, other investments and related parties  
NOTE 9 Shareholders’ equity and share-based payments  
NOTE 10 Payroll, staꢁ and employee benefits obligations  
NOTE 11 Income taxes  
NOTE 12 Provisions and other non-current liabilities  
NOTE 13 Oꢁ balance sheet commitments and lease contracts  
NOTE 14 Financial assets and liabilities analysis per instrument class and strategy  
NOTE 15 Financial structure and financial costs  
NOTE 16 Financial instruments related to commodity contracts  
NOTE 17 Post closing events  
8
NOTE 18 Consolidation scope  
Registration Document 2018 TOTAL  
259  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 1  
Basis of preparation of the Consolidated Financial Statements  
The Consolidated Financial Statements of TOTAL S.A. and its  
subsidiaries (the Group) are presented in U.S. dollars and have been  
prepared on the basis of IFRS (International Financial Reporting  
Standards) as adopted by the European Union and IFRS as issued  
by the IASB (International Accounting Standard Board) as of  
December 31, 2018.  
This new standard did not lead to any substantial change in the  
accounting principles applied by the Group.  
This standard has three components: classification and measurement  
of financial instruments, impairment of financial assets, and hedging  
transactions except macro hedging.  
The main changes induced by each component are the following:  
The accounting principles applied for the Consolidated Financial  
Statements at December 31, 2018, were the same as those that were  
used for the financial statements at December 31, 2017, with the  
exception of those texts or amendments that must be applied for  
periods beginning January 1, 2018.  
—
the application of the “Classification and valuation of financial  
instruments” component led the Group to create a new non-  
recyclable component in its comprehensive income to record,  
from January 1, 2018, changes in the fair value of investments in  
equity instruments previously classified as “Available-for-sale  
financial assets “under IAS 39.  
First-time application of IFRS 15 “Revenue from  
Contracts with Customers”  
Moreover the Group has reviewed the equity instruments  
classification as stated in Note 8.2 to the Consolidated Financial  
Statements;  
The Group applied IFRS 15 as of January 1, 2018, without restating  
comparative information from past periods.  
The cumulative effect of the first application of the standard,  
recognized in equity as at January 1, 2018, is non-material.  
—
—
the application of the “Impairment of financial assets” component  
has changed the Group’s accounting for impairment losses for  
financial assets. IAS 39’s incurred loss approach has been  
replaced by a forward-looking expected credit loss (ECL)  
approach. For trade receivables, the Group assessed the expected  
losses based on loss rates historically recorded. This analyze  
had no significant impact for the Group on January 1, 2018;  
This new standard did not lead to any substantial change in the  
accounting principles applied by the Group.  
Main issues analysed by the Group in order to evaluate the impacts  
of the standard are related to take or pay, incoterms, excise duties,  
principal vs agent considerations and variable price adjustment clause.  
the application of the “Hedging transactions” component led the  
Group to retrospectively recognize in a separate component of  
the comprehensive income the variation of foreign currency basis  
spread identified in the hedging relationships qualifying as a fair  
value hedge.  
First time application of IFRS 9 “Financial Instruments”  
The Group applied IFRS 9 as of January 1, 2018 without restating  
comparative information from past periods. The cumulative effect of  
the first application of the standard, recognized in equity as at  
January 1, 2018, is non-material.  
The application of the provisions of IFRS 9 “Financial Instruments”  
has no significant effect on the Group’s balance sheet, income  
statement and consolidated equity as of December 31, 2018.  
Major judgments and accounting estimates  
The preparation of financial statements in accordance with IFRS  
for the closing as of December 31, 2018 requires the Executive  
Management to make estimates, assumptions and judgments that  
affect the information reported in the Consolidated Financial Statements  
and the notes thereto.  
Proved oil and gas reserves are those quantities of oil and gas, which,  
by analysis of geosciences and engineering data, can be determined  
with reasonable certainty to be recoverable (from a given date forward,  
from known reservoirs, and under existing economic conditions,  
operating methods, and government regulations), prior to the time at  
which contracts providing the rights to operate expire, unless evidence  
indicates that renewal is reasonably certain, regardless of whether  
deterministic or probabilistic methods are used for the estimation.  
These estimates, assumptions and judgments are based on historical  
experience and other factors believed to be reasonable at the date  
of preparation of the financial statements. They are reviewed on an  
on-going basis by management and therefore could be revised as  
circumstances change or as a result of new information.  
Proved oil and gas reserves are calculated using a 12-month average  
price determined as the unweighted arithmetic average of the  
first-day-of-the-month price for each month of the relevant year  
unless prices are defined by contractual arrangements, excluding  
escalations based upon future conditions. The Group reassesses its  
oil and gas reserves at least once a year on all its properties.  
Different estimates, assumptions and judgments could significantly  
affect the information reported, and actual results may differ from  
the amounts included in the Consolidated Financial Statements and  
the notes thereto.  
The Successful Efforts method and the mineral interests and property  
and equipment of exploration and production are presented in Note 7  
The following summary provides further information about the key  
estimates, assumptions and judgments that are involved in preparing,  
the Consolidated Financial Statements and the notes thereto. It should  
be read in conjunction with the sections of the notes mentioned in  
the summary.  
“Intangible and tangible assets”.  
Impairment of assets  
As part of the determination of the recoverable value of assets for  
impairment (IAS36), the estimates, assumptions and judgments mainly  
concern hydrocarbon prices scenarios, operating costs, production  
volumes and oil and gas proved reserves, refining margins and  
product marketing conditions (mainly petroleum, petrochemical and  
chemical products as well as solar industry products). The estimates  
and assumptions used by the Executive Management are determined  
in specialized internal departments in light of economic conditions  
and external expert analysis. The discount rate is reviewed annually.  
Estimation of hydrocarbon reserves  
The estimation of oil and gas reserves is a key factor in the Successful  
Efforts method used by the Group to account for its oil and gas  
activities.  
The Group’s oil and gas reserves are estimated by the Group’s  
petroleum engineers in accordance with industry standards and SEC  
(U.S. Securities and Exchange Commission) regulations.  
Asset impairment and the method applied are described in Note 3  
“Business segment information”.  
260  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 1  
8
Employee benefits  
The discount rate is reviewed annually.  
The benefit obligations and plan assets can be subject to significant  
volatility due in part to changes in market values and actuarial  
assumptions. These assumptions vary between different pension plans  
and thus take into account local conditions. They are determined  
following a formal process involving expertise and Group internal  
judgments, in financial and actuarial terms, and also in consultation  
with actuaries and independent experts.  
Asset retirement obligations and the method used are described in  
Note 12 “Provisions and other non-current liabilities”.  
Income Taxes  
A tax liability is recognized when a future payment, in application of  
a tax regulation, is considered probable and can be reasonably  
estimated. The exercise of judgment is required to assess the impact  
of new events on the amount of the liability.  
The assumptions for each plan are reviewed annually and adjusted if  
necessary to reflect changes from the experience and actuarial  
advice. The discount rate is reviewed quarterly.  
Deferred tax assets are recognized in the accounts to the extent that  
their recovery is considered probable. The amount of these assets is  
determined based on taxable profits existing at the closing date and  
future taxable profits which estimation is inherently uncertain and  
subject to change over time. The exercise of judgment is required to  
assess the impact of new events on the value of these assets and  
including changes in estimates of future taxable profits and the  
deadlines for their use.  
Payroll, staff and employee benefits obligations and the method  
applied are described in Note 10 “Payroll, staff and employee benefits  
obligations”.  
Asset retirement obligations  
Asset retirement obligations, which result from a legal or constructive  
obligation, are recognized based on a reasonable estimate in the  
period in which the obligation arises.  
In addition, these tax positions may depend on interpretations of tax  
laws and regulations in the countries where the Group operates.  
These interpretations may have uncertain nature. Depending on the  
circumstances, they are final only after negotiations or resolution of  
disputes with authorities that can last several years.  
This estimate is based on information available in terms of costs  
and work program. It is regularly reviewed to take into account the  
changes in laws and regulations, the estimates of reserves and  
production, the analysis of site conditions and technologies.  
Incomes taxes and the accounting methods are described in Note 11  
“Income taxes”.  
Judgments in case of transactions not addressed by any accounting standard  
or interpretation  
Furthermore, when the accounting treatment of a specific transaction  
is not addressed by any accounting standard or interpretation, the  
management applies its judgment to define and apply accounting  
policies that provide information consistent with the general IFRS  
concepts: faithful representation, relevance and materiality.  
NOTE 1 General accounting policies  
1
.1 Accounting policies  
The value of the purchase price is finalized up to a maximum of one  
year from the acquisition date.  
A) Principles of consolidation  
The acquirer shall recognize goodwill at the acquisition date, being  
the excess of:  
Entities that are directly controlled by the parent company or indirectly  
controlled by other consolidated entities are fully consolidated.  
—
the consideration transferred, the amount of non-controlling  
interests and, in business combinations achieved in stages, the  
fair value at the acquisition date of the investment previously  
held in the acquired company;  
Investments in joint ventures are consolidated under the equity  
method. The Group accounts for joint operations by recognizing its  
share of assets, liabilities, income and expenses.  
Investments in associates, in which the Group has significant influence,  
are accounted for by the equity method. Significant influence is  
presumed when the Group holds, directly or indirectly (e.g., through  
subsidiaries), 20% or more of the voting rights. Companies in which  
ownership interest is less than 20%, but over which the Company is  
deemed to exercise significant influence, are also accounted for by  
the equity method.  
—
over the fair value at the acquisition date of acquired identifiable  
assets and assumed liabilities.  
8
If the consideration transferred is lower than the fair value of acquired  
identifiable assets and assumed liabilities, an additional analysis  
is performed on the identification and valuation of the identifiable  
elements of the assets and liabilities. After having completed such  
additional analysis, any badwill is recorded as income.  
All internal balances, transactions and income are eliminated.  
Non-controlling interests are measured either at their proportionate  
share in the net assets of the acquired company or at fair value.  
B) Business combinations  
In transactions with non-controlling interests, the difference between  
the price paid (received) and the book value of non-controlling  
interests acquired (sold) is recognized directly in equity.  
Business combinations are accounted for using the acquisition  
method. This method requires the recognition of the acquired  
identifiable assets and assumed liabilities of the companies acquired  
by the Group at their fair value.  
Registration Document 2018 TOTAL  
261  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 1  
C) Foreign currency translation  
1.2 Significant accounting policies applicable  
in the future  
The presentation currency of the Group’s Consolidated Financial  
Statements is the US dollar. However the functional currency of  
the parent company is the euro. The resulting currency translation  
adjustments are presented on the line “currency translation adjustment  
generated by the parent company” of the consolidated statement  
of comprehensive income, within “items not potentially reclassifiable  
to profit and loss”. In the balance sheet, they are recorded in  
The standards or interpretations published respectively by the  
International Accounting Standards Board (IASB) and the International  
Financial Reporting Standards Interpretations Committee (IFRS IC)  
which were not yet in effect at December 31, 2018, are as follows:  
Standards adopted by the European Union at December 31, 2018  
“currency translation adjustment”.  
—
IFRS 16 “Leases” applicable as of January 1, 2019. As regards  
the first application of this standard, the Group intends to:  
The financial statements of subsidiaries are prepared in the currency  
that most clearly reflects their business environment. This is referred  
to as their functional currency.  
– apply the simplified retrospective transition method, by  
accounting for the cumulative effect of the initial application of  
the standard at the date of first application, without restating  
the comparative periods;  
Since 1st July 2018, Argentina is considered to be hyperinflationary.  
IAS 29 “Financial Reporting in Hyperinflationary Economies” is  
applicable to entities whose functional currency is the Argentine peso.  
The functional currency of the Argentine Exploration & Production  
subsidiary is the US dollar, therefore IAS 29 has no incidence on  
the Group accounts. Net asset of the other business segments is  
not significant.  
–
use the following simplification measures provided by the  
standard in the transitional provisions:  
-
not apply the standard to contracts that the Group had not  
previously identified as containing a lease under IAS 17 and  
IFRIC 4,  
(
i) Monetary transactions  
- not take into account leases whose term ends within 12 months  
of the date of first application;  
– recognize each lease component of the lease as a separate  
lease, apart from non-lease components (services) of the lease.  
Transactions denominated in currencies other than the functional  
currency of the entity are translated at the exchange rate on the  
transaction date. At each balance sheet date, monetary assets and  
liabilities are translated at the closing rate and the resulting exchange  
differences are recognized in the statement of income.  
The expected impact of the application of this standard  
on January 1, 2019 on the Group’s debt is between $5 and  
$6 billion.  
(ii) Translation of financial statements  
Assets and liabilities of entities denominated in currencies other than  
dollar are translated into dollar on the basis of the exchange rates  
at the end of the period. The income and cash flow statements are  
translated using the average exchange rates for the period. Foreign  
exchange differences resulting from such translations are either  
recorded in shareholders’ equity under “Currency translation  
adjustments” (for the Group share) or under “Non-controlling interests”  
—
IFRIC 23 interpretation “uncertainty over income tax treatments”  
applicable as of January 1, 2019 which refers to any situation of  
uncertainty regarding the acceptability of a tax treatment on  
income tax. An analysis of these situations is underway within  
the Group to assess the impacts of applying this interpretation.  
The expected impacts are not significant.  
(for the share of non-controlling interests) as deemed appropriate.  
262  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 2  
8
NOTE 2 Changes in the Group structure  
2
.1 Main acquisitions and divestments  
2.2 Major business combinations  
In 2018, the main changes in the Group structure were as follows:  
ACCOUNTING POLICIES  
Exploration & Production  
In accordance with IFRS 3 “Business combinations”, TOTAL is  
assessing the fair value of identifiable acquired assets, liabilities  
and contingent liabilities on the basis of available information.  
This assessment will be finalised within 12 months following  
the acquisition date.  
—
On January 15, 2018, as part of the Strategic Alliance signed  
in March 2017, TOTAL announced the conclusion of transfer  
agreements from Petrobras to TOTAL:  
–
35% of the rights, as well as the role of operator in the Lapa  
field,  
–
22.5% of the rights of the Iara area.  
Exploration & Production  
The details of the acquisition are presented in Note 2.2 to the  
Consolidated Financial Statements.  
Transfer of rights in the Lapa and Iara concessions in Brazil  
—
—
On March 1, 2018, TOTAL finalized the acquisition of Marathon  
Oil Libya Limited which holds a 16.33% stake in the Waha  
Concessions in Libya.  
In January 2018 Petrobras transferred to TOTAL 35% of the rights of  
the Lapa field which was put in production in December 2016, with  
a 100,000 barrel per day capacity Floating Production, Storage and  
Offloading vessel (FPSO).  
The details of the acquisition are presented in Note 2.2 to the  
Consolidated Financial Statements.  
Petrobras also transferred to TOTAL 22.5% of the rights of the Iara  
area in which production tests were performed in 2018.  
On March 8, 2018, TOTAL announced the closing of the Maersk  
Oil acquisition signed on August 21, 2017. The integration of  
Maersk Oil, which holds a portfolio of high quality assets, largely  
complementary to those held by TOTAL, and mainly located in  
OECD countries, allows the Group to become the second largest  
operator in the North Sea.  
The acquisition cost amounts to $1,950 million.  
In the balance sheet as of December 31, 2018, the fair value of  
identifiable acquired assets, liabilities and contingent liabilities amounts  
to $1,950 million.  
The purchase price allocation is shown below:  
The details of the acquisition are presented in Note 2.2 to the  
Consolidated Financial Statements.  
(M$)  
At the acquisition date  
—
—
—
On March 15, 2018, TOTAL finalized the sale to Statoil of all of  
its interests in the Martin Linge field (51%) and the discovery  
of Garantiana (40%) on the Norwegian Continental Shelf.  
Intangible assets  
1,054  
1,509  
(126)  
(487)  
1,950  
Tangible assets  
Other assets and liabilities  
Net debt  
On March 18, 2018, TOTAL was granted participating interests  
in two Offshore Concessions on Umm Shaif & Nasr (20%) and  
Lower Zakum (5%) in Abu Dhabi.  
Fair value of consideration transferred  
On April 11, 2018, TOTAL acquired several assets located in  
the Gulf of Mexico as part of the Cobalt International Energy  
Company’s bankruptcy auction sale.  
Marathon Oil Libya Limited  
On March 1, 2018, TOTAL finalized the acquisition of Marathon Oil  
Libya Limited which holds a 16.33% stake in the Waha Concessions  
in Libya. The acquisition cost amounts to $451 million.  
Marketing & Services  
—
In January, 2018, the sale of the joint venture TotalErg (Erg 51%,  
TOTAL 49%) to the Italian company API was finalized.  
In the balance sheet as of December 31, 2018, the fair value of  
identifiable acquired assets, liabilities and contingent liabilities  
amounts to $451 million.  
—
On November 22, 2018, TOTAL has entered into an agreement  
with Brazilian company Grupo Zema to acquire its fuel distribution  
company Zema Petróleo, its reseller and retailer arm Zema Diesel  
as well as its importation company Zema Importacao.  
The purchase price allocation is shown below:  
(
M$)  
At the acquisition date  
Gas, Renewables & Power  
Intangible assets  
485  
11  
—
On July 6, 2018, TOTAL acquired 73.04% of the share capital of  
Direct Énergie. Subsequent to a public tender offer launched in  
July 2018, TOTAL owns 100% of Direct Énergie shares.  
Tangible assets  
8
Other assets and liabilities  
Net debt  
(69)  
24  
The details of the acquisition are presented in Note 2.2 to the  
Consolidated Financial Statements.  
Fair value of consideration transferred  
451  
—
—
On July 13, 2018, TOTAL acquired Engie’s portfolio of upstream  
liquefied natural gas (LNG) assets.  
Maersk Oil  
The details of the acquisition are presented in Note 2.2 to the  
Consolidated Financial Statements.  
On March 8, 2018, TOTAL finalized the acquisition of Maersk Oil,  
following the signature of the “Share Transfer Agreement” on  
August 21, 2017.  
On September 26, 2018, TOTAL finalized the acquisition of two  
gas-fired combined cycle power plants (CCGT) in the North and  
East of France to KKR-Energas.  
The Group acquired all the voting rights of Maersk Olie og Gas A/S  
(Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S  
(
Maersk), for a purchase consideration of $5,741 million. This includes  
the fair value ($5,585 million) of 97,522,593 shares issued in  
exchange for all Maersk Oil shares, calculated using the market price  
of the Company’s shares of 46.11 euros on the Euronext Paris Stock  
Exchange at its opening of business on March 8, 2018, and the  
amount of price adjustments ($156 million) paid on closing.  
Registration Document 2018 TOTAL  
263  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 2  
In the balance sheet as of December 31, 2018, the fair value of  
identifiable acquired assets, liabilities and contingent liabilities amounts  
to $3,099 million.  
Engie’s Upstream LNG Business  
On July 13, 2018, the Group acquired 100% shares of Global LNG,  
a company which holds Engie’s portfolio of upstream liquefied natural  
gas (LNG) assets for a purchase price of $1,269 million, plus an  
additional purchase price of $550 million estimated at the acquisition  
date. TOTAL recorded a preliminary goodwill for an amount of  
The Group recognized a $2,642 million goodwill. It reflects the value  
of expected synergies. This goodwill was allocated to the  
Exploration & Production segment.  
$
2,791 million. It reflects the value created for TOTAL of the size  
The purchase price allocation is shown below:  
change and acquired flexibility in the GNL growing market. Being  
provisional this goodwill has not yet been allocated to a Cash-  
Generated Unit (CGU).  
(M$)  
At the acquisition date  
2,642  
Goodwill  
The purchase price allocation is shown below:  
Intangible assets  
4,166  
(
M$)  
At the acquisition date  
Tangible assets  
3,983  
Goodwill  
2,791  
7
Other assets and liabilities  
Including provision for site restitution  
Including deferred tax  
Net debt  
(3,126)  
Intangible assets  
(2,003)  
Tangible assets  
163  
(657)  
Other assets and liabilities  
Net debt  
(1,007)  
(135)  
1,819  
(1,924)  
Fair value of consideration transferred  
5,741  
Fair value of consideration transferred  
Gas, Renewables & Power  
Direct Énergie  
2.3 Divestment projects  
On July 6, 2018, TOTAL acquired a 73.04% majority stake of the  
share capital of Direct Énergie.  
ACCOUNTING POLICIES  
Upon completion of the public tender offer launched in July 2018,  
the Group holds 100% of its share capital. The acquisition cost of  
this interest totals €1,956 million ($2,297 million).  
Pursuant to IFRS 5 “Non-current assets held for sale and  
discontinued operations”, assets and liabilities of affiliates that  
are held for sale are presented separately on the face of the  
balance sheet. Depreciation of assets ceases from the date of  
classification in “Non-current assets held for sale”.  
The acquisition was carried out in two steps:  
—
in the first step TOTAL obtained control over Direct Énergie by  
the acquisition of 73.04% of its shares for an amount of  
€
1,399 million ($1,640 million) and recorded a preliminary partial  
Exploration & Production  
goodwill for an amount of €1,093 million ($1,282 million). This  
goodwill reflects the value created for TOTAL by the size increase  
in the gas and power value chain and its associated synergies.  
Being provisional this goodwill has not yet been allocated to a  
Cash-Generated Unit (CGU);  
—
On December 13, 2018, TOTAL announced the signing of an  
agreement to divest a 4% interest in the Ichthys liquefied natural  
gas (LNG) project in Australia to operating partner INPEX for an  
overall consideration of $1.6 billion. The transaction, which is  
subject to Australian regulatory approvals, will reduce Total’s  
interest in the asset to 26%. At December 31, 2018, the assets  
and liabilities have been respectively classified in the consolidated  
balance sheet in “assets classified as held for sale” for an amount  
of $1,077 million and “liabilities directly associated with the assets  
classified as held for sale” for an amount of $41 million. The assets  
concerned mainly include tangible assets.  
—
in the second step TOTAL completed a transaction with the  
minority shareholders for an amount of €557 million.  
The purchase price allocation is shown below:  
(M$)  
At the acquisition date  
Goodwill  
1,282  
287  
Intangible assets  
Tangible assets  
Other assets and liabilities  
Net debt  
1,259  
(14)  
(1,042)  
Net assets attributable to non-controlling interests  
(132)  
Fair value of consideration transferred  
1,640  
264  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
NOTE 3 Business segment information  
Description of the business segments  
(iii) Adjusted income  
Operating income, net operating income, or net income excluding  
the effect of adjustment items described below.  
Financial information by business segment is reported in accordance  
with the internal reporting system and shows internal segment  
information that is used to manage and measure the performance  
of TOTAL and which is reviewed by the main operational decision-  
making body of the Group, namely the Executive Committee.  
(iv) Capital employed  
Non-current assets and working capital, at replacement cost, net of  
deferred income taxes and non-current liabilities.  
The operational profit and assets are broken down by business  
segment prior to the consolidation and inter-segment adjustments.  
(v) ROACE (Return On Average Capital Employed)  
Ratio of adjusted net operating income to average capital employed  
between the beginning and the end of the period.  
Sales prices between business segments approximate market prices.  
Performance indicators excluding the adjustment items, such as  
adjusted incomes and ROACE are meant to facilitate the analysis of  
the financial performance and the comparison of income between  
periods.  
The organization of the Group’s activities is structured around the  
four followings segments:  
—
—
an Exploration & Production segment;  
a Gas, Renewables & Power segment including downstream  
Gas activities, New Energies activities (excluding biotechnologies)  
and Energy Efficiency division;  
Adjustment items  
Adjustment items include:  
—
a Refining & Chemicals segment constituting a major industrial  
hub comprising the activities of refining, petrochemicals and  
specialty chemicals. This segment also includes the activities  
of oil Supply, Trading and marine Shipping;  
(i) Special items  
Due to their unusual nature or particular significance, certain  
transactions qualified as “special items” are excluded from the  
business segment figures. In general, special items relate to  
transactions that are significant, infrequent or unusual. However, in  
certain instances, transactions such as restructuring costs or assets  
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.  
—
a Marketing & Services segment including the global activities  
of supply and marketing in the field of petroleum products.  
In addition the Corporate segment includes holdings operating and  
financial activities.  
Certain figures for the year 2016 have been restated in order to reflect  
the new organization with four business segments implemented  
in 2017.  
(ii) The inventory valuation effect  
The adjusted results of the Refining & Chemicals and Marketing &  
Services segments are presented according to the replacement cost  
method. This method is used to assess the segments’ performance  
and facilitate the comparability of the segments’ performance with  
those of its main competitors.  
Definition of the indicators  
(i) Operating income (measure used  
to evaluate operating performance)  
Revenue from sales after deducting cost of goods sold and inventory  
variations, other operating expenses, exploration expenses and  
depreciation, depletion, and impairment of tangible assets and  
mineral interests.  
In the replacement cost method, which approximates the LIFO  
(Last-In, First-Out) method, the variation of inventory values in the  
statement of income is, depending on the nature of the inventory,  
determined using either the month-end prices differential between  
one period and another or the average prices of the period rather  
than the historical value. The inventory valuation effect is the difference  
between the results according to the FIFO (First-In, First-Out) and  
the replacement cost methods.  
Operating income excludes the amortization of intangible assets other  
than mineral interests, currency translation adjustments and gains  
or losses on the disposal of assets.  
(
ii) Net operating income (measure used  
to evaluate the return on capital employed)  
(
iii) Effect of changes in fair value  
The effect of changes in fair value presented as adjustment items  
reflects for some transactions differences between internal measure  
of performance used by TOTAL’s management and the accounting  
for these transactions under IFRS.  
Operating income after taking into account the amortization of  
intangible assets other than mineral interests, currency translation  
adjustments, gains or losses on the disposal of assets, as well as all  
other income and expenses related to capital employed (dividends  
from non-consolidated companies, equity in income of affiliates,  
capitalized interest expenses…), and after income taxes applicable  
to the above.  
IFRS requires that trading inventories be recorded at their fair value  
using period end spot prices. In order to best reflect the management  
of economic exposure through derivative transactions, internal  
indicators used to measure performance include valuations of trading  
inventories based on forward prices.  
8
The only income and expense not included in net operating income  
but included in net income Group share are interest expenses related  
to net financial debt, after applicable income taxes (net cost of net  
debt) and non-controlling interests.  
Furthermore, TOTAL, in its trading activities, enters into storage  
contracts, which future effects are recorded at fair value in the Group’s  
internal economic performance. IFRS precludes recognition of this  
fair value effect.  
Registration Document 2018 TOTAL  
265  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 3  
A) Information by business segment  
For the year ended  
December 31, 2018  
Gas,  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
10,989  
31,173  
-
16,136  
1,889  
-
92,025  
35,462  
90,206  
979  
7
64  
-
(69,567)  
-
209,363  
-
Intersegment sales  
Excise taxes  
(3,359)  
(21,898)  
69,287  
(66,737)  
-
(25,257)  
184,106  
(154,097)  
REVENUES FROM SALES  
Operating expenses  
42,162  
(18,304)  
18,025  
(17,434)  
124,128  
(120,393)  
71  
(69,567)  
69,567  
(796)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(11,288)  
(731)  
(1,222)  
(709)  
(42)  
-
(13,992)  
OPERATING INCOME  
12,570  
(140)  
2,513  
1,841  
(767)  
-
16,017  
Net income (loss) from equity affiliates  
and other items  
2,686  
(6,068)  
9,188  
318  
(173)  
5
782  
(445)  
307  
(532)  
77  
375  
-
-
-
4,170  
(6,843)  
13,344  
(1,794)  
(104)  
Tax on net operating income  
NET OPERATING INCOME  
Net cost of net debt  
2,850  
1,616  
(315)  
Non-controlling interests  
NET INCOME – GROUP SHARE  
11,446  
For the year ended  
Gas,  
December 31, 2018 (adjustments)(  
a)  
Exploration & Renewables  
Refining & Marketing &  
(M$)  
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Non-Group sales  
-
56  
-
-
-
-
-
-
-
-
-
-
56  
Intersegment sales  
Excise taxes  
-
-
-
-
-
-
-
-
-
-
-
-
REVENUES FROM SALES  
Operating expenses  
56  
-
-
56  
(199)  
(237)  
(616)  
(45)  
(9)  
(1,106)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(1,256)  
(516)  
(2)  
-
-
-
(1,774)  
OPERATING INCOME(b)  
(1,455)  
(697)  
(618)  
(45)  
(9)  
-
(2,824)  
Net income (loss) from equity affiliates  
and other items  
(335)  
768  
(40)  
(14)  
(116)  
205  
(5)  
14  
-
-
-
-
-
(496)  
973  
Tax on net operating income  
NET OPERATING INCOME(b)  
Net cost of net debt  
(1,022)  
(751)  
(529)  
(36)  
(9)  
(2,347)  
(67)  
Non-controlling interests  
301  
NET INCOME – GROUP SHARE  
(2,113)  
(
(
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  
On net operating income  
-
-
-
-
(589)  
(413)  
(6)  
(5)  
-
-
266  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
For the year ended  
Gas,  
December 31, 2018 (adjusted)  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
10,989  
31,173  
-
16,080  
1,889  
-
92,025  
35,462  
90,206  
979  
7
64  
-
(69,567)  
-
209,307  
-
Intersegment sales  
Excise taxes  
(3,359)  
(21,898)  
69,287  
(66,692)  
-
(25,257)  
184,050  
(152,991)  
REVENUES FROM SALES  
Operating expenses  
42,162  
(18,105)  
17,969  
(17,197)  
124,128  
(119,777)  
71  
(69,567)  
69,567  
(787)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(10,032)  
(215)  
(1,220)  
(709)  
(42)  
-
(12,218)  
ADJUSTED OPERATING INCOME  
14,025  
557  
3,131  
1,886  
(758)  
-
18,841  
Net income (loss) from equity affiliates  
and other items  
3,021  
(6,836)  
10,210  
358  
(159)  
756  
898  
(650)  
312  
(546)  
77  
375  
-
-
-
4,666  
(7,816)  
15,691  
(1,727)  
(405)  
Tax on net operating income  
ADJUSTED NET OPERATING INCOME  
Net cost of net debt  
3,379  
1,652  
(306)  
Non-controlling interests  
ADJUSTED NET INCOME – GROUP SHARE  
13,559  
For the year ended  
Gas,  
December 31, 2018  
M$)  
Exploration & Renewables  
Refining & Marketing &  
(
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Total expenditures  
15,282  
4,952  
3,539  
931  
1,781  
919  
1,458  
428  
125  
9
-
-
-
22,185  
7,239  
Total divestments  
Cash flow from operating activities(*)  
19,803  
(670)  
4,308  
2,759  
(1,497)  
24,703  
Balance sheet as  
of December 31, 2018  
Property, plant and equipment,  
intangible assets, net  
116,518  
17,201  
6,258  
1,652  
(27,780)  
1,036  
114,885  
-
8,502  
1,902  
1,636  
679  
10,493  
3,910  
663  
6,343  
431  
390  
-
-
-
-
-
-
-
-
142,246  
23,444  
10,593  
(1,507)  
(36,285)  
1,279  
Investments & loans in equity affiliates  
Other non-current assets  
-
881  
1,155  
194  
Working capital  
32  
(4,064)  
125  
Provisions and other non-current liabilities  
Assets and liabilities classified as held for sale  
CAPITAL EMPLOYED (BALANCE SHEET)  
Less inventory valuation effect  
CAPITAL EMPLOYED  
(3,550)  
92  
(3,615)  
151  
(1,465)  
-
-
9,261  
-
11,634  
(1,035)  
6,658  
(216)  
(2,668)  
-
139,770  
(1,251)  
(
BUSINESS SEGMENT INFORMATION)  
114,885  
9%  
9,261  
11%  
10,599  
31%  
6,442  
25%  
(2,668)  
-
138,519  
12%  
ROACE as a percentage  
st  
(
*) As of January 1 , 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 and 2016 comparative  
information has been restated.  
8
Registration Document 2018 TOTAL  
267  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 3  
For the year ended  
December 31, 2017  
Gas,  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
8,477  
22,837  
-
12,854  
1,180  
-
75,505  
26,844  
(3,008)  
99,341  
(94,097)  
74,634  
857  
23  
374  
-
(52,092)  
-
171,493  
-
Intersegment sales  
Excise taxes  
(19,386)  
56,105  
(53,629)  
-
(22,394)  
149,099  
(125,241)  
REVENUES FROM SALES  
Operating expenses  
31,314  
(14,672)  
14,034  
(13,828)  
397  
(52,092)  
52,092  
(1,107)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(13,850)  
(482)  
(1,074)  
(657)  
(40)  
-
(16,103)  
OPERATING INCOME  
2,792  
(276)  
4,170  
1,819  
(750)  
-
7,755  
Net income (loss) from equity affiliates  
and other items  
1,546  
(2,233)  
2,105  
31  
(140)  
(385)  
2,979  
(944)  
497  
(561)  
54  
540  
-
-
-
5,107  
(3,338)  
9,524  
(1,225)  
332  
Tax on net operating income  
NET OPERATING INCOME  
Net cost of net debt  
6,205  
1,755  
(156)  
Non-controlling interests  
NET INCOME – GROUP SHARE  
8,631  
For the year ended  
Gas,  
December 31, 2017 (adjustments)(  
a)  
Exploration & Renewables  
Refining & Marketing &  
(M$)  
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Non-Group sales  
-
(20)  
-
-
-
-
-
-
-
-
-
(20)  
-
Intersegment sales  
Excise taxes  
-
-
-
-
-
-
-
-
-
-
-
REVENUES FROM SALES  
Operating expenses  
(20)  
(389)  
-
-
-
(20)  
(416)  
(119)  
167  
(11)  
(64)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(4,308)  
(291)  
(53)  
(10)  
-
-
(4,662)  
OPERATING INCOME(b)  
(4,427)  
(700)  
114  
(21)  
(64)  
-
(5,098)  
Net income (loss) from equity affiliates  
and other items  
(328)  
875  
(116)  
(54)  
2,177  
124  
102  
(2)  
-
(114)  
(178)  
-
1,835  
829  
Tax on net operating income  
NET OPERATING INCOME(b)  
Net cost of net debt  
-
(3,880)  
(870)  
2,415  
79  
-
(2,434)  
(29)  
Non-controlling interests  
516  
NET INCOME – GROUP SHARE  
(1,947)  
(
(
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  
On net operating income  
-
-
-
-
344  
298  
13  
(3)  
-
-
268  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
For the year ended  
Gas,  
December 31, 2017 (adjusted)  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
8,477  
22,837  
-
12,874  
1,180  
-
75,505  
26,844  
(3,008)  
99,341  
(94,264)  
74,634  
857  
23  
374  
-
(52,092)  
-
171,513  
-
Intersegment sales  
Excise taxes  
(19,386)  
56,105  
(53,618)  
-
(22,394)  
149,119  
(124,825)  
REVENUES FROM SALES  
Operating expenses  
31,314  
(14,553)  
14,054  
(13,439)  
397  
(52,092)  
52,092  
(1,043)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(9,542)  
(191)  
(1,021)  
(647)  
(40)  
-
(11,441)  
ADJUSTED OPERATING INCOME  
7,219  
424  
4,056  
1,840  
(686)  
-
12,853  
Net income (loss) from equity affiliates  
and other items  
1,874  
(3,108)  
5,985  
147  
(86)  
485  
802  
(1,068)  
3,790  
395  
(559)  
54  
654  
22  
-
-
-
3,272  
(4,167)  
11,958  
(1,196)  
(184)  
Tax on net operating income  
ADJUSTED NET OPERATING INCOME  
Net cost of net debt  
1,676  
Non-controlling interests  
AJUSTED NET INCOME – GROUP SHARE  
10,578  
For the year ended  
Gas,  
December 31, 2017  
M$)  
Exploration & Renewables  
Refining & Marketing &  
(
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Total expenditures  
12,802  
1,918  
797  
73  
1,734  
2,820  
7,411  
1,457  
413  
106  
40  
-
-
-
16,896  
5,264  
Total divestments  
Cash flow from operating activities(*)  
12,821  
1,055  
2,221  
(1,189)  
22,319  
Balance sheet as  
of December 31, 2017  
Property, plant and equipment,  
intangible assets, net  
103,639  
16,820  
6,975  
3,224  
(24,212)  
1,475  
107,921  
-
2,873  
835  
1,709  
123  
(848)  
-
10,820  
4,010  
677  
6,253  
438  
399  
-
-
-
-
-
-
-
-
-
123,984  
22,103  
10,917  
1,365  
Investments & loans in equity affiliates  
Other non-current assets  
1,060  
792  
496  
(3,650)  
(106)  
-
Working capital  
876  
Provisions and other non-current liabilities  
Assets and liabilities classified as held for sale  
CAPITAL EMPLOYED (BALANCE SHEET)  
Less inventory valuation effect  
CAPITAL EMPLOYED  
(3,839)  
-
(1,544)  
166  
(30,549)  
1,641  
4,692  
-
12,544  
(1,499)  
7,165  
(236)  
(2,861)  
1
129,461  
(1,734)  
(
BUSINESS SEGMENT INFORMATION)  
107,921  
6%  
4,692  
10%  
11,045  
33%  
6,929  
26%  
(2,860)  
-
127,727  
9%  
ROACE as a percentage  
st  
(
*) As of January 1 , 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 and 2016 comparative  
information has been restated.  
8
Registration Document 2018 TOTAL  
269  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 3  
For the year ended  
December 31, 2016  
Gas,  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
7,629  
17,759  
-
10,124  
1,009  
-
65,632  
21,467  
(3,544)  
83,555  
(77,562)  
66,351  
744  
7
307  
-
(41,286)  
-
149,743  
-
Intersegment sales  
Excise taxes  
(18,274)  
48,821  
(46,432)  
-
(21,818)  
127,925  
(108,943)  
REVENUES FROM SALES  
Operating expenses  
25,388  
(14,236)  
11,133  
(10,993)  
314  
(41,286)  
41,286  
(1,006)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(11,583)  
(301)  
(1,002)  
(600)  
(37)  
-
(13,523)  
OPERATING INCOME  
(431)  
(161)  
4,991  
1,789  
(729)  
-
5,459  
Net income (loss) from equity affiliates  
and other items  
1,375  
401  
71  
(4)  
779  
(1,244)  
4,526  
170  
(541)  
426  
164  
-
-
-
2,821  
(1,224)  
7,056  
(850)  
Tax on net operating income  
NET OPERATING INCOME  
Net cost of net debt  
1,345  
(94)  
1,418  
(139)  
Non-controlling interests  
(10)  
NET INCOME – GROUP SHARE  
6,196  
For the year ended  
Gas,  
December 31, 2016 (adjustments)(  
a)  
Exploration & Renewables  
Refining & Marketing &  
(M$)  
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Non-Group sales  
-
(231)  
-
-
-
-
-
-
-
-
-
-
-
-
-
(231)  
-
Intersegment sales  
Excise taxes  
-
-
-
-
-
-
-
-
-
-
REVENUES FROM SALES  
Operating expenses  
(231)  
(79)  
-
(231)  
(281)  
(691)  
625  
(136)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(2,089)  
(139)  
-
(1)  
-
-
(2,229)  
OPERATING INCOME(b)  
(2,780)  
(449)  
625  
(137)  
-
-
(2,741)  
Net income (loss) from equity affiliates  
and other items  
(200)  
1,108  
(135)  
51  
(93)  
(201)  
331  
(40)  
36  
(4)  
1
-
-
(472)  
995  
Tax on net operating income  
NET OPERATING INCOME(b)  
Net cost of net debt  
(1,872)  
(533)  
(141)  
(3)  
-
(2,218)  
(23)  
Non-controlling interests  
150  
NET INCOME – GROUP SHARE  
(2,091)  
(
(
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  
On net operating income  
-
-
-
-
695  
500  
(43)  
(13)  
-
-
270  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
For the year ended  
Gas,  
December 31, 2016 (adjusted)  
Exploration & Renewables  
Refining & Marketing &  
Services Corporate Intercompany  
(M$)  
Production  
& Power Chemicals  
Total  
Non-Group sales  
7,629  
17,759  
-
10,355  
1,009  
-
65,632  
21,467  
(3,544)  
83,555  
(78,187)  
66,351  
744  
7
307  
-
(41,286)  
-
149,974  
-
Intersegment sales  
Excise taxes  
(18,274)  
48,821  
(46,296)  
-
(21,818)  
128,156  
(108,662)  
REVENUES FROM SALES  
Operating expenses  
25,388  
(13,545)  
11,364  
(10,914)  
314  
(41,286)  
41,286  
(1,006)  
Depreciation, depletion and impairment  
of tangible assets and mineral interests  
(9,494)  
(162)  
(1,002)  
(599)  
(37)  
-
(11,294)  
ADJUSTED OPERATING INCOME  
2,349  
288  
4,366  
1,926  
(729)  
-
8,200  
Net income (loss) from equity affiliates  
and Other items  
1,575  
(707)  
206  
(55)  
439  
872  
(1,043)  
4,195  
210  
(577)  
430  
163  
-
-
-
3,293  
(2,219)  
9,274  
(827)  
Tax on net operating income  
ADJUSTED NET OPERATING INCOME  
Net cost of net debt  
3,217  
1,559  
(136)  
Non-controlling interests  
(160)  
ADJUSTED NET INCOME – GROUP SHARE  
8,287  
For the year ended  
Gas,  
December 31, 2016  
M$)  
Exploration & Renewables  
Refining & Marketing &  
(
Production  
& Power Chemicals Services Corporate Intercompany  
Total  
Total expenditures  
16,085  
2,187  
9,866  
1,221  
166  
1,861  
88  
1,245  
424  
118  
12  
-
-
-
20,530  
2,877  
Total divestments  
Cash flow from operating activities(*)  
589  
4,584  
1,833  
(351)  
16,521  
Balance sheet as  
of December 31, 2016  
Property, plant and equipment,  
intangible assets, net  
109,617  
15,853  
6,835  
1,451  
(26,139)  
-
2,834  
883  
1,222  
869  
(832)  
-
9,293  
3,303  
568  
5,225  
537  
364  
-
-
-
-
-
-
-
-
127,333  
20,576  
9,644  
Investments & loans in equity affiliates  
Other non-current assets  
-
57  
962  
Working capital  
2,641  
(3,569)  
446  
701  
(3,314)  
218  
-
2,348  
Provisions and other non-current liabilities  
Assets and liabilities classified as held for sale  
CAPITAL EMPLOYED (BALANCE SHEET)  
Less inventory valuation effect  
CAPITAL EMPLOYED  
(1,330)  
-
(31,652)  
446  
107,617  
-
4,976  
-
12,682  
(1,064)  
6,095  
(211)  
(2,675)  
3
128,695  
(1,272)  
(
BUSINESS SEGMENT INFORMATION)  
107,617  
3%  
4,976  
9%  
11,618  
38%  
5,884  
27%  
(2,672)  
-
127,423  
7%  
ROACE as a percentage  
st  
(
*) As of January 1 , 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 and 2016 comparative  
information has been restated.  
8
Registration Document 2018 TOTAL  
271  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 3  
B) Reconciliation of the information by business segment with Consolidated Financial Statements  
The table below presents the impact of adjustment items on the consolidated statement of income:  
Consolidated  
statement of  
income  
For the year ended December 31, 2018  
(M$)  
Adjusted Adjustments(a)  
Sales  
209,307  
(25,257)  
184,050  
(125,134)  
(27,060)  
(797)  
56  
-
209,363  
(25,257)  
184,106  
(125,816)  
(27,484)  
(797)  
Excise taxes  
Revenues from sales  
56  
Purchases, net of inventory variation  
Other operating expenses  
Exploration costs  
(682)  
(424)  
-
Depreciation, depletion and impairment of tangible assets and mineral interests  
Other income  
(12,218)  
1,518  
(1,774)  
320  
(825)  
(67)  
-
(13,992)  
1,838  
Other expense  
(448)  
(1,273)  
(1,933)  
(188)  
Financial interest on debt  
Financial income and expense from cash & cash equivalents  
Cost of net debt  
(1,866)  
(188)  
(2,054)  
1,120  
(67)  
-
(2,121)  
1,120  
Other financial income  
Other financial expense  
(685)  
-
(685)  
Net income (loss) from equity affiliates  
Income taxes  
3,161  
9
3,170  
(7,489)  
13,964  
13,559  
405  
973  
(2,414)  
(2,113)  
(301)  
(6,516)  
11,550  
11,446  
104  
CONSOLIDATED NET INCOME  
Group share  
Non-controlling interests  
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
Consolidated  
statement of  
income  
For the year ended December 31, 2017  
M$)  
(
Adjusted Adjustments(a)  
Sales  
171,513  
(22,394)  
149,119  
(99,534)  
(24,427)  
(864)  
(20)  
-
171,493  
(22,394)  
149,099  
(99,411)  
(24,966)  
(864)  
Excise taxes  
Revenues from sales  
(20)  
123  
(539)  
-
Purchases, net of inventory variation  
Other operating expenses  
Exploration costs  
Depreciation, depletion and impairment of tangible assets and mineral interests  
Other income  
(11,441)  
772  
(4,662)  
3,039  
(645)  
(29)  
-
(16,103)  
3,811  
Other expense  
(389)  
(1,034)  
(1,396)  
(138)  
Financial interest on debt  
Financial income and expense from cash & cash equivalents  
Cost of net debt  
(1,367)  
(138)  
(1,505)  
957  
(29)  
-
(1,534)  
957  
Other financial income  
Other financial expense  
(642)  
-
(642)  
Net income (loss) from equity affiliates  
Income taxes  
2,574  
(559)  
829  
(2,463)  
(1,947)  
(516)  
2,015  
(3,858)  
10,762  
10,578  
184  
(3,029)  
8,299  
CONSOLIDATED NET INCOME  
Group share  
8,631  
Non-controlling interests  
(332)  
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
272  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
Consolidated  
statement of  
For the year ended December 31, 2016  
M$)  
(
Adjusted Adjustments(a)  
income  
Sales  
149,974  
(21,818)  
128,156  
(83,916)  
(23,832)  
(914)  
(231)  
-
149,743  
(21,818)  
127,925  
(83,377)  
(24,302)  
(1,264)  
(13,523)  
1,299  
(1,027)  
(1,108)  
4
Excise taxes  
Revenues from sales  
(231)  
539  
(470)  
(350)  
(2,229)  
335  
(490)  
(23)  
Purchases, net of inventory variation  
Other operating expenses  
Exploration costs  
Depreciation, depletion and impairment of tangible assets and mineral interests  
Other income  
(11,294)  
964  
Other expense  
(537)  
Financial interest on debt  
Financial income and expense from cash & cash equivalents  
Cost of net debt  
(1,085)  
4
-
(1,081)  
971  
(23)  
(1,104)  
971  
Other financial income  
-
Other financial expense  
(636)  
-
(636)  
Net income (loss) from equity affiliates  
Income taxes  
2,531  
(1,965)  
8,447  
8,287  
160  
(317)  
995  
(2,241)  
(2,091)  
(150)  
2,214  
(970)  
CONSOLIDATED NET INCOME  
Group share  
6,206  
6,196  
10  
Non-controlling interests  
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
C) Additional information on adjustment items  
The main adjustment items for 2018 consist of the “Asset impairment  
charges” of the non-current assets amounting to $(1,774) million in  
operating income and $(1,595) million in net income Group share.  
Impairment testing methodology and asset impairment charges  
recorded during the year are detailed in the paragraph D of Note 3.  
Adjustments to operating income  
For the year ended  
Gas,  
December 31, 2018  
M$)  
Exploration &  
Production  
Renewables  
& Power  
Refining &  
Chemicals  
Marketing &  
Services  
(
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Other items  
-
-
-
48  
(589)  
-
(6)  
-
-
-
(595)  
48  
(67)  
-
(3)  
-
-
(70)  
(1,256)  
(132)  
(1,455)  
(516)  
(229)  
(697)  
(2)  
-
-
(1,774)  
(433)  
(2,824)  
(24)  
(618)  
(39)  
(45)  
(9)  
(9)  
TOTAL  
8
Adjustments to net income, Group share  
For the year ended  
December 31, 2018  
Gas,  
Renewables  
& Power  
Exploration &  
Production  
Refining &  
Chemicals  
Marketing &  
Services  
(M$)  
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Gains (losses) on disposals of assets  
Other items  
-
-
-
38  
(414)  
-
(6)  
-
(420)  
38  
-
-
-
-
(94)  
(10)  
(34)  
(48)  
-
(138)  
(1,595)  
(16)  
(1,259)  
(14)  
(288)  
(2)  
-
-
-
-
288  
(148)  
(410)  
(34)  
(530)  
(47)  
(53)  
(41)  
(41)  
18  
TOTAL  
(1,079)  
(2,113)  
Registration Document 2018 TOTAL  
273  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 3  
Adjustments to operating income  
For the year ended  
December 31, 2017  
Gas,  
Renewables  
& Power  
Exploration &  
Production  
Refining &  
Chemicals  
Marketing &  
Services  
(M$)  
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Other items  
-
-
-
(20)  
344  
-
13  
-
-
-
357  
(20)  
(42)  
-
(4)  
(3)  
-
(49)  
(4,308)  
(77)  
(291)  
(389)  
(700)  
(53)  
(173)  
114  
(10)  
(21)  
(21)  
-
(4,662)  
(724)  
(64)  
(64)  
TOTAL  
(4,427)  
(5,098)  
Adjustments to net income, Group share  
For the year ended  
December 31, 2017  
Gas,  
Renewables  
& Power  
Exploration &  
Production  
Refining &  
Chemicals  
Marketing &  
Services  
(M$)  
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Gains (losses) on disposals of assets  
Other items  
-
-
-
(16)  
295  
-
(13)  
-
-
282  
(16)  
-
(11)  
(11)  
(42)  
(53)  
2,139  
73  
(2)  
-
-
(66)  
(3,583)  
188  
(238)  
-
(10)  
125  
(30)  
70  
(3,884)  
2,452  
(715)  
-
(287)  
(3,693)  
(293)  
(558)  
(178)  
(178)  
TOTAL  
2,412  
(1,947)  
Adjustments to operating income  
For the year ended  
December 31, 2016  
Gas,  
Renewables  
& Power  
Exploration &  
Production  
Refining &  
Chemicals  
Marketing &  
Services  
(M$)  
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Other items  
-
-
-
(4)  
695  
-
(43)  
-
-
-
-
-
-
-
652  
(4)  
(19)  
(18)  
-
-
(37)  
(2,089)  
(672)  
(2,780)  
(139)  
(288)  
(449)  
-
(1)  
(2,229)  
(1,123)  
(2,741)  
(70)  
625  
(93)  
(137)  
TOTAL  
Adjustments to net income, Group share  
For the year ended  
December 31, 2016  
Gas,  
Renewables  
& Power  
Exploration &  
Production  
Refining &  
Chemicals  
Marketing &  
Services  
(M$)  
Corporate  
Total  
Inventory valuation effect  
Effect of changes in fair value  
Restructuring charges  
Asset impairment charges  
Gains (losses) on disposals of assets  
Other items  
-
-
-
(3)  
498  
-
(19)  
-
-
-
479  
(3)  
(4)  
(28)  
(131)  
5
-
-
-
(32)  
(1,867)  
287  
(78)  
-
(18)  
(25)  
(84)  
(146)  
(3)  
-
(2,097)  
267  
(293)  
(1,877)  
(237)  
(394)  
(91)  
329  
-
(705)  
(2,091)  
TOTAL  
(3)  
274  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 3  
8
D) Asset impairment  
ACCOUNTING PRINCIPLES  
The recoverable amounts of intangible assets and property, plant  
and equipment are tested for impairment as soon as any indication  
of impairment exists. This test is performed at least annually for  
goodwill.  
upon Management’s expectation of future economic and operating  
conditions. When this value is less than the carrying amount  
of the CGU, an impairment loss is recorded. This loss is allocated  
first to goodwill with a corresponding amount in “Other expenses”.  
Any further losses are then allocated to property, plant and mineral  
interests with a corresponding amount in “Depreciation, depletion  
and impairment of tangible assets and mineral interests” and  
to other intangible assets with a corresponding amount in “Other  
expenses”.  
The recoverable amount is the higher of the fair value (less costs  
to sell) or its value in use.  
Assets are grouped into cash-generating units (or CGUs) and  
tested. A CGU is a homogeneous set of assets that generates  
cash inflows that are largely independent of the cash inflows from  
other groups of assets.  
Impairment losses recognized in prior periods can be reversed up  
to the original carrying amount, had the impairment loss not been  
recognized. Impairment losses recognized for goodwill cannot be  
reversed.  
The value in use of a CGU is determined by reference to the  
discounted expected future cash flows of these assets, based  
For the financial year 2018, asset impairments were recorded for an  
amount of $1,774 million in operating income and $1,595 million in  
net income, Group share. These impairments were qualified as  
adjustment items of the operating income and net income, Group  
share.  
The NPS sees a significant increase in oil and gas demand until  
2025 and then a slower growth until 2040 (despite a significant  
penetration of electric vehicles and, above all, significant efficiency  
gains). The SDS sees a decline in demand in the first half of the  
2020s for oil and a stabilization after 2030 for gas due to the  
substitution efforts and an accelerated diffusion of efficiency  
gains.  
Impairments relate to certain cash-generating units (CGUs) for which  
indicators of impairment have been identified, due to changes in  
operating conditions or the economic environment of the activities  
concerned.  
In this context, given the need for the industry to make very  
substantial investments to cope with the natural decline of the  
fields and meet the oil demand predicted by these scenarios  
over the next 20 years:  
The principles applied are as follows:  
—
the future cash flows were determined using the assumptions  
included in the 2019 budget and in the long-term plan of the  
Group approved by the Group Executive Committee and the  
Board of Directors. These assumptions, including in particular  
future prices of products, operational costs, estimation of oil and  
gas reserves, future volumes produced and marketed, represent  
the best estimate of the Group management of all economic and  
technical conditions over the remaining life of the assets;  
–
The crude oil price level considered to determine the  
recoverable value of CGUs amounts to 60 dollars per barrel  
of Brent in 2019-2020. This price rises to reach 80 dollars in  
2
021 and inflates after 2024.  
–
For gas, the price level considered to determine the  
recoverable value of concerned CGUs for 2019 amounts to  
$
5.5 per million BTU for the NBP price (Europe). It reaches $7  
per million BTU in 2021, and will inflate after 2024;  
—
the Group, notably relying on data on global energy demand  
from the “World Energy Outlook” issued by IEA since 2016 and  
on its own supply assessments, determines the oil & gas prices  
scenarios based on assumptions about the evolution of core  
indicators of the Upstream activity (demand for oil & gas products  
in different markets, investment forecasts, decline in production  
fields, changes in oil & gas reserves and supply by area and  
by nature of oil & gas products), of the Downstream activity  
—
—
the future operational costs were determined by taking into  
account the existing technologies, the fluctuation of prices for  
petroleum services in line with market developments and the  
internal cost reduction programs effectively implemented;  
the future cash flows are estimated over a period consistent with  
the life of the assets of the CGUs. They are prepared post-tax  
and take into account specific risks related to the CGUs’ assets.  
They are discounted using a 7% post-tax discount rate, this rate  
being the weighted-average cost of capital estimated from  
historical market data. This rate was 7% in 2017 and 2016. The  
value in use calculated by discounting the above post-tax cash  
flows using a 7% post-tax discount rate is not materially different  
from the value in use calculated by discounting pre-tax cash  
flows using a pre-tax discount rate determined by an iterative  
computation from the post-tax value in use. These pre-tax  
discount rates generally ranged from 7% to 16% in 2018.  
(
changes in refining capacity and demand for petroleum products)  
and by integrating challenges raised by the climate.  
These price scenarios, first prepared within the Strategy and  
Climate Division, are also reviewed by the Group segments which  
bring their own expertise. They also integrate studies issued by  
international agencies, banks and independent consultants. They  
are then approved by the Executive Committee and the Board of  
Directors.  
8
The IEA 2018 World Energy Outlook anticipates three scenarios  
The CGUs of the Exploration & Production segment are defined as  
oil and gas fields or groups of oil and gas fields with industrial assets  
enabling the production, treatment and evacuation of the oil and  
gas. For the financial year 2018, impairments of assets were  
recognized over CGUs of the Exploration & Production segment for  
an impact of $1,256 million in operating income and $1,259 million in  
net income, Group share. Impairments recognized in 2018 relate to:  
(
New Policies Scenario (NPS), Current Policies Scenario (CPS)  
and Sustainable Development Scenario (SDS)). Among these  
scenarios, the NPS (central scenario of the IEA) and the SDS are  
important references for the Group.  
The NPS takes into account the measures already implemented  
by the countries in the energy field as well as the effects of the  
policies announced by the Governments (including the Nationally  
Determined Contributions – NDC – of the Paris Climate  
Agreement). The SDS takes into account the necessary  
measures to achieve the energy-related goals set in the “2030  
Agenda for Sustainable Development” adopted in 2015 by the  
UN members.  
—
Ichthys project in Australia for an amount of $549 million in  
operating income and $608 million in net income, Group share:  
TOTAL adapted the value of the assets in consequence of the  
divestiture amount of 4% of its interest in the project;  
—
other assets mainly located in Algeria, Colombia and Congo for  
an amount in the range of $600 million in operating income and  
in net income, Group share.  
As for the sensitivites:  
Registration Document 2018 TOTAL  
275  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Notes 3 and 4  
—
—
a decrease by one point in the discount rate would have a  
positive impact of approximately $0.5 billion in operating income  
and $0.4 billion in net income, Group share;  
oil and refined products, the effect of inventory valuation and variable  
costs). The other activities of the segment are global divisions, each  
division gathering a set of businesses or homogeneous products for  
strategic, commercial and industrial plans. Future cash flows are  
determined from the specific margins of these activities, unrelated to  
the price of oil. No significant impairment has been recorded for the  
CGUs of the Refining & Chemicals segment in financial year 2018.  
an increase by one point in the discount rate would have an  
additional negative impact of approximately $0.9 billion in  
operating income and approximately $0.7 billion in net income,  
Group share;  
The CGUs of the Marketing & Services segment are subsidiaries or  
groups of subsidiaries organized by geographical area. No impairment  
has been recorded for the CGUs of the Marketing & Services segment  
in financial year 2018.  
—
a variation of -10% of the oil and gas prices over the duration of  
the plan would have an additional negative impact of  
approximately $2.7 billion in operating income and $2.2 billion in  
net income, Group share.  
For financial year 2017, the Group recorded impairments in  
Exploration & Production, Gas, Renewables & Power, Refining &  
Chemicals and Marketing & Services segments for an amount of  
The most sensitive assets would be the assets already impaired in  
018 or before (impact of approximately $2.7 billion in operating  
income and $2.2 billion in net income, Group share), especially  
Ichthys in Australia and assets in Canada.  
2
$4,662 million in operating income and $3,884 million in net income,  
Group share. These impairments were qualified as adjustments items  
of the operating income and net income, Group share.  
The CGUs of the Gas, Renewables & Power segment are subsidiaries  
or groups of subsidiaries organized by activity or geographical area.  
In financial year 2018, the Group recorded impairments on CGUs in  
the Gas, Renewables & Power segment for $516 million in operating  
income and $288 million in net income, Group share. These  
impairments relate to SunPower in the US due to the depressed  
economic environment of solar activity.  
In financial year 2016, the Group recognized impairments of assets  
in the Exploration & Production, Gas, Renewables & Power, Refining  
&
Chemicals and Marketing & Services segments for an impact of  
$2,229 million in operating income and of $2,097 income and net  
income, Group share. These impairments were qualified as  
adjustment items of the operating income and net income, Group  
share.  
The CGUs of the Refining & Chemicals segment are defined as legal  
entities with operational activities for refining and petrochemicals  
activities. Future cash flows are based on the gross contribution  
margin (calculated on the basis of net sales after purchases of crude  
No significant reversal of impairment was accounted for in respect of  
the financial years 2016, 2017 and 2018.  
NOTE 4 Segment Information by geographical area  
Rest of  
Europe  
North  
America  
Rest of  
the world  
(M$)  
France  
Africa  
Total  
For the year ended December 31, 2018  
Non-Group sales  
47,716  
99,465  
22,243  
22,263  
17,676  
209,363  
Property, plant and equipment,  
intangible assets, net  
12,561  
4,502  
25,262  
2,609  
18,903  
2,014  
43,359  
4,838  
42,161  
8,222  
142,246  
22,185  
Capital expenditures  
For the year ended December 31, 2017  
Non-Group sales  
39,032  
83,255  
16,889  
17,581  
14,736  
171,493  
Property, plant and equipment,  
intangible assets, net  
6,397  
1,193  
18,260  
2,805  
18,469  
2,916  
42,849  
5,030  
38,009  
4,952  
123,984  
16,896  
Capital expenditures  
For the year ended December 31, 2016  
Non-Group sales  
33,472  
71,551  
15,383  
15,294  
14,043  
149,743  
Property, plant and equipment,  
intangible assets, net  
5,361  
1,835  
20,647  
3,842  
19,154  
2,825  
45,032  
6,859  
37,139  
5,169  
127,333  
20,530  
Capital expenditures  
276  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 5  
8
NOTE 5 Main items related to operating activities  
Items related to the statement of income  
5.1 Net sales  
ACCOUNTING POLICIES  
IFRS 15 requires identification of the performance obligations for  
the transfer of goods and services in each contract with  
customers. Revenue is recognized upon satisfaction of the  
performance obligations for the amounts that reflect the  
consideration to which the Group expects to be entitled in  
exchange for those goods and services.  
Shipping revenues and expenses from time-charter activities are  
recognized on a pro rata basis over a period that commences  
upon the unloading of the previous voyage and terminates upon  
the unloading of the current voyage. Shipping revenue recognition  
starts only when a charter has been agreed to by both the Group  
and the customer.  
Income related to the distribution of electricity and gas are not  
recognized in revenues because the Group acts as an agent in  
this transaction. The Group is not responsible for the delivery and  
does not set the price of the service, because it can only pass on  
to the customer the amounts invoiced to it by the distributors.  
Sales of goods  
Revenues from sales are recognized when the control has been  
transferred to the buyer and the amount can be reasonably  
measured. Revenues from sales of crude oil and natural gas are  
recorded upon transfer of title, according to the terms of the sales  
contracts.  
Solar Farm Development Projects  
Revenues from the production of crude oil and natural gas  
properties, in which the Group has an interest with other  
producers, are recognized based on actual entitlement volumes  
sold over the period. Any difference between entitlement volumes  
and volumes sold, based on the Group net working interest, are  
recognized in the “Under-lifting” and “Over-lifting” accounts in the  
balance sheet and in operating expenses in the profit and loss.  
SunPower develops and sells solar farm projects. This activity  
generally contains a property component (land ownership or an  
interest in land rights). The revenue associated with the  
development of these projects is recognized when the project-  
entities and land rights are irrevocably sold.  
Revenues under contracts for construction of solar systems are  
recognized based on the progress of construction works,  
measured according to the percentage of costs incurred relative  
to total forecast costs.  
Quantities delivered that represent production royalties and taxes,  
when paid in cash, are included in oil and gas revenues, except  
for the United States and Canada.  
Excise taxes  
Certain transactions within the trading activities (contracts involving  
quantities that are purchased from third parties then resold to  
third parties) are shown at their net value in sales.  
Excise taxes are rights or taxes which amount is calculated based  
on the quantity of oil and gas products put on the market. Excise  
taxes are determined by the states. They are paid directly to the  
customs and tax authorities and then invoiced to final customers  
by being included in the sales price.  
Exchanges of crude oil and petroleum products within normal  
trading activities do not generate any income and therefore these  
flows are shown at their net value in both the statement of income  
and the balance sheet.  
The analysis of the criteria set by IFRS 15 led the Group to determine  
that it was acting as principal in these transactions. Therefore  
sales include excise taxes collected by the Group within the course  
of its oil distribution operations. Excise taxes are deducted from  
sales in order to obtain the “Revenues from sales” indicator.  
Sales of services  
Revenues from services are recognized when the services have  
been rendered.  
Revenues from gas transport are recognized when services are  
rendered. These revenues are based on the quantities transported  
and measured according to procedures defined in each service  
contract.  
8
5.2 Operating expenses and research and development  
ACCOUNTING POLICIES  
The Group applies IFRS 6 “Exploration for and Evaluation of  
Mineral Resources”. Oil and gas exploration and production  
properties and assets are accounted for in accordance with the  
Successful Efforts method.  
Geological and geophysical costs, including seismic surveys for  
exploration purposes are expensed as incurred in exploration  
costs.  
Costs of dry wells and wells that have not found proved reserves  
are charged to expense in exploration costs.  
Registration Document 2018 TOTAL  
277  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 5  
5.2.1 Operating expenses  
For the year ended December 31, (M$)  
Purchases, net of inventory variation(a) (b)  
Exploration costs  
2018  
(125,816)  
(797)  
2017  
(99,411)  
(864)  
2016  
(83,377)  
(1,264)  
(24,302)  
369  
Other operating expenses(c)  
(27,484)  
1,068  
(24,966)  
280  
of which non-current operating liabilities (allowances) reversals  
of which current operating liabilities (allowances) reversals  
OPERATING EXPENSES  
(202)  
66  
(58)  
(154,097)  
(125,241)  
(108,943)  
(
(
(
a) Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others royalties.  
b) The Group values under/over lifting at market value.  
c) Principally composed of production and administrative costs (see in particular the payroll costs as detailed in Note 10 to the Consolidated Financial Statements “Payroll, staff and  
employee benefits obligations”).  
5.2.2 Research and development costs  
ACCOUNTING POLICIES  
Research costs are charged to expense as incurred.  
Development expenses are capitalized when the criteria of IAS38 are met.  
Research and development costs incurred by the Group in 2018 and The staff dedicated in 2018 to these research and development  
booked in operating expenses amount to $986 million ($912 million in activities are estimated at 4,288 people (4,132 in 2017 and 4,939 in  
2017 and $1,050 million in 2016), corresponding to 0.47% of the sales. 2016).  
5.3 Amortization, depreciation and impairment of tangible assets and mineral interests  
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:  
For the year ended December 31, (M$)  
Depreciation and impairment of tangible assets  
Amortization and impairment of mineral assets  
TOTAL  
2018  
(13,364)  
(628)  
2017  
(14,782)  
(1,321)  
2016  
(12,615)  
(908)  
(13,992)  
(16,103)  
(13,523)  
Items related to balance sheet  
5.4 Working capital  
5.4.1 Inventories  
ACCOUNTING POLICIES  
Inventories are measured in the Consolidated Financial Statements  
at the lower of historical cost or market value. Costs for petroleum  
and petrochemical products are determined according to the FIFO  
labor, depreciation of producing assets) and an allocation of  
production overheads (taxes, maintenance, insurance, etc.).  
Costs of chemical product inventories consist of raw material costs,  
direct labor costs and an allocation of production overheads.  
Start-up costs, general administrative costs and financing costs  
are excluded from the costs of refined and chemicals products.  
(
First-In, First-Out) method or weighted-average cost method and  
other inventories are measured using the weighted-average cost  
method.  
In addition stocks held for trading are measured at fair value less  
costs of sale.  
Marketing & Services  
The costs of refined products include mainly raw materials costs,  
production costs (energy, labor, depreciation of producing assets)  
and an allocation of production overheads (taxes, maintenance,  
insurance, etc.).  
Refining & Chemicals  
Petroleum product inventories are mainly comprised of crude oil  
and refined products. Refined products principally consist of  
gasoline, distillate and fuel produced by the Group’s refineries.  
The turnover of petroleum products does not exceed more than  
two months on average.  
General administrative costs and financing costs are excluded  
from the cost price of refined products.  
Product inventories purchased from entities external to the Group  
are valued at their purchase cost plus primary costs of transport.  
Crude oil costs include raw material and receiving costs. Refining  
costs principally include crude oil costs, production costs (energy,  
278  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 5  
8
Carbon dioxide emission rights  
—
forward transactions are recognized at their fair market value  
in the balance sheet. Changes in the fair value of such forward  
transactions are recognized in the statement of income.  
In the absence of a current IFRS standard or interpretation on  
accounting for emission rights of carbon dioxide, the following  
principles are applied:  
Energy savings certificates  
—
emission rights are managed as a cost of production and as  
such are recognized in inventories:  
In the absence of current IFRS standards or interpretations on  
accounting for energy savings certificates (ESC), the following  
principles are applied:  
–
emission rights allocated for free are booked in inventories  
with a nil carrying amount,  
–
–
purchased emission rights are booked at acquisition cost,  
sales or annual restorations of emission rights consist of  
decreases in inventories recognized based on a weighted  
average cost,  
if the carrying amount of inventories at closing date is higher  
than the market value, an impairment loss is recorded;  
—
—
—
if the obligations linked to the sales of energy are greater than  
the number of ESC’s held then a liability is recorded. These  
liabilities are valued based on the price of the last transactions;  
in the event that the number of ESC’s held exceeds the  
obligation at the balance sheet date this is accounted for as  
inventory. Otherwise a valuation allowance is recorded;  
–
—
—
at each closing, a provision is recorded in order to materialize  
the obligation to surrender emission rights related to the  
emissions of the period. This provision is calculated based on  
estimated emissions of the period, valued at weighted average  
cost of the inventories at the end of the period. It is reversed  
when the emission rights are surrendered;  
ESC inventories are valued at weighted average cost  
(acquisition cost for those ESC’s acquired or cost incurred for  
those ESC’s generated internally).  
