REG-TotalEnergies SE 3rd Quarter Results
28/10/2021 11:15
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3rd Quarter Results
TotalEnergies benefits from favorable environment leveraging leading position
in LNG to generate $4.8 billion adjusted net income and $8.4 billion cash flow
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q21 Change 9M21 Change
vs 3Q20
vs 9M20
Oil price - Brent ($/b) 73.5 +71% 67.9 +65%
Average price of LNG ($/Mbtu) 9.1 x2.5 7.3 +51%
Variable cost margin - Refining Europe, VCM ($/t) 20.5 ns 12.3 -10%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 4.8 x5.6 11.2 x4.1
- in dollars per share 1.76 x6.1 4.14 x4.3
Adjusted EBITDA((1)) (B$) 11.2 x2.1 28.0 +76%
DACF((1)) (B$) 8.4 +96% 20.9 +65%
Cash Flow from operations (B$) 5.6 +30% 18.8 x2.1
Net income (TotalEnergies share) of 4.6 B$ in 3Q21
Net-debt-to-capital ratio((2)) of 17.7% at September 30, 2021 vs. 18.5% at June 30, 2021
Third interim dividend set at 0.66 €/share
The Board of Directors of TotalEnergies SE, meeting on October 27, 2021, under
the Chairmanship of Chief Executive Officer Patrick Pouyanné, approved the
Company's third quarter 2021 accounts. On the occasion, Patrick Pouyanné
said:
"The global economic recovery, notably in Asia, drove all energy prices
sharply higher in the third quarter due to the interconnection of energy
systems. Gas prices in Asia and Europe, up more than 85% from the previous
quarter, reached unprecedented levels, and oil prices gained 7%, continuing
their steady year-long rise.
TotalEnergies reported adjusted net income of $4.8 billion, up 38% compared to
the second quarter 2021, fully benefiting from its multi-energy model, and,
particularly this quarter, from its position as a world leader in LNG. The
Company generated cash flow (DACF) of $8.4 billion, up nearly 25% compared to
the previous quarter, and adjusted EBITDA of $11.2 billion.
The integrated Gas Renewables & Power (iGRP) segment generated adjusted
net income of $1.6 billion and cash flow of $1.7 billion, both new record
highs, thanks to an outperformance of its trading activities, which leveraged
its integrated worldwide LNG portfolio. The renewables and electricity
activities continued to grow, with gross renewable electricity generation
capacity reaching nearly 10 GW, thanks mainly to the addition of 1 GW during
the quarter from India. The number of electricity customers grew to six
million.
Exploration & Production, benefiting from a 2% production increase during
the quarter, thanks to the evolution of OPEC+ quotas, and from higher Brent
and natural gas prices, reported $2.7 billion of adjusted net operating
income, up more than 20% from the previous quarter, and cash flow of $4.9
billion.
Downstream took advantage of petrochemical margins that remained high and of
the improvement in refining margins in Europe, although impacted by the rise
in energy costs. Marketing & Services confirmed its return to pre-crisis
level results. The Downstream generated adjusted net operating income and cash
flow that were up by approximately 10% over the quarter to $1 billion and $1.6
billion, respectively.
Maintaining discipline on investments, TotalEnergies reported net cash flow of
$6.2 billion in the third quarter, covering the interim dividend of $2.1
billion and allowing it to continue to reduce its net debt, with gearing of
17.7% as of September 30, 2021. The return on equity was 12% over the past
twelve months. Strong cash generation from oil and gas makes it possible to
invest in profitable growth projects in renewables & electricity, and thus
to build a sustainable multi-energy company, combining energy transition and
shareholder returns.
The Board of Directors decided to distribute a third interim dividend for the
2021 financial year of €0.66/share and confirms the completion of $1.5
billion share repurchases in the fourth quarter 2021.”
1. Highlights((3))
* Signed major agreements in Iraq covering investments in four projects (gas
treatment for electricity generation, solar power, optimization of an existing
field, seawater treatment) for the sustainable development of natural
resources in the Basra area
Sustainability
* TotalEnergies contributed to energy transition dialog in view of COP26 with
the publication of "Energy Panorama" and "TotalEnergies Energy Outlook 2021"
* Methane emissions: deployed innovative technology developed by Qnergy to
significantly reduce methane emissions and partnered with GHGSat to monitor
methane emissions at sea by satellite
* CCS: Aramis partnership with Shell, EBN and Gasunie, for the development of
CO(2) transport infrastructure for storage in depleted gas fields in the
Netherlands
Renewables and Electricity
* Adani Green Energy Limited (TotalEnergies 20%) acquired SB Energy India's
portfolio of 5 GW of renewable power generation capacity in operation and
under construction in India
* Offshore wind:
* Submitted bid with Green Investment Group (GIG) and RIDG for a 2 GW project
in
Scotland and study of associated industrial-scale green hydrogen project
* Associations with Simply Blue Group for floating wind development in the U.S.,
and with GIG and Qair for floating wind development in France
* Corporate PPA:
* Renewable electricity sales contract of 50 GWh/year over 15 years with Air
Liquide in Belgium
* Partnership with Amazon to supply its data centers with renewable electricity
(474 MW), in Europe and the U.S.
* Electric mobility:
* Mercedes-Benz entered as an equal partner with TotalEnergies and Stellantis
in
Automotive Cell Company (ACC), targeting at least 120 GWh EV battery
manufacturing capacity by 2030
* Acquired a network of 1500 EV charging stations in Singapore
* Obtained concession for Antwerp's EV public charging network
* Partnered with China Three Gorges Corporation to develop more than 11,000 EV
fast-charging stations in Hubei Province, China
* Hydrogen:
* Launched with other industrial players the world's largest fund dedicated to
the development of carbon-free hydrogen infrastructure, with an investment
target of €1.5 billion
* Agreement with Air Liquide for the development of low-carbon hydrogen
production in the Normandy industrial basin, backed by technologies such as
CCS and electrolysis
Upstream
* Launched the fourth development phase of the giant Mero field in Brazil
Downstream
* Expanded Synova in Normandy to double TotalEnergies' recycled plastics
production capacity
* Partnered with Safran in the field of decarbonization of the aviation sector
2. Key figures from TotalEnergies’ consolidated financial statements((4))
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars, except effective tax rate, 9M21 9M20 9M21
vs
vs earnings per share and number of shares
vs
3Q20
3Q19
9M20
11,180 8,667 5,321 x2.1 8,989 +24% Adjusted EBITDA ((5)) 28,017 15,904 +76%
5,374 4,032 1,459 x3.7 3,673 +46% Adjusted net operating income from business segments 12,893 4,580 x2.8
2,726 2,213 801 x3.4 1,734 +57% Exploration & Production 6,914 1,295 x5.3
1,608 891 285 x5.6 574 x2.8 Integrated Gas, Renewables & Power 3,484 1,524 x2.3
602 511 (88) ns 952 -37% Refining & Chemicals 1,356 869 +56%
438 417 461 -5% 413 +6% Marketing & Services 1,139 892 +28%
1,143 740 352 x3.2 521 x2.2 Contribution of equity affiliates to adjusted net income 2,403 1,021 x2.4
39.6% 34.3% 45.7% 30.7% Effective tax rate ((6)) 36.6% 32.3%
4,769 3,463 848 x5.6 3,017 +58% Adjusted net income (TotalEnergies share) 11,235 2,755 x4.1
1.76 1.27 0.29 x6.1 1.13 +56% Adjusted fully-diluted earnings per share (dollars) ((7)) 4.14 0.97 x4.3
1.49 1.06 0.24 x6.2 1.01 +48% Adjusted fully-diluted earnings per share (euros)* 3.46 0.86 x4
2,655 2,646 2,637 +1% 2,614 +2% Fully-diluted weighted-average shares (millions) 2,648 2,612 +1%
4,645 2,206 202 x23 2,800 +66% Net income (TotalEnergies share) 10,195 (8,133) ns
* Average €-$ exchange rate: 1.1788 in the third quarter 2021 and 1.1962 in
the first nine months 2021.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
73.5 69.0 42.9 +71% 62.0 +19% Brent ($/b) 67.9 41.1 +65%
4.3 3.0 2.1 x2 2.3 +85% Henry Hub ($/Mbtu) 3.3 1.9 +74%
16.9 8.7 2.9 x5.9 3.9 x4.3 NBP ($/Mbtu) 10.8 2.5 x4.3
18.6 10.0 3.6 x5.1 4.7 x4 JKM ($/Mbtu) 12.9 3.1 x4.2
67.1 62.9 39.9 +68% 58.0 +16% Average price of liquids ($/b) 62.2 35.6 +75%
Consolidated subsidiaries
6.33 4.43 2.52 x2.5 3.48 +82% Average price of gas ($/Mbtu) 4.95 2.84 +74%
Consolidated subsidiaries
9.10 6.59 3.57 x2.5 5.93 +53% Average price of LNG ($/Mbtu) 7.25 4.81 +51%
Consolidated subsidiaries and equity affiliates
20.5 10.2 -2.7 ns 47.4 -57% Variable cost margin - Refining Europe, VCM ($/t)** 12.3 13.6 -10%
* The indicators are shown on page 20
** This indicator represents TotalEnergies’ average margin on variable cost
for refining in Europe (equal to the difference between TotalEnergies European
refined product sales and crude oil purchases with associated variable costs
divided by volumes refined in tons) – 3Q21 data restated to reflect 2Q21
environment for energy costs.
The average LNG selling price increased by 38% this quarter compared to the
previous quarter, benefiting on a lagged basis from the increase in the oil
and gas price indexes on long-term contracts.
3.2 Greenhouse gas emissions((5))
3Q21* 2Q21* GHG emissions (MtCO(2)e) 2020 2020
(excluding
Covid effect)
8 7 Scope 1+2 from operated oil & gas facilities ((14)) 35.8 39
81 77 Scope 3 from energies sales ((15)) 350 400
46 45 Scope 1+2+3 in Europe ((16)) 212 239
* Estimated emissions.
