REG-TotalEnergies SE TotalEnergies: Fourth Quarter and Full-year 2022 Results
08/02/2023 12:00
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TotalEnergies: Fourth Quarter and Full-year 2022 Results
TotalEnergies leverages global portfolio to post adjusted net income of $7.6
billion in the fourth quarter 2022 and IFRS full-year net income of $20.5
billion
TotalEnergies confirms 2023 pay-out of 35-40% for shareholders while ensuring
its employees and customers share in value
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
4Q22 Change 2022 Change
vs 4Q21
vs 2021
Net income (TotalEnergies share) (B$) 3.3 -44% 20.5 +28%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 7.6 +11% 36.2 x2
- in dollars per share 2.97 +17% 13.94 x2.1
Adjusted EBITDA((1)) (B$) 16.0 +12% 71.6 +69%
DACF((1)) (B$) 9.4 -4% 47.0 +53%
Cash Flow from operations (B$) 5.6 -52% 47.4 +56%
Net-debt-to-capital ratio((2)) of 7.0% at December 31, 2022 vs. 4.0% at September 30, 2022
Final 2022 dividend set at 0.74 €/share
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on February 7, 2023, to approve the 2022 financial statements. On the
occasion, Patrick Pouyanné said:
“While down from the previous quarter highs due to uncertainties about the
demand outlook, fourth quarter oil and gas prices as well as refining margins
remained strong in supply-constrained markets. Benefiting from this favorable
environment as well as the increase in its hydrocarbon production (+5%) and
LNG sales (+22%), thanks to its unique position in Europe, TotalEnergies
reported cash flow of $9.1 billion and adjusted net income of $7.6 billion.
Including the $4.1 billion impairment related to the deconsolidation of
Novatek at year-end 2022, IFRS net income was $3.3 billion.
In 2022, the Company generated $45.7 billion of cash flow. IFRS net income was
$20.5 billion, including nearly $15 billion in provisions related to Russia
(for an adjusted net income of $36.2 billion). Return on equity was 32% and
return on capital employed was 28%, demonstrating the quality of its global
portfolio.
The iGRP segment posted adjusted net operating income of $2.9 billion and cash
flow of $3.1 billion, up 17% over the quarter, bringing annual results to $12
billion and cash flow to $11 billion. The Company took full advantage of its
global LNG portfolio. The Integrated Power activity (covering the electricity
and renewables business) generated $1 billion of cash flow over the year, with
production of 33 TWh up 57%, and nearly 17 GW of gross renewable capacity
installed at the end of 2022. In order to provide shareholders with a better
understanding of the growth strategy of LNG and electricity/renewables, the
Board of Directors decided that from the first quarter 2023 iGRP's results
will separately report the contributions of the Integrated LNG and Integrated
Power activities.
Exploration & Production posted adjusted net operating income of $3.5
billion and cash flow of $5.0 billion in the fourth quarter, raising its
strong full-year contribution to the Company's cash flow to $26 billion in
2022. Two new discoveries, in Cyprus and Brazil, add to the discoveries
already made in Namibia and Suriname in 2022.
Downstream achieved historic performance in 2022 with $8.9 billion in adjusted
net operating income and $10.1 billion in cash flow, supported by a refinery
utilization rate of 82% that fully captured high refining margins.
TotalEnergies continues to grow in petrochemicals with the launch of the
Amiral project, a world-class integrated complex in Saudi Arabia.
In line with the policy announced in September 2022, TotalEnergies implemented
a balanced cash allocation in 2022, between shareholders (37.2% payout),
investments ($16.3 billion or 36% of cash flow, including $4 billion in
low-carbon energies), and deleveraging (reducing net debt by $12.2 billion, or
27% of cash flow) to end 2022 with gearing of 7%. In addition, the Company has
ensured balanced profit sharing with its employees (exceptional bonus of up to
one month’s salary* and wage increases taking into account the inflation
rate observed in the various countries) and with its customers through rebates
on various energy products to mitigate the increase in energy prices.
Governments have also benefited from more than $33 billion in taxes worldwide,
more than double the amount in 2021, mostly paid to producing countries,
In view of the growth in structural cash flow forecast for 2023 and the share
buybacks carried out in 2022 (5% of the share capital), the Board of Directors
proposes to the Shareholders’ Meeting the distribution of a final 2022
dividend of €0.74/share, an increase of 6.5% for the ordinary 2022 dividend
to €2.81/share, plus the special dividend of €1/share paid in December
2022. In addition, the Board of Directors confirmed a shareholder return
policy for 2023 targeting a pay-out between 35-40%, which will combine an
increase in interim dividends of more than 7% to €0.74/share and share
buybacks of $2 billion in the first quarter. »
1. Highlights((3))
Social and environmental responsibility
* Commercial rebates on electricity prices for VSEs and SMEs
* TotalEnergies ranked first in the CAC40 for investor transparency by the Forum
for Responsible Investment
Integrated LNG
* Commissioning of the floating LNG regasification unit at the Lubmin terminal
in Germany
* Started production on Block 10, and signed a long-term LNG contract for 0.8
Mt/y, in Oman
Integrated Power
* Acquired a stake in Brazil's leading renewable developer (Casa dos Ventos)
with a portfolio of more than 6 GW of onshore solar and wind projects in
Brazil
* Total Eren signed an agreement for development of 1 GW wind project in
Kazakhstan
* Start-up of 800 MW Al Kharsaah solar power plant in Qatar
* 50% Farm-down of a 234 MW portfolio of renewable projects, in France
Upstream
* Withdrawal of TotalEnergies representatives from Board of Directors of PAO
Novatek and deconsolidation of the Company's 19.4% stake in Novatek
* Acquired additional 4.08% interest in the Waha concessions in Libya
* Divested the Dunga field in Kazakhstan
* Acquisition by TotalEnergies EP Canada, ahead of its spin-off, of an
additional interest in Fort Hills
* Launched Lapa South-West project in Brazil
* Gas discovery on the Zeus-1 well, located on Block 6 in Cyprus
* Oil discovery in the Sépia area, Brazil
* Entry to the Agua Marinha offshore exploration block in Brazil
* Launched exploration activities on Block 9 for drilling in 2023, in Lebanon
Downstream and new molecules
* Final investment decision for the Amiral Petrochemical Complex with Aramco,
Saudi Arabia
* Launch with Air Liquide of a renewable and low-carbon hydrogen production
project on the Grandpuits platform in France
* Start-up of BioBéarn, the largest biogas production unit in France with a
capacity of 160 GWh
* Memorandum of Understanding with Air France-KLM for the supply of 0.8 Mt of