If the carrying value of the inventory of certificates at the balance  
sheet date is higher than the market value, an impairment loss is  
recorded.  
if emission rights to be surrendered at the end of the compliance  
period are higher than emission rights recorded in inventories,  
the shortage is accounted for as a liability at market value;  
Valuation  
As of December 31, 2018 (M$)  
Gross value  
allowance  
Net value  
Crude oil and natural gas  
Refined products  
Chemicals products  
Trading inventories  
Other inventories  
TOTAL  
2,382  
5,464  
1,087  
3,918  
3,372  
16,223  
(110)  
(242)  
(54)  
2,272  
5,222  
1,033  
3,918  
2,435  
14,880  
-
(937)  
(1,343)  
Valuation  
allowance  
As of December 31, 2017 (M$)  
Gross value  
Net value  
Crude oil and natural gas  
Refined products  
Chemicals products  
Trading inventories  
Other inventories  
TOTAL  
2,658  
5,828  
1,089  
4,320  
3,632  
17,527  
-
(36)  
2,658  
5,792  
1,031  
4,320  
2,719  
16,520  
(58)  
-
(913)  
(1,007)  
Valuation  
allowance  
As of December 31, 2016 (M$)  
Gross value  
Net value  
8
Crude oil and natural gas  
Refined products  
Chemicals products  
Trading inventories  
Other inventories  
TOTAL  
2,215  
4,577  
877  
(7)  
(30)  
(58)  
-
2,208  
4,547  
819  
4,613  
3,936  
16,218  
4,613  
3,060  
15,247  
(876)  
(971)  
Registration Document 2018 TOTAL  
279  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 5  
Changes in the valuation allowance on inventories are as follows:  
Currency  
Valuation  
allowance as of  
January 1,  
translation  
Increase adjustment and allowance as of  
Valuation  
For the year ended December 31,  
(M$)  
(net) other variations  
December 31,  
2018  
2017  
2016  
(1,007)  
(971)  
(359)  
9
23  
(45)  
56  
(1,343)  
(1,007)  
(1,068)  
41  
(971)  
5.4.2 Accounts receivable and other current assets  
Valuation  
allowance  
As of December 31, 2018 (M$)  
Gross value  
Net value  
Accounts receivable  
Recoverable taxes  
17,894  
4,090  
10,306  
837  
(624)  
17,270  
4,090  
9,733  
837  
-
(573)  
-
Other operating receivables  
Prepaid expenses  
Other current assets  
Other current assets  
64  
-
64  
15,297  
(573)  
14,724  
Valuation  
allowance  
As of December 31, 2017 (M$)  
Gross value  
Net value  
Accounts receivable  
Recoverable taxes  
15,469  
4,029  
9,797  
786  
(576)  
14,893  
4,029  
9,336  
786  
-
(461)  
-
Other operating receivables  
Prepaid expenses  
Other current assets  
Other current assets  
59  
-
59  
14,671  
(461)  
14,210  
Valuation  
allowance  
As of December 31, 2016 (M$)  
Gross value  
Net value  
Accounts receivable  
Recoverable taxes  
12,809  
3,180  
10,618  
1,399  
38  
(596)  
12,213  
3,180  
10,218  
1,399  
38  
-
(400)  
-
Other operating receivables  
Prepaid expenses  
Other current assets  
Other current assets  
-
15,235  
(400)  
14,835  
Changes in the valuation allowance on “Accounts receivable” and “Other current assets” are as follows:  
Currency  
Valuation  
translation  
Valuation  
For the year ended December 31,  
M$)  
allowance as of  
January 1,  
Increase adjustment and allowance as of  
(
(net) other variations  
December 31,  
Accounts receivable  
2018  
2017  
2016  
(576)  
(596)  
(544)  
(62)  
53  
14  
(33)  
(35)  
(624)  
(576)  
(596)  
(17)  
Other current assets  
2018  
2017  
2016  
(461)  
(400)  
(426)  
(148)  
(58)  
33  
36  
(3)  
(7)  
(573)  
(461)  
(400)  
280  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 5  
8
As of December 31, 2018, the net portion of the overdue receivables  
included in “Accounts receivable” and “Other current assets” was  
$235 million was due between 90 days and 6 months, $350 million  
was due between 6 and 12 months and $889 million was due after  
12 months.  
$
$
3,767 million, of which $1,993 million was due in less than 90 days,  
273 million was due between 90 days and 6 months, $450 million  
As of December 31, 2016, the net portion of the overdue receivables  
included in “Accounts receivable” and “Other current assets” was  
was due between 6 and 12 months and $1,051 million was due after  
2 months.  
1
$3,525 million, of which $1,273 million was due in less than 90 days,  
$1,013 million was due between 90 days and 6 months, $538 million  
was due between 6 and 12 months and $701 million was due after  
12 months.  
5.4.3 Other creditors and accrued liabilities  
As of December 31, (M$)  
Accruals and deferred income  
Payable to States (including taxes and duties)  
Payroll  
2018  
546  
2017  
419  
2016  
424  
6,861  
1,553  
13,286  
22,246  
5,786  
1,439  
10,135  
17,779  
5,455  
1,225  
9,616  
16,720  
Other operating liabilities  
TOTAL  
As of December 31, 2018, the heading “Other operating liabilities”  
includes mainly the second quarterly interim dividend for the fiscal  
year 2018 for $1,911 million, which was paid in January 2019 and  
the third quarterly interim dividend for the fiscal year 2018 for  
the third quarterly interim dividend for the fiscal year 2017 for  
$1,912 million, which was paid in April 2018.  
As of December 31, 2016, the heading “Other operating liabilities”  
included mainly the second quarterly interim dividend for the fiscal  
year 2016 for $1,592 million, which was paid in January 2017 and  
the third quarterly interim dividend for the fiscal year 2016 for  
$1,593 million, which was paid in April 2017.  
$1,912 million, which will be paid in April 2019.  
As of December 31, 2017, the heading “Other operating liabilities”  
included mainly the second quarterly interim dividend for the fiscal  
year 2017 for $1,883 million, which was paid in January 2018 and  
Items related to the cash flow statement  
5.5 Cash flow from operating activities  
ACCOUNTING POLICIES  
The Consolidated Statement of Cash Flows prepared in currencies  
other than dollar has been translated into dollars using the  
exchange rate on the transaction date or the average exchange  
rate for the period. Currency translation differences arising from  
the translation of monetary assets and liabilities denominated in  
foreign currency into dollars using the closing exchange rates are  
shown in the Consolidated Statement of Cash Flows under “Effect  
of exchange rates”.  
Therefore, the Consolidated Statement of Cash Flows will not  
agree with the figures derived from the consolidated balance sheet.  
The following table gives additional information on cash paid or received in the cash flow from operating activities:  
Detail of interest, taxes and dividends  
For the year ended December 31, (M$)  
Interests paid  
2018  
(1,818)  
164  
2017  
(1,305)  
82  
2016  
(1,028)  
90  
8
Interests received  
Income tax paid(a)  
(5,024)  
2,456  
(4,013)  
2,219  
(2,892)  
1,702  
Dividends received  
(a) These amounts include taxes paid in kind under production-sharing contracts in Exploration & Production.  
Registration Document 2018 TOTAL  
281  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Notes 5 and 6  
Detail of changes in working capital  
For the year ended December 31, (M$)  
Inventories  
2018  
1,430  
(1,461)  
(364)  
2017  
(476)  
2016  
(2,475)  
(1,916)  
185  
Accounts receivable  
(1,897)  
1,274  
2,339  
(413)  
Other current assets  
Accounts payable  
(822)  
2,546  
541  
Other creditors and accrued liabilities  
NET AMOUNT, DECREASE (INCREASE)  
1,986  
769  
827  
(1,119)  
Detail of changes in provisions and deferred taxes  
As of December 31, (M$)  
Accruals  
2018  
(432)  
(455)  
(887)  
2017  
3
2016  
382  
Deferred taxes  
TOTAL  
(387)  
(384)  
(1,941)  
(1,559)  
NOTE 6 Other items from operating activities  
6.1 Other income and other expense  
For the year ended December 31, (M$)  
Gains on disposal of assets  
Foreign exchange gains  
Other  
2018  
1,041  
252  
2017  
2,784  
785  
2016  
479  
548  
545  
242  
272  
OTHER INCOME  
1,838  
(111)  
(444)  
(225)  
(493)  
(1,273)  
3,811  
(186)  
-
1,299  
(216)  
-
Losses on disposal of assets  
Foreign exchange losses  
Amortization of other intangible assets (excl. mineral interests)  
Other  
(192)  
(656)  
(1,034)  
(344)  
(467)  
(1,027)  
OTHER EXPENSE  
Other income  
Other expense  
In 2018, gains on disposal of assets are mainly related to the sale of  
assets and interests in Norway, Canada and Gabon in the Exploration  
In 2018,the heading “Other” mainly consists of the restructuring  
charges in the Exploration & Production, Gas Renewables & Power  
and Refining & Chemicals segments for an amount of $179 million,  
$77 million of the impairment of non-consolidated shares and loans  
granted to non-consolidated subsidiaries and equity affiliates.  
&
Production segment, to the sale of Dunkerque LNG SAS and  
SunPower assets in the Gas Renewables & Power segment and the  
sale of TotalErg and Total Haiti in the Marketing & Services segment.  
In 2017, gains on disposal of assets mainly related to the sale of  
Atotech in the Refining & Chemicals segment and to the sale of  
assets in Gabon in the Exploration & Production segment.  
In 2017, losses on disposal mainly related to the sale of 15% interests  
in the Gina Krog field in Norway. The heading “Other” mainly consisted  
of the impairment of non-consolidated shares and loans granted to  
non-consolidated subsidiaries and equity affiliates for an amount of  
In 2016, gains on disposal of assets mainly related to sales of assets  
in United-Kingdom in the Exploration & Production segment.  
$
172 million and $64 million of restructuring charges in the Exploration  
Production, Gas Renewables & Power and Refining & Chemicals  
&
segments.  
In 2016, the loss on disposals mainly related to the sale of 20% of  
interests in Kharyaga in Russia. The heading “Other” mainly consisted  
of the impairment of non-consolidated shares and loans granted  
to non-consolidated subsidiaries and equity affiliates for an amount  
of $142 million and $37 million of restructuring charges in the  
Refining & Chemicals and Marketing & Services segments.  
282  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 6  
8
6.2 Other financial income and expense  
As of December 31, (M$)  
2018  
171  
2017  
167  
2016  
170  
Dividend income on non-consolidated subsidiaries  
Capitalized financial expenses  
Other  
519  
460  
477  
430  
330  
324  
OTHER FINANCIAL INCOME  
Accretion of asset retirement obligations  
Other  
1,120  
(530)  
(155)  
(685)  
957  
971  
(544)  
(98)  
(523)  
(113)  
(636)  
OTHER FINANCIAL EXPENSE  
(642)  
6.3 Other non-current assets  
Valuation  
allowance  
As of December 31, 2018 (M$)  
Gross value  
Net value  
Loans and advances(a)  
2,180  
471  
(303)  
1,877  
471  
Other non-current financial assets related to operational activities  
-
-
Other  
161  
161  
TOTAL  
2,812  
(303)  
2,509  
Valuation  
allowance  
As of December 31, 2017 (M$)  
Gross value  
Net value  
Loans and advances(a)  
3,237  
937  
(359)  
2,878  
937  
Other non-current financial assets related to operational activities  
-
-
Other  
169  
169  
TOTAL  
4,343  
(359)  
3,984  
Valuation  
allowance  
As of December 31, 2016 (M$)  
Gross value  
Net value  
Loans and advances(a)  
3,334  
1,069  
26  
(286)  
3,048  
1,069  
26  
Other non-current financial assets related to operational activities  
-
-
Other  
TOTAL  
4,429  
(286)  
4,143  
(a) Excluding loans to equity affiliates.  
Changes in the valuation allowance on loans and advances are detailed as follows:  
Valuation  
allowance as of  
January 1,  
Currency translation  
Valuation  
allowance as of  
December 31,  
For the year ended December 31,  
M$)  
adjustment and  
other variations  
(
Increases  
Decreases  
2018  
2017  
2016  
(359)  
(286)  
(280)  
(5)  
(50)  
(15)  
35  
11  
7
26  
(34)  
2
(303)  
(359)  
(286)  
8
Registration Document 2018 TOTAL  
283  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 7  
NOTE 7 Intangible and tangible assets  
7.1 Intangible assets  
ACCOUNTING POLICIES  
Exploration costs  
way or firmly planned (wells, seismic or significant studies),  
whether costs are being incurred for development studies  
and whether the Group is waiting for governmental or other  
third-party authorization of a proposed project, or availability  
of capacity on an existing transport or processing facility.  
The Group applies IFRS 6 “Exploration for and Evaluation of Mineral  
Resources”. Oil and gas exploration and production properties and  
assets are accounted for in accordance with the Successful Efforts  
method.  
Costs of exploratory wells not meeting these conditions are charged  
to exploration costs.  
Mineral interests are tested for impairment on a regular basis,  
property-by-property, based on the results of the exploratory activity  
and the management’s evaluation.  
Proved mineral interests are depreciated using the unit-of-  
production method based on proved reserves.  
In the event of a discovery, the unproved mineral interests are  
transferred to proved mineral interests at their net book value as  
soon as proved reserves are booked.  
The corresponding expense is recorded as depreciation of tangible  
assets and mineral interests.  
Exploratory wells are tested for impairment on a well-by-well basis  
and accounted for as follows:  
Goodwill and other intangible assets excluding mineral  
interests  
—
costs of exploratory wells which result in proved reserves are  
capitalized and then depreciated using the unit-of-production  
method based on proved developed reserves;  
Other intangible assets include patents, trademarks, and lease  
rights.  
Intangible assets are carried at cost, after deducting any  
accumulated amortization and accumulated impairment losses.  
—
costs of exploratory wells are temporarily capitalized until a  
determination is made as to whether the well has found  
proved reserves if both of the following conditions are met:  
Guidance for calculating goodwill is presented in Note 1.1  
paragraph B to the Consolidated Financial Statements. Goodwill  
is not amortized but is tested for impairment at least annually and  
as soon as there is any indication of impairment.  
–
the well has found a sufficient quantity of reserves to justify,  
if appropriate, its completion as a producing well, assuming  
that the required capital expenditures are made;  
–
the Group is making sufficient progress assessing the  
reserves and the economic and operating viability of the  
project. This progress is evaluated on the basis of indicators  
such as whether additional exploratory works are under  
Intangible assets (excluding mineral interests) that have a finite  
useful life are amortized on a straight-line basis over three to twenty  
years depending on the useful life of the assets. The corresponding  
expense is recorded under other expense.  
Amortization  
As of December 31, 2018 (M$)  
Cost and impairment  
Net  
Goodwill  
9,188  
(1,014)  
(7,947)  
(4,491)  
(4,125)  
(17,577)  
8,174  
6,828  
Proved mineral interests  
Unproved mineral interests  
Other intangible assets  
TOTAL INTANGIBLE ASSETS  
14,775  
16,712  
5,824  
12,221  
1,699  
46,499  
28,922  
Amortization  
As of December 31, 2017 (M$)  
Cost and impairment  
Net  
Goodwill  
2,442  
(1,015)  
(7,674)  
(5,324)  
(3,440)  
(17,453)  
1,427  
5,407  
6,362  
1,391  
14,587  
Proved mineral interests  
Unproved mineral interests  
Other intangible assets  
TOTAL INTANGIBLE ASSETS  
13,081  
11,686  
4,831  
32,040  
Amortization  
As of December 31, 2016 (M$)  
Cost and impairment  
Net  
Goodwill  
2,159  
(1,002)  
(6,985)  
(5,130)  
(2,791)  
(15,908)  
1,157  
6,362  
6,452  
1,391  
15,362  
Proved mineral interests  
Unproved mineral interests  
Other intangible assets  
TOTAL INTANGIBLE ASSETS  
13,347  
11,582  
4,182  
31,270  
284  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 7  
8
Change in net intangible assets is analyzed in the following table:  
Net amount  
as of  
January 1,  
Currency  
translation  
adjustment  
Net amount  
as of  
December 31,  
Amortization  
and impairment  
(M$)  
Expenditures  
Disposals  
Other  
2018  
2017  
2016  
14,587  
3,745  
(28)  
(852)  
(1,512)  
(1,252)  
(351)  
234  
11,821  
28,922  
14,587  
15,362  
15,362  
14,549  
404  
(23)  
122  
1,039  
(117)  
(187)  
1,330  
In 2018, the heading “Amortization and impairment” includes the  
accounting impact of exceptional asset impairments for an amount of  
In 2016, the heading “Amortization and impairment” included the  
accounting impact of exceptional asset impairments for an amount  
of $543 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
$67 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
In 2018, the heading “Other” principally corresponds to the effect of the  
entries in the consolidation scope (including Maersk Oil, Global LNG  
and Direct Énergie) for $12,044 million.  
In 2016, the heading “Other” principally corresponded to the effect  
of the entries in the consolidation scope (including SAFT Group and  
Lampiris) for $1,394 million and to the reclassification of assets  
classified in accordance with IFRS 5 “Non-current assets held for  
sale and discontinued operations”.  
In 2017, the heading “Amortization and impairment” included the  
accounting impact of exceptional asset impairments for an amount  
of $785 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
A summary of changes in the carrying amount of goodwill by business segment for the year ended December 31, 2018 is as follows:  
Net goodwill as of  
January 1, 2018  
Net goodwill as of  
Other December 31, 2018  
(M$)  
Increases  
Impairments  
Exploration & Production  
Gas, Renewables & Power  
Refining & Chemicals  
Marketing & Services  
Corporate  
-
650  
2,642  
4,165  
-
-
-
-
-
-
-
-
(108)  
(16)  
2,642  
4,707  
475  
491  
256  
77  
(12)  
321  
30  
-
(1)  
29  
TOTAL  
1,427  
6,884  
(137)  
8,174  
The heading “Increases” corresponds to the effect of the acquisitions mainly Maersk Oil for an amount of $2,642 million, Global LNG for  
2,791 million and Direct Énergie for $1,282 million (see Note 2 paragraph 2 to the Consolidated Financial Statements).  
$
7.2 Property, plant and equipment  
ACCOUNTING POLICIES  
Exploration & Production Oil and Gas producing assets  
development and production costs (cost oil/gas) as well as the  
sharing of hydrocarbon rights (profit oil/gas).  
Development costs incurred for the drilling of development wells  
and for the construction of production facilities are capitalized,  
together with borrowing costs incurred during the period of  
construction and the present value of estimated future costs of  
asset retirement obligations. The depletion rate is equal to the  
ratio of oil and gas production for the period to proved developed  
reserves (unit-of-production method).  
Hydrocarbon transportation and processing assets are depreciated  
using the unit-of-production method based on throughput or by  
using the straight-line method whichever best reflects the duration  
of use of the economic life of the asset.  
Other property, plant and equipment excluding  
Exploration & Production  
In the event that, due to the price effect on reserves evaluation, the  
unit-of-production method does not reflect properly the useful life  
of the asset, an alternative depreciation method is applied based  
on the reserves evaluated with the price of the previous year.  
8
Other property, plant and equipment are carried at cost, after  
deducting any accumulated depreciation and accumulated  
impairment losses. This cost includes borrowing costs directly  
attributable to the acquisition or production of a qualifying asset  
incurred until assets are placed in service. Borrowing costs are  
capitalized as follows:  
With respect to phased development projects or projects subject  
to progressive well production start-up, the fixed assets’  
depreciable amount, excluding production or service wells, is  
adjusted to exclude the portion of development costs attributable  
to the undeveloped reserves of these projects.  
—
if the project benefits from a specific funding, the capitalization  
of borrowing costs is based on the borrowing rate;  
With respect to production sharing contracts, the unit-of-production  
method is based on the portion of production and reserves  
assigned to the Group taking into account estimates based on the  
contractual clauses regarding the reimbursement of exploration,  
—
if the project is financed by all the Group’s debt, the  
capitalization of borrowing costs is based on the weighted  
average borrowing cost for the period.  
Registration Document 2018 TOTAL  
285  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 7  
Routine maintenance and repairs are charged to expense as  
incurred. The costs of major turnarounds of refineries and large  
petrochemical units are capitalized as incurred and depreciated  
over the period of time between two consecutive major turnarounds.  
Other property, plant and equipment are depreciated using the  
straight-line method over their useful lives, which are as follows:  
Furniture, office equipment, machinery and tools  
Transportation equipment  
3-12 years  
5-20 years  
10-15 years  
10-30 years  
10-50 years  
Storage tanks and related equipment  
Specialized complex installations and pipelines  
Buildings  
Depreciation  
Cost and impairment  
As of December 31, 2018 (M$)  
Net  
Exploration & Production properties  
Proved properties  
192,272  
(120,435)  
(152)  
71,837  
Unproved properties  
Work in progress  
SUBTOTAL  
1,673  
22,553  
1,521  
21,425  
94,783  
(1,128)  
216,498  
(121,715)  
Other property, plant and equipment  
Land  
1,775  
34,564  
8,864  
(648)  
(25,393)  
(5,640)  
(2)  
1,127  
9,171  
Machinery, plant and equipment (including transportation equipment)  
Buildings  
3,224  
Work in progress  
2,540  
2,538  
Other  
9,171  
(6,690)  
(38,373)  
(160,088)  
2,481  
SUBTOTAL  
56,914  
273,412  
18,541  
113,324  
TOTAL PROPERTY, PLANT AND EQUIPMENT  
Depreciation  
As of December 31, 2017 (M$)  
Cost and impairment  
Net  
Exploration & Production properties  
Proved properties  
174,336  
(112,113)  
(152)  
62,223  
1,828  
Unproved properties  
Work in progress  
SUBTOTAL  
1,980  
30,286  
(2,537)  
27,749  
91,800  
206,602  
(114,802)  
Other property, plant and equipment  
Land  
1,809  
33,554  
9,203  
(652)  
(25,774)  
(5,859)  
(1)  
1,157  
7,780  
Machinery, plant and equipment (including transportation equipment)  
Buildings  
3,344  
Work in progress  
2,310  
2,309  
Other  
9,463  
(6,456)  
(38,742)  
(153,544)  
3,007  
SUBTOTAL  
56,339  
262,941  
17,597  
109,397  
TOTAL PROPERTY, PLANT AND EQUIPMENT  
286  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 7  
8
Depreciation  
As of December 31, 2016 (M$)  
Cost and impairment  
Net  
Exploration & Production properties  
Proved properties  
163,860  
(100,959)  
-
62,901  
Unproved properties  
Work in progress  
SUBTOTAL  
1,996  
33,860  
1,996  
31,785  
96,682  
(2,075)  
(103,034)  
199,716  
Other property, plant and equipment  
Land  
1,578  
28,620  
7,977  
(567)  
(22,940)  
(4,979)  
(10)  
1,011  
5,680  
Machinery, plant and equipment (including transportation equipment)  
Buildings  
2,998  
Work in progress  
2,780  
2,770  
Other  
8,296  
(5,466)  
(33,962)  
(136,996)  
2,830  
SUBTOTAL  
49,251  
248,967  
15,289  
111,971  
TOTAL PROPERTY, PLANT AND EQUIPMENT  
Change in net property, plant and equipment is analyzed in the following table:  
Net amount  
as of  
January 1,  
Currency  
translation  
adjustment  
Net amount  
as of  
December 31,  
Depreciation  
and impairment  
(M$)  
Expenditures  
Disposals  
Other  
2018  
2017  
2016  
109,397  
13,336  
(2,494)  
(13,732)  
(1,454)  
2,302  
8,271  
113,324  
109,397  
111,971  
111,971  
109,518  
13,363  
17,067  
(1,117)  
(1,869)  
(15,099)  
(13,171)  
(2,023)  
1,483  
(1,057)  
In 2018, the heading “Disposals” mainly includes the impact of sales  
in the Exploration & Production segment (mainly Martin Linge in  
Norway and Fort Hills in Canada).  
In 2017, the heading “Other” principally corresponded to the impact of  
$855 million of finance lease contracts, the decrease of the asset for  
site restitution for an amount of $(773) million and the reclassification  
of assets classified in accordance with IFRS 5 “Non-current assets  
held for sale and discontinued operations” for $(2,604) million, related  
to the Martin Linge field in Norway.  
In 2018, the heading “Depreciation and impairment” includes the  
impact of impairments of assets recognized for an amount of  
$1,707 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
In 2016, the heading “Disposals” mainly included the impact of sales  
in the Exploration & Production segment (sale of interests in the  
FUKA and SIRGE gas pipelines, and the St. Fergus gas terminal in  
the United Kingdom, and sale of a 20% stake in Kharyaga, Russia).  
In 2018, the heading “Other” principally corresponds to the effect of  
the entries in the consolidation scope (including Maersk, Lapa and  
Iara in Brazil and Direct Énergie) for $6,987 million, to the  
reclassification of assets in accordance with IFRS 5 “Non-current  
assets held for sale and discontinued operations” (mainly related to  
the 4% sale of Ichthys for $(812) million) and the reversal of the  
reclassification under IFRS 5 as at December 31, 2017 for  
In 2016, the heading “Depreciation and impairment” included the  
impact of impairments of assets recognized for an amount of  
$1,780 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
$
2,604 million corresponding to disposals.  
In 2016, the heading “Other” principally corresponded to the effect  
of the entries in the consolidation scope (including SAFT Group and  
Lampiris) for $751 million, to the reclassification of assets in accordance  
with IFRS 5 “Non-current assets held for sale and discontinued  
operations” for $(365) million and the reversal of the reclassification  
under IFRS 5 as at December 31, 2015 for $627 million corresponding  
to disposals.  
In 2017, the heading “Disposals” mainly included the impact of sales  
in the Exploration & Production segment (sale of interests in Gina  
Krog in Norway, and in Gabon).  
In 2017, the heading “Depreciation and impairment” included the  
impact of impairments of assets recognized for an amount of  
8
$3,901 million (see Note 3 paragraph D to the Consolidated Financial  
Statements).  
Property, plant and equipment presented above include the following amounts for facilities and equipment under finance leases:  
Depreciation  
As of December 31, 2018 (M$)  
Cost and impairment  
Net  
Machinery, plant and equipment  
1,778  
(605)  
(56)  
1,173  
Buildings  
Other  
121  
543  
65  
460  
(83)  
TOTAL  
2,442  
(744)  
1,698  
Registration Document 2018 TOTAL  
287  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Notes 7 and 8  
Depreciation  
As of December 31, 2017 (M$)  
Cost and impairment  
Net  
Machinery, plant and equipment  
1,140  
(468)  
(57)  
672  
Buildings  
Other  
124  
378  
67  
320  
(58)  
TOTAL  
1,642  
(583)  
1,059  
Depreciation  
As of December 31, 2016 (M$)  
Cost and impairment  
Net  
Machinery, plant and equipment  
426  
109  
179  
714  
(391)  
(38)  
35  
71  
Buildings  
Other  
(41)  
138  
244  
TOTAL  
(470)  
NOTE 8 Equity aꢀliates, other investments and related parties  
8
.1 Equity aꢀliates: investments and loans  
ACCOUNTING PRINCIPLES  
Under the equity method, the investment in the associate or joint  
venture is initially recognized at acquisition cost and subsequently  
adjusted to recognize the Group’s share of the net income and  
other comprehensive income of the associate or joint venture.  
In cases where the group holds less than 20% of the voting rights  
in another entity, the determination of whether the Group exercises  
significant influence is also based on other facts and  
circumstances: representation on the Board of Directors or an  
equivalent governing body of the entity, participation in policy-  
making processes, including participation in decisions relating to  
dividends or other distributions, significant transactions between  
the investor and the entity, exchange of management personnel,  
or provision of essential technical information.  
Unrealized gains on transactions between the Group and its  
equity-accounted entities are eliminated to the extent of the  
Group’s interest in the equity accounted entity.  
In equity affiliates, goodwill is included in investment book value.  
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of  
comprehensive income is presented below:  
Equity value, as of December 31, (M$)  
2018  
13,330  
5,359  
2017  
12,177  
4,791  
2016  
11,819  
4,039  
Total Associates  
Total Joint ventures  
Total  
18,689  
4,755  
16,968  
5,135  
15,858  
4,718  
Loans  
TOTAL  
23,444  
22,103  
20,576  
Profit/(loss), as of December 31, (M$)  
Total Associates  
2018  
2,329  
841  
2017  
1,694  
321  
2016  
1,530  
684  
Total Joint ventures  
TOTAL  
3,170  
2,015  
2,214  
Other comprehensive income, as of December 31,(M$)  
2018  
(461)  
(79)  
2017  
(801)  
124  
2016  
847  
88  
Total Associates  
Total Joint ventures  
TOTAL  
(540)  
(677)  
935  
288  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 8  
8
A) Information related to associates  
Information (100% gross) related to significant associates is as follows:  
Novatek (a)  
Liquefaction entities  
2018 2017  
PetroCedeño  
Exploration & Production  
(M$)  
2018  
14,639  
4,545  
2017  
2016  
2016  
2018  
2017  
5,551  
4,291  
9,842  
5,178  
13  
2016  
5,515  
4,166  
9,681  
5,515  
10  
Non current assets  
Current assets  
14,232 13,981 28,664 29,656 31,044  
3,404 2,409 9,358 7,875 5,790  
4,324  
5,580  
9,904  
4,581  
20  
TOTAL ASSETS  
19,184  
14,163  
3,086  
17,636 16,390 38,022 37,531 36,834  
Shareholder’s equity  
Non current liabilities  
Current liabilities  
12,842 11,015 22,615 22,804 22,886  
3,187  
1,607  
3,574  
1,801  
9,826 10,291 10,839  
5,581 4,436 3,109  
1,935  
5,303  
9,904  
1,629  
122  
4,651  
9,842  
1,708  
204  
4,156  
9,681  
1,398  
277  
TOTAL LIABILITIES  
Revenue from sales  
NET INCOME  
19,184  
13,415  
4,636  
17,636 16,390 38,022 37,531 36,834  
10,022  
1,950  
580  
7,779 25,644 20,401 15,557  
3,137  
1,651  
7,408  
-
5,781  
-
1,472  
-
OTHER COMPREHENSIVE INCOME  
(2,545)  
-
-
-
%
owned  
19.40% 18.90% 18.90%  
30.32% 30.32% 30.32%  
Revaluation identifiable assets  
on equity affiliates  
1,556  
4,303  
794  
1,804  
4,231  
263  
1,811  
3,893  
494  
44  
3,758  
874  
6
3,768  
735  
-
3,755  
147  
-
1,389  
37  
-
1,570  
62  
-
1,672  
84  
Equity value  
Profit/(loss)  
Share of Other Comprehensive Income,  
net amount  
(540)  
151  
(491)  
128  
808  
111  
49  
(194)  
672  
23  
-
-
-
Dividends paid to the Group  
816  
479  
218  
164  
91  
(a) Information includes the best Group’s estimates of results at the date of TOTAL’s financial statements.  
Novatek, listed in Moscow and London, is the 2nd largest producer  
of natural gas in Russia. The Group share of Novatek’s market value  
amounted to $9,578 million as at December 31, 2018. Novatek is  
consolidated by the equity method. TOTAL considers, in fact, that it  
exercises significant influence particularly via its representation on  
the Board of Directors of Novatek and its interest in the major project  
of Yamal LNG.  
The Group’s interests in associates operating liquefaction plants are  
combined. The amounts include investments in: Nigeria LNG  
(15.00%), Angola LNG (13.60%), Yemen LNG (39.62%), Qatar  
Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied  
Gas Company Limited II (16.70%), Oman LNG (5.54%), and Abu  
Dhabi Gas Liquefaction Company Limited (5.00%).  
PetroCedeño produces and upgrades extra-heavy crude oil in  
Venezuela.  
The Group is not aware of significant restrictions limiting the ability of  
OAO Novatek to transfer funds to its shareholder, be it under the  
form of dividends, repayment of advances or loans made.  
8
Registration Document 2018 TOTAL  
289  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 8  
Saudi Aramco Total  
Refining & Petrochemicals  
Qatar  
2017  
Refining & Chemicals  
(M$)  
2018  
2017  
2016  
2018  
3,968  
1,741  
5,709  
2,748  
1,914  
1,047  
5,709  
9,929  
409  
2016  
4,152  
1,404  
5,556  
3,393  
1,349  
814  
Non current assets  
Current assets  
11,281 11,601 12,056  
2,069 2,021 1,531  
13,350 13,622 13,587  
4,405  
1,696  
6,101  
3,200  
1,895  
1,006  
6,101  
7,388  
490  
TOTAL ASSETS  
Shareholder’s equity  
Non current liabilities  
Current liabilities  
2,412  
8,398  
2,540  
2,424  
9,029  
2,169  
2,302  
9,466  
1,819  
TOTAL LIABILITIES  
Revenue from sales  
NET INCOME  
13,350 13,622 13,587  
5,556  
4,665  
615  
11,886  
122  
9,049  
222  
20  
7,134  
289  
2
OTHER COMPREHENSIVE INCOME  
16  
(21)  
80  
(11)  
%
owned  
37.50% 37.50% 37.50%  
Revaluation identifiable assets on equity affiliates  
Equity value  
-
905  
46  
-
909  
83  
-
863  
108  
22  
-
740  
198  
6
-
814  
190  
(12)  
201  
-
832  
211  
6
Profit/(loss)  
Share of Other Comprehensive Income, net amount  
Dividends paid to the Group  
40  
(82)  
45  
56  
-
271  
292  
Saudi Aramco Total Refining & Petrochemicals is an entity including  
a refinery in Jubail, Saudi Arabia, with a capacity of 440,000 barrels/day  
with integrated petrochemical units.  
The Group’s interests in associates of the Refining & Chemicals  
segment, operating steam crackers and polyethylene lines in Qatar  
have been combined: Qatar Petrochemical Company Ltd. (20.00%),  
Qatofin (49.09%), Laffan Refinery (10.00%) and Laffan Refinery II  
(10.00%).  
290  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 8  
8
B) Information related to joint ventures  
The information (100% gross) related to significant joint ventures is as follows:  
Liquefaction entities  
Exploration & Production)  
Hanwha Total Petrochemicals  
(Refining & Chemicals)  
(
(
M$)  
2018  
2017  
2016  
2018  
4,017  
2,180  
237  
2017  
3,989  
2,258  
283  
2016  
3,454  
1,506  
473  
Non current assets  
68,003  
1,928  
339  
59,422 47,014  
Current assets excluding cash and cash equivalents  
Cash and cash equivalents  
TOTAL ASSETS  
966  
922  
703  
1,258  
70,270  
7,059  
3,472  
61,646 48,639  
6,434  
3,534  
157  
6,530  
3,612  
148  
5,433  
2,947  
120  
Shareholder’s equity  
4,037  
504  
2,961  
327  
Other non current liabilities  
Non current financial debts  
Other current liabilities  
56,841 55,566 43,980  
1,418  
725  
1,078  
1,144  
548  
1,105  
764  
2,898  
-
1,539  
-
1,371  
-
Current financial debts  
600  
497  
TOTAL LIABILITIES  
70,270 61,646 48,639  
6,434  
6,530  
8,565  
(264)  
-
5,433  
7,057  
(259)  
-
Revenue from sales  
2,908  
(1,227)  
119  
37  
(10)  
16  
52 10,191  
Depreciation and depletion of tangible assets and mineral interests  
Interest income  
(12)  
(269)  
9
5
(7)  
Interest expense  
(670)  
(386)  
2,029  
132  
(15)  
338  
(1,730)  
(5)  
(3)  
(3)  
Income taxes  
(29)  
449  
166  
(310)  
754  
(169)  
(369)  
973  
(338)  
930  
NET INCOME  
OTHER COMPREHENSIVE INCOME  
97  
398  
(79)  
%
owned  
50.00% 50.00% 50.00%  
Revaluation identifiable assets on equity affiliates  
Equity value  
683  
2,404  
192  
40  
905  
2,049  
(348)  
29  
905  
1,555  
88  
-
1,767  
377  
-
1,806  
486  
-
1,474  
465  
Profit/(loss)  
Share of Other Comprehensive Income, net amount  
Dividends paid to the Group  
50  
(67)  
170  
22  
-
-
-
332  
353  
256  
The Group’s interests in joint ventures operating liquefaction plants  
have been combined. The amounts include investments in Yamal  
LNG in Russia (20.02% direct holding) and Ichthys LNG in Australia  
Hanwha Total Petrochemicals is a South Korean company that  
operates a petrochemical complex in Daesan (condensate separator,  
steam cracker, styrene, paraxylene, polyolefins).  
(30.00%).  
Off balance sheet commitments relating to joint ventures are disclosed  
in Note 13 of the Consolidated Financial Statements.  
8
Registration Document 2018 TOTAL  
291  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 8  
C) Other equity consolidated affiliates  
In Group share, the main aggregated financial items in equity consolidated affiliates including assets held for sale, which have not been  
presented individually are as follows:  
2018  
2017  
2016  
As of December 31,  
M$)  
Joint  
ventures  
Joint  
ventures  
Joint  
ventures  
(
Associates  
Associates  
Associates  
Non Current assets  
Current assets  
4,512  
1,263  
5,775  
1,438  
3,254  
1,083  
5,775  
2,487  
752  
2,908  
1,156  
4,064  
885  
2,428  
1,150  
3,578  
1,102  
1,281  
1,195  
3,578  
3,047  
1,365  
4,412  
804  
1,971  
825  
TOTAL ASSETS  
Shareholder’s equity  
Non current liabilities  
Current liabilities  
3,239  
1,108  
1,585  
546  
2,796  
1,010  
985  
2,171  
1,008  
4,064  
2,369  
1,239  
4,412  
801  
TOTAL LIABILITIES  
3,239  
2,796  
2018  
2017  
2016  
For the year ended December 31,  
Joint  
Joint  
Joint  
(M$)  
Associates  
ventures  
Associates  
ventures  
Associates  
ventures  
Revenues from sales  
2,542  
11,914  
2,226  
4,358  
2,603  
3,181  
NET INCOME  
380  
281  
361  
183  
486  
131  
Share of other comprehensive  
income items  
(16)  
2,235  
380  
(52)  
1,188  
272  
(22)  
885  
361  
328  
(75)  
936  
183  
147  
(12)  
804  
486  
308  
16  
1,010  
131  
Equity value  
Profit/(Loss)  
Dividends paid to the Group  
416  
49  
30  
8
.2 Other investments  
ACCOUNTING POLICIES  
Other investments are equity instruments and are measured  
according to IFRS 9 at fair value through profit and loss (default  
option). On initial recognition, the standard allows to make an  
election and record the changes of fair value in other  
comprehensive income. For these securities, only dividends can  
be recognized in profit or loss.  
For other shares, if the fair value is not reliably determinable, they  
are recorded at their acquisition value.  
For years prior to the application of IFRS 9, equity instruments  
were classified as available for sale financial assets and measured  
at fair value.  
For securities traded in active markets, this fair value was equal to  
the market price. Changes in fair value were recorded in other  
comprehensive income. If there was any evidence of a significant  
or long-lasting impairment loss, a loss was recorded in the  
statement of income. This impairment was irreversible.  
The Group recognizes changes in fair value in equity or in profit  
or loss according to the option chosen on an instrument by  
instrument basis.  
For securities traded in active markets, this fair value is equal to  
the market price.  
For other securities, if the fair value was not reliably determinable,  
the securities were recorded at their historical value.  
292  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 8  
8
For the year 2018,  
M$)  
As of  
January 1,  
Increase –  
(Decrease)  
Change in  
fair value  
As of  
December 31,  
(
Tellurian Investments Inc.  
207  
77  
-
-
207  
155  
Other shares through fair value OCI  
(unit value < $50M)  
80  
(2)  
EQUITY INSTRUMENTS RECORDED  
THROUGH FAIR VALUE OCI  
284  
62  
55  
144  
-
80  
-
(2)  
-
362  
62  
BBPP  
BTC Limited  
-
(5)  
73  
-
50  
DUNKERQUE LNG SAS  
Total Lubrificantes do Brasil(a)  
Other shares through fair value P&L  
(217)  
111  
-
111  
(unit value < $50M)  
1,182  
(346)  
-
836  
EQUITY INSTRUMENTS RECORDED  
THROUGH FAIR VALUE P&L  
1,443  
1,727  
(452)  
(372)  
68  
66  
1,059  
1,421  
TOTAL EQUITY INSTRUMENTS  
(a) Total Lubrificantes do Brasil will be consolidated in 2019.  
As of December 31, 2017  
M$)  
Historical  
Unrealized  
gain (loss)  
Balance  
sheet value  
(
value  
Other equity securities publicly traded in active markets  
8
8
42  
42  
-
50  
50  
TOTAL EQUITY SECURITIES PUBLICLY TRADED IN ACTIVE MARKETS(a)  
BBPP  
62  
62  
BTC Limited  
55  
-
55  
DUNKERQUE LNG SAS  
Tellurian Investments Inc.  
Total Eren Holding SA(b)  
Greenflex(b)  
144  
207  
285  
76  
-
144  
207  
285  
76  
-
-
-
Other equity securities (unit value < $50 million)  
TOTAL OTHER EQUITY SECURITIES(a)  
OTHER INVESTMENTS  
848  
1,677  
1,685  
-
848  
1,677  
1,727  
-
42  
As of December 31, 2016  
Historical  
Unrealized  
Balance  
(M$)  
value  
gain (loss)  
sheet value  
Areva  
17  
8
-
29  
29  
-
17  
37  
Other equity securities publicly traded in active markets  
TOTAL EQUITY SECURITIES PUBLICLY TRADED IN ACTIVE MARKETS(a)  
BBPP  
25  
54  
62  
62  
BTC Limited  
121  
133  
763  
1,079  
1,104  
-
121  
133  
763  
1,079  
1,133  
DUNKERQUE LNG SAS  
-
8
Other equity securities (unit value < $50 million)  
TOTAL OTHER EQUITY SECURITIES(a)  
OTHER INVESTMENTS  
-
-
29  
(
(
a) Including cumulative impairments of $2,029 million in 2017 and $1,633 million in 2016.  
b) Acquisitions made in the fourth quarter 2017 and consolidated in 2018.  
Registration Document 2018 TOTAL  
293  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Notes 8 and 9  
8
.3 Related parties  
The main transactions and receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity consolidated  
affiliates) are detailed as follows:  
As of December 31, (M$)  
2018  
2017  
2016  
Balance sheet  
Receivables  
Debtors and other debtors  
496  
57  
492  
63  
492  
65  
Loans (excl. loans to equity affiliates)  
Payables  
Creditors and other creditors  
888  
2
1,161  
2
897  
6
Debts  
For the year ended December 31, (M$)  
2018  
2017  
2016  
Statement of income  
Sales  
4,192  
(9,253)  
2
3,407  
(7,354)  
6
2,270  
Purchases  
(4,882)  
Financial income  
Financial expense  
6
-
(5)  
(9)  
8
.4 Compensation for the administration and management bodies  
The aggregate amount of direct and indirect compensation accounted  
by the French and foreign affiliates of the Company, for all executive  
officers of TOTAL as of December 31, 2018 and for the members of  
the Board of Directors who are employees of the Group, is detailed  
below.  
The main Group executive officers include the members of the  
Executive Committee and the four directors of the corporate functions  
members of the Group Performance Management Committee  
(Communication, Legal, Health, Safety and Environment, Strategy &  
Climate), the Deputy Chief Financial Officer of the Group and the  
Group Treasurer.  
For the year ended December 31, (M$)  
Number of people  
2018  
15  
2017  
15  
2016  
14  
Direct or indirect compensation  
Pension expenses(a)  
17.7  
2.5  
15.6  
10.8  
6.5  
13.4  
6.1  
Share-based payments expense (IFRS 2)(b)  
12.6  
5.3  
(
a) The benefits provided for executive officers of the Group and the members of the Board of Directors, who are employees of the Group, include severance to be paid upon retirement,  
supplementary pension schemes and insurance plans, which represent $117.0 million provisioned as of December 31, 2018 (against $119.7 million as of December 31, 2017 and  
104.7 million as of December 31, 2016).  
$
The decrease in the pension expenses in 2018 is due to the recognition in 2017 of the entire expense related to the agreement on the transition from work to retirement in France.  
b) Share-based payments expense computed for the executive officers and the members of the Board of Directors who are employees of the Group and based on the principles of IFRS 2  
(
“
Share-based payments” described in Note 9. The achievement of the performance conditions for the grant of the number of shares (82%) having been higher than assumption used for  
the estimation (70%) for the year 2017, the grant rate of the 2015 to 2018 plans has been revised upwards.  
The compensation allocated to members of the Board of Directors for directors’ fees totaled $1.65 million in 2018 (against $1.44 million in  
017 and $1.22 million in 2016).  
2
NOTE 9 Shareholders’ equity and share-based payments  
9
.1 Shareholders’ equity  
Pursuant to the Company’s bylaws (Statutes), no shareholder may  
cast a vote at a Shareholders’ Meeting, either by himself or through an  
agent, representing more than 10% of the total voting rights for the  
Company’s shares. This limit applies to the aggregated amount of  
voting rights held directly, indirectly or through voting proxies. However,  
in the case of double voting rights, this limit may be extended to 20%.  
Number of TOTAL shares  
There is only one category of shares of TOTAL S.A., and the shares  
have a par value of €2.50, as of December 31, 2018. Shares may  
be held in either bearer or registered form.  
These restrictions no longer apply if any individual or entity, acting  
alone or in concert, acquires at least two-thirds of the total share  
capital of the Company, directly or indirectly, following a public tender  
offer for all of the Company’s shares.  
Double voting rights are assigned to shares that are fully-paid and  
held in registered form in the name of the same shareholder for at  
least two years, with due consideration for the total portion of the  
share capital represented. Double voting rights are also assigned,  
in the event of an increase in share capital by incorporation of reserves,  
profits or premiums, to registered shares granted for free to a  
shareholder due to shares already held that are entitled to this rights.  
The authorized share capital amounts to 3,669,077,772 shares as of  
December 31, 2018 compared to 3,434,245,369 shares as of  
December 31, 2017 and 3,449,682,749 as of December 31, 2016.  
As of December 31, 2018, the share capital of TOTAL S.A. amounted  
to €6,601,505,017.50.  
294  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 9  
8
Share cancellation  
Fiscal year 2018  
Fiscal year 2017  
In fiscal year 2017, TOTAL S.A. did not cancel any shares.  
Fiscal year 2016  
TOTAL S.A. completed a share capital decrease by way of treasury  
shares cancellation. The Board of Directors met on December 12,  
The Board of Directors of TOTAL S.A. decided, on December 15,  
2
018 and decided, following the authorization granted by the  
Extraordinary Shareholders’ Meeting of May 26, 2017, to cancel  
4,590,699 TOTAL shares repurchased on the market. This  
2016, following the authorization of the Extraordinary Shareholders’  
Meeting of May 11, 2012, to cancel 100,331,268 treasury shares.  
Those shares were previously repurchased off-market from four of its  
4
transaction had no impact on the Consolidated Financial Statements  
of TOTAL S.A., the number of fully-diluted weighted-average shares  
and on the earnings per share.  
1
00% indirectly controlled subsidiaries. Following this transaction,  
the Group affiliates no longer hold TOTAL shares. These transactions  
had no impact on the Consolidated Financial Statements of  
TOTAL S.A., the fully-diluted weighted-average shares and on the  
earnings per share.  
Variation of the number of shares composing the share capital  
AS OF DECEMBER 31, 2015(a)  
2,440,057,883  
Shares issued  
in connection with:  
Capital increase as payment of the scrip dividend (second 2015 interim dividend,  
third 2015 interim dividend, 2015 final dividend and first 2016 interim dividend)  
88,401,329  
2,237,918  
Exercise of TOTAL share subscription options  
Cancellation of treasury shares  
(100,331,268)  
2,430,365,862  
9,532,190  
AS OF DECEMBER 31, 2016(b)  
Shares issued  
Capital increase reserved for employees  
in connection with:  
Capital increase as payment of the scrip dividend (second 2016 interim dividend,  
third 2016 interim dividend, 2016 final dividend and first 2017 interim dividend)  
86,442,256  
2,649,308  
Exercise of TOTAL share subscription options  
AS OF DECEMBER 31, 2017(c)  
2,528,989,616  
9,354,889  
Shares issued  
Capital increase reserved for employees  
in connection with:  
Capital increase as payment of the scrip dividend (second 2017 interim dividend,  
third 2017 interim dividend, 2017 final dividend and first 2018 interim dividend)  
47,229,037  
2,096,571  
Exercise of TOTAL share subscription options  
Issuance of shares in consideration for the acquisition of Maersk Olie og Gas A/S  
Cancellation of treasury shares  
97,522,593  
(44,590,699)  
2,640,602,007  
AS OF DECEMBER 31, 2018(d)  
(a) Including 113,967,758 treasury shares deducted from consolidated shareholders’ equity.  
(b) Including 10,587,822 treasury shares deducted from consolidated shareholders’ equity.  
(c) Including 8,376,756 treasury shares deducted from consolidated shareholders’ equity.  
(d) Including 32,473,281 treasury shares deducted from consolidated shareholders’ equity.  
Capital increase reserved for Group employees  
a price of €37.20 per share and of the issuance of 180,072 shares  
with a nominal value of €2.50 granted as free shares. The issuance  
of the shares was acknowledged on May 3, 2018. Moreover, the  
Board of Directors of April 25, 2018, by virtue of the twenty-fourth  
resolution of the Combined General Meeting of May 24, 2016,  
decided to grant, 6,784 free shares to 1,360 beneficiaries subject to  
a presence condition during the five-year acquisition period ending  
on April 25, 2023, as a deferred contribution.  
The Combined General Meeting of June 1, 2018, in its eighteenth  
resolution, granted the authority to the Board of Directors to carry  
out a capital increase, in one or more occasion(s) within a maximum  
period of twenty-six months, reserved to members (employees and  
retirees) of a company or group savings plan of the Company.  
8
In fiscal year 2018, following this delegation, the Board of Directors  
of September 19, 2018 decided to proceed with a capital increase  
reserved for Group employees and retirees that included a classic  
offering and a leveraged offering depending on the employees’ or  
retirees’ choice, within the limit of 18 million shares with immediate  
dividend rights. The Board of Directors has granted all powers to the  
Chairman and Chief Executive Officer to determine the opening and  
closing dates of the subscription period and the subscription price.  
This capital increase will open in 2019 and is expected to be  
completed after the General Meeting of May 29, 2019.  
In fiscal year 2017, TOTAL S.A. completed a capital increase reserved  
for Group employees and retirees which resulted in the subscription  
of 9,350,220 shares with a nominal value of €2.50 and a price of  
€38.10 per share and of the issuance of 181,970 shares with a par  
value of €2.50 granted as free shares. The issuance of the shares  
was acknowledged on April 26, 2017. Moreover, the Board of  
Directors, during its meeting on April 26, 2017, by virtue of the  
twenty-fourth resolution of the Combined General Meeting of May  
24, 2016, decided to grant 10,393 free shares to 2,086 beneficiaries  
In the fiscal year 2018, TOTAL S.A. also completed a capital increase  
reserved for Group employees and retirees which resulted in the  
subscription of 9,174,817 shares with a nominal value of €2.50 and  
subject to a presence condition during the five-year acquisition period  
ending on April 26, 2022, as a deferred contribution.  
Registration Document 2018 TOTAL  
295  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 9  
Treasury shares  
ACCOUNTING POLICIES  
Treasury shares of the parent company held by its subsidiaries or itself are deducted from consolidated shareholders’ equity. Gains or  
losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders’ equity.  
TOTAL shares held by TOTAL S.A.  
As of December 31,  
2018  
32,473,281  
1.23%  
2017  
8,376,756  
0.33%  
2016  
10,587,822  
0.44%  
Number of treasury shares  
Percentage of share capital  
Of which shares acquired with the intention to cancel them  
Of which shares allocated to TOTAL share performance plans for Group employees  
27,360,278  
5,044,817  
-
-
8,345,847  
10,555,887  
Of which shares intended to be allocated to new TOTAL share subscription  
or purchase options plans or to new share performance plans  
68,186  
30,909  
31,935  
Paid-in surplus  
Reserves  
In accordance with French law, the paid-in surplus corresponds to  
premiums related to shares issuances, contributions or mergers of  
the parent company which can be capitalized or used to offset losses  
if the legal reserve has reached its minimum required level. The amount  
of the paid-in surplus may also be distributed subject to taxation  
except in cases of a refund of shareholder contributions.  
Under French law, 5% of net income must be transferred to the legal  
reserve until the legal reserve reaches 10% of the nominal value of  
the share capital. This reserve cannot be distributed to the shareholders  
other than upon liquidation but can be used to offset losses.  
If wholly distributed, the unrestricted reserves of the parent company  
would be taxed for an approximate amount of $607 million as of  
December 31, 2018 ($750 million as of December 31, 2017 and  
$569 million as of December 31, 2016) with regards to additional  
corporation tax to be applied on regulatory reserves so that they  
become distributable.  
As of December 31, 2018, paid-in surplus relating to TOTAL S.A.  
amounted to €37,276 million (€32,882 million as of December 31,  
2017 and €28,961 million as of December 31, 2016).  
296  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 9  
8
Earnings per share  
ACCOUNTING POLICIES  
Earnings per share is calculated by dividing net income (Group share)  
by the weighted-average number of common shares outstanding  
during the period, excluding TOTAL shares held by TOTAL S.A.  
The weighted-average number of fully-diluted shares is calculated  
in accordance with the treasury stock method provided for by  
IAS 33. The proceeds, which would be recovered in the event of  
an exercise of rights related to dilutive instruments, are presumed  
to be a share buyback at the average market price over the period.  
The number of shares thereby obtained leads to a reduction in the  
total number of shares that would result from the exercise of rights.  
(
Treasury shares) which are deducted from consolidated  
shareholders’ equity.  
Diluted earnings per share is calculated by dividing net income  
(
Group share) by the fully-diluted weighted-average number of  
common shares outstanding during the period. Treasury shares  
held by the parent company, TOTAL S.A. are deducted from  
consolidated shareholders’ equity. These shares are not  
considered outstanding for purposes of this calculation which also  
takes into account the dilutive effect of share subscription or  
purchase options plans, share grants and capital increases with a  
subscription period closing after the end of the fiscal year.  
In compliance with IAS 33, earnings per share and diluted earnings  
per share are based on the net income after deduction of the  
remuneration due to the holders of deeply subordinated notes.  
The variation of both weighted-average number of shares and weighted-average number of diluted shares respectively, as of December 31,  
respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:  
2018  
2017  
2016  
NUMBER OF SHARES AS OF JANUARY 1,  
2,528,989,616  
2,430,365,862  
2,440,057,883  
Number of shares issued during the year (pro rated)  
Exercise of TOTAL share subscription options  
1,351,465  
-
1,198,036  
-
538,621  
Exercise of TOTAL share purchase options  
Total performance shares  
-
1,524,172  
-
2,039,729  
6,236,593  
1,105,796  
6,354,793  
Capital increase reserved for employees  
Issuance of shares in consideration for the  
acquisition of Maersk Olie og Gas A/S  
81,268,828  
26,352,572  
(30,405,112)  
-
53,365,971  
-
-
51,029,237  
4,180,470  
Capital increase as payment of the scrip dividend  
Buyback of treasury shares including:  
Treasury shares repurchased from subsidiaries  
and cancelled on December 15, 2016  
-
-
4,180,470  
Shares repurchased in 2018 to cancel the dilution  
caused by the scrip dividend payment  
(30,102,242)  
-
-
-
-
-
Shares repurchased in 2018 to cover for the stock options plans  
(302,870)  
Cancellation of treasury shares on December 15, 2016  
-
(4,180,470)  
Total shares held by TOTAL S.A. or by its subsidiaries  
and deducted from shareholders’ equity  
(8,376,756)  
(10,587,822)  
(113,967,758)  
WEIGHTED-AVERAGE NUMBER OF SHARES  
2,607,456,934  
2,481,802,636  
2,379,182,155  
Dilutive effect  
Grant of TOTAL share subscription or purchase options  
296,830  
13,794,896  
727,864  
10,238,411  
630,474  
9,058,264  
Grant of TOTAL performance shares  
8
Capital increase reserved for employees  
2,167,784  
1,987,502  
843,043  
WEIGHTED-AVERAGE NUMBER OF DILUTED SHARES  
2,623,716,444  
2,494,756,413  
2,389,713,936  
Earnings per share in euros  
opening price of the shares for the 20 trading days preceding  
the Board of Directors meeting, reduced by the amount of the  
interim dividend, without a discount, and rounded up to the  
nearest cent. The ex-dividend date of this interim dividend was  
September 25, 2018 and on October 12, 2018 the dividend was  
paid in cash and in shares; and  
The earnings per share in euros, obtained from the earnings per  
share in dollars, converted by using the average exchange rate  
euro/dollar, is € 3.62 per share for 2018 closing (€ 2.97 for 2017  
closing). The fully-diluted earnings per share calculated by using the  
same method is € 3.59 per share for 2018 closing (€ 2.96 for 2017  
closing).  
—
on December 12, 2018, the Board of Directors decided on the  
payment of the second interim dividend for fiscal year 2018 of  
€ 0.64 per share set the issuance price of these newly issued  
shares at € 48.27 per share, equal to the average Euronext Paris  
opening price of the shares for the 20 trading days preceding  
the Board of Directors meeting, reduced by the amount of the  
second interim dividend, without a discount and rounded up to  
the nearest cent. The ex-dividend date of this interim dividend  
was December 18, 2018 and on January 10, 2019, the dividend  
was paid to shareholders in cash or shares.  
Dividend  
TOTAL S.A. has distributed and paid the following interim dividends  
with respect to fiscal year 2018:  
—
on September 19, 2018, the Board of Directors decided on the  
payment of the first interim dividend for fiscal year 2018 of  
€
0.64 per share and set the issuance price of these newly issued  
shares at € 52.95 per share, equal to the average Euronext Paris  
Registration Document 2018 TOTAL  
297  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 9  
The Board of Directors, during its October 25, 2018 meeting, decided  
to set the third interim dividend for fiscal year 2018 of €0.64 per  
share. The ex-dividend date will be March 19, 2019, and this interim  
dividend will be paid on April 5, 2019.  
—
deeply subordinated note 3.369% perpetual maturity callable  
after 10 years (€1,500 million).  
In 2015, the Group issued two tranches of perpetual subordinated  
notes in euros through TOTAL S.A.:  
A resolution will be submitted at the Shareholders’ Meeting on May  
—
deeply subordinated note 2.250% perpetual maturity callable  
after 6 years (€2,500 million);  
2
9, 2019 to pay a dividend of €2.56 per share for the 2018 fiscal  
year, as a balance of €0.64 per share to be distributed after deducting  
the three interim dividends of €0.64 per share that will have already  
been paid.  
—
deeply subordinated note 2.625% perpetual maturity callable  
after 10 years (€2,500 million).  
Based on their characteristics (mainly no mandatory repayment and  
no obligation to pay a coupon except in the event of a dividend  
distribution) and in compliance with IAS 32 standard – Financial  
instruments – Presentation, these notes were recorded in equity.  
Issuance of perpetual subordinated notes  
The Group did not issue any perpetual subordinated notes in 2018  
nor in 2017.  
In 2016, the Group issued three tranches of perpetual subordinated  
notes in euros through TOTAL S.A.:  
As of December 31, 2018, the amount of the perpetual deeply  
subordinated note booked in the Group shareholders’ equity is  
$
10,328 million. The coupons attributable to the holders of these  
—
deeply subordinated note 3.875% perpetual maturity callable  
after 6 years (€1,750 million);  
securities are booked in deduction of the Group shareholders’ equity  
for an amount of $315 million for fiscal year 2018 closing. The tax  
saving due to these coupons is booked in the statement of income.  
—
deeply subordinated note 2.708% perpetual maturity callable  
after 6.6 years (€1,000 million); and  
Other comprehensive income  
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net  
income is presented in the table below:  
For the year ended December 31, (M$)  
Actuarial gains and losses  
2018  
(12)  
-
2017  
823  
-
2016  
(371)  
-
Change in fair value of investments in equity instruments  
Tax effect  
13  
(390)  
55  
Currency translation adjustment generated  
by the parent company  
(4,022)  
9,316  
(1,548)  
SUB-TOTAL ITEMS NOT POTENTIALLY  
RECLASSIFIABLE TO PROFIT & LOSS  
(4,021)  
1,113  
9,749  
(1,864)  
(1,098)  
Currency translation adjustment  
(2,578)  
–
–
Unrealized gain/(loss) of the period  
1,238  
125  
(2,408)  
170  
(543)  
555  
Less gain/(loss) included in net income  
Available for sale financial assets  
-
25  
7
324  
-
4
239  
-
–
–
Unrealized gain/(loss) of the period  
-
-
7
-
4
-
Less gain/(loss) included in net income  
Cash flow hedge  
–
–
Unrealized gain/(loss) of the period  
(94)  
584  
260  
186  
(53)  
Less gain/(loss) included in net income  
(119)  
Variation of foreign currency basis spread  
(80)  
–
–
Unrealized gain/(loss) of the period  
(80)  
-
-
-
-
-
Less gain/(loss) included in net income  
Share of other comprehensive income  
of equity affiliates, net amount  
(540)  
(677)  
935  
–
–
Unrealized gain/(loss) of the period  
(495)  
45  
(655)  
22  
933  
(2)  
Less gain/(loss) included in net income  
Other  
(5)  
14  
-
1
Tax effect  
(100)  
(76)  
SUB-TOTAL ITEMS POTENTIALLY  
RECLASSIFIABLE TO PROFIT & LOSS  
527  
(3,024)  
6,725  
5
TOTAL OTHER COMPREHENSIVE INCOME, NET AMOUNT  
(3,494)  
(1,859)  
298  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 9  
8
The currency translation adjustment by currency is detailed in the following table:  
As of December 31, 2018  
Pound  
Other  
(M$)  
Total  
Euro  
sterling  
Ruble  
currencies  
Currency translation adjustment generated  
by the parent company  
(4,022)  
1,113  
(564)  
(4,022)  
1,883  
343  
-
(431)  
14  
-
(10)  
-
(329)  
(116)  
Currency translation adjustment  
Currency translation adjustment of equity affiliates  
(805)  
TOTAL CURRENCY TRANSLATION ADJUSTMENT  
RECOGNIZED IN COMPREHENSIVE INCOME  
(3,473)  
(1,796)  
(417)  
(815)  
(445)  
As of December 31, 2017  
Pound  
Other  
(M$)  
Total  
Euro  
sterling  
Ruble  
currencies  
Currency translation adjustment generated  
by the parent company  
9,316  
(2,578)  
(730)  
9,316  
(3,275)  
(1,099)  
-
462  
(25)  
-
3
-
232  
187  
Currency translation adjustment  
Currency translation adjustment of equity affiliates  
207  
TOTAL CURRENCY TRANSLATION ADJUSTMENT  
RECOGNIZED IN COMPREHENSIVE INCOME  
6,008  
4,943  
436  
210  
419  
As of December 31, 2016  
Pound  
Other  
(M$)  
Total  
Euro  
sterling  
Ruble  
currencies  
Currency translation adjustment generated  
by the parent company  
(1,548)  
(1,098)  
890  
(1,548)  
(184)  
223  
-
(887)  
54  
-
7
-
(34)  
(30)  
Currency translation adjustment  
Currency translation adjustment of equity affiliates  
643  
TOTAL CURRENCY TRANSLATION ADJUSTMENT  
RECOGNIZED IN COMPREHENSIVE INCOME  
(1,756)  
(1,509)  
(833)  
650  
(64)  
Tax effects relating to each component of other comprehensive income are as follows:  
2
018  
2017  
Tax  
2016  
Tax  
For the year ended December 31,  
M$)  
Pre-tax  
amount  
Tax  
Net  
Pre-tax  
Net  
Pre-tax  
Net  
(
effect amount amount  
effect amount amount  
effect amount  
Actuarial gains and losses  
(12)  
-
13  
-
1
-
823  
-
(390)  
433  
-
(371)  
-
55  
-
(316)  
-
Change in fair value of investments  
in equity instruments  
-
-
Currency translation adjustment generated  
by the parent company  
(4,022)  
-
(4,022)  
9,316  
9,316 (1,548)  
-
(1,548)  
SUB-TOTAL ITEMS NOT POTENTIALLY  
RECLASSIFIABLE TO PROFIT & LOSS  
(4,034)  
1,113  
-
13 (4,021) 10,139  
(390)  
-
9,749 (1,919)  
55 (1,864)  
Currency translation adjustment  
Available for sale financial assets  
Cash flow hedge  
-
-
1,113 (2,578)  
(2,578) (1,098)  
-
-
(1,098)  
-
19  
7
324  
-
(3)  
(97)  
-
4
227  
-
4
239  
-
4
163  
-
25  
(6)  
20  
(76)  
-
8
Variation of foreign currency basis spread  
(80)  
(60)  
Share of other comprehensive income  
of equity affiliates, net amount  
(540)  
(5)  
-
-
(540)  
(5)  
(677)  
-
-
-
(677)  
-
935  
1
-
-
935  
1
Other  
SUB-TOTAL ITEMS POTENTIALLY  
RECLASSIFIABLE TO PROFIT & LOSS  
513  
14  
527 (2,924)  
7,215  
(100) (3,024)  
(490)  
81  
(76)  
5
TOTAL OTHER COMPREHENSIVE INCOME  
(3,521)  
27 (3,494)  
6,725 (1,838)  
(21) (1,859)  
Non-controlling interests  
As of December 31, 2018, no subsidiary has non-controlling interests that would be material to the Group financial statements.  
Registration Document 2018 TOTAL  
299  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 9  
9.2 Share-based payments  
ACCOUNTING POLICIES  
The Group may grant employees share subscription or purchase  
options plans and offer its employees the opportunity to subscribe  
to reserved capital increases. These employee benefits are  
The number of allocated equity instruments can be revised during  
the vesting period in cases of non-compliance with performance  
conditions, with the exception of those related to the market, or  
according to the rate of turnover of the beneficiaries.  
recognized as expenses with  
shareholders’ equity.  
a corresponding credit to  
The cost of employee-reserved capital increases is immediately  
expensed.  
The expense is equal to the fair value of the instruments granted.  
The expense is recognized on a straight-line basis over the period  
in which the advantages are acquired.  
The cost of the capital increase reserved for employees consists  
of the cost related to the discount on all the shares subscribed  
using both the classic and the leveraged schemes, and the  
opportunity gain for the shares subscribed using the leveraged  
scheme. This opportunity gain corresponds to the benefit of  
subscribing to the leveraged offer, rather than reproducing the  
same economic profile through the purchase of options in the  
market for individual investors. The global cost is reduced to take  
into account the non-transferability of the shares that could be  
subscribed by the employees over a period of five years.  
The fair value of the options is calculated using the Black-Scholes  
model at the grant date.  
For restricted share plans, the fair value is calculated using the  
market price at the grant date after deducting the expected  
distribution rate during the vesting period. The global cost is  
reduced to take into account the non-transferability over a 2-year  
holding period of the shares that could be awarded.  
A) TOTAL share subscription or purchase option plans  
Weighted  
average  
exercise  
price  
2008 Plan  
2009 Plan  
2010 Plan  
2011 Plan  
Total  
Date of the Shareholders’ Meeting  
5/11/2007  
10/9/2008  
42.90 €  
5/11/2007  
9/15/2009  
39.90 €  
5/21/2010  
9/14/2010  
38.20 €  
5/21/2010  
9/14/2011  
33.00 €  
Award date(a)  
Strike price  
Expiry date  
10/9/2016  
9/15/2017  
9/14/2018  
9/14/2019  
Number of options  
Existing options as of January 1, 2016  
2,561,502  
2,710,783  
3,323,246  
722,309  
9,317,840  
-
39.58 €  
-
Granted  
-
-
-
-
Cancelled(b)  
(1,794,304)  
-
-
(443,009)  
2,880,237  
-
-
(1,794,304)  
(2,237,918)  
5,285,618  
-
42.90 €  
40.80 €  
38.16 €  
-
Exercised  
(767,198)  
(931,730)  
(95,981)  
Existing options as of January 1, 2017  
-
-
-
-
-
-
-
-
1,779,053  
626,328  
Granted  
-
-
Cancelled(b)  
(195,370)  
-
-
(135,760)  
490,568  
-
(195,370)  
(2,649,308)  
2,440,940  
-
39.90 €  
38.95 €  
37.15 €  
-
Exercised  
(1,583,683)  
(929,865)  
1,950,372  
-
Existing options as of January 1, 2018  
-
-
-
-
Granted  
Cancelled(b)  
Exercised  
(79,139)  
(1,871,233)  
-
(79,139)  
(2,096,571)  
38.20 €  
37.64 €  
(225,338)  
EXISTING OPTIONS  
AS OF DECEMBER 31, 2018  
-
-
-
265,230  
265,230  
33.00 €  
(
(
a) The grant date is the date of the Board meeting awarding the share subscription or purchase options, except for the grant of October 9, 2008, decided by the Board on September 9, 2008.  
b) Out of the options canceled in 2016, 2017 and 2018, 1,794,304 options that were not exercised expired on October 9, 2016 due to the expiry of the 2008 plan, 195,370 options that  
were not exercised expired on September 15, 2017 due to expiry of 2009 plan and 79,139 options that were not exercised expired on September 14, 2018 due to expiry of 2010 plan.  
Options are exercisable, subject to a presence condition, after a  
-year period from the date of the Board meeting awarding the options  
and expire eight years after this date. The underlying shares cannot be  
transferred during four years from the date of grant. For the 2008 to  
employees of non-French subsidiaries as of the date of the grant, who  
may transfer the underlying shares after a 2-year period from the date  
of the grant.  
2
Since September 14, 2011, no new TOTAL share subscription or  
purchase options plan was decided.  
2011 Plans, the 4-year transfer restriction period does not apply to  
300  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 9  
8
B) TOTAL performance share plans  
2
013 Plan  
2014 Plan  
5/16/2014  
7/29/2014  
2015 Plan  
5/16/2014  
7/28/2015  
2016 Plan  
5/24/2016  
7/27/2016  
2017 Plan  
5/24/2016  
7/26/2017  
2018 Plan  
5/24/2016  
3/14/2018  
Total  
Date of the Shareholders’ Meeting  
Award date  
5/13/2011  
7/25/2013  
Date of the final award  
(end of the vesting period)  
7/26/2016  
7/26/2018  
€ 32.64  
7/30/2017  
7/30/2019  
€ 44.66  
7/29/2018  
7/29/2020  
€ 35.90  
7/28/2019  
7/29/2021  
€ 35.37  
7/27/2020  
7/28/2022  
€ 35.57  
3/15/2021  
3/16/2023  
€ 36,22  
Transfer authorized as from  
Grant date IFRS 2 fair value  
Number of performance shares  
Outstanding as of January 1, 2016  
Notified  
4,350,830  
4,402,460  
4,760,505  
-
-
5,639,400  
(1,730)  
(110)  
-
-
-
-
-
-
-
-
-
-
13,513,795  
5,639,400  
(1,371,506)  
(3,048,894)  
14,732,795  
5,679,949  
(2,219,260)  
(2,210,040)  
15,983,444  
-
-
-
Cancelled(a)  
(1,303,506)  
(37,100)  
(29,170)  
(600)  
-
Finally granted(a)  
(3,047,324)  
(860)  
-
Outstanding as of January 1, 2017  
Notified  
-
-
-
-
-
-
-
-
4,364,500  
4,730,735  
-
5,637,560  
-
-
5,679,949  
(910)  
-
Cancelled  
(2,157,820)  
(31,480)  
(1,950)  
4,697,305  
-
(29,050)  
(1,410)  
5,607,100  
-
Finally granted  
(2,206,680)  
-
Outstanding as of January 1, 2018  
Notified  
-
-
-
-
5,679,039  
-
6,083,145 6,083,145  
Cancelled  
(621,568)  
(4,075,737)  
(61,840)  
(2,040)  
(26,640)  
(1,480)  
(12,350)  
-
(722,398)  
Finally granted  
(4,079,257)  
OUTSTANDING  
AS OF DECEMBER 31, 2018  
-
-
-
5,543,220  
5,650,919  
6,070,795 17,264,934  
(a) The number of performance shares finally granted in 2016 has been adjusted by 226 performance shares granted in 2017.  