3.3 Production*
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Hydrocarbon production 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
2,814 2,747 2,715 +4% 3,040 -7% Hydrocarbon production (kboe/d) 2,808 2,882 -3%
1,288 1,258 1,196 +8% 1,441 -11% Oil (including bitumen) (kb/d) 1,272 1,319 -4%
1,526 1,489 1,519 - 1,599 -5% Gas (including condensates and associated NGL) (kboe/d) 1,535 1,563 -2%
2,814 2,747 2,715 +4% 3,040 -7% Hydrocarbon production (kboe/d) 2,808 2,882 -3%
1,517 1,464 1,437 +6% 1,720 -12% Liquids (kb/d) 1,496 1,563 -4%
7,070 7,017 6,973 +1% 7,200 -2% Gas (Mcf/d) 7,161 7,193 -
* Company production = E&P production + iGRP production
Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2021, up 4% year-on-year, comprised of:
* +6% due to project start-ups and ramp-ups, including North Russkoye in Russia
and Iara in Brazil, and the resumption of production in Libya,
* +5% due to the increase in gas demand and OPEC+ production quotas,
* -1% due to the price effect,
* -3% due to planned maintenance and unplanned downtime, notably in Norway
(Snøhvit)
* -3% due to natural decline of fields.
Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2021, up 2% quarter-on-quarter, due to the end
of summer maintenance programs and the increase in OPEC+ production quotas.
For the first nine months of 2021 hydrocarbon production was 2,808 kboe/d,
down 3% year-on-year, comprised of:
* +3% due to project start-ups and ramp-ups, including North Russkoye in Russia,
Iara in Brazil and Johan Sverdrup in Norway, and the resumption of production
in Libya,
* +2% due to the increase in gas demand, particularly in Norway, and OPEC+
production quotas,
* -1% due to portfolio effect, in particular the disposals of assets in the
United Kingdom and the CA1 block in Brunei,
* -1% due to the price effect,
* -3% due planned maintenance and unplanned downtime, notably in the United
Kingdom and Norway (Snøhvit),
* -3% due to natural decline of fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied natural gas (LNG) and electricity
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Hydrocarbon production for LNG 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
533 502 518 +3% 539 -1% iGRP (kboe/d) 518 530 -2%
67 52 70 -3% 73 -8% Liquids (kb/d) 61 70 -12%
2,527 2,464 2,445 +3% 2,546 -1% Gas (Mcf/d) 2,489 2,509 -1%
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Liquefied Natural Gas in Mt 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
10.0 10.5 8.1 +24% 7.4 +34% Overall LNG sales 30.4 28.3 +7%
4.3 4.2 4.3 -1% 4.2 +2% incl. Sales from equity production* 12.8 13.3 -4%
8.3 8.8 6.6 +25% 5.5 +50% incl. Sales by TotalEnergies from equity production and third party purchases 25.0 23.2 +8%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures
Hydrocarbon production for LNG increased by 6% compared to the previous
quarter, in particular due to the end of planned maintenance at Ichthys in
Australia.
Total LNG sales increased sharply compared to 2020, up 24% for the quarter and
7% for the first nine months.
3Q21 2Q21 3Q20 3Q21 Renewables & Electricity 9M21 9M20 9M21
vs
vs
3Q20
9M20
42.7 41.7 26.3 +62% Portfolio of renewable power generation gross capacity 42.7 26.3 +62%
(GW) ((1),(2))
9.5 8.3 5.1 +87% o/w installed capacity 9.5 5.1 +87%
6.1 5.4 4.0 +52% o/w capacity in construction 6.1 4.0 +52%
27.1 28.0 17.3 +57% o/w capacity in development 27.1 17.3 +57%
26.6 22.6 14.2 +88% Gross renewables capacity with PPA (GW) ((1),(2)) 26.6 14.2 +88%
31.7 30.7 18.0 +77% Portfolio of renewable power generation net capacity 31.7 18.0 +77%
(GW) ((1),(2))
4.7 4.0 2.3 x2.1 o/w installed capacity 4.7 2.3 x2.1
4.0 3.1 1.6 x2.5 o/w capacity in construction 4.0 1.6 x2.5
23.0 23.6 14.1 +64% o/w capacity in development 23.0 14.1 +64%
4.7 5.1 4.1 +17% Net power production (TWh) ((3)) 14.5 9.9 +46%
1.7 1.7 1.0 +67% incl. Power production from renewables 4.9 2.8 +75%
6.0 5.8 4.4 +37% Clients power - BtB and BtC (Million) ((2)) 6.0 4.4 +37%
2.7 2.7 1.7 +56% Clients gas - BtB and BtC (Million) ((2)) 2.7 1.7 +56%
11.7 12.7 10.2 +15% Sales power - BtB and BtC (TWh) 40.5 33.8 +20%
13.2 20.6 13.5 -2% Sales gas - BtB and BtC (TWh) 70.0 64.4 +9%
291 310* 64 x4.6 Proportional adjusted EBITDA Renewables and Electricity (M$) ((4)) 946 404 x2.3
104 82* 66 +57% incl. from renewables business 334 250 +34%
((1) )Includes 20% of Adani Green Energy Ltd gross capacity effective first
quarter 2021.
((2)) End of period data.
((3)) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
((4)) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Renewables and Electricity affiliates,
regardless of consolidation method.
* 2Q21 data corrected for estimated results of AGEL.
Gross installed renewable power generation capacity grew to 9.5 GW at the end
of the third quarter 2021, up 1.2 GW thanks in particular to the acquisition
by AGEL (TotalEnergies 20%) during the quarter of the operating assets of SB
Energy India's 5 GW renewable portfolio. Total gross capacity increased by 1
GW over the quarter to 42.7 GW, mainly due to the addition of a 1 GW solar
power plant project in Iraq.
Net electricity generation stood at 4.7 TWh in the third quarter 2021, up 17%
year-on-year, mainly due to strong growth in renewable electricity generation
and the acquisition of four natural gas power plants (CCGT) in France and
Spain in the fourth quarter 2020.
TotalEnergies’ Renewables and Electricity business adjusted EBITDA was $291
million in the third quarter 2021, a 4.6-fold increase over one year, driven
by growing electricity production, particularly from renewables, and the
number of gas and electricity customers.
4.1.2 Results
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,608 891 285 x5.6 574 x2.8 Adjusted net operating income* 3,484 1,524 x2.3
755 356 99 x7.6 206 x3.7 including income from equity affiliates 1,375 278 x4.9
639 759 450 +42% 640 - Organic investments 2,150 1,714 +25%
(941) 166 36 ns 3,375 ns Net acquisitions 1,119 1,606 -30%
(302) 925 486 ns 4,015 ns Net investments 3,269 3,320 -2%
1,720 904 695 x2.5 732 x2.3 Operating cash flow before working capital changes ** 3,683 2,346 +57%
(463) 567 654 ns 401 ns Cash flow from operations *** 884 1,554 -43%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to lease contracts,
excluding the impact of contracts recognized at fair value for the sector and
including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was:
* $1,608 million in the third quarter 2021, a 5.6-fold increase from a year ago,
thanks to the increase in LNG prices and the strong performance of gas and
electricity trading activities,
* $3,484 million for the first nine months of 2021, an increase of 2.3-times
compared to last year, for the same reasons.
Operating cash flow before working capital changes was:
* $1,720 million in the third quarter 2021, an increase of 2.5-times compared to
the third quarter 2020, thanks to the rise in LNG prices and the strong
performance of gas and electricity trading activities,
* $3,683 million for the first nine months of 2021, up 57% year-on-year, for the
same reasons.
Cash flow from operations was -$463 million for the third quarter due to
variations in margin calls related to hedging contracts in a context of highly
volatile gas and electricity markets.
4.2 Exploration & Production
4.2.1 Production
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Hydrocarbon production 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
2,281 2,245 2,197 +4% 2,501 -9% EP (kboe/d) 2,290 2,352 -3%
1,450 1,412 1,367 +6% 1,647 -12% Liquids (kb/d) 1,435 1,493 -4%
4,543 4,553 4,528 - 4,654 -2% Gas (Mcf/d) 4,672 4,684 -
4.2.2 Results
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars, except effective tax rate 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
2,726 2,213 801 x3.4 1,734 +57% Adjusted net operating income* 6,914 1,295 x5.3
315 279 268 +18% 297 +6% including income from equity affiliates 864 706 +22%
46.4% 38.2% 32.9% 39.7% Effective tax rate** 42.5% 39.7%
1,656 1,559 1,266 +31% 2,064 -20% Organic investments 4,494 3,950 +14%
(34) 231 (309) ns (3) ns Net acquisitions (5) (4) ns
1,622 1,790 957 +69% 2,061 -21% Net investments 4,489 3,946 +14%
4,943 4,262 2,646 +87% 4,451 +11% Operating cash flow before working capital changes *** 13,029 7,032 +85%
4,814 4,835 2,043 x2.4 5,007 -4% Cash flow from operations *** 13,385 6,876 +95%
* Details on adjustment items are shown in the business segment information
annex to financial statements.
** 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).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for Exploration & Production was:
* $2,726 million in the third quarter 2021, more than three times higher than in
the third quarter 2020, thanks to the sharp increase in oil and gas prices,
* $6,914 million in the first nine months of 2021, more than five times higher
than in the first nine months of 2020, for the same reasons.