SAF over 10 years
* Creation of a joint venture with Air Liquide to develop a network of more than
100 hydrogen stations for trucks in Europe
Decarbonization
* Memorandum of understanding with Holcim for a pilot project to decarbonize a
cement plant in Belgium
* Entry on two permits for CO2 storage in the North Sea, Denmark
2. Key figures from TotalEnergies’ consolidated financial statements((4))
4Q22 3Q22 4Q21 4Q22 In millions of dollars, except effective tax rate, 2022 2021 2022
vs earnings per share and number of shares
vs
4Q21
2021
15,997 19,420 14,285 +12% Adjusted EBITDA ((5)) 71,578 42,302 +69%
8,238 10,279 7,316 +13% Adjusted net operating income from business segments 38,475 20,209 +90%
3,528 4,217 3,525 - Exploration & Production 17,479 10,439 +67%
2,889 3,649 2,759 +5% Integrated Gas, Renewables & Power 12,144 6,243 +95%
1,487 1,935 553 x2.7 Refining & Chemicals 7,302 1,909 x3.8
334 478 479 -30% Marketing & Services 1,550 1,618 -4%
1,873 2,576 1,787 +5% Contribution of equity affiliates to adjusted net income 8,254 4,190 +97%
41.4% 44.1% 40.2% Effective tax rate ((6)) 40.9% 37.9%
7,561 9,863 6,825 +11% Adjusted net income (TotalEnergies share) 36,197 18,060 x2
2.97 3.83 2.55 +17% Adjusted fully-diluted earnings per share (dollars) ((7)) 13.94 6.68 x2.1
2.93 3.78 2.19 +34% Adjusted fully-diluted earnings per share (euros)* 13.24 5.65 x2.3
2,522 2,560 2,644 -5% Fully-diluted weighted-average shares (millions) 2,572 2,647 -3%
3,264 6,626 5,837 -44% Net income (TotalEnergies share) 20,526 16,032 +28%
3,935 3,116 4,681 -16% Organic investments ((8)) 11,852 12,675 -6%
(133) 1,587 (396) ns Net acquisitions ((9)) 4,451 632 x7
3,802 4,703 4,285 -11% Net investments ((10)) 16,303 13,307 +23%
9,135 11,736 9,361 -2% Operating cash flow before working capital changes ((11)) 45,729 29,140 +57%
9,361 12,040 9,759 -4% Operating cash flow before working capital changes 47,025 30,660 +53%
w/o financial charges (DACF) ((12))
5,618 17,848 11,621 -52% Cash flow from operations 47,367 30,410 +56%
* Average €-$ exchange rate: 1.0205 in the fourth quarter 2022 and 1.0530 in
2022.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
4Q22 3Q22 4Q21 4Q22 2022 2021 2022
vs
vs
4Q21
2021
88.8 100.8 79.8 +11% Brent ($/b) 101.3 70.9 +43%
6.1 7.9 4.8 +26% Henry Hub ($/Mbtu) 6.5 3.7 +76%
32.3 42.5 32.8 -2% NBP ($/Mbtu) 32.4 16.4 +97%
30.5 46.5 35.0 -13% JKM ($/Mbtu) 33.8 18.5 +83%
80.6 93.6 72.6 +11% Average price of liquids ($/b) 91.3 65.0 +41%
Consolidated subsidiaries
12.74 16.83 11.38 +12% Average price of gas ($/Mbtu) 13.15 6.60 +99%
Consolidated subsidiaries
14.83 21.51 13.12 +13% Average price of LNG ($/Mbtu) 15.90 8.80 +81%
Consolidated subsidiaries and equity affiliates
73.6 99.2 16.7 x4.4 Variable cost margin - Refining Europe, VCM ($/t)** 94.1 10.5 x9
* The indicators are shown on page 23.
** 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).
3.2 Greenhouse gas emissions((13))
4Q22 3Q22 4Q21 4Q22 GHG emissions (MtCO(2)e) 2022 2021 2022
vs
vs
4Q21
2021
10.1 10.3 9.9 +2% Scope 1+2 from operated facilities ((14)) 39.7 37.0 +7%
8.3 8.2 8.5 -2% of which Oil & Gas 32.5 33.1 -2%
1.8 2.1 1.4 +24% of which CCGT 7.2 3.8 +86%
14.7 14.0 - - Scope 1+2 - equity share 56.1 53.7 +4%
107 90 108 -1% Scope 3 from Oil, Biofuels & Gas Worldwide ((15)) 389 400 -3%
58 65 75 -22% of which Scope 3 Oil Worldwide ((16)) 254 285 -11%
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available.
Excluding Covid-19 effect for emissions data from 2Q20 through 2Q22.
4Q22 3Q22 4Q21 4Q22 Methane emissions (ktCH(4)) 2022 2021 2022
vs
vs
4Q21
2021
11 10 12 -8% Methane emissions from operated facilities 42 49 -14%
10 14 - - Methane emissions - equity share 47 51 -8%
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available.
The evolution of Scope 1+2 emissions of operated installations in 2022 is
mainly due to the increased use of gas-fired power plants (7.2 Mt in 2022
versus 3.8 Mt in 2021), in the context of lower availability of nuclear power
plants in France, as well as the start-up of the Landivisiau power plant.
Conversely, emissions from Oil & Gas activities fell by 2%.
3.3 Production*
4Q22 3Q22 4Q21 4Q22 Hydrocarbon production 2022 2021 2022
vs
vs
4Q21
2021
2,812 2,669 2,852 -1% Hydrocarbon production (kboe/d) 2,765 2,819 -2%
1,357 1,298 1,278 +6% Oil (including bitumen) (kb/d) 1,307 1,274 +3%
1,455 1,371 1,574 -8% Gas (including condensates and associated NGL) (kboe/d) 1,458 1,545 -6%
2,812 2,669 2,852 -1% Hydrocarbon production (kboe/d) 2,765 2,819 -2%
1,570 1,494 1,509 +4% Liquids (kb/d) 1,519 1,500 +1%
6,681 6,367 7,328 -9% Gas (Mcf/d) 6,759 7,203 -6%
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,812 thousand barrels of oil equivalent per day
(kboe/d) in the fourth quarter of 2022, up 5% quarter-on-quarter, benefiting
from projects ramp-up (Mero 1 in Brazil, Ikike in Nigeria), resumption of
production from Kashagan in Kazakhstan, lower planned maintenance (notably on
Ichthys in Australia), and despite the disposal of Termokarstovoye, in Russia.
Hydrocarbon production was 2,765 kboe/d in 2022, down 2% year-on-year,
comprised of:
* +3% due to start-ups and ramp-ups, notably CLOV Phase 2 and Zinia Phase 2 in
Angola, Mero 1 in Brazil and Ikike in Nigeria,
* +2% due to the increase in OPEC+ production quotas,
* -3% portfolio effect, notably related to the end of the operating licenses for
Qatargas 1 and Bongkot North in Thailand, as well as the effective withdrawal
from Myanmar, the exit from Termokarstovoye and Kharyaga in Russia, partially
offset by the entry into the Sépia and Atapu producing fields in Brazil,
* -1% due to security-related production cuts in Libya and Nigeria,
* -1% due to price effect,
* -2% due to the natural decline of the fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 iGRP Results
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
2,889 3,649 2,759 +5% Adjusted net operating income* 12,144 6,243 +95%
1,301 1,888 1,321 -2% including adjusted income from equity affiliates 5,838 2,696 x2.2
650 653 1,190 -45% Organic investments 1,904 3,341 -43%
(211) 1,718 47 ns Net acquisitions 2,089 1,165 +79%
439 2,371 1,237 -65% Net investments 3,993 4,506 -11%
3,127 2,683 2,440 +28% Operating cash flow before working capital changes ** 10,754 6,124 +76%
995 4,390 (57) ns Cash flow from operations *** 9,670 827 x11.7
* 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.
In the fourth quarter 2022:
* iGRP adjusted net operating income was $2,889 million, up 5% year-on-year,
mainly due to the growing contribution of the Integrated Power business,
* iGRP operating cash flow before working capital changes was $3,127 million, up
28% year-on-year, mainly due to the performance of the Integrated LNG
business, which benefited from higher prices and the growing contribution of
the Integrated Power business,
* working capital increased during the quarter, taking into account margin calls
in gas and power supply activities.
