Total S.A. (TOT) | Short-term (Operating) Activity

Ratios (Summary)

Total S.A., short-term (operating) activity ratios

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Turnover Ratios
Inventory turnover	11.50	10.19	10.21	9.47	18.71
Receivables turnover	10.42	9.21	8.77	8.35	11.77
Payables turnover	9.24	8.36	8.63	8.54	12.15
Working capital turnover	10.82	10.89	8.97	8.56	14.14
Average No. of Days
Average inventory processing period	32	36	36	39	20
Add: Average receivable collection period	35	40	42	44	31
Operating cycle	67	75	77	82	51
Less: Average payables payment period	39	44	42	43	30
Cash conversion cycle	27	32	35	39	20

Source: Based on data from Total S.A. Annual Reports

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as revenue divided by inventory.	Total S.A.'s inventory turnover deteriorated from 2010 to 2011 but then improved from 2011 to 2012 exceeding 2010 level.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Total S.A.'s receivables turnover improved from 2010 to 2011 and from 2011 to 2012.
Payables turnover	An activity ratio calculated as revenue divided by payables.	Total S.A.'s payables turnover declined from 2010 to 2011 but then increased from 2011 to 2012 exceeding 2010 level.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Total S.A.'s working capital turnover improved from 2010 to 2011 but then slightly deteriorated from 2011 to 2012.
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	Total S.A.'s average inventory processing period deteriorated from 2010 to 2011 but then improved from 2011 to 2012 exceeding 2010 level.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnoverd.	Total S.A.'s average receivable collection period improved from 2010 to 2011 and from 2011 to 2012.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Total S.A.'s operating cycle improved from 2010 to 2011 and from 2011 to 2012.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	Total S.A.'s average payables payment period increased from 2010 to 2011 but then declined significantly from 2011 to 2012.
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	Total S.A.'s cash conversion cycle improved from 2010 to 2011 and from 2011 to 2012.

Inventory Turnover

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions, translated from EUR €)
Sales	263,794	239,612	211,344	188,228	250,523
Inventories, net	22,939	23,511	20,701	19,875	13,392
Inventory Turnover, Comparison to Industry
Total S.A.¹	11.50	10.19	10.21	9.47	18.71
Industry, Oil & Gas	15.26	16.58	14.87	13.19	23.54

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Inventory turnover = Sales ÷ Inventories, net
= 263,794 ÷ 22,939 = 11.50

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as revenue divided by inventory.	Total S.A.'s inventory turnover deteriorated from 2010 to 2011 but then improved from 2011 to 2012 exceeding 2010 level.

Receivables Turnover

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions, translated from EUR €)
Sales	263,794	239,612	211,344	188,228	250,523
Accounts receivable, net	25,324	26,011	24,096	22,530	21,279
Receivables Turnover, Comparison to Industry
Total S.A.¹	10.42	9.21	8.77	8.35	11.77
Industry, Oil & Gas	11.65	11.30	10.36	9.78	14.87

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Receivables turnover = Sales ÷ Accounts receivable, net
= 263,794 ÷ 25,324 = 10.42

Ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Total S.A.'s receivables turnover improved from 2010 to 2011 and from 2011 to 2012.

Payables Turnover

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions, translated from EUR €)
Sales	263,794	239,612	211,344	188,228	250,523
Accounts payable	28,544	28,653	24,482	22,048	20,622
Payables Turnover, Comparison to Industry
Total S.A.¹	9.24	8.36	8.63	8.54	12.15
Industry, Oil & Gas	11.51	11.61	10.69	10.39	16.45

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Payables turnover = Sales ÷ Accounts payable
= 263,794 ÷ 28,544 = 9.24

Ratio	Description	The company
Payables turnover	An activity ratio calculated as revenue divided by payables.	Total S.A.'s payables turnover declined from 2010 to 2011 but then increased from 2011 to 2012 exceeding 2010 level.

Working Capital Turnover

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions, translated from EUR €)
Current assets	89,026	82,593	77,237	71,316	65,504
Less: Current liabilities	64,635	60,589	53,673	49,316	47,783
Working capital	24,391	22,004	23,564	21,999	17,721
Sales	263,794	239,612	211,344	188,228	250,523
Working Capital Turnover, Comparison to Industry
Total S.A.¹	10.82	10.89	8.97	8.56	14.14
Industry, Oil & Gas	16.12	24.43	19.76	22.65	38.48

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Working capital turnover = Sales ÷ Working capital
= 263,794 ÷ 24,391 = 10.82

Ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Total S.A.'s working capital turnover improved from 2010 to 2011 but then slightly deteriorated from 2011 to 2012.

Average Inventory Processing Period

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data
Inventory turnover	11.50	10.19	10.21	9.47	18.71
Average Inventory Processing Period (no. of days), Comparison to Industry
Total S.A.¹	32	36	36	39	20
Industry, Oil & Gas	24	22	25	28	16

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 11.50 = 32

Ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	Total S.A.'s average inventory processing period deteriorated from 2010 to 2011 but then improved from 2011 to 2012 exceeding 2010 level.

Average Receivable Collection Period

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data
Receivables turnover	10.42	9.21	8.77	8.35	11.77
Average Receivable Collection Period (no. of days), Comparison to Industry
Total S.A.¹	35	40	42	44	31
Industry, Oil & Gas	31	32	35	37	25

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.42 = 35

Ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnoverd.	Total S.A.'s average receivable collection period improved from 2010 to 2011 and from 2011 to 2012.

Operating Cycle

No. of days

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data
Average inventory processing period	32	36	36	39	20
Average receivable collection period	35	40	42	44	31
Operating Cycle, Comparison to Industry
Total S.A.¹	67	75	77	82	51
Industry, Oil & Gas	55	54	60	65	40

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Operating cycle = Average inventory processing period + Average receivable collection period
= 32 + 35 = 67

Ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Total S.A.'s operating cycle improved from 2010 to 2011 and from 2011 to 2012.

Average Payables Payment Period

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data
Payables turnover	9.24	8.36	8.63	8.54	12.15
Average Payables Payment Period (no. of days), Comparison to Industry
Total S.A.¹	39	44	42	43	30
Industry, Oil & Gas	32	31	34	35	22

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 9.24 = 39

Ratio	Description	The company
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	Total S.A.'s average payables payment period increased from 2010 to 2011 but then declined significantly from 2011 to 2012.

Cash Conversion Cycle

No. of days

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data
Average inventory processing period	32	36	36	39	20
Average receivable collection period	35	40	42	44	31
Average payables payment period	39	44	42	43	30
Cash Conversion Cycle, Comparison to Industry
Total S.A.¹	27	32	35	39	20
Industry, Oil & Gas	24	23	26	30	18

Source: Based on data from Total S.A. Annual Reports

2012 Calculations

¹ Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 32 + 35 – 39 = 27

Ratio	Description	The company
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	Total S.A.'s cash conversion cycle improved from 2010 to 2011 and from 2011 to 2012.