Operating cash flow before working capital changes was $4,943 million in the
third quarter 2021, up 87% year-on-year, and $13,029 million in the first nine
months of 2021, up 85% year-on-year, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,040 928 373 x2.8 1,365 -24% Adjusted net operating income* 2,495 1,761 +42%
506 468 449 +13% 570 -11% Organic investments 1,309 1,183 +11%
17 (1) 2 x8.5 52 -67% Net acquisitions (87) (48) ns
523 467 451 +16% 622 -16% Net investments 1,222 1,135 +8%
1,611 1,460 971 +66% 1,995 -19% Operating cash flow before working capital changes ** 3,943 3,523 +12%
1,644 2,669 2,060 -20% 3,058 -46% Cash flow from operations ** 5,974 2,377 x2.5
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization rates
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Refinery throughput and utilization rate* 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,225 1,070 1,212 +1% 1,719 -29% Total refinery throughput (kb/d) 1,147 1,302 -12%
274 148 267 +3% 503 -46% France 179 242 -26%
505 495 540 -6% 757 -33% Rest of Europe 553 630 -12%
446 427 405 +10% 459 -3% Rest of world 415 429 -3%
69% 58% 57% 82% Utlization rate based on crude only** 62% 62%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey
refinery (divested) from second quarter 2021.
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Petrochemicals production and utilization rate 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,486 1,424 1,255 +18% 1,402 +6% Monomers* (kt) 4,315 4,033 +7%
1,330 1,212 1,248 +7% 1,268 +5% Polymers (kt) 3,707 3,642 +2%
93% 88% 75% 91% Vapocracker utilization rate** 89% 81%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity
at the start of the year.
4.4.2 Results
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
602 511 (88) ns 952 -37% Adjusted net operating income* 1,356 869 +56%
321 279 291 +10% 355 -10% Organic investments 822 761 +8%
(6) 2 (1) ns 19 ns Net acquisitions (61) (52) ns
315 281 290 +9% 374 -16% Net investments 761 709 +7%
934 753 242 x3.9 1,373 -32% Operating cash flow before working capital changes ** 2,081 1,912 +9%
799 2,232 1,027 -22% 1,575 -49% Cash flow from operations ** 4,027 924 x4.4
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Refining and Chemicals segment:
* Increased sharply year-on-year to $602 million in the third quarter 2021,
compared to -$88 million in the third quarter 2020. This increase is due to
the strong performance of petrochemicals and European refining margins, which
were negative in 2020 due to weak demand,
* Increased by 56% year-on-year to $1,356 million in the first nine months of
2021, compared to $869 million, for the same reasons.
Operating cash flow before working capital changes increased year-on-year by
3.9-times in the third quarter 2021 to $934 million and by 9% in the first
nine months of 2021 to $2,081 million.
4.5 Marketing & Services
4.5.1 Petroleum product sales
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Sales in kb/d* 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,542 1,473 1,442 +7% 1,848 -17% Total Marketing & Services sales 1,486 1,466 +1%
867 791 819 +6% 1,034 -16% Europe 811 822 -1%
675 682 623 +8% 814 -17% Rest of world 675 645 +5%
* Excludes trading and bulk refining sales
Sales of petroleum products grew by 7% year-on-year in the third quarter 2021,
thanks to the improvement in the pandemic situation and the global economic
rebound. This increase is supported notably by the recovery in network sales
activity.
4.5.2 Results
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
438 417 461 -5% 413 +6% Adjusted net operating income* 1,139 892 +28%
185 189 158 +17% 215 -14% Organic investments 487 422 +15%
23 (3) 3 x7.7 33 -30% Net acquisitions (26) 4 ns
208 186 161 +29% 248 -16% Net investments 461 426 +8%
677 707 729 -7% 622 +9% Operating cash flow before working capital changes ** 1,862 1,611 +16%
845 437 1,033 -18% 1,483 -43% Cash flow from operations ** 1,947 1,453 +34%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases
Adjusted net operating income for the Marketing & Services sector was $438
million in the third quarter 2021 compared to $461 million a year earlier.
Operating cash flow before working capital changes was $677 million in the
third quarter 2021 and $1,862 million in the first nine months of the year.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income for the sectors was:
* $5,374 million in the third quarter 2021, compared to $1,459 million a year
earlier, due to higher oil and gas prices,
* $12,893 million for the first nine months of 2021, compared to $4,580 million
last year, for the same reason.
5.2 Adjusted net income (TotalEnergies share)
Adjusted net income (TotalEnergies share) was:
* $4,769 million in the third quarter 2021 compared to $848 million a year
earlier, due to higher oil and gas prices,
* $11,235 million for the first nine months of 2021, compared to $2,755 million
last year, for the same reason.
Adjusted net income excludes the after-tax inventory effect, special items and
impact of changes in fair value((6)).
Total net income adjustments((7)) were -$124 million and include the capital
loss of -$177 million on the disposal of TotalEnergies' interest in the Utica
asset in the United States.
TotalEnergies' effective tax rate was 39.6% in the third quarter of 2021,
compared to 34.3% in the previous quarter and 45.7% in the third quarter of
2020. The high rate in 2020 was due to a negative adjusted net operating
income in Refining & Chemicals, which reduced the base for calculating the
rate at the Company level.
5.3 Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
* $1.76 in the third quarter 2021, calculated based on 2,655 million
weighted-average diluted shares, compared to $0.29 a year earlier,
* $4.14 for the first nine months of 2021, calculated based on 2,648 million
weighted-average diluted shares, compared to $0.97 a year earlier.
As of September 30, 2021, the number of fully-diluted shares was 2,660
million.
5.4 Acquisitions - asset sales
Acquisitions were:
* $126 million in the third quarter 2021 and include notably a 10% increase in
the Lapa block in Brazil,
* $2,996 million in the first nine months of 2021 and include the item above as
well as the acquisitions of a 20% interest for $2 billion in the renewable
project developer in India, Adani Green Energy Limited, of Fonroche Biogaz in
France and of the interest in the Yunlin wind project in Taiwan.
Asset sales were:
* $1,084 million in the third quarter 2021 and includes notably the payment by
GIP of more than $750 million as part of the tolling agreement for the
infrastructure of the Gladstone LNG project in Australia,
* $1,967 million in the first nine months of 2021, including the above item as
well as the sale in France of a 50% interest in a portfolio of renewable
projects with total capacity of 285 MW (100%), the sale of the 10% interest in
onshore block OML 17 in Nigeria, a price supplement related to the sale of
Block CA1 in Brunei, the sale of the Lindsey refinery in the United Kingdom,
the sale of interests in the TBG pipeline in Brazil, the sale of shares in
Clean Energy Fuels Corp., and the sale of interests in Tellurian Inc. in the
United States.
5.5 Net cash flow
TotalEnergies’ net cash flow((8)) was:
* $6,205 million in the third quarter 2021 compared to $1,879 million a year
ago, reflecting the $4.3 billion increase in operating cash flow before
working capital changes and the slight decrease of $57 million in net
investments to $1,855 million in the third quarter 2021,
* $10,756 million in the first nine months of 2021 compared to $2,740 million in
the same period a year ago, reflecting the $8.6 billion increase in operating
cash flow before working capital changes, slightly offset by a $563 million
increase in net investments to $9,022 million in the first nine months of
2021.
Cash flow from operations of $5,640 million for the quarter, compared to
operating cash flow before working capital changes of $8,060 million, was
negatively impacted for an amount of $2.1 billion by variations in margin
calls related to hedging contracts in a context of highly volatile natural gas
and electricity markets, as well as by a negative inventory effect of $1.2
billion and an increase in tax liabilities of $0.9 billion.
5.6 Profitability
The return on equity was 12.0% for the twelve months ended September 30, 2021.
In millions of dollars October 1, 2020 July 1, 2020 October 1, 2019
September 30, 2021 June 30, 2021 Se
pt
em
be
r
30
,
20
20
Adjusted net income 12 827 8 786 5 960
Average adjusted shareholders' equity 106 794 105 066 108 885
Return on equity (ROE) 12,0% 8,4% 5,5%
The return on average capital employed was 10.0% for the twelve months ended
September 30, 2021.
In millions of dollars October 1, 2020 July 1, 2020 October 1, 2019
September 30, 2021 June 30, 2021 Se
pt
em
be
r
30
,
20
20
Adjusted net operating income 14 237 10 252 7 801
Average capital employed 142 179 142 172 144 060
ROACE 10,0% 7,2% 5,4%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €5,635 million for
the first nine months of 2021 compared to €4,727 for the same period in
2020.
7. 2021 Sensitivities*
Change Estimated impact on adjusted Estimated impact on cash
net operating income flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP +/- 1 $/Mbtu +/- 0.3 B$ +/- 0.25 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2021. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals. Please find
the indicators detailed page 20.
** In a 50 $/b Brent environment.
8. Summary and outlook
The steady recovery in oil demand to pre-crisis levels, except for aviation
fuel, led to nearly continuous price increases that reached $85/b in
mid-October, close to a 7-year high. Controlled production increases from
OPEC+, the continued draw-down of crude inventories and the strong investment
discipline in oil & gas supported the increase. In addition, an increase
in fuel demand from the aviation sector is beginning to materialize, also
supporting high prices.
The increase in gas markets, which began in the first half of the year,
accelerated considerably in the third quarter, reaching record levels in
Europe and Asia. Barring an exceptionally mild winter, the low inventory level
for gas and expected sustained demand are likely to keep gas prices in Europe
and Asia at high levels until the second quarter 2022.
Given the outlook for OPEC+ quotas and seasonal gas demand in the fourth
quarter of 2021, TotalEnergies expects fourth quarter 2021 hydrocarbon
production to be in the range of 2.85-2.9 Mboe/d.
TotalEnergies anticipates that 2021 oil price increases will positively impact
its average LNG selling price for the next six months, given the lag effect on
price formulas. It is expected to be above $12/Mbtu in the fourth quarter
2021.
TotalEnergies maintains its cost discipline, with net investments expected to
be close to $13 billion in 2021, including $3 billion dedicated to renewables
and electricity.