Full-year 2022:
* iGRP's adjusted net operating income was $12,144 million, up 95% year-on-year,
thanks to its integrated LNG portfolio, in particular its regasification
capacity in Europe, which positioned it to capture the benefit of the
favorable pricing environment, and thanks to the growth of the Integrated
Power business,
* iGRP operating cash flow before working capital changes was $10,754 million in
2022, up 76% year-on-year, for the same reasons.
Starting in the first quarter of 2023, iGRP results will be presented in two
segments:
* Integrated LNG covering LNG production and trading activities as well as
biogas and hydrogen activities,
* Integrated Power covering electricity generation, storage, trading, and B2B
B2C gas and power marketing activities.
4.1.2 Integrated LNG
4Q22 3Q22 4Q21 4Q22 Hydrocarbon production for LNG 2022 2021 2022
vs
vs
4Q21
2021
503 418 562 -11% iGRP (kboe/d) 469 529 -11%
58 40 68 -14% Liquids (kb/d) 53 63 -16%
2,420 2,067 2,697 -10% Gas (Mcf/d) 2,267 2,541 -11%
4Q22 3Q22 4Q21 4Q22 Liquefied Natural Gas in Mt 2022 2021 2022
vs
vs
4Q21
2021
12.7 10.4 11.6 +10% Overall LNG sales 48.1 42.0 +15%
4.4 4.0 4.6 -4% incl. Sales from equity production* 17.0 17.4 -2%
11.4 9.2 10.1 +13% incl. Sales by TotalEnergies from equity production and third party purchases 42.8 35.1 +22%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
LNG production was 4.4 Mt in the fourth quarter, up 10% from the previous
quarter, benefiting from a full quarter of production from Ichthys LNG in
Australia after a planned maintenance in the third quarter. Production
declined by 2% over the year, despite the restart of Snøhvit, Norway, in the
second quarter, due to the end of the Qatargas 1 operating license and supply
issues at Nigeria LNG.
Total LNG sales were up 22% in the quarter and 15% in the year, supported by
strong LNG demand in Europe.
Adjusted net operating income for Integrated LNG was $11.2 billion in 2022,
double the $5.6 billion contribution in 2021, as the integrated LNG portfolio,
in particular its regasification capacity in Europe, was well-positioned to
capture the benefit of the favorable pricing environment.
Cash flow from Integrated LNG was $9.8 billion in 2022, up nearly 80% from the
$5.5 billion contribution in 2021, for the same reason.
4.1.3 Integrated Power
4Q22 3Q22 4Q21 4Q22 Integrated Power 2022 2021 2022
vs
vs
4Q21
2021
69.0 67.8 43.0 +61% Portfolio of renewable power generation gross capacity 69.0 43.0 +61%
(GW) ((1),(2),(3))
16.8 16.0 10.3 +64% o/w installed capacity 16.8 10.3 +64%
6.1 5.4 6.5 -6% o/w capacity in construction 6.1 6.5 -6%
46.0 46.4 26.2 +76% o/w capacity in development 46.0 26.2 +76%
33.4 33.9 28.0 +19% Gross renewables capacity with PPA (GW) ((1),(2),(3)) 33.4 28.0 +19%
45.5 45.2 31.7 +43% Portfolio of renewable power generation net capacity 45.5 31.7 +43%
(GW) ((3))
7.7 7.4 5.1 +50% o/w installed capacity 7.7 5.1 +50%
4.1 3.5 4.6 -10% o/w capacity in construction 4.1 4.6 -10%
33.6 34.2 22.0 +53% o/w capacity in development 33.6 22.0 +53%
9.4 8.5 6.7 +42% Net power production (TWh) ((4)) 33.2 21.2 +57%
3.3 2.4 1.9 +74% incl. power production from renewables 10.4 6.8 +53%
6.1 6.3 6.1 +1% Clients power - BtB and BtC (Million) ((3)) 6.1 6.1 +1%
2.7 2.8 2.7 +1% Clients gas - BtB and BtC (Million) ((3)) 2.7 2.7 +1%
14.6 12.1 16.1 -10% Sales power - BtB and BtC (TWh) 55.3 56.6 -2%
28.1 14.2 31.2 -10% Sales gas - BtB and BtC (TWh) 96.3 101.2 -5%
767 460 447 +72% Proportional adjusted EBITDA Integrated Power (M$) ((5)) 1,864 1,393 +34%
223 120 84 x2.7 incl. from renewables business 565 418 +35%
((1) )Includes 20% of Adani Green Energy Ltd’s gross capacity effective
first quarter 2021.
((2)) Includes 50% of Clearway Energy Group’s gross capacity effective third
quarter 2022.
((3)) End of period data.
((4)) Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.
((5)) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Integrated Power affiliates
(Electricity & Renewables until fourth quarter 2022), regardless of
consolidation method.
Gross installed renewable electricity generation capacity reached 16.8 GW at
year-end 2022, up 6.5 GW year-on-year, including nearly 4 GW from the
acquisition of 50% of Clearway Energy Group in the United States and 0.8 GW
from the start-up of the Al Kharsaah photovoltaic project in Qatar.
Net electricity generation stood at 9.4 TWh in the quarter and 33.2 TWh in
2022, up 57% year-on-year thanks to higher utilization rates of flexible power
plants (CCGT) as well as a 53% increase in generation from renewable sources.
Adjusted net operating income of Integrated Power was $1.0 billion in 2022, up
nearly 60% from the $0.6 billion contribution in 2021, driven by growth in
power generation.
Cash flow from Integrated Power was $1.0 billion in 2022, up nearly 50% from
the $0.7 billion contribution in 2021, for the same reason.
4.2 Exploration & Production
4.2.1 Production
4Q22 3Q22 4Q21 4Q22 Hydrocarbon production 2022 2021 2022
vs
vs
4Q21
2021
2,309 2,251 2,290 +1% EP (kboe/d) 2,296 2,290 -
1,512 1,454 1,441 +5% Liquids (kb/d) 1,466 1,437 +2%
4,261 4,300 4,631 -8% Gas (Mcf/d) 4,492 4,662 -4%
4.2.2 Results
4Q22 3Q22 4Q21 4Q22 In millions of dollars, except effective tax rate 2022 2021 2022
vs
vs
4Q21
2021
3,528 4,217 3,525 - Adjusted net operating income* 17,479 10,439 +67%
316 377 366 -14% including adjusted income from equity affiliates 1,335 1,230 +9%
54.4% 55.4% 49.7% - Effective tax rate** 50.8% 45.2% -
2,219 1,989 2,196 +1% Organic investments 7,507 6,690 +12%
105 (126) (162) ns Net acquisitions 2,520 (167) ns
2,324 1,863 2,034 +14% Net investments 10,027 6,523 +54%
4,988 6,406 5,688 -12% Operating cash flow before working capital changes *** 26,080 18,717 +39%
4,035 9,083 8,624 -53% Cash flow from operations *** 27,654 22,009 +26%
* 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.
Exploration & Production adjusted net operating income was:
* $3,528 million in the fourth quarter 2022:
* stable year-on-year, thanks to the rise in oil prices, and despite the
increase in taxes, particularly in the United Kingdom,
* down 16% in the quarter, due to lower oil and gas prices,
* $ 17,479 million in 2022, up 67% year-on-year, thanks to higher oil and gas
prices.