The performance shares, which are bought back by the TOTAL S.A.  
on the market, are finally granted to their beneficiaries after a 3-year  
vesting period for the 2013 plan and following Plans, from the date  
of the grant. The final grant is subject to a continued employment  
condition as well as one performance condition for the 2013 and  
— annual variation in net cash-flow per share, in USD.  
TOTAL S.A.’s ranking will determined a grant rate for each year and  
each criteria:  
Ranking  
Grant rate  
180%  
130%  
80%  
2
014 plans and two performance conditions for the 2015 plans and  
1st place  
subsequent plans. Moreover, the transfer of the performance shares  
finally granted will not be permitted until the end of a 2-year holding  
period from the date of the final grant.  
2nd place  
3rd place  
2018 Plan  
4th and 5th places  
0%  
The Board of Directors, on March 14, 2018, granted performance  
shares to certain employees and executive directors of the Company  
or Group companies, subject to the fulfilment of the presence  
condition and two performance conditions.  
For each performance condition, the average of the three grant rates  
(on each of the three financial years on which the performance  
conditions are based), will be expressed in percentage and capped  
at 100%.  
The presence condition applies to all shares. The performance  
conditions apply for all shares granted to senior executives. The grant  
of the first 150 shares to non-senior executive are not subject to the  
performance condition abovementioned, but the performance  
conditions will apply to any shares granted above this threshold.  
C) SunPower plans  
8
During fiscal 2018, SunPower had three stock incentive plans: the  
Third Amended and Restated 2005 SunPower Corporation Stock  
Incentive Plan (“2005 Plan”); the PowerLight Corporation Common  
Stock Option and Common Stock Purchase Plan (“PowerLight Plan”);  
and the SunPower Corporation 2015 Omnibus Incentive Plan (“2015  
Plan”). The PowerLight Plan, which was adopted by PowerLight’s  
Board of Directors in October 2000, was assumed by SunPower by  
way of the acquisition of PowerLight in fiscal 2007. The 2005 Plan  
was adopted by the SunPower’s Board of Directors in August 2005,  
and was approved by shareholders in November 2005. The 2015  
Plan, which subsequently replaced the 2005 Plan, was adopted by  
the SunPower’s Board of Directors in February 2015, and was  
The performance conditions, weighting for 50% of the final grant  
rate, are the Group’s ranking relative to those of its peers (ExxonMobil,  
Royal Dutch Shell, BP and Chevron) according to the following two  
criteria:  
—
Total Shareholder Return (TSR), which is calculate annually  
using the average of closing prices over one quarter, in USD, at  
the beginning and at the end of each three-year period (Q4 year  
N/Q4 year N-3). The dividend is considered as being reinvested  
on the closing price basis, on the ex-dividend date; and  
Registration Document 2018 TOTAL  
301  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 9  
approved by shareholders in June 2015. On November 13, 2018,  
SunPower filed post-effective amendments to registration statements  
associated with the 2005 Plan and the PowerLight Plan, among  
others, to deregister shares no longer required to be registered for  
issuance under those plans, as no new awards had been made and  
all options had been exercised or had expired. The 2015 Plan allows  
for the grant of options, as well as grant of stock appreciation rights,  
restricted stock grants, restricted stock units and other equity rights.  
The 2015 Plan also allows for tax withholding obligations related to  
stock option exercises or restricted stock awards to be satisfied  
through the retention of shares otherwise released upon vesting.  
Incentive stock options, nonstatutory stock options, and stock  
appreciation rights may be granted at no less than the fair value of  
the common stock on the date of grant. The options and rights  
become exercisable when and as determined by SunPower’s Board  
of Directors, although these terms generally do not exceed ten years  
for stock options. SunPower has not granted stock options since  
fiscal 2008. All previously granted stock options have been exercised  
or expired and accordingly no options remain outstanding. Under  
the 2015 Plan, the restricted stock grants and restricted stock units  
typically vest in equal installments annually over three or four years.  
The majority of shares issued are net of the minimum statutory  
withholding requirements that SunPower pays on behalf of its  
employees. During fiscal 2018, 2017, and 2016, SunPower withheld  
0.7 million, 0.6 million and 1.0 million shares, respectively, to satisfy  
the employees’ tax obligations. SunPower pays such withholding  
requirements in cash to the appropriate taxing authorities. Shares  
withheld are treated as common stock repurchases for accounting  
and disclosure purposes and reduce the number of shares  
outstanding upon vesting.  
The 2015 Plan includes an automatic annual increase mechanism  
equal to the lower of three percent of the outstanding shares of all  
classes of the SunPower’s common stock measured on the last day  
of the immediately preceding fiscal year, 6 million shares, or such  
other number of shares as determined by SunPower’s Board of  
Directors. In fiscal 2015, the SunPower’s Board of Directors voted to  
reduce the stock incentive plan’s automatic increase from 3% to 2%  
for 2016. As of December 31, 2018, approximately 11.2 million  
shares were available for grant under the 2015 Plan.  
There were no options outstanding and exercisable as of December  
3
2
1, 2018. The intrinsic value of the options exercised in fiscal 2018,  
017, and 2016 were zero, $1.7 thousand, and zero, respectively.  
There were no stock options granted in fiscal 2018, 2017, and 2016.  
The following table summarizes SunPower’s restricted stock activities:  
Restricted stock awards and units  
Weighted-average grant  
Shares  
in thousands)  
date fair value per share  
(in dollars)(  
a)  
(
OUTSTANDING AS OF JANUARY 3, 2016  
5,063  
4,978  
26.68  
18.81  
23.47  
26.30  
21.85  
6.76  
Granted  
Vested(b)  
(2,837)  
(1,057)  
6,147  
Forfeited  
OUTSTANDING AS OF JANUARY 1, 2017  
Granted  
4,863  
Vested(b)  
(1,738)  
(1,979)  
7,293  
25.87  
18.15  
11.83  
7.77  
Forfeited  
OUTSTANDING AS OF JANUARY 1, 2018  
Granted  
4,449  
Vested(b)  
(2,266)  
(1,816)  
7,660  
14.45  
10.10  
9.11  
Forfeited  
OUTSTANDING AS OF DECEMBER 31, 2018  
(
(
a) SunPower estimates the fair value of the restricted stock unit awards as the stock price on the grant date.  
b) Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.  
302  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 9  
8
D) Share-based payment expense  
Share-based payment expense before tax was broken down as follows:  
As of December 31, (M$)  
2018  
264  
21  
2017  
135  
31  
2016  
113  
28  
Total restricted shares plans  
SunPower plans  
Capital increase reserved for employees  
TOTAL  
30  
16  
-
315  
182  
141  
During the year 2018, the main assumptions used for the valuation of the cost of the capital increase reserved for employees for both the  
classic and the leverage schemes were the following:  
For the year ended December 31,  
2018  
July 26, 2017  
37.20  
Date of the Board of Directors meeting that decided the issue  
Subscription price (€)(a)  
Share price at the reference date (€)(b)  
47.03  
Number of shares (in millions)  
9.17  
Risk free interest rate (%)(c)  
0.003  
Employees loan financing rate (%)(d)  
Non transferability cost (% of the reference’s share price)  
Expenses ($ million)  
3.95  
17.33  
30.00  
(
(
(
(
a) Average of the closing TOTAL share prices during the twenty trading days prior to the subscription period, after deduction of a 20% discount.  
b) Closing share price on March 14, 2018, date on which the Chief Executive Officer set the subscription period.  
c) Zero coupon euro swap rate at 5 years.  
d) The employees’ loan financing rate is based on a 5 year consumer’s credit rate.  
8
Registration Document 2018 TOTAL  
303  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 10  
NOTE 10 Payroll, staf and employee benefits obligations  
10.1 Employee benefits obligations  
ACCOUNTING POLICIES  
In accordance with the laws and practices of each country, the  
Group participates in employee benefit plans offering retirement,  
death and disability, healthcare and special termination benefits.  
These plans provide benefits based on various factors such as length  
of service, salaries, and contributions made to the governmental  
bodies responsible for the payment of benefits.  
Defined benefit obligations are determined according to the  
Projected Unit Method. Actuarial gains and losses may arise from  
differences between actuarial valuation and projected commitments  
(depending on new calculations or assumptions) and between  
projected and actual return of plan assets. Such gains and losses  
are recognized in the statement of comprehensive income,  
with no possibility to subsequently recycle them to the income  
statement.  
These plans can be either defined contribution or defined benefit  
pension plans and may be entirely or partially funded with  
investments made in various non-Group instruments such as  
mutual funds, insurance contracts, and other instruments.  
The past service cost is recorded immediately in the statement of  
income, whether vested or unvested.  
For defined contribution plans, expenses correspond to the  
contributions paid.  
The net periodic pension cost is recognized under “Other  
operating expenses”.  
Liabilities for employee benefits obligations consist of the following:  
As oꢀ December 31, (M$)  
2018  
2,545  
669  
2017  
2,877  
705  
2016  
2,948  
648  
Pension benefits liabilities  
Other benefits liabilities  
Restructuring reserves (early retirement plans)  
TOTAL  
149  
153  
150  
3,363  
-
3,735  
-
3,746  
145  
Net liabilities relating to assets held for sale  
Description of plans and risk management  
The pension benefits include also termination indemnities and early  
retirement benefits. The other benefits are employer contributions to  
post-employment medical care.  
The Group operates, for the benefit of its current and former employees,  
both defined benefit plans and defined contribution plans.  
In order to manage the inherent risks, the Group has implemented a  
dedicated governance framework to ensure the supervision of the  
different plans. These governance rules provide for:  
The Group recognized a charge of $130 million for defined  
contribution plans in 2018 ($128 million in 2017 and $157 million in  
2016).  
—
the Group’s representation in key governance bodies or monitoring  
committees;  
The Group’s main defined benefit pension plans are located in France,  
the United Kingdom, the United States, Belgium and Germany. Their  
main characteristics, depending on the country-specific regulatory  
environment, are the following:  
—
—
the principles of the funding policy;  
the general investment policy, including for most plans the  
establishment of a monitoring committee to define and follow  
the investment strategy and performance and to ensure the  
principles in respect of investment allocation are respected;  
—
—
—
the benefits are usually based on the final salary and seniority;  
they are usually funded (pension fund or insurer);  
they are usually closed to new employees who benefit from  
defined contribution pension plans;  
—
—
a procedure to approve the establishment of new plans or the  
amendment of existing plans;  
—
they are paid in annuity or in lump sum.  
principles of administration, communication and reporting.  
304  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 10  
8
Change in benefit obligations and plan assets  
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:  
Pension benefits  
Other benefits  
As of December 31,  
(M$)  
2018  
2017  
2016  
2018  
2017  
2016  
Change in benefit obligation  
Benefit obligation at beginning of year  
12,872  
236  
12,164  
263  
12,473  
251  
705  
14  
17  
(2)  
-
648  
16  
17  
12  
-
627  
13  
21  
-
Current service cost  
Interest cost  
296  
320  
373  
Past service cost  
(1)  
239  
(92)  
Settlements  
(141)  
8
(1)  
-
-
Plan participants’ contributions  
Benefits paid  
7
8
-
-
-
(902)  
(372)  
(495)  
11,501  
10,864  
637  
(717)  
(450)  
1,047  
12,872  
12,140  
732  
(651)  
762  
(28)  
(29)  
(8)  
669  
-
(27)  
(36)  
75  
705  
-
(30)  
37  
(20)  
648  
-
Actuarial losses/(gains)  
Foreign currency translation and other  
BENEFIT OBLIGATION AT YEAR-END  
Of which plans entirely or partially funded  
Of which plans not funded  
(960)  
12,164  
11,376  
788  
669  
705  
648  
Change in fair value of plan assets  
Fair value of plan assets at beginning of year  
(10,205)  
(261)  
424  
(9,123)  
(256)  
(344)  
-
(9,627)  
(307)  
(428)  
-
-
-
-
Interest income  
-
-
-
Actuarial losses/(gains)  
-
-
-
Settlements  
129  
-
-
-
Plan participants’ contributions  
Employer contributions  
(8)  
(7)  
(8)  
-
-
-
(417)  
778  
(171)  
591  
(130)  
538  
-
-
-
Benefits paid  
-
-
-
Foreign currency translation and other  
FAIR VALUE OF PLAN ASSETS AT YEAR-END  
UNFUNDED STATUS  
415  
(895)  
(10,205)  
2,667  
40  
839  
-
-
-
-
-
-
(9,145)  
2,356  
28  
(9,123)  
3,041  
26  
669  
-
705  
-
648  
-
Asset ceiling  
NET RECOGNIZED AMOUNT  
Pension benefits and other benefits liabilities  
Other non-current assets  
2,384  
2,545  
(161)  
-
2,707  
2,877  
(170)  
-
3,067  
2,948  
(26)  
669  
669  
-
705  
705  
-
648  
648  
-
Net benefit liabilities relating to assets held for sale  
145  
-
-
-
As of December 31, 2018, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 60% for the  
Euro area, 19% for the United Kingdom and 18% for the United States.  
8
Registration Document 2018 TOTAL  
305  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 10  
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit  
plans are detailed as follows:  
Pension benefits  
Other benefits  
For the year ended December 31,  
M$)  
(
2018  
2017  
263  
239  
(1)  
2016  
251  
(92)  
-
2018  
2017  
16  
12  
-
2016  
13  
-
Current service cost  
236  
(1)  
14  
(2)  
-
Past service cost  
Settlements  
(12)  
35  
-
Net interest cost  
64  
66  
17  
29  
17  
45  
21  
34  
BENEFIT AMOUNTS RECOGNIZED ON PROFIT & LOSS  
258  
565  
225  
Actuarial (Gains)/Losses  
–
–
–
–
–
Effect of changes in demographic assumptions  
Effect of changes in financial assumptions  
Effect of experience adjustments  
(1)  
(354)  
(17)  
424  
(11)  
41  
(16)  
(241)  
(193)  
(344)  
7
(56)  
1,008  
(190)  
(421)  
(7)  
(21)  
(3)  
(5)  
-
3
(5)  
(34)  
-
(7)  
48  
(4)  
-
Actual return on plan assets (excluding interest income)  
Effect of asset ceiling  
-
-
-
BENEFIT AMOUNTS RECOGNIZED ON EQUITY  
(787)  
334  
(29)  
(36)  
37  
TOTAL BENEFIT AMOUNTS RECOGNIZED  
ON COMPREHENSIVE INCOME  
299  
(222)  
559  
-
9
71  
Expected future cash outflows  
The average duration of accrued benefits is approximately 14 years for defined pension benefits and 17 years for other benefits. The Group  
expects to pay contributions of $165 million in respect of funded pension plans in 2019.  
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:  
Estimated future payments (M$)  
Pension benefits  
Other benefits  
2
2
2
2
2
2
019  
779  
700  
27  
27  
020  
021  
706  
27  
022  
675  
27  
023  
677  
27  
024-2028  
3,245  
125  
Type of assets  
Pension benefits  
Asset allocation as of December 31,  
Equity securities  
Debt securities  
2018  
24%  
47%  
1%  
2017  
26%  
43%  
3%  
2016  
27%  
42%  
2%  
Monetary  
Annuity contracts  
Real estate  
20%  
8%  
20%  
8%  
21%  
8%  
Investments on equity and debt markets are quoted on active markets.  
306  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 10  
8
Main actuarial assumptions and sensitivity analysis  
Assumptions used to determine benefits obligations  
As of December 31,  
Pension benefits  
Other benefits  
2018  
2017  
2.48%  
1.71%  
3.75%  
2.50%  
2.40%  
1.50%  
2.50%  
3.50%  
2016  
2.60%  
1.69%  
4.00%  
2.75%  
2.41%  
1.50%  
2.50%  
3.50%  
2018  
2017  
2016  
Discount rate (weighted average for all regions)  
Of which Euro zone  
2.68%  
1.72%  
4.00%  
3.00%  
2.44%  
1.50%  
2.50%  
3.50%  
2.56%  
2.52%  
2.51%  
1.87%  
1.93%  
1.85%  
Of which United States  
4.00%  
3.75%  
4.00%  
Of which United Kingdom  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Inflation rate (weighted average for all regions)  
Of which Euro zone  
Of which United States  
Of which United Kingdom  
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that  
of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.  
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.  
A 0.5% increase or decrease in discount rates – all other things being equal – would have the following approximate impact on the benefit  
obligation:  
(M$)  
0.5% Increase  
0.5% Decrease  
Benefit obligation as of December 31, 2018  
(766)  
862  
A 0.5% increase or decrease in inflation rates – all other things being equal – would have the following approximate impact on the benefit  
obligation:  
(M$)  
0.5% Increase  
0.5% Decrease  
Benefit obligation as of December 31, 2018  
582  
(533)  
10.2 Payroll and staꢀ  
For the year ended December 31,  
2018  
2017  
2016  
Personnel expenses (M$)  
Wages and salaries (including social charges)  
9,099  
7,985  
8,238  
Group employees at December 31,  
France  
–
–
Management  
Other  
13,377  
22,629  
11,880  
19,372  
12,057  
19,567  
International  
–
–
Management  
Other  
16,963  
51,491  
16,489  
50,536  
98,277  
17,186  
53,358  
TOTAL  
104,460  
102,168  
The number of employees includes only employees of fully consolidated subsidiaries.  
8
Registration Document 2018 TOTAL  
307  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 11  
NOTE 11 Income taxes  
ACCOUNTING POLICIES  
Income taxes disclosed in the statement of income include the  
current tax expenses (or income) and the deferred tax expenses  
Deferred tax assets and liabilities are measured using the tax rates  
that have been enacted or substantially enacted at the balance  
sheet date. The tax rates used depend on the timing of reversals of  
temporary differences, tax losses and other tax credits. The effect  
of a change in tax rate is recognized either in the Consolidated  
statement of income or in shareholders’ equity depending on the  
item it relates to.  
(or income).  
The expense (or income) of current tax is the estimated amount of  
the tax due for the taxable income of the period.  
The Group uses the method whereby deferred income taxes are  
recorded based on the temporary differences between the carrying  
amounts of assets and liabilities recorded in the balance sheet  
and their tax bases, and on carry-forwards of unused tax losses  
and tax credits.  
Deferred tax resulting from temporary differences between the  
carrying amounts of equity-method investments and their tax  
bases are recognized. The deferred tax calculation is based on  
the expected future tax effect (dividend distribution rate or tax rate  
on capital gains).  
Income taxes are detailed as follows:  
For the year ended December 31, (M$)  
Current income taxes  
2018  
(6,971)  
455  
2017  
(3,416)  
387  
2016  
(2,911)  
1,941  
(970)  
Deferred income taxes  
TOTAL INCOME TAXES  
(6,516)  
(3,029)  
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:  
As of December 31, (M$)  
2018  
3,779  
2017  
3,014  
2016  
3,267  
Net operating losses and tax carry forwards  
Employee benefits  
995  
1,153  
1,257  
Other temporary non-deductible provisions  
Differences in depreciations  
8,409  
6,344  
5,862  
(15,469)  
(2,541)  
(4,827)  
(13,387)  
(2,746)  
(5,622)  
(14,952)  
(2,126)  
(6,692)  
Other temporary tax deductions  
NET DEFERRED TAX LIABILITY  
The reserves of TOTAL subsidiaries that would be taxable if  
distributed but for which no distribution is planned, and for which no  
deferred tax liability has therefore been recognized, totaled  
during this phase will be useable only if a final investment and  
development decision is made. Accordingly, the time limit for the  
utilization of those net operating losses is not known.  
$
10,713 million as of December 31, 2018.  
Deferred tax assets not recognized relate notably to France for an  
amount of $470 million, to Australia for an amount of $370 million, to  
Nigeria for an amount of $303 million and to Canada for an amount  
of $250 million.  
Deferred tax assets not recognized as of December 31, 2018 amount  
to $3,315 million as their future recovery was not regarded as  
probable given the expected results of the entities. Particularly in the  
Exploration & Production segment, when the affiliate or the field  
concerned is in its exploration phase, the net operating losses created  
After netting deferred tax assets and liabilities by fiscal entity, deferred  
taxes are presented on the balance sheet as follows:  
As of December 31, (M$)  
2018  
6,663  
2017  
5,206  
2016  
4,368  
Deferred tax assets, non-current  
Deferred tax liabilities, non-current  
NET AMOUNT  
(11,490)  
(4,827)  
(10,828)  
(5,622)  
(11,060)  
(6,692  
The net deferred tax variation in the balance sheet is analyzed as follows:  
As of December 31, (M$)  
2018  
(5,622)  
455  
2017  
(6,692)  
387  
2016  
(8,378)  
1,941  
(21)  
OPENING BALANCE  
Deferred tax on income  
Deferred tax on shareholders’ equity(a)  
Changes in scope of consolidation  
Currency translation adjustment  
CLOSING BALANCE  
27  
(490)  
151  
1,154  
19  
(370)  
162  
136  
(4,827)  
(5,622)  
(6,692)  
(
a) This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of listed securities classified as financial assets  
available for sale, as well as deferred taxes related to the cash flow hedge (see note 9 to the Consolidated Financial Statements).  
308  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 11  
8
Reconciliation between provision for income taxes and pre-tax income  
For the year ended December 31, (M$)  
Consolidated net income  
2018  
11,550  
6,516  
18,066  
34.43%  
(6,220)  
(3,058)  
1,080  
1,740  
(40)  
2017  
8,299  
3,029  
11,328  
44.43%  
(5,033)  
(633)  
2016  
6,206  
970  
Provision for income taxes  
PRE-TAX INCOME  
7,176  
34.43%  
(2,471)  
5
French statutory tax rate  
THEORETICAL TAX CHARGE  
Difference between French and foreign income tax rates  
Tax effect of equity in income (loss) of affiliates  
Permanent differences  
888  
761  
1,491  
(91)  
(76)  
Adjustments on prior years income taxes  
Adjustments on deferred tax related to changes in tax rates  
Changes in valuation allowance of deferred tax assets  
NET PROVISION FOR INCOME TAXES  
54  
2
(309)  
234  
(20)  
658  
523  
(6,516)  
(3,029)  
(970)  
The French statutory tax rate includes the standard corporate tax  
rate (33.33%), additional and exceptional applicable taxes that bring  
the overall tax rate to 34.43% in 2018 (versus 44.43% in 2017 and  
Permanent differences are mainly due to impairment of goodwill and  
to dividends from non-consolidated companies as well as the specific  
taxation rules applicable to certain activities.  
34.43% in 2016).  
Net operating losses and carried forward tax credits  
Deferred tax assets related to carried forward tax credits on net operating losses expire in the following years:  
As of December 31, (M$)  
2018  
2017  
2016  
130  
109  
60  
2
2
2
2
2
2
2
017  
018  
75  
64  
019  
90  
70  
020  
60  
021(a)  
022(b)  
023 and after  
38  
24  
1,154  
32  
1,330  
1,423  
2,126  
3,779  
Unlimited  
1,461  
1,814  
TOTAL  
3,014  
3,267  
(
(
a) 2021 and after for 2016.  
b) 2022 and after for 2017.  
As of December 31, 2018 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main  
countries is as follows:  
Tax  
United  
States  
United  
Kingdom  
As of December 31, 2018 (M$)  
Canada  
France  
Australia  
8
2
2
2
2
2
019  
6
6
7
020  
021  
022  
023 and after  
844  
492  
Unlimited  
719  
704  
441  
TOTAL  
844  
738  
704  
492  
441  
Registration Document 2018 TOTAL  
309  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 12  
NOTE 12 Provisions and other non-current liabilities  
1
2.1 Provisions and other non-current liabilities  
ACCOUNTING POLICIES  
A provision is recognized when the Group has a present obligation  
Provisions and non-current liabilities are comprised of liabilities for  
which the amount and the timing are uncertain. They arise from  
environmental risks, legal and tax risks, litigation and other risks.  
(
legal or constructive) as a result of a past event for which it is  
probable that an outflow of resources will be required and when a  
reliable estimate can be made regarding the amount of the  
obligation. The amount of the liability corresponds to the best  
possible estimate.  
As of December 31, (M$)  
2018  
736  
2017  
706  
2016  
1,123  
938  
Litigations and accrued penalty claims  
Provisions for environmental contingencies  
Asset retirement obligations  
862  
964  
14,286  
3,144  
134  
12,240  
1,370  
160  
12,665  
1,455  
184  
Other non-current provisions  
Of which restructuring activities (Refining & Chemicals and Marketing & Services)  
Of which financial risks related to non-consolidated and equity consolidated affiliates  
Of which contingency reserve on solar panels warranties (SunPower)  
Other non-current liabilities  
100  
59  
63  
173  
177  
168  
2,404  
21,432  
706  
665  
TOTAL  
15,986  
16,846  
In 2018, litigation reserves amount to $736 million of which  
561 million in the Exploration & Production, notably in Angola,  
In 2017, other non-current liabilities mainly included debts (whose  
maturity is more than one year) related to fixed assets acquisitions.  
$
Nigeria and Brazil.  
In 2016, litigation reserves amounted to $1,123 million of which  
$959 million was in the Exploration & Production, notably in Angola  
and Nigeria.  
In 2018, other non-current liabilities mainly include debts (whose maturity  
is more than one year) related to fixed assets acquisitions.  
In 2017, litigation reserves amounted to $706 million of which  
In 2016, other non-current liabilities mainly included debts (whose  
maturity is more than one year) related to fixed assets acquisitions.  
$512 million in the Exploration & Production, notably in Angola and  
Nigeria.  
Changes in provisions and other non-current liabilities  
Changes in provisions and other non-current liabilities are as follows:  
Currency  
As of  
January, 1  
translation  
adjustment  
As of  
(M$)  
Allowances  
Reversals  
Other December, 31  
2
2
2
018  
15,986  
2,416  
(1,378)  
(519)  
4,927  
(1,101)  
(473)  
21,432  
15,986  
16,846  
Of which asset retirement obligations  
(
corresponds to accretion for allowances)  
Of which environmental contingencies  
Marketing & Services, Refining & Chemicals)  
530  
(320)  
(
33  
149  
(111)  
(106)  
Of which restructuring of activities  
017  
16,846  
17,502  
1,172  
(1,612)  
681  
Of which asset retirement obligations  
(
corresponds to accretion for allowances)  
Of which environmental contingencies  
Marketing & Services, Refining & Chemicals)  
544  
(330)  
(
37  
48  
(120)  
(84)  
Of which restructuring of activities  
016  
1,569  
(1,268)  
(484)  
Of which asset retirement obligations  
(
corresponds to accretion for allowances)  
Of which environmental contingencies  
Marketing & Services, Refining & Chemicals)  
Of which restructuring of activities  
523  
(502)  
(
29  
25  
(82)  
(68)  
310  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 12  
8
In 2018, the heading “Other” mainly corresponds to the effect of acquisitions:  
—
—
Maersk Oil’s asset retirement obligation for an amount of $2,003 million;  
and Global LNG’s provisions and other non-current liabilities for an amount of $1,766 million of which the additional purchase price of  
550 million (see Note 2 paragraph 2 to the Consolidated Financial Statements).  
$
Changes in the asset retirement obligation  
ACCOUNTING POLICIES  
Asset retirement obligations, which result from a legal or constructive  
obligation, are recognized based on a reasonable estimate in the  
period in which the obligation arises.  
An entity is required to measure changes in the liability for an  
asset retirement obligation due to the passage of time (accretion)  
by applying a risk-free discount rate to the amount of the liability.  
Given the long term nature of expenditures related to our asset  
retirement obligations, the rate is determined by reference to the  
high quality rates for AA-rated Corporate bonds on the USD area  
for a long-term horizon. The increase of the provision due to the  
passage of time is recognized as “Other financial expense”.  
The associated asset retirement costs are capitalized as part of  
the carrying amount of the underlying asset and depreciated over  
the useful life of this asset.  
The discount rate used in 2018 for the valuation of asset retirement  
obligation is 4.5% as in 2017 and 2016 (the expenses are estimated  
at current currency values with an inflation rate of 2%). A decrease of  
with a negative impact of approximately $90 million on the following  
years net income. Conversely, an increase of 0.5% would have a  
nearly symmetrical impact compared to the effect of the decrease of  
0.5%.  
0.5% of this rate would increase the asset retirement obligation by  
1,353 million, with a corresponding impact in tangible assets, and  
$
Changes in the asset retirement obligation are as follows:  
Spending on  
existing  
obligations  
Currency  
translation  
adjustment  
As of  
January 1,  
Revision in  
estimates  
New  
obligations  
As of  
(M$)  
Accretion  
Other December 31,  
2018  
2017  
2016  
12,240  
12,665  
13,314  
530  
544  
523  
(458)  
(1,107)  
(558)  
811  
334  
375  
(320)  
(330)  
(502)  
(364) 1,847  
14,286  
12,240  
12,665  
448  
(314)  
(92)  
(395)  
1
2.2 Other risks and contingent liabilities  
TOTAL is not currently aware of any exceptional event, dispute, risks or  
contingent liabilities that could have a material impact on the assets  
and liabilities, results, financial position or operations of the Group.  
TGPNA received a Notice of Alleged Violations from FERC on  
September 21, 2015. On April 28, 2016, FERC issued an order to  
show cause to TGPNA and two of its former employees, and to  
TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts.  
TGPNA contests the claims brought against it.  
FERC  
The Office of Enforcement of the U.S. Federal Energy Regulatory  
Commission (FERC) began in 2015 an investigation in connection  
with the natural gas trading activities in the United States of Total  
Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the  
Group. The investigation covered transactions made by TGPNA  
between June 2009 and June 2012 on the natural gas market.  
A class action launched to seek damages from these three  
companies, was dismissed by a judgment of the U.S. District Court  
of New York issued on March 15, 2017. The Court of Appeal upheld  
this judgment on May 4, 2018.  
8
Registration Document 2018 TOTAL  
311  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 13  
NOTE 13 Of balance sheet commitments and lease contracts  
13.1 Of balance sheet commitments and contingencies  
Maturity and installments  
Less than  
1 year  
Between  
1 and 5 years  
More than  
5 years  
As of December 31, 2018 (M$)  
Total  
Non-current debt obligations net of hedging instruments (Note 15)  
37,784  
-
19,072  
18,712  
Current portion of non-current debt obligations net  
of hedging instruments (Note 15)  
5,027  
1,878  
5,027  
213  
-
468  
-
1,197  
Finance lease obligations (Note 13.2)  
Asset retirement obligations (Note 12)  
14,286  
844  
3,388  
10,054  
CONTRACTUAL OBLIGATIONS RECORDED  
IN THE BALANCE SHEET  
58,975  
9,130  
6,084  
1,644  
9,708  
22,928  
3,691  
29,963  
3,795  
Operating lease obligations (Note 13.2)  
Purchase obligations  
121,119  
30,652  
80,759  
CONTRACTUAL OBLIGATIONS NOT RECORDED  
IN THE BALANCE SHEET  
130,249  
189,224  
2,043  
11,352  
17,436  
1,904  
169  
34,343  
57,271  
12  
84,554  
114,517  
127  
TOTAL OF CONTRACTUAL OBLIGATIONS  
Guarantees given for excise taxes  
Guarantees given against borrowings  
Indemnities related to sales of businesses  
Guarantees of current liabilities  
18,680  
334  
68  
18,443  
159  
165  
10  
222  
83  
74  
65  
Guarantees to customers/suppliers  
Letters of credit  
8,463  
1,222  
3,164  
2,085  
8,792  
23  
847  
6,394  
191  
3,515  
160  
Other operating commitments  
29,416  
62,673  
84  
1,046  
2,217  
33  
26,285  
51,664  
28  
TOTAL OF OTHER COMMITMENTS GIVEN  
Mortgages and liens received  
Sales obligations  
91,695  
21,565  
113,344  
42,768  
39,437  
7,989  
15,527  
23,539  
162  
27,709  
1,328  
29,070  
4,425  
8,378  
55,997  
4,710  
60,735  
38,181  
30,286  
Other commitments received  
TOTAL OF COMMITMENTS RECEIVED  
Of which commitments given relating to joint ventures  
Of which commitments given relating to associates  
773  
312  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 13  
8
Maturity and installments  
Less than  
1 year  
Between  
1 and 5 years  
More than  
5 years  
As of December 31, 2017 (M$)  
Total  
Non-current debt obligations net of hedging instruments (Note 15)  
39,544  
-
19,540  
20,004  
Current portion of non-current debt obligations net  
of hedging instruments (Note 15)  
4,646  
1,156  
4,646  
39  
-
261  
-
856  
Finance lease obligations (Note 13.2)  
Asset retirement obligations (Note 12)  
12,240  
485  
2,165  
9,590  
CONTRACTUAL OBLIGATIONS RECORDED  
IN THE BALANCE SHEET  
57,586  
6,441  
5,170  
1,401  
8,605  
21,966  
2,886  
30,450  
2,154  
Operating lease obligations (Note 13.2)  
Purchase obligations  
86,366  
23,917  
53,844  
CONTRACTUAL OBLIGATIONS NOT RECORDED  
IN THE BALANCE SHEET  
92,807  
150,393  
2,073  
16,080  
341  
10,006  
15,176  
1,938  
411  
26,803  
48,769  
29  
55,998  
86,448  
106  
TOTAL OF CONTRACTUAL OBLIGATIONS  
Guarantees given for excise taxes  
Guarantees given against borrowings  
Indemnities related to sales of businesses  
Guarantees of current liabilities  
10,607  
61  
5,062  
160  
120  
321  
91  
109  
121  
Guarantees to customers/suppliers  
Letters of credit  
4,180  
2,965  
17,431  
43,391  
89  
1,100  
2,680  
1,165  
7,505  
23  
268  
2,812  
183  
102  
Other operating commitments  
637  
15,629  
24,073  
40  
TOTAL OF OTHER COMMITMENTS GIVEN  
Mortgages and liens received  
11,813  
26  
Sales obligations  
67,014  
7,398  
74,501  
36,847  
20,629  
6,263  
3,549  
9,835  
160  
21,513  
1,111  
22,650  
12,225  
5,991  
39,238  
2,738  
42,016  
24,462  
14,058  
Other commitments received  
TOTAL OF COMMITMENTS RECEIVED  
Of which commitments given relating to joint ventures  
Of which commitments given relating to associates  
580  
8
Registration Document 2018 TOTAL  
313  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 13  
Maturity and installments  
Less than  
1 year  
Between  
1 and 5 years  
More than  
5 years  
As of December 31, 2016 (M$)  
Total  
Non-current debt obligations net of hedging instruments (Note 15)  
41,848  
-
18,449  
23,399  
Current portion of non-current debt obligations net  
of hedging instruments (Note 15)  
4,614  
319  
4,614  
8
-
103  
-
208  
Finance lease obligations (Note 13.2)  
Asset retirement obligations (Note 12)  
12,665  
685  
2,269  
9,711  
CONTRACTUAL OBLIGATIONS RECORDED  
IN THE BALANCE SHEET  
59,446  
6,478  
5,307  
1,582  
20,821  
2,953  
33,318  
1,943  
Operating lease obligations (Note 13.2)  
Purchase obligations  
105,208  
10,898  
20,570  
73,740  
CONTRACTUAL OBLIGATIONS NOT RECORDED  
IN THE BALANCE SHEET  
111,686  
171,132  
1,887  
14,666  
375  
12,480  
17,787  
1,740  
215  
23,523  
44,344  
58  
75,683  
109,001  
89  
TOTAL OF CONTRACTUAL OBLIGATIONS  
Guarantees given for excise taxes  
Guarantees given against borrowings  
Indemnities related to sales of businesses  
Guarantees of current liabilities  
664  
13,787  
158  
158  
59  
391  
89  
99  
203  
Guarantees to customers/suppliers  
Letters of credit  
3,997  
1,457  
3,592  
26,365  
77  
1,038  
1,215  
1,319  
5,774  
20  
225  
2,734  
161  
81  
Other operating commitments  
409  
1,864  
18,996  
38  
TOTAL OF OTHER COMMITMENTS GIVEN  
Mortgages and liens received  
1,595  
19  
Sales obligations  
82,756  
6,799  
89,632  
48,257  
21,959  
7,331  
3,133  
10,484  
61  
21,356  
1,124  
22,499  
3,211  
3,265  
54,069  
2,542  
56,649  
44,985  
18,091  
Other commitments received  
TOTAL OF COMMITMENTS RECEIVED  
Of which commitments given relating to joint ventures  
Of which commitments given relating to associates  
603  
A) Contractual obligations  
Debt obligations  
Purchase obligations  
Purchase obligations are obligations under contractual agreements  
to purchase goods or services, including capital projects. These  
obligations are enforceable and legally binding on the Company and  
specify all significant terms, including the amount and the timing of  
the payments.  
“
Non-current debt obligations” are included in the items “Non-current  
financial debt” and “Non-current financial assets” of the consolidated  
balance sheet. It includes the non-current portion of swaps hedging  
bonds, and excludes non-current finance lease obligations of  
$
1,665 million.  
The current portion of non-current debt is included in the items  
Current borrowings”, “Current financial assets” and “Other current  
These obligations mainly include: unconditional hydrocarbon  
purchase contracts (except where an active, highly-liquid market  
exists and when the hydrocarbons are expected to be re-sold shortly  
after purchase), reservation of transport capacities in pipelines,  
unconditional exploration works and development works in the  
Exploration & Production segment, and contracts for capital investment  
projects in the Refining & Chemicals segment.  
“
financial liabilities” of the consolidated balance sheet. It includes the  
current portion of swaps hedging bonds, and excludes the current  
portion of finance lease obligations of $213 million.  
The information regarding contractual obligations linked to indebtedness  
is presented in Note 15 to the Consolidated Financial Statements.  
B) Other commitments given  
Guarantees given for excise taxes  
Lease contracts  
The information regarding operating and finance leases is presented  
in Note 13.2 to the Consolidated Financial Statements.  
These consist of guarantees given by the Group to customs  
authorities in order to guarantee the payments of taxes and excise  
duties on the importation of oil and gas products, mostly in France.  
Asset retirement obligations  
Guarantees given against borrowings  
This item represents the discounted present value of Exploration &  
Production asset retirement obligations, primarily asset removal costs  
at the completion date. The information regarding contractual  
obligations linked to asset retirement obligations is presented in  
Note 12 to the Consolidated Financial Statements.  
The Group guarantees bank debt and finance lease obligations of  
certain non-consolidated subsidiaries and equity affiliates. Maturity  
dates vary, and guarantees will terminate on payment and/or  
cancellation of the obligation. A payment would be triggered by failure  
of the guaranteed party to fulfill its obligation covered by the  
guarantee, and no assets are held as collateral for these guarantees.  
314  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 13  
8
As of December 31, 2018, the maturities of these guarantees are  
up to 2043.  
regulations and employment-related matters, dealer, supplier, and  
other commercial contractual relationships. Performance under these  
indemnities would generally be triggered by a breach of terms of the  
contract or by a third party claim. The Group regularly evaluates the  
probability of having to incur costs associated with these indemnities.  
As of December 31, 2018, the guarantees provided by TOTAL S.A.  
in connection with the financing of the Ichthys LNG project amounted  
to $9,425 million. As of December 31, 2017, the guarantees  
amounted to $8,500 million.  
Other guarantees given  
Guarantees given against borrowings also include the guarantee  
given in 2018 by TOTAL S.A. in connection with the financing of the  
Yamal LNG project for an amount of $3,875 million by TOTAL S.A.  
As of December 31, 2017, the guarantees amounted to $4,038 million.  
Non-consolidated subsidiaries  
The Group also guarantees the current liabilities of certain non-  
consolidated subsidiaries. Performance under these guarantees  
would be triggered by a financial default of the entity.  
As of December 31, 2018, TOTAL S.A. has confirmed guarantees  
for Total Refining SAUDI ARABIA SAS shareholders’ advances for an  
amount of $1,462 million as in 2017.  
Operating agreements  
As part of normal ongoing business operations and consistent with  
generally accepted and recognized industry practices, the Group  
enters into numerous agreements with other parties. These  
commitments are often entered into for commercial purposes, for  
regulatory purposes or for other operating agreements.  
As of December 31, 2018, the guarantee given in 2008 by TOTAL  
S.A. in connection with the financing of the Yemen LNG project  
amounts to $551 million as in 2017.  
As of December 31, 2018, guarantees provided by TOTAL S.A. in  
connection with the financing of the Bayport Polymers LLC project,  
amounted to $1,820 million.  
C) Commitments received  
Sales obligations  
Indemnities related to sales of businesses  
These amounts represent binding obligations under contractual  
agreements to sell goods, including in particular unconditional  
hydrocarbon sales contracts (except where an active, highly-liquid  
market exists and when the volumes are expected to be re-sold  
shortly after purchase).  
In the ordinary course of business, the Group executes contracts  
involving standard indemnities for the oil industry and indemnities  
specific to transactions such as sales of businesses. These indemnities  
might include claims against any of the following: environmental, tax  
and shareholder matters, intellectual property rights, governmental  
13.2 Lease contracts  
ACCOUNTING PRINCIPLES  
A finance lease transfers substantially all the risks and rewards  
incidental to ownership from the lessor to the lessee. These  
contracts are capitalized as assets at fair value or, if lower, at the  
present value of the minimum lease payments according to the  
contract. A corresponding financial debt is recognized as a financial  
liability. These assets are depreciated over the corresponding  
useful life used by the Group.  
Leases that are not finance leases as defined above are recorded  
as operating leases.  
Certain arrangements do not take the legal form of a lease but  
convey the right to use an asset or a group of assets in return for  
fixed payments. Such arrangements are accounted for as leases  
and are analyzed to determine whether they should be classified  
as operating leases or as finance leases.  
The Group leases real estate, retail stations, ships, and other equipment (see Note 7 to the Consolidated Financial Statements).  
The future minimum lease payments on operating and finance leases to which the Group is committed are as follows:  
For the year ended December 31, 2018 (M$)  
Operating leases Finance leases  
2
2
2
2
2
2
019  
1,644  
1,282  
967  
263  
183  
020  
021  
182  
022  
772  
179  
8
023  
669  
179  
024 and beyond  
3,796  
9,130  
1,826  
2,812  
(934)  
1,878  
(213)  
1,665  
TOTAL MINIMUM PAYMENTS  
Less financial expenses  
NOMINAL VALUE OF CONTRACTS  
Less current portion of finance lease contracts  
NON-CURRENT FINANCE LEASE LIABILITIES  
Registration Document 2018 TOTAL  
315  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 13  
For the year ended December 31, 2017 (M$)  
Operating leases  
1,401  
988  
Finance leases  
2
2
2
2
2
2
018  
76  
67  
019  
020  
814  
67  
021  
623  
65  
022  
462  
65  
023 and beyond  
2,153  
6,441  
864  
1,204  
(48)  
TOTAL MINIMUM PAYMENTS  
Less financial expenses  
NOMINAL VALUE OF CONTRACTS  
Less current portion of finance lease contracts  
NON-CURRENT FINANCE LEASE LIABILITIES  
1,156  
(39)  
1,117  
For the year ended December 31, 2016 (M$)  
Operating leases Finance leases  
2
2
2
2
2
2
017  
1,582  
1,054  
777  
24  
26  
018  
019  
44  
020  
687  
27  
021  
435  
25  
022 and beyond  
1,943  
6,478  
247  
393  
(74)  
319  
(8)  
TOTAL MINIMUM PAYMENTS  
Less financial expenses  
NOMINAL VALUE OF CONTRACTS  
Less current portion of finance lease contracts  
NON-CURRENT FINANCE LEASE LIABILITIES  
311  
Net rental expense incurred under operating leases for the year ended December 31, 2018 is $1,304 million (against $1,467 million in 2017  
and $1,629 million in 2016).  
316  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 14  
8
NOTE 14 Financial assets and liabilities analysis per instrument class and strategy  
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:  
Fair value  
through OCI –  
equity  
As of December 31, 2018  
M$)  
ASSETS/(LIABILITIES)  
Fair value of  
instruments  
hedge  
(
Amortized  
cost  
Fair value  
through P&L  
instruments  
Total  
Fair value  
Equity affiliates: loans  
4,755  
-
-
1,059  
67  
-
-
-
4,755  
1,421  
4,755  
1,421  
680  
Other investments  
362  
Non-current financial assets  
Other non-current assets  
Accounts receivable, net(b)  
Other operating receivables  
Current financial assets  
Cash and cash equivalents  
TOTAL FINANCIAL ASSETS  
TOTAL NON-FINANCIAL ASSETS  
TOTAL ASSETS  
-
-
613  
-
680  
2,348  
17,270  
6,994  
3,536  
27,907  
62,810  
-
-
2,348  
2,348  
17,270  
9,733  
3,654  
27,907  
67,768  
-
-
-
17,270  
9,733  
2,731  
73  
-
-
8
45  
-
3,654  
-
-
27,907  
67,768  
188,994  
256,762  
(40,129)  
(26,134)  
(13,286)  
(13,306)  
(478)  
3,930  
362  
666  
Non-current financial debt(a)  
Accounts payable(b)  
(38,220)  
(26,134)  
(9,854)  
(13,306)  
-
(29)  
-
-
-
-
-
(1,880)  
(41,281)  
(26,134)  
(13,286)  
(13,306)  
(478)  
-
(3,429)  
-
-
(3)  
Other operating liabilities  
Current borrowings(a)  
-
Other current financial liabilities  
(183)  
(295)  
TOTAL FINANCIAL  
LIABILITIES  
(87,514)  
(3,641)  
-
(2,178)  
(93,333)  
(163,429)  
(256,762)  
(94,485)  
TOTAL NON-FINANCIAL LIABILITIES  
TOTAL LIABILITIES  
(
(
a) The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements).  
b) The impact of offsetting on accounts receivable, net is $(2,903) million and $2,903 million on accounts payable.  
8
Registration Document 2018 TOTAL  
317  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 14  
Other  
financial  
Financial instruments related to financing and operational activities  
Fair value  
instruments  
Total Fair value  
As of December 31, 2017  
M$)  
Amortized  
cost  
Amortized  
cost  
(
Hedging of  
Financial  
debt  
Net investment  
hedge  
Available  
for sale(  
Held for  
trading  
Financial  
debt  
Cash flow  
hedge  
a)  
(b)  
ASSETS/(LIABILITIES)  
and other  
Equity affiliates: loans  
Other investments  
5,135  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,135  
1,727  
5,135  
1,727  
1,727  
Non-current financial  
assets  
-
-
50  
-
73  
-
-
-
-
337  
269  
-
-
-
-
-
679  
3,815  
679  
3,815  
Other non-current assets  
Accounts receivable, net(c)  
3,765  
-
-
-
-
-
-
14,893  
14,893  
14,893  
Other operating  
receivables  
-
-
-
1,977  
251  
-
-
-
12  
-
-
-
7,347  
-
9,336  
3,393  
9,336  
3,393  
Current financial assets  
2,970  
172  
Cash and cash  
equivalents  
-
-
-
-
-
-
-
33,185  
33,185  
33,185  
TOTAL FINANCIAL  
ASSETS  
11,870  
1,777  
2,301  
-
509  
281  
-
55,425  
72,163  
72,163  
TOTAL NON-FINANCIAL  
ASSETS  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
170,468  
242,631  
-
-
TOTAL ASSETS  
Non-current  
financial debt  
Accounts payable(c)  
(18,470)  
-
-
-
(20)  
-
(21,768)  
-
(951)  
-
(131)  
-
-
-
-
(41,340) (42,886)  
(26,479) (26,479)  
(26,479)  
Other operating  
liabilities  
-
-
-
(1,794)  
-
-
-
-
-
-
-
-
(8,341)  
-
(10,135) (10,135)  
(11,096) (11,095)  
Current borrowings  
(6,925)  
(4,171)  
Other current financial  
liabilities  
-
-
(88)  
-
(157)  
-
-
-
(245) (245)  
(89,295) (90,840)  
TOTAL FINANCIAL  
LIABILITIES  
(25,395)  
-
(1,902)  
(25,939)  
(1,108)  
(131)  
-
(34,820)  
TOTAL NON-FINANCIAL  
LIABILITIES  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(153,336)  
(242,631)  
-
-
TOTAL LIABILITIES  
(a) Financial assets available for sale are measured at their fair value except for unlisted securities and listed securities on non active markets (see Note 8 to the Consolidated Financial Statements).  
(b) The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements).  
(c) The impact of offsetting on accounts receivable, net is $(3,471) million and $3,471 million on accounts payable.  
318  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 14  
8
Other  
financial  
instruments  
Financial instruments related to financing and operational activities  
Fair value  
Total Fair value  
As of December 31, 2016  
M$)  
Amortized  
cost  
Amortized  
cost  
(
Hedging of  
Financial  
debt  
Net investment  
hedge  
Available  
for sale(  
Held for  
trading  
Financial  
debt  
Cash flow  
hedge  
a)  
(b)  
ASSETS/(LIABILITIES)  
and other  
Equity affiliates: loans  
Other investments  
4,718  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,718  
1,133  
4,718  
1,133  
1,133  
Non-current financial  
assets  
-
-
66  
-
63  
-
-
-
-
716  
129  
-
-
-
-
-
908  
4,117  
908  
4,117  
Other non-current assets  
Accounts receivable, net(c)  
4,051  
-
-
-
-
-
-
12,213  
12,213  
12,213  
Other operating  
receivables  
-
-
-
2,425  
94  
-
-
-
4
-
-
-
7,789  
-
10,218  
4,548  
10,218  
4,548  
Current financial assets  
4,413  
41  
Cash and cash  
equivalents  
-
-
-
-
-
-
-
24,597  
24,597  
24,597  
TOTAL FINANCIAL  
ASSETS  
13,182  
1,199  
2,582  
-
757  
133  
-
44,599  
62,452  
62,452  
TOTAL NON-FINANCIAL  
ASSETS  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
168,526  
230,978  
-
-
TOTAL ASSETS  
Non-current  
financial debt  
Accounts payable(c)  
(11,188)  
-
-
-
(5)  
-
(28,223)  
-
(3,007)  
-
(644)  
-
-
-
-
(43,067) (44,168)  
(23,227) (23,227)  
(23,227)  
Other operating  
liabilities  
-
-
-
(2,001)  
-
-
-
-
(107)  
-
-
-
(7,508)  
-
(9,616) (9,616)  
(13,920) (13,920)  
Current borrowings  
(9,700)  
(4,220)  
Other current  
financial liabilities  
-
-
(115)  
-
(212)  
-
-
-
(327) (327)  
(90,157) (91,258)  
TOTAL FINANCIAL  
LIABILITIES  
(20,888)  
-
(2,121)  
(32,443)  
(3,219)  
(751)  
-
(30,735)  
TOTAL NON-FINANCIAL  
LIABILITIES  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(140,821)  
(230,978)  
-
-
TOTAL LIABILITIES  
(a) Financial assets available for sale are measured at their fair value except for unlisted securities and listed securities on non active markets (see Note 8 to the Consolidated Financial Statements).  
(b) The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements).  
(c) The impact of offsetting on accounts receivable, net is $(1,828) million and $1,828 million on accounts payable.  
8
Registration Document 2018 TOTAL  
319  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
NOTE 15 Financial structure and financial costs  
15.1 Financial debt and derivative financial instruments  
A) Non-current financial debt and derivative financial instruments  
As of December 31, 2018 (M$)  
(
ASSETS)/LIABILITIES  
Secured Unsecured  
Total  
Non-current financial debt  
1,870  
38,259  
1,880  
(680)  
(613)  
37,579  
20,570  
15,672  
621  
40,129  
1,880  
(680)  
Of which hedging instruments of non-current financial debt (liabilities)  
Non-current financial assets  
-
-
Of which hedging instruments of non-current financial debt (assets)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
Variable rates bonds after fair value hedge  
Fixed rate bonds after cash flow hedge  
-
1,870  
-
(613)  
39,449  
20,570  
15,672  
732  
-
Other floating rate debt  
111  
94  
Other fixed rate debt  
754  
848  
Financial lease obligations  
1,665  
-
-
1,665  
(38)  
Non-current instruments held for trading  
(38)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
1,870  
37,579  
39,449  
As of December 31, 2017 (M$)  
(
ASSETS)/LIABILITIES  
Secured Unsecured  
Total  
Non-current financial debt  
1,310  
40,030  
1,082  
(679)  
(606)  
39,351  
20,620  
16,469  
1,692  
623  
41,340  
1,082  
(679)  
Of which hedging instruments of non-current financial debt (liabilities)  
Non-current financial assets  
-
-
Of which hedging instruments of non-current financial debt (assets)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
Variable rates bonds after fair value hedge  
Fixed rate bonds after cash flow hedge  
-
1,310  
-
(606)  
40,661  
20,620  
16,469  
1,762  
746  
-
Other floating rate debt  
70  
Other fixed rate debt  
123  
1,117  
-
Financial lease obligations  
-
1,117  
(53)  
Non-current instruments held for trading  
(53)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
1,310  
39,351  
40,661  
As of December 31, 2016 (M$)  
(
ASSETS)/LIABILITIES  
Secured Unsecured  
Total  
Non-current financial debt  
572  
-
42,495  
3,651  
(908)  
(845)  
41,587  
29,147  
10,315  
1,291  
892  
43,067  
3,651  
(908)  
Of which hedging instruments of non-current financial debt (liabilities)  
Non-current financial assets  
-
Of which hedging instruments of non-current financial debt (assets)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
Variable rates bonds after fair value hedge  
Fixed rate bonds after cash flow hedge  
-
(845)  
572  
-
42,159  
29,147  
10,315  
1,367  
1,077  
311  
-
Other floating rate debt  
76  
185  
311  
-
Other fixed rate debt  
Financial lease obligations  
-
Non-current instruments held for trading  
(58)  
(58)  
NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS  
572  
41,587  
42,159  
320  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
The bonds, as of December 31, 2018, after taking into account currency and interest rates swaps fair value, is detailed as follows:  
Bonds after fair  
value hedge and  
variable rate bonds  
Amount after  
hedging as of  
December 31,  
2018  
Amount after  
hedging as of  
December 31,  
2017  
Amount after  
hedging as of  
December 31,  
2016  
Range of  
current  
maturities  
Range of initial  
current rate before  
hedging instruments  
Currency of  
issuance  
(M$)  
Bond  
Bond  
USD  
USD  
6,276  
750  
7,266  
1,385  
11,036  
1,385  
2019 – 2028  
2019 – 2020  
2.100% – 3.883%  
USLIBOR 3 mois + 0.35%  
USLIBOR 3 mois + 0.75%  
Bond  
Bond  
Bond  
Bond  
Bond  
CHF  
NZD  
AUD  
EUR  
EUR  
204  
252  
391  
252  
1,441  
251  
2026  
2019 – 2020  
2019 – 2025  
2019 – 2044  
2020  
0.298%  
4.750% – 5.000%  
3.750% – 4.250%  
0.250% – 4.875%  
699  
850  
1,211  
10,958  
1,638  
10,212  
1,644  
8,266  
1,639  
EURIBOR 3 mois + 0.30%  
EURIBOR 3 mois + 0.31%  
Bond  
CAD  
GBP  
GBP  
NOK  
HKD  
93  
1,536  
472  
-
188  
1,855  
470  
289  
2,215  
469  
2020  
2020 – 2022  
2019  
2.125%  
1.750% – 2.250%  
GBLIB3M + 0.30%  
Bond  
Bond  
Bond  
103  
355  
Bond  
207  
212  
392  
2019 – 2025  
2.920% – 4.180%  
Current portion  
(less than one year)  
(3,679)  
(4,156)  
(4,391)  
Total Principal  
Financing Entities(  
a)  
18,666  
1,203  
701  
18,721  
1,201  
698  
27,249  
1,200  
698  
TOTAL S.A.(b)  
2022  
0.500%  
Other consolidated subsidiaries  
TOTAL BONDS AFTER  
FAIR VALUE HEDGE  
20,570  
20,620  
29,147  
Bonds after  
cash flow hedge  
Amount after  
hedging as of  
December 31,  
2018  
Amount after  
hedging as of  
December 31,  
2017  
Amount after  
hedging as of  
December 31,  
2016  
Range of  
current  
maturities  
Range of initial  
current rate before  
hedging instruments  
and fixed rate bonds  
M$)  
Currency of  
(
issuance  
Bond  
EUR  
USD  
CNY  
HKD  
CHF  
GBP  
9,268  
5,040  
-
9,337  
5,000  
164  
5,248  
2019 – 2029  
2020 – 2024  
0.750% – 5.125%  
2.750% – 4.450%  
Bond  
4,250  
Bond  
153  
Bond  
187  
188  
-
-
-
2026  
2024-2027  
2024  
3.088%  
0.510% – 1.010%  
1.250%  
Bond  
1,035  
326  
1,037  
324  
Bond  
Current portion  
(less than one year)  
(946)  
14,910  
762  
(164)  
15,886  
583  
-
9,651  
664  
Total Principal  
Financing Entities(  
a)  
8
Other consolidated  
subsidiaries  
TOTAL BONDS AFTER  
CASH FLOW HEDGE  
AND FIXED RATE BONDS  
15,672  
16,469  
10,315  
(a) All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TOTAL S.A. as to payment of principal, premium, if any, interest and any other  
amounts due:  
–
Total Capital is a wholly-owned subsidiary of TOTAL S.A. (except for one share held by each director). It acts as a financing vehicle for the Group. The repayment of its financial debt  
capital, premium and interest) is fully and unconditionally guaranteed by TOTAL S.A.  
Total Capital Canada Ltd. is a wholly-owned subsidiary of TOTAL S.A.. It acts as a financing vehicle for the activities of the Group in Canada. The repayment of its financial debt (capital,  
premium and interest) is fully and unconditionally guaranteed by TOTAL S.A.  
Total Capital International is a wholly-owned subsidiary of TOTAL S.A. (except for one share held by each director). It acts as a financing vehicle for the Group. The repayment of its  
(
–
–
financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TOTAL S.A.  
(b) Debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge TOTAL’s exposure to  
the exercise of the conversion rights under the bonds.  
Registration Document 2018 TOTAL  
321  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
Loan repayment schedule (excluding current portion)  
of which hedging  
of which hedging  
instruments of  
instruments of  
non-current  
financial debt  
(liabilities)  
Non-current  
non-current financial debt and  
financial debt  
(assets)  
As of December 31, 2018  
M$)  
Non-current  
financial debt  
Non-current  
financial assets  
related financial  
instruments  
(
%
2
2
2
2
2
020  
5,442  
4,042  
386  
251  
(10)  
(76)  
-
(57)  
5,432  
3,966  
14%  
10%  
021  
022  
5,262  
448  
(104)  
(37)  
(104)  
-
5,158  
13%  
023  
5,020  
93  
4,983  
13%  
024 and beyond  
20,363  
40,129  
702  
(453)  
(680)  
(452)  
(613)  
19,910  
39,449  
50%  
TOTAL  
1,880  
100%  
of which hedging  
instruments of  
non-current  
of which hedging  
instruments of  
Non-current  
non-current financial debt and  
As of December 31, 2017  
Non-current  
financial debt  
financial debt  
(liabilities)  
Non-current  
financial assets  
financial debt  
(assets)  
related financial  
instruments  
(M$)  
%
2
2
2
2
2
019  
6,005  
5,119  
164  
222  
(75)  
(2)  
(68)  
-
5,930  
5,117  
15%  
13%  
9%  
020  
021  
3,810  
96  
(15)  
-
3,795  
022  
5,026  
165  
(67)  
(67)  
(471)  
(606)  
4,959  
12%  
51%  
100%  
023 and beyond  
21,380  
41,340  
435  
(520)  
(679)  
20,860  
40,661  
TOTAL  
1,082  
of which hedging  
instruments of  
non-current  
of which hedging  
instruments of  
Non-current  
non-current financial debt and  
As of December 31, 2016  
Non-current  
financial debt  
financial debt  
(liabilities)  
Non-current  
financial assets  
financial debt  
(assets)  
related financial  
instruments  
(M$)  
%
2
2
2
2
2
018  
4,572  
5,812  
249  
327  
(252)  
(110)  
(4)  
(235)  
(104)  
-
4,320  
5,702  
10%  
14%  
12%  
8%  
019  
020  
4,956  
564  
4,952  
021  
3,609  
237  
(31)  
(7)  
3,578  
022 and beyond  
24,118  
43,067  
2,274  
3,651  
(511)  
(908)  
(499)  
(845)  
23,607  
42,159  
56%  
100%  
TOTAL  
Analysis by currency and interest rate  
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial debt.  
As of December 31, (M$)  
U.S. dollar  
2018  
38,120  
1,103  
27  
%
97%  
3%  
2017  
38,703  
724  
%
95%  
2%  
2016  
39,963  
977  
%
95%  
2%  
Euro  
Norwegian krone  
Other currencies  
TOTAL  
0%  
975  
2%  
928  
2%  
199  
0%  
259  
1%  
291  
1%  
39,449  
100%  
40,661  
100%  
42,159  
100%  
As of December 31, (M$)  
Fixed rate  
2018  
18,139  
21,310  
39,449  
%
46%  
2017  
18,332  
22,329  
40,661  
%
45%  
2016  
11,703  
30,456  
42,159  
%
28%  
Floating rate  
TOTAL  
54%  
55%  
72%  
100%  
100%  
100%  
322  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
B) Current financial assets and liabilities  
Current borrowings consist mainly of commercial paper or treasury bills or drawings on bank loans. These instruments bear interest at rates  
that are close to market rates.  
As of December 31, (M$)  
(
ASSETS)/LIABILITIES  
2018  
2017  
2016  
Current financial debt(a)  
8,316  
4,990  
13,306  
295  
6,396  
4,700  
11,096  
157  
9,469  
4,451  
13,920  
212  
Current portion of non-current financial debt  
CURRENT BORROWINGS (Note 14)  
Current portion of hedging instruments of debt (liabilities)  
Other current financial instruments (liabilities)  
OTHER CURRENT FINANCIAL LIABILITIES (Note 14)  
Current deposits beyond three months  
183  
88  
115  
478  
245  
327  
(3,536)  
(45)  
(2,970)  
(172)  
(251)  
(3,393)  
7,948  
(4,413)  
(41)  
Current portion of hedging instruments of debt (assets)  
Other current financial instruments (assets)  
(73)  
(94)  
CURRENT FINANCIAL ASSETS (Note 14)  
(3,654)  
10,130  
(4,548)  
9,699  
CURRENT BORROWINGS AND RELATED FINANCIAL ASSETS AND LIABILITIES, NET  
(
a) As of December 31, 2018, December 31, 2017 and December 31, 2016, the current financial debt includes a commercial paper program in Total Capital Canada Ltd. Total Capital  
Canada Ltd. is a wholly-owned subsidiary of TOTAL S.A. It acts as a financing vehicle for the activities of the Group in Canada. Its debt securities are fully and unconditionally guaranteed  
by TOTAL S.A. as to payment of principal, premium, if any, interest and any other amounts due.  
C) Cash flow from (used in) financing activities  
The variations of financial debt are detailed as follows:  
Non-cash changes  
Change  
in scope,  
including  
IFRS 5  
As of  
January 1,  
Reclassification  
Changes Non-current/  
As of  
December  
31, 2018  
Cash  
Foreign  
(M$)  
2018 changes reclassification currency in fair value  
Current Other  
Non-current financial  
instruments – assets  
(a)  
(679)  
-
(72)  
12  
59  
62  
-
-
(680)  
Non-current financial debt  
41,340  
649  
4,708  
(59)  
(6,260) (311)  
40,129  
NON-CURRENT FINANCIAL  
DEBT AND RELATED  
FINANCIAL INSTRUMENTS  
40,661  
649  
4,636  
(47)  
121  
(6,260) (311)  
39,449  
Current financial  
(a)  
instruments – assets  
Current borrowings  
Current financial  
(423)  
-
-
10  
295  
-
-
(118)  
11,096 (3,990)  
230  
270  
(514)  
6,260  
(46)  
13,306  
(a)  
instruments – liabilities  
245  
-
67  
(11)  
177  
-
-
478  
CURRENT FINANCIAL  
DEBT AND RELATED  
FINANCIAL INSTRUMENTS  
10,918 (3,990)  
297  
269  
(42)  
6,260  
(46)  
13,666  
Financial debt classified  
as held for sale  
8
-
-
-
-
-
-
-
-
FINANCIAL DEBT  
51,579 (3,341)  
4,933  
222  
79  
-
(357)  
53,115  
Registration Document 2018 TOTAL  
323  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
Non-cash changes  
Change  
in scope,  
including  
IFRS 5  
As of  
January 1,  
Reclassification  
Changes Non-current/  
As of  
December  
31, 2017  
Cash  
Foreign  
(M$)  
2017 changes reclassification currency in fair value  
Current Other  
Non-current financial  
instruments – assets  
(a)  
(908)  
-
-
(62)  
203  
291  
-
-
(679)  
Non-current financial debt  
43,067  
2,277  
2
(451)  
(4,713)  
955  
41,340  
NON-CURRENT FINANCIAL  
DEBT AND RELATED  
FINANCIAL INSTRUMENTS  
42,159  
2,277  
2
141  
(160)  
(4,713)  
955  
40,661  
Current financial  
(a)  
instruments – assets  
Current borrowings  
Current financial  
(135)  
-
-
(34)  
(254)  
290  
-
-
(423)  
13,920 (7,175)  
(50)  
(585)  
4,713  
(17)  
11,096  
instruments – liabilities(a)  
327  
-
-
18  
(100)  
-
-
245  
CURRENT FINANCIAL  
DEBT AND RELATED  
FINANCIAL INSTRUMENTS  
14,112 (7,175)  
(50)  
(601)  
(64)  
4,713  
(17)  
10,918  
Financial debt classified  
as held for sale  
21  
-
(21)  
-
-
-
-
-
FINANCIAL DEBT  
56,292 (4,898)  
(69)  
(460)  
(224)  
-
938  
51,579  
(a) Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.  
Monetary changes in non-current financial debt are detailed as follows:  
For the year ended December 31, (M$)  
Issuance of non-current debt  
2018  
2017  
2016  
4,096  
(520)  
3,938  
(3,289)  
649  
2,959  
(682)  
Repayment of non-current debt  
NET AMOUNT  
2,277  
3,576  
D) Cash and cash equivalents  
ACCOUNTING POLICIES  
Cash and cash equivalents are comprised of cash on hand and  
highly liquid short-term investments that are easily convertible into  
known amounts of cash and are subject to insignificant risks of  
changes in value.  
Investments with maturity greater than three months and less than  
twelve months are shown under “Current financial assets”.  
Changes in current financial assets and liabilities are included in  
the financing activities section of the Consolidated Statement of  
Cash Flows.  
Cash and cash equivalents are detailed as follows:  
For the year ended December 31, (M$)  
2018  
15,186  
12,721  
27,907  
2017  
13,427  
19,758  
33,185  
2016  
12,129  
12,468  
24,597  
Cash  
Cash equivalents  
TOTAL  
Cash equivalents are mainly composed of deposits less than three months deposited in government institutions or deposit banks selected in  
accordance with strict criteria.  
As of December 31, 2018, the cash and cash equivalents include $1,842 million subject to restrictions particularly due to a regulatory  
framework or due to the fact they are owned by affiliates located in countries with exchange controls.  
324  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
E) Net-debt-to-capital ratio  
For its internal and external communication needs, the Group calculates a debt ratio by dividing its net financial debt by its capital.  
The ratio is calculated as follows: Net debt/(Equity + Net debt)  
As of December 31, (M$)  
(
ASSETS)/LIABILITIES  
2018  
2017  
2016  
Current borrowings  
13,306  
478  
11,096  
245  
13,920  
327  
Other current financial liabilities  
Current financial assets  
(3,654)  
(15)  
(3,393)  
-
(4,548)  
(140)  
Net financial assets and liabilities held for sale or exchange  
Non-current financial debt  
40,129  
(680)  
41,340  
(679)  
43,067  
(908)  
Non-current financial assets  
Cash and cash equivalents  
(27,907)  
21,657  
115,640  
2,474  
(33,185)  
15,424  
111,556  
2,481  
(24,597)  
27,121  
98,680  
2,894  
NET FINANCIAL DEBT  
Shareholders’ equity – Group share  
Non-controlling interests  
SHAREHOLDERS’ EQUITY  
NET-DEBT-TO-CAPITAL RATIO  
118,114  
15.5%  
114,037  
11.9%  
101,574  
21.1%  
15.2 Fair value of financial instruments (excluding commodity contracts)  
ACCOUNTING POLICIES  
The Group uses derivative instruments to manage its exposure to  
risks of changes in interest rates, foreign exchange rates and  
commodity prices. These financial instruments are accounted for  
in accordance with IFRS 9. Changes in fair value of derivative  
instruments are recognized in the statement of income or in other  
comprehensive income and are recognized in the balance sheet  
in the accounts corresponding to their nature, according to the  
risk management strategy. The derivative instruments used by  
the Group are the following:  
assets” or in liabilities under “Non-current financial debt” for  
the non-current portion. The current portion (less than one  
year) is accounted for in “Current financial assets” or “Other  
current financial liabilities”.  
In case of the anticipated termination of derivative instruments  
accounted for as fair value hedges, the amount paid or  
received is recognized in the statement of income and:  
– if this termination is due to an early cancellation of the hedged  
items, the adjustment previously recorded as revaluation  
of those hedged items is also recognized in the statement  
of income;  
Cash management  
Financial instruments used for cash management purposes are  
part of a hedging strategy of currency and interest rate risks within  
global limits set by the Group and are considered to be used  
for transactions (held for trading). Changes in fair value are  
systematically recorded in the statement of income. The balance  
sheet value of those instruments is included in “Current financial  
assets” or “Other current financial liabilities”.  
–
if the hedged items remain in the balance sheet, the  
adjustment previously recorded as a revaluation of those  
hedged items is spread over the remaining life of those  
items.  
During a change in the nature of the hedge (fair value hedge  
to cash flow hedge), if the components of aggregate exposure  
had already been designated in a hedging relationship (FVH),  
the Group recognizes the second relationship (CFH) without  
having to de-qualify and re-qualify the initial hedging relationship.  
Long-term financing  
When an external long-term financing is set up, specifically to  
finance subsidiaries, and when this financing involves currency  
and interest rate derivatives, these instruments are qualified as:  
2) Cash flow hedge when the Group implements a strategy of  
fixing interest rate on the external debt. Changes in fair value  
are recorded in Other comprehensive Income for the effective  
portion of the hedging and in the statement of income for the  
ineffective portion of the hedging. Amounts recorded in equity  
are transferred to the income statement when the hedged  
transaction affects profit or loss.  