The Company confirms its cash flow allocation priorities: investing in
profitable projects to implement TotalEnergies' transformation strategy into a
sustainable multi-energy company, linking the growth of its dividend to its
underlying cash flow growth, maintaining a strong balance sheet and a
long-term debt rating with a minimum "A" level by anchoring gearing below 20%,
and allocating up to 40% of the surplus cash generated above $60/b to share
buybacks.
* * * *
To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:30
(Paris time) please log on to totalenergies.com or call +44 (0) 203 009 5709
in Europe or +1 646 787 1226 in the United States (code: 4496213).
The conference replay will be available on totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + iGRP)
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Combined liquids and gas 9M21 9M20 9M21
vs
vs production by region (kboe/d)
vs
3Q20
3Q19
9M20
989 985 969 +2% 1,004 -1% Europe and Central Asia 1,008 1,032 -2%
537 533 598 -10% 733 -27% Africa 540 651 -17%
681 654 576 +18% 720 -5% Middle East and North Africa 662 633 +5%
372 378 343 +8% 363 +3% Americas 375 343 +9%
235 197 229 +3% 221 +7% Asia-Pacific 223 223 -
2,814 2,747 2,715 +4% 3,040 -7% Total production 2,808 2,882 -3%
711 750 667 +7% 698 +2% includes equity affiliates 730 706 +3%
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Liquids production by region (kb/d) 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
362 351 359 +1% 367 -1% Europe and Central Asia 363 381 -5%
401 399 458 -12% 583 -31% Africa 405 509 -20%
530 502 432 +23% 562 -6% Middle East and North Africa 510 481 +6%
179 183 144 +24% 163 +10% Americas 180 150 +20%
45 29 44 +3% 44 +2% Asia-Pacific 38 42 -10%
1,517 1,464 1,437 +6% 1,720 -12% Total production 1,496 1,563 -4%
205 213 197 +4% 210 -2% includes equity affiliates 206 203 +2%
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Gas production by region (Mcf/d) 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
3,366 3,411 3,284 +2% 3,431 -2% Europe and Central Asia 3,470 3,507 -1%
689 680 713 -3% 768 -10% Africa 687 722 -5%
838 847 801 +5% 866 -3% Middle East and North Africa 842 844 -
1,086 1,095 1,115 -3% 1,124 -3% Americas 1,094 1,085 +1%
1,091 984 1,060 +3% 1,011 +8% Asia-Pacific 1,068 1,035 +3%
7,070 7,017 6,973 +1% 7,200 -2% Total production 7,161 7,193 -
2,730 2,895 2,540 +8% 2,635 +4% includes equity affiliates 2,826 2,714 +4%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Petroleum product sales by region (kb/d) 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,579 1,521 1,475 +7% 1,999 -21% Europe 1,553 1,565 -1%
693 663 541 +28% 677 +2% Africa 674 562 +20%
811 799 673 +20% 920 -12% Americas 794 767 +4%
486 492 460 +6% 541 -10% Rest of world 491 446 +10%
3,568 3,475 3,149 +13% 4,136 -14% Total consolidated sales 3,512 3,340 +5%
360 334 417 -14% 544 -34% Includes bulk sales 365 427 -14%
1,666 1,668 1,290 +29% 1,745 -5% Includes trading 1,661 1,447 +15%
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 Petrochemicals production* (kt) 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
1,308 1,166 1,274 +3% 1,377 -5% Europe 3,820 3,821 -
705 725 513 +38% 648 +9% Americas 1,940 1,813 +7%
802 744 716 +12% 646 +24% Middle East and Asia 2,261 2,040 +11%
* Olefins, polymers
9.3 Renewables
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.5 0.5 0.0 0.1 1.0 0.5 0.5 0.0 0.1 1.0
Rest of Europe 0.1 1.0 0.0 0.1 1.2 0.1 1.0 0.0 0.1 1.1
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.3 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.3
North America 0.9 0.0 0.0 0.0 0.9 0.8 0.0 0.0 0.0 0.9
South America 0.4 0.2 0.0 0.0 0.6 0.4 0.1 0.0 0.0 0.5
India 4.4 0.1 0.0 0.0 4.5 3.5 0.1 0.0 0.0 3.6
Asia-Pacific 0.9 0.0 0.0 0.0 0.9 0.7 0.0 0.0 0.0 0.7
Total 7.5 1.9 0.0 0.1 9.5 6.4 1.8 0.0 0.1 8.3
3Q21 2Q21
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in construction (GW) ((1),(2))
France 0.3 0.1 0.0 0.1 0.5 0.3 0.1 0.0 0.1 0.5
Rest of Europe 0.1 0.1 1.1 0.0 1.3 0.1 0.1 1.1 0.0 1.3
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.8 0.0 0.0 0.0 0.8 0.8 0.0 0.0 0.0 0.8
North America 0.4 0.0 0.0 0.0 0.4 0.3 0.0 0.0 0.0 0.3
South America 0.0 0.1 0.0 0.0 0.1 0.0 0.2 0.0 0.0 0.2
India 1.4 0.4 0.0 0.0 1.8 0.9 0.2 0.0 0.0 1.1
Asia-Pacific 0.4 0.0 0.6 0.0 1.1 0.5 0.0 0.6 0.0 1.1
Total 3.4 0.7 1.8 0.1 6.1 2.8 0.6 1.8 0.1 5.4
3Q21 2Q21
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in development (GW) ((1),(2))
France 3.6 0.7 0.0 0.0 4.4 3.2 0.8 0.0 0.0 4.0
Rest of Europe 5.2 0.3 2.3 0.0 7.7 5.3 0.3 2.3 0.0 7.9
Africa 0.4 0.1 0.0 0.2 0.6 0.4 0.1 0.0 0.2 0.6
Middle East 1.4 0.0 0.0 0.0 1.4 0.1 0.0 0.0 0.0 0.1
North America 3.3 0.2 0.0 0.7 4.2 3.5 0.2 0.0 0.7 4.3
South America 0.6 0.4 0.0 0.1 1.2 0.6 1.0 0.0 0.0 1.7
India 4.5 0.1 0.0 0.0 4.5 6.2 0.1 0.0 0.0 6.3
Asia-Pacific 1.0 0.0 2.1 0.0 3.1 1.1 0.0 2.1 0.0 3.2
Total 20.0 1.8 4.4 1.0 27.1 20.3 2.5 4.4 0.8 28.0
((1)) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.
((2)) End-of-period data.
In operation In construction In development
Gross renewables capacity covered by PPA Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
at 09/30/2021 (GW)
Europe 0.6 1.5 X 2.2 0.3 X 0.8 X 1.4 4.0 0.2 X X 4.2
Asia 5.4 X X 5.5 2.7 0.4 0.6 - 3.8 5.8 X - - 5.9
North America 0.8 X X 0.8 0.4 X - X 0.4 0.5 X - X 0.6
Rest of World 0.6 0.2 X 0.8 X X - X X 0.4 X - X 0.7
Total 7.4 1.9 X 9.5 3.4 0.7 1.4 X 5.7 10.7 0.5 X 0.2 11.5
In operation In construction In development
PPA average price at 09/30/2021 Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
($/MWh)
Europe 230 117 X 148 71 X 61 X 63 42 76 X X 46
Asia 78 X X 77 45 49 187 - 70 40 X - - 40
North America 155 X X 157 27 X - X 30 31 X - X 41
Rest of World 80 72 X 78 X X - X X 98 X - X 98
Total 98 108 X 100 46 58 106 X 66 42 80 X 145 44
X not specified, capacity < 0.2 GW
10. Adjustment items to net income (TotalEnergies share)
3Q21 2Q21 3Q20 3Q19 In millions of dollars 9M21 9M20
(325) (1,588) (706) (156) Special items affecting net income (TotalEnergies share) (2,255) (9,361)
(177) (1,379) - - Gain (loss) on asset sales (1,556) -
(43) (110) (70) (20) Restructuring charges (314) (170)
(47) (49) (293) (160) Impairments (240) (8,394)
(58) (50) (343) 24 Other (145) (797)
320 375 4 (71) After-tax inventory effect : FIFO vs. replacement cost 1,384 (1,504)
(119) (44) 56 10 Effect of changes in fair value (169) (23)
(124) (1,257) (646) (217) Total adjustments affecting net income (1,040) (10,888)
11. Reconciliation of adjusted EBITDA with consolidated financial statements
11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
4,645 2,206 202 x23 2,800 +66% Net income - TotalEnergies share 10,195 (8,133) ns
124 1,257 646 -81% 217 -43% Less: adjustment items to net income (TotalEnergies share) 1,040 10,888 -90%
4,769 3,463 848 x5.6 3,017 +58% Adjusted net income - TotalEnergies share 11,235 2,755 x4.1
Adjusted items
105 88 (15) ns 70 +50% Add: non-controlling interests 252 (28) ns
2,674 1,485 684 x3.9 1,258 x2.1 Add: income taxes 5,605 1,174 x4.8
3,172 3,105 3,203 -1% 3,987 -20% Add: depreciation, depletion and impairment of tangible assets and mineral interests 9,457 10,140 -7%
85 94 101 -16% 63 +35% Add: amortization and impairment of intangible assets 282 256 +10%
454 501 549 -17% 594 -24% Add: financial interest on debt 1,421 1,643 -14%
(79) (69) (49) ns - ns Less: financial income and expense from cash & cash equivalents (235) (36) ns
11,180 8,667 5,321 x2.1 8,989 +24% Adjusted EBITDA 28,017 15,904 +76%
11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
Adjusted items
49,070 41,642 27,184 +81% 42,526 +15% Revenues from sales 129,380 87,339 +48%
(32,574) (27,108) (16,942) ns (27,805) ns Purchases, net of inventory variation (83,971) (54,891) ns
(6,548) (6,708) (5,399) ns (6,240) ns Other operating expenses (20,124) (18,384) ns
(127) (123) (139) ns (96) ns Exploration costs (417) (393) ns
195 138 310 -37% 167 +17% Other income 749 1,130 -34%
(32) (48) (14) ns (69) ns Other expense, excluding amortization and impairment of intangible assets (169) (153) ns
193 265 134 +44% 163 +18% Other financial income 567 741 -23%
(140) (131) (165) ns (178) ns Other financial expense (401) (506) ns
1,143 740 352 x3.2 521 x2.2 Net income (loss) from equity affiliates 2,403 1,021 x2.4
11,180 8,667 5,321 x2.1 8,989 +24% Adjusted EBITDA 28,017 15,904 +76%
Adjusted items
(3,172) (3,105) (3,203) ns (3,987) ns Less: depreciation, depletion and impairment of tangible assets and mineral interests (9,457) (10,140) ns
(85) (94) (101) ns (63) ns Less: amortization of intangible assets (282) (256) ns
(454) (501) (549) ns (594) ns Less: financial interest on debt (1,421) (1,643) ns
79 69 49 +61% - ns Add: financial income and expense from cash & cash equivalents 235 36 x6.5
(2,674) (1,485) (684) ns (1,258) ns Less: income taxes (5,605) (1,174) ns
(105) (88) 15 ns (70) ns Less: non-controlling interests (252) 28 ns
(124) (1,257) (646) ns (217) ns Add: adjustment - TotalEnergies share (1,040) (10,888) ns
4,645 2,206 202 x23 2,800 +66% Net income - TotalEnergies share 10,195 (8,133) ns
12. Investments - Divestments