Operating cash flow before working capital changes was as follows:
* $4,988 million in the fourth quarter 2022:
* down 12% year-on-year, due to higher taxes, particularly in the United
Kingdom, and despite rising oil prices,
* down 22% in the quarter, due to lower oil and gas prices, and despite higher
production,
* $26,080 million in 2022, up 39% year-on-year, thanks to higher oil and gas
prices.
The impact of Energy Profit Levy (EPL) in the United Kingdom on current income
was $0.4 billion in the fourth quarter, and $1.0 billion in 2022. The negative
impact of EPL on deferred taxes was treated as a non-recurring item, amounting
to $0.6 billion for the full-year 2022 and $0.3 billion in the fourth quarter.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
1,821 2,413 1,032 +76% Adjusted net operating income* 8,852 3,527 x2.5
1,023 453 1,267 -19% Organic investments 2,354 2,576 -9%
(28) (6) (281) ns Net acquisitions (159) (368) ns
995 447 986 +1% Net investments 2,195 2,208 -1%
1,681 2,944 1,559 +8% Operating cash flow before working capital changes ** 10,069 5,502 +83%
939 4,737 2,832 -67% Cash flow from operations ** 11,787 8,806 +34%
* 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
4Q22 3Q22 4Q21 4Q22 Refinery throughput and utilization rate* 2022 2021 2022
vs
vs
4Q21
2021
1,389 1,599 1,279 +9% Total refinery throughput (kb/d) 1,472 1,180 +25%
312 431 223 +40% France 348 190 +83%
580 656 612 -5% Rest of Europe 623 568 +10%
497 512 444 +12% Rest of world 501 423 +18%
77% 88% 73% Utlization rate based on crude only** 82% 64%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery
(divested) from second quarter 2021.
4Q22 3Q22 4Q21 4Q22 Petrochemicals production and utilization rate 2022 2021 2022
vs
vs
4Q21
2021
1,095 1,299 1,460 -25% Monomers* (kt) 5,005 5,775 -13%
917 1,171 1,231 -26% Polymers (kt) 4,549 4,938 -8%
66% 80% 90% Steamcracker utilization rate** 76% 90%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.
Refinery throughput was:
* down 13% over the quarter due to the impact of strikes on French facilities
and a planned shutdown at the Antwerp platform in Belgium,
* up 9% year-on-year in the fourth quarter 2022, due to the recovery in demand,
particularly in Europe and the United States, and the restart of the Donges
refinery in France in the second quarter of 2022, partially offset by the
items above,
* up 25% in 2022, due to the increase in the utilization rate of refineries.
Petrochemicals production was:
* down 25% year-on-year in the fourth quarter of 2022 for monomers and 26% for
polymers, due to the impact of strikes on French facilities and an unplanned
shutdown on the BTP platform in the United States,
* in 2022 compared to 2021, down 13% for monomers and 8% for polymers, after the
very strong post-Covid increase observed in 2021.
4.4.2 Results
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
1,487 1,935 553 x2.7 Adjusted net operating income* 7,302 1,909 x3.8
585 224 680 -14% Organic investments 1,319 1,502 -12%
(5) 1 (156) ns Net acquisitions (38) (217) ns
580 225 524 +11% Net investments 1,281 1,285 -
1,144 2,164 865 +32% Operating cash flow before working capital changes ** 7,704 2,946 x2.6
232 3,798 2,446 -91% Cash flow from operations ** 8,663 6,473 +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 Refining & Chemicals segment was:
* $ 1,487 million in the fourth quarter 2022:
* down 23% in the quarter, due to the impact of strikes in France, planned
maintenance at the Antwerp refinery, and less favorable market conditions in
petrochemicals,
* 2.7 times higher than in the fourth quarter 2021, driven by high refining
margins,
* $7,302 million in 2022, up 3.8 times year-on-year, due to high refining
margins in Europe and the United States and higher refinery utilization rates.
Operating cash flow before working capital changes was $1,144 million in the
fourth quarter 2022, down 47% on the quarter, mainly due to the impact of $719
million for the European Solidarity Contribution for 2022 refining activities.
It is up 32% in the fourth quarter of 2022 year-on-year thanks to higher
margins, and, for the full-year 2022 it was $7,704 million, 2.6 times higher
than 2021, thanks to higher refining margins and throughput.
4.5 Marketing & Services
4.5.1 Petroleum product sales
4Q22 3Q22 4Q21 4Q22 Sales in kb/d* 2022 2021 2022
vs
vs
4Q21
2021
1,450 1,495 1,553 -7% Total Marketing & Services sales 1,468 1,503 -2%
816 873 868 -6% Europe 824 826 -
634 622 684 -7% Rest of world 644 677 -5%
* Excludes trading and bulk refining sales.
Fourth quarter 2022 sales of petroleum products were down 3%
quarter-on-quarter and 7% year-on-year, due to lower demand related to high
oil product prices and above-normal temperatures in Europe for heating oil.
Full-year 2022 sales were slightly down 2% year-on-year, as lower sales to
professional and industrial customers, particularly in Europe, were partially
offset by the recovery of aviation and network activities worldwide.
4.5.2 Results
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
334 478 479 -30% Adjusted net operating income* 1,550 1,618 -4%
438 229 587 -25% Organic investments 1,035 1,074 -4%
(23) (7) (125) ns Net acquisitions (121) (151) ns
415 222 462 -10% Net investments 914 923 -1%
537 780 694 -23% Operating cash flow before working capital changes ** 2,365 2,556 -7%
707 939 386 +83% Cash flow from operations ** 3,124 2,333 +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 segment was
$1,550 million for the full-year 2022, down 4% year-on-year, mainly impacted
by the evolution of the €-$ exchange rate.
Operating cash flow before working capital changes was $2,365 million for
2022, down 7% year-on-year.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
* $8,238 million in the fourth quarter 2022, compared to $7,316 million a year
earlier, due to higher oil and gas prices and refining margins,
* $38,475 million in 2022, compared to $20,209 million in 2021, for the same
reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies’ adjusted net income was $7,561 million in the fourth quarter
2022 compared to $6,825 million in the fourth quarter 2021, due to higher oil
and gas prices and refining margins.
Adjusted net income excludes the after-tax inventory effect, non-recurring
items and the impact of changes in fair value((17)).
The net income adjustment items((18)) represented -$4,297 million in the
fourth quarter 2022, consisting mainly of:
* -$3.8 billion impairments and exceptional provisions, including -$4.1 billion
related to Russia (deconsolidation of Novatek) and a +$0.7 billion impairment
reversal in Canada,
* -$0.7 billion stock effect,
* -$1.4 billion related to the impacts of the European Solidarity Contribution,
of the Energy Profits Levy in the United Kingdom on deferred tax, and of the
electricity generation infra-marginal income contribution in France,
* +$2.0 billion of fair value change effects.
For the full-year 2022, these items amounted to -$15,671 million, consisting
mainly of:
* -$15.7 billion impairments and exceptional provisions, including -$14.8
billion related to Russia and -$1.0 billion related to the withdrawal from the
North Platte project in the United States,
* -$1.7 billion related to the impacts of the European Solidarity Contribution,
of the Energy Profits Levy in the United Kingdom on deferred tax, and of the
electricity generation infra-marginal income contribution in France,
* +$1.4 billion capital gain on the partial sale of SunPower shares and the
revaluation of the retained and consolidated share using the equity method,
* +$1.1 billion of fair value change effects.