8
1)  
Fair value hedge of the interest rate risk on the external debt  
and of the currency risk of the loans to subsidiaries. Changes  
in fair value of derivatives are recognized in the statement of  
income as are changes in fair value of underlying financial  
debts and loans to subsidiaries.  
The fair value of those hedging instruments of long-term  
financing is included in assets under “Non-current financial  
assets” or in liabilities under “Non-current financial debt” for  
the non-current portion. The current portion (less than one  
year) is accounted for in “Current financial assets” or “Other  
current financial liabilities”.  
Under IFRS9 the Group has recognized in a separate  
component of the comprehensive income the variation of  
foreign currency basis spread identified in the hedging  
relationships qualifying as a fair value hedge.  
The fair value of those hedging instruments of long-term  
financing is included in assets under “Non-current financial  
Registration Document 2018 TOTAL  
325  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
If the hedging instrument expires, is sold or terminated by  
anticipation, gains or losses previously recognized in equity  
remain in equity. Amounts are recycled to the income statement  
only when the hedged transaction affects profit or loss.  
statement of income in the same period as the total or partial  
disposal of the foreign activity.  
The fair value of these instruments is recorded under “Current  
financial assets” or “Other current financial liabilities”.  
Foreign subsidiaries’ equity hedge  
Commitments to purchase shares held by non-controlling  
interests (put options written on minority interests)  
Certain financial instruments hedge against risks related to the  
equity of foreign subsidiaries whose functional currency is not  
the euro (mainly the dollar). These instruments qualify as “net  
investment hedges” and changes in fair value are recorded in  
other comprehensive income under “Currency translation” for the  
effective portion of the hedging and in the statement of income for  
the ineffective portion of the hedging. Gains or losses on hedging  
instruments previously recorded in equity, are reclassified to the  
Put options granted to non-controlling-interest shareholders are  
initially recognized as financial liabilities at the present value of the  
exercise price of the options with a corresponding reduction in  
shareholders’ equity. The financial liability is subsequently measured  
at fair value at each balance sheet date in accordance with  
contractual clauses and any variation is recorded in the statement  
of income (cost of debt).  
A) Impact on the statement of income per nature of financial instruments  
Assets and liabilities from financing activities  
—
—
ineffective portion of bond hedging; and  
The impact on the statement of income of financing assets and  
liabilities mainly includes:  
financial income, financial expense and fair value of derivative  
instruments used for cash management purposes classified as  
“
Assets and liabilities held for trading”.  
—
financial income on cash, cash equivalents, and current financial  
assets (notably current deposits beyond three months) classified  
as “Loans and receivables”;  
Financial derivative instruments used for cash management purposes  
(interest rate and foreign exchange) are considered to be held for  
trading. Based on practical documentation issues, the Group did not  
elect to set up hedge accounting for such instruments. The impact  
on income of the derivatives is offset by the impact of loans and  
current liabilities they are related to. Therefore these transactions  
taken as a whole do not have a significant impact on the Consolidated  
Financial Statements.  
—
financial expense of long term subsidiaries financing, associated  
hedging instruments (excluding ineffective portion of the hedge  
detailed below) and financial expense of short term financing  
classified as “Financing liabilities and associated hedging  
instruments”;  
For the year ended December 31, (M$)  
Loans and receivables  
2018  
161  
2017  
53  
2016  
82  
Financing liabilities and associated hedging instruments  
Fair value hedge (ineffective portion)  
Assets and liabilities held for trading  
IMPACT ON THE COST OF NET DEBT  
(1,927)  
(6)  
(1,395)  
(1)  
(1,111)  
3
(349)  
(2,121)  
(191)  
(1,534)  
(78)  
(1,104)  
B) Impact of the hedging strategies  
Fair value hedge  
The impact on the statement of income of the bond hedging instruments which is recorded in the item “Financial interest on debt” in the  
Consolidated statement of income is detailed as follows:  
For the year ended December 31, (M$)  
Revaluation at market value of bonds  
Swap hedging of bonds  
2018  
1,332  
(1,338)  
(6)  
2017  
(2,519)  
2,518  
(1)  
2016  
693  
(690)  
3
INEFFECTIVE PORTION OF THE FAIR VALUE HEDGE  
The ineffective portion is not representative of the Group’s performance considering the Group’s objective to hold swaps to maturity.  
The current portion of the swaps valuation is not subject to active management.  
Net investment hedge  
The variations of the period are detailed in the table below:  
As of  
As of  
For the year ended December 31, (M$)  
January 1,  
Variations  
Disposals  
December 31,  
2018  
2017  
2016  
(762)  
(658)  
(674)  
38  
(104)  
16  
-
-
-
(724)  
(762)  
(658)  
As of December 31, 2018, 2017 and 2016 the Group had no open forward contracts under these hedging instruments.  
326  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
Cash flow hedge  
The impact on the statement of income and other comprehensive income of the hedging instruments qualified as cash flow hedges is detailed  
as follows:  
For the year ended December 31, (M$)  
2018  
24  
2017  
253  
266  
2016  
308  
(52)  
Profit (Loss) recorded in equity during the period  
Recycled amount from equity to the income statement during the period  
(116)  
As of December 31, 2018, 2017 and 2016, the ineffective portion of these financial instruments is nil.  
C) Maturity of derivative instruments  
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:  
Notional value schedule  
Notional  
value  
2020  
and  
after  
2024  
and  
after  
For the year ended December 31, 2018 (M$)  
ASSETS/(LIABILITIES)  
Fair  
value  
Fair  
value  
2019  
2020  
2021  
2022  
2023  
Fair value hedge  
Swaps hedging bonds (assets)  
45  
(208)  
(163)  
1,345  
235  
3,712  
Swaps hedging bonds (liabilities)  
1,874 (1,281) 16,225  
3,219 (1,046) 19,937 3,346 1,945 4,309 3,858 6,479  
TOTAL SWAPS HEDGING BONDS  
Cash flow hedge  
Swaps hedging bonds (assets)  
-
(87)  
(87)  
-
378 10,043  
Swaps hedging bonds (liabilities)  
969 (599) 11,265  
TOTAL SWAPS HEDGINGS BONDS  
969 (221) 21,308  
-
-
-
-
-
- 21,308  
Forward exchange contracts related  
to operational activites (assets)  
2
-
39  
-
-
-
-
4
-
Forward exchange contracts related  
to operational activites (liabilities)  
TOTAL FORWARD EXCHANGE CONTRACTS  
RELATED TO OPERATING ACTIVITIES  
2
39  
4
4
-
-
Held for trading  
Other interest rate swaps (assets)  
7
(79)  
(72)  
66  
17,001  
20,816  
37,817  
10,500  
9,107  
57  
(22)  
35  
2,515  
2,686  
Other interest rate swaps (liabilities)  
TOTAL OTHER INTEREST RATE SWAPS  
5,201 2,186 1,004  
56  
1
1
-
1,954  
Currency swaps and forward exchange contracts (assets)  
Currency swaps and forward exchange contracts (liabilities)  
11  
44  
34  
(104)  
(7)  
TOTAL CURRENCY SWAPS AND  
FORWARD EXCHANGE CONTRACTS  
(38)  
19,607  
4
78  
65  
12  
-
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.  
8
Registration Document 2018 TOTAL  
327  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
Notional value schedule  
Notional  
value  
2020  
and  
after  
2024  
and  
after  
For the year ended December 31, 2017 (M$)  
ASSETS/(LIABILITIES)  
Fair  
value  
Fair  
value  
2019  
2020  
2021  
2022  
2023  
Fair value hedge  
Swaps hedging bonds (assets)  
172  
(157)  
15  
2,391  
337  
5,075  
Swaps hedging bonds (liabilities)  
1,840 (951) 14,669  
4,231 (614) 19,744 3,247 3,346 1,945 4,336 6,870  
TOTAL SWAPS HEDGING FIXED-RATES BONDS  
Cash flow hedge  
Swaps hedging bonds (assets)  
-
-
-
-
-
-
269  
9,466  
Swaps hedging bonds (liabilities)  
(131) 11,288  
TOTAL SWAPS HEDGING BONDS  
138 20,754  
969  
-
-
-
- 19,785  
Forward exchange contracts related  
to operational activites (assets)  
2
-
55  
-
-
-
-
28  
-
Forward exchange contracts related  
to operational activites (liabilities)  
TOTAL FORWARD EXCHANGE CONTRACTS  
RELATED TO OPERATIONAL ACTIVITES  
2
55  
28  
24  
4
-
-
Held for trading  
Other interest rate swaps (assets)  
32  
(17)  
15  
36,775  
13,905  
50,680  
15,132  
6,048  
64  
(3)  
2,300  
370  
Other interest rate swaps (liabilities)  
TOTAL OTHER INTEREST RATE SWAPS  
61  
9
2,670  
175  
41  
50 1,000  
-
1,579  
Currency swaps and forward exchange contracts (assets)  
Currency swaps and forward exchange contracts (liabilities)  
219  
(71)  
(17)  
229  
TOTAL CURRENCY SWAPS AND  
FORWARD EXCHANGE CONTRACTS  
148  
21,180  
(8)  
404  
222  
128  
46  
7
1
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.  
Notional value schedule  
Notional  
value  
2020  
and  
after  
2024  
and  
after  
For the year ended December 31, 2016 (M$)  
ASSETS/(LIABILITIES)  
Fair  
value  
Fair  
value  
2019  
2020  
2021  
2022  
2023  
Fair value hedge  
Swaps hedging bonds (assets)  
41  
(212)  
(171)  
2,213  
716  
7,618  
Swaps hedging bonds (liabilities)  
2,175 (3,007) 20,549  
4,388 (2,291) 28,167 4,097 3,172 3,346 1,945 15,607  
TOTAL SWAPS HEDGING BONDS  
Cash flow hedge  
Swaps hedging bonds (assets)  
-
-
-
-
-
-
129  
(644)  
(515)  
3,457  
5,679  
9,136  
Swaps hedging bonds (liabilities)  
TOTAL SWAPS HEDGING BONDS  
-
969  
-
-
-
-
8,167  
Forward exchange contracts related  
to operational activites (assets)  
3
(26)  
(23)  
30  
296  
326  
1
(5)  
(4)  
13  
80  
93  
Forward exchange contracts related  
to operational activites (liabilities)  
TOTAL FORWARD EXCHANGE CONTRACTS  
RELATED TO OPERATIONAL ACTIVITES  
93  
-
-
Held for trading  
Other interest rate swaps (assets)  
7
(5)  
16,582  
24,642  
41,224  
6,714  
35  
(4)  
31  
28  
(1)  
1,859  
603  
Other interest rate swaps (liabilities)  
TOTAL OTHER INTEREST RATE SWAPS  
2
2,462 1,291  
-
-
1,000  
43  
171  
2
Currency swaps and forward exchange contracts (assets)  
Currency swaps and forward exchange contracts (liabilities)  
87  
578  
6
(110)  
3,803  
TOTAL CURRENCY SWAPS AND  
FORWARD EXCHANGE CONTRACTS  
(23)  
10,517  
27  
584  
322  
137  
80  
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.  
328  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
D) Fair value hierarchy  
ACCOUNTING POLICIES  
Fair values are estimated for the majority of the Group’s financial  
instruments, with the exception of publicly traded equity securities  
and marketable securities for which the market price is used.  
The methods used are as follows:  
Financial debts, swaps  
The market value of swaps and of bonds that are hedged by  
those swaps has been determined on an individual basis by  
discounting future cash flows with the market curves existing at  
year-end.  
Estimations of fair value, which are based on principles such as  
discounting future cash flows to present value, must be weighted  
by the fact that the value of a financial instrument at a given time  
may be influenced by the market environment (liquidity especially),  
and also the fact that subsequent changes in interest rates and  
exchange rates are not taken into account.  
Other financial instruments  
The fair value of the interest rate swaps and of FRA’s (Forward  
Rate Agreements) are calculated by discounting future cash flows  
on the basis of market curves existing at year-end after adjustment  
for interest accrued but unpaid. Forward exchange contracts and  
currency swaps are valued on the basis of a comparison of the  
negotiated forward rates with the rates in effect on the financial  
markets at year-end for similar maturities.  
As a consequence, the use of different estimates, methodologies  
and assumptions could have a material effect on the estimated  
fair value amounts.  
Exchange options are valued based on models commonly used  
by the market.  
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:  
Quoted prices in  
active markets for  
identical assets  
(level 1)  
Prices  
based on  
observable data  
(level 2)  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2018  
M$)  
(
Total  
Fair value hedge instruments  
Cash flow hedge instruments  
Assets and liabilities held for trading  
Equity instruments  
-
-
(1,209)  
(306)  
(71)  
-
-
-
-
-
(1,209)  
(306)  
(71)  
-
94  
94  
-
94  
TOTAL  
(1,586)  
(1,492)  
Quoted prices in  
active markets for  
identical assets  
(level 1)  
Prices  
based on  
observable data  
(level 2)  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2017  
(M$)  
Total  
Fair value hedge instruments  
Cash flow hedge instruments  
Assets and liabilities held for trading  
Assets available for sale  
TOTAL  
-
-
(599)  
140  
216  
-
-
-
-
-
-
(599)  
140  
-
216  
100  
100  
100  
(243)  
(143)  
Quoted prices in  
active markets for  
identical assets  
(level 1)  
Prices  
based on  
observable data  
(level 2)  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2016  
8
(M$)  
Total  
Fair value hedge instruments  
Cash flow hedge instruments  
Assets and liabilities held for trading  
Assets available for sale  
TOTAL  
-
-
(2,462)  
(542)  
37  
-
-
-
-
-
(2,462)  
(542)  
37  
-
120  
120  
-
120  
(2,967)  
(2,847)  
Registration Document 2018 TOTAL  
329  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
15.3 Financial risks management  
Financial markets related risks  
rate yield curves, and minimize the cost of borrowing) over a less  
than twelve-month horizon and on the basis of a daily interest rate  
benchmark, primarily through short-term interest rate swaps and  
short-term currency swaps, without modifying currency exposure.  
As part of its financing and cash management activities, the Group  
uses derivative instruments to manage its exposure to changes in  
interest rates and foreign exchange rates. These instruments are  
mainly interest rate and currency swaps. The Group may also  
occasionally use futures contracts and options. These operations  
and their accounting treatment are detailed in Notes 14, 15.1 and  
Interest rate risk on non-current debt  
The Group’s policy consists, according to general corporate needs,  
of incurring non-current debt at a floating rate or at a fixed rate,  
depending on the interest rates at the time of issue, in dollars or in  
euros. Long-term interest rate and currency swaps may be used to  
hedge bonds at their issuance in order to create a variable or fixed  
rate synthetic debt. In order to partially modify the interest rate  
structure of the long-term debt, TOTAL may also enter into long-term  
interest rate swaps.  
15.2 to the Consolidated Financial Statements.  
Risks relative to cash management operations and to interest rate  
and foreign exchange financial instruments are managed according  
to rules set by the Group’s senior management, which provide for  
regular pooling of available cash balances, open positions and  
management of the financial instruments by the Treasury Department.  
Excess cash of the Group is deposited mainly in government  
institutions, deposit banks, or major companies through deposits,  
reverse repurchase agreements and purchase of commercial paper.  
Liquidity positions and the management of financial instruments are  
centralized by the Treasury Department, where they are managed by  
a team specialized in foreign exchange and interest rate market  
transactions.  
Currency exposure  
The Group generally seeks to minimize the currency exposure of  
each entity to its functional currency (primarily the dollar, the euro,  
the pound sterling and the Norwegian krone).  
For currency exposure generated by commercial activity, the hedging  
of revenues and costs in foreign currencies is typically performed  
using currency operations on the spot market and, in some cases,  
on the forward market. The Group rarely hedges future cash flows,  
although it may use options to do so.  
The Cash Monitoring-Management Unit within the Treasury Department  
monitors limits and positions per bank on a daily basis and results of  
the Front Office. This unit also prepares marked-to-market valuations  
of used financial instruments and, when necessary, performs sensitivity  
analysis.  
With respect to currency exposure linked to non-current assets,  
the Group has a hedging policy of financing these assets in their  
functional currency.  
Counterparty risk  
The Group has established standards for market transactions under  
which bank counterparties must be approved in advance, based on  
an assessment of the counterparty’s financial soundness (multi-criteria  
analysis including a review of market prices and of the Credit Default  
Swap (CDS), its ratings with Standard & Poor’s and Moody’s, which  
must be of high quality, and its overall financial condition).  
Net short-term currency exposure is periodically monitored against  
limits set by the Group’s senior management.  
The non-current debt described in Note 15.1 to the Consolidated  
Financial Statements is generally raised by the corporate treasury  
entities either directly in dollars or in euros, or in other currencies  
which are then exchanged for dollars or euros through swap issues  
to appropriately match general corporate needs. The proceeds from  
these debt issuances are loaned to affiliates whose accounts are  
kept in dollars or in euros. Thus, the net sensitivity of these positions  
to currency exposure is not significant.  
An overall authorized credit limit is set for each bank and is allotted  
among the subsidiaries and the Group’s central treasury entities  
according to their needs.  
To reduce the market value risk on its commitments, in particular for  
swaps set as part of bonds issuance, the Treasury Department has  
concluded margin call contracts with counterparties.  
The Group’s short-term currency swaps, the notional value of which  
appears in Note 15.2 to the Consolidated Financial Statements,  
are used to attempt to optimize the centralized cash management of  
the Group. Thus, the sensitivity to currency fluctuations which may  
be induced is likewise considered negligible.  
Short-term interest rate exposure and cash  
Cash balances, which are primarily composed of euros and dollars,  
are managed according to the guidelines established by the Group’s  
senior management (to maintain an adequate level of liquidity,  
optimize revenue from investments considering existing interest  
330  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
Sensitivity analysis on interest rate and foreign exchange risk  
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the  
currencies on the fair value of the current financial instruments as of December 31, 2018, 2017 and 2016.  
Change in fair value due to  
a change in interest rate by  
ASSETS/(LIABILITIES)  
M$)  
Carrying  
amount  
Estimated  
fair value  
+10 basis  
points  
-10 basis  
points  
(
AS OF DECEMBER 31, 2018  
Bonds (non-current portion, before swaps)  
Swaps hedging fixed-rates bonds (liabilities)  
Swaps hedging fixed-rates bonds (assets)  
Total swaps hedging fixed-rates bonds (assets and liabilities)  
Current portion of non-current debt after swap  
(34,975)  
(1,880)  
613  
(36,127)  
(1,880)  
613  
185  
-
(185)  
-
-
-
(1,267)  
(1,267)  
(59)  
59  
(excluding capital lease obligations)  
(5,027)  
(37)  
(5,027)  
(37)  
-
12  
-
-
(12)  
-
Other interest rates swaps  
Currency swaps and forward exchange contracts  
AS OF DECEMBER 31, 2017  
(34)  
(34)  
Bonds (non-current portion, before swaps)  
Swaps hedging fixed-rates bonds (liabilities)  
Swaps hedging fixed-rates bonds (assets)  
Total swaps hedging fixed-rates bonds (assets and liabilities)  
Current portion of non-current debt after swap  
(36,613)  
(1,082)  
606  
(38,159)  
(1,082)  
606  
191  
-
(191)  
-
-
-
(476)  
(476)  
(83)  
83  
(excluding capital lease obligations)  
(4,646)  
76  
(4,645)  
76  
1
12  
0
(1)  
(12)  
0
Other interest rates swaps  
Currency swaps and forward exchange contracts  
AS OF DECEMBER 31, 2016  
142  
142  
Bonds (non-current portion, before swaps)  
Swaps hedging fixed-rates bonds (liabilities)  
Swaps hedging fixed-rates bonds (assets)  
Total swaps hedging fixed-rates bonds (assets and liabilities)  
Current portion of non-current debt after swap  
(36,656)  
(3,651)  
845  
(37,757)  
(3,651)  
845  
221  
(221)  
-
-
-
-
(2,806)  
(2,806)  
(117)  
117  
(excluding capital lease obligations)  
(4,614)  
33  
(4,614)  
33  
5
7
-
(4)  
(7)  
-
Other interest rates swaps  
Currency swaps and forward exchange contracts  
(23)  
(23)  
The impact of changes in interest rates on the cost of debt before tax is as follows:  
For the year ended December 31, (M$)  
2018  
2017  
2016  
Cost of net debt  
(2,121)  
(1,534)  
(1,104)  
Interest rate translation of:  
8
+
10 basis points  
29  
29  
41  
-10 basis points  
(29)  
(29)  
(41)  
As a result of the policy for the management of currency exposure previously described, the Group’s sensitivity to currency exposure is  
primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and the ruble, and to a lesser extent, the pound  
sterling, the Norwegian krone.  
Registration Document 2018 TOTAL  
331  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated  
shareholders’ equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound  
sterling and is set forth in the table below:  
Dollar/  
Dollar/Euro Pound sterling  
Dollar/Ruble  
exchange rates exchange rates exchange rates  
DECEMBER 31, 2018  
December 31, 2017  
December 31, 2016  
0.87  
0.83  
0.95  
0.78  
0.74  
0.81  
69.62  
57.86  
61.00  
Pound  
Other  
As of December 31, 2018 (M$)  
Total  
Euro  
Dollar  
sterling  
Ruble currencies  
Shareholders’ equity at historical exchange rate  
126,953  
(11,321)  
8
41,518  
(3,706)  
8
59,125  
9,077  
(1,960)  
-
8,248  
(3,892)  
-
8,985  
(1,763)  
-
Currency translation adjustment before net investment hedge  
Net investment hedge – open instruments  
-
-
Shareholders’ equity at exchange rate as of December 31, 2018  
115,640  
37,820  
59,125  
7,117  
4,356  
7,222  
Pound  
Other  
As of December 31, 2017 (M$)  
Total  
Euro  
Dollar  
sterling  
Ruble currencies  
Shareholders’ equity at historical exchange rate  
119,450  
(7,908)  
14  
44,930  
(1,903)  
14  
51,674  
6,467  
(1,543)  
-
7,366  
(3,076)  
-
9,013  
(1,386)  
-
Currency translation adjustment before net investment hedge  
Net investment hedge – open instruments  
-
-
Shareholders’ equity at exchange rate as of December 31, 2017  
111,556  
43,041  
51,674  
4,924  
4,290  
7,627  
Pound  
Other  
As of December 31, 2016 (M$)  
Total  
Euro  
Dollar  
sterling  
Ruble currencies  
Shareholders’ equity at historical exchange rate  
112,551  
(13,871)  
-
38,645  
(6,845)  
-
51,863  
5,997  
(1,978)  
-
7,227  
(3,286)  
-
8,819  
(1,762)  
-
Currency translation adjustment before net investment hedge  
Net investment hedge – open instruments  
-
-
Shareholders’ equity at exchange rate as of December 31, 2016  
98,680  
31,800  
51,863  
4,019  
3,941  
7,057  
Based on the 2018 financial statements, a conversion using rates different from + or – 10% for each of the currencies below would have the  
following impact on shareholders equity and net income (Group share):  
Pound  
As of December 31, 2018 (M$)  
Euro  
sterling  
Ruble  
Impact of an increase of 10% of exchange rates on:  
–
–
shareholders equity  
3,782  
122  
712  
135  
436  
81  
net income (Group share)  
Impact of a decrease of 10% of exchange rates on:  
–
–
shareholders equity  
(3,782)  
(122)  
(712)  
(135)  
(436)  
(81)  
net income (Group share)  
Stock market risk  
As of December 31, 2018, these lines of credit amounted to  
11,515 million, of which $11,515 million was unused. The agreements  
$
The Group holds interests in a number of publicly-traded companies  
for the lines of credit granted to TOTAL S.A. do not contain conditions  
related to the Company’s financial ratios, to its financial ratings  
from specialized agencies, or to the occurrence of events that could  
have a material adverse effect on its financial position. As of  
December 31, 2018, the aggregate amount of the principal confirmed  
lines of credit granted by international banks to Group companies,  
including TOTAL S.A., was $13,191 million, of which $12,599 million  
was unused. The lines of credit granted to Group companies other  
than TOTAL S.A. are not intended to finance the Group’s general  
needs; they are intended to finance either the general needs of the  
borrowing subsidiary or a specific project.  
(
see Note 8 to the Consolidated Financial Statements). The market  
value of these holdings fluctuates due to various factors, including  
stock market trends, valuations of the sectors in which the companies  
operate, and the economic and financial condition of each individual  
company.  
Liquidity risk  
TOTAL S.A. has confirmed lines of credit granted by international banks,  
which are calculated to allow it to manage its short-term liquidity  
needs as required.  
332  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
The following tables show the maturity of the financial assets and liabilities of the Group as of December 31, 2018, 2017 and 2016  
(see Note 15 to the Consolidated Financial Statements).  
As of December 31, 2018 (M$)  
ASSETS/(LIABILITIES)  
Less than  
1 year 1-2 years 2-3 years 3-4 years 4-5 years  
More than  
5 years  
Total  
Non-current financial debt (notional value excluding interests)  
Current borrowings  
-
(5,432)  
(3,966)  
(5,158)  
(4,983) (19,910) (39,449)  
(13,306)  
-
-
-
-
-
-
-
-
-
-
-
-
-
(13,306)  
(478)  
Other current financial liabilities  
(478)  
3,654  
15  
-
-
-
-
-
-
Current financial assets  
3,654  
15  
Assets and liabilities available for sale or exchange  
Cash and cash equivalents  
-
-
-
27,907  
17,792  
(718)  
-
-
-
27,907  
NET AMOUNT BEFORE FINANCIAL EXPENSE  
Financial expense on non-current financial debt  
Interest differential on swaps  
(5,432)  
(682)  
(412)  
(6,526)  
(3,966)  
(598)  
(369)  
(4,933)  
(5,158)  
(506)  
(309)  
(5,973)  
(4,983) (19,910) (21,657)  
(427)  
(234)  
(1,037)  
(869)  
(3,968)  
(2,677)  
(484)  
NET AMOUNT  
16,590  
(5,644) (21,816) (28,302)  
As of December 31, 2017 (M$)  
Less than  
More than  
ASSETS/(LIABILITIES)  
1 year 1-2 years 2-3 years 3-4 years 4-5 years  
5 years  
Total  
Non-current financial debt (notional value excluding interests)  
Current borrowings  
-
(5,930)  
(5,117)  
(3,795)  
(4,959) (20,860) (40,661)  
(11,096)  
-
-
-
-
-
-
-
-
-
-
-
-
-
(11,096)  
(245)  
3,393  
-
Other current financial liabilities  
(245)  
3,393  
-
-
-
-
-
-
-
Current financial assets  
Assets and liabilities available for sale or exchange  
Cash and cash equivalents  
-
-
-
33,185  
25,237  
(805)  
-
-
-
33,185  
NET AMOUNT BEFORE FINANCIAL EXPENSE  
Financial expense on non-current financial debt  
Interest differential on swaps  
(5,930)  
(779)  
(223)  
(6,932)  
(5,117)  
(636)  
(257)  
(6,010)  
(3,795)  
(545)  
(245)  
(4,585)  
(4,959) (20,860) (15,424)  
(454)  
(198)  
(1,093)  
(681)  
(4,312)  
(1,797)  
(193)  
NET AMOUNT  
24,239  
(5,611) (22,634) (21,533)  
As of December 31, 2016 (M$)  
Less than  
More than  
ASSETS/(LIABILITIES)  
1 year 1-2 years 2-3 years 3-4 years 4-5 years  
5 years  
Total  
Non-current financial debt (notional value excluding interests)  
Current borrowings  
-
(4,320)  
(5,702)  
(4,952)  
(3,578) (23,607) (42,159)  
(13,920)  
-
-
-
-
-
-
-
-
-
-
-
-
-
(13,920)  
(327)  
Other current financial liabilities  
(327)  
4,548  
140  
-
-
-
-
-
Current financial assets  
-
-
4,548  
140  
Assets and liabilities available for sale or exchange  
Cash and cash equivalents  
-
-
24,597  
15,038  
(799)  
-
-
-
24,597  
NET AMOUNT BEFORE FINANCIAL EXPENSE  
Financial expense on non-current financial debt  
Interest differential on swaps  
(4,320)  
(783)  
(56)  
(5,702)  
(682)  
(201)  
(6,585)  
(4,952)  
(552)  
(253)  
(5,757)  
(3,578) (23,607) (27,121)  
(465)  
(272)  
(1,271)  
(910)  
(4,552)  
(1,771)  
8
(79)  
NET AMOUNT  
14,160  
(5,159)  
(4,315) (25,788) (33,444)  
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2018, 2017 and 2016 (see Note 14  
of the Notes to the Consolidated Financial Statements).  
As of December 31, (M$)  
ASSETS/(LIABILITIES)  
2018  
2017  
2016  
Accounts payable  
(26,134)  
(13,286)  
(3,429)  
17,270  
9,733  
(26,479)  
(10,135)  
(1,794)  
14,893  
9,336  
(23,227)  
(9,616)  
(2,077)  
12,213  
10,218  
2,425  
Other operating liabilities  
Including financial instruments related to commodity contracts  
Accounts receivable, net  
Other operating receivables  
Including financial instruments related to commodity contracts  
TOTAL  
2,731  
1,987  
(12,417)  
(12,385)  
(10,412)  
These financial assets and liabilities mainly have a maturity date below one year.  
Registration Document 2018 TOTAL  
333  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 15  
Credit risk  
The Group is exposed to credit risks in its operating and financing  
activities. The Group’s maximum exposure to credit risk is partially  
related to financial assets recorded on its balance sheet, including  
energy derivative instruments that have a positive market value.  
Credit risk is defined as the risk of the counterparty to a contract  
failing to perform or pay the amounts due.  
The following table presents the Group’s maximum credit risk exposure:  
As of December 31, (M$)  
ASSETS/(LIABILITIES)  
2018  
2017  
2016  
Loans to equity affiliates (Note 8)  
Loans and advances (Note 6)  
4,755  
1,877  
471  
5,135  
2,878  
937  
4,718  
3,048  
1,069  
908  
Other non-current financial assets related to operational activities (Note 6)  
Non-current financial assets (Note 15.1)  
Accounts receivable (Note 5)  
680  
679  
14,893  
9,336  
3,393  
33,185  
70,436  
12,213  
10,218  
4,548  
24,597  
61,319  
17,270  
Other operating receivables (Note 5)  
Current financial assets (Note 15.1)  
Cash and cash equivalents (Note 15.1)  
TOTAL  
9,733  
3,654  
27,907  
66,347  
The valuation allowance on accounts receivable, other operating  
receivables and on loans and advances is detailed in Notes 5 and 6  
to the Consolidated Financial Statements.  
Potential counterparties are subject to credit assessment and  
approval before concluding transactions and are thereafter subject  
to regular review, including re-appraisal and approval of the limits  
previously granted.  
As part of its credit risk management related to operating and  
financing activities, the Group has developed margining agreements  
with certain counterparties. As of December 31, 2018, the net margin  
call paid amounted to $2,581 million (against $870 million paid as of  
December 31, 2017 and $2,605 million paid as of December 31,  
The creditworthiness of counterparties is assessed based on an  
analysis of quantitative and qualitative data regarding financial  
standing and business risks, together with the review of any relevant  
third party and market information, such as data published by rating  
agencies. On this basis, credit limits are defined for each potential  
counterparty and, where appropriate, transactions are subject to  
specific authorizations.  
2016).  
The Group has established a number of programs for the sale of  
receivables, without recourse, with various banks, primarily to reduce  
its exposure to such receivables. As a result of these programs the  
Group retains no risk of payment default after the sale, but may  
continue to service the customer accounts as part of a service  
arrangement on behalf of the buyer and is required to pay to the  
buyer payments it receives from the customers relating to the  
receivables sold. As of December 31, 2018, the net value of  
receivables sold amounted to $6,856 million. The Group has  
substantially transferred all the risks and rewards related to  
receivables. No financial asset or liability remains recognized in the  
consolidated balance sheet after the date of sale.  
Credit exposure, which is essentially an economic exposure or an  
expected future physical exposure, is permanently monitored and  
subject to sensitivity measures.  
Credit risk is mitigated by the systematic use of industry standard  
contractual frameworks that permit netting, enable requiring added  
security in case of adverse change in the counterparty risk, and allow  
for termination of the contract upon occurrence of certain events  
of default.  
About the Professionals and Retail Gas and Power Sales activities,  
credit risk management policy is adapted to the type of customer  
either through the use of procedures of prepayments and appropriate  
collection, especially for mass customers or through credit insurances  
and sureties/guarantees obtaining. For the Professionals segment,  
the separation of responsibilities between the commercial and  
financial teams allows a “a priori” positions risk control.  
Furthermore, in 2018 the Group conducted several operations of  
reverse factoring for a value of $289 million.  
Credit risk is managed by the Group’s business segments as follows:  
—
Exploration & Production segment  
Risks arising under contracts with government authorities or other oil  
companies or under long-term supply contracts necessary for the  
development of projects are evaluated during the project approval  
process. The long-term aspect of these contracts and the high-quality  
of the other parties lead to a low level of credit risk.  
—
Renewables and Innovation, Energy Efficiency (IEE)  
Internal procedures for the Renewables division and the Innovation &  
Energy Efficiency division include rules on credit risk management.  
Procedures to monitor customer risk are defined at the local level,  
especially for SunPower, Saft and Greenflex (rules for the approval  
of credit limits, use of guarantees, monitoring and assessment of the  
receivables portfolio…).  
Risks related to commercial operations, other than those described  
above (which are, in practice, directly monitored by subsidiaries),  
are subject to procedures for establishing credit limits and reviewing  
outstanding balances.  
—
Refining & Chemicals segment  
—
Gas, Renewables & Power segment  
—
Refining & Chemicals  
—
Gas & Power activities  
Credit risk is primarily related to commercial receivables. Internal  
procedures of Refining & Chemicals include rules for the management  
of credit describing the fundamentals of internal control in this domain.  
Each Business Unit implements the procedures of the activity for  
managing and provisioning credit risk according to the size of the  
subsidiary and the market in which it operates. The principal elements  
of these procedures are:  
Trading Gas & Power activities deal with counterparties in the energy,  
industrial and financial sectors throughout the world. Financial  
institutions providing credit risk coverage are highly rated international  
bank and insurance groups.  
334  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 15  
8
–
implementation of credit limits with different authorization  
schemes;  
use of insurance policies or specific guarantees (letters of credit);  
regular monitoring and assessment of overdue accounts (aging  
balance), including dunning procedures.  
Potential counterparties are subject to credit assessment and approval  
prior to any transaction being concluded and all active counterparties  
are subject to regular reviews, including re-appraisal and approval of  
granted limits. The creditworthiness of counterparties is assessed  
based on an analysis of quantitative and qualitative data regarding  
financial standing and business risks, together with the review of any  
relevant third party and market information, such as ratings published  
by Standard & Poor’s, Moody’s Investors Service and other agencies.  
–
–
Counterparties are subject to credit assessment and approval prior  
to any transaction being concluded. Regular reviews are made for all  
active counterparties including a re-appraisal and renewing of the  
granted credit limits. The limits of the counterparties are assessed  
based on quantitative and qualitative data regarding financial standing,  
together with the review of any relevant third party and market  
information, such as that provided by rating agencies and insurance  
companies.  
Contractual arrangements are structured so as to maximize the risk  
mitigation benefits of netting between transactions wherever possible  
and additional protective terms providing for the provision of security  
in the event of financial deterioration and the termination of transactions  
on the occurrence of defined default events are used to the greatest  
permitted extent.  
—
Trading & Shipping  
Credit risks in excess of approved levels are secured by means of  
letters of credit and other guarantees, cash deposits and insurance  
arrangements. In respect of derivative transactions, risks are secured  
by margin call contracts wherever possible.  
Trading & Shipping deals with commercial counterparties and financial  
institutions located throughout the world. Counterparties to physical  
and derivative transactions are primarily entities involved in the oil  
and gas industry or in the trading of energy commodities, or financial  
institutions. Credit risk coverage is arranged with financial institutions,  
international banks and insurance groups selected in accordance  
with strict criteria.  
—
Marketing & Services segment  
Internal procedures for the Marketing & Services division include rules  
on credit risk that describe the basis of internal control in this domain,  
including the separation of authority between commercial and financial  
operations.  
The Trading & Shipping division applies a strict policy of internal  
delegation of authority governing establishment of country and  
counterparty credit limits and approval of specific transactions. Credit  
exposures contracted under these limits and approvals are monitored  
on a daily basis.  
Credit policies are defined at the local level and procedures to monitor  
customer risk are implemented (credit committees at the subsidiary  
level, the creation of credit limits for corporate customers, etc.). Each  
entity also implements monitoring of its outstanding receivables. Risks  
related to credit may be mitigated or limited by subscription of credit  
insurance and/or requiring security or guarantees.  
8
Registration Document 2018 TOTAL  
335  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 16  
NOTE 16 Financial instruments related to commodity contracts  
16.1 Financial instruments related to commodity contracts  
ACCOUNTING POLICIES  
Financial instruments related to commodity contracts, including  
crude oil, petroleum products, gas, and power purchase/sales  
contracts within the trading activities, together with the commodity  
contract derivative instruments such as energy contracts and  
forward freight agreements, are used to adjust the Group’s  
exposure to price fluctuations within global trading limits.  
According to the industry practice, these instruments are  
considered as held for trading. Changes in fair value are recorded  
in the statement of income. The fair value of these instruments is  
recorded in “Other current assets” or “Other creditors and accrued  
liabilities” depending on whether they are assets or liabilities.  
The valuation methodology is to mark-to-market all open positions  
for both physical and paper transactions. The valuations are  
determined on a daily basis using observable market data based  
on organized and over the counter (OTC) markets. In particular  
cases when market data is not directly available, the valuations  
are derived from observable data such as arbitrages, freight or  
spreads and market corroboration. For valuation of risks which  
are the result of a calculation, such as options for example,  
commonly known models are used to compute the fair value.  
Gross value  
before  
oꢀsetting  
– assets  
Gross value  
before  
oꢀsetting  
– liabilities  
Net balance Net balance  
Amounts  
oꢀset  
– assets  
Amounts  
oꢀset  
– liabilities  
sheet value  
presented  
– assets  
sheet value  
presented  
– liabilities  
Other  
As of December 31, 2018 (M$)  
ASSETS/(LIABILITIES)  
amounts Net carrying  
not oꢀset  
Fair  
(b)  
value  
(
c)  
(c)  
amount  
Crude oil, petroleum products and freight rates activities  
Petroleum products, crude oil  
and freight rate swaps  
389  
243  
243  
10  
(272)  
(373)  
(363)  
-
(140)  
(59)  
(156)  
-
140  
59  
156  
-
249  
184  
87  
10  
-
(132)  
(314)  
(207)  
-
-
117  
(130)  
(120)  
10  
117  
(130)  
(120)  
10  
Forwards(a)  
-
Options  
-
Futures  
-
-
Options on futures  
Other/Collateral  
529  
-
(689)  
-
(529)  
-
529  
-
(160)  
-
(160)  
(118)  
(160)  
(118)  
-
(118)  
TOTAL CRUDE OIL,  
PETROLEUM PRODUCTS  
AND FREIGHT RATES  
1,414  
(1,697)  
(884)  
884  
530  
(813)  
(118)  
(401)  
(401)  
Gas, Renewables & Power activities  
Swaps  
18  
(624)  
(2,285)  
(20)  
(6)  
(316)  
(18)  
(98)  
-
6
316  
18  
98  
-
12  
2,176  
(15)  
28  
(618)  
(1,969)  
(2)  
-
(606)  
207  
(17)  
1
(606)  
207  
(17)  
1
Forwards(a)  
Options  
2,492  
-
-
3
126  
-
Futures  
(125)  
-
(27)  
-
Other/Collateral  
-
-
445  
445  
445  
TOTAL GAS,  
RENEWABLES & POWER  
2,639  
4,053  
(3,054)  
(4,751)  
(438)  
438  
2,201  
2,731  
(2,616)  
(3,429)  
445  
327  
30  
30  
TOTAL  
(1,322)  
1,322  
(371)  
(371)  
Total of fair value non  
recognized in the balance sheet  
-
(
(
a) Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.  
b) When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet,  
this fair value is set to zero.  
c) Amounts offset in accordance with IAS 32.  
(
336  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 16  
8
Gross value  
before  
oꢀsetting  
– assets  
Gross value  
before  
oꢀsetting  
– liabilities  
Net balance Net balance  
sheet value sheet value  
presented presented  
– assets – liabilities  
Amounts  
oꢀset  
– assets  
Amounts  
oꢀset  
– liabilities  
Other  
As of December 31, 2017 (M$)  
ASSETS/(LIABILITIES)  
amounts Net carrying  
not oꢀset  
Fair  
(b)  
value  
(
c)  
(c)  
amount  
Crude oil, petroleum products and freight rates activities  
Petroleum products, crude oil  
and freight rate swaps  
244  
109  
82  
-
(333)  
(113)  
(163)  
-
(102)  
(12)  
(52)  
-
102  
12  
52  
-
142  
97  
30  
-
(231)  
(101)  
(111)  
-
-
-
(89)  
(4)  
(89)  
(4)  
Forwards(a)  
Options  
-
(81)  
-
(81)  
-
Futures  
-
Options on futures  
Other/Collateral  
202  
-
(251)  
-
(155)  
-
155  
-
47  
-
(96)  
-
-
(49)  
63  
(49)  
63  
63  
TOTAL CRUDE OIL,  
PETROLEUM PRODUCTS  
AND FREIGHT RATES  
637  
(860)  
(321)  
321  
316  
(539)  
63  
(160)  
(160)  
Gas, Renewables & Power activities  
Swaps  
76  
(7)  
(1,345)  
(30)  
(3)  
(92)  
(33)  
-
3
92  
33  
-
73  
(4)  
-
69  
372  
(24)  
(1)  
69  
372  
(24)  
(1)  
Forwards(a)  
Options  
1,717  
1,625  
(1,253)  
-
-
6
-
(27)  
3
(1)  
-
Futures  
(1)  
-
-
-
Other/Collateral  
-
-
-
-
(86)  
(86)  
(86)  
TOTAL GAS,  
RENEWABLES & POWER  
1,799  
2,436  
(1,383)  
(2,243)  
(128)  
(449)  
128  
449  
1,671  
1,987  
(1,255)  
(1,794)  
(86)  
(23)  
330  
170  
330  
170  
TOTAL  
Total of fair value non recognized  
in the balance sheet  
-
(
(
a) Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.  
b) When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet,  
this fair value is set to zero.  
c) Amounts offset in accordance with IAS 32.  
(
Gross value  
before  
oꢀsetting  
– assets  
Gross value  
before  
oꢀsetting  
– liabilities  
Net balance Net balance  
sheet value sheet value  
presented presented  
– assets – liabilities  
Amounts  
oꢀset  
– assets  
Amounts  
oꢀset  
– liabilities  
Other  
As of December 31, 2016 (M$)  
ASSETS/(LIABILITIES)  
amounts Net carrying  
not oꢀset  
Fair  
(b)  
value  
(
c)  
(c)  
amount  
Crude oil, petroleum products and freight rates activities  
Petroleum products, crude oil  
and freight rate swaps  
464  
172  
194  
-
(266)  
(214)  
(207)  
-
(140)  
(8)  
140  
8
324  
164  
69  
-
(126)  
(206)  
(82)  
-
-
198  
(42)  
(13)  
-
198  
(42)  
(13)  
-
Forwards(a)  
-
Options  
(125)  
-
125  
-
-
Futures  
-
-
Options on futures  
Other/Collateral  
151  
-
(164)  
-
(150)  
-
150  
-
1
(14)  
-
(13)  
(220)  
(13)  
(220)  
-
(220)  
TOTAL CRUDE OIL,  
PETROLEUM PRODUCTS  
AND FREIGHT RATES  
8
981  
(851)  
(423)  
423  
558  
(428)  
(220)  
(90)  
(90)  
Gas, Renewables & Power activities  
Swaps  
63  
(39)  
(3)  
(61)  
(26)  
-
3
61  
26  
-
60  
(36)  
-
24  
207  
(13)  
-
24  
207  
(13)  
-
Forwards(a)  
Options  
1,879  
(1,672)  
1,818  
(1,611)  
-
-
15  
-
(28)  
(11)  
(2)  
-
Futures  
-
-
-
-
-
Other/Collateral  
-
-
-
-
(97)  
(97)  
(97)  
TOTAL GAS,  
RENEWABLES & POWER  
1,957  
2,938  
(1,739)  
(2,590)  
(90)  
90  
1,867  
2,425  
(1,649)  
(2,077)  
(97)  
121  
31  
121  
31  
TOTAL  
(513)  
513  
(317)  
Total of fair value non recognized  
in the balance sheet  
-
(
(
a) Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.  
b) When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet,  
this fair value is set to zero.  
c) Amounts offset in accordance with IAS 32.  
(
Registration Document 2018 TOTAL  
337  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 16  
Most commitments on crude oil and refined products have a short term maturity (less than one year). The maturity of most Gas,  
Renewables & Power division derivatives is less than three years forward.  
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:  
Fair value as of  
January 1,  
Impact on  
income  
Settled  
contracts  
Fair value as of  
December 31,  
For the year ended December 31, (M$)  
Other  
Crude oil, petroleum products and freight rates activities  
2018  
2017  
2016  
(223)  
130  
2,689  
2,693  
3,013  
(2,749)  
(3,047)  
(4,040)  
-
-
-
(283)  
(223)  
130  
1,157  
Gas, Renewables & Power activities  
2018  
2017  
2016  
416  
218  
613  
1,220  
717  
(2,057)  
(554)  
6
35  
(415)  
416  
392  
(742)  
(45)  
218  
The fair value hierarchy for financial instruments related to commodity contracts is as follows:  
Quoted prices in  
active markets for  
identical assets observable data  
Prices  
based on  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2018  
M$)  
(
(level 1)  
(level 2)  
Total  
Crude oil, petroleum products and freight rates activities  
Gas, Renewables & Power activities  
TOTAL  
(303)  
20  
(638)  
(618)  
-
(201)  
(201)  
(283)  
(415)  
(698)  
424  
121  
Quoted prices in  
active markets for  
identical assets  
(level 1)  
Prices  
based on  
observable data  
(level 2)  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2017  
(M$)  
Total  
Crude oil, petroleum products and freight rates activities  
Gas, Renewables & Power activities  
TOTAL  
(49)  
288  
239  
(173)  
128  
(45)  
-
-
-
(223)  
416  
193  
Quoted prices in  
active markets for  
identical assets  
(level 1)  
Prices  
based on  
observable data  
(level 2)  
Prices  
based on non  
observable data  
(level 3)  
As of December 31, 2016  
(M$)  
Total  
Crude oil, petroleum products and freight rates activities  
Gas, Renewables & Power activities  
TOTAL  
(22)  
409  
387  
152  
(191)  
(39)  
-
-
-
130  
218  
348  
Financial instruments classified as level 3 in 2018 consist of long-  
term liquefied natural gas purchase and sales contracts which relate  
to the trading activity.  
oil and on the basis of internal assumptions for price evolution beyond  
observable horizon, on price renegotiation terms for long-term  
contracts and on uncertainties related to the execution of contracts.  
The composition and size of this portfolio of contracts changed in  
These valuation methods lead to an assessment of the fair value of  
the portfolio of contracts over an effective horizon of two years.  
2018 compared to 2017 as a result of the acquisition of ENGIE’s  
activities.  
The description of each fair value level is presented in Note 15 to the  
Consolidated Financial Statements.  
The Group values these contracts on the basis of observable inputs  
on the forward price of natural gas, liquefied natural gas and crude  
Cash Flow hedge  
The impact on the statement of income and other comprehensive income of the hedging instruments related to commodity contracts and  
qualified as cash flow hedges is detailed as follows:  
As of December 31, (M$)  
2018  
3
2017  
71  
2016  
(69)  
(1)  
Profit (Loss) recorded in equity during the period  
Recycled amount from equity to the income statement during the period  
(3)  
(6)  
These financial instruments are mainly one year term Henry Hub derivatives.  
As of December 31, 2018, the ineffective portion of these financial instruments is nil (in 2017 the ineffective portion of these financial  
instruments was nil and in 2016, the ineffective portion of these financial instruments was a loss of $5 million).  
338  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Notes 16 and 17  
8
1
6.2 Oil and Gas market related risks management  
The Trading & Shipping division measures its market risk exposure,  
i.e., potential loss in fair values, on its crude oil, refined products and  
freight rates trading activities using a value-at-risk technique. This  
technique is based on an historical model and makes an assessment  
of the market risk arising from possible future changes in market  
values over a 24-hour period. The calculation of the range of potential  
changes in fair values is based on the end-of-day exposures and  
historical price movements of the last 400 business days for all traded  
instruments and maturities. Options are systematically re-evaluated  
using appropriate models.  
Oil and gas market related risks  
Due to the nature of its business, the Group has significant oil and  
gas trading activities as part of its day-to-day operations in order to  
optimize revenues from its oil and gas production and to obtain  
favorable pricing to supply its refineries.  
In its international oil trading business, the Group follows a policy of not  
selling its future production. However, in connection with this trading  
business, the Group, like most other oil companies, uses energy  
derivative instruments to adjust its exposure to price fluctuations of  
crude oil, refined products, natural gas, and power. The Group also  
uses freight rate derivative contracts in its shipping business to adjust  
its exposure to freight-rate fluctuations. To hedge against this risk,  
the Group uses various instruments such as futures, forwards, swaps  
and options on organized markets or over-the-counter markets.  
The list of the different derivatives held by the Group in these markets  
is detailed in Note 16.1 to the Consolidated Financial Statements.  
The “value-at-risk” represents the most unfavorable movement in fair  
value obtained with a 97.5% confidence level. This means that the  
Group’s portfolio result is likely to exceed the value-at-risk loss  
measure once over 40 business days if the portfolio exposures were  
left unchanged.  
Trading & Shipping: value-at-risk with a 97.5% probability  
As of December 31, (M$)  
High  
21  
Low  
5
Average  
12  
Year end  
2018  
2017  
2016  
7
7
28  
4
16  
25  
7
14  
22  
As part of its gas and power trading activity, the Group also uses  
derivative instruments such as futures, forwards, swaps and options  
in both organized and over-the-counter markets. In general, the  
transactions are settled at maturity date through physical delivery.  
The Gas division measures its market risk exposure, i.e., potential  
loss in fair values, on its trading business using a value-at-risk  
technique. This technique is based on an historical model and makes  
an assessment of the market risk arising from possible future changes  
in market values over a one-day period. The calculation of the range  
of potential changes in fair values takes into account a snapshot of  
the end-of-day exposures and the set of historical price movements  
for the past two years for all instruments and maturities in the global  
trading business.  
Gas, Renewables & Power division trading: value-at-risk with a 97.5% probability  
As of December 31, (M$)  
High  
Low  
3
Average  
Year end  
2018  
2017  
2016  
20  
13  
8
10  
6
10  
4
3
2
4
2
The Group has implemented strict policies and procedures to manage  
and monitor these market risks. These are based on the separation  
of control and front-office functions and on an integrated information  
system that enables real-time monitoring of trading activities.  
operators, including other oil companies, major energy producers or  
consumers and financial institutions. The Group has established  
counterparty limits and monitors outstanding amounts with each  
counterparty on an ongoing basis.  
Limits on trading positions are approved by the Group’s Executive  
Committee and are monitored daily. To increase flexibility and encourage  
liquidity, hedging operations are performed with numerous independent  
8
NOTE 17 Post closing events  
There was no post closing event.  
Registration Document 2018 TOTAL  
339  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
NOTE 18 Consolidation scope  
As of December 31, 2018, 1,191 entities are consolidated of which 145 are accounted for under the equity method (E).  
The table below sets forth the main Group consolidated entities:  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Exploration & Production  
Abu Dhabi Gas Industries Limited  
15.00%  
5.00%  
E
E
E
E
United Arab Emirates  
United Arab Emirates  
United Kingdom  
United Kingdom  
Netherlands  
Bermuda  
United Arab Emirates  
United Arab Emirates  
United Arab Emirates  
United Arab Emirates  
Angola  
Abu Dhabi Gas Liquefaction Company Limited  
Abu Dhabi Marine Areas Limited  
Abu Dhabi Petroleum Company Limited  
Angola Block 14 B.V.  
33.33%  
23.75%  
50.01%  
13.60%  
13.60%  
15.00%  
100.00%  
20.48%  
75.00%  
24.50%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
10.00%  
26.00%*  
49.02%  
100.00%  
31.24%  
5.00%  
Angola LNG Limited  
E
E
E
Angola  
Angola LNG Supply Services, LLC  
Bonny Gas Transport Limited  
Brass Holdings S.A.R.L.  
Brass LNG Limited  
United States  
Bermuda  
United States  
Nigeria  
Luxembourg  
Nigeria  
Luxembourg  
Nigeria  
E
E
Deer Creek Pipelines Limited  
Dolphin Energy Limited  
E.F. Oil And Gas Limited  
Elf E&P  
Canada  
Canada  
United Arab Emirates  
United Kingdom  
France  
United Arab Emirates  
United Kingdom  
France  
Elf Exploration UK Limited  
Elf Petroleum Iran  
United Kingdom  
France  
United Kingdom  
Iran  
Elf Petroleum UK Limited  
Gas Investment and Services Company Limited  
Ichthys LNG PTY Limited  
Mabruk Oil Operations  
United Kingdom  
Bermuda  
United Kingdom  
Oman  
E
E
Australia  
Australia  
France  
Libya  
Marathon Oil Libya Limited  
Moattama Gas Transportation Company Limited  
National Gas Shipping Company Limited  
Nigeria LNG Limited  
Cayman Islands  
Bermuda  
Libya  
E
E
E
E
E
E
E
E
E
E
E
E
E
E
Myanmar  
United Arab Emirates  
Nigeria  
United Arab Emirates  
Nigeria  
15.00%  
34.93%  
45.22%  
45.22%  
30.00%  
19.40%  
5.54%  
Norpipe Oil A/S  
Norway  
Norway  
Norpipe Petroleum UK Limited  
Norpipe Terminal Holdco Limited  
North Oil Company  
United Kingdom  
United Kingdom  
Qatar  
Norway  
United Kingdom  
Qatar  
Novatek  
Russia  
Russia  
Oman LNG, LLC  
Oman  
Oman  
Pars LNG Limited  
40.00%  
30.32%  
10.00%  
10.00%  
16.70%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
58.89%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
Bermuda  
Iran  
Petrocedeño  
Venezuela  
Venezuela  
Oman  
Private Oil Holdings Oman Limited  
Qatar Liquefied Gas Company Limited  
Qatar Liquefied Gas Company Limited (II)  
Stogg Eagle Funding B.V.  
Tep Barnett Usa (75)  
United Kingdom  
Qatar  
Qatar  
Qatar  
Qatar  
Netherlands  
United States  
United States  
United States  
Denmark  
Nigeria  
United States  
United States  
United States  
Iraq  
Tep Gom Moh. LLC  
Tep Jack LLC  
Tepkri Sarsang A/S  
Terneftegaz JSC(a)  
E
Russia  
Russia  
Total (BTC) B.V.  
Netherlands  
France  
Netherlands  
United Arab Emirates  
Argentina  
Brazil  
Total Abu Al Bu Khoosh  
Total Austral  
France  
Total Brazil Ltda  
Brazil  
Total Brazil Services B.V.  
Total Danmark Pipelines A/S  
Total Dolphin Midstream  
Total E&P Chissonga Limited  
Total E&P Absheron B.V.  
Total E&P Al Shaheen A/S  
Total E&P Algérie  
Netherlands  
Denmark  
Netherlands  
Denmark  
France  
France  
British Virgin Islands  
Netherlands  
Denmark  
Angola  
Azerbaijan  
Qatar  
France  
Algeria  
Total E&P Algerie Berkine A/S  
Total E&P Americas, LLC  
Total E&P Angola  
Denmark  
Algeria  
United States  
France  
United States  
Angola  
Total E&P Angola Block 15/06 Limited  
Bermuda  
Angola  
340  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Exploration & Production (contd)  
Total E&P Angola Block 16 A/S  
Total E&P Angola Block 16 Holding A/S  
Total E&P Angola Block 17.06  
Total E&P Angola Block 25  
Total E&P Angola Block 32  
Total E&P Angola Block 33  
Total E&P Angola Block 39  
Total E&P Angola Block 40  
Total E&P Angola Block 48 B.V.  
Total E&P Angola Chissonga Holdings Limited  
Total E&P Aruba B.V.  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
85.00%  
Denmark  
Denmark  
France  
Angola  
Angola  
Angola  
France  
Angola  
France  
Angola  
France  
Angola  
France  
Angola  
France  
Angola  
Netherlands  
British Virgin Islands  
Netherlands  
Singapore  
France  
Angola  
Angola  
Aruba  
Total E&P Asia Pacific Pte. Limited  
Total E&P Australia  
Singapore  
Australia  
Australia  
Australia  
Australia  
Azerbaijan  
Bolivia  
Total E&P Australia Exploration PTY Limited  
Total E&P Australia II  
Australia  
France  
Total E&P Australia III  
France  
Total E&P Azerbaijan B.V.  
Total E&P Bolivie  
Netherlands  
France  
Total E&P Borneo B.V.  
Netherlands  
Netherlands  
France  
Brunei  
Total E&P Bulgaria B.V.  
Bulgaria  
Cambodia  
Canada  
China  
Total E&P Cambodge  
Total E&P Canada Limited  
Total E&P Chine  
Canada  
France  
Total E&P Chorey, LLC  
United States  
France  
United States  
Colombia  
Total E&P Colombie  
Total E&P Congo  
Republic  
Republic  
of the Congo  
of the Congo  
Total E&P Côte d’Ivoire  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
France  
Côte d’Ivoire  
Côte d’Ivoire  
Côte d’Ivoire  
Côte d’Ivoire  
Côte d’Ivoire  
Cyprus  
Total E&P Côte d’Ivoire CI – 514  
Total E&P Côte d’Ivoire CI – 515  
Total E&P Côte d’Ivoire CI – 516  
Total E&P Côte d’Ivoire CI-605 B.V.  
Total E&P Cyprus B.V.  
France  
France  
France  
Netherlands  
Netherlands  
Denmark  
Total E&P Danmark A/S – CPH  
Total E&P Danmark A/S – EBJ  
Total E&P Deep Offshore Borneo B.V.  
Total E&P Denmark B.V.  
Denmark  
Denmark  
Brunei  
Denmark  
Netherlands  
Netherlands  
Brazil  
Denmark  
Brazil  
Total E&P Do Brasil Ltda  
Total E&P Dolphin Upstream  
Total E&P Dunga GmbH  
France  
France  
Germany  
Kazakhstan  
Egypt  
Total E&P East El Burullus Offshore B.V.  
Total E&P Egypt Block 2 B.V.  
Total E&P Égypte  
Netherlands  
Netherlands  
France  
Egypt  
Egypt  
8
Total E&P Energia Ltda  
Brazil  
Brazil  
Total E&P Europe and Central Asia Limited  
Total E&P France  
United Kingdom  
France  
United Kingdom  
France  
Total E&P Golfe Limited  
France  
Qatar  
Total E&P Greece Bv  
Netherlands  
Netherlands  
France  
Greece  
Total E&P Guyana B.V.  
Guyana  
Total E&P Guyane Francaise  
Total E&P Holding Ichthys  
France  
France  
France  
Total E&P Holdings Australia PTY Limited  
Total E&P Holdings Russia  
Total E&P Holdings UAE B.V.  
Total E&P Ichthys B.V.  
Australia  
Australia  
France  
France  
Netherlands  
Netherlands  
Netherlands  
France  
United Arab Emirates  
Australia  
Indonesia  
Indonesia  
Kenya  
Total E&P Indonesia Mentawai B.V.  
Total E&P Indonésie  
Total E&P International K1 Limited  
Total E&P International K2 Limited  
Total E&P International K3 Limited  
Total E&P International Limited  
United Kingdom  
United Kingdom  
United Kingdom  
United Kingdom  
Kenya  
Kenya  
Kenya  
Registration Document 2018 TOTAL  
341  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Exploration & Production (contd)  
Total E&P Iraq  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
France  
Iraq  
Total E&P Ireland B.V.  
Total E&P Italia  
Netherlands  
Italy  
Ireland  
Italy  
Total E&P Kazakhstan  
Total E&P Kenya B.V.  
France  
Kazakhstan  
Kenya  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Lebanon  
France  
Total E&P Kurdistan Region of Iraq (Harir) B.V.  
Iraq  
Total E&P Kurdistan Region of Iraq (Safen) B.V.  
Total E&P Kurdistan Region of Iraq (Taza) B.V.  
Total E&P Kurdistan Region of Iraq B.V.  
Total E&P Liban S.A.L.  
Iraq  
Iraq  
Iraq  
Lebanon  
Libya  
Total E&P Libye  
Total E&P Lower Zakum B.V.  
Total E&P Malaysia  
Netherlands  
France  
United Arab Emirates  
Malaysia  
Mauritania  
Mauritania  
Mauritania  
Mauritania  
Mexico  
Total E&P Mauritania Block C18 B.V.  
Total E&P Mauritania Block C9 B.V.  
Total E&P Mauritania Blocks DW B.V.  
Total E&P Mauritanie  
Netherlands  
Netherlands  
Netherlands  
France  
Total E&P Mexico S.A. de C.V.  
Total E&P Mozambique B.V.  
Mexico  
Netherlands  
France  
Mozambique  
Myanmar  
Namibia  
Netherlands  
United States  
Nigeria  
Total E&P Myanmar  
Total E&P Namibia B.V.  
Netherlands  
Netherlands  
United States  
Nigeria  
Total E&P Nederland B.V.  
Total E&P New Ventures Inc.  
Total E&P Nigeria Deepwater A Limited  
Total E&P Nigeria Deepwater B Limited  
Total E&P Nigeria Deepwater C Limited  
Total E&P Nigeria Deepwater D Limited  
Total E&P Nigeria Deepwater E Limited  
Total E&P Nigeria Deepwater F Limited  
Total E&P Nigeria Deepwater G Limited  
Total E&P Nigeria Deepwater H Limited  
Total E&P Nigeria Limited  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Nigeria  
Total E&P Nigeria S.A.S.  
France  
France  
Total E&P Norge AS  
Norway  
Norway  
United Kingdom  
Oman  
Total E&P North Sea UK Limited  
Total E&P Oman  
United Kingdom  
France  
Total E&P Participations Petrolieres Congo  
Republic  
Republic  
of the Congo  
of the Congo  
Total E&P Philippines B.V.  
Total E&P PNG 2 B.V.  
Total E&P PNG 5 B.V.  
Total E&P PNG Limited  
Total E&P Poland B.V.  
Total E&P Qatar  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
Netherlands  
Netherlands  
Netherlands  
Papua New Guinea  
Netherlands  
France  
Philippines  
Papua New Guinea  
Papua New Guinea  
Papua New Guinea  
Poland  
Qatar  
Total E&P RDC  
Democratic Republic  
of Congo  
Democratic Republic  
of Congo  
Total E&P Research & Technology USA LLC  
Total E&P Russie  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
United States  
France  
United States  
Russia  
Total E&P Sebuku  
France  
Indonesia  
Senegal  
China  
Total E&P Senegal  
France  
Total E&P Services China Company Limited  
Total E&P South Africa B.V.  
Total E&P South Pars  
China  
Netherlands  
France  
South Africa  
Iran  
Total E&P South Sudan  
France  
Republic  
of South Sudan  
Total E&P Syrie  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
France  
Syria  
Total E&P Tajikistan B.V.  
Total E&P Thailand  
Netherlands  
France  
Tajikistan  
Thailand  
Brazil  
Total E&P Three PL B.V.  
Total E&P Timan-Pechora LLC  
Total E&P UAE Unconventional Gas B.V.  
Total E&P Uganda B.V.  
Netherlands  
Russia  
Russia  
Netherlands  
Netherlands  
United Arab Emirates  
Uganda  
342  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Exploration & Production (contd)  
Total E&P UK Limited  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
58.28%  
United Kingdom  
Netherlands  
Netherlands  
Netherlands  
United States  
United States  
France  
United Kingdom  
United Arab Emirates  
Uruguay  
Total E&P Umm Shaif Nasr B.V.  
Total E&P Uruguay B.V.  
Total E&P Uruguay Onshore B.V.  
Total E&P USA Inc.  
Uruguay  
United States  
United States  
France  
Total E&P USA Oil Shale, LLC  
Total E&P Well Response  
Total E&P Yamal  
France  
France  
Total E&P Yemen  
France  
Yemen  
Total E&P Yemen Block 3 B.V.  
Total East Africa Midstream B.V.  
Total Energy (Meuk) Limited  
Total Exploration M’Bridge  
Total Facilities Management B.V.  
Total Gabon  
Netherlands  
Netherlands  
United Kingdom  
Netherlands  
Netherlands  
Gabon  
Yemen  
Uganda  
United Kingdom  
Angola  
Netherlands  
Gabon  
Total Gass Handel Norge AS  
Total Gastransport Nederland B.V.  
Total GLNG Australia  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
29.73%  
Norway  
Norway  
Netherlands  
France  
Netherlands  
Australia  
Total GLNG Australia Holdings  
Total Holding Dolphin Amont  
Total Holdings Nederland B.V.  
Total Holdings Nederland International B.V.  
Total Iran B.V.  
France  
Australia  
France  
France  
Netherlands  
Netherlands  
Netherlands  
France  
Netherlands  
Netherlands  
Iran  
Total LNG Angola  
France  
Total LNG Supply Services USA Inc.  
Total Oil and Gas South America  
Total Oil and Gas Venezuela B.V.  
Total Oil Gb Limited  
United States  
France  
United States  
France  
Netherlands  
United Kingdom  
United Kingdom  
France  
Venezuela  
United Kingdom  
United Kingdom  
Iran  
Total Oil UK Limited  
Total Pars LNG  
Total Petroleum Angola  
Total Profils Pétroliers  
France  
Angola  
France  
France  
Total Qatar  
France  
Qatar  
Total South Pars  
France  
Iran  
Total Tengah  
France  
Indonesia  
Russia  
Total Termokarstovoye B.V.  
Total UAE SERVICES  
Netherlands  
France  
United Arab Emirates  
Denmark  
Nigeria  
Total Upstream Danmark A/S  
Total Upstream Nigeria Limited  
Total Upstream UK Limited  
Total Venezuela  
Denmark  
Nigeria  
United Kingdom  
France  
United Kingdom  
France  
Total Yemen LNG Company Limited  
Unitah Colorado Resources II, LLC  
Yamal LNG(b)  
Bermuda  
Bermuda  
United States  
Russia  
United States  
Russia  
8
E
E
Yemen LNG Company Limited  
Ypergas S.A.  
39.62%  
Bermuda  
Yemen  
37.33%  
Venezuela  
Venezuela  
Gas, Renewables & Power  
3
Cb S.A.S.  
100.00%  
50.00%  
50.00%  
61.99%  
48.64%  
100.00%  
51.00%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
100.00%  
100.00%  
France  
France  
Advanced Thermal Batteries Inc.  
Aerospatiale Batteries (ASB)  
Aerowatt Energies  
E
E
E
E
United States  
France  
United States  
France  
France  
France  
Aerowatt Energies 2  
Alcad AB  
France  
France  
Sweden  
France  
Sweden  
France  
Altinergie  
E
Aton Solar Program, LLC  
Badenhorst PV 2 Hold Company LLC  
Bertophase (PTY) Limited  
Biogaz Breuil  
United States  
United States  
South Africa  
France  
United States  
United States  
South Africa  
France  
Biogaz Chatillon  
France  
France  
Biogaz Corcelles  
France  
France  
Biogaz Epinay  
France  
France  
Registration Document 2018 TOTAL  
343  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Biogaz Libron  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
16.60%  
70.00%  
47.69%  
51.00%  
51.00%  
100.00%  
100.00%  
100.00%  
51.00%  
51.00%  
51.00%  
51.00%  
51.00%  
100.00%  
40.00%  
100.00%  
100.00%  
55.66%  
100.00%  
100.00%  
50.00%  
100.00%  
100.00%  
59.00%  
100.00%  
100.00%  
100.00%  
100.00%  
47.69%  
100.00%  
100.00%  
100.00%  
26.00%  
55.66%  
50.00%  
34.00%  
100.00%  
51.00%  
100.00%  
47.69%  
100.00%  
100.00%  
85.71%  
33.38%  
France  
France  
Biogaz Milhac  
France  
France  
Biogaz Soignolles  
France  
France  
Biogaz Torcy  
France  
France  
Biogaz Vert Le Grand  
Biogaz Viriat  
France  
France  
France  
France  
BNB Bloomfield Solar, LLC  
Borrowed Sunshine Parent, LLC  
Borrowed Sunshine, LLC  
Boulder Solar III, LLC  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
Boulder Solar IV, LLC  
Boulder Solar Power, LLC  
BSP Class B Member HoldCo, LLC  
BSP Class B Member, LLC  
BSP Holding Company, LLC  
BSP II Parent, LLC  
Buffalo North Star Solar, LLC  
Cameron LNG Holdings LLC  
Ce De La Vallee Gentillesse  
Ce Les Ailes De Taillard  
Ce Varades  
E
E
France  
France  
France  
France  
Centrale Eolienne De Couloumi  
Centrale Eolienne De Coume  
Centrale Eolienne De Dainville  
Centrale Eolienne De Goulien  
Centrale Eolienne De L’Olivier  
Centrale Eolienne Des Malandaux  
Centrale Eolienne Du Plan Du Pal  
Centrale Eolienne La Croix De Cuitot  
Centrale Eolienne Les Champs Parents  
Centrale Photovoltaique De La Croix  
Centrale Photovoltaique De Merle Sud  
Centrale Photovoltaique Du Seneguier  
Centrale Photovoltaique Le Barou  
Centrale Solaire 2  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
E
France  
France  
France  
France  
France  
France  
France  
United States  
France  
Centrale Solaire Centre Ouest 2  
Centrale Solaire Couloumine  
Centrale Solaire De Cazedarnes  
Centrale Solaire Du Centre Ouest  
Centrale Solaire Du Pla De La Roque  
Centrale Solaire Heliovale  
Centrale Solaire Manosque Ombriere  
Ch Arvan  
France  
France  
France  
E
E
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
Ch Barbaira  
France  
France  
Ch Bonnant  
France  
France  
Ch Hydrotinee  
E
E
France  
France  
Ch La Buissiere  
France  
France  
Ch Previnquieres  
France  
France  
Ch. Alas  
France  
France  
Co Biogaz  
France  
France  
Cogenra Solar, Inc.  
United States  
Panama  
Côte d’Ivoire  
France  
United States  
Panama  
Côte d’Ivoire  
France  
Colón LNG Marketing S. de R. L.  