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
2,813 2,802 2,184 +29% 3,296 -15% Organic investments ( a ) 7,993 6,908 +16%
172 245 148 +16% 152 +13% Capitalized exploration 660 445 +48%
211 380 290 -27% 242 -13% Increase in non-current loans 883 1,302 -32%
(112) (89) (330) ns (61) ns Repayment of non-current loans, (297) (505) ns
excluding organic loan repayment from equity affiliates
1 (4) (11) ns (109) ns Change in debt from renewable projects (170) (163) ns
(TotalEnergies share)
126 662 150 -16% 4,429 -97% Acquisitions ( b ) 2,996 2,651 +13%
1,084 266 422 x2.6 1,007 +8% Asset sales ( c ) 1,967 1,100 +79%
(5) 5 7 ns 105 ns Change in debt from renewable projects (partner share) 100 90 +11%
(958) 396 (272) ns 3,422 ns Net acquisitions 1,029 1,551 -34%
1,855 3,198 1,912 -3% 6,718 -72% Net investments ( a + b - c ) 9,022 8,459 +7%
757 - - ns - ns Other transactions with non-controlling interests ( d ) 757 - ns
(120) (78) (1) ns (101) ns Organic loan repayment from equity affiliates ( e ) (228) (35) ns
(6) 9 18 ns 214 ns Change in debt from renewable projects financing * ( f ) 270 253 +7%
30 25 28 +7% - ns Capex linked to capitalized leasing contracts ( g ) 77 74 +4%
2,456 3,104 1,901 +29% 6,831 -64% Cash flow used in investing activities ( a + b - c + d + e + f - g ) 9,744 8,603 +13%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
13. Cash-flow
3Q21 2Q21 3Q20 3Q21 3Q19 3Q21 In millions of dollars 9M21 9M20 9M21
vs
vs
vs
3Q20
3Q19
9M20
8,390 6,761 4,281 +96% 7,269 +15% Operating cash flow before working capital changes w/o financial charges (DACF) 20,901 12,701 +65%
(330) (409) (491) ns (532) ns Financial charges (1,122) (1,502) ns
8,060 6,352 3,791 x2.1 6,737 +20% Operating cash flow before working capital changes ( a ) * 19,778 11,199 +77%
(2,662) 814 475 ns 1,639 ns (Increase) decrease in working capital ** (2,403) (223) ns
365 463 90 x4.1 69 x5.3 Inventory effect 1,711 (1,748) ns
(3) (0) (4) ns - ns Capital gain from renewable projects sale (69) (64) ns
(120) (78) (1) ns (101) ns Organic loan repayment from equity affiliates (228) (35) ns
5,640 7,551 4,351 +30% 8,206 -31% Cash flow from operations 18,789 9,129 x2.1
2,813 2,802 2,184 +29% 3,296 -15% Organic investments ( b ) 7,993 6,908 +16%
5,247 3,550 1,607 x3.3 3,441 +52% Free cash flow after organic investments, 11,785 4,291 x2.7
w/o net asset sales ( a - b )
1,855 3,198 1,912 -3% 6,718 -72% Net investments ( c ) 9,022 8,459 +7%
6,205 3,154 1,879 x3.3 19 x326.6 Net cash flow ( a - c ) 10,756 2,740 x3.9
* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of iGRP’s contracts and including
capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of
iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market
effect of iGRP’s contracts.
14. Gearing ratio
In millions of dollars 09/30/2021 06/30/2021 09/30/2020 09/30/2019
Current borrowings * 15,184 15,795 13,756 13,422
Other current financial liabilities 504 322 196 769
Current financial assets * (3,821) (4,326) (5,843) (3,720)
Net financial assets classified as held for sale (1) - 5 -
Non-current financial debt * 43,350 44,687 54,001 42,031
Non-current financial assets * (1,927) (2,726) (2,122) (615)
Cash and cash equivalents (28,971) (28,643) (30,593) (27,454)
Net debt (a) 24,318 25,109 29,400 24,433
Shareholders’ equity - TotalEnergies share 110,016 108,096 102,234 114,994
Non-controlling interests 3,211 2,480 2,177 2,319
Shareholders' equity (b) 113,227 110,576 104,411 117,313
Net-debt-to-capital ratio = a / (a+b) 17.7% 18.5% 22.0% 17.2%
Leases (c) 7,786 7,702 7,499 6,888
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 22.1% 22.9% 26.1% 21.1%
* Excludes leases receivables and leases debts
15. Return on average capital employed
Twelve months ended September 30, 2021
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Company
Adjusted net operating income 3,738 7,982 1,526 1,471 14,237
Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,976
Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383
ROACE 7.8% 10.4% 14.5% 17.8% 10.0%
Twelve months ended June 30, 2021
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Company
Adjusted net operating income 2,415 6,057 836 1,494 10,252
Capital employed at 06/30/2020* 43,527 79,096 12,843 8,366 142,625
Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720
ROACE 5.2% 7.8% 7.6% 17.8% 7.2%
Twelve months ended September 30, 2020
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Company
Adjusted net operating income 2,318 3,326 1,449 1,366 7,801
Capital employed at 09/30/2019* 41,516 88,560 11,658 7,570 147,145
Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,976
ROACE 5.4% 4.0% 12.3% 17.3% 5.4%
* At replacement cost (excluding after-tax inventory effect).
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This press release presents the results for the third quarter of 2021 and
first nine months of 2021 from the consolidated financial statements of
TotalEnergies SE as of September 30, 2021. The limited review procedures by
the Statutory Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website totalenergies.com.
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information,
future events or otherwise. The information on risk factors that could have a
significant adverse effect on TotalEnergies’ business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TotalEnergies is provided in the most
recent version of the Universal Registration Document which is filed by
TotalEnergies SE with the French Autorité des Marchés Financiers and the
annual report on Form 20-F filed with the United States Securities and
Exchange Commission (“SEC”).
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 TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(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 asset 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.
(ii) 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
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management 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.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
((1)) Definition page 3.
((2)) Excluding leases.
((3) )Certain transactions referred to in the highlights are subject to
approval by authorities or to conditions as per the agreements.
((4)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 16.
((5) )Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e. all operating income
and contribution of equity affiliates to net income.
((6)) Effective tax rate = (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).
((7)) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bond
((8)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((9)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 17).
((10)) Net investments = organic investments + net acquisitions (see page 17).
((11)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of iGRP’s contracts
and including capital gain from renewable projects sale (effective first
quarter 2020).
The inventory valuation effect is explained on page 19. The reconciliation
table for different cash flow figures is on page 17.
((12)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges
((13) )The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4),
N(2)O, HFCs, PFCs and SF(6), with their respective GWP (Global Warming
Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF(6) are
virtually absent from the Company’s emissions or are considered as
non-material and are therefore not counted.
((14)) Scope 1+2 GHG emissions of operated oil & gas facilities are
defined as the sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined in the
Company’s 2020 Universal Registration Document) and indirect emissions
attributable to brought-in energy (electricity, heat, steam), excluding
purchased industrial gases (H(2)). They do not include facilities for power
generation from renewable sources or natural gas, such as combined cycle
natural gas power plants (CCGT) and sites with GHG emissions and activities of
less than 30 kt CO(2)e/year.
((15) )Scope 3 GHG emissions are defined as the indirect emissions of
greenhouse gases related to the use by customers of energy products sold for
end-use, i.e. combustion of the products to obtain energy. A stoichiometric
emission (oxidation of molecules to carbon dioxide) factor is applied to these
sales to obtain an emission volume. The Company usually follows the oil &
gas industry reporting guidelines published by IPIECA, which comply with the
GHG Protocol methodologies. Only item 11 of Scope 3 (use of sold products),
which is the most significant, is reported.
((16) )Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2
GHG emissions of facilities operated by the Company and indirect GHG emissions
related to the use by customers of energy products sold for end-use (Scope 3)
in the EU, Norway, United Kingdom and Switzerland.
((17) )Adjustment items shown on page 19.
((18)) Details shown on page 16 and in the appendix to the financial
statements.
((19)) Net cash flow = operating cash flow before working capital changes -
net investments (including other transactions with non-controlling interest).