TotalEnergies' effective tax rate was 41.4% in the fourth quarter 2022,
compared to 44.1% in the third quarter 2022, mainly due to the decline in the
Exploration & Production tax rate linked to lower oil and gas prices.
In 2022, the Company’s effective tax rate was 40.9%, versus 37.9% in 2021,
mainly due to the increase in the Exploration & Production tax rate,
notably linked to the higher oil and gas prices. Income and production taxes
amounted to $33.0 billion, versus $15.9 billion in 2021.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
* $2.97 in the fourth quarter 2022, calculated based on 2,522 million
weighted-average diluted shares, compared to $2.55 a year earlier,
* $13.94 for the full-year 2022, calculated based on 2,572 million
weighted-average diluted shares, compared to $6.68 for the previous year.
As of December 31, 2022, the number of diluted shares was 2,502 million.
As part of its shareholder return policy, as announced in October 2022,
TotalEnergies repurchased in the fourth quarter 2022 34.7 million shares for
$2 billion for their cancellation. In 2022, 128.9 million shares were
repurchased for cancellation, representing 4.92% of the share capital, for $7
billion.
5.4 Acquisitions - asset sales
Acquisitions were:
* $292 million in the fourth quarter 2022, notably for the acquisition of an
additional 4.08% of the Waha concessions in Libya,
* $5,872 million for the full-year 2022 for the above item as well as payments
related to the award of the Atapu and Sépia production sharing contracts in
Brazil, the acquisition of an interest in Clearway Energy Group and the bonus
related to the New York Bight offshore wind concession in the United States.
Asset sales were:
* $425 million in the fourth quarter 2022, notably related to farm-downs in the
Integrated Power business and the disposal of interests in Block 14 in Angola,
* $1,421 million for the full-year 2022 related to the above items as well as
SunPower's disposal of its Enphase shares, the partial disposal of the
Landivisiau power generation plant in France, the sale of the interest in the
Sarsang field in Iraq, and an additional payment related to the 2020 sale of
interests in the CA1 offshore block in Brunei.
5.5 Net cash flow
TotalEnergies' net cash flow((19)) was:
* $5,333 million in the fourth quarter 2022 compared to $5,076 million a year
earlier, reflecting the $226 million decrease in operating cash flow before
working capital changes and the $483 million decrease in net investments to
$3,802 million in the fourth quarter 2022,
* $29,426 million for 2022 compared with $15,833 million in 2021, reflecting the
$16.6 billion increase in operating cash flow before working capital changes
and the $3.0 billion increase in net investments to $16,303 million this year.
Cash flow from operations was $5,618 million in the fourth quarter 2022,
compared to operating cash flow before working capital changes of $9,135
million, reflecting the $3.1 billion increase in working capital, mainly due
to:
* a reduction in tax liabilities linked to the pace of tax payments and the fall
in oil and gas prices, notably in Norway and the United Kingdom, partially
offset by the European Solidarity Contribution,
* the increase in margin calls and the seasonality of the gas and electricity
supply activity,
* the price and volume effect on inventories.
5.6 Profitability
Return on equity was 32.5% for the full-year 2022.
In millions of dollars January 1, 2022 October 1, 2021 January 1, 2021
December 31, 2022 September 30, 2022 De
ce
mb
er
31
,
20
21
Adjusted net income 36,657 35,790 18,391
Average adjusted shareholders' equity 112,831 113,861 108,504
Return on equity (ROE) 32.5% 31.4% 16.9%
The return on average capital employed was 28.2% for the full-year 2022.
In millions of dollars January 1, 2022 October 1, 2021 January 1, 2021
December 31, 2022 September 30, 2022 De
ce
mb
er
31
,
20
21
Adjusted net operating income 38,212 37,239 19,766
Average capital employed 135,312 136,902 142,215
ROACE 28.2% 27.2% 13.9%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €7,835 million in
2022 compared to €6,868 million in 2021.
7. Annual 2023 Sensitivities*
Change Estimated impact on adjusted Estimated impact on
net operating income
cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.5 B$ +/- 3.0 B$
European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 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 2023. 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.
** In a 80 $/b Brent environment.
The revised 2023 sensitivities for adjusted net operating income and cash flow
take into account, in particular, the Energy Profit Levy in the United Kingdom
and the deconsolidation of the stake in PAO Novatek.
8. 2023 outlook
At the start of 2023, oil prices are moving between $80-90/b in an uncertain
environment, where the possible worldwide economic slowdown could be
counterbalanced by the recovery of China, global demand being expected to rise
in 2023 to more than 100 Mb/d. In this context, OPEC+ countries have shown
their willingness to keep prices above $80/b. Refining margins in Europe,
particularly for distillates, are expected to remain supported by the effects
of the European embargo on Russian petroleum products from February 5, 2023.
The tensions on European gas prices seen in 2022 are expected to continue into
2023, as the limited growth in global LNG production is supposed to meet both
higher European LNG demand to replace Russian gas received in 2022 and higher
Chinese LNG demand.
Since December 31, 2022, the production related to TotalEnergies'
participation in Novatek, of 0.3 Mboe/d in 2022, is no longer consolidated.
Excluding Novatek, TotalEnergies expects its hydrocarbon production to
increase by approximately 2% to 2.5 Mboe/d in 2023, driven by three main
start-ups planned for the year: Block 10 in Oman, Mero 2 in Brazil, and
Absheron in Azerbaijan.
Continuing its growth momentum in LNG, TotalEnergies is strengthening its
unique position in Europe in 2023 with the commissioning of two floating
regasification terminals, the first of which, located in Lubmin, Germany, is
already operational.
Having generated $1 billion in cash flow in 2022, the Integrated Power
business will continue to grow in 2023 with power generation expected to reach
more than 40 TWh, a 30% increase year-on-year, benefiting from the full
integration of Total Eren, leading to a comparable rise in cash flow.
The implementation of an energy savings program will strengthen Downstream’s
competitiveness, allowing it to benefit from a favorable European refining
environment.
In 2023, TotalEnergies expects net investments of $16-18 billion, including $5
billion dedicated to low-carbon energies.
Supported by the strength of the Company's balance sheet and its cash
generation potential, the Board of Directors confirmed a shareholder return
policy for 2023 targeting a cash pay-out of between 35% and 40% as well as the
following cash flow allocation priorities:
* a sustainable ordinary dividend through cycles, that was not cut during the
Covid crisis, and whose increase is supported by underlying cash flow growth,
* investments to support of a strategy balanced between the various energies,
* maintaining a strong balance sheet with a target rating at an "AA" level,
* buybacks to share surplus cash flow generated at high prices and possibly a
special dividend in the event of very high prices.
For 2023, this shareholder return policy will combine a 7.2% increase to 0.74
€/share in interim dividends and share buybacks of $2 billion planned for
the first quarter.
TotalEnergies confirms its project to spin-off its affiliate, TotalEnergies EP
Canada, by listing it on the Toronto stock exchange. TotalEnergies intends to
retain a 30% stake in the listed entity, and to distribute 70% of the shares
to TotalEnergies SE’s shareholders, through a special dividend in kind. This
transaction would be subject to the approvals that will be taken by the
General Assembly of TotalEnergies on May 26(th), 2023.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 11:00 (Paris time), please log on to
totalenergies.com or dial +44 (0) 121 281 8003 or +1 (718) 705-8794. The
conference replay will be available on the Company's website totalenergies.com
after the event.
