TOTAL NET INCOME DOWN 16%
Total's Board of Directors met on October 27, 2016, to review the Group's third quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
"Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.
Total continues to benefit from its integrated business model and is responding effectively to short-term challenges due to good operational performance and strong cost discipline.
In the Upstream, production increased by more than 4% compared to a year ago. Following the start up of Laggan-Tormore, Vega Pleyade and Angola LNG in the first half of the year, Incahuasi was put on stream in August and Kashagan in October. The five major projects of the year are thus all in production.
The Downstream contribution remained strong during the third quarter despite the decrease in European refining margins, and cash flow generation over the first 9 months was $5 billion, in line with the target for the year.
Discipline on cost control continued. Organic investments were $4.1 billion in the third quarter, and the Group plans to invest $18 billion in 2016. Operating costs continue to fall and savings are expected to increase to more than $2.7 billion in 2016, or 10% above the objective set at the start of the year.
In addition, the sale of Atotech for $3.2 billion in cash, or close to 12 times Ebitda, was part of the Group's portfolio management strategy to align its asset base with its ambitions and contributes to achieving the $10 billion asset sale program for 2015-17.
Finally, the net debt to equity ratio is stable at 30.6%, confirming the priority given to maintaining a strong balance sheet."
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