TotalEnergies financial statements
____
Third quarter and nine months 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)((a)) 2021 2021 2020
Sales 54,729 47,049 33,142
Excise taxes (5,659) (5,416) (5,925)
Revenues from sales 49,070 41,633 27,217
Purchases, net of inventory variation (32,344) (26,719) (16,885)
Other operating expenses (6,617) (6,717) (5,610)
Exploration costs (127) (123) (139)
Depreciation, depletion and impairment of tangible assets and mineral (3,191) (3,121) (3,493)
interests
Other income 195 223 457
Other expense (605) (298) (281)
Financial interest on debt (454) (501) (547)
Financial income and expense from cash & cash equivalents 87 77 89
Cost of net debt (367) (424) (458)
Other financial income 193 265 134
Other financial expense (140) (131) (165)
Net income (loss) from equity affiliates 1,377 (680) 94
Income taxes (2,692) (1,609) (690)
Consolidated net income 4,752 2,299 181
TotalEnergies share 4,645 2,206 202
Non-controlling interests 107 93 (21)
Earnings per share ($) 1.72 0.80 0.04
Fully-diluted earnings per share ($) 1.71 0.80 0.04
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2021 2021 2020
Consolidated net income 4,752 2,299 181
Other comprehensive income
Actuarial gains and losses (3) 449 (6)
Change in fair value of investments in equity instruments (95) 56 221
Tax effect 5 (142) -
Currency translation adjustment generated by the parent company (2,368) 1,239 3,663
Items not potentially reclassifiable to profit and loss (2,461) 1,602 3,878
Currency translation adjustment 1,260 (746) (1,830)
Cash flow hedge 424 (424) 363
Variation of foreign currency basis spread 2 (4) (35)
Share of other comprehensive income of equity affiliates, net amount 184 (18) (804)
Other 1 (1) (7)
Tax effect (100) 100 (115)
Items potentially reclassifiable to profit and loss 1,771 (1,093) (2,428)
Total other comprehensive income (net amount) (690) 509 1,450
Comprehensive income 4,062 2,808 1,631
TotalEnergies share 4,014 2,670 1,536
Non-controlling interests 48 138 95
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$)((a)) 2021 2020
Sales 145,515 102,742
Excise taxes (16,179) (15,386)
Revenues from sales 129,336 87,356
Purchases, net of inventory variation (82,461) (56,978)
Other operating expenses (20,214) (18,875)
Exploration costs (417) (393)
Depreciation, depletion and impairment of tangible assets and mineral (9,637) (18,721)
interests
Other income 776 1,399
Other expense (1,562) (809)
Financial interest on debt (1,421) (1,646)
Financial income and expense from cash & cash equivalents 259 (16)
Cost of net debt (1,162) (1,662)
Other financial income 567 741
Other financial expense (401) (507)
Net income (loss) from equity affiliates 1,578 379
Income taxes (5,940) (169)
Consolidated net income 10,463 (8,239)
TotalEnergies share 10,195 (8,133)
Non-controlling interests 268 (106)
Earnings per share ($) 3.77 (3.22)
Fully-diluted earnings per share ($) 3.74 (3.22)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2021 2020
Consolidated net income 10,463 (8,239)
Other comprehensive income
Actuarial gains and losses 446 (229)
Change in fair value of investments in equity instruments (27) 147
Tax effect (149) 86
Currency translation adjustment generated by the parent company (5,302) 3,467
Items not potentially reclassifiable to profit and loss (5,032) 3,471
Currency translation adjustment 3,037 (2,770)
Cash flow hedge 504 (930)
Variation of foreign currency basis spread (2) 35
Share of other comprehensive income of equity affiliates, net amount 635 (1,731)
Other 1 (4)
Tax effect (157) 252
Items potentially reclassifiable to profit and loss 4,018 (5,148)
Total other comprehensive income (net amount) (1,014) (1,677)
Comprehensive income 9,449 (9,916)
TotalEnergies share 9,226 (9,888)
Non-controlling interests 223 (28)
CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30, 2021 June 30, 2021 December 31, 2020 September 30, 2020
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 32,895 33,359 33,528 33,145
Property, plant and equipment, net 105,902 106,791 108,335 104,355
Equity affiliates : investments and loans 30,467 29,712 27,976 27,386
Other investments 1,688 2,247 2,007 1,822
Non-current financial assets 2,799 3,778 4,781 3,155
Deferred income taxes 6,452 6,578 7,016 6,952
Other non-current assets 2,530 2,800 2,810 2,570
Total non-current assets 182,733 185,265 186,453 179,385
Current assets
Inventories, net 19,601 19,162 14,730 12,373
Accounts receivable, net 19,865 17,192 14,068 12,893
Other current assets 39,967 17,585 13,428 14,637
Current financial assets 3,910 4,404 4,630 6,011
Cash and cash equivalents 28,971 28,643 31,268 30,593
Assets classified as held for sale 633 456 1,555 1,090
Total current assets 112,947 87,442 79,679 77,597
Total assets 295,680 272,707 266,132 256,982
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,224 8,224 8,267 8,267
Paid-in surplus and retained earnings 113,795 110,967 107,078 107,632
Currency translation adjustment (11,995) (11,087) (10,256) (12,275)
Treasury shares (8) (8) (1,387) (1,390)
Total shareholders' equity - TotalEnergies share 110,016 108,096 103,702 102,234
Non-controlling interests 3,211 2,480 2,383 2,177
Total shareholders' equity 113,227 110,576 106,085 104,411
Non-current liabilities
Deferred income taxes 11,161 10,596 10,326 10,367
Employee benefits 3,218 3,305 3,917 3,719
Provisions and other non-current liabilities 20,355 20,716 20,925 19,351
Non-current financial debt 50,810 52,331 60,203 61,477
Total non-current liabilities 85,544 86,948 95,371 94,914
Current liabilities
Accounts payable 34,149 29,752 23,574 18,880
Other creditors and accrued liabilities 45,476 27,836 22,465 22,806
Current borrowings 16,471 16,983 17,099 14,980
Other current financial liabilities 504 322 203 196
Liabilities directly associated with the assets classified as held for sale 309 290 1,335 795
Total current liabilities 96,909 75,183 64,676 57,657
Total liabilities & shareholders' equity 295,680 272,707 266,132 256,982
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2021 2021 2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 4,752 2,299 181
Depreciation, depletion, amortization and impairment 3,361 3,287 3,634
Non-current liabilities, valuation allowances and deferred taxes 479 210 (88)
(Gains) losses on disposals of assets 100 (85) (309)
Undistributed affiliates' equity earnings (506) 1,255 178
(Increase) decrease in working capital (2,698) 669 980
Other changes, net 152 (84) (225)
Cash flow from operating activities 5,640 7,551 4,351
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,718) (2,675) (2,157)
Acquisitions of subsidiaries, net of cash acquired (23) (170) -
Investments in equity affiliates and other securities (67) (307) (229)
Increase in non-current loans (219) (380) (301)
Total expenditures (3,027) (3,532) (2,687)
Proceeds from disposals of intangible assets and property, plant and equipment 150 45 363
Proceeds from disposals of subsidiaries, net of cash sold 4 - 4
Proceeds from disposals of non-current investments 177 216 77
Repayment of non-current loans 240 167 342
Total divestments 571 428 786
Cash flow used in investing activities (2,456) (3,104) (1,901)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 381 -
- Treasury shares - - -
Dividends paid:
- Parent company shareholders (2,053) (2,094) (825)
- Non-controlling interests (41) (53) (103)
Net issuance (repayment) of perpetual subordinated notes - - 331
Payments on perpetual subordinated notes (22) (147) (22)
Other transactions with non-controlling interests 721 - (75)
Net issuance (repayment) of non-current debt 133 51 224
Increase (decrease) in current borrowings (1,457) (4,369) (2,343)
Increase (decrease) in current financial assets and liabilities 513 (67) 730
Cash flow from (used in) financing activities (2,206) (6,298) (2,083)
Net increase (decrease) in cash and cash equivalents 978 (1,851) 367
Effect of exchange rates (650) 209 499
Cash and cash equivalents at the beginning of the period 28,643 30,285 29,727
Cash and cash equivalents at the end of the period 28,971 28,643 30,593
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2021 2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,463 (8,239)
Depreciation, depletion, amortization and impairment 10,121 19,065
Non-current liabilities, valuation allowances and deferred taxes 810 (1,545)
(Gains) losses on disposals of assets (270) (649)
Undistributed affiliates' equity earnings 176 569
(Increase) decrease in working capital (2,848) 527
Other changes, net 337 (599)
Cash flow from operating activities 18,789 9,129
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (7,803) (6,930)
Acquisitions of subsidiaries, net of cash acquired (193) (188)
Investments in equity affiliates and other securities (2,500) (1,899)
Increase in non-current loans (899) (1,329)
Total expenditures (11,395) (10,346)
Proceeds from disposals of intangible assets and property, plant and equipment 421 626
Proceeds from disposals of subsidiaries, net of cash sold 233 158
Proceeds from disposals of non-current investments 456 392
Repayment of non-current loans 541 567
Total divestments 1,651 1,743
Cash flow used in investing activities (9,744) (8,603)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 381 374
- Treasury shares (165) (611)
Dividends paid:
- Parent company shareholders (6,237) (4,635)
- Non-controlling interests (104) (179)
Net issuance (repayment) of perpetual subordinated notes 3,248 331
Payments on perpetual subordinated notes (256) (253)
Other transactions with non-controlling interests 666 (145)
Net issuance (repayment) of non-current debt (706) 15,696
Increase (decrease) in current borrowings (7,488) (6,162)
Increase (decrease) in current financial assets and liabilities 298 (1,816)
Cash flow from (used in) financing activities (10,363) 2,600
Net increase (decrease) in cash and cash equivalents (1,318) 3,126
Effect of exchange rates (979) 115