* * * *
9. Results from Russian assets
Russian Upstream Assets (M$) 4Q22 3Q22 2022
Net income (TotalEnergies share) (3,466) (1,907) (11,578)
Cash flow from operations 732 349 1,480
Capital employed by TotalEnergies in Russia as of December 31, 2022 was $2,874
million after taking into account in the fourth quarter 2022 a $4.1 billion
impairment related to the decision to no longer equity account for the 19.4%
stake in Novatek.
10. Operating information by segment
10.1 Company’s production (Exploration & Production + iGRP)
4Q22 3Q22 4Q21 4Q22 Combined liquids and gas 2022 2021 2022
vs production by region (kboe/d)
vs
4Q21
2021
994 920 1,063 -7% Europe and Central Asia 982 1,022 -4%
477 463 508 -6% Africa 474 532 -11%
703 692 682 +3% Middle East and North Africa 687 667 +3%
442 449 363 +22% Americas 425 372 +14%
196 145 235 -17% Asia-Pacific 198 226 -12%
2,812 2,669 2,852 -1% Total production 2,765 2,819 -2%
670 656 739 -9% includes equity affiliates 682 732 -7%
4Q22 3Q22 4Q21 4Q22 Liquids production by region (kb/d) 2022 2021 2022
vs
vs
4Q21
2021
348 302 378 -8% Europe and Central Asia 334 366 -9%
358 352 379 -5% Africa 358 398 -10%
565 557 534 +6% Middle East and North Africa 552 516 +7%
259 260 174 +48% Americas 238 179 +33%
40 23 45 -10% Asia-Pacific 37 40 -8%
1,570 1,494 1,509 +4% Total production 1,519 1,500 +1%
199 202 205 -3% includes equity affiliates 203 206 -2%
4Q22 3Q22 4Q21 4Q22 Gas production by region (Mcf/d) 2022 2021 2022
vs
vs
4Q21
2021
3,460 3,322 3,683 -6% Europe and Central Asia 3,476 3,524 -1%
592 559 664 -11% Africa 584 681 -14%
745 740 825 -10% Middle East and North Africa 739 838 -12%
1,030 1,061 1,064 -3% Americas 1,049 1,086 -3%
854 685 1,092 -22% Asia-Pacific 911 1,074 -15%
6,681 6,367 7,328 -9% Total production 6,759 7,203 -6%
2,535 2,444 2,889 -12% includes equity affiliates 2,581 2,842 -9%
10.2 Downstream (Refining & Chemicals and Marketing & Services)
4Q22 3Q22 4Q21 4Q22 Petroleum product sales by region (kb/d) 2022 2021 2022
vs
vs
4Q21
2021
1,665 1,816 1,668 - Europe 1,732 1,582 +10%
743 690 780 -5% Africa 732 701 +4%
740 907 817 -9% Americas 836 800 +5%
558 569 526 +6% Rest of world 591 500 +18%
3,706 3,982 3,791 -2% Total consolidated sales 3,891 3,581 +9%
388 438 437 -11% Includes bulk sales 411 383 +7%
1,868 2,049 1,801 +4% Includes trading 2,012 1,696 +19%
4Q22 3Q22 4Q21 4Q22 Petrochemicals production* (kt) 2022 2021 2022
vs
vs
4Q21
2021
835 1,078 1,249 -33% Europe 4,196 5,069 -17%
477 670 689 -31% Americas 2,387 2,629 -9%
700 722 753 -7% Middle East and Asia 2,971 3,014 -1%
* Olefins, polymers.
10.3 Renewables
4Q22 3Q22
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.8 0.6 0.0 0.1 1.5 0.7 0.6 0.0 0.1 1.4
Reste de l'Europe 0.2 1.1 0.3 0.0 1.6 0.2 1.1 0.2 0.0 1.4
Afrique 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Moyen Orient 1.2 0.0 0.0 0.0 1.2 0.7 0.0 0.0 0.0 0.7
Amérique du Nord 2.9 2.1 0.0 0.1 5.1 2.9 2.1 0.0 0.0 5.0
Amérique du Sud 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
Inde 4.9 0.4 0.0 0.0 5.3 4.9 0.3 0.0 0.0 5.3
Asie Pacifique 1.2 0.0 0.1 0.0 1.4 1.2 0.0 0.1 0.0 1.3
Total 11.7 4.5 0.4 0.2 16.8 11.1 4.4 0.3 0.2 16.0
4Q22 3Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in construction (GW) ((1),(2))
Wind
Wind
Wind
Wind
France 0.2 0.1 0.0 0.1 0.4 0.2 0.1 0.0 0.1 0.5
Reste de l'Europe 0.1 0.0 0.9 0.0 1.0 0.1 0.0 1.0 0.0 1.1
Afrique 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Moyen Orient 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.4
Amérique du Nord 2.6 0.0 0.0 0.5 3.1 1.6 0.0 0.0 0.2 1.7
Amérique du Sud 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inde 0.8 0.2 0.0 0.0 1.0 0.8 0.2 0.0 0.0 1.0
Asie Pacifique 0.1 0.0 0.5 0.0 0.6 0.1 0.0 0.5 0.0 0.7
Total 3.8 0.3 1.4 0.6 6.1 3.3 0.3 1.5 0.2 5.4
4Q22 3Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in development (GW) ((1),(2))
Wind
Wind
Wind
Wind
France 1.6 0.4 0.0 0.0 2.0 2.1 0.4 0.0 0.0 2.5
Reste de l'Europe 3.8 0.4 4.4 0.1 8.6 4.8 0.3 4.4 0.1 9.6
Afrique 0.6 0.1 0.0 0.1 0.9 0.6 0.1 0.0 0.1 0.9
Moyen Orient 0.6 0.0 0.0 0.0 0.6 0.5 0.0 0.0 0.0 0.5
Amérique du Nord 10.8 3.4 4.1 4.1 22.4 11.8 3.4 4.0 4.5 23.7
Amérique du Sud 0.8 1.1 0.0 0.2 2.0 0.7 0.5 0.0 0.2 1.4
Inde 4.4 0.1 0.0 0.0 4.5 3.9 0.1 0.0 0.0 4.0
Asie Pacifique 2.2 0.1 2.3 0.4 5.0 2.0 0.3 1.2 0.3 3.7
Total 24.8 5.5 10.8 4.9 46.0 26.5 5.1 9.6 5.3 46.4
((1)) Includes 20% of the gross capacities of Adani Green Energy Limited and
50% of Clearway Energy Group.
((2) )End-of-period data.