Côte d’Ivoire GNL  
E
E
CS Autoprod  
CS Betheniville  
E
E
France  
France  
CS Briffaut  
France  
France  
CS Cazedarnes  
France  
France  
CS Chemin De Melette  
CS Dom  
France  
France  
France  
France  
CS Du Lavoir  
France  
France  
CS Estarac  
E
France  
France  
344  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
CS Felix  
100.00%  
100.00%  
100.00%  
100.00%  
51.00%  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
United States  
United States  
Belgium  
France  
France  
France  
China  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
United States  
United States  
Belgium  
France  
France  
France  
United States  
CS Forum Laudun  
CS Fremy  
CS Gardanne  
CS Gigognan  
E
E
CS Heliovale  
48.64%  
CS Le Castellet  
CS Le Cres  
100.00%  
51.00%  
E
CS Les Aspres  
CS Les Cordeliers  
CS Les Cordeliers 2  
CS Les Galliennes  
CS Les Melettes  
CS Lodes  
100.00%  
75.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
9.54%  
CS Mazeran Lr  
CS Mazeran Paca  
CS Olinoca  
E
E
CS Ombrieres Cap Agathois  
CS Pezenas  
75.00%  
100.00%  
100.00%  
76.12%  
CS Piennes  
CS Plateau De Pouls  
CS Quadrao  
100.00%  
51.00%  
CS Sableyes  
CS Supdevenergie  
CS Valorbi  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
55.66%  
CS Viguier  
CS Zabo  
CS Zabo 2  
CSMED  
DeAar PV Hold Company LLC  
Desert Equinox, LLC  
Direct Énergie Belgium  
Direct Énergie Concessions  
Direct Énergie Génération  
Direct Énergie S.A.  
55.66%  
E
100.00%  
100.00%  
100.00%  
100.00%  
55.66%  
Dongfang Huansheng Photovoltaic (Jiangsu) Company  
Limited  
E
E
Dragonfly Systems, Inc.  
Eau Chaude Réunion (ECR)  
Electricite Solaire De Molleges  
Eole Balaze 2  
55.66%  
50.00%  
100.00%  
65.00%  
66.00%  
100.00%  
51.00%  
100.00%  
100.00%  
66.00%  
51.00%  
100.00%  
100.00%  
100.00%  
66.00%  
100.00%  
100.00%  
51.00%  
66.00%  
100.00%  
100.00%  
100.00%  
51.00%  
53.00%  
United States  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
United States  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
E
E
Eole Balaze S.A.R.L.  
Eole Boin  
8
Eole Broceliande  
Eole Champagne Conlinoise  
Eole Cote Du Moulin  
Eole Desirade 4  
E
Eole Du Bocage  
Eole Fonds Caraibes  
Eole Grand Maison  
Eole La Montagne  
Eole La Motelle  
E
E
Eole La Perriere S.A.R.L.  
Eole Les Buissons  
Eole Les Patoures  
Eole Maxent  
Eole Morne Carriere  
Eole Morne Constant  
Eole Moulin Tizon  
Eole Petit Fougeray  
Eole Petite Place  
E
Registration Document 2018 TOTAL  
345  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Eole Pierrefitte Es Bois  
Eole Saint-Jean Lachalm  
Eole Sorbon S.A.R.L.  
Eole Yate  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
51.00%  
51.00%  
51.00%  
51.00%  
51.00%  
51.00%  
51.00%  
100.00%  
17.00%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
100.00%  
100.00%  
27.50%  
100.00%  
25.00%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
55.66%  
55.66%  
55.66%  
100.00%  
20.00%  
100.00%  
26.00%  
26.00%  
100.00%  
100.00%  
100.00%  
100.00%  
65.00%  
100.00%  
100.00%  
65.00%  
100.00%  
66.00%  
65.00%  
100.00%  
65.00%  
100.00%  
100.00%  
France  
France  
France  
France  
France  
France  
France  
France  
Eoliennes Arques 1  
Eoliennes Arques 2  
Eoliennes Arques 3  
France  
France  
France  
France  
France  
France  
Eoliennes De La Chaussee Brunehaut  
France  
France  
Eoliennes De La Chaussee Brunehaut 1  
Eoliennes De La Chaussee Brunehaut 2  
Eoliennes De La Chaussee Brunehaut 3  
Eoliennes De La Chaussee Brunehaut 4  
Eoliennes De La Chaussee Brunehaut 5  
Eoliennes De L’Ourcq Et Du Clignon  
Eoliennes Du Champ Chardon  
Eoloue  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
France  
E
France  
France  
Fassett-Walker Ii, LLC  
Fassett-Walker Ph1, LLC  
Fassett-Walker, LLC  
United States  
United States  
United States  
Sweden  
France  
United States  
United States  
United States  
Sweden  
France  
Fast Jung KB  
Finansol 1  
Finansol 2  
France  
France  
Finansol 3  
France  
France  
Fosmax LNG  
E
E
France  
France  
Frieman & Wolf Batterietechnick GmbH  
Gas Del Litoral SRLCV  
GFS I Class B Member, LLC  
Gfs I Holding Company, LLC  
Giovanni Holdings, LLC  
Glaciere De Palisse  
Germany  
Mexico  
Germany  
Mexico  
United States  
United States  
United States  
France  
United States  
United States  
United States  
France  
Global Energy Armateur SNC  
Global LNG Armateur S.A.S.  
Global LNG Cameron France S.A.S.  
Global LNG Downstream S.A.S.  
Global LNG North America Corporation  
Global LNG S.A.S.  
France  
France  
France  
France  
France  
France  
France  
France  
United States  
France  
United States  
France  
Global LNG Supply S.A.  
Global LNG UK Limited  
Golden Fields Solar I, LLC  
Goodfellow Solar I, LLC  
Greenbotics, Inc.  
Luxembourg  
United Kingdom  
United States  
United States  
United States  
France  
Luxembourg  
United Kingdom  
United States  
United States  
United States  
France  
Greenflex S.A.S.  
Gulf Total Tractebel Power Company PSJC  
Hambrégie  
E
United Arab Emirates  
France  
United Arab Emirates  
France  
Hazira LNG Private Limited  
Hazira Port Private Limited  
Helio 100 Kw  
E
E
India  
India  
India  
India  
France  
France  
Helio 21  
France  
France  
Helio 974 Toitures  
France  
France  
Helio Bakia  
France  
France  
Helio Beziers  
E
E
France  
France  
Helio Boulouparis  
France  
France  
Helio Boulouparis 2  
France  
France  
Helio Florensac  
France  
France  
Helio Fonds Caraibes  
Helio La Perriere  
France  
France  
E
E
France  
France  
Helio Logistique  
France  
France  
Helio L’R  
France  
France  
Helio Orange  
E
France  
France  
Helio Piin Patch  
France  
France  
Helio Popidery  
France  
France  
346  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Helio Reunion  
100.00%  
100.00%  
100.00%  
48.64%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
100.00%  
13.91%  
50.00%  
100.00%  
100.00%  
55.66%  
43.00%  
50.00%  
55.66%  
55.66%  
100.00%  
100.00%  
100.00%  
50.05%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
France  
France  
Helio Tamoa  
France  
France  
Helio Temala  
France  
France  
Helios Beau Champ Limited  
Helios II Residential Solar Fund, LLC  
Helios Residential Solar Fund, LLC  
Helix Project III, LLC  
E
E
Mauritius  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
Mauritius  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
Helix Project Iv, LLC  
Helix Project V, LLC  
Heracles Solar PH1, LLC  
Heracles Solar, LLC  
High Plains Ranch I, LLC  
Holding Eole 2018  
Holding Otev  
France  
France  
Holding Pdr  
France  
France  
Huaxia CPV (Inner Mongolia) Power Corporation, Limited  
Hydro Tinee  
E
E
China  
China  
France  
France  
Hydro-M Ingenierie Des Energies Renouvelables  
Hydromons  
France  
France  
France  
France  
Infigen Energy US Development Corporation  
Institut Photovoltaïque D’Ile De France (IPVF)  
Ise Total Nanao Power Plant G.K.  
JBAB Solar, LLC  
France  
United States  
France  
France  
E
Japan  
Japan  
United States  
United States  
France  
United States  
United States  
France  
JDA Overseas Holdings, LLC  
Jmb Hydro S.A.R.L.  
Jmb Solar  
France  
France  
Jmb Solar Nogara  
France  
France  
Jmcp  
France  
France  
K2015014806 (South Africa) (PTY) Limited  
K2015014875 (South Africa) (PTY) Limited  
K2015070451 (South Africa) (PTY) Limited  
K2015263261 (South Africa) (PTY) Limited  
Kern High School District Solar, LLC  
Klipgats 7 Hold Company LLC  
Klipgats PV 3 Hold Company LLC  
Kozani Energy Anonymi Energeiaki Etaireia  
South Africa  
South Africa  
South Africa  
South Africa  
United States  
United States  
United States  
Greece  
United States  
South Africa  
South Africa  
United States  
United States  
United States  
United States  
Greece  
(distinctive title Kozani Energy S.A.)  
Kozani Energy Malta Limited  
LA Basin Solar I, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
60.00%  
23.84%  
100.00%  
55.66%  
100.00%  
51.00%  
100.00%  
100.00%  
100.00%  
55.66%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
55.66%  
100.00%  
100.00%  
55.66%  
50.00%  
Malta  
Malta  
United States  
United States  
United States  
France  
United States  
United States  
United States  
France  
LA Basin Solar II, LLC  
LA Basin Solar III, LLC  
La Compagnie Electrique De Bretagne  
La Metairie Neuve  
E
E
France  
France  
8
Lampiris S.A.  
Belgium  
Belgium  
Lemoore Stratford Land Holdings IV, LLC  
Les Eoliennes De Conquereuil  
Les Moulins A Vent De Kermadeen  
Les Vents De Ranes  
United States  
France  
United States  
France  
France  
France  
France  
France  
Libcom  
France  
France  
Libwatt  
France  
France  
Lucerne Valley Solar I, LLC  
Luis Solar, LLC  
United States  
United States  
United States  
United States  
Belgium  
United States  
United States  
United States  
United States  
Belgium  
Lux II Residential Solar Fund, LLC  
Lux Residential Solar Fund, LLC  
Marcinelle Energie  
E
Margeriaz Energie  
France  
France  
Marysville Unified School District Solar, LLC  
Messigaz SNC  
United States  
France  
United States  
France  
Methanergy  
France  
France  
Minneola Solar I, LLC  
United States  
United Kingdom  
United States  
United Kingdom  
Missiles & Space Batteries Limited  
E
Registration Document 2018 TOTAL  
347  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Miyako Kuzakai Solarpark G.K.  
Mojave Solar Investment, LLC  
Mulilo Prieska PV (RF) Proprietary Limited  
Napa Sanitation District Solar, LLC  
Nelle Centr.Eolienne_Lastours  
NorthStar Energy Management, LLC  
Northstar Santa Clara County 2016, LLC  
Nouvelle Entreprise D’Energie Solaire  
Nyk Armateur S.A.S.  
50.00%  
55.66%  
27.00%  
55.66%  
47.69%  
55.66%  
55.66%  
51.00%  
50.00%  
100.00%  
55.66%  
66.00%  
47.69%  
100.00%  
47.69%  
47.69%  
47.69%  
100.00%  
49.00%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
100.00%  
100.00%  
60.00%  
70.00%  
70.00%  
70.00%  
55.66%  
20.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
51.00%  
55.66%  
51.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
E
E
E
Japan  
Japan  
United States  
South Africa  
United States  
France  
United States  
South Africa  
United States  
France  
United States  
United States  
France  
United States  
United States  
France  
E
E
France  
France  
Ombrieres Te Vendres  
Oro Fields Solar, LLC  
France  
France  
United States  
France  
United States  
France  
Parc Des Hauts Vents  
Parc Eolien De Cassini  
Parc Eolien De Nesle La Reposte  
Parc Eolien Nordex III  
E
E
France  
France  
France  
France  
E
E
E
France  
France  
Parc Eolien Nordex XXIX  
Parc Eolien Nordex XXX  
Parc Solaire De Servian  
Partrederiet Bw Gas Global LNG  
Perpetual Sunhine Solar Program I, LLC  
Perpetual Sunshine I, LLC  
PGC Plano I, LLC  
France  
France  
France  
France  
France  
France  
E
Norway  
Norway  
United States  
United States  
United States  
United States  
United States  
Malta  
United States  
United States  
United States  
United States  
United States  
Malta  
Phantom Field Resources, LLC  
Photon Residential Solar Fund, LLC  
Photovoltaic Park Malta Limited  
Photovoltaica Parka Veroia Anonymi Etaireia  
Pont-Sur-Sambre Power S.A.S.  
Pos  
E
Greece  
Greece  
France  
France  
France  
France  
Pos Production Ii  
France  
France  
Pos Production Iii  
France  
France  
Pos Production Iv  
France  
France  
Pos Production V  
France  
France  
Proteus Solar, S.A. De C.V.  
PV Salvador SPA  
Mexico  
Mexico  
E
Chile  
Chile  
Quadran Caraibes  
France  
France  
Quadran Holding Daac  
Quadran Holding Nc  
France  
France  
France  
France  
Quadran Nogara  
France  
France  
Quadran Pacific  
France  
France  
Quadran S.A.S.  
France  
France  
Quadrelio  
France  
France  
Quadrica  
France  
France  
Redstone Solar I, LLC  
Roquefort Solar  
United States  
France  
United States  
France  
E
Saft (Zhuhai FTZ) Batteries Company Limited  
Saft AB  
China  
China  
Sweden  
France  
Sweden  
France  
Saft Acquisition S.A.S.  
Saft America Inc.  
United States  
Norway  
United States  
Norway  
Saft AS  
Saft Australia PTY Limited  
Saft Batterias SL  
Australia  
Spain  
Australia  
Spain  
Saft Batterie Italia S.R.L.  
Saft Batterien GmbH  
Italy  
Italy  
Germany  
Singapore  
Australia  
Netherlands  
Brazil  
Germany  
Singapore  
Australia  
Netherlands  
Brazil  
Saft Batteries Pte Limited  
Saft Batteries PTY Limited  
Saft Batterijen B.V.  
Saft Do Brasil Ltda  
Saft Ferak AS  
Czech Republic  
Luxembourg  
France  
Czech Republic  
Luxembourg  
France  
Saft Finance S.A.R.L.  
Saft Groupe S.A.  
Saft Hong Kong Limited  
Hong Kong  
Hong Kong  
348  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Saft India Private Limited  
Saft Japan KK  
Saft Limited  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
15.26%  
34.26%  
55.66%  
55.66%  
20.00%  
100.00%  
27.88%  
55.66%  
100.00%  
100.00%  
51.00%  
55.66%  
61.99%  
55.66%  
100.00%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
India  
India  
Japan  
Japan  
United Kingdom  
Russia  
United Kingdom  
Russia  
Saft LLC  
Saft Nife ME Limited  
Saft S.A.S.  
Cyprus  
Cyprus  
France  
France  
Saft Sweden AB  
Sem La Champenoise  
Semper  
Sweden  
Sweden  
E
E
France  
France  
France  
France  
SGS Antelope Valley Development, LLC  
United States  
Israel  
United States  
United States  
United Arab Emirates  
France  
Sgula (East) Green Energies Limited  
Shams Power Company PJSC  
Smalt Energie  
E
United Arab Emirates  
France  
Société d’exploitation de centrales photovoltaïques 1  
Solaire Generation, LLC  
France  
France  
United States  
France  
United States  
France  
Solaire Grand Sud  
Solaire Libron  
France  
France  
Solaire Villon  
E
E
France  
France  
Solar Carport NJ, LLC  
United States  
France  
United States  
France  
Solar Energies  
Solar Greenhouse I, LLC  
United States  
France  
United States  
France  
Solar Mimizan  
Solar Star 1969, LLC  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Solar Star Always Low Prices Ct, LLC  
Solar Star Always Low Prices Hi, LLC  
Solar Star Always Low Prices Il, LLC  
Solar Star Always Low Prices Ma, LLC  
Solar Star Arizona HMR-I, LLC  
Solar Star Arizona I, LLC  
Solar Star Arizona II, LLC  
Solar Star Arizona III, LLC  
Solar Star Arizona IV, LLC  
Solar Star Arizona V, LLC  
Solar Star Arizona VI, LLC  
Solar Star Arizona VII, LLC  
Solar Star Arizona XIII, LLC  
Solar Star Bay City 2, LLC  
Solar Star Bay City I, LLC  
Solar Star California I, LLC  
Solar Star California IV, LLC  
Solar Star California L (2), LLC  
Solar Star California L (3), LLC  
Solar Star California L, LLC  
Solar Star California LX, LLC  
Solar Star California LXII, LLC  
Solar Star California LXIII, LLC  
Solar Star California LXIV, LLC  
Solar Star California LXV, LLC  
Solar Star California LXVI, LLC  
Solar Star California LXXV, LLC  
Solar Star California LXXVI, LLC  
Solar Star California LXXVII, LLC  
Solar Star California LXXVIII, LLC  
Solar Star California VII, LLC  
Solar Star California XII, LLC  
Solar Star California XL, LLC  
Solar Star California XLI Parent, LLC  
Solar Star California XLI, LLC  
Solar Star California XLII, LLC  
Solar Star California XLIII, LLC  
Solar Star California XLIV, LLC  
8
Registration Document 2018 TOTAL  
349  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Solar Star California XLV, LLC  
Solar Star California XLVI, LLC  
Solar Star California XLVII, LLC  
Solar Star California XLVIII, LLC  
Solar Star California XV Parent, LLC  
Solar Star California XV, LLC  
Solar Star California XVI, LLC  
Solar Star California XVII, LLC  
Solar Star California XVIII, LLC  
Solar Star California XXI, LLC  
Solar Star California XXII, LLC  
Solar Star California XXIII, LLC  
Solar Star California XXIV, LLC  
Solar Star California XXIX, LLC  
Solar Star California XXV, LLC  
Solar Star California XXVI, LLC  
Solar Star California XXVII, LLC  
Solar Star California XXVIII, LLC  
Solar Star California XXXIV, LLC  
Solar Star California XXXIX, LLC  
Solar Star California XXXV, LLC  
Solar Star California XXXVI, LLC  
Solar Star California XXXVII, LLC  
Solar Star California XXXVIII, LLC  
Solar Star Colorado II, LLC  
Solar Star Connecticut I, LLC  
Solar Star Grossmont St Cr, LLC  
Solar Star Hawaii I, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Solar Star Hawaii IV, LLC  
Solar Star HD Connecticut, LLC  
Solar Star HD Illinois, LLC  
Solar Star HD Maryland, LLC  
Solar Star HD New Jersey, LLC  
Solar Star HD New York, LLC  
Solar Star Healthy 1, LLC  
Solar Star HI Air, LLC  
Solar Star Illinois I, LLC  
Solar Star Irwd Baker, LLC  
Solar Star Khsd, LLC  
Solar Star La County I, LLC  
Solar Star Lost Hills, LLC  
Solar Star Massachusetts II, LLC  
Solar Star Massachusetts III, LLC  
Solar Star Maxx 1, LLC  
Solar Star New Jersey IV, LLC  
Solar Star New York I, LLC  
Solar Star Northwestern University, LLC  
Solar Star NVUSD II, LLC  
Solar Star Oceanside, LLC  
Solar Star Oregon I, LLC  
Solar Star Oregon II Parent, LLC  
Solar Star Palo Alto I, LLC  
Solar Star Plano I, LLC  
Solar Star Rancho CWD I, LLC  
Solar Star Rpuwd, LLC  
Solar Star Santa Barbara 3, LLC  
Solar Star Santa Cruz, LLC  
Solar Star SH MA, LLC  
Solar Star Texas II, LLC  
Solar Star Texas IV, LLC  
Solar Star Urbana Landfill Central, LLC  
350  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Solar Star Urbana Landfill East, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
50.00%  
8.35%  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
France  
Solar Star Wfm 1, LLC  
Solar Star Wfm 2, LLC  
Solar Star Woodlands St Cr, LLC  
Solar Star YC, LLC  
Solar University, LLC  
SolarBridge Technologies Inc.  
Solarstar Billerica I, LLC  
Solarstar Ma I, LLC  
Solarstar Prime I, LLC  
SolarStorage Fund A, LLC  
SolarStorage Fund B, LLC  
SolarStorage Fund C, LLC  
Sophye Lacmort  
E
E
South Hook LNG Terminal Company Limited  
SPML Land Inc.  
United Kingdom  
Philippines  
United Kingdom  
Philippines  
55.66%  
0.56%  
SPWR EW 2013-1, LLC  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Bermuda  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Bermuda  
SPWR MS 2013-1, LLC  
27.83%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
SPWR SS 1, LLC  
Srec Ne Holdings, LLC  
Srec Ne, LLC  
SSCA XLI Class B Member, LLC  
SSCA XLI Holding Company, LLC  
Strata Solar, LLC  
SunPower AssetCo, LLC  
SunPower Bermuda Holdings  
SunPower Bobcat Solar, LLC  
SunPower Capital Services, LLC  
SunPower Capital, LLC  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Israel  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
United States  
Israel  
SunPower Commercial Holding Company IV Parent, LLC  
SunPower Commercial Holding Company IV, LLC  
SunPower Commercial Holding Company V, LLC  
SunPower Commercial Holding Company VI, LLC  
Sunpower Commercial St Revolver, LLC  
SunPower Corp Israel Limited  
SunPower Corporation  
United States  
Switzerland  
Australia  
United States  
Switzerland  
Australia  
SunPower Corporation (Switzerland) S.A.R.L.  
SunPower Corporation Australia PTY Limited  
SunPower Corporation Limited  
SunPower Corporation Mexico, S. de R.L. de C.V.  
SunPower Corporation Southern Africa (PTY) Limited  
SunPower Corporation SPA  
Hong Kong  
Mexico  
Hong Kong  
Mexico  
South Africa  
Chile  
South Africa  
Chile  
SunPower Corporation UK Limited  
SunPower Corporation, Systems  
SunPower DevCo, LLC  
United Kingdom  
United States  
United States  
United States  
Chile  
United Kingdom  
United States  
United States  
United States  
Chile  
8
SunPower Development Company  
SunPower Energía SPA  
SunPower Energy Corporation Limited  
SunPower Energy Solutions France S.A.S.  
SunPower Energy Systems Canada Corporation  
SunPower Energy Systems Korea  
SunPower Energy Systems Singapore PTE Limited  
SunPower Energy Systems Southern Africa (PTY) Limited  
SunPower Energy Systems Spain, SL  
Hong Kong  
France  
United States  
France  
Canada  
Canada  
South Korea  
Singapore  
South Korea  
Singapore  
South Africa  
Spain  
South Africa  
Spain  
SunPower Engineering and Construction  
of Energy Production and Trade (Turkey)  
Turkey  
Turkey  
SunPower Foundation  
SunPower GmbH  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
United States  
Germany  
United States  
Germany  
SunPower Helix I, LLC  
SunPower HoldCo, LLC  
SunPower Italia S.R.L.  
United States  
United States  
Italy  
United States  
United States  
Italy  
Registration Document 2018 TOTAL  
351  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
SunPower Japan KK  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
Japan  
Japan  
SunPower Malaysia Manufacturing Sdn. Bhd.  
Malaysia  
Malaysia  
SunPower Malta Limited  
Malta  
Malta  
SunPower Manufacturing (PTY) Limited  
SunPower Manufacturing Corporation Limited  
SunPower Manufacturing de Vernejoul  
South Africa  
Hong Kong  
France  
South Africa  
United States  
France  
SunPower Muhendislik Insaat Enerji Üretim ve Ticaret A.S 55.66%  
Turkey  
Turkey  
SunPower Nanao Parent, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
United States  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
United States  
United States  
United States  
United States  
Cayman Islands  
United States  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
Netherlands  
United States  
Netherlands  
United States  
United States  
United States  
United States  
Philippines  
SunPower Netherlands B.V.  
SunPower Netherlands Hold Company 1 B.V.  
SunPower Netherlands Hold Company 2 B.V.  
SunPower Netherlands Hold Company 3 B.V.  
SunPower Netherlands Hold Company 4 B.V.  
SunPower Netherlands Hold Company 5 B.V.  
SunPower Netherlands Hold Company 6 B.V.  
SunPower Netherlands Hold Company 7 B.V.  
Sunpower Netherlands Hold Company 8 B.V.  
SunPower Netherlands Holdings B.V.  
Sunpower North America Manufacturing, LLC  
SunPower North America, LLC  
SunPower NY CDG 1, LLC  
SunPower Osato Parent, LLC  
SunPower Philippines Limited – Regional Operating  
Headquarters  
SunPower Philippines Manufacturing Limited  
SunPower Revolver HoldCo I Parent, LLC  
SunPower Revolver HoldCo I, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
Cayman Islands  
United States  
United States  
China  
Philippines  
United States  
United States  
China  
SunPower Solar Energy Technology (Tianjin) Corporation,  
Limited  
SunPower Solar India Private Limited  
SunPower Solar Malaysia Sdn. Bhd.  
SunPower Systems Belgium SPRL  
SunPower Systems International Limited  
SunPower Systems Mexico S. de R.L. de C.V.  
SunPower Systems S.A.R.L.  
SunPower Technologies France S.A.S.  
Sunpower Technologies, Inc.  
SunPower Technology Limited  
SunPower YC Holdings LLC  
Sunrise 3, LLC  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
55.66%  
50.00%  
50.00%  
50.00%  
50.00%  
50.00%  
50.00%  
50.00%  
50.00%  
50.00%  
55.66%  
100.00%  
100.00%  
55.66%  
55.66%  
100.00%  
100.00%  
55.66%  
55.66%  
55.66%  
50.00%  
India  
India  
Malaysia  
Belgium  
Malaysia  
Belgium  
Hong Kong  
Mexico  
United States  
Mexico  
Switzerland  
France  
Switzerland  
France  
United States  
Cayman Islands  
United States  
United States  
United States  
France  
United States  
Cayman Islands  
United States  
United States  
United States  
France  
Sunstrong Capital Holdings, LLC  
Sunzil  
E
E
E
E
E
E
E
E
E
E
Sunzil Caraibes  
France  
France  
Sunzil Mayotte S.A.S.  
France  
France  
Sunzil Ocean Indien  
France  
France  
Sunzil Pacific  
France  
France  
Sunzil Polynésie  
France  
France  
Sunzil Polynésie Services  
Sunzil Services Caraibes  
Sunzil Services Ocean Indien  
Swingletree Operations, LLC  
Tadiran Batteries GmbH  
Tadiran Batteries Limited  
TEMASOL  
France  
France  
France  
France  
France  
France  
United States  
Germany  
Israel  
United States  
Germany  
Israel  
Morocco  
Venezuela  
France  
Morocco  
Venezuela  
France  
Tenesol Venezuela  
Thezan Solar  
Toitures Capiscol  
France  
France  
Torimode (PTY) Limited  
South Africa  
South Africa  
South Africa  
Netherlands  
South Africa  
South Africa  
South Africa  
United Arab Emirates  
Toriprox (PTY) Limited  
Torisol (PTY) Limited  
Total Abengoa Solar Emirates Investment Company B.V.  
E
352  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Gas, Renewables & Power (contd)  
Total Energie Do Brasil  
55.66%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
33.86%  
Brazil  
Brazil  
Total Energie Gas GmbH  
Total Énergie Gaz  
Germany  
France  
Germany  
France  
Total ENERGY SERVICES  
Total Energy Ventures Europe  
Total Energy Ventures International  
Total Eren Holding  
France  
France  
France  
France  
France  
France  
E
France  
France  
Total Gas & Power Actifs Industriels  
Total Gas & Power Asia Private Limited  
Total Gas & Power Brazil  
Total Gas & Power Chartering Limited  
Total Gas & Power Limited  
Total Gas & Power North America Inc.  
Total Gas & Power Services Limited  
Total Gas & Power Thailand  
Total Gas Pipeline USA Inc.  
Total Gas Y Electricidad Argentina S.A.  
Total Gasandes  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
55.66%  
France  
France  
Singapore  
France  
Singapore  
France  
United Kingdom  
United Kingdom  
United States  
United Kingdom  
France  
United Kingdom  
United Kingdom  
United States  
United Kingdom  
France  
United States  
Argentina  
France  
United States  
Argentina  
France  
Total Gaz Electricité Holdings France  
Total Midstream Holdings UK Limited  
Total New Energies Limited  
Total New Energies Ventures USA, Inc.  
Total Solar  
France  
France  
United Kingdom  
United Kingdom  
United States  
France  
United Kingdom  
United Kingdom  
United States  
France  
Total Solar International  
France  
France  
Total Solar Latin America SPA  
Total Spring France  
Chile  
Chile  
France  
France  
Total SunPower Energia S.A.  
Total Tractebel Emirates O & M Company  
Total Tractebel Emirates Power Company  
Toul Power  
Chile  
Chile  
50.00%  
E
E
France  
United Arab Emirates  
United Arab Emirates  
France  
50.00%  
France  
100.00%  
32.68%  
France  
Transportadora de Gas del Mercosur S.A.  
Valorene  
E
Argentina  
France  
Argentina  
France  
66.00%  
Vandenberg Solar I, LLC  
Vega Solar 1 S.A.P.I. de C.V.  
Vega Solar 2 S.A.P.I. de C.V.  
Vega Solar 3 S.A.P.I. de C.V.  
Vega Solar 4 S.A.P.I. de C.V.  
Vega Solar 5 S.A.P.I. de C.V.  
Vent De Thierache 01  
55.66%  
United States  
Mexico  
United States  
United States  
United States  
United States  
United States  
United States  
France  
55.66%  
55.66%  
Mexico  
55.66%  
Mexico  
55.66%  
Mexico  
55.66%  
Mexico  
51.00%  
France  
Vent De Thierache 02  
51.00%  
France  
France  
Vent De Thierache 03  
100.00%  
100.00%  
25.00%  
France  
France  
Vents D’Oc Centrale D’Energie Renouvelable 18  
Vertigo  
France  
France  
E
France  
France  
8
Whippletree Solar, LLC  
55.66%  
United States  
United States  
United States  
France  
United States  
United States  
United States  
France  
White Wolf Solar, LLC  
55.66%  
Wood Draw Solar LLC  
55.66%  
Yfrégie  
100.00%  
100.00%  
Zeeland Solar B.V.  
Netherlands  
Netherlands  
Refining & Chemicals  
Appryl S.N.C  
50.00%  
100.00%  
100.00%  
100.00%  
100.00%  
40.00%  
France  
France  
Atlantic Trading and Marketing Financial Inc.  
Atlantic Trading and Marketing Inc.  
Balzatex S.A.S.  
United States  
United States  
France  
United States  
United States  
France  
Barry Controls Aerospace S.N.C.  
BASF Total Petrochemicals LLC  
Bay Junction Inc.  
France  
France  
United States  
United States  
United States  
United States  
Portugal  
United States  
United States  
United States  
United States  
Portugal  
100.00%  
50.00%  
Bayport Polymers LLC  
E
E
Bayport Polymers LLC  
100.00%  
100.00%  
100.00%  
14.66%  
Borrachas Portalegre Ltda  
BOU Verwaltungs GmbH  
Buckeye Products Pileline LP  
Germany  
Germany  
United States  
United States  
Registration Document 2018 TOTAL  
353  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Refining & Chemicals (contd)  
Catelsa-Caceres S.A.U.  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
50.00%  
Spain  
Spain  
Cie Tunisienne du Caoutchouc S.A.R.L.  
Tunisia  
Tunisia  
Composite Industrie Maroc S.A.R.L.  
Composite Industrie S.A.  
Cosden, LLC  
Morocco  
France  
Morocco  
France  
United States  
United States  
China  
United States  
United States  
China  
COS-MAR Company  
Cray Valley (Guangzhou) Chemical Company, Limited  
Cray Valley Czech  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
99.98%  
Czech Republic  
China  
Czech Republic  
China  
Cray Valley HSC Asia Limited  
Cray Valley Italia S.R.L.  
Italy  
Italy  
Cray Valley S.A.  
France  
France  
CSSA – Chartering and Shipping Services S.A.  
Espa S.A.R.L.  
Switzerland  
France  
Switzerland  
France  
Ethylène Est  
France  
France  
Feluy Immobati  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
14.66%  
Belgium  
Belgium  
FINA Technology, Inc.  
United States  
United States  
China  
United States  
United States  
China  
FPL Enterprises, Inc.  
Gasket (Suzhou) Valve Components Company, Limited  
Gasket International SPA  
Grande Paroisse S.A.  
Italy  
Italy  
France  
France  
Gulf Coast Pipeline LP  
E
E
United States  
South Korea  
Brazil  
United States  
South Korea  
Brazil  
Hanwha Total Petrochemical Co. Limited  
HBA Hutchinson Brasil Automotive Ltda  
Hutchinson (UK) Limited  
50.00%  
100.00%  
100.00%  
100.00%  
United Kingdom  
China  
United Kingdom  
China  
Hutchinson (Wuhan) Automotive Rubber Products  
Company Limited  
Hutchinson Aéronautique & Industrie Limited  
Hutchinson Aeroservices S.A.S.  
Hutchinson Aerospace & Industry Inc.  
Hutchinson Aerospace GmbH  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
Canada  
Canada  
France  
France  
United States  
Germany  
United States  
United States  
China  
United States  
Germany  
United States  
United States  
China  
Hutchinson Aftermarket USA Inc.  
Hutchinson Antivibration Systems Inc.  
Hutchinson Automotive Systems Company, Limited  
Hutchinson Autopartes Mexico S.A. de C.V.  
Hutchinson Borrachas de Portugal Ltda  
Hutchinson Corporation  
Mexico  
Mexico  
Portugal  
Portugal  
United States  
Serbia  
United States  
Serbia  
Hutchinson d.o.o Ruma  
Hutchinson Do Brasil S.A.  
Brazil  
Brazil  
Hutchinson Fluid Management Systems Inc.  
Hutchinson GmbH  
United States  
Germany  
Germany  
United Kingdom  
Spain  
United States  
Germany  
Germany  
United Kingdom  
Spain  
Hutchinson Holding GmbH  
Hutchinson Holdings UK Limited  
Hutchinson Iberia S.A.  
Hutchinson Industrial Rubber Products (Suzhou)  
Company, Limited  
China  
China  
Hutchinson Industrias Del Caucho SAU  
Hutchinson Industries Inc.  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
Spain  
Spain  
United States  
Japan  
United States  
Japan  
Hutchinson Japan Company Limited  
Hutchinson Korea Limited  
South Korea  
Morocco  
Spain  
South Korea  
Morocco  
Spain  
Hutchinson Maroc S.A.R.L. AU  
Hutchinson Palamos  
Hutchinson Poland SP ZO.O.  
Hutchinson Polymers S.N.C.  
Hutchinson Porto Tubos Flexiveis Ltda  
Hutchinson Precision Sealing Systems Inc.  
Hutchinson Rubber Products Private Limited Inde  
Hutchinson S.A.  
Poland  
Poland  
France  
France  
Portugal  
United States  
France  
Portugal  
United States  
India  
France  
France  
Hutchinson S.N.C.  
France  
France  
Hutchinson S.R.L. (Italie)  
Italy  
Italy  
Hutchinson S.R.L. (Roumanie)  
Hutchinson Sales Corporation  
Romania  
United States  
Romania  
United States  
354  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Refining & Chemicals (contd)  
Hutchinson Seal De Mexico S.A. de CV.  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
99.89%  
Mexico  
Mexico  
Hutchinson Sealing Systems Inc.  
Hutchinson SRO  
United States  
Czech Republic  
Germany  
Switzerland  
Mexico  
United States  
Czech Republic  
Germany  
Switzerland  
Mexico  
Hutchinson Stop – Choc GmbH & CO. KG  
Hutchinson Suisse S.A.  
Hutchinson Transferencia de Fluidos S.A. de C.V.  
Hutchinson Tunisie S.A.R.L.  
Hutchinson Vietnam Company Limited  
Industrias Tecnicas De La Espuma SL  
Industrielle Desmarquoy S.N.C.  
Jéhier S.A.S.  
Tunisia  
Tunisia  
Vietnam  
Vietnam  
Spain  
Spain  
France  
France  
France  
France  
JPR S.A.S.  
100.00%  
100.00%  
10.00%  
France  
France  
KTN Kunststofftechnik Nobitz GmbH  
Laffan Refinery Company Limited  
Laffan Refinery Company Limited 2  
LaPorte Pipeline Company LP  
LaPorte Pipeline GP LLC  
Le Joint Francais S.N.C.  
Legacy Site Services LLC  
Les Stratifiés S.A.S.  
Germany  
Qatar  
Germany  
Qatar  
E
E
E
E
10.00%  
Qatar  
Qatar  
20.16%  
United States  
United States  
France  
United States  
United States  
France  
19.96%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
50.00%  
United States  
France  
United States  
France  
Lone Wolf Land Company  
LSS Funding Inc.  
United States  
United States  
United Kingdom  
United States  
France  
United States  
United States  
United Kingdom  
United States  
France  
Machen Land Limited  
Mapa – Spontex Inc.  
Naphtachimie  
Novogy, Inc.  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
68.00%  
United States  
Germany  
Malta  
United States  
Germany  
Malta  
Olutex Oberlausitzer Luftfahrttextilien GmbH  
Pamargan (Malta) Products Limited  
Pamargan Products Limited  
Paulstra S.N.C.  
United Kingdom  
France  
United Kingdom  
France  
Paulstra Silentbloc S.A.  
Belgium  
Belgium  
Polyblend GmbH  
Germany  
Qatar  
Germany  
Qatar  
Qatar Petrochemical Company Q.S.C. (QAPCO)  
Qatofin Company Limited  
Résilium  
20.00%  
E
E
49.09%  
Qatar  
Qatar  
100.00%  
100.00%  
100.00%  
17.00%  
Belgium  
Belgium  
Retia  
France  
France  
Retia USA LLC  
United States  
United States  
Saoudia Arabia  
France  
United States  
United States  
Saoudia Arabia  
France  
San Jacinto Rail Limited  
Saudi Aramco Total Refining & Petrochemical Company  
Sealants Europe  
E
E
E
37.50%  
34.00%  
SigmaKalon Group B.V.  
100.00%  
100.00%  
35.14%  
Netherlands  
France  
Netherlands  
France  
Société Béarnaise De Gestion Industrielle  
Société du Pipeline Sud-Européen  
Stillman Seal Corporation  
Stop-Choc (UK) Limited  
E
E
France  
France  
8
100.00%  
100.00%  
100.00%  
100.00%  
50.00%  
United States  
United Kingdom  
France  
United States  
United Kingdom  
France  
Techlam S.A.S.  
Total Activités Maritimes  
Total Corbion PLA B.V.  
Total Deutschland GmbH(c)  
Total Downstream UK PLC  
Total Energy Marketing A/S  
Total European Trading  
France  
France  
Netherlands  
Germany  
United Kingdom  
Denmark  
France  
Netherlands  
Germany  
United Kingdom  
Denmark  
France  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
Total Laffan Refinery  
France  
France  
Total Laffan Refinery II B.V.  
Total Lindsey Oil Refinery Limited  
Total New Energies USA, Inc.  
Total Olefins Antwerp  
Netherlands  
United Kingdom  
United States  
Belgium  
Netherlands  
United Kingdom  
United States  
Belgium  
Total Opslag En Pijpleiding Nederland NV  
Total PAR LLC  
Netherlands  
United States  
China  
Netherlands  
United States  
China  
Total Petrochemicals (China) Trading Company,  
Limited  
Registration Document 2018 TOTAL  
355  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Refining & Chemicals (contd)  
Total Petrochemicals (Foshan) Limited  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
49.00%  
China  
China  
Total Petrochemicals (Hong Kong) Limited  
Total Petrochemicals (Ningbo) Limited  
Total Petrochemicals (Shangai) Limited  
Total Petrochemicals Development Feluy  
Total Petrochemicals Ecaussinnes  
Total Petrochemicals Feluy  
Hong Kong  
China  
Hong Kong  
China  
China  
China  
Belgium  
Belgium  
Belgium  
France  
Belgium  
Belgium  
Belgium  
France  
Total Petrochemicals France  
Total Petrochemicals Iberica  
Total Petrochemicals Pipeline USA Inc.  
Total Petrochemicals UK Limited  
Total Polymers Antwerp  
Spain  
Spain  
United States  
United Kingdom  
Belgium  
Belgium  
France  
United States  
United Kingdom  
Belgium  
Belgium  
France  
Total Raffinaderij Antwerpen N.V.  
Total Raffinage France  
Total Raffinerie Mitteldeutschland GmbH  
Total Refining & Chemicals  
Germany  
France  
Germany  
France  
Total Refining & Chemicals Saudi Arabia S.A.S.  
Total Research & Technology Feluy  
Total Splitter USA Inc  
France  
France  
Belgium  
United States  
Canada  
Belgium  
United States  
Canada  
Total Trading and Marketing Canada LP  
Total Trading Asia Pte Limited  
Total Trading Canada Limited  
Total Trading Products S.A.  
TOTSA Total Oil Trading S.A.  
Totseanergy  
Singapore  
Canada  
Singapore  
Canada  
Switzerland  
Switzerland  
Belgium  
France  
Switzerland  
Switzerland  
Belgium  
France  
E
Transalpes S.N.C.  
67.00%  
Trans-Ethylène  
99.98%  
France  
France  
Tssa Total Storage & Services S.A.  
Vibrachoc SAU  
100.00%  
100.00%  
55.00%  
Switzerland  
Spain  
Switzerland  
Spain  
Zeeland Refinery NV  
Netherlands  
Netherlands  
Marketing & Services  
Air Total (Suisse) S.A.  
Air Total International S.A.  
Alvea  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
51.00%  
Switzerland  
Switzerland  
France  
Switzerland  
Switzerland  
France  
Antilles Gaz  
France  
France  
Argedis  
France  
France  
Aristea  
E
E
Belgium  
Belgium  
France  
Belgium  
Belgium  
France  
Arteco  
49.99%  
AS 24  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
25.00%  
AS 24 Tankservice GmbH  
AS24 Belgie N.V.  
Germany  
Belgium  
Spain  
Germany  
Belgium  
Spain  
AS24 Espanola S.A.  
AS24 Fuel Cards Limited  
AS24 Polska SP ZO.O.  
Caldeo  
United Kingdom  
Poland  
United Kingdom  
Poland  
France  
France  
Charvet La Mure Bianco  
Clean Energy  
France  
France  
E
United States  
France  
United States  
France  
Compagnie Pétrolière de l’Ouest – CPO  
CPE Énergies  
100.00%  
100.00%  
80.78%  
France  
France  
Cristal Marketing Egypt  
DCA-MORY-SHIPP  
Egedis  
Egypt  
Egypt  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
77.00%  
France  
France  
France  
France  
Elf Oil UK Aviation Limited  
Elf Oil UK Properties Limited  
Fioulmarket.fr  
United Kingdom  
United Kingdom  
France  
United Kingdom  
United Kingdom  
France  
Gapco Kenya Limited  
Gapco Tanzania Limited  
Gapco Uganda Limited  
Guangzhou Elf Lubricants Company Limited  
Gulf Africa Petroleum Corporation  
Lubricants Vietnam Holding Limited  
Kenya  
Kenya  
Tanzania  
Uganda  
Tanzania  
Uganda  
China  
China  
100.00%  
100.00%  
Mauritius  
Hong Kong  
Mauritius  
Hong Kong  
356  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Marketing & Services (contd)  
National Petroleum Refiners Of South Africa (PTY) Limited 18.22%  
E
South Africa  
Netherlands  
Netherlands  
France  
South Africa  
Netherlands  
Netherlands  
France  
Pitpoint B.V.  
100.00%  
100.00%  
99.99%  
Pitpoint Cng B.V.  
Produits Pétroliers Stela  
Quimica Vasca S.A. Unipersonal  
Saudi Total Petroleum Products  
Servauto Nederland B.V.  
Société des transports pétroliers par pipeline  
Société d’exploitation de l’usine de Rouen  
Société mahoraise de stockage de produits pétroliers  
Société Urbaine des Pétroles  
S-Oil Total Lubricants Company Limited  
South Asia LPG Private Limited  
Total (Africa) Limited  
100.00%  
51.00%  
Spain  
Spain  
E
E
Saoudia Arabia  
Netherlands  
France  
Saoudia Arabia  
Netherlands  
France  
100.00%  
35.50%  
98.98%  
France  
France  
100.00%  
100.00%  
50.00%  
France  
France  
France  
France  
E
E
South Korea  
India  
South Korea  
India  
50.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
50.10%  
United Kingdom  
Fiji Islands  
France  
United Kingdom  
Fiji Islands  
France  
Total (Fiji) Limited  
Total Additifs et Carburants Spéciaux  
Total Africa S.A.  
France  
France  
Total Aviation & Export Limited  
Total Belgium  
Zambia  
Zambia  
Belgium  
Belgium  
Total Bitumen Deutschland GmbH  
Total Bitumen UK Limited  
Total Botswana (PTY) Limited  
Total Burkina  
Germany  
United Kingdom  
Botswana  
Burkina Faso  
Cambodia  
Cameroon  
France  
Germany  
United Kingdom  
Botswana  
Burkina Faso  
Cambodia  
Cameroon  
France  
100.00%  
100.00%  
67.01%  
Total Cambodge  
Total Cameroun  
Total Caraïbes  
100.00%  
100.00%  
100.00%  
100.00%  
Total Ceska Republika S.R.O.  
Total China Investment Company Limited  
Total Congo  
Czech Republic  
China  
Czech Republic  
China  
Republic  
Republic  
of the Congo  
of the Congo  
Total Corse  
100.00%  
72.99%  
France  
France  
Total Côte D’Ivoire  
Côte d’Ivoire  
Denmark  
Egypt  
Côte d’Ivoire  
Denmark  
Egypt  
Total Denmark A/S  
Total Egypt  
100.00%  
80.78%  
Total España S.A.  
100.00%  
98.78%  
Spain  
Spain  
Total Especialidades Argentina  
Total Ethiopia  
Argentina  
Ethiopia  
France  
Argentina  
Ethiopia  
France  
100.00%  
100.00%  
51.00%  
Total Fluides  
Total Freeport Corporation  
Total Fuels Wuhan Company Limited  
Total Glass Lubricants Europe GmbH  
Total Guadeloupe  
E
Philippines  
China  
Philippines  
China  
100.00%  
100.00%  
100.00%  
70.00%  
Germany  
France  
Germany  
France  
Total Guinea Ecuatorial  
Total Guinée  
Equatorial Guinea  
Guinea  
Equatorial Guinea  
Guinea  
8
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
93.96%  
Total Holding Asie  
France  
France  
Total Holding India  
France  
France  
Total Italia  
Italy  
Italy  
Total Jamaica Limited  
Total Jordan PSC  
Jamaica  
Jordan  
Jamaica  
Jordan  
Total Kenya  
Kenya  
Kenya  
Total Liban  
100.00%  
100.00%  
77.00%  
Lebanon  
Liberia  
Lebanon  
Liberia  
Total Liberia Inc.  
Total Lubricants (China) Company Limited  
Total Lubricants Taiwan Limited  
Total Lubrifiants  
China  
China  
63.00%  
Taiwan  
Taiwan  
99.98%  
France  
France  
Total Lubrifiants Algérie  
Total Lubrifiants Service Automobile  
Total Luxembourg S.A.  
Total Madagasikara S.A.  
Total Mali  
78.90%  
Algeria  
Algeria  
99.98%  
France  
France  
100.00%  
79.44%  
Luxembourg  
Madagascar  
Mali  
Luxembourg  
Madagascar  
Mali  
100.00%  
100.00%  
Total Marine Fuels  
Singapore  
Singapore  
Registration Document 2018 TOTAL  
357  
CONSOLIDATED FINANCIAL STATEMENTS  
8
Notes to the Consolidated Financial Statements  
Note 18  
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Marketing & Services (contd)  
Total Marketing Egypt  
Total Marketing France  
Total Marketing Gabon  
80.78%  
100.00%  
90.00%  
Egypt  
Egypt  
France  
France  
Gabon  
Gabon  
Total Marketing Middle East Free Zone  
100.00%  
100.00%  
100.00%  
100.00%  
55.00%  
United Arab Emirates  
France  
United Arab Emirates  
France  
Total Marketing Services  
Total Marketing Tchad  
Total Marketing Uganda  
Total Maroc  
Chad  
Chad  
Uganda  
Morocco  
Mauritius  
France  
Uganda  
Morocco  
Mauritius  
France  
Total Mauritius  
55.00%  
Total Mayotte  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
50.10%  
Total Mexico S.A. de C.V.  
Total Mineraloel und Chemie GmbH  
Total Mineralol GmbH  
Total Mozambique  
Mexico  
Mexico  
Germany  
Germany  
Mozambique  
Namibia  
Netherlands  
Niger  
Germany  
Germany  
Mozambique  
Namibia  
Netherlands  
Niger  
Total Namibia (PTY) Limited  
Total Nederland NV  
100.00%  
100.00%  
61.72%  
Total Niger S.A.  
Total Nigeria PLC  
Nigeria  
Nigeria  
Total Oil Asia-Pacific Pte Limited  
Total Oil India Private Limited  
Total Outre-Mer  
100.00%  
100.00%  
100.00%  
100.00%  
50.00%  
Singapore  
India  
Singapore  
India  
France  
France  
Total Pacifique  
France  
France  
Total Parco Pakistan Limited  
Total Petroleum (Shanghai) Company Limited  
Total Petroleum Ghana Limited  
Total Petroleum Puerto Rico Corp.  
Total Philippines Corporation  
Total Polska  
E
E
Pakistan  
China  
Pakistan  
China  
100.00%  
76.74%  
Ghana  
Ghana  
100.00%  
51.00%  
Puerto Rico  
Philippines  
Poland  
Puerto Rico  
Philippines  
Poland  
100.00%  
99.81%  
Total Polynésie  
France  
France  
Total RDC  
60.00%  
Democratic Republic  
of Congo  
Democratic Republic  
of Congo  
Total Réunion  
100.00%  
100.00%  
69.14%  
100.00%  
49.00%  
49.00%  
50.10%  
100.00%  
100.00%  
50.10%  
100.00%  
77.00%  
76.72%  
100.00%  
100.00%  
49.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
80.00%  
100.00%  
50.10%  
70.00%  
France  
France  
Total Romania S.A.  
Romania  
Senegal  
Romania  
Senegal  
Total Sénégal  
Total Singapore Shared Services Pte Limited  
Total Sinochem Fuels Company Limited  
Total Sinochem Oil Company Limited  
Total South Africa (PTY) Limited  
Total Specialties USA Inc.  
Total Supply MS S.A.  
Total Swaziland (PTY) Limited  
Total Tanzania Limited  
Total Tianjin Manufacturing Company Limited  
Total Togo  
Singapore  
China  
Singapore  
China  
E
E
China  
China  
South Africa  
United States  
Switzerland  
Swaziland  
Tanzania  
South Africa  
United States  
Switzerland  
Swaziland  
Tanzania  
China  
China  
Togo  
Togo  
Total Tunisie  
Tunisia  
Tunisia  
Total Turkey Pazarlama  
Total UAE LLC  
Turkey  
Turkey  
United Arab Emirates  
Uganda  
United Arab Emirates  
Uganda  
Total Uganda Limited  
Total UK Limited  
United Kingdom  
Ukraine  
United Kingdom  
Ukraine  
Total Ukraine LLC  
Total Union Océane  
France  
France  
Total Vietnam Limited  
Total Vostok  
Vietnam  
Vietnam  
Russia  
Russia  
Total Zambia  
Zambia  
Zambia  
Total Zimbabwe Limited  
Totalgaz Vietnam LLC  
Upbeatprops 100 PTY Limited  
V Energy S.A.  
Zimbabwe  
Vietnam  
Zimbabwe  
Vietnam  
South Africa  
Dominican Republic  
South Africa  
Dominican Republic  
358  
TOTAL Registration Document 2018  
CONSOLIDATED FINANCIAL STATEMENTS  
Notes to the Consolidated Financial Statements  
Note 18  
8
Business  
segment  
% Group  
interest  
Country of  
operations  
Statutory corporate name  
Method  
Country of incorporation  
Corporate  
Albatros  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
99.98%  
France  
France  
Elf Aquitaine  
France  
France  
Elf Aquitaine Fertilisants  
France  
France  
Elf Aquitaine Inc.  
United States  
United States  
Belgium  
United States  
United States  
Belgium  
Elf Forest Products LLC  
Etmofina  
Omnium Reinsurance Company S.A.  
Pan Insurance Limited  
Switzerland  
Ireland  
Switzerland  
Ireland  
Septentrion Participations  
Socap S.A.S.  
France  
France  
France  
France  
Société Civile Immobilière CB2  
Sofax Banque  
France  
France  
France  
France  
Total American Services Inc.  
Total Capital  
United States  
France  
United States  
France  
Total Capital Canada Limited  
Total Capital International  
Canada  
Canada  
France  
France  
Total Consulting  
France  
France  
Total Corporate Management (Beijing) Company Limited  
Total Delaware Inc.  
China  
China  
United States  
France  
United States  
France  
Total Développement Régional S.A.S.  
Total Facilities Management Services (TFMS)  
Total Finance  
France  
France  
France  
France  
Total Finance Corporate Services Limited  
Total Finance Global Services (TOFIG)  
Total Finance international B.V.  
Total Finance Nederland B.V.  
Total Finance USA Inc.  
United Kingdom  
Belgium  
United Kingdom  
Belgium  
Netherlands  
Netherlands  
United States  
Netherlands  
Netherlands  
France  
Netherlands  
Netherlands  
United States  
Netherlands  
Netherlands  
France  
Total Funding Nederland B.V.  
Total Funding Nederland International B.V.  
Total Gestion Filiales  
Total Gestion USA  
France  
France  
Total Global Financial Services  
Total Global Human Ressources Services  
Total Global Information Technology Services Belgium  
Total Global IT Services (TGITS)  
Total Global Procurement (TGP)  
Total Global Procurement Belgium S.A. (TGPB)  
Total Global Services Bucharest  
Total Global Services Philippines  
Total Holding Allemagne  
France  
France  
France  
France  
Belgium  
Belgium  
100.00%  
100.00%  
100.00%  
99.01%  
France  
France  
France  
France  
Belgium  
Belgium  
Romania  
Philippines  
France  
Romania  
Philippines  
France  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
100.00%  
-
Total Holdings Europe  
France  
France  
Total Holdings International B.V.  
Total Holdings UK Limited  
Total Holdings USA Inc.  
Netherlands  
United Kingdom  
United States  
Netherlands  
France  
Netherlands  
United Kingdom  
United States  
Netherlands  
France  
8
Total International NV  
Total Learning Solutions (TLS)  
Total Operations Canada Limited  
Total Overseas Holding (PTY) Limited  
Total Participations  
Total Petrochemicals & Refining S.A./NV(c)  
Total Petrochemicals & Refining USA Inc.(c)  
Total Petrochemicals Security USA Inc.  
Total Resources (Canada) Limited  
Total S.A.  
Canada  
Canada  
South Africa  
France  
Netherlands  
France  
Belgium  
Belgium  
United States  
United States  
Canada  
United States  
United States  
Canada  
France  
France  
Total Treasury  
100.00%  
100.00%  
France  
France  
Total UK Finance Limited  
United Kingdom  
United Kingdom  
*
After the closing of the transaction described in the Note 2.3 of the Notes to the Consolidated Financial Statements.  
(a) % of control different from % of interest: 49%.  
(b) % of control different from % of interest: 20.02%.  
(c) Multi-segment entities.  
Registration Document 2018 TOTAL  
359  
CONSOLIDATED FINANCIAL STATEMENTS  
8
360  
TOTAL Registration Document 2018  
9
SUPPLEMENTAL OIL AND GAS  
INFORMATION (UNAUDITED)  
9.1  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
362  
9.1.1 Assessment process for reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362  
9.1.2 Proved developed reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362  
9.1.3 Proved undeveloped reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363  
9.1.4 Estimated proved reserves of oil, bitumen and gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363  
9.1.5 Results of operations for oil and gas producing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371  
9.1.6 Cost incurred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373  
9.1.7 Capitalized costs related to oil and gas producing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374  
9.1.8 Standardized measure of discounted future net cash flows (excluding transportation). . . . . . . . . . . . . . . . . . . . . . . . . . 375  
9.1.9 Changes in the standardized measure of discounted future net cash flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377  
9.2  
Other information  
378  
9
9
9
.2.1 Natural Gas Production available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378  
.2.2 Production prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378  
.2.3 Production costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379  
9.3  
Report on the payments made to governments  
Article L. 225-102-3 of the French Commercial Codeꢁ  
ꢀ
380  
9.3.1 Reporting by country and type of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381  
9.3.2 Reporting of Payments by Project and by type of Payment, and by Government and by type of Payment . . . . . . . . . . 382  
Registration Document 2018 TOTAL  
361  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
.1 Oil and gas information pursuant to FASB  
Accounting Standards Codification 932  
Proved reserves estimates are calculated according to the Securities  
and Exchange Commission (SEC) Rule 4-10 of Regulation S-X set  
forth in the “Modernization of Oil and Gas Reporting” release (SEC  
Release n° 33-8995) and the Financial Accounting Standard Board  
(FASB) Accounting Standards Update regarding Extractive  
Activities – Oil and Gas (ASC 932), which provide definitions and  
disclosure requirements.  
9.1.1 Assessment process for reserves  
Reserves estimations are performed by experienced geoscientists,  
engineers and economists under the supervision of each affiliate’s  
General Management. Staff involved in reserves evaluation are trained  
to follow SEC-compliant internal guidelines and policies regarding  
criteria that must be met before reserves can be considered as  
proved. All of the Group’s proved reserves held in subsidiaries and  
equity affiliates are estimated within the affiliates of the Group with  
the exception of the proved reserves held by the equity affiliate PAO  
Novatek. The assessment of the net proved liquids and natural gas  
reserves of certain properties owned by PAO Novatek was completed  
as of December 31, 2018, in accordance with the standards applied  
by the Group, based on an independent third-party report from  
DeGolyer & MacNaughton. These independently assessed reserves  
account for 51% of the total net proved reserves TOTAL held in  
Russia as of December 31, 2018.  
—
an annual review of affiliates reserves conducted by an internal  
group of specialists selected for their expertise in geosciences  
and engineering and their knowledge of the affiliate. All members  
of this group, chaired by the Reserves Vice-President (“RVP”) of  
the Development and Support to Operations division and  
composed of at least three Technical Reserves Committee  
members, are knowledgeable in the SEC guidelines for proved  
reserves evaluation. Their responsibility is to provide an  
independent review of reserves changes proposed by affiliates  
and ensure that reserves are estimated using appropriate  
standards and procedures;  
—
at the end of the annual review carried out by the Development  
and Support to Operations division, an SEC Reserves Committee  
chaired by the Exploration & Production Senior Vice President  
Corporate Affairs and comprised of the Development and  
Support to Operations, Strategy-Business Development-R&D,  
Finance and Legal Senior Vice Presidents as well as the Chairman  
of the Technical Reserves Committee and the RVP, approves the  
elements of the SEC reserve booking proposals concerning  
criteria that are not dependent upon reservoir and geosciences  
techniques. The results of the annual review and the proposals  
for including revisions or additions of SEC Proved Reserves are  
presented to the Exploration & Production Executive Committee  
for approval before final validation by the Group’s General  
Management and Chief Financial Officer.  
The technical validation process relies on a Technical Reserves  
Committee that is responsible for approving proved reserves  
variations above a certain threshold and technical evaluations of  
reserves associated with an investment decision that requires  
approval from the Exploration & Production Executive Committee.  
The Chairman of the Technical Reserves Committee is appointed by  
the Senior Management of Exploration & Production and its members  
have expertise in reservoir engineering, production geology,  
production geophysics, reserves methodology, drilling and development  
studies.  
An internal control process related to reserves estimation is formalized  
and involves the following elements:  
The reserves evaluation and control process is audited periodically  
by the Group’s internal auditors.  
—
a central Reserve Entity the responsibility of which is: to  
consolidate, document and archive the Group’s reserves; to  
ensure coherence of evaluations worldwide; to maintain the  
Corporate Reserves Guidelines Standards in line with SEC  
guidelines and policies; to deliver training on reserves evaluation  
and classification; and to conduct periodically in-depth technical  
review of reserves for each affiliate;  
The RVP of the Development and Support to Operations division is  
the technical person responsible for preparing the reserves estimates  
for the Group. Appointed by the President of Exploration &  
Production, the RVP supervises the Reserve Entity, chairs the annual  
review of reserves, and is a member of the Technical Reserves  
Committee and the SEC Reserves Committee. The current RVP has  
over 20 years of experience in the oil and gas industry. He previously  
held several management positions in the Group in reservoir  
engineering and geosciences, and in the field of reserves evaluation  
and control process. He holds an engineering degree from École  
Centrale Paris, France, and a petroleum engineering degree from  
École Nationale Supérieure du Pétrole et des Moteurs (IFP School),  
France. He is a member of the UNECE (United Nations Economic  
Commission for Europe) Expert Group on Resource Classification,  
and an active member of the Society of Petroleum Engineers.  
9.1.2 Proved developed reserves  
As of December 31, 2018, proved developed reserves of  
hydrocarbons (oil, bitumen and gas) were 8,400 Mboe and  
represented 70% of the proved reserves. As of December 31, 2017,  
proved developed reserves of hydrocarbons (oil, bitumen and gas)  
were 7,010 Mboe and represented 61% of the proved reserves. As  
of December 31, 2016, proved developed reserves of hydrocarbons  
(oil, bitumen and gas) were 6,667 Mboe and represented 58% of the  
proved reserves. Over the past three years, the average of proved  
developed reserves renewal has remained well above 1,300 Mboe  
per year.  
362  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.3 Proved undeveloped reserves  
As of December 31, 2018, TOTAL’s combined proved undeveloped  
reserves (PUDs) of oil and gas were 3,650 Mboe compared to  
The variations of PUDs due to acquisitions and divestitures consist  
mainly of the acquisition of Maersk Oil assets in Norway (Johan  
Sverdrup) and United Kingdom (Culzean), the acquisition of new  
assets in Brazil and the sales of 51% of Martin Linge.  
4,465 Mboe at the end of 2017.  
The variation is due to(i) -1247 Mboe converted from PUDs to proved  
developed reserves; (ii) +72 Mboe of revisions of previous estimates;  
The Group’s PUDs that may remain undeveloped for five years or  
more after first disclosure (PUD5+) correspond to the remaining PUD  
on large scale and complex development projects and to field  
development projects for which planning is controlled by capacity  
constrains. Indeed, although the Group has converted significant  
amount of reserves associated to large scale and complex projects  
from PUD5+ into developed reserves in 2018, those projects still  
hold PUD5+ that are expected to be developed over time as part of  
initial field development plans or additional development phases.  
(iii) -136 Mboe of divestitures. Variations of PUDs not included in  
opening balance correspond to +178 Mboe related to extensions  
and discoveries, +359 Mboe from acquisitions and -40 Mboe  
converted from PUDs to proved developed reserves.  
In 2018, 910 Mboe of PUDs were converted to proved developed  
through the start up of production of Timimoun (Algeria), Kaombo  
Norte (Angola), Ichthys (Australia), Forth Hills (Canada), and Egina  
(Nigeria); 377 Mboe correspond to conversions of PUDs to developed  
reserves on other fields. These developments confirm once again  
the Group’s ability to develop and bring into production similar large  
scale and complex projects.  
In addition, some projects are designed and optimized for a given  
production capacity that controls the pace at which the field is  
developed and the wells are drilled. At production start-up, only a  
portion of the proved reserves is developed in order to deliver  
sufficient production potential to meet capacity constraints and  
contractual obligations.  
In 2018, the cost incurred to develop proved undeveloped reserves  
(
PUDs) was $8.8 billion, which represented 87% of 2018  
development costs incurred, and was related to projects located for  
the most part in Angola, Nigeria, Australia, Norway, Canada, Brazil,  
the United Arab Emirates and the United States.  
Under these specific circumstances, the Group believes that it is  
justified to report those PUDs as proved reserves, despite the fact  
that some of these PUDs may remain undeveloped for more than  
five years.  
9.1.4 Estimated proved reserves of oil, bitumen and gas  
The following tables present, for oil, bitumen and gas reserves, an  
estimate of the Group’s oil, bitumen and gas quantities by geographic  
areas as of December 31, 2018, 2017 and 2016.  
on a number of assets, partly compensated by lower entitlement  
share from production sharing and risked service contracts; and  
—
-17 Mboe due to other revisions.  
Quantities shown correspond to proved developed and undeveloped  
reserves together with changes in quantities for 2018, 2017 and  
The acquisitions in Europe and Central Asia, and in Middle East and  
North Africa, correspond mainly to the acquired Maersk Oil assets in  
the United Kingdom, Norway, Denmark and Algeria.  
2016.  
The definitions used for proved, proved developed and proved  
undeveloped oil and gas reserves are in accordance with the revised  
Rule 4-10 of SEC Regulation S-X.  
The acquisitions in the Americas correspond mainly to new assets in  
Brazil.  
The sales in Europe and Central Asia correspond mainly to the sale  
in Norway.  
All references in the following tables to reserves or production are to  
the Group’s entire share of such reserves or production. TOTAL’s  
worldwide proved reserves include the proved reserves of its  
consolidated subsidiaries as well as its proportionate share of the  
proved reserves of equity affiliates.  
The sales in Asia-Pacific correspond to decrease in interest in  
Australia.  
The extensions in Europe and Central Asia correspond mainly to  
recognition of reserves in Denmark, posterior to the acquisition of  
Maersk Oil.  
Significant changes in proved reserves between 2017 and 2018 are  
discussed below.  
For consolidated subsidiaries, the revisions of +450 Mboe for the  
year 2018 were due to:  
The extensions in Middle East and North Africa correspond mainly to  
recognition of reserves in the United Arab Emirates and Algeria.  
—
+438 Mboe due to new information obtained from drilling and  
production history mainly in the United Arab Emirates, the United  
Kingdom and Angola;  
For equity affiliates, the revisions of +187 Mboe for the year 2018  
were mainly due to new information obtained from drilling and  
production history in Russia.  
—
+29 Mboe due to economic factors as a result of higher yearly  
average hydrocarbon prices, including a delayed economic limit  
The acquisitions in Russia correspond to the acquisition by Novatek  
of GeoTransGas and the increased interest in Novatek’s share capital.  
9
Registration Document 2018 TOTAL  
363  
 
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9.1.4.1 Changes in oil, bitumen and gas reserves  
Consolidated subsidiaries  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in million barrels of oil equivalent)  
Americas Pacific  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
1,812  
49  
25  
1
2,020  
1,309  
1,799  
(234)  
33  
1,025  
39  
15  
-
7,990  
88  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
1
11  
-
232  
47  
-
5
111  
152  
(61)  
-
-
-
-
152  
(21)  
(27)  
(155)  
(13)  
(2)  
-
-
Production for the year  
(230)  
(104)  
(90)  
(97)  
(678)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
1,726  
122  
-
11  
2
1,802  
106  
29  
1,442  
50  
1,639  
195  
149  
-
982  
44  
6
7,602  
519  
246  
11  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
62  
9
-
2
-
-
(17)  
(162)  
-
(28)  
(232)  
-
(52)  
(115)  
-
(97)  
Production for the year  
(2)  
(104)  
(89)  
(704)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
1,678  
126  
11  
-
1,679  
132  
45  
1,450  
137  
444  
85  
1,816  
28  
943  
27  
7,577  
450  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
69  
-
27  
13  
598  
316  
-
-
86  
-
487  
(103)  
(190)  
-
(5)  
-
(24)  
(134)  
(89)  
(51)  
(221)  
(768)  
Production for the year  
(1)  
(238)  
(154)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
1,896  
10  
1,613  
1,962  
1,799  
843  
8,123  
Minority interest in proved developed and undeveloped reserves as of  
December 31, 2016 – Brent at 42.82 $/b  
December 31, 2017 – Brent at 54.36 $/b  
DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
-
-
-
-
-
-
105  
102  
98  
-
-
-
-
-
-
-
-
105  
102  
98  
-
Equity aꢂliates  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in million barrels of oil equivalent)  
Americas Pacific  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
-
2,220  
16  
71  
-
1,121  
68  
178  
(1)  
-
-
-
-
-
-
-
3,590  
83  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
-
-
-
-
331  
-
-
-
331  
190  
(59)  
-
190  
-
-
(59)  
(119)  
-
-
Production for the year  
(1)  
(87)  
(12)  
(219)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
-
-
-
-
-
-
2,389  
17  
70  
-
1,292  
165  
(6)  
-
-
-
-
-
-
-
3,916  
56  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
45  
124  
35  
-
-
124  
35  
-
-
-
-
-
-
-
-
Production for the year  
(114)  
(7)  
(100)  
(12)  
(233)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
-
-
-
-
-
-
2,451  
128  
11  
63  
(1)  
-
1,237  
147  
(1)  
-
-
-
-
-
-
-
3,898  
187  
11  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
61  
-
-
102  
(26)  
-
-
102  
(26)  
-
-
-
Production for the year  
(141)  
(7)  
(89)  
(8)  
(245)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
-
2,525  
55  
1,209  
138  
-
3,927  
364  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
Consolidated subsidiaries and equity afliat es  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(in million barrels of oil equivalent)  
Americas  
Pacific  
Total  
AS OF DECEMBER 31, 2016 – BRENT AT 42.82 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
1,726 2,400  
1,872  
1,802  
70  
2,734  
1,442  
1,292  
2,281  
1,158  
1,123  
453  
1,804  
1,639  
165  
979  
897  
82  
982  
982  
-
11,518  
7,602  
3,916  
6,667  
4,443  
2,224  
4,851  
3,159  
1,692  
1,726  
-
11  
Equity affiliates  
2,389  
Proved developed reserves  
Consolidated subsidiaries  
1,025 1,017  
1,141  
1,132  
9
224  
224  
-
1,025  
-
7
Equity affiliates  
1,010  
Proved undeveloped reserves  
Consolidated subsidiaries  
701 1,383  
731  
670  
61  
825  
742  
83  
758  
758  
-
701  
-
4
284  
Equity affiliates  
1,379  
169  
AS OF DECEMBER 31, 2017 – BRENT AT 54.36 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
1,678 2,462  
1,742  
1,679  
63  
2,687  
1,450  
1,237  
2,256  
1,177  
1,079  
431  
1,963  
1,816  
147  
907  
836  
71  
943  
943  
-
11,475  
7,577  
3,898  
7,010  
4,510  
2,500  
4,465  
3,066  
1,399  
1,678  
-
11  
Equity affiliates  
2,451  
Proved developed reserves  
Consolidated subsidiaries  
1,100 1,344  
1,206  
1,192  
14  
197  
197  
-
1,100  
-
8
Equity affiliates  
1,336  
Proved undeveloped reserves  
Consolidated subsidiaries  
578 1,118  
536  
1,056  
979  
77  
746  
746  
-
578  
-
3
487  
273  
Equity affiliates  
1,115  
49  
158  
AS OF DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
1,896 2,535  
1,668  
1,613  
55  
3,171  
1,962  
1,209  
2,702  
1,649  
1,053  
469  
1,937  
1,799  
138  
843  
843  
-
12,050  
8,123  
3,927  
8,400  
5,888  
2,512  
3,650  
2,235  
1,415  
1,896  
-
10  
Equity affiliates  
2,525  
Proved developed reserves  
Consolidated subsidiaries  
1,275 1,395  
1,266  
1,257  
9
1,245  
1,182  
63  
517  
517  
-
1,275  
-
8
Equity affiliates  
1,387  
Proved undeveloped reserves  
Consolidated subsidiaries  
621 1,140  
402  
356  
46  
692  
326  
326  
-
621  
-
2
313  
617  
Equity affiliates  
1,138  
156  
75  
9
Registration Document 2018 TOTAL  
365  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9.1.4.2 Changes in oil reserves  
The oil reserves include crude oil, condensates and natural gas liquids reserves.  