Cash and cash equivalents at the beginning of the period 31,268 27,352
Cash and cash equivalents at the end of the period 28,971 30,593
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Non-controlling interests Total shareholders' equity
Share
( )(M$) Number Amount Number Amount
As of January 1, 2020 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
( )Net income of the first nine months 2020 - - (8,133) - - - (8,133) (106) (8,239)
( )Other comprehensive income - - (983) (772) - - (1,755) 78 (1,677)
( )Comprehensive Income - - (9,116) (772) - - (9,888) (28) (9,916)
( )Dividend - - (5,829) - - - (5,829) (234) (6,063)
( )Issuance of common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
( )Purchase of treasury shares - - - - (13,236,044) (611) (611) - (611)
( )Sale of treasury shares((a)) - - (233) - 4,297,502 233 - - -
( )Share-based payments - - 144 - - - 144 - 144
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - 331 - - - 331 - 331
( )Payments on perpetual subordinated notes - - (227) - - - (227) - (227)
( )Other operations with - - (63) - - - (63) (82) (145)
non-controlling interests
( )Other items - - (15) - - - (15) (6) (21)
As of September 30, 2020 2,653,124,025 8,267 107,632 (12,275) (24,412,776) (1,390) 102,234 2,177 104,411
( )Net income of the fourth quarter 2020 - - 891 - - - 891 12 903
( )Other comprehensive income - - 662 2,023 - - 2,685 222 2,907
( )Comprehensive Income - - 1,553 2,023 - - 3,576 234 3,810
( )Dividend - - (2,070) - - - (2,070) - (2,070)
( )Issuance of common shares - - - - - - - - -
( )Purchase of treasury shares - - - - - - - - -
( )Sale of treasury shares((a)) - - (3) - 20,073 3 - - -
( )Share-based payments - - 44 - - - 44 - 44
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
( )Payments on perpetual subordinated notes - - (81) - - - (81) - (81)
( )Other operations with - - 2 (4) - - (2) (35) (37)
non-controlling interests
( )Other items - - 1 - - - 1 7 8
As of December 31, 2020 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
( )Net income of the first nine months 2021 - - 10,195 - - - 10,195 268 10,463
( )Other comprehensive income - - 762 (1,731) - - (969) (45) (1,014)
( )Comprehensive Income - - 10,957 (1,731) - - 9,226 223 9,449
( )Dividend - - (6,236) - - - (6,236) (104) (6,340)
( )Issuance of common shares 10,589,713 31 350 - - - 381 - 381
( )Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
( )Sale of treasury shares((a)) - - (216) - 4,571,235 216 - - -
( )Share-based payments - - 103 - - - 103 - 103
( )Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
( )Net issuance (repayment) of perpetual subordinated notes - - 3,254 - - - 3,254 - 3,254
( )Payments on perpetual subordinated notes - - (278) - - - (278) - (278)
( )Other operations with - - 26 (6) - - 20 701 721
non-controlling interests
( )Other items - - 11 (2) - - 9 8 17
As of September 30, 2021 2,640,429,329 8,224 113,795 (11,995) (173,410) (8) 110,016 3,211 113,227
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )3(rd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,921 8,482 22,765 21,554 7 - 54,729
Intersegment sales 8,588 1,239 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 10,509 9,721 29,556 16,245 45 (17,006) 49,070
Operating expenses (3,958) (8,502) (28,153) (15,302) (179) 17,006 (39,088)
Depreciation, depletion and impairment of tangible assets and mineral (2,156) (343) (397) (267) (28) - (3,191)
interests
( )Operating income 4,395 876 1,006 676 (162) - 6,791
Net income (loss) from equity affiliates and other items 139 782 79 2 18 - 1,020
Tax on net operating income (2,007) (208) (273) (222) 23 - (2,687)
( )Net operating income 2,527 1,450 812 456 (121) - 5,124
Net cost of net debt (372)
Non-controlling interests (107)
Net income - TotalEnergies share 4,645
( )3(rd) quarter 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (32) (152) 301 44 - - 161
Depreciation, depletion and impairment of tangible assets and mineral - (7) (12) - - - (19)
interests
( )Operating income ( (b)) (32) (159) 289 44 - - 142
Net income (loss) from equity affiliates and other items (246) (3) 5 (12) 2 - (254)
Tax on net operating income 79 4 (84) (14) - - (15)
( )Net operating income ( (b)) (199) (158) 210 18 2 - (127)
Net cost of net debt 5
Non-controlling interests (2)
Net income - TotalEnergies share (124)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 309 56 -
- On net operating income - - 285 41 -
( )3(rd) quarter 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,921 8,482 22,765 21,554 7 - 54,729
Intersegment sales 8,588 1,239 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 10,509 9,721 29,556 16,245 45 (17,006) 49,070
Operating expenses (3,926) (8,350) (28,454) (15,346) (179) 17,006 (39,249)
Depreciation, depletion and impairment of tangible assets and mineral (2,156) (336) (385) (267) (28) - (3,172)
interests
( )Adjusted operating income 4,427 1,035 717 632 (162) - 6,649
Net income (loss) from equity affiliates and other items 385 785 74 14 16 - 1,274
Tax on net operating income (2,086) (212) (189) (208) 23 - (2,672)
( )Adjusted net operating income 2,726 1,608 602 438 (123) - 5,251
Net cost of net debt (377)
Non-controlling interests (105)
Adjusted net income - TotalEnergies share 4,769
( )3(rd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,754 683 337 239 14 3,027
Total divestments 163 358 17 31 2 571
( )Cash flow from operating activities 4,814 (463) 799 845 (355) 5,640
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,743 5,086 20,853 19,367 - - 47,049
Intersegment sales 7,855 744 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 9,598 5,830 26,997 14,284 39 (15,115) 41,633
Operating expenses (4,284) (5,103) (25,646) (13,434) (207) 15,115 (33,559)
Depreciation, depletion and impairment of tangible assets and mineral (2,134) (291) (396) (271) (29) - (3,121)
interests
( )Operating income 3,180 436 955 579 (197) - 4,953
Net income (loss) from equity affiliates and other items (1,243) 419 123 57 23 - (621)
Tax on net operating income (1,195) (56) (281) (176) 16 - (1,692)
( )Net operating income 742 799 797 460 (158) - 2,640
Net cost of net debt (341)
Non-controlling interests (93)
Net income - TotalEnergies share 2,206
( )2(nd) quarter 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (9) - - - - (9)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (9) - - - - (9)
Operating expenses (23) (54) 386 71 - - 380
Depreciation, depletion and impairment of tangible assets and mineral - (3) (13) - - - (16)
interests
( )Operating income ( (b)) (23) (66) 373 71 - - 355
Net income (loss) from equity affiliates and other items (1,436) (47) 22 (8) (22) - (1,491)
Tax on net operating income (12) 21 (109) (20) - - (120)
( )Net operating income ( (b)) (1,471) (92) 286 43 (22) - (1,256)
Net cost of net debt 4
Non-controlling interests (5)
Net income - TotalEnergies share (1,257)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 394 69 -
- On net operating income - - 331 50 -
( )2(nd) quarter 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,743 5,095 20,853 19,367 - - 47,058
Intersegment sales 7,855 744 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 9,598 5,839 26,997 14,284 39 (15,115) 41,642
Operating expenses (4,261) (5,049) (26,032) (13,505) (207) 15,115 (33,939)
Depreciation, depletion and impairment of tangible assets and mineral (2,134) (288) (383) (271) (29) - (3,105)
interests
( )Adjusted operating income 3,203 502 582 508 (197) - 4,598
Net income (loss) from equity affiliates and other items 193 466 101 65 45 - 870
Tax on net operating income (1,183) (77) (172) (156) 16 - (1,572)
( )Adjusted net operating income 2,213 891 511 417 (136) - 3,896
Net cost of net debt (345)
Non-controlling interests (88)
Adjusted net income - TotalEnergies share 3,463
( )2(nd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,830 1,167 291 222 22 3,532
Total divestments 63 310 13 36 6 428
( )Cash flow from operating activities 4,835 567 2,232 437 (520) 7,551
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )3(rd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,142 1,995 13,607 16,397 1 - 33,142
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,475 17,116 11,193 25 (8,982) 27,217
Operating expenses (2,435) (1,880) (16,799) (10,301) (201) 8,982 (22,634)
Depreciation, depletion and impairment of tangible assets and mineral (2,187) (342) (678) (270) (16) - (3,493)
interests
( )Operating income 768 253 (361) 622 (192) - 1,090
Net income (loss) from equity affiliates and other items 251 225 (247) 14 (4) - 239
Tax on net operating income (243) (266) (51) (187) 3 - (744)
( )Net operating income 776 212 (659) 449 (193) - 585
Net cost of net debt (404)
Non-controlling interests 21
Net income - TotalEnergies share 202
( )3(rd) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - 33 - - - - 33
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 33 - - - - 33
Operating expenses (51) (49) (48) (6) - - (154)
Depreciation, depletion and impairment of tangible assets and mineral - - (290) - - - (290)
interests
( )Operating income ( (b)) (51) (16) (338) (6) - - (411)
Net income (loss) from equity affiliates and other items 8 (64) (215) (6) - - (277)
Tax on net operating income 18 7 (18) - - - 7
( )Net operating income ( (b)) (25) (73) (571) (12) - - (681)
Net cost of net debt 29
Non-controlling interests 6
Net income - TotalEnergies share (646)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 95 (5) -
- On net operating income - - 14 (6) -
( )3(rd) quarter 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,142 1,962 13,607 16,397 1 - 33,109
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,442 17,116 11,193 25 (8,982) 27,184
Operating expenses (2,384) (1,831) (16,751) (10,295) (201) 8,982 (22,480)
Depreciation, depletion and impairment of tangible assets and mineral (2,187) (342) (388) (270) (16) - (3,203)
interests
( )Adjusted operating income 819 269 (23) 628 (192) - 1,501