11. Adjustment items to net income (TotalEnergies share)
4Q22 3Q22 4Q21 In millions of dollars 2022 2021
(5,585) (2,186) (1,074) Special items affecting net income (TotalEnergies share) (17,310) (3,329)
- 1,391 (170) Gain (loss) on asset sales 1,391 (1,726)
(14) (17) 6 Restructuring charges (42) (308)
(3,845) (3,118) (670) Impairments (15,743) (910)
(1,726) (442) (240) Other (2,916) (385)
(705) (827) 111 After-tax inventory effect : FIFO vs. replacement cost 501 1,495
1,993 (224) (25) Effect of changes in fair value 1,138 (194)
(4,297) (3,237) (988) Total adjustments affecting net income (15,671) (2,028)
12. Reconciliation of adjusted EBITDA with consolidated financial statements
12.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
3,264 6,626 5,837 -44% Net income - TotalEnergies share 20,526 16,032 +28%
4,297 3,237 988 x4.3 Less: adjustment items to net income (TotalEnergies share) 15,671 2,028 x7.7
7,561 9,863 6,825 +11% Adjusted net income - TotalEnergies share 36,197 18,060 x2
Adjusted items
210 85 79 x2.7 Add: non-controlling interests 460 331 +39%
4,530 6,037 3,606 +26% Add: income taxes 20,565 9,211 x2.2
3,204 2,926 3,278 -2% Add: depreciation, depletion and impairment of tangible assets and mineral interests 12,316 12,735 -3%
111 95 119 -7% Add: amortization and impairment of intangible assets 400 401 -
719 633 483 +49% Add: financial interest on debt 2,386 1,904 +25%
(338) (219) (105) ns Less: financial income and expense from cash & cash equivalents (746) (340) ns
15,997 19,420 14,285 +12% Adjusted EBITDA 71,578 42,302 +69%
12.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
Adjusted items
63,884 64,924 55,298 +16% Revenues from sales 263,206 184,678 +43%
(42,755) (41,509) (36,189) ns Purchases, net of inventory variation (171,049) (120,160) ns
(7,027) (6,689) (6,630) ns Other operating expenses (28,745) (26,754) ns
(250) (71) (215) ns Exploration costs (574) (632) ns
636 163 551 +15% Other income 1,349 1,300 +4%
(480) (58) (374) ns Other expense, excluding amortization and impairment of intangible assets (1,142) (543) ns
266 196 195 +36% Other financial income 812 762 +7%
(150) (112) (138) ns Other financial expense (533) (539) ns
1,873 2,576 1,787 +5% Net income (loss) from equity affiliates 8,254 4,190 +97%
15,997 19,420 14,285 +12% Adjusted EBITDA 71,578 42,302 +69%
Adjusted items
(3,204) (2,926) (3,278) ns Less: depreciation, depletion and impairment of tangible assets and mineral interests (12,316) (12,735) ns
(111) (95) (119) ns Less: amortization of intangible assets (400) (401) ns
(719) (633) (483) ns Less: financial interest on debt (2,386) (1,904) ns
338 219 105 x3.2 Add: financial income and expense from cash & cash equivalents 746 340 x2.2
(4,530) (6,037) (3,606) ns Less: income taxes (20,565) (9,211) ns
(210) (85) (79) ns Less: non-controlling interests (460) (331) ns
(4,297) (3,237) (988) ns Add: adjustment - TotalEnergies share (15,671) (2,028) ns
3,264 6,626 5,837 -44% Net income - TotalEnergies share 20,526 16,032 +28%
13. Investments - Divestments
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
3,935 3,116 4,681 -16% Organic investments ( a ) 11,852 12,675 -6%
287 169 182 +58% Capitalized exploration 669 841 -21%
210 233 348 -40% Increase in non-current loans 954 1,231 -23%
(259) (214) (234) ns Repayment of non-current loans, (1,082) (531) ns
excluding organic loan repayment from equity affiliates
(124) 4 (52) ns Change in debt from renewable projects (310) (222) ns
(TotalEnergies share)
292 1,716 288 +1% Acquisitions ( b ) 5,872 3,284 +79%
425 129 684 -38% Asset sales ( c ) 1,421 2,652 -46%
109 (4) 34 x3.2 Change in debt from renewable projects (partner share) 279 134 x2.1
(133) 1,587 (396) ns Net acquisitions 4,451 632 x7
3,802 4,703 4,285 -11% Net investments ( a + b - c ) 16,303 13,307 +23%
50 - - ns Other transactions with non-controlling interests ( d ) 50 757 -93%
(335) (570) (398) ns Organic loan repayment from equity affiliates ( e ) (1,630) (626) ns
233 (8) 86 x2.7 Change in debt from renewable projects financing * ( f ) 589 356 +65%
61 43 34 +79% Capex linked to capitalized leasing contracts ( g ) 177 111 +59%
8 7 27 -70% Expenditures related to carbon credits ( h ) 19 27 -30%
3,681 4,075 3,912 -6% Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 15,116 13,656 +11%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
14. Cash flow
4Q22 3Q22 4Q21 4Q22 In millions of dollars 2022 2021 2022
vs
vs
4Q21
2021
9,361 12,040 9,759 -4% Operating cash flow before working capital changes w/o financial charges (DACF) 47,025 30,660 +53%
(226) (304) (398) ns Financial charges (1,296) (1,520) ns
9,135 11,736 9,361 -2% Operating cash flow before working capital changes ( a ) * 45,729 29,140 +57%
(2,247) 7,692 2,591 ns (Increase) decrease in working capital ** 2,831 188 x15.1
(895) (1,010) 85 ns Inventory effect 501 1,796 -72%
(40) 0 (19) ns Capital gain from renewable project sales (64) (89) ns
(335) (570) (398) ns Organic loan repayments from equity affiliates (1,630) (626) ns
5,618 17,848 11,621 -52% Cash flow from operations 47,367 30,410 +56%
3,935 3,116 4,681 -16% Organic investments ( b ) 11,852 12,675 -6%
5,200 8,620 4,680 +11% Free cash flow after organic investments, 33,877 16,465 x2.1
w/o net asset sales ( a - b )
3,802 4,703 4,285 -11% Net investments ( c ) 16,303 13,307 +23%
5,333 7,033 5,076 +5% Net cash flow ( a - c ) 29,426 15,833 +86%
* 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.
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.
15. Gearing ratio
In millions of dollars 12/31/2022 09/30/2022 12/31/2021
Current borrowings ((1)) 14 065 15 556 13 645
Other current financial liabilities 488 861 372
Current financial assets ((1),(2)) (8 556) (11 532) (12 183)
Net financial assets classified as held for sale (38) (36) (4)
Non-current financial debt ((1)) 36 987 37 506 41 868
Non-current financial assets ((1)) (1 303) (1 406) (1 557)
Cash and cash equivalents (33 026) (35 941) (21 342)
Net debt (a) 8 617 5 008 20 799
Shareholders’ equity - TotalEnergies share 111 724 117 821 111 736
Non-controlling interests 2 846 2 851 3 263
Shareholders' equity (b) 114 570 120 672 114 999
Net-debt-to-capital ratio = a / (a+b) 7,0% 4,0% 15,3%
Leases (c) 8 096 7 669 8 055
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 12,7% 9,5% 20,1%
((1)) Excludes leases receivables and leases debts.
((2)) Including initial margins held as part of the Company's activities on
organized markets.
16. Return on average capital employed
Full-year 2022
In millions of dollars Integrated Gas, Exploration Refining Marketing Company
Renewables
&
&
&
& Power
Production
Chemicals
Services
Adjusted net operating income 12 144 17 479 7 302 1 550 38 212
Capital employed at 12/31/2021* 55 978 71 675 8 069 8 783 141 813
Capital employed at 12/31/2022* 49 896 65 784 7 438 7 593 128 811
ROACE 22,9% 25,4% 94,2% 18,9% 28,2%
Twelve months ended September 30, 2022
In millions of dollars Integrated Gas, Exploration Refining Marketing Company
Renewables
&
&
&
& Power
Production
Chemicals
Services
Adjusted net operating income 12 014 17 476 6 368 1 695 37 239
Capital employed at 09/30/2021* 52 401 75 499 9 156 8 281 143 383
Capital employed at 09/30/2022* 54 923 65 041 5 801 7 141 130 420
ROACE 22,4% 24,9% 85,2% 22,2% 27,2%
Full-year 2021
In millions of dollars Integrated Gas, Exploration Refining Marketing Company
Renewables
&
&
& Power
Production &
Services
Chemicals
Adjusted net operating income 6 243 10 439 1 909 1 618 19 766
Capital employed at 12/31/2020* 45 611 78 928 11 375 8 793 142 617
Capital employed at 12/31/2021* 55 978 71 675 8 069 8 783 141 813
ROACE 12,3% 13,9% 19,6% 18,4% 13,9%
* 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.