Consolidated subsidiaries  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Middle East  
and North  
Africa  
Asia-  
Pacific  
Americas  
(in million barrels)  
Africaꢁ  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
976  
22  
23  
1
1,450  
1,051  
101  
(9)  
11  
-
205  
3,806  
265  
40  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
6
11  
-
239  
4
6
14  
-
-
-
-
-
-
-
(13)  
(63)  
(11)  
(3)  
-
-
(2)  
(16)  
-
(26)  
(362)  
Production for the year  
(185)  
(84)  
(11)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
936  
42  
-
10  
-
1,282  
94  
1,210  
57  
38  
-
85  
7
200  
3,723  
202  
147  
5
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
2
-
18  
91  
-
-
-
3
-
2
(8)  
(71)  
-
(26)  
(182)  
-
-
-
(34)  
(366)  
Production for the year  
(1)  
(87)  
(15)  
(10)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
902  
34  
9
-
1,188  
122  
7
1,218  
141  
404  
60  
168  
51  
2
192  
3
3,677  
351  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
34  
-
8
455  
221  
(36)  
(95)  
-
-
83  
-
-
364  
-
(3)  
-
(23)  
(6)  
(62)  
Production for the year  
(1)  
(185)  
(136)  
(24)  
(447)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
1,060  
8
1,129  
1,687  
280  
174  
4,338  
Minority interest in proved developed and undeveloped reserves as of  
December 31, 2016 – Brent at 42.82 $/b  
December 31, 2017 – Brent at 54.36 $/b  
DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
-
-
-
-
-
-
95  
93  
90  
-
-
-
-
-
-
-
-
95  
93  
90  
-
Equity aꢂliates  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
Pacific  
(in million barrels)  
Americas  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
-
246  
42  
15  
-
13  
-
260  
58  
-
170  
(1)  
-
-
-
-
-
-
-
689  
99  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
-
-
-
-
-
15  
-
167  
-
-
167  
(2)  
(2)  
-
-
Production for the year  
(25)  
-
(53)  
(12)  
(90)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
-
-
-
-
-
-
276  
16  
12  
4
13  
-
432  
44  
-
157  
(6)  
-
-
-
-
-
-
-
878  
54  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
12  
-
-
-
4
-
-
-
-
-
Production for the year  
(24)  
(2)  
(66)  
(11)  
(103)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
-
-
-
-
-
-
284  
54  
-
11  
-
410  
57  
-
140  
(3)  
-
-
-
-
-
-
-
845  
108  
-
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
10  
(5)  
-
-
-
10  
-
-
-
(5)  
Production for the year  
(26)  
(2)  
(54)  
(8)  
(90)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
-
317  
9
413  
129  
-
868  
366  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
Consolidated subsidiaries and equity aꢂliates  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in million barrels)  
Americas  
Pacific  
Total  
AS OF DECEMBER 31, 2016 – BRENT AT 42.82 $/b  
Proved developed and undeveloped reserves(a)  
Consolidated subsidiaries  
936  
936  
-
286  
10  
1,295  
1,282  
13  
1,642  
1,210  
432  
242  
85  
200  
200  
-
4,601  
3,723  
878  
Equity affiliates  
276  
152  
7
157  
151  
73  
Proved developed reserves  
Consolidated subsidiaries  
476  
476  
-
819  
816  
3
1,309  
955  
14  
14  
-
2,921  
2,341  
580  
Equity affiliates  
145  
134  
3
354  
78  
Proved undeveloped reserves  
Consolidated subsidiaries  
460  
460  
-
476  
466  
10  
333  
91  
186  
186  
-
1,680  
1,382  
298  
255  
12  
Equity affiliates  
131  
78  
79  
AS OF DECEMBER 31, 2017 – BRENT AT 54.36 $/b  
Proved developed and undeveloped reserves(a)  
Consolidated subsidiaries  
902  
902  
-
293  
9
1,199  
1,188  
11  
1,628  
1,218  
410  
308  
168  
140  
145  
77  
192  
192  
-
4,522  
3,677  
845  
Equity affiliates  
284  
176  
8
Proved developed reserves  
Consolidated subsidiaries  
541  
541  
-
853  
849  
4
1,321  
1,000  
321  
10  
10  
-
3,046  
2,485  
561  
Equity affiliates  
168  
117  
2
68  
Proved undeveloped reserves  
Consolidated subsidiaries  
361  
361  
-
346  
338  
8
307  
163  
91  
182  
182  
-
1,476  
1,191  
285  
217  
Equity affiliates  
115  
90  
72  
AS OF DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
Proved developed and undeveloped reserves(a)  
Consolidated subsidiaries  
1,060  
1,060  
-
325  
8
1,138  
1,129  
9
2,100  
1,687  
413  
409  
280  
129  
164  
106  
58  
174  
174  
-
5,206  
4,338  
868  
Equity affiliates  
317  
196  
6
Proved developed reserves  
Consolidated subsidiaries  
698  
698  
-
928  
927  
1
1,750  
1,430  
320  
118  
118  
-
3,854  
3,285  
569  
Equity affiliates  
190  
129  
2
Proved undeveloped reserves  
Consolidated subsidiaries  
362  
362  
-
210  
202  
8
350  
245  
174  
71  
56  
56  
-
1,352  
1,053  
299  
257  
Equity affiliates  
127  
93  
(
a) The tables do not include separate figures for NGL reserves because they represented less than 8.5% of the Group’s proved developed and undeveloped oil reserves in each of the years  
2016, 2017 and 2018.  
9
Registration Document 2018 TOTAL  
367  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9.1.4.3 Changes in bitumen reserves  
Consolidated subsidiaries  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in million barrels)  
Americas  
Pacific  
Total  
BALANCE AS OF DECEMBER 31, 2015  
BRENT AT 54.17 $/b  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,110  
-
-
-
-
-
-
1,110  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
(284)  
(284)  
-
-
-
-
-
-
-
-
-
-
Production for the year  
(13)  
(13)  
BALANCE AS OF DECEMBER 31, 2016  
BRENT AT 42.82 $/b  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
813  
189  
-
-
-
-
-
-
-
813  
189  
-
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
-
(52)  
(22)  
(52)  
(22)  
Production for the year  
BALANCE AS OF DECEMBER 31, 2017  
BRENT AT 54.36 $/b  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
928  
(26)  
-
-
-
-
-
-
-
928  
(26)  
-
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
-
(24)  
(35)  
(24)  
(35)  
Production for the year  
BALANCE AS OF DECEMBER 31, 2018  
BRENT AT 71.43 $/b  
-
-
-
-
843  
-
843  
Proved developed reserves as of  
December 31, 2016 – Brent at 42.82 $/b  
December 31, 2017 – Brent at 54.36 $/b  
DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
-
-
-
-
-
-
-
-
-
160  
142  
512  
-
-
-
160  
142  
512  
-
-
-
Proved undeveloped reserves as of  
December 31, 2016 – Brent at 42.82 $/b  
December 31, 2017 – Brent at 54.36 $/b  
DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
-
-
-
-
-
-
-
-
-
-
-
653  
786  
331  
-
-
-
653  
786  
331  
-
There are no bitumen reserves for equity affiliates. There are no minority interests for bitumen reserves.  
368  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.4.4 Changes in gas reserves  
Consolidated subsidiaries  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in billion cubic feet)  
Americas  
Pacific  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
4,470  
143  
173  
-
15  
(2)  
-
2,848  
1,429  
3,301  
347  
4,485  
189  
85  
16,548  
605  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
(44)  
(28)  
-
7
126  
391  
-
-
-
-
-
874  
-
874  
(80)  
(498)  
(7)  
(1)  
(101)  
(343)  
-
(188)  
(1,667)  
Production for the year  
(220)  
(111)  
(494)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
4,208  
434  
-
5
2
-
2,584  
52  
1,297  
(44)  
131  
-
4,204  
(21)  
323  
-
4,265  
233  
35  
16,563  
656  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
53  
542  
34  
-
-
-
34  
(49)  
(495)  
-
(10)  
(248)  
-
-
-
(59)  
Production for the year  
-
(94)  
(440)  
(455)  
(1,732)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
4,132  
481  
7
1
-
2,431  
39  
1,290  
(21)  
214  
130  
-
4,066  
24  
4,078  
141  
29  
16,004  
665  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
176  
191  
-
141  
14  
751  
516  
-
-
660  
(362)  
(515)  
-
(5)  
-
(343)  
(273)  
(710)  
(1,576)  
Production for the year  
-
(257)  
(110)  
(421)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
4,428  
8
2,399  
1,503  
3,824  
3,632  
15,794  
Minority interest in proved developed and undeveloped reserves as of  
December 31, 2016 – Brent at 42.82 $/b  
December 31, 2017 – Brent at 54.36 $/b  
DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
-
-
-
-
-
-
48  
44  
43  
-
-
-
-
-
-
-
-
-
48  
44  
43  
Equity aꢂliates  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in billion cubic feet)  
Americas  
Pacific  
Total  
BALANCE AS OF DECEMBER 31, 2015 –  
BRENT AT 54.17 $/b  
-
-
-
-
-
-
10,604  
(132)  
1,717  
-
311  
(3)  
-
4,695  
51  
48  
(1)  
-
-
-
-
-
-
-
15,658  
(85)  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
-
1,717  
132  
-
132  
-
-
(308)  
(503)  
-
-
(308)  
(693)  
Production for the year  
(7)  
(181)  
(2)  
BALANCE AS OF DECEMBER 31, 2016 –  
BRENT AT 42.82 $/b  
-
-
-
-
-
-
11,378  
3
301  
4,697  
45  
(1)  
-
-
-
-
-
-
-
16,421  
9
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
4
3
607  
164  
-
-
-
-
607  
164  
-
-
-
-
9
-
-
Production for the year  
(481)  
(29)  
(187)  
(2)  
(699)  
BALANCE AS OF DECEMBER 31, 2017 –  
BRENT AT 54.36 $/b  
-
-
-
-
-
-
11,671  
394  
276  
(9)  
-
4,513  
42  
11  
-
-
-
-
-
-
-
16,502  
424  
Revisions of previous estimates  
Extensions, discoveries and other  
Acquisitions of reserves in place  
Sales of reserves in place  
28  
60  
-
60  
489  
-
-
-
-
489  
(112)  
(616)  
-
-
(112)  
(832)  
Production for the year  
(30)  
(184)  
(2)  
BALANCE AS OF DECEMBER 31, 2018 –  
BRENT AT 71.43 $/b  
-
11,886  
237  
4,357  
51  
-
16,531  
Registration Document 2018 TOTAL  
369  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
Consolidated subsidiaries and equity aꢂliates  
Proved developed  
and undeveloped reserves  
Europe and  
Central Asia  
ꢀexcl. Russiaꢁ Russia  
Africa  
ꢀexcl. North  
Africaꢁ  
Middle East  
and North  
Africa  
Asia-  
(in billion cubic feet)  
Americas  
Pacific  
Total  
AS OF DECEMBER 31, 2016 – BRENT AT 42.82 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
4,208 11,383  
2,885  
2,584  
301  
5,994  
1,297  
4,697  
5,356  
1,157  
4,199  
638  
4,249  
4,204  
45  
4,265  
4,265  
-
32,984  
16,563  
16,421  
19,490  
10,628  
8,862  
4,208  
-
5
11,378  
4,606  
3
Equity affiliates  
Proved developed reserves  
Consolidated subsidiaries  
2,912  
2,912  
-
1,582  
1,545  
37  
3,774  
3,751  
23  
1,260  
1,260  
-
Equity affiliates  
4,603  
6,777  
2
Proved undeveloped reserves  
Consolidated subsidiaries  
1,296  
1,296  
-
1,303  
1,039  
264  
475  
3,005  
3,005  
-
13,494  
5,935  
140  
453  
Equity affiliates  
6,775  
498  
22  
7,559  
AS OF DECEMBER 31, 2017 – BRENT AT 54.36 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
4,132 11,678  
2,707  
2,431  
276  
5,803  
1,289  
4,514  
5,151  
1,013  
4,138  
652  
4,108  
4,066  
42  
4,078  
4,078  
-
32,506  
16,004  
16,502  
20,746  
10,276  
10,470  
11,760  
5,727  
4,132  
-
7
11,671  
6,262  
4
Equity affiliates  
Proved developed reserves  
Consolidated subsidiaries  
2,964  
2,964  
-
1,749  
1,692  
57  
3,493  
3,476  
17  
1,127  
1,127  
-
Equity affiliates  
6,258  
5,416  
3
Proved undeveloped reserves  
Consolidated subsidiaries  
1,168  
1,168  
-
958  
615  
2,951  
2,951  
-
739  
276  
590  
Equity affiliates  
5,413  
219  
376  
25  
6,033  
AS OF DECEMBER 31, 2018 – BRENT AT 71.43 $/b  
Proved developed and undeveloped reserves  
Consolidated subsidiaries  
4,428 11,894  
2,636  
2,399  
237  
5,860  
1,503  
4,357  
5,233  
1,224  
4,009  
627  
3,875  
3,824  
51  
3,632  
3,632  
-
32,325  
15,794  
16,531  
21,799  
11,310  
10,489  
10,526  
4,484  
4,428  
-
8
11,886  
6,426  
4
Equity affiliates  
Proved developed reserves  
Consolidated subsidiaries  
3,050  
3,050  
-
1,658  
1,625  
33  
3,213  
3,188  
25  
2,219  
2,219  
-
Equity affiliates  
6,422  
5,468  
4
Proved undeveloped reserves  
Consolidated subsidiaries  
1,378  
1,378  
-
978  
662  
1,413  
1,413  
-
774  
279  
636  
Equity affiliates  
5,464  
204  
348  
26  
6,042  
370  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.5 Results of operations for oil and gas producing activities  
The following tables do not include revenues and expenses related to oil and gas transportation activities and LNG liquefaction and  
transportation.  
Consolidated subsidiaries  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(M$)  
Americas  
Pacific  
Total  
2016  
Revenues Non-Group sales  
Group sales  
1,075  
3,046  
4,121  
(1,083)  
(512)  
-
72  
507  
6,826  
7,333  
(1,601)  
(108)  
613  
3,033  
3,646  
(478)  
(368)  
963  
494  
2,113  
444  
5,271  
13,915  
19,186  
(4,031)  
(1,264)  
Total Revenues  
72  
1,457  
(488)  
(196)  
2,557  
(351)  
(77)  
Production costs  
(30)  
(3)  
Exploration expenses  
Depreciation, depletion and amortization  
and valuation allowances  
(3,421)  
(339)  
(89)  
(8)  
(4,566)  
(615)  
443  
(599)  
(2,328)  
(127)  
(603)  
(224)  
(54)  
(1,191)  
(97)  
(10,469)  
(3,611)  
(189)  
273  
Other expenses(a)  
Pre-tax income from producing activities(b)  
Income tax  
(1,234)  
818  
(58)  
14  
841  
(143)  
300  
(205)  
(27)  
(184)  
657  
Results of oil and gas producing activities(b)  
(416)  
(44)  
(332)  
(81)  
84  
(
(
a) Included production taxes and accretion expense as provided by IAS 37 ($507 million in 2016).  
b) Including adjustment items applicable to ASC 932 perimeter, amounting to a net charge of $1.943 million before tax and $1.198 million after tax, mainly related to asset impairments.  
2017  
Revenues Non-Group sales  
Group sales  
1,454  
3,932  
5,386  
(1,072)  
(419)  
-
41  
975  
8,486  
9,461  
(1,350)  
(164)  
934  
3,706  
4,640  
(434)  
(10)  
1,335  
821  
2,160  
453  
6,858  
17,439  
24,297  
(3,789)  
(864)  
Total Revenues  
41  
2,156  
(601)  
(193)  
2,613  
(318)  
(76)  
Production costs  
(14)  
(2)  
Exploration expenses  
Depreciation, depletion and amortization  
and valuation allowances  
(2,928)  
(352)  
615  
(36)  
(7)  
(5,790)  
(775)  
1,382  
(853)  
529  
(511)  
(2,619)  
1,066  
(469)  
(2,569)  
(338)  
(820)  
(121)  
1,278  
(482)  
796  
(12,654)  
(4,212)  
2,778  
(2,195)  
583  
Other expenses(a)  
Pre-tax income from producing activities(b)  
Income tax  
(18)  
(2)  
(1,545)  
387  
(776)  
(161)  
Results of oil and gas producing activities(b)  
(20)  
597  
(1,158)  
(
(
a) Included production taxes and accretion expense as provided by IAS 37 ($525 million in 2017).  
b) Including adjustment items applicable to ASC 932 perimeter, amounting to a net charge of $3.712 million before tax and $3.305 million after tax, essentially related to asset impairments.  
2018  
Revenues Non-Group sales  
Group sales  
2,199  
6,686  
8,885  
(1,546)  
(297)  
-
86  
1,899  
10,702  
12,601  
(1,208)  
(144)  
2,331  
6,760  
9,091  
(617)  
(45)  
1,109  
1,730  
2,839  
(864)  
(218)  
1,384  
222  
8,922  
26,186  
35,108  
(4,396)  
(798)  
Total Revenues  
86  
1,606  
(147)  
(93)  
Production costs  
(14)  
(1)  
Exploration expenses  
Depreciation, depletion and amortization  
and valuation allowances  
9
(2,464)  
(395)  
(33)  
(12)  
26  
(4,400)  
(993)  
(1,227)  
(5,561)  
1,641  
(868)  
(1,356)  
(423)  
(22)  
88  
(1,066)  
(141)  
159  
(10,546)  
(7,525)  
11,843  
(5,617)  
6,226  
Other expenses(a)  
Pre-tax income from producing activities(b)  
Income tax  
4,183  
(2,356)  
1,827  
5,856  
(2,440)  
3,416  
(16)  
10  
(25)  
Results of oil and gas producing activities(b)  
773  
66  
134  
(
(
a) Included production taxes and accretion expense as provided by IAS 37 ($515 million in 2018).  
b) Including adjustment items applicable to ASC 932 perimeter, amounting to a net charge of $1.238 million before tax and $703 million after tax, essentially related to asset impairments.  
Registration Document 2018 TOTAL  
371  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
Equity afliat es  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
Pacific  
(M$)  
Americas  
Total  
2016  
Revenues Non-Group sales  
Group sales  
-
-
-
-
-
831  
-
-
-
-
-
-
399  
2,104  
2,503  
(246)  
-
310  
(11)  
299  
(42)  
-
-
-
-
-
-
1,540  
2,093  
3,633  
(391)  
(4)  
Total Revenues  
831  
(103)  
(4)  
Production costs  
Exploration expenses  
Depreciation, depletion and amortization  
and valuation allowances  
-
-
-
-
-
(137)  
(109)  
478  
-
-
-
-
-
(496)  
(1,274)  
487  
(94)  
(116)  
47  
-
-
-
-
-
(727)  
(1,499)  
1,012  
(132)  
Other expenses  
Pre-tax income from producing activities  
Income tax  
(80)  
(107)  
380  
55  
Results of oil and gas producing activities  
398  
102  
880  
2017  
Revenues Non-Group sales  
Group sales  
-
-
-
-
-
1,027  
8
81  
-
1,526  
2,247  
3,774  
(283)  
-
351  
19  
-
-
-
-
-
2,985  
2,274  
5,259  
(444)  
(5)  
Total Revenues  
1,034  
(106)  
(5)  
81  
-
370  
(55)  
-
Production costs  
Exploration expenses  
-
Depreciation, depletion and amortization  
and valuation allowances  
-
-
-
-
-
(149)  
(187)  
587  
-
(9)  
72  
-
(423)  
(2,309)  
759  
(88)  
(159)  
67  
-
-
-
-
-
(660)  
(2,664)  
1,485  
(321)  
Other expenses  
Pre-tax income from producing activities  
Income tax  
(104)  
483  
(212)  
547  
(5)  
Results of oil and gas producing activities  
72  
62  
1,164  
2018  
Revenues Non-Group sales  
Group sales  
-
-
-
-
-
1,915  
45  
122  
32  
154  
-
3,429  
941  
346  
-
-
-
-
-
-
5,812  
1,018  
6,830  
(587)  
(14)  
Total Revenues  
1,960  
(139)  
(14)  
4,370  
(399)  
-
346  
(49)  
-
Production costs  
Exploration expenses  
-
Depreciation, depletion and amortization  
and valuation allowances  
-
-
-
-
-
(196)  
(239)  
1,372  
(228)  
1,144  
-
(32)  
122  
-
(253)  
(2,548)  
1,170  
(424)  
(68)  
(185)  
44  
-
-
-
-
-
(517)  
(3,004)  
2,708  
(655)  
Other expenses  
Pre-tax income from producing activities  
Income tax  
(3)  
Results of oil and gas producing activities  
122  
746  
41  
2,053  
372  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.6 Cost incurred  
The following tables set forth the costs incurred in the Group’s oil and gas property acquisition, exploration and development activities,  
including both capitalized and expensed amounts. They do not include costs incurred related to oil and gas transportation and LNG  
liquefaction and transportation activities.  
Consolidated subsidiaries  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(M$)  
Americas  
Pacific  
Total  
2016  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
102  
5
1
-
31  
19  
10  
1
415  
289  
-
15  
559  
329  
594  
3
145  
93  
387  
166  
1,388  
12,707  
14,983  
Development costs(a)  
3,041  
3,742  
30  
34  
5,977  
6,172  
729  
833  
2,032  
3,123  
898  
TOTAL COST INCURRED  
1,079  
2017  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
47  
13  
-
-
1
56  
1
5
14  
153  
-
507  
63  
734  
415  
2
170  
61  
388  
141  
1,177  
8,987  
10,959  
Development costs(a)  
1,445  
1,919  
20  
22  
3,544  
3,771  
948  
1,014  
1,957  
2,512  
1,073  
1,721  
TOTAL COST INCURRED  
2
018(b)  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
2,899  
3,173  
379  
-
-
210  
245  
473  
2,337  
34  
1,417  
2,137  
406  
-
1
4,999  
7,893  
1,172  
9,290  
23,354  
1
196  
156  
Development costs(a)  
1,642  
8,093  
23  
24  
3,252  
3,903  
1,378  
4,222  
1,649  
5,609  
1,346  
1,503  
TOTAL COST INCURRED  
Equity afliat es  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
Pacific  
(M$)  
Americas  
Total  
2016  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
-
-
-
-
-
-
-
-
-
-
-
-
35  
-
-
-
-
-
-
-
-
35  
-
-
7
-
7
Development costs(a)  
243  
243  
502  
544  
61  
61  
806  
848  
TOTAL COST INCURRED  
2017  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
-
4
Development costs(a)  
219  
219  
625  
629  
88  
88  
932  
936  
TOTAL COST INCURRED  
9
2018  
Proved property acquisition  
Unproved property acquisition  
Exploration costs  
-
-
-
-
-
153  
9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
153  
9
-
3
-
3
Development costs(a)  
204  
366  
590  
593  
67  
67  
861  
1,026  
TOTAL COST INCURRED  
(
(
a) Including asset retirement costs capitalized during the year and any gains or losses recognized upon settlement of asset retirement obligation during the year.  
b) Including costs incurred relating to acquisitions of Maerk Oil, Iara and Lapa concessions and Marathon Oil Libya Ltd.  
Registration Document 2018 TOTAL  
373  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9.1.7 Capitalized costs related to oil and gas producing activities  
Capitalized costs represent the amount of capitalized proved and unproved property costs, including support equipement and facilities, along  
with the related accumulated depreciation, depletion and amortization. The following tables do not include capitalized costs related to oil and  
gas transportation and LNG liquefaction and transportation activities.  
Consolidated subsidiaries  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(M$)  
Americas  
Pacific  
Total  
As of December 31, 2016  
Proved properties  
54,611  
1,000  
600  
4
78,638  
4,357  
11,275  
1,657  
23,392  
8,611  
23,622  
1,037  
192,138  
16,666  
Unproved properties  
TOTAL CAPITALIZED COSTS  
55,611  
604  
(385)  
219  
82,995  
(42,988)  
40,007  
12,932  
(7,973)  
4,959  
32,003  
24,659  
208,804  
(108,072)  
100,732  
Accumulated depreciation, depletion and amortization (29,227)  
(12,764) (14,735)  
Net capitalized costs  
As of December 31, 2017  
Proved properties  
26,384  
19,239  
9,924  
58,624  
1,085  
619  
4
79,793  
4,289  
12,544  
1,331  
25,354  
8,265  
24,626  
1,630  
201,560  
16,604  
Unproved properties  
TOTAL CAPITALIZED COSTS  
59,709  
623  
84,082  
13,874  
33,619  
26,256  
218,163  
Accumulated depreciation,  
depletion and amortization  
(34,370)  
(421)  
(46,725)  
(8,450)  
(14,345) (15,550)  
(119,861)  
Net capitalized costs  
As of December 31, 2018  
Proved properties  
25,339  
202  
37,357  
5,424  
19,274  
10,706  
98,303  
58,981  
2,873  
641  
4
82,077  
4,631  
15,684  
2,802  
28,744  
8,969  
26,122  
1,708  
212,249  
20,987  
Unproved properties  
TOTAL CAPITALIZED COSTS  
61,854  
645  
(454)  
191  
86,708  
(50,029)  
36,679  
18,486  
(10,012)  
8,474  
37,713  
27,830  
233,236  
(126,611)  
106,625  
Accumulated depreciation, depletion and amortization (35,036)  
(14,398) (16,682)  
NET CAPITALIZED COSTS  
26,818  
23,315  
11,148  
Equity afliat es  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
Pacific  
(M$)  
Americas  
Total  
As of December 31, 2016  
Proved properties  
-
-
-
-
-
5,802  
211  
-
-
-
-
-
5,029  
-
1,600  
-
-
-
-
-
-
12,431  
211  
Unproved properties  
TOTAL CAPITALIZED COSTS  
Accumulated depreciation, depletion and amortization  
Net capitalized costs  
6,013  
(1,026)  
4,987  
5,029  
(3,850)  
1,179  
1,600  
(506)  
1,094  
12,642  
(5,382)  
7,260  
As of December 31, 2017  
Proved properties  
-
-
-
6,232  
185  
-
-
-
5,583  
-
1,676  
-
-
-
-
13,491  
185  
Unproved properties  
TOTAL CAPITALIZED COSTS  
6,417  
5,583  
1,676  
13,676  
Accumulated depreciation,  
depletion and amortization  
-
(1,344)  
-
(4,340)  
(592)  
-
(6,276)  
Net capitalized costs  
-
5,074  
-
1,243  
1,084  
-
7,401  
As of December 31, 2018  
Proved properties  
-
-
-
-
-
6,268  
132  
-
-
-
-
-
3,463  
-
1,743  
-
-
-
-
-
-
11,474  
132  
Unproved properties  
TOTAL CAPITALIZED COSTS  
Accumulated depreciation, depletion and amortization  
NET CAPITALIZED COSTS  
6,400  
(1,461)  
4,939  
3,463  
(1,856)  
1,607  
1,743  
(660)  
1,083  
11,606  
(3,977)  
7,629  
374  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.8 Standardized measure of discounted future net cash flows (excluding  
transportation)  
The standardized measure of discounted future net cash flows  
relating to proved oil and gas reserve quantities was developed as  
follows:  
—
—
future income taxes are computed by applying the year-end  
statutory tax rate to future net cash flows after consideration of  
permanent differences and future income tax credits; and  
—
—
—
estimates of proved reserves and the corresponding production  
profiles are based on existing technical and economic conditions;  
future net cash flows are discounted at a standard discount rate  
of 10%.  
the estimated future cash flows are determined based on prices  
used in estimating the Group’s proved oil and gas reserves;  
These principles applied are those required by ASC 932 and do not  
reflect the expectations of real revenues from these reserves, nor  
their present value; hence, they do not constitute criteria for  
investment decisions. An estimate of the fair value of reserves should  
also take into account, among other things, the recovery of reserves  
not presently classified as proved, anticipated future changes in prices  
and costs and a discount factor more representative of the time  
value of money and the risks inherent in reserves estimates.  
the future cash flows incorporate estimated production costs  
(including production taxes), future development costs and asset  
retirement costs. All cost estimates are based on year-end  
technical and economic conditions;  
Consolidated subsidiaries  
Europe and  
Central Asia  
(excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(M$)  
Americas  
Pacific  
Total  
As of December 31, 2016  
Future cash inflows  
46,212  
(15,428)  
(15,334)  
(2,599)  
12,851  
(5,172)  
365  
(179)  
(219)  
(1)  
51,677  
(19,519)  
(19,300)  
(7,480)  
5,378  
52,891  
(39,108)  
(4,995)  
(2,517)  
6,271  
21,520  
(14,267)  
(5,487)  
(989)  
19,209  
(7,495)  
(4,805)  
(955)  
191,874  
(95,996)  
(50,140)  
(14,541)  
31,197  
Future production costs  
Future development costs  
Future income taxes  
Future net cash flows, after income taxes  
Discount at 10%  
(34)  
8
777  
5,954  
(64)  
(2,986)  
(815)  
(2,666)  
(11,695)  
Standardized measure of discounted  
future net cash flows  
7,679  
(26)  
5,314  
3,285  
(38)  
3,288  
19,502  
As of December 31, 2017  
Future cash inflows  
58,133  
(16,644)  
(13,302)  
(9,385)  
18,802  
(8,106)  
420  
(221)  
(115)  
(36)  
47  
63,319  
(18,554)  
(15,319)  
(11,403)  
18,043  
67,180  
(50,240)  
(5,648)  
(4,450)  
6,843  
37,203  
(19,372)  
(6,337)  
(921)  
20,616  
(5,780)  
(4,044)  
(1,721)  
9,070  
246,871  
(110,811)  
(44,765)  
(27,916)  
63,377  
Future production costs  
Future development costs  
Future income taxes  
Future net cash flows, after income taxes  
Discount at 10%  
10,572  
(6,562)  
(3)  
(4,977)  
(3,065)  
(3,567)  
(26,280)  
Standardized measure of discounted  
future net cash flows  
10,696  
44  
13,066  
3,778  
4,010  
5,503  
37,097  
As of December 31, 2018  
Future cash inflows  
90,506  
(21,813)  
(17,735)  
(22,486)  
28,472  
508  
(226)  
(135)  
(63)  
79,258  
(19,236)  
(13,861)  
(16,357)  
29,804  
121,614  
(95,749)  
(6,656)  
(5,965)  
13,244  
(5,469)  
41,224  
(21,282)  
(6,584)  
(2,322)  
11,036  
(5,479)  
19,936  
(4,570)  
(3,093)  
(2,809)  
9,464  
353,046  
(162,876)  
(48,064)  
(50,002)  
Future production costs  
Future development costs  
Future income taxes  
9
Future net cash flows, after income taxes  
Discount at 10%  
84  
92,104  
(11,811)  
(16)  
(8,277)  
(3,247)  
(34,299)  
Standardized measure of discounted  
future net cash flows  
16,661  
68  
21,527  
7,775  
5,557  
6,217  
57,805  
Minority interests in future net cash flows as of  
December 31, 2016  
-
-
-
-
-
-
253  
862  
-
-
-
-
-
-
-
-
-
253  
862  
December 31, 2017  
DECEMBER 31, 2018  
1,440  
1,440  
Registration Document 2018 TOTAL  
375  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
Equity afliates  
Europe and  
Central Asia  
(excl. Russia) Russia  
Aꢀrica  
(excl. North  
Aꢀrica)  
Middle East  
and North  
Aꢀrica  
Asia-  
Pacific  
(M$)  
Americas  
Total  
As oꢀ December 31, 2016  
Future cash inflows  
-
-
-
-
-
-
22,393  
(5,704)  
(929)  
(248)  
(53)  
(1)  
30,045  
(15,846)  
(2,339)  
(4,661)  
7,199  
5,815  
(2,017)  
(392)  
-
-
-
-
-
-
-
58,005  
(23,620)  
(3,661)  
(5,909)  
24,815  
(14,898)  
Future production costs  
Future development costs  
Future income taxes  
(1,228)  
14,532  
(9,471)  
(20)  
(322)  
139  
Future net cash flows, after income taxes  
Discount at 10%  
3,406  
(1,697)  
(3,869)  
Standardized measure of discounted  
future net cash flows  
-
5,061  
(183)  
3,330  
1,709  
-
9,917  
As oꢀ December 31, 2017  
Future cash inflows  
-
-
-
-
-
30,769  
(7,647)  
(1,267)  
(2,097)  
19,758  
365  
(46)  
(1)  
39,518  
(17,654)  
(3,066)  
(7,459)  
11,338  
(5,901)  
6,719  
(3,209)  
(299)  
-
-
-
-
-
-
-
77,371  
(28,556)  
(4,633)  
(9,573)  
34,608  
(19,666)  
Future production costs  
Future development costs  
Future income taxes  
(17)  
301  
(166)  
Future net cash flows, after income taxes  
Discount at 10%  
3,211  
(1,549)  
- (12,050)  
Standardized measure of discounted  
future net cash flows  
-
7,708  
135  
5,437  
1,662  
-
14,942  
As oꢀ December 31, 2018  
Future cash inflows  
-
40,376  
1,368  
(47)  
48,144  
(21,248)  
(2,731)  
(11,631)  
12,534  
(6,279)  
6,969  
(3,372)  
(326)  
-
-
-
-
-
-
96,857  
(35,803)  
(4,203)  
Future production costs  
Future development costs  
Future income taxes  
- (11,136)  
-
-
-
(1,118)  
(4,825)  
23,297  
(28)  
-
(1,233)  
2,038  
(17,689)  
39,162  
Future net cash flows, after income taxes  
Discount at 10%  
1,293  
(658)  
- (12,454)  
(1,019)  
(20,410)  
Standardized measure of discounted  
future net cash flows  
-
10,843  
635  
6,255  
1,019  
-
18,752  
376  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Oil and gas information pursuant to FASB Accounting Standards Codification 932  
9
9.1.9 Changes in the standardized measure of discounted future net cash flows  
Consolidated subsidiaries (M$)  
2016  
24,011  
(12,015)  
(21,189)  
156  
2017  
19,502  
(16,822)  
26,699  
3,244  
(324)  
2018  
37,097  
(23,700)  
28,420  
8,412  
Discounted future net cash flows at January 1  
Sales and transfers, net of production costs  
Net change in sales and transfer prices and in production costs and other expenses  
Extensions, discoveries and improved recovery  
Changes in estimated future development costs  
Previously estimated development costs incurred during the year  
Revisions of previous quantity estimates  
Accretion of discount  
400  
(1,071)  
6,636  
13,967  
5,347  
2,401  
6,304  
364  
8,952  
2,427  
1,950  
(8,155)  
98  
4,588  
3,710  
Net change in income taxes  
(11,538)  
7,876  
Purchases of reserves in place  
Sales of reserves in place  
(244)  
(474)  
(2,625)  
57,805  
END OF YEAR  
19,502  
37,097  
Equity aꢂliates (M$)  
2016  
10,501  
(1,745)  
(3,840)  
1,204  
83  
2017  
9,917  
(2,151)  
7,075  
57  
2018  
14,942  
(3,248)  
7,322  
76  
Discounted future net cash flows at January 1  
Sales and transfers, net of production costs  
Net change in sales and transfer prices and in production costs and other expenses  
Extensions, discoveries and improved recovery  
Changes in estimated future development costs  
Previously estimated development costs incurred during the year  
Revisions of previous quantity estimates  
Accretion of discount  
(1,171)  
789  
(255)  
971  
789  
214  
783  
1,030  
1,494  
(3,691)  
388  
1,050  
(340)  
992  
Net change in income taxes  
(1,420)  
71  
Purchases of reserves in place  
1,929  
(110)  
Sales of reserves in place  
-
(95)  
END OF YEAR  
9,917  
14,942  
18,752  
9
Registration Document 2018 TOTAL  
377  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Other information  
9.2 Other information  
9.2.1 Natural Gas Production available for sale  
Consolidated subsidiaries  
Europe and  
Central Asia  
excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(
Americas  
Pacific  
Total  
2016  
Natural Gas production  
(a)  
available for sale (Bcf)  
017  
Natural Gas production  
469  
465  
480  
-
-
-
180  
205  
215  
94  
337  
432  
413  
471  
436  
262  
1,551  
1,618  
1,461  
2
(a)  
available for sale (Bcf)  
018  
Natural Gas production  
80  
91  
2
(a)  
available for sale (Bcf)  
(a) The reported volumes are different from those shown in the reserves table due to gas consumed in operations.  
Equity aꢀliates  
Europe and  
Central Asia  
excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(
Americas  
Pacific  
Total  
2016  
Natural Gas production  
(a)  
available for sale (Bcf)  
017  
Natural Gas production  
-
-
-
492  
461  
586  
5
25  
26  
173  
176  
173  
-
-
-
-
-
-
670  
662  
785  
2
(a)  
available for sale (Bcf)  
2018  
Natural Gas production  
available for sale (Bcf)(a)  
(a) The reported volumes are different from those shown in the reserves table due to gas consumed in operations.  
9.2.2 Production prices  
Consolidated subsidiaries  
Europe and  
Central Asia  
excl. Russia) Russia  
Africa  
(excl. North  
Africa)  
Middle East  
and North  
Africa  
Asia-  
(
Americas  
Pacific  
Total  
2
016(a)  
Oil ($/b)(b)  
34.63 30.89  
37.77  
-
40.23  
-
23.54  
10.77  
2.50  
37.89  
-
37.18  
10.77  
3.48  
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
-
4.24  
1.43  
1.20  
4.53  
2
017(a)  
Oil ($/b)(b)  
47.73 40.94  
50.02  
-
52.28  
-
31.69  
20.77  
2.68  
48.86  
-
49.25  
20.77  
3.60  
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
-
4.51  
1.45  
1.29  
4.99  
2
018(a)  
Oil ($/b)(b)  
61.71 59.88  
67.17  
-
69.56  
-
50.29  
11.48  
2.89  
66.29  
-
65.72  
11.48  
4.30  
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
-
6.58  
2.05  
2.06  
4.86  
(
(
a) The volumes used for calculation of the average sales prices are the ones sold from the Group’s own production.  
b) The reported price represents an average aggregate price of prices for crude oil, condensates and NGL. The table does not include separate figures for NGL production prices because  
the production of NGL represented less than 7.5% of the Group’s total liquids production in each of the years 2016, 2017 and 2018.  
378  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Other information  
9
Equity afliates  
Europe and  
Central Asia  
excl. Russia) Russia  
Aꢀrica  
(excl. North  
Aꢀrica)  
Middle East  
and North  
Aꢀrica  
Asia-  
(
Americas  
Pacific  
Total  
2
016(a)  
Oil ($/b)(b)  
-
-
-
19.36  
-
-
-
-
38.61  
-
28.49  
-
-
-
32.77  
-
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
1.21  
1.85  
1.43  
2
017(a)  
Oil ($/b)(b)  
-
-
-
26.28  
-
-
-
50.03  
-
34.36  
-
-
-
43.51  
-
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
1.49  
2.35  
2.23  
1.78  
2
018(a)  
Oil ($/b)(b)  
-
-
-
38.85  
-
-
-
64.41  
-
50.80  
-
-
-
56.13  
-
Bitumen ($/b)  
Natural Gas ($/kcf)  
-
-
2.38  
5.11  
5.92  
3.26  
(
(
a) The volumes used for calculation of the average sales prices are the ones sold from the Group’s own production.  
b) The reported price represents an average aggregate price of prices for crude oil, condensates and NGL. The table does not include separate figures for NGL production prices because  
the production of NGL represented less than 7.5% of the Group’s total liquids production in each of the years 2016, 2017 and 2018.  
9.2.3 Production costs  
Consolidated subsidiaries  
Europe and  
Central Asia  
(excl. Russia) Russia  
Aꢀrica  
(excl. North  
Aꢀrica)  
Middle East  
and North  
Aꢀrica  
Asia-  
(in $/boe)  
Americas  
Pacific  
Total  
2
016(a)  
Total liquids and natural gas  
Bitumen  
7.25 10.90  
7.20  
-
4.76  
-
5.52  
3.78  
-
6.14  
-
-
19.03  
19.03  
2
017(a)  
Total liquids and natural gas  
Bitumen  
6.85  
-
9.59  
-
6.05  
-
4.28  
-
5.27  
3.72  
-
5.56  
12.06  
12.06  
2
018(a)  
Total liquids and natural gas  
Bitumen  
8.44  
-
9.72  
-
5.27  
-
4.08  
-
6.54  
2.97  
-
5.89  
13.69  
13.69  
(
a) The volumes of liquids used for this computation are shown in the proved reserves tables of this report. The reported volumes for natural gas are different from those shown in the  
reserves table due to gas consumed in operations.  
Equity afliates  
Europe and  
Central Asia  
(excl. Russia) Russia  
Aꢀrica  
(excl. North  
Aꢀrica)  
Middle East  
and North  
Aꢀrica  
Asia-  
(in $/boe)  
Americas  
Pacific  
Total  
2
016(a)  
Total liquids and natural gas  
Bitumen  
-
-
0.88  
-
-
-
2.92  
-
3.59  
-
-
-
1.82  
-
017(a)  
9
2
Total liquids and natural gas  
Bitumen  
-
-
0.95  
-
-
-
2.88  
-
4.94  
-
-
-
1.96  
-
2
018(a)  
Total liquids and natural gas  
Bitumen  
-
-
1.03  
-
-
-
4.62  
-
6.00  
-
-
-
2.49  
-
(
a) The volumes of liquids used for this computation are shown in the proved reserves tables of this report. The reported volumes for natural gas are different from those shown in the  
reserves table due to gas consumed in operations.  
Registration Document 2018 TOTAL  
379  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
.3 Report on the payments made to governments  
Article L. 225-102-3 of the French  
Commercial Codeꢁ  
ꢀ
Article L. 225-102-3 of the French Commercial Code(1) requires large  
undertakings and public-interest entities that are active in the  
extractive industry or logging of primary forests to disclose in an  
annual report payments of at least 100,000 euros made to  
governments in the countries in which they operate.  
to achieve certain production levels or certain targets, and  
discovery of additional mineral reserves /deposits.  
—
—
Dividends: dividends paid to a host government holding an  
interest in an Extractive Company.  
Payments for Infrastructure Improvements: payments for local  
development, including the improvement of infrastructure, not  
directly necessary for the conduct of extractive activities but  
mandatory pursuant to the terms of a production sharing contract  
or to the terms of a law relating to oil and gas activities.  
The consolidated report of TOTAL is presented below pursuant to  
the aforementioned provisions. This report covers the aforementioned  
payments made by the Group’s Extractive Companies as defined  
below, for the benefit of each government of states or territories in  
which TOTAL carries out its activities, by detailing the total amount of  
payments made, the total amount by payment type, the total amount  
by project and the total amount by payment type for each project.  
When payments were made in kind, valuated hydrocarbons’ volumes  
are specified.  
—
Production entitlement: host Government’s share of production.  
This payment is generally made in kind.  
Government: any national, regional or local authority of a country or  
territory, or any department, agency or undertaking controlled by that  
authority.  
This report has been approved by the Board of Directors of  
TOTAL S.A.  
Project: operational activities governed by a single contract, license,  
lease, concession or similar legal agreement and that form the basis  
for payment liabilities with a Government. If multiple such agreements  
are substantially interconnected, they shall be considered as a single  
Project. Payments (such as company income tax when it concerns  
several projects which cannot be separated in application of the  
fiscal regulations) unable to be attributed to a Project are disclosed  
under the item “non-attributable”.  
Definitions  
The meaning of certain terms used in this report are set forth below.  
Extractive Companies: TOTAL S.A. and any company of  
undertaking of which the activities consist, in whole or in part, of  
exploration, prospection, discovery, development and extraction of  
minerals, crude oil and natural gas, among others, fully consolidated  
by TOTAL S.A.  
Reporting principles  
Payment: a single payment of multiple interconnected payments of  
an amount equal to, or in excess of, 100,000 euros (or its equivalent)  
paid, whether in money or in kind, for extractive activities.  
This report sets forth all payments as booked in the Extractive  
Companies’ accounts. They are presented based on the Group share  
in each Project, whether the payments have been made directly by  
the Group Extractive Companies as operator or indirectly through  
third-party operating companies.  
Payment types included in this report are the following:  
—
Taxes: taxes and levies paid on income, production or profits,  
excluding taxes levied on consumption such as added value  
taxes, customs duties, personal income taxes and sales taxes.  
Production entitlement and Royalties that are mandatorily paid in  
kind and that are owed to host Governments pursuant to legal or  
contractual provisions (not booked in the Extractive Companies’  
accounts pursuant to accounting standards) are reported in  
proportion of the interest held by the Extractive Company in the  
Project as of the date on which such Production entitlements and  
Royalties are deemed to be acquired.  
—
—
Royalties: percentage of production payable to the owner of  
mineral rights.  
License Fees: annual license fees, surface or rental fees, and  
other consideration for licenses and /or concessions that are  
paid for access to the area where the extractive activities will be  
conducted.  
Payments in kind are estimated at fair value.  
Fair value corresponds to the contractual price of hydrocarbons used  
to calculate Production entitlement, market price (if available) or an  
appropriate benchmark price. These prices might be calculated on  
an averaged basis over a given period.  
—
License bonus: bonuses paid for and in consideration of  
signature, discovery, production, awards, grants and transfers of  
extraction rights; bonuses related to the achievement or failure  
(
1) Article L. 225-102-3 of the French Commercial Code transposes certain provisions set out in Directive 2013/34/UE of the European Parliament and of the Council of June 26, 2013  
(chapter 10).  
380  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
9.3.1 Reporting by country and type of Payment  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
EUROPE AND CENTRAL ASIA  
1,063,539  
-
-
25,154  
169  
799  
-
10,442  
100,560  
1,200,494  
169  
Bulgaria  
-
-
-
-
-
Denmark  
265,034  
-
-
5,098  
258  
-
-
-
-
270,132  
553  
Greece  
-
295  
-
-
-
Italy  
59  
-
336  
-
-
36  
-
431  
Kazakhstan  
Netherlands  
Norway  
41,081  
(37,600)(a)  
567,885  
20,382  
206,698  
3,139,947  
840,918  
-
-
-
504  
-
10,406  
52,838  
104,829  
(36,329)  
575,452  
68,178  
217,079  
5,695,615  
3,164,490  
1,590  
-
1,271  
7,567  
74  
-
-
-
-
-
-
-
-
-
-
-
47,722  
-
Russia  
-
-
-
United Kingdom  
AFRICA  
-
10,381  
56,002  
12,521  
1,590  
900  
-
-
-
152,318  
6,188  
66,343 2,274,817  
Angola  
-
151,794  
-
-
2,159,257  
Côte d’Ivoire  
Democratic Republic of the Congo  
Gabon  
-
-
-
-
-
-
-
-
-
340  
-
1,240  
224,365  
-
-
6,008  
403  
425  
6,188  
21,749  
-
258,735  
511  
Kenya  
-
-
-
-
108  
-
Mauritania  
Mozambique  
Namibia  
-
-
2,987  
2,184  
105  
-
-
-
2,987  
-
-
-
-
-
-
2,184  
-
-
-
-
-
-
105  
Nigeria  
1,372,888  
701,776  
-
-
3,523  
26,400  
2,396  
274  
-
-
44,146  
111,132  
1,531,689  
732,703  
2,396  
Republic of the Congo  
Senegal  
-
99  
-
-
-
4,428  
-
-
-
-
-
-
South Africa  
Uganda  
-
-
-
-
-
274  
-
-
(3,289)(b)  
-
-
-
(3,289)  
MIDDLE EAST AND NORTH AFRICA  
Algeria  
7,419,799  
477,968  
-
-
10,910 1,454,184  
-
-
2,519,968 11,404,861  
-
311  
3,059  
-
-
186,293  
667,631  
541  
Cyprus  
-
541  
-
-
-
-
Iraq  
14,033  
682,510  
324,832  
146,148  
5,774,308  
465,204  
162,061  
214,704  
57,412  
(325)(c)  
5,810  
3,634  
11,331  
10,577  
435,352  
8,340  
32,525  
-
-
-
-
-
-
1,125  
-
-
-
15,158  
2,243,790  
346,598  
896,777  
7,234,366  
2,637,336  
170,461  
250,969  
2,027,408  
63,200  
7,197  
Libya  
-
-
-
-
-
-
1,561,280  
Oman  
-
-
-
21,766  
Qatar  
-
-
-
750,629  
United Arab Emirates  
AMERICAS  
Argentina  
-
10,058 1,450,000  
-
-
-
99,622  
45,080 1,975,597  
-
582  
51,251  
-
6,244  
1,156  
2,156  
2,018  
-
-
-
Bolivia  
-
-
582  
32,509  
Brazil  
-
738 1,950,516  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,742  
Canada  
39,340  
24,185  
-
-
-
Colombia  
1,387  
-
-
-
-
France (French Guiana)  
Mexico  
-
-
-
-
-
3,634  
-
8,453  
-
-
-
19,784  
94,683  
696,839  
8,340  
United States  
ASIA PACIFIC  
Australia  
58,895  
4,304  
20,907  
-
-
-
-
-
-
-
-
-
-
-
11,525  
52,645  
-
197,317  
-
-
-
-
Brunei  
10,969  
-
-
4,844  
48,338  
190  
Cambodia  
China  
190  
-
-
-
24,067  
20,197  
148,209  
-
9
12,293  
85,939  
30,951  
-
-
-
-
36,360  
106,136  
180,660  
366  
Indonesia  
-
-
-
1,500  
-
-
Myanmar  
-
Papua New Guinea  
Thailand  
366  
-
-
-
265,304  
12,523,841  
51,145  
-
316,449  
TOTAL  
99,622 148,671 3,635,543  
6,188  
77,367 5,143,913 21,635,145  
(a) Includes the refund of taxes due to carry back of losses of 2017.  
(b) Includes the refund of stamp duties.  
(c) Corresponds to the reimbursement of Alberta Research & Development Tax Credit.  
Registration Document 2018 TOTAL  
381  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9.3.2 Reporting of Payments by Project and by type of Payment,  
and by Government and by type of Payment  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
ALGERIA  
Payments per Project  
Tin Fouyé Tabankort  
62,806(a)  
3,338  
331,342(c)  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
186,293(b)  
249,099  
6,397  
Timimoun  
3,059  
-
Groupement Berkine  
Tin Fouyé Tabankort II  
Organisation Orhoud  
TOTAL  
-
-
-
331,342  
14,065  
66,728  
667,631  
13,754  
311  
-
-
-
-
-
66,728(d)  
477,968  
311  
3,059  
186,293  
Payments per Government  
Direction Générale des Impôts,  
Direction des Grandes Entreprises  
c/o Sonatrach  
460,876(e)  
7,552  
-
-
-
-
-
-
-
-
-
-
-
460,876  
7,863  
Direction Générale des Impôts,  
Direction des Grandes Entreprises  
311  
Agence Nationale pour Valorisation des  
Ressources en Hydrocarbures (ALNAFT)  
9,540  
-
-
-
-
-
-
-
3,059  
3,059  
-
-
-
-
-
-
-
186,293(f)  
186,293  
9,540  
189,352  
667,631  
Sonatrach  
TOTAL  
477,968  
311  
(a) Corresponds to the valuation of 2,107 kboe at fiscal selling prices for taxes of different natures.  
(b) Corresponds to the valuation of 6,357 kboe at fiscal selling prices for production entitlements.  
(c) Corresponds to the valuation of 4,849 kboe at fiscal selling prices for taxes of different natures.  
(d) Corresponds to the valuation of 930 kboe at fiscal selling prices for taxes of different natures.  
(e) Corresponds to the valuation of 7,886 kboe at fiscal selling prices for taxes of different natures.  
(f) Corresponds to the valuation of 6,357 kboe at fiscal selling prices for production entitlements.  
ANGOLA  
Payments per Project  
Block 17  
596,550  
-
-
-
-
-
-
-
-
-
-
-
9,440  
1,314  
665  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,066,516(a) 2,672,506  
Block 0  
200,190  
1,695  
-
203,199  
96,213  
11,539  
197  
Block 14  
Block 14k  
Block 16  
Block 48  
Block 32  
Block 17/06  
Block 25  
Block 40  
TOTAL  
20,932  
-
74,616(b)  
4,428(c)  
6,817  
195  
99  
-
197  
-
-
-
50  
150,000  
-
150,050  
30,456  
124  
16,393  
366  
-
13,697(d)  
9
25  
115  
-
-
86  
-
-
-
-
111  
2
93  
95  
840,918  
12,521  
151,794  
2,159,257  
3,164,490  
Payments per Government  
Caixa do Tesouro Nacional  
840,918  
-
-
-
-
543  
11,978  
-
-
99  
-
-
-
-
-
-
-
-
-
-
841,461  
12,077  
Ministério dos Petróleos  
Sonangol, E.P.  
TOTAL  
-
-
151,695  
151,794  
2,159,257(e) 2,310,952  
840,918  
12,521  
2,159,257 3,164,490  
(a) Corresponds to the valuation of 29,465 kboe at the weighted average fiscal price of the year.  
(b) Corresponds to the valuation of 1,057 kboe at the weighted average fiscal price of the year.  
(c) Corresponds to the valuation of 62 kboe at the weighted average fiscal price of the year.  
(d) Corresponds to the valuation of 199 kboe at the weighted average fiscal price of the year.  
(e) Corresponds to the valuation of 30,783 kboe at the weighted average fiscal price of the year.  
382  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
ARGENTINA  
Payments per Project  
Neuquen  
32,619  
57,780  
-
-
-
-
-
-
220  
5,251  
773  
1,036  
1,120  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,875  
64,151  
773  
Tierra del Fuego  
Santa Cruz  
Non-attributable  
TOTAL  
71,662  
162,061  
-
-
71,662  
170,461  
6,244  
2,156  
Payments per Government  
Administracion Federal de Ingresos Publicos  
71,662  
32,849  
32,619  
24,931  
-
-
-
-
-
-
-
-
545  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
71,662  
33,394  
33,875  
31,020  
510  
Secretaria de Energia, Republica Argentina  
Provincia del Neuquen  
220  
1,036  
1,120  
-
Provincia de Tierra del Fuego  
Provincia de Santa Cruz  
TOTAL  
4,969  
510  
162,061  
6,244  
2,156  
170,461  
AUSTRALIA  
Payments per Project  
GLNG  
8,340  
-
-
-
-
-
-
8,340  
TOTAL  
8,340  
-
-
-
-
-
-
8,340  
Payments per Government  
Queensland Government,  
Office of State Revenue  
8,340  
-
-
-
-
-
-
8,340  
TOTAL  
8,340  
-
-
-
-
-
-
8,340  
BOLIVIA  
Payments per Project  
Ipati  
104,424  
-
-
-
-
-
-
-
-
219  
590  
137  
119  
31  
-
-
-
-
-
-
-
-
462  
-
105,105  
710  
Azero  
-
-
120  
-
-
Aquio  
33,109  
9,427  
-
33,246  
9,546  
Itau  
-
-
-
-
San Alberto  
San Antonio  
TOTAL  
13,891  
53,853  
214,704  
1,425  
593  
2,018  
4,053(a)  
28,456(b)  
32,509  
19,400  
82,962  
250,969  
60  
-
1,156  
582  
Payments per Government  
Yacimientos Petroliferos  
Fiscales Bolivianos (YPFB)  
-
-
1,156  
2,018  
-
-
32,509(c)  
35,683  
Servicio de Impuestos  
Nacionales (SIN) c/o YPFB  
137,410  
77,294  
-
-
-
-
-
-
-
-
-
-
-
-
137,410  
77,294  
Departamentos c/o YPFB  
Fundesoc c/o  
Indigeneous Communities  
-
-
-
-
-
582  
-
582  
TOTAL  
214,704  
-
1,156  
2,018  
-
582  
32,509  
250,969  
(a) Corresponds to the valuation of 219 kboe for production entitlements at a fixed regulated price for condensates and on a net-back regulated price for gas.  
(b) Corresponds to the valuation of 1,373 kboe for production entitlements at a fixed regulated price for condensates and on a net-back regulated price for gas.  
(c) Corresponds to the valuation of 1,592 kboe for production entitlements at a fixed regulated price for condensates and on a net-back regulated price for gas.  
9
Registration Document 2018 TOTAL  
383  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
BRAZIL  
Payments per Project  
Foz de Amazonas  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37  
86  
34  
49  
33  
48  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37  
86  
Ceara (CE-M-661)  
Xerelete (BC-2)  
Barreirinhas  
Espirito Santo  
Pelotas  
-
-
-
-
-
-
34  
-
-
-
49  
-
-
-
-
33  
-
-
48  
Lapa/Iara  
-
1,950,516  
-
1,950,516  
27,506  
4,209  
60  
Lapa  
27,375  
4,209  
-
131  
-
-
-
-
-
-
-
Iara  
-
Sul do Gato do Mato  
Libra  
60  
-
-
18,742(a)  
-
19,748  
6,080  
57,412  
38,490  
6,340  
2,027,408  
Non-attributable  
TOTAL  
260  
738 1,950,516  
18,742  
Payments per Government  
Agencia National de Petroleo,  
Gas Natural e Biocombustiveis  
-
-
-
-
607  
-
-
-
-
-
-
-
-
607  
Pré-sal Petróleo (PPSA)  
18,742(a)  
18,742  
Instituto Brasileiro do Meio Ambiente e dos  
Recursos Naturais Renovaveis (IBAMA)  
-
57,412  
-
-
-
-
-
131  
-
-
-
-
-
-
-
-
-
-
-
131  
57,412  
Receita Federal  
Petrobras(b)  
TOTAL  
-
-
-
-
1,950,516  
1,950,516  
2,027,408  
57,412  
738 1,950,516  
18,742  
(
(
a) Corresponds to the valuation of 272 kboe at the fiscal reference price determined by ANP (Agencia National de Petroleo) for production entitlements.  
b) Petrobras, majority controlled by the Brazilian State as of December 31, 2018.  
BRUNEI  
Payments per Project  
Block B  
18,025  
14,500  
32,525  
-
-
-
5
10,964  
10,969  
-
-
-
-
-
-
-
-
-
-
4,844  
4,844  
18,030  
30,308  
48,338  
Block CA1  
TOTAL  
Payments per Government  
Brunei Government  
18,025  
14,500  
32,525  
-
-
-
3,483  
7,486  
-
-
-
-
-
-
-
-
-
-
4,844  
4,844  
21,508  
26,830  
48,338  
Brunei National Petroleum Company Sdn Bhd  
TOTAL  
10,969  
BULGARIA  
Payments per Project  
Khan Asparuh  
-
-
169  
-
-
-
-
169  
TOTAL  
-
-
169  
-
-
-
-
169  
Payments per Government  
Ministry of Energy of Bulgaria  
-
-
169  
-
-
-
-
169  
TOTAL  
-
-
169  
-
-
-
-
169  
CAMBODIA  
Payments per Project  
OCA – zone 3  
-
-
190  
-
-
-
-
190  
TOTAL  
-
-
190  
-
-
-
-
190  
Payments per Government  
Ministry of Mines and Energy  
-
-
190  
-
-
-
-
190  
TOTAL  
-
-
190  
-
-
-
-
190  
384  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
CANADA  
Payments per Project  
Joslyn  
-
-
376  
17,168  
67  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
376  
43,498  
67  
Surmont  
(325)(a)  
26,655  
Northern Lights  
Fort Hills  
-
-
-
12,685  
6,556  
6
19,241  
6
Other oil sands projects  
Deer Creek  
-
-
-
-
12  
12  
TOTAL  
(325)  
39,340  
24,185  
63,200  
Payments per Government  
Province of Alberta  
(325)(a)  
39,340  
2,103  
21,696  
386  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41,118  
21,696  
386  
Municipality of Wood Buffalo (Alberta)  
Fort McKay First Nations (FMFN)  
TOTAL  
-
-
-
-
(325)  
39,340  
24,185  
63,200  
(a) Reimbursement of Alberta Research & Development Tax Credit.  
CHINA  
Payments per Project  
Sulige  
12,293(a)  
-
-
-
-
-
24,067(b)  
36,360  
TOTAL  
12,293  
-
-
-
-
-
24,067  
36,360  
Payments per Government  
China National Petroleum Company  
12,293(a)  
-
-
-
-
-
24,067(b)  
36,360  
TOTAL  
12,293  
-
-
-
-
-
24,067  
36,360  
(
(
a) Includes the valuation for 11,233 k$ of 374 kboe for taxes of different natures.  
b) Corresponds to the valuation of 800 kboe for production entitlements.  
COLOMBIA  
Payments per Project  
Niscota  
5,810  
1,387(a)  
-
-
-
-
-
7,197  
TOTAL  
5,810  
1,387  
-
-
-
-
-
7,197  
Payments per Government  
Dirección de Impuestos y aduanas Nacionales  
727  
5,083  
5,810  
-
1,387(a)  
1,387  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
727  
6,470  
7,197  
Agencia Nacional de Hidrocarburos  
TOTAL  
(a) Includes the valuation for 1,325 k$ of 23 kboe as royalties, based on the crude oil average selling price.  
CÔTE D’IVOIRE  
Payments per Project  
CI-100  
-
-
-
-
-
-
829  
761  
-
-
-
-
-
-
-
-
-
-
-
-
829  
761  
CI-605  
TOTAL  
1,590  
1,590  
Payments per Government  
République de Côte d’Ivoire,  
Direction Générale des Hydrocarbures  
-
-
1,590  
-
-
-
-
1,590  
TOTAL  
-
-
1,590  
-
-
-
-
1,590  
9
CYPRUS  
Payments per Project  
Block 7  
-
-
-
-
-
-
-
-
6
277  
258  
541  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
277  
258  
541  
Block 11  
Block 6  
TOTAL  
Payments per Government  
Ministry of Energy, Commerce,  
Industry and Tourism  
-
-
541  
-
-
-
-
541  
TOTAL  
-
-
541  
-
-
-
-
541  
Registration Document 2018 TOTAL  
385  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
DEMOCRATIC REPUBLIC OF THE CONGO  
Payments per Project  
Block 3  
-
-
900  
-
-
340  
-
1,240  
TOTAL  
-
-
900  
-
-
340  
-
1,240  
Payments per Government  
Ministère des Hydrocarbures  
-
-
-
-
-
-
750  
150  
900  
-
-
-
-
-
-
340  
-
-
-
-
1,090  
150  
Ministère de l’Environnement  
TOTAL  
340  
1,240  
DENMARK  
Payments per Project  
Sole Concession Area  
265,034  
-
5,098  
-
-
-
-
270,132  
TOTAL  
265,034  
-
5,098  
-
-
-
-
270,132  
Payments per Government  
Arbejdstilsynet  
-
-
-
-
-
-
170  
224  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
170  
224  
Energistyrelsen  
Dansk Teknisk Universitet  
Skat  
-
-
4,704  
-
4,704  
265,034  
265,034  
265,034  
270,132  
TOTAL  
5,098  
FRANCE (FRENCH GUIANA)  
Payments per Project  
Guyane Maritime  
3,634  
-
-
-
-
-
-
3,634  
TOTAL  
3,634  
-
-
-
-
-
-
3,634  
Payments per Government  
Trésor Public  
3,634  
-
-
-
-
-
-
3,634  
TOTAL  
3,634  
-
-
-
-
-
-
3,634  
386  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
GABON  
Payments per Project  
Concessions (périmètre  
Convention d’Etablissement)  
20,009  
45,976  
32,335  
40,925  
2
-
-
-
-
-
-
-
-
-
-
-
-
-
4,024  
-
-
19,338(a)  
-
-
-
-
-
-
43,371  
45,976  
32,335  
40,925  
2
Concession Anguille  
Concession Grondin  
Concession Torpille  
Atora CEPP  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Coucal CEPP  
1
-
-
-
-
1
Avocette CEPP  
Baudroie-Mérou CEPP  
Hylia II CEPP  
8
-
-
-
-
8
51,363(b)  
3,984(c)  
-
1,037  
372  
387  
188  
-
-
-
-
1,877(a)  
-
-
-
-
-
-
54,277  
4,356  
812  
-
-
-
Diaba CEPP  
425  
-
-
534(a)  
-
Rabi CEPP  
29,762(d)  
-
30,484  
6,188  
258,735  
Non-attributable  
TOTAL  
-
-
6,188  
6,188  
224,365  
6,008  
425  
21,749  
Payments per Government  
Trésor Public Gabonais  
159,941  
-
-
-
-
-
-
-
-
1,406  
2,754  
-
-
-
-
-
-
-
-
-
-
-
-
-
161,347  
3,179  
82,792  
607  
Direction Générale des Hydrocarbures  
République du Gabon  
-
425  
-
64,424(e)  
-
6,188  
12,180  
-
Direction Générale des Impôts  
Ville de Port-Gentil  
-
607  
1,241  
-
-
-
-
-
-
-
6,803  
666  
8,044  
666  
Miscellaneous PID beneficiaries  
Miscellaneous PIH beneficiaries  
TOTAL  
-
-
-
-
-
-
2,100  
21,749  
2,100  
258,735  
224,365  
6,008  
425  
6,188  
(
a) Financing of projects (infrastructure, education, health) under joint control of the State and Total within the framework of the Provision pour Investissements Diversifiés (contribution to  
diversified investments) and of the Provision pour Investissements dans les Hydrocarbures (contribution to investments in hydrocarbons).  
b) Includes the valuation for 40,802 k$ of 599 kboe at the official selling price and applying the fiscal terms of the profit sharing agreements.  
c) Includes the valuation for 1,916 k$ of 29 kboe at the official selling price and applying the fiscal terms of the profit sharing agreements.  
d) Includes the valuation for 21,706 k$ of 300 kboe at the official selling price and applying the fiscal terms of the profit sharing agreements.  
e) Corresponds to the valuation of 928 kboe at the official selling price and applying the fiscal terms of the profit sharing agreements.  
(
(
(
(
GREECE  
Payments per Project  
Block 2  
-
-
258  
295  
-
-
-
553  
TOTAL  
-
-
258  
295  
-
-
-
553  
Payments per Government  
Hellenic Hydrocarbon Resources Management  
-
-
258  
295  
-
-
-
553  
TOTAL  
-
-
258  
295  
-
-
-
553  
INDONESIA  
Payments per Project  
Mahakam PSC  
74,001  
5,708  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,815(a)(b)  
2,068(c)  
2,314(d)  
20,197  
89,816  
7,776  
Tengah PSC  
Sebuku PSC  
TOTAL  
6,230  
8,544  
85,939  
106,136  
Payments per Government  
Directorate General of Taxation,  
Ministry of Finance  
9
85,939  
-
-
-
-
-
-
85,939  
Satuan Khusus Kegiatan Usaha  
Hulu Minyak dan Gas Bumi (SKK Migas)  
-
-
-
-
-
-
20,197(e)  
20,197  
TOTAL  
85,939  
-
-
-
-
-
20,197  
106,136  
(
a) Disclosed production entitlements correspond to adjustments of 2017 operations done in 2018. Government Production entitlement for export LNG is valued on a net-back price basis  
(revenues less costs, such as liquefaction and transportation costs). Production entitlement includes volume of oil taken by the Government to meet domestic obligation. The fees  
received from the Government are deducted from the valuation of these volumes.  
b) Includes the valuation at net-back price for 15,799 k$ of 613 kboe for production entitlements, partly dedicated to domestic delivery obligations. The indemnity of the government is  
deducted from the valuation of these volumes.  
(
(c) Includes the valuation at net-back price for 2,331 k$ of 47 kboe for production entitlements, partly dedicated to domestic delivery obligations. The indemnity of the government is  
deducted from the valuation of these volumes.  
(
d) Corresponds to the valuation at net-back price of 63 kboe for production entitlements.  
(e) Includes the valuation at net-back price for 20,445 k$ of 723 kboe for production entitlements, partly dedicated to domestic delivery obligations. The indemnity of the government is  
deducted from the valuation of these volumes.  
Registration Document 2018 TOTAL  
387  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
IRAQ  
Payments per Project  
Halfaya  
6,697  
7,336(a)  
14,033  
-
-
-
-
-
-
-
1,125  
1,125  
-
-
-
-
-
-
-
-
-
6,697  
8,461  
Sarsang  
TOTAL  
15,158  
Payments per Government  
Ministry of Natural Resources,  
Erbil, Kurdistan region of Iraq  
7,336(a)  
-
-
1,125  
-
-
-
8,461  
Ministry of Finance,  
General Commission of Taxation  
6,697  
-
-
-
-
-
-
6,697  
TOTAL  
14,033  
-
-
1,125  
-
-
-
15,158  
(a) Corresponds to the valuation of 112 kboe based on market prices for taxes of different natures.  
ITALY  
Payments per Project  
Gorgoglione Unified License  
59  
-
336  
-
-
36  
-
431  
TOTAL  
59  
-
336  
-
-
36  
-
431  
Payments per Government  
Regione Basilicata  
-
59  
59  
-
-
-
309  
27  
-
-
-
-
-
-
-
36  
36  
-
-
-
309  
122  
431  
Comune Corleto Perticara  
TOTAL  
336  
KAZAKHSTAN  
Payments per Project  
Kashagan  
41,081  
-
-
-
-
-
-
-
504  
-
-
-
-
10,406  
-
22,275(a)  
30,563  
52,838  
74,266  
30,563  
Dunga  
TOTAL  
41,081  
504  
10,406  
104,829  
Payments per Government  
Atyrau and Mangistau regions c/o  
North Caspian Operating Company b.v.  
-
-
-
-
-
-
-
-
-
-
318  
-
-
318  
Atyrau region c/o North  
Caspian Operating Company b.v.  
