Dividend policy

Dividend payment policy

On October 28, 2010, TOTAL S.A.’s Board of Directors adopted a policy based on quarterly dividend payments starting in fiscal year 2011.

Fiscal years 2014 and 2015 dividends

TOTAL has paid three quarterly interim dividends for fiscal year 2014: 

  • the first quarterly interim dividend of €0.61 per share for fiscal year 2014, approved by the Board of Directors on April 29, 2014, was paid in cash on September 26, 2014 (the ex-dividend date was September 23, 2014); 
  • the second quarterly interim dividend of €0.61 per share for fiscal year 2014, approved by the Board of Directors on July 29, 2014, was paid in cash on December 17, 2014 (the ex-dividend date was December 15, 2014); and 
  • the third quarterly interim dividend of €0.61 per share for fiscal year 2014, approved by the Board of Directors on October 28, 2014, was paid in cash on March 25, 2015 (the ex-dividend date was March 23, 2015). 

After closing the 2014 accounts, the Board of Directors decided on February 11, 2015, to propose to the Annual Shareholders’ Meeting on May 29, 2015 an annual dividend of 2.44 € / share for fiscal year 2014, an increase of 2.5% compared to 2013. Taking into account the interim dividends for the first three quarters of 2014 decided by the Board of Directors, the remaining 2014 dividend is 0.61 € / share, equal to the three 2014 interim dividends. The Board of Directors also decided to propose to the shareholders the option of receiving the remaining 2014 dividend payment in new shares benefiting from a 10% discount(4). Pending the approval at the Annual Shareholders’ Meeting, the ex-dividend date would be June 8, 2015, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for July 1, 2015. Subject to the applicable legislative and regulatory provisions, and pending the approval by the Board of Directors and the shareholders at the Shareholders’ Meeting for the accounts and the final dividend, the ex-date calendar for the interim quarterly dividends and the final dividend for fiscal year 2015 is expected to be as follows: 

  • 1st interim dividend: September 28, 2015; 
  • 2nd interim dividend: December 21, 2015;
  • 3rd interim dividend: March 21, 2016; 

Remainder: June 6, 2016. 
The provisional ex-dividend dates above relate to the TOTAL shares traded on Euronext Paris.

Dividends in euros for the last five fiscal years (€)

Graphic : Dividends in euros for the last five fiscal years

In 2014, TOTAL’s pay-out ratio was 58%(2). Changes in the pay-out ratio(3) over the past five fiscal years are as follows:

Graphic : Changes in the pay-out ratio

 

(1) Pending approval at the May 29, 2015 Annual Shareholders’ Meeting.
(2) Based on adjusted fully-diluted earnings per share of €4.24 and a dividend of €2.44 per share pending approval at the May.
(3) Based on adjusted fully-diluted earnings for the relevant year.

(4) The issuance price of each new share will be equal to 90% of the average opening piece of TOTAL S.A.'s shares on Euronext Paris over the twenty trading days preceding the Annual Shareholders' Meeting, reduced by the amount of the remaining dividend, and rounded up to the nearest euro centime.