Net income (loss) from equity affiliates and other items 243 289 (32) 20 (4) - 516
Tax on net operating income (261) (273) (33) (187) 3 - (751)
( )Adjusted net operating income 801 285 (88) 461 (193) - 1,266
Net cost of net debt (433)
Non-controlling interests 15
Adjusted net income - TotalEnergies share 848
( )3(rd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,291 874 317 185 20 2,687
Total divestments 362 380 17 25 2 786
( )Cash flow from operating activities 2,043 654 1,027 1,033 (406) 4,351
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )9( )months 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 5,178 19,070 62,819 58,434 14 - 145,515
Intersegment sales 23,021 2,794 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 28,199 21,864 80,870 43,421 120 (45,138) 129,336
Operating expenses (11,310) (18,823) (76,732) (40,812) (553) 45,138 (103,092)
Depreciation, depletion and impairment of tangible assets and mineral (6,473) (1,105) (1,184) (793) (82) - (9,637)
interests
( )Operating income 10,416 1,936 2,954 1,816 (515) - 16,607
Net income (loss) from equity affiliates and other items (834) 1,464 290 25 13 - 958
Tax on net operating income (4,382) (365) (834) (574) 77 - (6,078)
( )Net operating income 5,200 3,035 2,410 1,267 (425) - 11,487
Net cost of net debt (1,024)
Non-controlling interests (268)
Net income - TotalEnergies share 10,195
( )9( )months 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (44) - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (44) - - - - (44)
Operating expenses (55) (214) 1,432 257 - - 1,420
Depreciation, depletion and impairment of tangible assets and mineral - (155) (25) - - - (180)
interests
( )Operating income ( (b)) (55) (413) 1,407 257 - - 1,196
Net income (loss) from equity affiliates and other items (1,728) (99) 33 (55) (60) - (1,909)
Tax on net operating income 69 63 (386) (74) 2 - (326)
( )Net operating income ( (b)) (1,714) (449) 1,054 128 (58) - (1,039)
Net cost of net debt 15
Non-controlling interests (16)
Net income - TotalEnergies share (1,040)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 1,449 262 -
- On net operating income - - 1,222 189 -
( )9( )months 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 5,178 19,114 62,819 58,434 14 - 145,559
Intersegment sales 23,021 2,794 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 28,199 21,908 80,870 43,421 120 (45,138) 129,380
Operating expenses (11,255) (18,609) (78,164) (41,069) (553) 45,138 (104,512)
Depreciation, depletion and impairment of tangible assets and mineral (6,473) (950) (1,159) (793) (82) - (9,457)
interests
( )Adjusted operating income 10,471 2,349 1,547 1,559 (515) - 15,411
Net income (loss) from equity affiliates and other items 894 1,563 257 80 73 - 2,867
Tax on net operating income (4,451) (428) (448) (500) 75 - (5,752)
( )Adjusted net operating income 6,914 3,484 1,356 1,139 (367) - 12,526
Net cost of net debt (1,039)
Non-controlling interests (252)
Adjusted net income - TotalEnergies share 11,235
( )9( )months 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 4,949 4,870 915 599 62 11,395
Total divestments 537 810 146 138 20 1,651
( )Cash flow from operating activities 13,385 884 4,027 1,947 (1,454) 18,789
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )9( )months 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 3,716 10,398 41,563 47,058 7 - 102,742
Intersegment sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from sales 16,625 11,773 53,004 33,708 90 (27,844) 87,356
Operating expenses (8,483) (10,278) (52,535) (32,031) (763) 27,844 (76,246)
Depreciation, depletion and impairment of tangible assets and mineral (14,498) (1,958) (1,466) (743) (56) - (18,721)
interests
( )Operating income (6,356) (463) (997) 934 (729) - (7,611)
Net income (loss) from equity affiliates and other items 691 645 (339) 46 160 - 1,203
Tax on net operating income (299) 64 152 (346) 5 - (424)
( )Net operating income (5,964) 246 (1,184) 634 (564) - (6,832)
Net cost of net debt (1,407)
Non-controlling interests 106
Net income - TotalEnergies share (8,133)
( )9( )months 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - 17 - - - - 17
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 17 - - - - 17
Operating expenses (88) (367) (1,685) (347) (91) - (2,578)
Depreciation, depletion and impairment of tangible assets and mineral (7,338) (953) (290) - - - (8,581)
interests
( )Operating income ( (b)) (7,426) (1,303) (1,975) (347) (91) - (11,142)
Net income (loss) from equity affiliates and other items 79 (356) (486) (11) - - (774)
Tax on net operating income 88 381 408 100 12 - 989
( )Net operating income ( (b)) (7,259) (1,278) (2,053) (258) (79) - (10,927)
Net cost of net debt (39)
Non-controlling interests 78
Net income - TotalEnergies share (10,888)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (1,509) (239) -
- On net operating income - - (1,357) (169) -
( )9( )months 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 3,716 10,381 41,563 47,058 7 - 102,725
Intersegment sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from sales 16,625 11,756 53,004 33,708 90 (27,844) 87,339
Operating expenses (8,395) (9,911) (50,850) (31,684) (672) 27,844 (73,668)
Depreciation, depletion and impairment of tangible assets and mineral (7,160) (1,005) (1,176) (743) (56) - (10,140)
interests
( )Adjusted operating income 1,070 840 978 1,281 (638) - 3,531
Net income (loss) from equity affiliates and other items 612 1,001 147 57 160 - 1,977
Tax on net operating income (387) (317) (256) (446) (7) - (1,413)
( )Adjusted net operating income 1,295 1,524 869 892 (485) - 4,095
Net cost of net debt (1,368)
Non-controlling interests 28
Adjusted net income - TotalEnergies share 2,755
( )9( )months 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 4,556 4,335 850 519 86 10,346
Total divestments 687 813 118 97 28 1,743
( )Cash flow from operating activities 6,876 1,554 924 1,453 (1,678) 9,129
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
3(rd) quarter 2021 statement
(M$) Adjusted Adjustments((a)) of income
Sales 54,729 - 54,729
Excise taxes (5,659) - (5,659)
Revenues from sales 49,070 - 49,070
Purchases net of inventory variation (32,574) 230 (32,344)
Other operating expenses (6,548) (69) (6,617)
Exploration costs (127) - (127)
Depreciation, depletion and impairment of tangible assets and mineral (3,172) (19) (3,191)
interests
Other income 195 - 195
Other expense (117) (488) (605)
Financial interest on debt (454) - (454)
Financial income and expense from cash & cash equivalents 79 8 87
Cost of net debt (375) 8 (367)
Other financial income 193 - 193
Other financial expense (140) - (140)
Net income (loss) from equity affiliates 1,143 234 1,377
Income taxes (2,674) (18) (2,692)
Consolidated net income 4,874 (122) 4,752
TotalEnergies share 4,769 (124) 4,645
Non-controlling interests 105 2 107
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
3(rd) quarter 2020 statement
(M$) Adjusted Adjustments((a)) of income
Sales 33,109 33 33,142
Excise taxes (5,925) - (5,925)
Revenues from sales 27,184 33 27,217
Purchases net of inventory variation (16,942) 57 (16,885)
Other operating expenses (5,399) (211) (5,610)
Exploration costs (139) - (139)
Depreciation, depletion and impairment of tangible assets and mineral (3,203) (290) (3,493)
interests
Other income 310 147 457
Other expense (115) (166) (281)
Financial interest on debt (549) 2 (547)
Financial income and expense from cash & cash equivalents 49 40 89
Cost of net debt (500) 42 (458)
Other financial income 134 - 134
Other financial expense (165) - (165)
Net income (loss) from equity affiliates 352 (258) 94
Income taxes (684) (6) (690)
Consolidated net income 833 (652) 181
TotalEnergies share 848 (646) 202
Non-controlling interests (15) (6) (21)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
9( )months 2021 statement of
(M$) Adjusted Adjustments((a)) income
Sales 145,559 (44) 145,515
Excise taxes (16,179) - (16,179)
Revenues from sales 129,380 (44) 129,336
Purchases net of inventory variation (83,971) 1,510 (82,461)
Other operating expenses (20,124) (90) (20,214)
Exploration costs (417) - (417)
Depreciation, depletion and impairment of tangible assets and mineral (9,457) (180) (9,637)
interests
Other income 749 27 776
Other expense (451) (1,111) (1,562)
Financial interest on debt (1,421) - (1,421)
Financial income and expense from cash & cash equivalents 235 24 259
Cost of net debt (1,186) 24 (1,162)
Other financial income 567 - 567
Other financial expense (401) - (401)
Net income (loss) from equity affiliates 2,403 (825) 1,578
Income taxes (5,605) (335) (5,940)
Consolidated net income 11,487 (1,024) 10,463
TotalEnergies share 11,235 (1,040) 10,195
Non-controlling interests 252 16 268
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
9( )months 2020 statement of
(M$) Adjusted Adjustments((a)) income
Sales 102,725 17 102,742
Excise taxes (15,386) - (15,386)
Revenues from sales 87,339 17 87,356
Purchases net of inventory variation (54,891) (2,087) (56,978)
Other operating expenses (18,384) (491) (18,875)
Exploration costs (393) - (393)
Depreciation, depletion and impairment of tangible assets and mineral (10,140) (8,581) (18,721)
interests
Other income 1,130 269 1,399
Other expense (409) (400) (809)
Financial interest on debt (1,643) (3) (1,646)
Financial income and expense from cash & cash equivalents 36 (52) (16)
Cost of net debt (1,607) (55) (1,662)
Other financial income 741 - 741
Other financial expense (506) (1) (507)
Net income (loss) from equity affiliates 1,021 (642) 379
Income taxes (1,174) 1,005 (169)
Consolidated net income 2,727 (10,966) (8,239)
TotalEnergies share 2,755 (10,888) (8,133)
Non-controlling interests (28) (78) (106)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPress
Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
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TotalEnergies SE
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