6,770  
6,770  
Mangistau region c/o North  
Caspian Operating Company b.v.  
-
41,081  
-
-
-
-
-
-
-
-
-
-
504  
-
-
-
-
-
3,318  
-
30,563  
22,275(a)  
52,838  
3,318  
72,148  
22,275  
104,829  
Ministry of Finance  
Ministry of Energy  
TOTAL  
-
-
41,081  
504  
10,406  
(a) Corresponds to the valuation of 426 kboe at average net-back prices for production entitlements.  
KENYA  
Payments per Project  
1
1
1
0BA  
0BB  
3T  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
77  
148  
21  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
77  
148  
21  
-
L11A  
L11B  
L12  
53  
36  
36  
36  
108  
89  
52  
88  
52  
88  
TOTAL  
403  
511  
Payments per Government  
Kenya Ministry of Energy  
-
-
-
-
-
-
403  
-
-
-
-
-
-
-
-
108  
108  
-
-
-
403  
108  
511  
National Oil Corporation of Kenya  
TOTAL  
403  
388  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
LIBYA  
Payments per Project  
Areas 15, 16 & 32 (Al Jurf)  
192,468(a)  
323,464(c)  
66,147  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
248,613(b)  
948,065(d) 1,271,529  
441,081  
Areas 129 & 130  
Waha  
-
364,602(f)  
1,561,280  
66,147  
465,033  
Areas 130 & 131  
TOTAL  
100,431(e)  
682,510  
2,243,790  
Payments per Government  
National Oil Corporation  
66,147  
-
-
-
-
-
1,561,280(g) 1,627,427  
Ministry of Finance c/o  
National Oil Corporation  
616,363(h)  
-
-
-
-
-
-
616,363  
TOTAL  
682,510  
-
-
-
-
-
1,561,280  
2,243,790  
(a) Corresponds to the valuation of 2,767 kboe at official selling prices and applying the fiscal terms of the profit sharing agreements.  
(b) Corresponds to the valuation of 3,574 kboe at official selling prices and applying the profit sharing agreements.  
(c) Corresponds to the valuation of 4,525 kboe at official selling prices and applying the fiscal terms of the profit sharing agreements.  
(d) Corresponds to the valuation of 13,263 kboe at official selling prices and applying the profit sharing agreements.  
(e) Corresponds to the valuation of 1,404 kboe at official selling prices and applying the fiscal terms of the profit sharing agreements.  
(f) Corresponds to the valuation of 5,097 kboe at official selling prices and applying the profit sharing agreements.  
(g) Corresponds to the valuation of 21,934 kboe at official selling prices and applying the profit sharing agreements.  
(h) Corresponds to the valuation of 8,696 kboe at official selling prices and applying the fiscal terms of the profit sharing agreements.  
MAURITANIA  
Payments per Project  
Block C9  
-
-
-
-
-
-
-
-
170  
1,529  
1,288  
2,987  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
170  
1,529  
1,288  
2,987  
Block C7  
Block C18  
TOTAL  
Payments per Government  
Trésor Public de Mauritanie  
-
-
887  
-
-
-
-
887  
SMHPM (Société Mauritanienne  
des Hydrocarbures et du Patrimoine Minier)  
-
-
-
-
-
-
900  
1,200  
2,987  
-
-
-
-
-
-
-
-
-
-
-
-
900  
1,200  
2,987  
Commission Environnementale  
TOTAL  
MEXICO  
Payments per Project  
Perdido Block 2  
3,121  
1,019  
2,492  
3,445  
553  
-
-
-
-
-
-
-
-
2,393  
781  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,514  
1,800  
4,247  
6,101  
917  
Block 15  
Salina 1  
1,755  
2,656  
364  
Salina 3  
G-CS-02 (B32)  
AS-CS-06 (B33)  
G-CS-03 (B34)  
TOTAL  
313  
240  
553  
388  
264  
652  
11,331  
8,453  
19,784  
Payments per Government  
Servicio de Administracion Tributaria  
11,331  
-
-
-
-
-
8,453  
8,453  
-
-
-
-
-
-
-
-
-
-
-
-
11,331  
8,453  
Fondo Mexicano del Petroleo  
TOTAL  
11,331  
19,784  
9
MOZAMBIQUE  
Payments per Project  
Rovuma Basin Area 3 & 6  
-
-
2,184  
-
-
-
-
2,184  
TOTAL  
-
-
2,184  
-
-
-
-
2,184  
Payments per Government  
Instituto Nacional de Petroleo  
-
-
2,184  
-
-
-
-
2,184  
TOTAL  
-
-
2,184  
-
-
-
-
2,184  
Registration Document 2018 TOTAL  
389  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
MYANMAR  
Payments per Project  
Blocks M5 and M6  
30,951  
-
-
-
-
-
-
-
-
-
500  
-
-
-
-
-
-
-
-
148,209(a)  
179,160  
500  
Block MD4  
Block MD7  
TOTAL  
-
-
-
-
1,000  
1,500  
1,000  
30,951  
148,209  
180,660  
Payments per Government  
Myanmar Ministry of Finance  
30,951  
-
-
-
-
-
-
-
-
1,500  
1,500  
-
-
-
-
-
-
-
148,209(a)  
148,209  
30,951  
149,709  
180,660  
Myanmar Oil and Gas Enterprise  
TOTAL  
30,951  
(a) Includes the valuation at a net-back price for 78,299 k$ of 2,693 kboe for production entitlements dedicated to domestic delivery obligations.  
NAMIBIA  
Payments per Government  
Block 2912  
-
-
105  
-
-
-
-
105  
TOTAL  
-
-
105  
-
-
-
-
105  
Payments per Government  
Ministry of Mines & Energy  
-
-
105  
-
-
-
-
105  
TOTAL  
-
-
105  
-
-
-
-
105  
NETHERLANDS  
Payments per Project  
Offshore Blocks  
-
(37,600)(a)  
(37,600)  
-
-
-
1,271  
-
-
-
-
-
-
-
-
-
-
-
-
-
1,271  
(37,600)  
(36,329)  
Non-attributable  
TOTAL  
1,271  
Payments per Government  
Belastingdienst Nederland  
(37,600)(a)  
-
1,271  
-
-
-
-
(36,329)  
TOTAL  
(37,600)  
-
1,271  
-
-
-
-
(36,329)  
(a) Includes the refund of taxes due to carry back of losses of 2017.  
390  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
NIGERIA  
Payments per Project  
Joint ventures with NNPC,  
operated – Non-attributable  
-
-
2,834  
-
-
13,947  
-
16,781  
Joint ventures with NNPC,  
non operated – Non-attributable  
106,468  
45,705  
-
-
326  
-
-
-
-
-
8,940  
-
-
-
115,734  
45,705  
OML 58 (joint venture with NNPC, operated)  
OML 99 Amenam-Kpono  
(
joint venture with NNPC, operated)  
48,288  
33,368  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,288  
33,368  
OML 100 (joint venture with NNPC, operated)  
OML 102 (joint venture with NNPC, operated) 308,416  
OML 102 Ekanga  
308,416  
(joint venture with NNPC, non operated)  
(726)(a)  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(726)  
1,083  
OML 130  
723  
360  
-
-
OML 130 PSA (Akpo & Egina)  
OML 118 (Bonga)  
OML 138 (Usan)  
Non-attributable  
TOTAL  
4,627  
-
16,129  
4,370  
760  
20,756  
103,666(b)  
35,423(d)  
686,930(f)  
1,372,888  
-
94,900(c)  
16,232(e)  
-
202,936  
52,418  
3
-
-
686,930  
1,531,689  
3,523  
44,146  
111,132  
Payments per Government  
Federal Inland Revenue Service  
699,629  
-
-
-
-
-
-
699,629  
Department of Petroleum Resources,  
Federal Government of Nigeria  
542,242  
-
-
-
1,308  
-
-
-
-
-
-
-
-
543,550  
44,146  
Niger Delta Development Commission  
44,146  
Nigerian Maritime Administration & Safety  
Agency, Federal Government of Nigeria  
-
-
-
2,212  
-
-
-
-
-
-
-
-
2,212  
Nigerian National Petroleum Corporation  
111,132(g)  
111,132  
Federal Inland Revenue Service c/o  
Nigerian National Petroleum Corporation  
94,566(h)  
-
-
-
-
-
-
94,566  
Department of Petroleum Resources c/o  
Nigerian National Petroleum Corporation  
36,451(i)  
-
3
-
-
-
-
36,454  
TOTAL  
1,372,888  
-
3,523  
-
-
44,146  
111,132  
1,531,689  
(
(
(
(
(
(
a) Refund resulting from adjustment in final prices applicable to the year 2013.  
b) Includes the valuation for 99,784 k$ of 1,405 kboe at average entitlement price and applying the fiscal terms of the profit sharing agreements.  
c) Corresponds to the valuation for 1,302 kboe at average entitlement price and applying the terms of the profit sharing agreements.  
d) Includes the valuation for 31,233 k$ of 443 kboe at average entitlement price and applying the fiscal terms of the profit sharing agreements.  
e) Corresponds to the valuation for 226 kboe at average entitlement price and applying the terms of the profit sharing agreements.  
f) This amount includes the tax implications of the provisions of the Modified Carry Agreement (MCA). Under the MCA, Total E&P Nigeria is entitled to recover 85% of the Carry Capital Cost  
through claims of capital allowance, described in the MCA as “Carry Tax Relief”. The balance of 15% is to be recovered from NNPC’s share of crude oil produced.  
g) Corresponds to the valuation for 1,528 kboe at average entitlement price and applying the terms of the profit sharing agreements.  
(
(
(
h) Corresponds to the valuation for 1,332 kboe at average entitlement price and applying the fiscal terms of the profit sharing agreements.  
i) Corresponds to the valuation for 516 kboe at average entitlement price and applying the fiscal terms of the profit sharing agreements.  
NORWAY  
Payments per Project  
Martin Linge PL043  
-
-
-
-
-
-
-
-
-
-
-
(243)(a)  
2,773  
2,927  
311  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(243)  
2,773  
2,927  
311  
Åsgard area  
Ekofisk area  
Heimdal area  
Oseberg area  
Snøhvit area  
Troll area  
-
-
-
-
1,038  
472  
1,038  
472  
-
9
-
-
233  
233  
Johan Sverdrup  
Non-attributable  
TOTAL  
56  
56  
567,885  
567,885  
-
567,885  
575,452  
7,567  
Payments per Government  
Norwegian Tax Administration  
567,885  
-
-
-
-
-
7,567  
7,567  
-
-
-
-
-
-
-
-
-
-
-
-
567,885  
7,567  
Norwegian Petroleum Directorate  
TOTAL  
567,885  
575,452  
(a) Reimbursment of area fees received prior to disposal of the asset.  
Registration Document 2018 TOTAL  
391  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
OMAN  
Payments per Project  
Block 6  
320,479  
4,353(a)  
324,832  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,766(b)  
21,766  
320,479  
26,119  
Block 53  
TOTAL  
346,598  
Payments per Government  
Oman Ministry of Oil and Gas  
-
324,832(c)  
324,832  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,766(b)  
-
21,766  
324,832  
346,598  
Oman Ministry of Finance  
TOTAL  
21,766  
(
(
(
a) Corresponds to the valuation for 66 kboe at the weighted average selling price and applying the fiscal terms of the profit sharing agreements.  
b) Corresponds to the valuation for 331 kboe at the weighted average selling price and applying the profit sharing agreements.  
c) Includes the valuation for 4,353 k$ of 66 kboe at the weighted average selling price and applying the fiscal terms of the profit sharing agreements.  
PAPUA NEW GUINEA  
Payments per Project  
PRL-15  
-
-
-
-
-
-
249  
117  
366  
-
-
-
-
-
-
-
-
-
-
-
-
249  
117  
366  
PPL-576  
TOTAL  
Payments per Government  
Conservation & Environment  
Protection Authority  
-
-
366  
-
-
-
-
366  
TOTAL  
-
-
366  
-
-
-
-
366  
QATAR  
Payments per Project  
Al Khalij  
21,381  
49,349(a)  
75,418(c)  
146,148  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,004(b)  
690,625(d)  
750,629  
21,381  
109,353  
766,043  
896,777  
Qatargas 1  
Dolphin  
TOTAL  
Payments per Government  
Qatar Petroleum  
-
146,148(f)  
146,148  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
750,629(e)  
-
750,629  
146,148  
896,777  
Qatar Ministry of Finance  
TOTAL  
750,629  
(
(
(
(
(
(
a) Corresponds to the valuation of 685 kboe based on the average price of production entitlements and as per the fiscal terms of the profit sharing agreements.  
b) Corresponds to the valuation of 829 kboe based on the average price of production entitlements.  
c) Corresponds to the valuation of 3,325 kboe based on the average price of production entitlements and as per the fiscal terms of the profit sharing agreements.  
d) Corresponds to the valuation of 30,542 kboe based on the average price of production entitlements.  
e) Corresponds to the valuation of 31,371 kboe based on the average price of production entitlements.  
f) Includes the valuation for 124,767 k$ of 4,010 kboe based on the average price of the production entitlements and as per the fiscal terms of the profit sharing agreements.  
392  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
REPUBLIC OF THE CONGO  
Payments per Project  
CPP Haute Mer – Zone A  
63,201(a)  
13,030(b)  
400,183(c)  
62,864(d)  
126,272(e)  
6,817  
-
-
-
-
-
-
-
-
2,238  
240  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
65,439  
13,270  
421,064  
64,413  
126,414  
11,539  
30,564  
732,703  
CPP Haute Mer – Zone B  
CPP Haute Mer – Zone D  
CPP Pointe Noire Grands Fonds (PNGF)  
Kombi, Likalala & Libondo  
Lianzi  
-
20,881  
1,549  
142  
-
-
-
-
-
-
4,428(f)  
-
195  
99  
-
Madingo  
29,409(g)  
1,155  
26,400  
TOTAL  
701,776  
99  
4,428  
Payments per Government  
Ministère des hydrocarbures  
657,786(h)  
37,173  
-
-
-
-
-
26,362  
38  
-
99  
-
-
-
-
-
-
-
-
-
-
-
657,786  
63,634  
11,283  
732,703  
Trésor Public  
Société Nationale des Pétroles Congolais  
6,817  
4,428(f)  
TOTAL  
701,776  
26,400  
99  
4,428  
(
(
(
(
(
(
(
(
a) Includes the valuation for 29,483 k$ of 414 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
b) Includes the valuation for 9,575 k$ of 133 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
c) Corresponds to the valuation of 5,807 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
d) Corresponds to the valuation of 906 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
e) Corresponds to the valuation of 1,826 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
f) Corresponds to the valuation of 62 kboe at official fiscal prices and applying the profit sharing agreements.  
g) Corresponds to the valuation of 430 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
h) Corresponds to the valuation of 9,516 kboe at official fiscal prices and applying the fiscal terms of the profit sharing agreements.  
RUSSIA  
Payments per Project  
Kharyaga  
20,382  
-
74  
-
-
-
47,722  
68,178  
TOTAL  
20,382  
-
74  
-
-
-
47,722  
68,178  
Payments per Government  
Nenets Tax Inspection  
20,382  
-
-
-
-
74  
-
-
-
-
-
-
-
-
-
-
-
47,722  
47,722  
20,456  
47,722  
68,178  
Ministry of Energy  
TOTAL  
20,382  
74  
SENEGAL  
Payments per Project  
ROP  
-
-
2,396  
-
-
-
-
2,396  
TOTAL  
-
-
2,396  
-
-
-
-
2,396  
Payments per Government  
Société des Pétroles du Sénégal  
-
-
2,396  
-
-
-
-
2,396  
TOTAL  
-
-
2,396  
-
-
-
-
2,396  
SOUTH AFRICA  
Payments per Project  
Blocks 11b and 12b  
-
-
-
-
-
-
68  
206  
274  
-
-
-
-
-
-
-
-
-
-
-
-
68  
206  
274  
Block South Outeniqua  
TOTAL  
Payments per Government  
Petroleum Agency South Africa (PASA)  
-
-
-
-
-
-
124  
150  
274  
-
-
-
-
-
-
-
-
-
-
-
-
124  
150  
274  
9
Upstream Training Trust (UTT)  
TOTAL  
Registration Document 2018 TOTAL  
393  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
THAILAND  
Payments per Project  
Bongkot  
265,298  
6
-
-
-
-
-
-
51,145  
-
-
-
-
-
-
-
-
-
-
316,443  
6
G12/48  
TOTAL  
265,304  
51,145  
316,449  
Payments per Government  
Revenue Department  
158,598  
-
-
-
-
-
-
158,598  
Department of Mineral Fuels,  
Ministry Of Energy  
106,706  
-
-
-
-
-
-
-
-
51,145  
51,145  
-
-
-
-
-
-
-
-
-
106,706  
51,145  
Ministry Of Energy  
TOTAL  
265,304  
316,449  
UGANDA  
Payments per Project  
Block EA-1  
-
-
-
-
-
-
-
-
-
-
90  
67  
(3,631)(a)  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
90  
67  
Block EA-1A  
Block EA-2  
Block EA-3  
TOTAL  
(3,631)  
185  
185  
(3,289)  
(3,289)  
Payments per Government  
Ministry of Energy and Mineral Development  
-
-
-
-
-
-
411  
(3,700)(a)  
(3,289)  
-
-
-
-
-
-
-
-
-
-
-
-
411  
(3,700)  
(3,289)  
Uganda Revenue Authority  
TOTAL  
(a) Includes the refund of stamp duties for 3.700 k$.  
UNITED ARAB EMIRATES  
Payments per Project  
Abu Al Bukhoosh  
87,398  
207,629  
545,048  
3,851,477  
775,090  
307,666  
5,774,308  
-
-
-
-
-
-
-
-
2,344  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
87,398  
209,973  
ADNOC Gas Processing  
ADNOC Offshore  
ADNOC Onshore  
Umm Shaif Nasr  
Lower Zakum  
545,048  
5,464  
3,856,941  
1,926,890  
608,116  
1,800 1,150,000  
450 300,000  
10,058 1,450,000  
TOTAL  
7,234,366  
Payments per Government  
Supreme Petroleum Council –  
Government of Abu Dhabi  
87,398  
-
-
-
-
-
-
87,398  
Abu Dhabi Fiscal Authorities c/o  
Abu Dhabi Marine Areas Ltd  
545,048  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
545,048  
6,591,862  
5,109  
Abu Dhabi Fiscal Authorities  
Petroleum Institute  
5,141,862  
1,450,000  
-
-
5,109  
4,949  
-
-
Abu Dhabi National Oil Company  
TOTAL  
4,949  
5,774,308  
10,058 1,450,000  
7,234,366  
394  
TOTAL Registration Document 2018  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
9
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
UNITED KINGDOM  
Payments per Project  
Northern North Sea  
-
-
-
-
-
-
-
-
-
1,980  
973  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,980  
973  
Central Graben Area  
Markham Area  
Greater Laggan Area  
Eastern North Sea  
Culzean  
-
-
144  
144  
-
4,561  
2,568  
3
4,561  
2,568  
3
-
-
Non-attributable  
TOTAL  
206,698  
206,698  
152  
206,850  
217,079  
10,381  
Payments per Government  
HM Revenue & Customs  
206,698  
-
-
-
-
-
152  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
206,698  
152  
Crown Estate  
Oil and Gas Authority  
TOTAL  
-
-
10,229  
10,381  
10,229  
217,079  
206,698  
9
Registration Document 2018 TOTAL  
395  
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)  
9
Report on the payments made to governments (Article L. 225-102-3 of the French Commercial Code)  
License  
fees  
License  
bonus  
Infrastructure  
improvements entitlements  
Production  
Total of  
Payments  
(in k$)  
Taxes  
Royalties  
Dividends  
UNITED STATES  
Payments per Project  
Tahiti  
-
7,415  
2,271  
-
42,573  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42,573  
23,737  
2,271  
25,211  
841  
Barnett Shale  
Utica  
16,322  
-
-
-
-
4,304  
-
-
Gulf of Mexico  
Jack  
-
20,907  
841  
-
-
-
-
Non-attributable  
TOTAL  
50  
-
50  
10,577  
58,895  
4,304  
20,907  
94,683  
Payments per Government  
Office of Natural Resources Revenue  
-
42,573  
-
4,304  
20,907  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
67,784  
624  
State of Ohio  
624  
-
-
Johnson County Tax Assessor  
Tarrant County Tax Assessor  
Texas State Comptroller’s Office  
City of Fort Worth  
1,716  
-
-
-
1,716  
3,313  
2,207  
6,637  
2,145  
1,282  
941  
3,313  
-
-
-
2,207  
-
-
-
-
6,637  
2,145  
1,282  
941  
511  
473  
448  
315  
317  
-
-
-
Dallas/Fort Worth International Airport Board  
City of Arlington  
-
-
-
-
-
-
Tarrant Regional Water District  
State of Texas  
-
-
-
-
-
-
511  
City of North Richland Hills  
Fort Worth Independent School District  
Burleson Independent School District  
Arlington Independent School District  
Harrison County  
-
-
-
473  
-
-
-
448  
-
-
-
315  
-
-
-
317  
590  
-
-
590  
Carroll County  
903  
-
-
-
903  
Birdville Independent School District  
Tarrant County College  
-
766  
550  
307  
236  
191  
-
-
-
766  
-
-
-
550  
City of Grand Prairie  
-
-
-
307  
Kennedale Independent School District  
Tarrant County AAAA  
-
-
-
236  
-
-
-
191  
Grapevine-Colleyville Tax Office  
Louisiana Revenue Service  
Columbiana County  
179  
-
-
179  
891  
-
-
-
891  
154  
-
-
-
154  
City of Cleburne  
-
401  
245  
170  
147  
139  
101  
58,895  
-
-
401  
City of Burleson  
-
-
-
245  
Mansfield Independent School District  
Crowley Independent School District  
City of Crowley  
-
-
-
170  
-
-
-
147  
-
-
-
-
-
-
139  
White Settlement Independent School District  
TOTAL  
101  
10,577  
4,304  
20,907  
94,683  
396  
TOTAL Registration Document 2018  
1
0
STATUTORY FINANCIAL STATEMENTS  
AND OTHER FINANCIAL INFORMATION  
OF TOTAL S.A.  
1
0.1 Statutory auditors’ report on the financial statements  
398  
401  
10.2 Statutory financial statements of TOTAL S.A. as parent company  
10.2.1 Statement of income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401  
10.2.2 Balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402  
10.2.3 Statement of cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403  
10.2.4 Statement of changes in shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404  
1
0.3 Notes to the Statutory Financial Statements  
405  
419  
10.4 Other financial information concerning the parent company  
10.4.1 Subsidiaries and affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419  
10.4.2 Five-year financial data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420  
10.4.3 Proposed allocation of 2018 income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420  
10.4.4 Statement of changes in share capital for the past five years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421  
10  
Registration Document 2018 TOTAL  
397  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Statutory auditors’ report on the financial statements  
1
0.1 Statutory auditors’ report  
on the financial statements  
This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided  
solely for the convenience of English speaking users.  
This statutory auditors’ report includes information required by European regulation and French law, such as information about the appointment  
of the statutory auditors or verification of the management report and other documents provided to the shareholders.  
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.  
To the Annual General Meeting of TOTAL S.A.,  
Opinion  
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying financial statements  
of TOTAL S.A. for the year ended December 31, 2018.  
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at  
December 31, 2018 and of the results of its operations for the year then ended in accordance with French accounting principles.  
The audit opinion expressed above is consistent with our report to the Audit Committee.  
Basis for Opinion  
Audit Framework  
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained  
is sufficient and appropriate to provide a basis for our opinion.  
Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Financial  
Statements section of our report.  
Independence  
We conducted our audit engagement in compliance with independence rules applicable to us, for the period from January 1, 2018 to the date  
of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5 (1) of Regulation (EU) No. 537/2014  
or in the French Code of Ethics (Code de déontologie) for statutory auditors.  
Justification of Assessments – Key Audit Matters  
In accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code (Code de commerce) relating to the  
justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional  
judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks.  
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we  
do not provide a separate opinion on specific items of the financial statements.  
Valuation of investments and loans to consolidated subsidiaries and equity affiliates  
Risk identified  
Our response  
Investments and loans to consolidated subsidiaries and equity  
affiliates recorded in the balance sheet at December 31, 2018 for a  
net amount of 126 billion euros, representing 97% of the assets.  
To assess the estimate of the value in use of investments and loans  
to consolidated subsidiaries and equity affiliates, based on the  
information provided to us, our work consisted in:  
Investments in consolidated subsidiaries and equity affiliates are  
accounted for at their acquisition date at cost, and loans to consolidated  
subsidiaries and equity affiliates are stated at their nominal value.  
—
testing the functioning of your Company’s key controls regarding  
the process to determine the value in use of investments and  
loans to consolidated subsidiaries and equity affiliates;  
As indicated in the section entitled “Investments and loans to  
consolidated subsidiaries and equity affiliates” in the Note “Accounting  
policies” to the annual financial statements, these investments and  
loans are impaired as follows:  
—
assessing the conformity of the valuation method used by your  
Company with the applicable accounting principles and its  
consistency with the previous fiscal year, according to the  
investments and loans concerned;  
In the Exploration & Production segment:  
—
on a sample of investments and loans to consolidated  
subsidiaries and equity affiliates, conducting a critical review of  
the conditions of implementation of this method by performing  
the following work, if applicable:  
—
in the absence of a development decision, depreciation allowances  
are recorded against investments and loans for an amount  
corresponding to the exploration costs incurred;  
–
assessing the consistency of the assumptions used taking  
into account the economic environment on the closing and  
reporting dates,  
—
when the existence of proved reserves is established, the value of  
the investments and loans is limited to the amounts of discounted  
future earnings.  
– comparing the forecasts of the discounted future earnings  
with the budget and the strategic plan approved by  
management,  
For other segments, allowances for impairment in value are calculated  
by reference to the Company’s equity in the underlying net assets, the  
fair value and usefulness of the investment. Your Company relies in  
particular on the forecasts of the discounted future earnings resulting  
from the strategic plan drawn up by the subsidiaries.  
–
comparing the equity used for valuation with the equity  
resulting from the accounts of the entities concerned, that  
have undergone an audit or analytical procedures if necessary,  
and assessing the adjustments made, if any, on said equity.  
Given the materiality of investments and loans to consolidated subsidiaries  
and equity affiliates in your Company’s financial statements and the  
judgment required to assess their value in use and the determination  
of certain assumptions, including the probability of achieving the forecasts,  
we considered the valuation of those investments and loans to  
consolidated subsidiaries and equity affiliates to be a key audit matter.  
We also assessed the appropriateness of the information presented  
in the section entitled “Investments and loans to consolidated  
subsidiaries and equity affiliates” in the Note “Accounting policies” to  
the annual financial statements.  
398  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Statutory auditors’ report on the financial statements 10  
Specific verifications  
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and  
regulations.  
Information given in the management report and in the Other Documents with respect to the financial position  
and the financial statements provided to the Shareholders  
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Board  
of Directors’ management report and in the other documents with respect to the financial position and the financial statements provided to  
the Shareholders.  
We attest that the information relating to payment terms referred to in article D. 441-4 of the French Commercial Code (Code de commerce)  
is fairly presented and consistent with the financial statements.  
Report on Corporate Governance  
We attest that the Board of Directors’ Report on Corporate Governance sets out the information required by Articles L. 225-37-3 and  
L. 225-37-4 of the French Commercial Code (Code de commerce).  
Concerning the information given in accordance with the requirements of Article L. 225-37-3 of the French Commercial Code (Code de  
commerce) relating to remunerations and benefits received by the directors and any other commitments made in their favor, we have verified  
its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where  
applicable, with the information obtained by your Company from controlling and controlled companies. Based on these procedures, we attest  
the accuracy and fair presentation of this information.  
With respect to the information relating to items that your Company considered likely to have an impact in the event of a public purchase offer  
or exchange, provided pursuant to Article L. 225-37-5 of the French Commercial Code (Code de commerce), we have agreed these to the  
source documents communicated to us. Based on our work, we have no observations to make on this information.  
Other information  
In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests  
and the identity of the shareholders or holders of the voting rights has been properly disclosed in the management report.  
Report on Other Legal and Regulatory Requirements  
Appointment of the Statutory Auditors  
We were appointed as statutory auditors of TOTAL S.A. by the annual general meeting held on May 13, 1998 for KPMG S.A. (replacing  
CCAS, appointed in 1986, firm acquired by KPMG S.A. in 1997) and on May 14, 2004 for ERNST & YOUNG Audit.  
As at December 31, 2018, KPMG S.A. was in its 21st year of total uninterrupted engagement and ERNST & YOUNG Audit in its 15th year of  
total uninterrupted engagement.  
Responsibilities of Management and Those Charged with Governance for the Financial Statements  
Management is responsible for the preparation and fair presentation of the financial statements in accordance with French accounting  
principles and for such internal control as management determines is necessary to enable the preparation of financial statements that are free  
from material misstatement, whether due to fraud or error.  
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,  
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate  
the Company or to cease operations.  
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management  
systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures.  
The financial statements were approved by the Board of Directors.  
Statutory Auditors’ Responsibilities for the Audit of the Financial Statements  
Objectives and audit approach  
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial  
statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an  
audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise  
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the  
economic decisions of users taken on the basis of these financial statements.  
As specified in Article L. 823-10-1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on  
the viability of the Company or the quality of management of the affairs of the Company.  
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional  
judgment throughout the audit and furthermore:  
—
identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs  
audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for  
his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may  
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;  
10  
—
—
obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the  
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;  
evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made  
by management in the financial statements;  
Registration Document 2018 TOTAL  
399  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Statutory auditors’ report on the financial statements  
—
assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,  
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue  
as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or  
conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty  
exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such  
disclosures are not provided or inadequate, to modify the opinion expressed therein;  
—
evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions  
and events in a manner that achieves fair presentation.  
Report to the Audit Committee  
We submit to the Audit Committee a report which includes in particular a description of the scope of the audit and the audit program  
implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding the accounting and  
financial reporting procedures that we have identified.  
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in  
the audit of the financial statements of the current period and which are therefore the key audit matters that we are required to describe in this  
report.  
We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, confirming our  
independence within the meaning of the rules applicable in France such as they are set in particular by Articles L. 822-10 to L. 822-14 of the  
French Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for statutory auditors. Where  
appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related  
safeguards.  
Paris-La Défense, March 13, 2019  
The Statutory Auditors  
French original signed by  
KPMG Audit  
ERNST & YOUNG Audit  
A division of KPMG S.A.  
Jacques-François Lethu  
Eric Jacquet  
Partner  
Yvon Salaün  
Partner  
Céline Eydieu-Boutté  
Partner  
Partner  
400  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Statutory financial statements of TOTAL S.A. as parent company 10  
1
0.2 Statutory financial statements of TOTAL S.A.  
as parent company  
10.2.1 Statement of income  
As of December 31, (M€)  
2018  
7,377  
(8,089)  
(23)  
2017  
7,085  
(6,955)  
(111)  
19  
2016  
6,967  
(7,019)  
(79)  
Sales  
(note 13)  
(note 14)  
(note 15)  
Net operating expenses  
Operating depreciation, amortization and allowances  
OPERATING INCOME  
(735)  
(489)  
7,709  
(1,448)  
105  
(131)  
(1,217)  
3,683  
117  
Financial expenses and income  
Dividends  
(note 16)  
(note 17)  
(note 18)  
(note 19)  
(790)  
6,374  
385  
Net financial allowances and reversals  
Other financial expenses and income  
FINANCIAL INCOME  
155  
444  
5,877  
5,142  
118  
6,124  
6,143  
46  
3,027  
2,896  
(8)  
CURRENT INCOME  
Gains (Losses) on sales of marketable securities and loans  
Gains (Losses) on sales of fixed assets  
Non-recurring items  
-
(37)  
-
(17)  
206  
(44)  
NON-RECURRING INCOME  
Employee profit-sharing plan  
Taxes  
(note 20)  
(note 21)  
101  
215  
(52)  
(56)  
(30)  
(58)  
298  
306  
1,356  
4,142  
NET INCOME  
5,485  
6,634  
10  
Registration Document 2018 TOTAL  
401  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Statutory financial statements of TOTAL S.A. as parent company  
10.2.2 Balance sheet  
ASSETS  
As of December 31, (M€)  
2018  
2017  
2016  
Non-current assets  
Intangible assets  
817  
(475)  
789  
(426)  
947  
(465)  
Depreciation, depletion and amortization and valuation allowances  
Intangible assets, net  
(note 2)  
342  
363  
482  
Property, plant and equipment  
531  
504  
511  
Depreciation, depletion and amortization and valuation allowances  
Property, plant and equipment, net  
(385)  
(359)  
(360)  
(note 2)  
(note 3)  
(note 3)  
(note 4)  
146  
145  
151  
Subsidiaries and affiliates: investments and loans  
Depreciation on investments and loans  
Other non-current assets  
130,966  
(5,404)  
1,378  
126,940  
127,428  
127,838  
(4,814)  
26  
128,196  
(4,351)  
28  
Investments and other non-current assets, net  
TOTAL NON-CURRENT ASSETS  
123,050  
123,558  
123,873  
124,506  
Current assets  
Inventories  
2
1,812  
236  
6
2,350  
379  
12  
2,994  
486  
Accounts receivable  
(note 5)  
(note 6)  
Marketable securities  
Cash/cash equivalents and short-term deposits  
TOTAL CURRENT ASSETS  
Prepaid expenses  
1
131  
163  
2,051  
5
2,866  
9
3,655  
4
Currency translation adjustments  
TOTAL ASSETS  
(note 12)  
192  
276  
-
129,676  
126,709  
128,165  
LIABILITIES  
As of December 31, (M€)  
2018  
2017  
2016  
(note 7)  
Shareholders’ equity  
Share capital  
6,602  
37,276  
3,934  
6,322  
32,882  
3,934  
6,076  
28,961  
3,935  
Paid-in surplus  
Reserves  
(note 7.2)  
Retained earnings  
Net income  
14,424  
5,485  
14,156  
6,634  
16,035  
4,142  
Interim dividends  
TOTAL SHAREHOLDERS’ EQUITY  
Contingency liabilities  
(5,018)  
62,703  
8,611  
(4,710)  
59,218  
7,762  
(4,542)  
54,607  
8,543  
(notes 8 and 9)  
Debts  
Long-term loans  
(note 10)  
(note 10)  
(note 11)  
37,804  
14,733  
5,130  
57,667  
94  
37,828  
15,590  
5,411  
58,829  
118  
39,792  
19,171  
5,229  
64,192  
143  
Short-term loans  
Accounts payable  
TOTAL DEBTS  
Accrued income  
Currency translation adjustments  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  
(note 12)  
601  
782  
680  
129,676  
126,709  
128,165  
402  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Statutory financial statements of TOTAL S.A. as parent company 10  
10.2.3 Statement of cash flow  
As of December 31, (M€)  
2018  
2017  
2016  
Cash flow from operating activities  
Net income  
5,485  
74  
6,634  
38  
4,142  
89  
Depreciation, depletion and amortization  
Accrued expenses of investments  
Other provisions  
590  
464  
2,164  
(2,225)  
4,170  
115  
853  
(795)  
6,341  
62  
Funds generated from operations  
7,002  
66  
(
Gains) Losses on disposal of assets  
Increase) Decrease in working capital  
(
3,951  
55  
467  
3,502  
893  
Other, net  
399  
CASH FLOW FROM OPERATING ACTIVITIES  
11,074  
7,269  
8,680  
Cash flow used in investing activities  
Purchase of property, plant and equipment and intangible assets  
(30)  
(3,523)  
(3,553)  
1,031  
(19)  
(2,124)  
(2,143)  
1,559  
1,559  
(584)  
(38)  
(15,033)  
(15,071)  
2,019  
Purchase of investments and long-term loans  
Investments  
Proceeds from disposal of marketable securities and loans  
Total divestitures  
1,031  
2,019  
CASH FLOW USED IN INVESTING ACTIVITIES  
(2,522)  
(13,052)  
Cash flow from financing activities  
Capital increase  
412  
(3,684)  
(3,476)  
(683)  
-
459  
-
91  
(4,765)  
(2,089)  
(559)  
-
Share buybacks  
Cash dividends paid related to the previous year  
Cash interim dividends paid related to current year  
Repayment of long-term debt  
(1,845)  
(493)  
-
Increase (Decrease) in short-term borrowings and bank overdrafts  
CASH FLOW FROM FINANCING ACTIVITIES  
Increase (Decrease) in cash and cash equivalents  
Cash and cash equivalents at beginning of year  
Cash and cash equivalents at year-end  
(1,251)  
(8,682)  
(130)  
131  
(4,838)  
(6,717)  
(32)  
11,808  
4,486  
114  
163  
49  
1
131  
163  
10  
Registration Document 2018 TOTAL  
403  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Statutory financial statements of TOTAL S.A. as parent company  
10.2.4 Statement of changes in shareholders’ equity  
Common shares issued  
General  
reserves  
Number  
Amount Premiums and retained  
earnings  
Revaluation  
reserve  
(M€)  
Total  
AS OF JANUARY 1, 2016  
Balance of cash dividends paid(a)  
2,440,057,883  
6,100  
30,264  
21,430  
3
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
57,797  
(571)  
41  
-
-
-
(571)  
Final dividend paid in shares  
24,372,848  
61  
872  
(892)  
Net income 2016  
Cash interim dividends paid for 2016(b) (b’)  
-
-
-
4,142  
4,142  
(4,542)  
91  
-
-
-
(4,542)  
Issuance of common shares  
2,237,918  
6
85  
-
Capital increase reserved for Group employees  
Changes in revaluation differences  
Capital increase by dividend paid in shares  
Capital reduction by cancellation of treasury shares(c)  
AS OF DECEMBER 31, 2016  
-
-
-
-
-
-
-
-
-
-
64,028,481  
160  
2,254  
-
2,414  
(4,765)  
54,607  
(734)  
52  
(100,331,268)  
(251)  
(4,514)  
-
19,567  
(734)  
(746)  
6,634  
(4,710)  
-
2,430,365,862  
6,076  
28,961  
Balance of cash dividends paid(d)  
-
-
44  
-
-
754  
-
Final dividend paid in shares  
17,801,936  
Net income 2017  
Cash interim dividends paid for 2017(e) (e’)  
-
6,634  
(4,710)  
103  
-
2,649,308  
9,532,190  
-
-
-
Issuance of common shares  
6
97  
333  
-
Capital increase reserved for Group employees  
Changes in revaluation differences  
24  
-
-
357  
-
-
Expenses related to the capital increase  
reserved for employees  
-
-
(1)  
-
-
-
(1)  
2,910  
59,218  
(1,331)  
(23)  
Capital increase by dividend paid in shares  
68,640,320  
172  
2,738  
-
20,011  
(1,331)  
(325)  
5,485  
(5,018)  
-
AS OF DECEMBER 31, 2017  
2,528,989,616  
6,322  
32,882  
3
-
Balance of cash dividends paid(f)  
Final dividend paid in shares  
-
-
15  
-
-
5,798,335  
287  
-
Net income 2018  
-
-
-
-
5,485  
(5,018)  
4,285  
341  
Cash interim dividends paid for 2018(g) (g’)  
Issuance of common shares(h)  
-
99,619,164  
9,354,889  
-
-
-
249  
23  
-
4,036  
318  
-
-
Capital increase reserved for Group employees  
Changes in revaluation differences  
-
-
-
-
-
Expenses related to the capital increase  
reserved for employees  
-
41,430,702  
-
104  
(1)  
1,932  
-
-
-
(1)  
2,036  
Capital increase by dividend paid in shares  
Capital reduction by cancellation of treasury shares(c)  
AS OF DECEMBER 31, 2018  
-
-
(44,590,699)  
2,640,602,007  
(111)  
6,602  
(2,178)  
37,276  
-
(2,289)  
62,703  
18,822  
3
(
a) Balance of the 2015 dividend paid in 2016: €571 million (€0.61 per share) paid in cash and €938 million paid in shares reduced by €46 million for accounting adjustment, according to  
the Shareholders’ Meeting on May 24, 2016.  
st  
(
(
(
(
b) Interim dividend paid in 2016 for the 1 quarter 2016: €559 million (€0.61 per share) paid in cash and €962 million paid in shares.  
b’)Interim dividend not paid in 2016 for the 2 and 3 quarters 2016: €3,021 million (€0.61 per share) with option to receive dividend in shares.  
c) See note 7.  
nd  
rd  
d) Balance of the 2016 dividend paid in 2017: €734 million (€0.62 per share) paid in cash and €799 million paid in shares reduced by €53 million for accounting adjustment, according to  
the Shareholders’ Meeting on May 26, 2017.  
st  
(
(
(
e) Interim dividend paid in 2017 for the 1 quarter 2017: €492 million (€0.62 per share) paid in cash and €1,054 million paid in shares.  
nd  
rd  
e’)Interim dividend not paid in 2017 for the 2 and 3 quarters 2017: €3,164 million (€0.62 per share) with option to receive dividend in shares.  
f) Balance of the 2017 dividend paid in 2018: €1,331 million (€0.62 per share) paid in cash and €302 million paid in shares reduced by €23 million for accounting adjustment, according  
to the Shareholders’ Meeting on June 01, 2018.  
st  
(
(
(
g) Interim dividend paid in 2018 for the 1 quarter 2018: €683 million (€0.64 per share) paid in cash and €995 million paid in shares.  
nd  
rd  
g’)Interim dividend not paid in 2018 for the 2 and 3 quarters 2018: €3,339 million (€0.64 per share) with option to receive dividend in shares.  
h) Including 97,522,593 shares in remuneration for the acquisition of Maersk Olie og Gas A/S and 2,096,571 shares by subscription of stock options.  
404  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
10.3 Notes to the Statutory Financial Statements  
NOTE 1 Accounting policies  
406  
407  
407  
408  
409  
409  
409  
411  
411  
412  
412  
413  
413  
413  
413  
414  
414  
414  
414  
414  
415  
415  
415  
416  
416  
418  
NOTE 2 Intangible assets and property, plant and equipment  
NOTE 3 Subsidiaries and aꢀliates: investments and loans  
NOTE 4 Other non-current assets  
NOTE 5 Accounts receivable  
NOTE 6 Marketable securities  
NOTE 7 Shareholders’ equity  
NOTE 8 Contingency liabilities  
NOTE 9 Employee benefits obligations  
NOTE 10 Loans  
NOTE 11 Accounts payable  
NOTE 12 Currency translation adjustments  
NOTE 13 Sales  
NOTE 14 Net operating expenses  
NOTE 15 Operating depreciation, amortization and allowances  
NOTE 16 Financial expenses and income  
NOTE 17 Dividends  
NOTE 18 Net financial allowances and reversals  
NOTE 19 Other financial expenses and income  
NOTE 20 Non-recurring income  
NOTE 21 Basis of taxation  
NOTE 22 Foreign exchange and counterparty risk  
NOTE 23 Oꢁ-balance sheet commitments  
NOTE 24 Average number of employees  
NOTE 25 Share subscription or purchase option plans, performance share plans  
NOTE 26 Others  
10  
Registration Document 2018 TOTAL  
405  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Note 1  
NOTE 1 Accounting policies  
The 2018 financial statements have been prepared in accordance  
with French Generally Accepted Accounting Principles (“French  
GAAP”) in force.  
value of the investments and loans is limited to the subsidiary  
expected pay-back evaluated at year-end.  
For other segments, allowances for impairment in value are calculated  
by reference to the Company’s equity in the underlying net assets,  
the fair value and usefulness of the investment.  
The new ANC regulation 2018-01 dated April 20, 2018 amending  
regulation ANC 2014-03 on the general chart of accounts has no  
significant impact on the Company’s financial statements.  
Other long-term financial investments are registered for their value of  
entrance to balance sheet. They are depreciated if the market value  
of the asset is lower than the net value.  
Accounting principles retained for the elaboration of the financial  
statements of the 2018 financial year are identical to those of 2017.  
Property, plant and equipment  
Inventories  
Property, plant and equipment are carried at cost except assets that  
were acquired before 1976 for which the basis has been revalued  
pursuant to French regulations. They are depreciated according to  
the straight-line method over their estimated useful life, as follows:  
Cost for crude oil and refined product inventories are determined  
according to the First-In, First-Out (FIFO) method. Inventories are  
valued at either the historical cost or the market value, whichever is  
lower.  
Buildings  
20-30 years  
5-10 years  
2-5 years  
Receivables and payables  
Furniture and fixtures  
Transportation equipment  
Office equipment and furniture  
Computer equipment  
Receivables and payables are stated at nominal value. Allowances  
for doubtful debts are recorded when the actual value is inferior to  
the book value.  
5-10 years  
3-5 years  
Provisions and other non-current liabilities  
A provision is recognized when TOTAL S.A. has a present obligation,  
legal or constructive, as a result of a past event for which it is probable  
that an outflow of resources will be required and when a reliable  
estimate can be made regarding the amount of the obligation. The  
amount of the liability corresponds to the best possible estimation.  
Intangible assets  
These items include essentially:  
—
purchase prices or production cost of the software, depreciated  
on their useful life which is generally between 1 and 3 years;  
Foreign currency transactions  
—
proved mineral interests correspond to the costs of the  
exploration wells which result in proved reserves. The costs of  
activities correspond essentially to the entrance fees and the  
bonus giving access to proved reserves. When the production  
starts, the capitalized exploration wells are depreciated using the  
unit-of-production method based on proved developed reserves.  
Receivables and payables in foreign currency are converted into  
euros at the year-end exchange rate. Unrealized foreign exchange  
gains or losses are recognized in the balance sheet as “Currency  
translation adjustment asset or liability’’. A provision for risks is  
recorded only for unrealized foreign exchange losses, generated by  
individual positions.  
Investments and loans to consolidated subsidiaries  
and equity affiliates  
Financial instruments  
Investments in consolidated subsidiaries and equity affiliates are  
accounted for at the acquisition cost, or the appraised value for  
investments affected by the 1976 legal revaluation.  
TOTAL S.A. uses financial instruments for hedging purposes only in  
order to manage its exposure to changes in interest rates and foreign  
exchange rates.  
Loans to consolidated subsidiaries and equity affiliates are stated at  
their nominal value.  
As part of this policy, the Company may use interest rate swap  
agreements and forward transactions. The difference between interest  
to be paid and interest to be received on these swaps or premiums  
and discounts on these forward transactions is recognized as interest  
expense or interest income on a prorated basis, over the life of the  
instruments.  
In the Exploration & Production segment, in the absence of a  
development decision, allowances are recorded against investments  
and loans for an amount corresponding to the exploration costs  
incurred. When the existence of proved reserves is established, the  
406  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Notes 2 and 3  
NOTE 2 Intangible assets and property, plant and equipment  
2
018  
2017  
Net  
Depreciation,  
depletion and  
amortization  
and valuation  
allowances  
As of December 31, (M€)  
Gross amount  
Net  
Headquarters  
264  
130  
99  
(199)  
(127)  
(54)  
(18)  
-
65  
3
71  
4
–
–
–
–
Software  
Proved mineral interests  
Other intangible assets  
Work in progress  
45  
49  
35  
17  
18  
-
-
-
Branch (A.D.G.I.L.)(a)  
553  
502  
51  
(276)  
(276)  
-
277  
226  
51  
292  
234  
58  
–
–
Proved mineral interests  
Unproved mineral interests  
TOTAL INTANGIBLE ASSETS  
817  
36  
(475)  
-
342  
36  
363  
36  
Land  
Buildings  
95  
(80)  
(305)  
(385)  
(860)  
15  
19  
Other  
400  
531  
1,348  
95  
90  
TOTAL PROPERTY, PLANT AND EQUIPMENT  
TOTAL(b)  
146  
488  
145  
508  
(
a) Branches’ depreciation, depletion and amortization related to commercial activity are accounted for as purchase cost of goods sold.  
(b) As of December 31, 2017, aggregate cost, depreciation and valuation allowance amounted respectively to €1,293 million and €785 million.  
NOTE 3 Subsidiaries and aꢀliates: investments and loans  
3
.1 Changes in investments and loans  
2018  
Increases  
Decreases  
Gross amount  
at beginning  
of year  
Currency  
translation  
adjustment  
Gross  
amount at  
year-end  
Non  
Monetary  
Non  
Monetary  
As of December 31, (M€)  
Monetary  
Monetary  
Investments(a)  
Loans(b)  
94,545  
33,293  
2,787  
720  
4,213  
-
(36)  
(4,714)  
(4,750)  
-
(80)  
(80)  
-
238  
238  
101,509  
29,457  
TOTAL  
127,838  
3,507  
4,213  
130,966  
Analysis by segment  
Exploration & Production  
4,835  
1,628  
709  
2,250  
-
4,213  
(16)  
(81)  
(80)  
6
-
9,667  
3,797  
Gas, Renewables & Power  
Marketing & Services  
Refining & Chemicals  
Corporate  
-
-
6,354  
-
-
-
-
-
6,354  
27,475  
87,546  
127,838  
6
-
-
(287)  
(4,366)  
(4,750)  
11  
221  
238  
27,205  
83,943  
130,966  
542  
3,507  
-
TOTAL  
4,213  
(80)  
st  
(
a) The variation of equity shares on December 31 , 2018 is mainly due to:  
–
–
–
–
contribution of Maersk Olie og Gas A/S shares for €4,213 million, paid in shares for €244 million and in share premium for €3,969 million (see note 10.2.4);  
acquisition of equity shares of Direct Énergie S.A. for €1,946 million;  
acquisition of equity shares of Pont-Sur-Sambre Power S.A.S and Toul Power S.A.S for €224 million;  
recapitalization of intra-group companies which belong to Exploration activity.  
(
b) Changes in loans mainly result from flows of funds from Total Finance and Total Treasury.  
10  
Registration Document 2018 TOTAL  
407  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Notes 3 and 4  
3
.2 Changes in depreciation on investments and loans  
2018  
Currency  
translation  
adjustment  
Beginning  
As of December 31, (M€)  
of year  
Allowances  
Reversals  
Year-end  
Investments(a)  
Loans(b)  
4,378  
436  
548  
80  
(3)  
(35)  
(38)  
-
-
-
4,923  
481  
TOTAL  
4,814  
628  
5,404  
Analysis by segment  
Exploration & Production  
1,612  
301  
9
615  
12  
-
(35)  
(3)  
-
-
-
-
-
-
-
2,192  
310  
9
Gas, Renewables & Power  
Marketing & Services  
Refining & Chemicals  
Corporate  
2,886  
6
1
-
2,887  
6
-
-
TOTAL  
4,814  
628  
(38)  
5,404  
(
a) The variation on the investments allowances as of December 31, 2018 is mainly due to various provisions for €531million on the Exploration activity.  
(b) The variation of provisions on loans on December 31, 2018 is mainly due to the loans for the Exploration activity.  
3
.3 Net investments and loans  
2
018  
2017  
Net  
Gross  
Net  
As of December 31, (M€)  
amount  
allowances  
Net  
Investments  
Loans(a) (b)  
TOTAL(c)  
101,509  
29,457  
(4,923)  
(481)  
96,586  
28,976  
90,167  
32,857  
130,966  
(5,404)  
125,562  
123,024  
Analysis by segment  
Exploration & Production  
9,667  
3,797  
(2,192)  
(310)  
(9)  
7,475  
3,487  
3,223  
1,327  
Gas, Renewables & Power  
Marketing & Services  
Refining & Chemicals  
Corporate  
6,354  
6,345  
6,345  
27,205  
83,943  
130,966  
(2,887)  
(6)  
24,318  
83,937  
125,562  
24,589  
87,540  
123,024  
TOTAL  
(5,404)  
(
(
(
a) As of December 31, 2018, the gross amount includes €29,262 million related to affiliates.  
b) As of December 31, 2018, the gross amount is splited into €22,667 million due in 12 months or less and €6,790 million due in more than 12 months.  
c) As of December 31, 2017, gross amounts and net allowances amounted respectively to €127,838 million and €4,814 million.  
NOTE 4 Other non-current assets  
4.1 Changes in other non-current assets  
2018  
Increases  
Decreases  
Gross amount  
at beginning  
Currency  
translation  
adjustment  
Gross  
amount at  
year-end  
Non  
Monetary  
Non  
Monetary  
As of December 31, (M€)  
of year  
Monetary  
Monetary  
Investment portfolio(a)  
Other non-current assets  
Deposits and guarantees  
TOTAL  
4
17  
5
3,643  
17  
-
-
-
-
-
(15)  
(3)  
(2,289)  
-
-
-
-
1,358  
19  
-
-
-
2
26  
3,660  
(18)  
(2,289)  
1,379  
(a) Variations in investment portfolio correspond to the purchase and cancellation of treasury shares.  
408  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Notes 4, 5, 6 and 7  
4.2 Net amounts of non-current assets  
2018  
2017  
Net  
As of December 31, (M€)  
Gross amount  
allowances  
Net  
Net  
Investment portfolio  
Other non-current assets(a)  
Deposits and guarantees  
TOTAL  
1,358  
19  
(1)  
-
1,357  
19  
4
17  
5
2
-
2
1,379  
(1)  
1,378  
26  
(a) The net amount as of December 31, 2018, is amounting to €5 million due within 12 months.  
NOTE 5 Accounts receivable  
2018  
2017  
Net  
As of December 31, (M€)  
Gross amount  
allowances  
Net  
Net  
Accounts receivable  
Other operating receivables  
TOTAL(a) (b)  
938  
880  
-
(6)  
(6)  
938  
874  
930  
1,420  
2,350  
1,818  
1,812  
(
(
a) Including €883 million related to affiliates as of December 31, 2018.  
b) Including €1,814 million due within 12 months and €4 million due in more than 12 months as of December 31, 2018.  
NOTE 6 Marketable securities  
st  
As of December 31 , 2018, TOTAL S.A. holds 5,113,003 treasury shares for a gross amount of €236 million.  
NOTE 7 Shareholders’ equity  
7.1 Share capital variation  
The variation of the number of shares composing the share capital is as follows:  
Variation of the share capital  
AS OF DECEMBER 31, 2015(a)  
2,440,057,883  
Shares issued  
in connection with:  
Capital increase as payment of the scrip dividend (second 2015 interim dividend,  
third 2015 interim dividend, 2015 final dividend and first 2016 interim dividend)  
Exercise of Total share subscription options  
88,401,329  
2,237,918  
Cancellation of treasury shares  
(100,331,268)  
2,430,365,862  
9,532,190  
AS OF DECEMBER 31, 2016(b)  
Shares issued  
Capital increase reserved for employees  
in connection with:  
Capital increase as payment of the scrip dividend (second 2016 interim dividend,  
third 2016 interim dividend, 2016 final dividend and first 2017 interim dividend)  
86,442,256  
2,649,308  
Exercise of Total share subscription options  
AS OF DECEMBER 31, 2017(c)  
2,528,989,616  
9,354,889  
Shares issued  
Capital increase reserved for employees  
in connection with:  
Capital increase as payment of the scrip dividend (second 2017 interim dividend,  
third 2017 interim dividend, 2017 final dividend and first 2018 interim dividend)  
47,229,037  
2,096,571  
Exercise of Total share subscription options  
10  
Issuance of shares in consideration for the acquisition of Maersk Olie og Gas A/S  
Cancellation of treasury shares  
97,522,593  
(44,590,699)  
2,640,602,007  
AS OF DECEMBER 31, 2018(d)  
(
(
(
(
a) Including 113,967,758 treasury shares and shares held by Group subsidiaries.  
b) Including 10,587,822 treasury shares.  
c) Including 8,376,756 treasury shares.  
d) Including 32,473,281 treasury shares.  
Registration Document 2018 TOTAL  
409  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Note 7  
Capital increase reserved for Group employees  
Treasury shares (Total shares held by TOTAL S.A.)  
The Combined General Meeting of June 1, 2018, in its eighteenth  
resolution, granted the authority to the Board of Directors to carry  
out, a capital increase, in one or more occasions within a maximum  
period of twenty-six months, reserved to members (employees and  
retirees) of a company or group savings plan.  
Fiscal year 2018  
As of December 31, 2018, TOTAL S.A. holds 32,473,281 of its own  
shares, representing 1.23% of its share capital, detailed as follows:  
—
—
—
27,360,278 shares bought back with the intention to cancel  
them;  
In fiscal year 2018, following this delegation, the Board of Directors  
of September 19, 2018 decided to proceed with a capital increase  
reserved for Group employees and retirees that included a classic  
offering and a leveraged offering depending on the employees’  
choice, within the limit of 18 million shares with immediate dividend  
rights. The Board of Directors has granted all powers to the Chairman  
and Chief Executive Officer to determine the opening and closing of  
the subscription period and the subscription price. This capital  
increase will open in 2019 and is expected to be completed after the  
General Meeting of May 29, 2019.  
5,044,817 shares allocated to Total share performance plans for  
Group employees; and  
68,186 shares intended to be allocated to new Total share  
subscription or purchase options plans or to new share  
performance plans.  
Fiscal year 2017  
As of December 31, 2017, TOTAL S.A. held 8,376,756 of its own  
shares, representing 0.33% of its share capital, detailed as follows:  
In fiscal year 2018, TOTAL S.A. also completed a capital increase  
reserved for Group employees and retirees which resulted in the  
subscription of 9,174,817 shares with a nominal value of €2.50 and  
a price of €37.20 per share and the issuance of 180,072 shares with  
a nominal value of €2.50 granted as free shares. The issuance of the  
shares was acknowledged on May 3, 2018. Moreover, the Board of  
Directors of April 25, 2018, by virtue of the twenty-fourth resolution  
of the Combined General Meeting of May 24, 2016, decided to grant  
on the date of the capital increase on May 3, 2018, 6,784 free shares  
to 1,360 beneficiaries subject to a presence condition during the  
five-year acquisition period ending on April 25, 2023, as a deferred  
contribution.  
—
8,345,847 shares allocated to Total share performance plans for  
Group employees; and  
—
30,909 shares intended to be allocated to new Total share  
subscription or purchase options plans or to new share  
performance plans.  
Fiscal year 2016  
As of December 31, 2016, TOTAL S.A. held 10,587,822 of its own  
shares, representing 0.44% of its share capital, detailed as follows:  
—
10,555,887 shares allocated to Total share performance plans  
for Group employees; and  
In fiscal year 2017, TOTAL S.A. completed a capital increase reserved  
for Group employees and retirees which resulted in the subscription  
of 9,350,220 shares with a nominal value of €2.50 and a price of  
—
31,935 shares intended to be allocated to new Total share  
subscription or purchase options plans or to new share  
performance plans.  
€38.10 per share and the issuance of 181,970 shares with a nominal  
value of €2.50 granted as free shares. The issuance of the shares  
was acknowledged on April 26, 2017. Moreover, the Board of  
Directors of April 26, 2017, by virtue of the twenty-fourth resolution  
of the Combined General Meeting of May 24, 2016, decided to grant  
Cancellation of shares  
Fiscal year 2018  
On December 12, 2018, the Board of Directors decided, following  
the authorization granted by the Extraordinary Shareholders’ Meeting  
of May 26, 2017, to cancel 44,590,699 Total shares repurchased on  
the market.  
1
0,393 free shares to 2,086 beneficiaries subject to a presence  
condition during the five-year acquisition period ending on April 26,  
022, as a deferred contribution.  
2
Capital increase as payment of scrip dividend  
Fiscal year 2017  
The Shareholders’ Meeting on June 1, 2018, approved the option  
for shareholders to receive the fourth quarter dividend for the fiscal  
year 2017 in shares or in cash.  
In fiscal year 2017, TOTAL S.A. did not cancel any shares.  
Fiscal year 2016  
On December 15, 2016, the Board of Directors of TOTAL S.A.,  
following the authorization of the Extraordinary Shareholders’ Meeting  
of May 11, 2012, decided to cancel 100,331,268 treasury shares.  
Those shares were previously repurchased off-market from four of its  
This Shareholders’ Meeting also approved that if one or more interim  
dividends were decided by the Board of Directors for the fiscal year  
2
018, shareholders would have the option to receive any interim  
dividends in shares or in cash.  
100% indirectly controlled subsidiaries. Following these transactions,  
Terms of these operations are included in Note 9 -Shareholders’  
equity- of the Consolidated Financial Statements attached in the  
Registration Document.  
the Group affiliates no longer hold any Total shares.  
7.2 Reserves  
As of December 31, (M€)  
Revaluation reserves  
Legal reserves  
2018  
3
2017  
3
2016  
3
740  
740  
740  
Untaxed reserves  
Other reserves  
2,808  
383  
2,808  
383  
2,808  
384  
TOTAL  
3,934  
3,934  
3,935  
410  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Notes 8 and 9  
NOTE 8 Contingency liabilities  
2018  
Reversals  
Gross amount  
Currency  
Gross  
at beginning  
of year  
translation  
adjustment  
amount at  
year-end  
As of December 31, (M€)  
Allowances  
Used  
Unused  
Provisions for financial risks  
7,172  
857  
-
-
-
8,029  
Guarantee of the subsidiaries  
of Exploration & Production activity  
7,131  
41  
851  
6
-
-
-
-
-
-
7,982  
47  
Provisions for risks linked to loans and investments  
Provisions for operating risks  
and compensation expenses  
583  
292  
(304)  
-
1
572  
Provisions for pensions benefits,  
and other benefits  
(a)  
285  
10  
54  
(168)  
(1)  
-
-
-
-
-
-
-
-
171  
10  
Provisions for long-service medals  
Provisions for compensation expenses  
Other operating provisions  
Provisions for non-recurring items(b)  
TOTAL  
1
237  
-
264  
24  
(135)  
-
-
366  
25  
1
-
7
3
-
10  
7,762  
1,152  
(304)  
1
8,611  
(
a) See Note 9.  
(b) Provision regarding a fiscal dispute from previous years.  
NOTE 9 Employee benefits obligations  
TOTAL S.A. participates in death-disability, pension, early retirement  
and severance pay plans. Expenses for defined contribution and  
multi-employer plans correspond to the contributions paid.  
For defined benefit plans, commitments are determined using a  
prospective methodology called “projected unit credit method”. The  
commitment actuarial value depends on various parameters such as  
the length of service, the life expectancy, the employee turnover rate  
and the salary increase and discount rate assumptions.  
TOTAL S.A. recorded €171 million as a provision for pension benefits  
and other benefits as of December 31, 2018 and €285 million as of  
December 31, 2017.  
The actuarial assumptions used as of December 31, are the following:  
2
018  
2017  
1.60%  
Discount rate  
1.60%  
2.90%  
Average expected rate of salary increase  
Average residual life expectancy of operations  
2.80%  
10-20 years  
10-20 years  
TOTAL S.A. records a provision in its accounts for the net actuarial  
liability of the plan assets and the deferred gains and losses to be  
amortized when this sum represents a pension liability.  
Actuarial gains and losses resulting from changes in actuarial  
assumptions are amortized using the straight-line method over the  
estimated remaining length of service of employees involved.  
The reconciliation between the total commitment for pension plans not covered through insurance companies and the provision booked  
is as follows:  
(
M€)  
2018  
199  
(28)  
171  
2017  
229  
(35)  
194  
Actuarial liability as of December 31,  
Deferred gains and losses to be amortized  
PROVISION FOR PENSION BENEFITS AND OTHER BENEFITS AS OF DECEMBER 31,  
10  
Registration Document 2018 TOTAL  
411  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Notes 9, 10 and 11  
The Company’s commitment for pension plans covered through insurance companies amounts to:  
(
M€)  
2018  
560  
(510)  
50  
2017  
611  
(431)  
180  
91  
Actuarial liability as of December 31,  
Plan assets  
NET COMMITMENT AS OF DECEMBER 31,  
Provision for pension benefits and other benefits as of December 31,  
0
NOTE 10 Loans  
Within  
1 year  
More than  
5 years  
Due dates as of December 31, (M€)  
2018  
1 to 5 years  
2017  
Bonds  
€
€
$
€
€
€
2,500 2.25% Perpetual Non-Call 6 year 02/2021  
2,500 2.625% Perpetual Non-Call 10 year 02/2025  
1,200 0.5% Non-Dilutive Convertible Bonds due 2022(a)  
1,750 3.875% Perpetual Non-Call 6 year – 05/2022  
1,000 2.708% Perpetual Non-Call 6.6 year – 05/2023  
1,500 3.369% Perpetual Non-Call 10 year – 10/2026  
2,500  
2,500  
1,048  
1,750  
1,000  
1,500  
179  
-
2,500  
-
-
2,500  
2,500  
1,001  
1,750  
1,000  
1,500  
177  
-
2,500  
-
-
1,048  
1,750  
1,000  
-
-
-
-
-
-
1,500  
Accrued interest  
TOTAL BONDS  
Other loans(b)  
Current accounts(c)  
TOTAL  
179  
179  
399  
14,155  
14,733  
-
-
4,000  
-
10,477  
27,905  
14,155  
52,537  
6,298  
27,506  
-
10,428  
27,976  
15,014  
53,418  
-
33,804  
4,000  
(a) This loan was converted into floating rate debt by issuance of asset-backed swaps individually.  
(b) Including € 27,887 million as of December 31, 2018 and € 27,975 million as of December 31, 2017 related to affiliates.  
(c) Including € 14,155 million as of December 31, 2018 and € 15,014 million as of December 31, 2017 related to affiliates.  
NOTE 11 Accounts payable  
As of December 31, (M€)  
Suppliers  
2018  
1,088 (a)  
4,042  
2017  
1,133(b)  
4,278  
Other operating liabilities  
TOTAL(c) (d)  
5,130  
5,411  
(
a) Excluding invoices not yet received (€ 475 million), the outstanding liability amounts to € 613 million, of which:  
–
–
–
€ 413 million for invoices of foreign suppliers to foreign branches for which the payment schedule is as follows:  
189 million within 1 month and € 224 million payable no later than 6 months;  
€ 193 million non-Group for which the payment schedule is as follows:  
1 million due on December 31, 2018 and € 192 million payable no later than January 31, 2019;  
€ 7 million to the Group for which the payment schedule is as follows: € 6 million due on December 31, 2018 and € 1 million payable no later than January 31, 2019.  
€
€
(
b) Excluding invoices not yet received (€ 531 million), the outstanding liability amounts to € 602 million, of which:  
–
–
–
€ 553 million for invoices of foreign suppliers to foreign branches for which the payment schedule is as follows:  
195 million within 1 month and € 358 million payable no later than 6 months;  
€ 8 million non-Group for which the payment schedule is as follows:  
2 million due on December 31, 2017 and € 6 million payable no later than January 31, 2018;  
€ 41 million to the Group for which the payment schedule is as follows: € 7 million due on December 31, 2017 and € 34 million payable no later than January 31, 2018.  
€
€
(c) Including € 424 million in 2018 and € 507 million in 2017 related to affiliates.  
(d) Due in 12 months or less.  
412  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Notes 12, 13, 14 and 15  
NOTE 12 Currency translation adjustments  
The application of the foreign currency translation method outlined in Note 1, currency translation adjustments asset and liability resulted in a  
net currency translation adjustment of € 409 million as of December 31, 2018, mainly due to the revaluation of dollars loans.  
NOTE 13 Sales  
Middle East  
Rest of  
Europe  
North  
America  
& Rest of  
the world  
(M€)  
France  
Africa  
Total  
FISCAL YEAR ENDED DECEMBER 31, 2018  
Hydrocarbon and oil products  
278  
-
5,684  
5,359  
325  
42  
-
743  
-
630  
134  
496  
840  
131  
709  
7,377  
5,493  
1,884  
7,085  
5,146  
1,939  
Technical support fees  
278  
161  
-
42  
23  
-
743  
833  
-
FISCAL YEAR ENDED DECEMBER 31, 2017  
Hydrocarbon and oil products  
5,228  
5,015  
213  
Technical support fees  
161  
23  
833  
NOTE 14 Net operating expenses  
(
M€)  
2018  
(5,031)  
(1,756)  
(66)  
2017  
(4,091)  
(1,601)  
(63)  
Purchase cost of goods sold  
Other purchases and external expenses  
Taxes  
Personnel expenses  
TOTAL  
(1,236)  
(8,089)  
(1,200)  
(6,955)  
NOTE 15 Operating depreciation, amortization and allowances  
(M€)  
2018  
2017  
Depreciation, valuation allowance and amortization on  
–
–
–
Property, plant and equipment and intangible assets  
Employee benefits  
(31)  
(292)  
(4)  
(35)  
(201)  
-
Current assets  
SUBTOTAL 1  
(327)  
(236)  
Reversals  
–
–
–
Property, plant and equipment and intangible assets  
Employee benefits  
-
304  
-
-
124  
1
Current assets  
SUBTOTAL 2  
TOTAL (1+2)  
304  
(23)  
125  
(111)  
10  
Registration Document 2018 TOTAL  
413  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Notes 16, 17, 18, 19 and 20  
NOTE 16 Financial expenses and income  
(M€)  
2018  
2017  
Financial expenses  
Interest expenses and other  
(629)  
(72)  
(613)  
(333)  
(946)  
Depreciation on investments and loans to subsidiaries and affiliates  
SUBTOTAL 1(a)  
(701)  
Financial income  
Net gain on sales of marketable securities and interest on loans to subsidiaries and affiliates  
32  
180  
23  
133  
Interest on short-term deposits and other  
SUBTOTAL 2(b)  
212  
156  
TOTAL (1+2)  
(489)  
(790)  
(
(
a) Including € (337) million as of December 31, 2018 and € (606) million as of December 31, 2017 related to affiliates.  
b) Including € 37 million as of December 31, 2018 and € 40 million as of December 31, 2017 related to affiliates.  
NOTE 17 Dividends  
(
M€)  
2018  
2,791  
76  
2017  
140  
Exploration & Production  
Gas, Renewables & Power  
Marketing & Services  
Refining & Chemicals  
Corporate  
90  
386  
854  
235  
14  
4,221  
7,709  
5,276  
6,374  
TOTAL  
NOTE 18 Net financial allowances and reversals  
(
M€)  
2018  
(1,418)  
(23)  
2017  
(458)  
(20)  
-
Exploration & Production  
Gas, Renewables & Power  
Marketing & Services  
Refining & Chemicals  
Corporate  
-
(7)  
16  
-
847  
385  
TOTAL  
(1,448)  
NOTE 19 Other financial expenses and income  
This net profit of € 105 million is entirely composed of foreign exchange profits.  
NOTE 20 Non-recurring income  
Non-recurring income is a profit of € 101 million and it is mainly composed of:  
—
—
—
profit on disposals amounting to € 118 million;  
scholarships and grants payment for € 15 million;  
provision on tax payables due for € 2 million, regarding prior years.  
