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  • 1.3 %
    Share capital 30/09/2016
  • 1,358 EUR M
    Market value of investment 30/09/2016
  • 1.2 %
    Voting rights 30/09/2016
  • 2
    Representatives in statutory bodies 30/09/2016
Investment Year 1989 Investment history

Total is one of the leading global oil and gas groups. The company operates in more than 130 countries and covers every oil industry segment, from Upstream to Downstream. Total is also a major player in chemicals and is committed to the development of renewable energies.

GBL and Total

As PetroFina’s reference shareholder until its merger with Total in 1998, GBL actively participated in the consolidation of the oil sector by supporting the merger between Total and Elf in 2000. During the 2015 financial year GBL supported the strong measures taken by Total in response to the new oil price environment.

Half-year results 2016

  • The environment was characterised by a 31% drop in the price of Brent and refining margins, while the dollar remained stable compared to the euro
  • In this context, the adjusted net operating income of the segments fell by 28% to USD 4.4 billion: substantial fall in Upstream (- 44% despite a 4% increase in production), as well as in the Refining-Chemicals (- 12%) and Marketing Services (- 16%) arms. Adjusted net income (group’s share) and net profit per share fell by 34% and 36% respectively. ROACE shrank to 7.5%
  • Net debt increased in the half year, leading to a gearing of 30.0%

Outlook for 2016

Total will continue with the implementation of its portfolio optimisation and cost-reduction strategy. In the Upstream segment, start-ups of facilities should enable a 4% production increase in 2016. In the Downstream segment, the refining margins seen at the beginning of the third quarter of 2016 are decreasing, while they remain solid in petrochemicals.



Board of Directors (2/12*) Remuneration Committee (1/3*) Audit Committee (1/3*)
Member Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members