414  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Notes 21, 22 and 23  
NOTE 21 Basis of taxation  
TOTAL S.A. is subject to French corporation tax according to the  
ordinary rules of law, i.e., based on the principle of territoriality of tax  
stipulated in the French Tax Code (Article 209-I). It is also taxed  
outside France on income from its direct operations abroad.  
—
—
—
—
Total Petrochemicals France;  
Total Marketing France;  
Total Raffinage Chimie;  
Total Marketing & Services.  
Moreover, since January 1, 1992, TOTAL S.A. has elected the  
The French tax rate consists of the standard corporation tax rate  
(33.33%), plus additional contributions applicable in 2018, which  
brings the overall income tax rate to 34.43%.  
9
5%-owned French subsidiaries tax regime provided for by Articles  
223 A et seq. of the French Tax Code (Régime de l’intégration fiscale).  
In accordance with the integration agreement signed between TOTAL  
S.A. and its consolidated subsidiaries, the losses realized by these  
subsidiaries during the consolidation period are definitively acquired  
by the parent company.  
For the fiscal year 2018, TOTAL S.A. recorded a net tax profit of  
€298 million in the income statement, which is split into a net tax  
income of €682 million mainly from the payment of French  
subsidiaries under the tax consolidation scheme, less €384 million  
tax expense charged to foreign branches.  
The tax group consists of the parent Company and 194 subsidiaries  
owned for more than 95% whose main contributors to the  
consolidated taxable income at December 31, 2018 are:  
—
—
TOTAL S.A.;  
Total Raffinage France;  
TOTAL S.A. does not record deferred tax in its statutory financial statements; however, the main temporary differences are as follows:  
As of December 31, (M€)  
2018  
171  
409  
156  
736  
2017  
285  
506  
115  
906  
Pension, benefits and other benefits  
Net currency translation adjustment  
Other, net  
TOTAL (ASSETS) NET LIABILITIES  
NOTE 22 Foreign exchange and counterparty risk  
The commercial foreign exchange positions are systematically  
covered by the purchase or sale of the corresponding currencies,  
mainly with cash transactions and sometimes on forward market.  
Regarding long-term assets in foreign currencies, the Company tries  
to reduce the corresponding exchange risk by associating them, as  
far as possible, with financing in the same currency.  
An independent department from the dealing room monitors the  
status of the financial instruments, especially through  
marked-to-market valuations and sensitivity estimations. Counterparty  
risk is monitored on a regular basis against limits set by the Group’s  
senior management.  
NOTE 23 Oꢀ-balance sheet commitments  
As of December 31, (M€)  
2018  
2017  
Commitments given  
Guarantees on custom duties  
1,136  
15,348  
29,898  
47  
1,135  
12,518  
24,125  
202  
Bank guarantees  
Guarantees given on other commitments(a)  
Guarantees related to confirmed lines of credit  
Short-term financing plan(b)  
18,974  
46,277  
111,680  
18,341  
47,592  
103,913  
Bond issue plan(b)  
TOTAL OF COMMITMENTS GIVEN  
Commitments received  
Guarantees related to confirmed lines of credit  
10,057  
-
9,571  
-
Guarantees on confirmed authorized bank overdrafts  
Other commitments received  
10  
277  
236  
9,807  
TOTAL OF COMMITMENTS RECEIVED  
10,334  
(
(
a) This item mainly includes the following commitments: shareholder agreements, financing guarantees, payment guarantees, and reservation of oil and gas transport and storage capacity guarantees.  
b) Guarantees of bond issues and short-term financing plans incurred by Total Capital, Total Capital International & Total Capital Canada. On the overall plan amount of €65,251 million,  
47,905 million were incurred as of December 31, 2018 compared with €45,017 million as of December 31, 2017.  
€
Registration Document 2018 TOTAL  
415  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Notes 23, 24 and 25  
Portfolio of financial derivative instruments  
The off-balance sheet commitments related to financial derivative instruments are set forth below.  
As of December 31, (M€)  
2018  
2017  
Issue swaps  
Notional value(a)  
1,048  
(121)  
1,001  
(125)  
Market value, accrued coupon interest(b)  
(
a) These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss.  
(b) This value has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.  
NOTE 24 Average number of employees  
2
018  
2017  
4,872  
1,195  
237  
Managers  
4,715  
1,335  
175  
Supervisors  
Technical and administrative staff  
TOTAL  
6,225  
6,304  
NOTE 25 Share subscription or purchase option plans, performance share plans  
2
5.1 Total share subscription or purchase option plans  
Weighted  
average  
exercise price  
(in euros)  
2008 Plan  
2009 Plan  
2010 Plan  
2011 Plan  
Total  
Date of the Shareholders’ Meeting  
Award date(a)  
5/11/2007  
10/9/2008  
€ 42.90  
5/11/2007  
9/15/2009  
€ 39.90  
5/21/2010  
9/14/2010  
€ 38.20  
5/21/2010  
9/14/2011  
€ 33.00  
Strike price  
Expiry date  
10/9/2016  
9/15/2017  
9/14/2018  
9/14/2019  
Number of options  
Existing options as of January 1, 2016  
2,561,502  
2,710,783  
3,323,246  
722,309  
9,317,840  
-
39.58  
-
Granted  
-
-
-
-
Cancelled(b)  
(1,794,304)  
-
-
(443,009)  
2,880,237  
-
-
(1,794,304)  
(2,237,918)  
5,285,618  
-
42.90  
40.80  
38.16  
-
Exercised  
(767,198)  
(931,730)  
(95,981)  
Existing options as of January 1, 2017  
-
-
-
-
-
-
-
-
1,779,053  
626,328  
Granted  
-
-
Cancelled(b)  
(195,370)  
-
-
(135,760)  
490,568  
-
(195,370)  
(2,649,308)  
2,440,940  
-
39.90  
38.95  
37.15  
-
Exercised  
(1,583,683)  
(929,865)  
1,950,372  
-
Existing options as of January 1, 2018  
-
-
-
-
Granted  
Cancelled(b)  
Exercised  
(79,139)  
(1,871,233)  
-
(79,139)  
(2,096,571)  
38.20  
37.64  
(225,338)  
EXISTING OPTIONS  
AS OF DECEMBER 31, 2018  
-
-
-
265,230  
265,230  
33.00  
(
(
a) The grant date is the date of the Board meeting awarding the share subscription or purchase options, except for the grant of October 9, 2008, decided by the Board on September 9, 2008.  
b) Out of the options canceled in 2016, 2017 and 2018, 1,794,304 options that were not exercised expired on October 9, 2016 due to the expiry of the 2008 plan, 195,370 options that  
were not exercised expired on September 15, 2017 due to expiry of 2009 plan and 79,139 options that were not exercised expired on September 14, 2018 due to expiry of 2010 plan.  
Options are exercisable, subject to a presence condition, after a  
-year period from the date of the Board meeting awarding the  
the grant, who may transfer the underlying shares after a 2-year  
period from the date of the grant.  
2
options and expire eight years after this date. The underlying shares  
cannot be transferred during four years from the date of grant. For  
the 2008 to 2011 plans, the 4-year transfer restriction period does  
not apply to employees of non-French subsidiaries as of the date of  
Since September 14, 2011, no new Total share subscription or  
purchase option plan was decided.  
416  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Notes to the Statutory Financial Statements 10  
Note 25  
2
5.2 Total performance shares plans  
2
013 Plan  
2014 Plan  
5/16/2014  
7/29/2014  
2015 Plan  
5/16/2014  
7/28/2015  
2016 Plan  
5/24/2016  
7/27/2016  
2017 Plan  
5/24/2016  
7/26/2017  
2018 Plan  
5/24/2016  
3/14/2018  
Total  
Date of the Shareholders’ Meeting  
Award date  
5/13/2011  
7/25/2013  
Date of the final award  
(end of the vesting period)  
7/26/2016  
7/26/2018  
7/30/2017  
7/30/2019  
7/29/2018  
7/29/2020  
7/28/2019  
7/29/2021  
7/27/2020  
7/28/2022  
3/15/2021  
3/16/2023  
Transfer authorized as from  
Number of performance shares  
Outstanding as of January 1, 2016  
4,350,830  
4,402,460  
4,760,505  
-
-
5,639,400  
(1,730)  
(110)  
-
-
-
-
-
-
-
-
-
-
13,513,795  
5,639,400  
(1,371,506)  
(3,048,894)  
14,732,795  
5,679,949  
(2,219,260)  
(2,210,040)  
15,983,444  
Notified  
-
-
-
Cancelled(a)  
(1,303,506)  
(37,100)  
(29,170)  
(600)  
-
Finally granted(a)  
Outstanding as of January 1, 2017  
Notified  
(3,047,324)  
(860)  
-
-
-
-
-
-
-
-
-
4,364,500  
4,730,735  
-
5,637,560  
-
-
5,679,949  
(910)  
-
Cancelled  
(2,157,820)  
(31,480)  
(1,950)  
4,697,305  
-
(29,050)  
(1,410)  
5,607,100  
-
Finally granted  
(2,206,680)  
-
Outstanding as of January 1, 2018  
Notified  
-
-
-
-
5,679,039  
-
6,083,145 6,083,145  
Cancelled  
(621,568)  
(4,075,737)  
(61,840)  
(2,040)  
(26,640)  
(1,480)  
(12,350)  
-
(722,398)  
Finally granted  
(4,079,257)  
OUTSTANDING AS  
OF DECEMBER 31, 2018  
-
-
-
5,543,220  
5,650,919  
6,070,795 17,264,934  
(a) The number of performance shares finally granted in 2016 has been adjusted by 226 performance shares granted in 2017.  
The performance shares, which are bought back by TOTAL S.A. on  
the market, are finally granted to their beneficiaries after a 3-year  
vesting period for the 2013 plan and following plans, from the date of  
the grant. The final grant is subject to a continued employment  
condition as well as one performance condition for the 2013 and  
The performance conditions, weighting 50% of the final grant rate,  
are the Group’s ranking relative to those of its peers (ExxonMobil,  
Royal Dutch Shell, BP and Chevron) according to the following  
two criteria:  
—
Total Shareholder Return (TSR), which is calculated annually  
using the average of closing prices over one quarter, in USD, at  
the beginning and at the end of each three-year period (Q4 year  
N/Q4 year N-3). The dividend is considered as being reinvested  
on closing price basis, on the ex-dividend date; and  
2
014 plans and two performance conditions for the 2015 plans and  
subsequent plans. Moreover, the transfer of the performance shares  
finally granted will not be permitted until the end of a 2-year holding  
period from the date of the final grant.  
2018 Plan  
—
Annual variation in net cash-flow per share, in USD.  
The Board of Directors, on March 14, 2018, granted performance  
shares to certain employees and executive directors of the Company  
or Group companies, subject to the fulfillment of the presence  
condition and two performance conditions.  
TOTAL S.A.’s ranking will determine a grant rate for each year and  
each criteria:  
Ranking  
Grant rate  
180%  
130%  
80%  
1
st place  
2nd place  
rd place  
4th and 5th places  
The presence condition applies to all shares. The performance  
conditions apply for all shares granted to senior executives. The grant  
of the first 150 shares to non-senior executive are not subject to the  
performance condition abovementioned, but the performance  
conditions will apply to any shares granted above this threshold.  
3
0%  
For each performance condition, the average of the three grant rates  
on each of the three financial years on which the performance  
(
conditions are based), will be expressed in percentage and capped  
at 100%.  
10  
Registration Document 2018 TOTAL  
417  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Notes to the Statutory Financial Statements  
Note 26  
NOTE 26 Others  
Compensation for the administration and management bodies  
The compensation allocated to the members of the Board of Directors  
relating to directors’ fees amount to €1.40 million in 2018 (compared  
to €1.28 million in 2017).  
The aggregate amount of direct and indirect compensation of any  
kind received in 2018 from the French and foreign affiliates of the  
Group by the main executive officers of Total in function as of  
December 31, 2018 (13 persons, unchanged from 2017) amounted  
to €14.86 million in 2018 (compared to €13.66 million in 2017),  
including €11.70 million for the members of the Executive Committee  
Pension benefits for the Group’s executive officers, for some  
members of the Board of Directors and for employees and former  
employees of the Group amount to €102.2 million as of December  
31, 2018 (compared to €99.8 millions in 2017). They include  
severance to be paid at the time of retirement, supplementary pension  
schemes and death-disability plans.  
(
7 persons). The variable bonus has represented 51.20% of this  
overall amount of €14.86 million.  
As of December 31, 2018, the main Group executive officers include  
the member of the Executive Committee and the four directors of  
the corporate functions members of the Group Performance  
Management Committee (Communication, Legal, Health Safety &  
Environment, Strategy & Climate), the Deputy Chief Financial Officer  
and the Treasurer of the Group.  
Legal proceedings  
All legal proceedings involving TOTAL S.A. are included in  
Note 12.2 – Other risks and commitments – to the Consolidated  
Financial Statements attached to the Registration Document.  
418  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Other financial information concerning the parent company 10  
1
0.4 Other financial information concerning  
the parent company  
10.4.1 Subsidiaries and affiliates  
%
of share  
capital  
Book value  
of investments  
Commit-  
ments &  
contin-  
gencies  
Other  
Share sharehoders’  
owned by  
the company  
Loans &  
net advances  
Net Dividends  
income allocated  
As of December 31, 2018 (M€)  
capital  
equity  
gross  
Sales  
Subsidiaries  
Chartering and Shipping Services S.A. 100.0  
12  
5
102  
475  
92  
92  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,432  
(37)  
8
-
-
Direct Énergie S.A.  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
100.0  
33.9  
1,946  
1,946  
696  
-
-
Elf Aquitaine  
2,889 41,156 46,905 46,905  
-
4,212  
(881)  
137  
3
3,352  
-
Total E&P Danmark A/S(a)  
Omnium Reinsurance Company S.A.  
Pont-sur-Sambre Power S.A.S  
Saft Groupe S.A.  
26  
35  
7,291  
1,302  
75  
4,339  
114  
126  
961  
140  
228  
148  
228  
96  
4,339  
-
851  
-
114  
-
42  
-
30  
126  
60  
-
-
26  
888  
176  
(1)  
961  
789  
44  
49  
(1)  
25  
-
Total China Investment Co Ltd  
Total E&P Angola Block 25  
Total E&P Angola Block 39  
Total E&P Angola Block 40  
Total E&P Côte d’Ivoire CI-514  
Total E&P Holding Ichthys  
Total E&P Iraq  
164  
228  
148  
228  
96  
140  
463  
57  
-
-
-
-
-
1
-
-
1
-
-
(1)  
-
-
(1)  
-
-
95  
-
-
-
-
-
84  
(364)  
6
84  
-
-
(338)  
8
-
-
13  
67  
67  
287  
-
-
Total E&P Madagascar  
Total E&P Maroc  
161  
75  
(162)  
-
161  
75  
-
-
-
-
-
-
-
-
-
-
Total E&P Nigeria Deepwater G Ltd  
Total E&P Nurmunai  
-
7
147  
120  
101  
238  
148  
3,969  
4,446  
6,204  
9,900  
2,855  
-
-
(1)  
-
-
120  
101  
471  
-
(116)  
(83)  
30  
-
-
-
-
-
Total E&P South East Mahakam  
Total Eren Holding  
-
-
-
-
-
238  
4
-
5
-
-
Total Gasandes  
100.0  
100.0  
53.2  
8
-
-
4
-
-
Total Gestion USA  
3,969  
65  
1,276  
9,443  
3,126  
5,973  
(85)  
3,969  
4,446  
6,204  
9,900  
2,855  
-
33  
2,140  
704  
706  
1,664  
605  
3
-
Total Holdings Europe  
Total Marketing & Services  
Total Oil Trading S.A.  
-
810  
329  
-
-
100.0  
100.0  
100.0  
100.0  
60.2  
324  
5
36  
-
86,809  
-
-
Total Qatar  
-
-
-
1,710  
190  
-
Total Raffinage Chimie  
Total Raffinage France  
934 12,766 13,171 13,171  
-
191  
919  
3,188  
473  
21,934  
212  
Total Refining & Chemicals  
Saudi Arabia S.A.S  
100.0  
100.0  
100.0  
-
80  
16  
35  
-
56  
(19)  
65  
-
80  
125  
80  
26  
98  
505  
2
10  
47  
-
47  
(26)  
2
32  
-
-
-
-
Total Solar  
Toul Power S.A.S  
Other(c) (d)  
-
-
98  
-
2,367  
1,789 28,952  
-
307 81,570(b)  
TOTAL  
102,867 97,943 29,457  
7,709 81,782  
(
(
(
(
a) Previously Maersk Olie og Gas A/S.  
b) Including € 65,251 million concerning Total Capital, Total Capital International and Total Capital Canada for bond issue and short-term financing plans.  
c) Including Total Finance for € 5,625 million and Total Treasury for € 22,667 million.  
d) This item covers subsidiaries and affiliates whose gross value does not exceed 1% of the share capital.  
10  
Registration Document 2018 TOTAL  
419  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
Other financial information concerning the parent company  
10.4.2 Five-year financial data  
Share capital at year-end (K€)  
Share capital  
2018  
2017  
2016  
2015  
2014  
6,601,505  
6,322,474  
6,075,915  
6,100,145  
5,963,169  
Number of common shares outstanding  
Number of future shares to issue:  
2,640,602,007 2,528,989,616 2,430,365,862 2,440,057,883 2,385,267,525  
–
share subscription options  
265,230  
2,440,940  
5,285,618  
9,317,840  
16,635,411  
Operation and income for the year (K€)  
Net commercial sales  
2018  
5,492,585  
51,755  
2017  
5,145,646  
38,000  
2016  
4,941,770  
51,080  
2015  
6,876,418  
43,000  
2014  
10,632,425  
49,600  
Employee profit sharing  
Net income  
5,484,834  
14,424,076  
19,908,910  
6,898,147  
13,010,763  
6,633,806  
14,156,336  
20,790,142  
6,665,233  
14,124,909  
4,142,392  
16,034,909  
20,177,301  
6,104,481  
14,072,820  
11,066,894  
10,905,797  
21,972,691  
6,080,872  
15,891,819  
6,044,542  
10,684,795  
16,729,337  
5,866,069  
10,863,268  
Retained earnings before appropriation  
Income available for appropriation  
Dividends (including interim dividends)  
Retained earnings  
Earnings per share (€)  
2018  
2017  
2016  
2015  
2014  
Income after tax, before depreciation,  
amortization and provisions  
(a)  
2.61  
2.54  
1.73  
6.41  
3.57  
Income after tax and depreciation,  
amortization and provisions  
Net dividend per share  
(a)  
2.06  
2.56  
2.66  
2.48  
1.73  
2.45  
4.80  
2.44  
2.65  
2.44  
Employees (K€)  
2018  
6,225  
2017  
6,304  
2016  
6,902  
2015  
7,076  
2014  
7,261  
Average number of employees during the year(b)  
Total payroll for the year  
921,090  
327,469  
896,087  
334,584  
963,311  
363,275  
863,280  
394,346  
1,045,114  
389,799  
Social security and other staff benefits  
(
(
a) Earnings per share are calculated based on the fully-diluted weighted-average number of common shares outstanding during the year, excluding treasury shares and shares held by subsidiaries.  
b) Including employees on end-of-career leave or taking early retirement (dispensations from work, 89 people in 2014, 106 people in 2015, 130 people in 2016, 168 people in 2017 and  
183 people in 2018).  
10.4.3 Proposed allocation of 2018 income  
(Net dividend proposed: €2.56 per share) (€)  
Income for the year  
5,484,834,249  
14,424,076,323  
19,908,910,572  
6,898,147,338  
13,010,763,234  
19,908,910,572  
Retained earnings before appropriation  
TOTAL AVAILABLE FOR ALLOCATION  
2
018 dividends: €2.56 per share(a)  
Retained earnings  
TOTAL ALLOCATED  
(a) The total dividend amount would be €6,898,147,338 based on a maximum number of shares entitled to a dividend for fiscal year 2018, i.e., 2,694,588,804.  
420  
TOTAL Registration Document 2018  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
Other financial information concerning the parent company 10  
10.4.4 Statement of changes in share capital for the past five years  
Successive  
Cumulative  
number of  
common shares  
of the Company  
amounts of  
nominal  
capital  
Cash contributions  
Par value Premiums  
For the year ended (K€)  
2014  
CHANGES IN CAPITAL  
Exercise of share subscription options  
Capital increase reserved for Group employees  
CHANGES IN CAPITAL  
17,307  
1,667  
299,457  
-
5,961,502  
5,963,169  
2,384,600,950  
2,385,267,525  
2015  
Exercise of share subscription options  
Capital increase reserved for Group employees  
Capital increase by dividend paid in shares  
CHANGES IN CAPITAL  
3,674  
26,198  
55,340  
353,812  
5,966,843  
5,993,041  
6,100,145  
2,386,737,131  
2,397,216,541  
2,440,057,883  
107,104  
1,538,248  
2016  
2017  
2018  
Exercise of share subscription options  
Capital increase by dividend paid in shares  
Capital reduction by cancellation of treasury shares  
CHANGES IN CAPITAL  
5,595  
221,003  
(250,828)  
84,584  
3,125,703  
(4,514,405)  
6,105,740  
6,326,743  
6,075,915  
2,442,295,801  
2,530,697,130  
2,430,365,862  
Exercise of share subscription options  
Capital increase reserved for Group employees  
Capital increase by dividend paid in shares  
CHANGES IN CAPITAL  
6,623  
23,830  
96,567  
331,955  
6,082,538  
6,106,368  
6,322,474  
2,433,015,170  
2,442,547,360  
2,528,989,616  
216,106  
3,492,082  
Exercise of share subscription options  
5,241  
73,676  
6,327,715  
2,531,086,187  
Issuance of shares in remuneration  
for the acquisition of Maersk Olie og Gas A/S  
243,807  
23,387  
3,961,937  
317,423  
6,571,522  
6,594,909  
6,712,982  
6,601,505  
2,628,608,780  
2,637,963,669  
2,685,192,706  
2,640,602,007  
Capital increase reserved for Group employees  
Capital increase by dividend paid in shares  
Capital reduction by cancellation of treasury shares  
118,073  
(111,477)  
2,219,201  
(2,178,218)  
10  
Registration Document 2018 TOTAL  
421  
STATUTORY FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION OF TOTAL S.A.  
10  
422  
TOTAL Registration Document 2018  
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  
b = barrel(1)  
€
:
euro  
$
or dollar: U.S. dollar  
B = billion  
ADR:  
ADS:  
American depositary receipt (evidencing an ADS)  
American depositary share  
boe = barrel of oil equivalent  
BTU = British thermal unit  
cf = cubic feet  
(
representing a share of a company)  
Autorité des marchés financiers  
French Financial Markets Authority)  
AMF:  
CO e = carbon dioxide equivalent  
2
(
/
d = per day  
API:  
American Petroleum Institute  
compressed natural gas  
debt adjusted cash flow  
GWh = gigawatt hour  
k = thousand  
CNG:  
DACF:  
(
refer to definition of operating cash flow before working  
km = kilometer  
capital changes w/o financial charges below)  
m = meter  
ERMI:  
European Refining Margin Indicator of the Group  
m³ or cm = cubic meter(1)  
(refer to definition below)  
M = million  
FLNG:  
FPSO:  
FSRU:  
GHG:  
floating liquefied natural gas  
MW = megawatt  
MWp = megawatt peak (direct current)  
t = (Metric) ton  
floating production, storage and offloading  
floating storage and regasification unit  
greenhouse gas  
TWh = terawatt hour  
W = watt  
HSE:  
health, safety and the environment  
International Financial Reporting Standards  
IFRS:  
/
y = per year  
IPIECA:  
International Petroleum Industry Environmental  
Conservation Association  
Conversion table  
LNG:  
LPG:  
liquefied natural gas  
1
1
1
1
1
1
1
1
1
1
acre ≈ 0.405 hectares  
liquefied petroleum gas  
natural gas liquids  
b = 42 U.S. gallons ≈ 159 liters  
b/d of crude oil ≈ 50 t/y of crude oil  
Bm³/y (1 Bcm) ≈ 0.1 Bcf/d  
NGL:  
NGV:  
OML:  
ROE:  
ROACE:  
SEC:  
natural gas vehicle  
oil mining license  
km ≈ 0.62 miles  
return on equity  
m³ ≈ 35.3 cf  
return on average capital employed  
United States Securities and Exchange Commission  
Mt of LNG ≈ 48 Bcf of gas  
Mt/y of LNG ≈ 131 Mcf/d of gas  
t of oil ≈ 7.5 b of oil (assuming a specific gravity of 37° API)  
boe = 1 b of crude oil ≈ 5,387 cf of gas in 2018(2)  
(5,396 cf in 2017 and 5,403 cf in 2016)  
(
(
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.  
Registration Document 2018 TOTAL  
423  
GLOSSARY  
A
C
acreage  
capacity of treatment  
Areas in which mining rights are exercised.  
adjusted results  
Annual crude oil treatment capacity of the atmospheric distillation  
units of a refinery.  
carbon capture, use and storage (CCUS)  
Results using replacement cost, adjusted for special items, excluding  
the impact of changes for fair value.  
Technologies designed to reduce GHG emissions by capturing  
(
C) CO and then compressing and transporting it either to use (U) it  
2
API degree  
for various industrial processes (e.g., enhanced recovery of oil or  
gas, production of chemical products), or to permanently store (S) it  
in deep geological formations.  
Scale established by the API to measure oil density. A high API  
degree indicates light oil from which a high yield of gasoline can be  
refined.  
catalysts  
appraisal (delineation)  
Substances that increase a chemical reaction speed. During the  
refining process, they are used in conversion units (reformer,  
hydrocracker, catalytic cracker) and desulphurization units. Principal  
catalysts are precious metals (platinum) or other metals such as  
nickel and cobalt.  
Work performed after a discovery for the purpose of determining the  
boundaries or extent of an oil or gas field or assessing its reserves  
and production potential.  
asset retirement (site restitution)  
coal bed methane  
Companies may have obligations related to well-abandonment,  
dismantlement of facilities, decommissioning of plants or restoration  
of the environment. These obligations generally result from  
international conventions, local regulations or contractual obligations.  
Natural gas present in coal seams.  
cogeneration  
Simultaneous generation of electrical and thermal energies from a  
combustible source (gas, fuel oil or coal).  
associated gas  
Gas released during oil production.  
association/consortium/joint venture:  
coker (deep conversion unit)  
Unit that produces light products (gas, gasoline, diesel) and coke  
through the cracking of distillation residues.  
Terms used to generally describe a project in which two or more  
entities participate. For the principles and methods of consolidation  
applicable to different types of joint arrangements according to IFRS,  
refer to Note 1 to the Consolidated Financial Statements.  
commercial gas  
Gas produced by the upstream facilities and sent directly or indirectly  
to the gas market.  
B
concession contract  
barrel  
Exploration and production contract under which a host country  
grants to an oil and gas company (or a consortium) the right to  
explore a geographic area and develop and produce potential  
reserves. The oil and gas company (or consortium) undertakes the  
execution and financing, at its own risk, of all operations. In return, it  
is entitled to the entire production.  
Unit of measurement of volume of crude oil equal to 42 U.S. gallons  
or 159 liters.  
barrel of oil equivalent (boe)  
Conventional unit for measuring the energy released by a quantity of  
fuel by relating it to the energy released by the combustion of a  
barrel of oil.  
condensate  
Light hydrocarbon substances produced with natural gas that  
exist – either in a gaseous phase or in solution – in the oil and gas  
under the initial pressure and temperature conditions in the reservoir,  
and which are recovered in a liquid state in separators, on-site  
facilities or gas treatment units.  
biochemical conversion  
Conversion of carbon resources through biological transformation  
(
reactions involving living organisms). Fermentation of sugar into  
ethanol is an example.  
biofuel  
condensate splitter  
Liquid or gaseous fuel that can be used for transport and produced  
from biomass, and meeting criteria of reducing GHG compared to  
the fossil reference.  
Unit that distillates condensates upstream of a refining or  
petrochemical units.  
consortium  
biomass  
Refer to the definition above of “association/consortium/joint venture”.  
All organic matter from vegetal or animal sources.  
conversion  
bitumen  
Refining operation aimed at transforming heavy products (heavy fuel  
oil) into lighter or less viscous products (e.g., gasoline, jet fuels).  
Sometimes referred to as natural bitumen, is petroleum in a solid or  
semi-solid state in natural deposits. In its natural state, it usually  
contains sulfur, metals, and other non- hydrocarbons. Bitumen has a  
viscosity greater than 10,000 centipoise measured at original  
temperature in the deposit and atmospheric pressure, on a gas free  
basis.  
cost oil/gas  
In a production sharing contract, the portion of the oil and gas  
production made available to the contractor (contractor group) and  
contractually reserved for reimbursement of exploration, development,  
operation and site restitution costs (“recoverable” costs). The  
Brent  
reimbursement may be capped by  
a contractual stop that  
Quality of crude oil (38° API) produced in the North Sea, at the Brent  
fields.  
corresponds to the maximum share of production that may be  
allocated to the reimbursement of costs.  
brownfield project  
Project concerning developed existing fields.  
424  
TOTAL Registration Document 2018  
GLOSSARY  
cracking  
ethane  
Refining process that entails converting the molecules of large,  
complex, heavy hydrocarbons into simpler, lighter molecules using  
heat, pressure and, in some cases, a catalyst. A distinction is made  
between catalytic cracking and steam cracking, which uses heat  
instead of a catalyst. Cracking then produces ethylene and propylene,  
in particular.  
A colorless, odorless combustible gas of the alkanes class composed  
of two carbon atoms found in natural gas and petroleum gas.  
ethanol  
Also commonly called ethyl alcohol or alcohol, ethanol is obtained  
through the fermentation of sugar (beetroot, sugarcane) or starch  
(
grains). Ethanol has numerous food, chemical and energy (biofuel)  
crude oil  
applications.  
A mixture of compounds (mainly pentanes and heavier hydrocarbons)  
that exists in a liquid phase at original reservoir temperature and  
pressure and remains liquid at atmospheric pressure and ambient  
temperature.  
ethylene/propylene  
Petrochemical products derived from cracking naphtha and used  
mainly in the production of polyethylene and polypropylene, two  
plastics frequently used in packaging, the automotive industry,  
household appliances, healthcare and textiles.  
D
Dated Brent  
F
A market term representing the minimum value of physical cargoes  
of Brent, Forties, Oseberg, or Ekofisk crude oil, loading between the  
fair value  
th  
th  
10  
and the 25 day forward. Dated Brent prices are used, directly  
Fair value is the price that would be received to sell an asset or paid  
to transfer a liability in a transaction under normal conditions between  
market participants at the measurement date.  
and indirectly, as a benchmark for a large proportion of the crude oil  
that is traded internationally.  
debottlenecking  
farm-in (or farm-out)  
Change made to a facility to increase its production capacity.  
desulphurization unit  
Acquisition (or sale) of all or part of a participating interest in an oil  
and gas mining property by way of an assignment of rights and  
obligations in the corresponding permit or license and related  
contracts.  
Unit in which sulphur and sulphur compounds are eliminated from  
mixtures of gaseous or liquid hydrocarbons.  
farnesane  
development  
A hydrocarbon molecule containing 15 carbon atoms, which can be  
used to produce fuel or chemical compounds.  
Operations carried out to access the proved reserves and set up the  
technical facilities for extraction, processing, transportation and  
storage of the oil and gas: drilling of development or injection wells,  
platforms, pipelines, etc.  
FEED studies (front-end engineering design)  
Studies aimed at defining the project and preparing for its execution.  
In the TOTAL process, this covers the pre-project and basic  
engineering phases.  
distillates  
Products obtained through the atmospheric distillation of crude oil or  
through vacuum distillation. Includes medium distillate such as  
aviation fuel, diesel fuel and heating oil.  
FLNG (floating liquefied natural gas)  
Floating unit permitting the liquefaction of natural gas and the storage  
of LNG.  
E
fossil energies  
effective tax rate  
Energies produced from oil, natural gas and coal.  
FPSO (floating production, storage and offloading)  
(
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).  
Floating integrated offshore unit comprising the equipment used to  
produce, process and store hydrocarbons and offload them directly  
to an offshore oil tanker.  
effect of changes in fair value  
FSRU (floating storage and regasification unit)  
The effect of changes in fair value presented as an adjustment item  
reflects, for some transactions, differences between internal measures  
of performance used by TOTAL’s Executive Committee and the  
accounting for these transactions under IFRS. IFRS requires that  
trading inventories be recorded at their fair value using period-end  
spot prices. In order to best reflect the management of economic  
exposure through derivative transactions, internal indicators used to  
measure performance include valuations of trading inventories based  
on forward prices. Furthermore, TOTAL, in its trading activities, enters  
into storage contracts, the future effects of which are recorded at fair  
value in the Group’s internal economic performance. IFRS precludes  
recognition of this fair value effect.  
Floating unit permitting the regasification and the storage of natural  
gas.  
G
gearing ratio  
Net Debt/(Net debt  
+ shareholders equity Group share +  
Non-controlling interests).  
greenfield project  
Project concerning fields that have never been developed.  
energy mix  
gross investments  
The various energy sources used to meet the demand for energy.  
ERMI (European Refining Margin Indicator)  
Investments including acquisitions and increases in non-current loans.  
H
A Group indicator intended to represent the margin after 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. The indicator  
margin may not be representative of the actual margins achieved by  
the Group in any period because of TOTAL’s particular refinery  
configurations, product mix effects or other company-specific  
operating conditions.  
hydraulic fracturing  
Technique that involves fracturing rock to improve its permeability.  
hydrocarbons  
Molecules composed principally of carbon and hydrogen atoms.  
They can be solid such as asphalt, liquid such as crude oil or gaseous  
such as natural gas. They may also include compounds with sulphur,  
nitrogen, metals, etc.  
Registration Document 2018 TOTAL  
425  
GLOSSARY  
hydrocracker  
net cash flow  
A refinery unit that uses catalysts and extraordinarily high pressure,  
in the presence of surplus hydrogen, to convert heavy oils into lighter  
fractions.  
Cash flow from operating activities before working capital changes  
at replacement cost – net investments (including other transactions  
with non-controlling interests).  
net financial debt  
I
Non-current financial debt, including current portion, current  
borrowings, other current financial liabilities less cash and cash  
equivalents and other current financial assets.  
inventory valuation effect  
The adjusted results of the Refining & Chemicals and Marketing &  
Services segments are presented according to the replacement cost  
method. This method is used to assess the segments’ performance  
and facilitate the comparability of the segments’ performance with  
those of its competitors. In the replacement cost method, which  
approximates the LIFO (Last-In, First-Out) method, the variation of  
inventory values in the statement of income is, depending on the  
nature of the inventory, determined using either the month-end price  
differentials between one period and another or the average prices  
of the period rather than the historical value. The inventory valuation  
effect is the difference between the results according to the FIFO  
net investments  
Gross investments – divestments – repayment of non-current  
loans – other operations with non-controlling interests.  
O
oil  
Generic term designating crude oil, condensates and NGL.  
oil and gas  
(First-In, First-Out) and the replacement cost.  
Generic term which includes all hydrocarbons (e.g., crude oil,  
condensates, NGL, bitumen and natural gas).  
J
joint venture  
oil sands  
Refer to the definition above of “association/consortium/joint venture”.  
sandstones containing natural bitumen.  
olefins  
L
Group of products (gas) obtained after cracking of petroleum streams.  
Olefins are ethylene, propylene and butadiene. These products are  
used in the production of large plastics (polyethylene, polypropylene,  
PVC, etc.), in the production of elastomers (polybutadiene, etc.) or in  
the production of large chemical intermediates.  
lignocellulose  
Lignocellulose is the main component of the wall of plant cells. It can  
be sourced from agricultural and farming wastes or by-products of  
wood transformation as well as dedicated plantations and constitutes  
the most abundant renewable carbon source on the planet. This  
abundance and its composition (very rich in polymerized sugars)  
makes it an excellent choice to produce biofuels. As a result, its  
conversion, whether by thermochemical (e.g., gasification) or  
biochemical techniques, is widely studied.  
OPEC  
Organization of the Petroleum Exporting Countries.  
operated oil & gas facilities  
Facilities operated in the Exploration & Production, Refining &  
Chemicals and Marketing & Services segments of the Group.  
liquids  
Liquids consist of crude oil, bitumen, condensates and NGL.  
operating cash flow before working capital changes  
LNG (liquefied natural gas)  
Cash flow from operating activities before changes in working capital  
at replacement cost.  
Natural gas, comprised primarily of methane, that has been liquefied  
by cooling in order to transport it.  
operating cash flow before working capital changes w/o financial  
charges (DACF)  
LNG train  
Facility for converting liquefying storing and off-loading natural gas.  
LPG (liquefied petroleum gas)  
Cash flow from operating activities before changes in working capital  
at replacement cost, without financial charges.  
organic investments  
Light hydrocarbons (comprised of butane and propane, belonging to  
the alkanes class and composed of three and four carbon atoms  
respectively) that are gaseous under normal temperature and  
pressure conditions and that are kept in liquid state by increasing the  
pressure or reducing the temperature. LPG is included in NGL.  
Net investments, excluding acquisitions, divestments and other  
operations with non-controlling interests.  
operated production  
Total quantity of oil and gas produced on fields operated by an oil  
and gas company.  
M
mineral interests  
operator  
Rights to explore for and/or produce oil and gas in a specific area for  
a fixed period. Covers the concepts of “permit”, “license”, “title”, etc.  
Partner of an oil and gas joint venture in charge of carrying out the  
operations on a specific area on behalf of the joint venture. A refinery  
is also said to be operated by a specific partner when the operations  
are carried out by the partner on behalf of the joint venture that owns  
the refinery.  
N
naphtha  
Heavy gasoline used as a base in petrochemicals.  
natural gas  
P
permit  
Mixture of gaseous hydrocarbons, composed mainly of methane.  
natural gas liquids (NGL)  
Area contractually granted to an oil and gas company (or a  
consortium) by the host country for a defined period to carry out  
exploration work or to exploit a field.  
A mixture of light hydrocarbons that exist in the gaseous phase at  
room temperature and pressure and are recovered as liquid in gas  
processing plants. NGL include very light hydrocarbons (ethane,  
propane and butane).  
petcoke (or petroleum coke)  
Residual product remaining after the improvement of very heavy  
petroleum cuts. This solid black product consists mainly of carbon  
and can be used as fuel.  
426  
TOTAL Registration Document 2018  
GLOSSARY  
polymers  
R
Molecule composed of monomers bonded together by covalent  
bonds, such as polyolefins obtained from olefins or starch and  
proteins produced naturally.  
refining  
The various processes used to produce petroleum products from  
crude oil (e.g., distillation, reforming, desulphurization, cracking).  
pre-dividend organic cash breakeven  
renewable energies  
Brent price for which the operating cash flow before working capital  
changes covers the organic investments.  
An energy source the inventories of which can be renewed or are  
inexhaustible, such as solar, wind, hydraulic, biomass and geothermal  
energy.  
price effect  
The impact of changing hydrocarbon prices on entitlement volumes  
from production sharing contracts and on economic limit dates.  
reserve life  
Synthetic indicator calculated from data published under ASC 932.  
Ratio of the proved reserves at the end of the period to the production  
of the past year.  
production costs  
Costs related to the production of hydrocarbons in accordance with  
FASB ASC 932-360-25-15.  
reserves  
production plateau  
Estimated remaining quantities of oil and gas and related substances  
expected to be economically producible, as of a given date, by  
application of development projects to known accumulations.  
Expected average stabilized level of production for a field following  
the production build-up.  
reservoirs  
production sharing contract/agreement (PSC/PSA)  
Porous, permeable underground rock formation that contains oil or  
natural gas.  
Exploration and production contract under which a host country or,  
more frequently, its national company, transfers to an oil and gas  
company (the contractor) or a consortium (the contractor group) the  
right to explore a geographic area and develop the fields discovered.  
The contractor (or contractor group) undertakes the execution and  
financing, at its own risk, of all operations. In return, it is entitled to a  
portion of the production, called cost oil/gas, to recover its costs and  
investment. The remaining production, called profit oil/gas, is then  
shared between the contractor (contractor group), and the national  
company and/or host country.  
resource acquisitions  
Acquisition of a participating interest in an oil and gas mining property  
by way of an assignment of rights and obligations in the  
corresponding permit or license and related contracts, with a view to  
producing the recoverable oil and gas.  
return on average capital employed (ROACE)  
Ratio of adjusted net operating income to average capital employed  
at replacement cost between the beginning and the end of the period.  
project  
As used in this document, “project” may encompass different meanings,  
such as properties, agreements, investments, developments, phases,  
activities or components, each of which may also informally be  
described as a “project”. Such use is for convenience only and is not  
intended as a precise description of the term “project” as it relates to  
any specific governmental law or regulation.  
return on equity (ROE)  
Ratio of adjusted consolidated net income to average adjusted  
shareholders’ equity (after distribution) between the beginning and  
the end of the period. Adjusted shareholders’ equity for a given  
period is calculated after distribution of the dividend (subject to  
approval by the Shareholders’ Meeting).  
proved permit  
Risked service contract  
Permit for which there are proved reserves.  
proved reserves (1P reserves)  
Service contract where the contractor bears the investments and the  
risks. The contractor usually receives a portion of the production to  
cover the refund of the investments and the related interests, and a  
monetary remuneration linked to the performance of the field.  
Proved oil and gas reserves are those quantities of oil and gas,  
which, by analysis of geoscience and engineering data, can be  
estimated with certainty of 90% to be economically producible from  
a given date forward, from known reservoirs, and under existing  
economic conditions, operating methods, and government  
regulations, prior to the time at which contracts providing the right to  
operate expire, unless evidence indicates that renewal is reasonably  
certain, regardless of whether deterministic or probabilistic methods  
are used for the estimation.  
S
seismic  
Method of exploring the subsoil that entails methodically sending  
vibration or sound waves and recording their reflections to assess  
the type, size, shape and depth of subsurface layers.  
shale gas  
proved developed reserves  
Natural gas in a source rock that has not migrated to a reservoir.  
Proved developed oil and gas reserves are proved reserves that can  
be expected to be recovered (i) through existing wells with existing  
equipment and operating methods or in which the cost of the required  
equipment is relatively minor compared to the cost of a new well;  
and (ii) through installed extraction equipment and infrastructure  
operational at the time of the reserves estimate if the extraction is by  
means not involving a well.  
shale oil  
Oil in a source rock that has not migrated to a reservoir.  
sidetrack  
Well drilled from a portion of an existing well (and not by starting from  
the surface). It is used to get around an obstruction in the original  
well or resume drilling in a new direction or to explore a nearby  
geological area.  
proved undeveloped reserves  
Proved undeveloped oil and gas reserves are proved reserves that  
are expected to be recovered with new investments (new wells on  
undrilled acreage, or from existing wells where a relatively major  
expenditure is required for recompletion, surface facilities).  
silicon  
The most abundant element in Earth’s crust after oxygen. It does not  
exist in a free state but in the form of compounds such as silica,  
which has long been used as an essential element of glass.  
Polysilicon (or crystalline silicon), which is obtained by purifying silicon  
and consists of metal-like crystals, is used in the construction of  
photovoltaic solar panels, but other minerals or alloys may be used.  
proved and probable reserves (2P reserves)  
Sum of proved reserves and probable reserves. 2P reserves are the  
median quantities of oil and gas recoverable from fields that have  
already been drilled, covered by E&P contracts and for which technical  
studies have demonstrated economic development in a long-term  
price environment. They include projects developed by mining.  
Registration Document 2018 TOTAL  
427  
GLOSSARY  
special items  
Due to their unusual nature or particular significance, certain  
transactions qualifying as “special items” are excluded from the  
business segment figures. In general, special items relate to  
transactions that are significant, infrequent or unusual. 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 qualify as special items although they may have  
occurred in prior years or are likely to recur in following years.  
steam cracker  
A petrochemical plant that turns naphtha and light hydrocarbons  
into ethylene, propylene, and other chemical raw materials.  
T
thermochemical conversion  
Conversion of carbon energy sources (gas, coal, biomass,  
waste, CO ) through thermal transformation (chemical reactions  
2
controlled by the combined action of temperature, pressure and often  
of a catalyst). Gasification is an example.  
tight gas  
Natural gas trapped in very low-permeable reservoir.  
turnaround  
Temporary shutdown of a facility for maintenance, overhaul and  
upgrading.  
U
unconventional hydrocarbons  
Oil and gas that cannot be produced or extracted using conventional  
methods. These hydrocarbons generally include shale gas, coal bed  
methane, gas located in very low-permeable reservoirs, methane  
hydrates, extra heavy oil, bitumen and liquid or gaseous hydrocarbons  
generated during pyrolysis of oil shale.  
unitization  
Creation of a new joint venture and appointment of a single operator  
for the development and production as single unit of an oil or gas  
field involving several permits/licenses or countries.  
unproved permit  
Permit for which there are no proved reserves.  
428  
TOTAL Registration Document 2018  
CROSS-REFERENCE LISTS  
Registration Document crossꢀreference list, for use in identifying the  
information required by Annex 1 of Regulation 809/2004/EC of 29 April 2004  
Registration Document 2018  
Information required by Annex 1  
of Regulation 809/2004/EC  
Relevant  
chapters  
Relevant  
paragraphs  
1.  
2.  
3.  
4.  
5.  
Persons responsible  
Statutory auditors  
p. 1  
4
4.4.5  
1.1.2 and 1.4.1.2  
3.1  
Selected financial information  
Risk Factors  
1
3
Information about the issuer  
5.1  
History and development  
1
1.2, 1.3.1 and 1.6  
5.1.1  
Legal and commercial name  
1
7
1.6.1  
7.2.1  
5
5
5
5
5
5
5
.1.2  
.1.3  
.1.4  
.1.5  
.2  
Place of registration and registration number  
Date of incorporation and length of life  
1
7
1.6.1  
7.2.1  
1
7
1.6.1  
7.2.1  
Registered office, legal form, applicable legislation, country of incorporation,  
address and telephone number of registered office  
1
7
1.6.1  
7.2.1  
Important events in the development of the business  
1
2
1.4 and 1.6.2  
2.1 to 2.6  
Investments  
1
2
1.5.2  
2.5  
.2.1  
.2.2  
Principal investments over the last three fiscal years  
Principal investments in progress  
1
2
1.5.2  
2.5.1  
1
2
1.5.2  
2.5.1  
5
6
6
.2.3  
Principal future investments  
Business overview  
2
2.5.2  
.
.1  
Principal activities  
1
2
1.1.2.2  
2.1 to 2.4  
6.2  
6.3  
6.4  
6.5  
Principal markets  
1
2
1.1.2.2  
2.1 to 2.4  
Exceptional factors that have influenced the principal activities  
or principal markets  
1
2
1.4  
2.1 to 2.4  
Dependence on certain contracts  
2
3
2.1 to 2.4  
3.1.4  
Competitive position  
1
2
3
1.1.1.1  
2.1 to 2.4  
3.1.7  
7.  
Organizational structure  
1
1.6  
7
.1  
.2  
Issuer’s position within the Group  
Significant subsidiaries  
1
1.6.1  
7
1
8
1.6.1  
8.7 (Note 18)  
8.  
Property, plant and equipment  
2
2.7  
Registration Document 2018 TOTAL  
429  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Information required by Annex 1  
of Regulation 809/2004/EC  
Relevant  
chapters  
Relevant  
paragraphs  
8
.1  
.2  
Most significant tangible fixed assets  
2
8
2.1 to 2.4 and 2.7  
8.7 (Note 7)  
8
Environmental issues affecting the most significant tangible fixed assets  
3
5
3.1.2 and 3.3  
5.5 and 5.6  
9.  
Operating and financial review  
9
.1  
.2  
Financial condition  
Operating results  
1
1.4.1  
9
1
8
1.4.1  
8.2  
10  
10.2.1  
9
.2.1  
.2.2  
Significant factors materially affecting income from operations  
Narrative description of changes in net sales or revenues  
1
2
8
1.4.1 and 1.4.4  
2.1 to 2.4  
8.7 (Notes 3, 4 and 5)  
9
1
8
1.4.1  
8.7 (Notes 3, 4 and 5)  
9
.2.3  
0.  
External factors that have materially affected, or could materially affect operations  
Capital resources  
1
1.4.1 and 1.4.4  
1
1
0.1  
0.2  
Information concerning capital resources (both short and long term)  
Source, amounts and narrative description of cash flows  
1
1.4.2.1  
1
1
8
1.4.2.2  
8.5  
1
0.3  
0.4  
Borrowing requirements and funding structure  
1
1
1.4.2.3  
1.4.2.4  
1
Restrictions on the use of capital resources that have materially affected,  
or could materially affect, operations  
10.5  
Anticipated sources of funds needed for the principal future investments  
and major encumbrances on the most significant tangible fixed assets  
1
2
8
1.4.2.5  
2.5.3  
8.7 (Note 7)  
11.  
Research and development, patents and licenses  
1
2
1.5.1  
2.6  
12.  
Trend information  
12.1  
Most significant trends in production, sales and inventory and costs  
and selling prices since the end of the last fiscal year  
1
2
1.4.1.1 and 1.4.4  
2.1 to 2.4  
12.2  
Known trends, uncertainties, demands, commitments or events that  
are likely to have a material effect on prospects for the current fiscal year  
1
2
3
1.4.3 and 1.4.4  
2.5.2  
3.1, 3.2 and 3.4  
1
3.  
4.  
Profit forecasts or estimates  
n/a  
n/a  
1
Administrative, management and supervisory bodies and senior management  
1
4.1  
4.2  
Information about members of the administrative and management bodies  
4
4
4.1  
1
Conflicts of interests, understandings relating to nominations,  
restrictions on the disposal of holdings in the issuer’s securities  
4.1.1.2  
15.  
Remuneration and benefits  
1
5.1  
5.2  
Remuneration paid and benefits in kind granted by the issuer and its subsidiaries  
Amounts set aside or accrued to provide pension, retirement or similar benefits  
4
4.3  
1
4
8
4.3.2  
8.7 (Notes 8.4, 9 and 10)  
10.3 (Note 26)  
10  
16.  
Board practices  
16.1  
Date of expiration of the current term of office,  
and date of commencement in office  
1
4
1.1.1.3  
4.1.1  
16.2  
Contracts with the issuer or any of its subsidiaries providing for benefits  
upon termination of such contracts  
4
4.3.2  
1
6.3  
6.4  
Information about the issuer’s Audit Committee and Remuneration Committee  
Compliance with the Corporate Governance regime in force in France  
4
4
4.1.2.3  
4.2  
1
430  
TOTAL Registration Document 2018  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Information required by Annex 1  
of Regulation 809/2004/EC  
Relevant  
chapters  
Relevant  
paragraphs  
17.  
Employees  
17.1  
Number of employees at the end of the last three fiscal years;  
breakdown by geographic location and category of activity  
1
5
8
1.1.2.3  
5.3  
8.7 (Note 10)  
1
7.2  
7.3  
Shareholdings and stock options  
4
6
4.3.4  
6.4.2  
1
Arrangements for involving employees in the capital of the issuer  
4
5
6
4.3.4  
5.3  
6.4.2  
18.  
Major shareholders  
1
8.1  
8.2  
Interests held above the threshold for notification (known interests)  
6
6.4.1  
1
Major shareholders’ voting rights in excess of their share in the share capital  
6
7
6.4.1  
7.2.4  
1
8.3  
8.4  
Control of the issuer by one or more shareholders  
n/a  
n/a  
n/a  
n/a  
1
Arrangements, known to the issuer, the operation of which may at a subsequent  
date result in a change in control of the issuer  
1
9.  
0.  
Related party transactions  
4
8
4.4.1  
8.7 (Note 8)  
2
Financial information concerning the issuer’s assets and liabilities,  
financial position and profits and losses  
2
2
2
2
2
0.1  
Historical financial information  
7
n/a  
8
7.3  
n/a  
0.2  
Pro forma financial information  
0.3  
Consolidated annual financial statements  
Auditing of historical annual financial information  
Auditing of the historical financial information  
8.2 to 8.7  
0.4  
0.4.1  
7
8
7.3.3  
8.1  
10  
10.1  
2
0.4.2  
0.4.3  
Other information in the Registration Document that has been audited by the auditors  
4
0
4.5  
10.1  
1
2
Financial information in the Registration Document that is not extracted  
from the issuer’s audited financial statements  
7
9
7.3.4  
9.1 to 9.3  
2
2
2
0.5  
Date of latest audited financial information  
Interim and other financial information  
December 31, 2018  
0.6  
0.6.1  
Quarterly or half yearly financial information published since the date  
of the last audited financial statements  
n/a  
n/a  
n/a  
n/a  
20.6.2  
Interim financial information covering the first six months of the fiscal year  
after the end of the last audited fiscal year  
20.7  
Dividend policy  
1
6
1.4.1.9  
6.2  
2
0.8  
0.9  
Legal and arbitration proceedings  
3
1
3.2  
2
Significant change in the issuer’s financial or commercial position  
1.4.4  
21.  
Additional information  
21.1  
Share capital  
21.1.1  
Issued capital and authorized capital  
7
8
7.1  
8.7 (Note 9)  
10  
10.3 (Note 7) and 10.4.2  
2
1.1.2  
1.1.3  
Shares not representing capital  
n/a  
n/a  
2
Shares held by the issuer or its subsidiaries  
6
8
6.3.2  
8.7 (Note 9)  
10  
10.3 (Note 7) and 10.4.1  
21.1.4  
Securities granting future access to the issuer’s share capital  
4
7
4.4.2  
7.1.3  
Registration Document 2018 TOTAL  
431  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Information required by Annex 1  
of Regulation 809/2004/EC  
Relevant  
chapters  
Relevant  
paragraphs  
21.1.5  
Terms of any acquisition rights and/or obligations over capital issued  
but not paid, or any capital increase  
n/a  
n/a  
2
1.1.6  
1.1.7  
Capital of any member of the Group which is under option  
n/a  
n/a  
2
History of the issuer’s share capital over the last three fiscal years  
7
8
1
7.1.4  
8.7 (Note 9)  
10.3 (Note 7)  
0
2
2
2
1.2  
Memorandum and Articles of Association  
1.2.1  
1.2.2  
Issuer’s objects and purposes  
7
7.2.2  
Provisions of statutes and charters with respect to the members of the administrative,  
management and supervisory bodies  
4
7
4.1.2.1  
7.2.3  
21.2.3  
21.2.4  
21.2.5  
Rights, preferences and restrictions attached to each class of the existing shares  
Action necessary to change the rights of shareholders  
7
7
7.2.4  
7.2.5  
Manner in which annual general meetings of shareholders  
are called including the conditions of admission  
4
7
4.4.3  
7.2.6  
2
1.2.6  
1.2.7  
Provisions of the issuer’s statutes, charter or bylaws that would have the effect of delaying,  
deferring or preventing a change in control of the issuer  
4
7
4.4.4  
7.2.4  
2
Provisions of the statutes governing the ownership threshold above  
which share ownership must be disclosed  
7
7.2.8  
2
1.2.8  
2.  
Conditions governing changes in the capital that are more stringent than is required by law  
7
7.2.9  
n/a  
2
Material contracts (other than contracts entered into in the ordinary course of business)  
n/a  
23.  
24.  
25.  
Third party information and statements by experts and declarations of any interest  
n/a  
6
n/a  
Documents on display  
Information on holdings  
6.6.1  
1
8
1
1.6.1  
8.7 (Note 18)  
10.4.1  
0
Registration Document crossꢀreference list, for use in identifying  
the information contained in the annual financial report  
The cross-reference list below is used to identify the information in this Registration Document contained in the annual financial report  
pursuant to Article L. 451-1-2 of the French Financial and Monetary Code and Article 222-3 of the General Regulation of the French Financial  
Markets Authority.  
Registration Document 2018  
Relevant  
chapters  
Relevant  
paragraphs  
Annual financial report  
Annual financial statements  
10  
8
10.2 and 10.3  
8.2 to 8.7  
Consolidated Financial Statements  
Management report (pursuant to the French Financial and Monetary Code)  
Cross-reference list  
hereafter  
Declaration of persons responsible for the annual financial report  
p. 1  
Reports of the statutory auditors on the statutory financial statements  
and Consolidated Financial Statements  
8
10  
8.1  
10.1  
Board of Directors’ report on corporate governance  
4
4.1 to 4.4  
(
Article L. 225-37, last paragraph, of the French Commercial Code)  
Auditors’ report on the Board of Directors’ report on corporate governance  
Article L. 225-235 of the French Commercial Code)  
10  
10.1  
(
432  
TOTAL Registration Document 2018  
CROSS-REFERENCE LISTS  
Registration Document crossꢀreference list, for use in identifying  
the information contained in the Board of Directors’ management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Registration Document 2018  
Board of Directors’ consolidated management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Relevant  
chapters  
Relevant  
paragraphs  
1
Information regarding the activities of the Company and Group  
Information mentioned in Article L. 225-100-1 of the French Commercial Code  
1
2
Objective and comprehensive analysis of changes in the business, results and financial  
position of the Company and Group, and in particular the debt position, in light of the volume  
and complexity of the business  
1
1.4.1 and 1.4.2  
Key financial and, if applicable, non-financial performance indicators relating  
to the specific activities of the Company and Group, and in particular information  
regarding environmental and social issues  
1
2
5
1.1.2.2 and 1.4.1  
2.5.1  
5.3 to 5.11  
3
4
Description of the principal risks and uncertainties faced by the Company and Group companies  
1
3
1.4.3 and 1.4.4  
3.1  
Information on the financial risks related to the effects of climate change and overview  
of measures adopted by the Company to reduce them and implement a low carbon strategy  
in all its activities  
3
5
3.1 and 3.3  
5.6  
5
6
Main characteristics of the internal control and risk management procedures put in place relating  
to the preparation and processing of accounting and financial information  
3
3.3  
Information on the Company’s objectives and policy relating to the hedging of each of the main  
categories of planned transactions for which hedge accounting is used  
Exposure to price, credit, liquidity and cash flow risks  
3
1
3.3  
1.4.2  
Information on the Company’s use of financial instruments  
Information mentioned in Article L. 232-1 of the French Commercial Code  
Position of the Company and Group during the last fiscal year  
1
8
1.4.1  
8.7 (Note 2)  
Company and Group foreseeable trends and outlooks  
Significant changes since the end of the fiscal year  
Research and development activities  
1
8
1.4.3  
8.7 (Note 2)  
1
8
1.4.4  
8.7 (Note 17)  
1
2
1.5.1  
2.6  
Company’s existing branch offices  
1
1.6.1  
Statement of non-financial performance mentioned in Article L. 225-102-1  
of the French Commercial Code (consolidated statement)  
Business model of the Company and of the Group  
1
2
5
1.2 to 1.3  
2.1 to 2.4  
5.2  
Information on how the Company takes into account the social and environmental consequences  
of its activities, as well as the effects of those activities with regard to respect for human rights  
and fighting corruption and tax evasion  
3
5
3.3.3  
5.3, 5.4, 5.7, 5.8 and 5.11  
Information about the impact on climate change of the Company’s activity and the use  
of the goods and services that it produces  
3
5
3.3.3  
5.6 and 5.11  
Societal commitments in order to promote sustainable development and the circular economy, prevent  
food waste and food poverty or promote animal welfare and responsible, fair and sustainable food  
5
Introduction and 5.5.5  
Information on collective agreements within the Company and their impacts on the Company’s  
economic performance as well as on employees’ working conditions, on actions aimed at fighting  
discrimination and promoting diversity, and the measures taken in favor of people with disabilities  
5
5.3  
Information mentioned in Article L. 225-102-2 of the French Commercial Code  
(
polluting or high-risk – upper threshold in accordance with the Seveso regulation)  
Information on the Company’s industrial accident risk prevention policy, the Company’s ability to  
cover its civil liability vis-à-vis property and people due to the operation of such facilities and the  
means provided by the Company to manage the compensation of victims in the event of  
an industrial accident for which it is liable  
3
5
3.3  
5.5  
Registration Document 2018 TOTAL  
433  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Board of Directors’ consolidated management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Relevant  
chapters  
Relevant  
paragraphs  
Information mentioned in Article L. 225-102-4 of the French Commercial Code  
Vigilance plan relating to the Company’s activities and all of the subsidiaries or companies  
controlled by the Company and report on its effective implementation  
3
3.5  
Information mentioned in Articles L. 441-6-1 and D. 441-4 of the French Commercial Code  
Information about payment terms of suppliers or customers  
5
5.10.4  
10.3 (Note 11)  
10  
Information mentioned in Article L. 511-6 of the French Monetary and Financial Code  
Amounts of all incidental loans with a term of less than two years made by the Company to  
microbusinesses, SMEs or intermediate-sized enterprises with which the Company has financial  
links that justify such a loan  
n/a  
n/a  
n/a  
n/a  
Statutory auditors’ declaration attached to the management report  
2
Information regarding the directors  
Information mentioned in Article L. 621-18-2 of the French Monetary and Financial Code  
and Article 223-26 of the General Regulation of the French Financial Markets Authority  
Summary of transactions in the Company’s stock carried out by the directors and persons mentioned  
in Article L. 621-18-2 of the French Monetary and Financial Code during the last fiscal year  
4
4
4.1.6  
4.3.4  
Information mentioned in Articles L. 225-197-1 and L. 225-185 of the French Commercial Code  
Statement of the shareholding retention obligations applied to directors until the end of their term  
of office by the Board of Directors at the time of the decision to grant free shares or stock options  
3
Legal, financial and tax information  
Information mentioned in Article L. 225-102 of the French Commercial Code  
Statement of employee shareholding on the last day of the fiscal year  
1
6
1.1  
6.4  
Information mentioned in Article L. 233-6 of the French Commercial Code  
(significant acquisitions of shares in companies with registered offices in France)  
Acquisitions of shares in companies with registered offices in France representing more  
than one twentieth, one tenth, one fifth, one third or one half of the capital of these companies,  
or resulting in control of such companies, during the fiscal year  
1
6
1.6  
6.4  
Information mentioned in Article L. 233-13 of the French Commercial Code  
share ownership, changes in major shareholders holdings and treasury shares)  
(
Identity of any individual or legal entity directly or indirectly holding more than one twentieth,  
one tenth, three twentieths, one fifth, one quarter, one third, one half, two thirds, eighteen  
twentieths or nineteen twentieths of the share capital or voting rights at the Shareholders’  
Meetings of the Company  
Information on changes during the fiscal year  
6
6.4.1  
n/a  
Statement of the names of any controlled companies holding treasury shares and the share  
of the Company’s capital that they own  
n/a  
Information mentioned in Articles L. 233-29, L. 233-30 and R. 233-19  
of the French Commercial Code (reciprocal shareholdings)  
n/a  
n/a  
Disposal of shares by a company pursuant to Articles L. 233-29 and L. 233-30  
of the French Commercial Code to adjust reciprocal shareholdings  
Information mentioned in Article L. 225-211 of the French Commercial Code  
relating to acquisitions and disposals of its own shares by the Company  
Number of shares purchased and sold during the fiscal year pursuant to Articles L. 225-208,  
L. 225-209, L. 225-209-2, L. 228-12 and L. 228-12-1 of the French Commercial Code, average  
purchase and sale price, amount of trading costs, number of shares held in the name of the  
Company at the end of the fiscal year and the value thereof at the purchase price, together with  
the par value thereof for each purpose, number of shares used, any reallocations thereof,  
and the fraction of the share capital they represent.  
6
6.3  
434  
TOTAL Registration Document 2018  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Board of Directors’ consolidated management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Relevant  
chapters  
Relevant  
paragraphs  
Information mentioned in Articles R. 228-90, R. 225-138 and R. 228-91  
of the French Commercial Code relating to adjustment transactions  
Statement of conversion adjustments and adjustments to terms of issue or exercise  
of stock options or securities granting access to the share capital  
n/a  
n/a  
n/a  
n/a  
6.2  
Information mentioned in Article L. 464-2 of the French Commercial Code  
injunctions or penalties for antitrust practices)  
(
Statement of injunctions or penalties for antitrust practices ordered by the French  
Competition Authority  
Information mentioned in Article 243 bis of the French General Tax Code relating to  
the amounts of dividends distributed and the amount of distributed income  
Amounts of dividends distributed in the last three fiscal years and amount  
of distributed income in those fiscal years  
6
8
Changes made to the method of presentation of the annual financial statements  
8.7  
10  
10.3 (Note 1)  
Observations made by the French Financial Markets Authority on proposed appointments  
and renewals of statutory auditors  
n/a  
n/a  
Table of results for each of the last five fiscal years, attached to the management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Information mentioned in Article R. 225-102 of the French Commercial Code  
10  
9
10.4.2  
9.3  
Report on the payments made to governments  
Information mentioned in Article L. 225-102-3 of the French Commercial Code  
Registration Document 2018 TOTAL  
435  
CROSS-REFERENCE LISTS  
Registration Document crossꢀreference list, for use in identifying  
the information contained in the Board of Directors’ report on corporate  
governance produced pursuant to Article L. 225ꢀ37, last paragraph,  
of the French Commercial Code, attached to the management report  
mentioned in Article L. 225ꢀ100 of the French Commercial Code  
Registration Document 2018  
Board of Directors’ report on corporate governance produced pursuant  
to Article L. 225ꢀ37, last paragraph, of the French Commercial Code  
Relevant  
chapters  
Relevant  
paragraphs  
I. Information regarding the compensation of the management,  
administrative and supervisory bodies  
Information mentioned in Article L. 225-37-2 of the French Commercial Code  
Details of the components of compensation mentioned in Article L. 225-37-2, paragraph one  
4
4
4
4.3.2.2  
4.3.2.2  
4.3.2.2  
(
principles and criteria for the determination, breakdown and allocation of the fixed, variable  
and extraordinary components of the total compensation (including in-kind benefits) attributable  
to the Chairman and Chief Executive Officer as a result of his duties)  
Statement that the payment of the variable and extraordinary components of the compensation  
attributable to the Chairman and Chief Executive Officer as a result of his duties is conditional on  
the approval by the Ordinary Shareholders’ Meeting of the components of the compensation  
of the Chairman and Chief Executive Officer pursuant to Article L. 225-100 of the French Commercial Code  
Draft resolution produced by the Board of Directors pursuant to Article L. 225-37-2 of the French  
Commercial Code (approval of the principles and criteria for the determination, breakdown and allocation  
of the fixed, variable and extraordinary components of the total compensation (including in-kind benefits)  
attributable to the Chairman and Chief Executive Officer as a result of his duties)  
Information mentioned in Article L. 225-37-3 of the French Commercial Code  
Total compensation (including in-kind benefits) paid by the Company to each corporate officers  
4
4.3.1 and 4.3.2.1  
(
mandataires sociaux) of TOTAL S.A. during the 2018 fiscal year (description distinguishing between  
the fixed, variable and extraordinary components of the total compensation and in-kind benefits  
and the criteria used to calculate them or the circumstances due to which they were attributed,  
with reference, if applicable, to the resolutions voted on under the conditions set out in  
Article L. 225-37-2 of the French Commercial Code)  
Statement, if applicable, of the application of the provisions of paragraph two  
of Article L. 225-45 of the French Commercial Code.  
n/a  
4
n/a  
Statement of the commitments of all kinds made by TOTAL S.A. in favor of its corporate officers  
4.3.1 and 4.3.2  
(mandataires sociaux), corresponding to the components of compensation, indemnities or in-kind  
benefits due or likely to be due upon acceptance, termination or change in their duties or after the  
discharge thereof, in particular pension commitments and other annuities  
II. Information regarding the composition and functioning of the management,  
administrative and supervisory bodies  
Information mentioned in Article L. 225-37-4 of the French Commercial Code  
1
2
List of all of the directorships and functions held at any company by each corporate officers  
mandataires sociaux) during the 2018 fiscal year  
4
4
4.1.1.1  
4.4.1  
(
Agreements made, directly or through an intermediary, between, on the one hand,  
any corporate officers (mandataires sociaux) or shareholder holding more than 10% of  
TOTAL S.A.’s voting rights and, on the other hand, a company of which TOTAL S.A.  
directly or indirectly owns more than half of the capital, other than agreements related to  
its ordinary course of business and signed under normal conditions  
3
4
Summary table of valid delegations granted by the Shareholders’ Meeting with respect  
to capital increases, pursuant to Articles L. 225-129-1 and L. 225-129-2 of the French  
Commercial Code, showing the use made of such delegations during the 2018 fiscal year  
4
4.4.2  
Statement of the choice made between the two forms of management set out in  
Article L. 225-51-1 of the French Commercial Code  
4
4
4.1.5.1  
5
6
Composition and preparation and organization of the work of the Board of Directors  
4.1.1 and 4.1.2  
Description of the diversity policy applied to members of the Board of Directors’ principle with regard  
to criteria such as age, sex or qualifications and professional experience, as well as a description of  
this policy, its terms and conditions of implementation and results achieved during the past fiscal year  
Information on how the Company seeks a balanced representation of men and women on the executive  
committee and on results regarding diversity in the 10% of the highest management positions  
4
5
4.1.1.5 and 4.1.5.2  
5.3.3.1  
436  
TOTAL Registration Document 2018  
CROSS-REFERENCE LISTS  
Registration Document 2018  
Board of Directors’ report on corporate governance produced pursuant  
to Article L. 225ꢀ37, last paragraph, of the French Commercial Code  
Relevant  
chapters  
Relevant  
paragraphs  
7
8
Limits set by the Board of Directors concerning the powers of the Chief Executive Officer, if any  
4
4
4.1  
4.2  
Declaration regarding the Corporate Governance Code to which the Company voluntarily refers,  
and, if applicable, the reasons why any provision thereof has been set aside  
9
Provisions of the bylaws governing shareholders’ participation in Shareholders’ Meetings  
4
7
4.4.3  
7.2.6  
(particular conditions regarding shareholders’ participation in the Shareholders’ Meeting  
or provisions of the bylaws setting out such conditions)  
III. Information regarding factors likely to have an impact in the event  
of a public takeover or exchange offer  
Information mentioned in Article L. 225-37-5 of the French Commercial Code  
4
4.4.4  
Registration Document 2018 TOTAL  
437  
438  
TOTAL Registration Document 2018  
Registration Document 2018 TOTAL  
439  
440  
TOTAL Registration Document 2018  
This document was printed by an Imprim’vert labeled printer on PEFC-certified paper.  
Cover photography: Laurent Zylberman © TOTAL  
Design and production: Agence Marc Praquin  
see you on  
total.com  
TOTAL S.A.  
Registered Office:  
2
9
, place Jean Millier – La Défense 6  
2400 Courbevoie – France  
Reception: +33 (0)1 47 44 45 46  
Share capital: 6,604,536,935.00 euros  
42 051 180 RCS Nanterre  
Investor Relations: +44 (0)207 719 7962  
North American Investor Relations: +1 (713) 483-5070  
5


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