This press release presents the results for the fourth quarter 2022 and the
full-year 2022 from the consolidated financial statements of TotalEnergies SE
as of December 31, 2022 (unaudited). The audit procedures by the Statutory
Auditors are underway. The consolidated financial statements (unaudited) are
available on the website totalenergies.com. This document does not constitute
the annual financial report (rapport financier annuel) within the meaning of
article L.451.1.2 of the French monetary and financial code (code monétaire
et financier).
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 SE 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 TotalEnergies’
principal 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 SE, 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 on page 3.
((2)) Excluding leases.
* Payment, capped for high salaries, to employees of all fully owned companies
and of companies in which TotalEnergies holds more than 50%, subject to
agreement by their governing bodies.
((3)) Some of the transactions mentioned in the highlights remain subject to
the agreement of the authorities or to the fulfilment of conditions precedent
under the terms of 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 18.
((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 bonds
((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 20).
((10)) Net investments = organic investments + net acquisitions (see page 20).
((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 gains from renewable projects sale.
The inventory valuation effect is explained on page 22. The reconciliation
table for different cash flow figures is on page 20.
((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 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 2021
Universal Registration Document) and indirect emissions attributable to
brought-in energy (electricity, heat, steam), excluding purchased industrial
gases (H(2)).
((15) )TotalEnergies reports Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the use by customers of energy
products, i.e., combustion of the products to obtain energy. The Company
follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the oil,
biofuels and gas value chains, i.e., the higher of the two production volumes
or sales to end customers. For TotalEnergies, in 2022, the calculation of
Scope 3 GHG emissions for the oil and biofuels value chains considers products
sales (higher than production) and for the gas value chain, marketable gas
production (higher than gas sales either as LNG or as part of direct sales to
B2B/B2C).
((16) )Scope 3 GHG emissions, category 11, which correspond to indirect GHG
emissions related to the sale of petroleum products.
((17)) These adjustment elements are explained page 22.
((18)) Total adjustment items in net income are detailed page 18 as well as in
the annexes to the accounts.
((19) )Net cash flow = cash flow – net investments (including other
transactions with non-controlling interest).
TotalEnergies financial statements
________________________
Fourth quarter and full-year 2022 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
(M$) ((a)) 4th quarter 3rd quarter 4th quarter
2022 2022 2021
Sales 68,582 69,037 60,348
Excise taxes (4,629) (4,075) (5,050)
Revenues from sales 63,953 64,962 55,298
Purchases, net of inventory variation (41,555) (42,802) (36,161)
Other operating expenses (7,354) (6,771) (6,680)
Exploration costs (250) (71) (323)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,505) (2,935) (3,919)
Other income 584 1,693 536
Other expense (2,828) (921) (755)
Financial interest on debt (719) (633) (483)
Financial income and expense from cash & cash equivalents 357 327 120
Cost of net debt (362) (306) (363)
Other financial income 266 196 195
Other financial expense (150) (112) (138)
Net income (loss) from equity affiliates (281) (108) 1,860
Income taxes (6,077) (6,077) (3,647)
Consolidated net income 3,441 6,748 5,903
TotalEnergies share 3,264 6,626 5,837
Non-controlling interests 177 122 66
Earnings per share ($) 1.27 2.58 2.19
Fully-diluted earnings per share ($) 1.26 2.56 2.17
((a)) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
(M$) 4th quarter 3rd quarter 4th quarter
2022 2022 2021
Consolidated net income 3,441 6,748 5,903
Other comprehensive income
Actuarial gains and losses 387 (17) 589
Change in fair value of investments in equity instruments (2) 131 93
Tax effect (56) 2 (262)
Currency translation adjustment generated by the parent company 6,800 (4,639) (1,900)
Items not potentially reclassifiable to profit and loss 7,129 (4,523) (1,480)
Currency translation adjustment (3,672) 1,871 1,179
Cash flow hedge (9,669) 1,258 (226)
Variation of foreign currency basis spread (14) 9 4
Share of other comprehensive income of equity affiliates, net amount 842 191 71
Other 3 (18) (2)
Tax effect 2,932 (424) 22
Items potentially reclassifiable to profit and loss (9,578) 2,887 1,048
Total other comprehensive income (net amount) (2,449) (1,636) (432)
Comprehensive income 992 5,112 5,471
TotalEnergies share 792 4,969 5,390
Non-controlling interests 200 143 81
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(M$) ((a)) Year Year
2022 2021
(unaudited)
Sales 280,999 205,863
Excise taxes (17,689) (21,229)
Revenues from sales 263,310 184,634
Purchases, net of inventory variation (169,448) (118,622)
Other operating expenses (29,789) (26,894)
Exploration costs (1,299) (740)
Depreciation, depletion and impairment of tangible assets and mineral interests (12,221) (13,556)
Other income 2,849 1,312
Other expense (7,344) (2,317)
Financial interest on debt (2,386) (1,904)
Financial income and expense from cash & cash equivalents 1,143 379
Cost of net debt (1,243) (1,525)
Other financial income 896 762
Other financial expense (533) (539)
Net income (loss) from equity affiliates (1,892) 3,438
Income taxes (22,242) (9,587)
Consolidated net income 21,044 16,366
TotalEnergies share 20,526 16,032
Non-controlling interests 518 334
Earnings per share ($) 7.91 5.95
Fully-diluted earnings per share ($) 7.85 5.92
((a) )Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$) Year Year
2022 2021
(unaudited)
Consolidated net income 21,044 16,366
Other comprehensive income
Actuarial gains and losses 574 1,035
Change in fair value of investments in equity instruments 112 66
Tax effect (96) (411)
Currency translation adjustment generated by the parent company (4,976) (7,202)
Items not potentially reclassifiable to profit and loss (4,386) (6,512)
Currency translation adjustment 1,734 4,216
Cash flow hedge (5,452) 278
Variation of foreign currency basis spread 65 2
Share of other comprehensive income of equity affiliates, net amount 3,497 706
Other (16) (1)
Tax effect 1,449 (135)
Items potentially reclassifiable to profit and loss 1,277 5,066
Total other comprehensive income (net amount) (3,109) (1,446)
Comprehensive income 17,935 14,920
TotalEnergies share 17,419 14,616
Non-controlling interests 516 304
CONSOLIDATED BALANCE SHEET
TotalEnergies
(unaudited)
(M$) December 31, September 30, December 31,
2022 2022 2021
(unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 31,931 36,376 32,484
Property, plant and equipment, net 107,101 99,700 106,559
Equity affiliates : investments and loans 27,889 28,743 31,053
Other investments 1,051 1,149 1,625
Non-current financial assets 2,731 2,341 2,404
Deferred income taxes 5,049 4,434 5,400
Other non-current assets 2,388 2,930 2,797
Total non-current assets 178,140 175,673 182,322
Current assets
Inventories, net 22,936 24,420 19,952
Accounts receivable, net 24,378 28,191 21,983
Other current assets 36,070 73,453 35,144
Current financial assets 8,746 11,688 12,315
Cash and cash equivalents 33,026 35,941 21,342
Assets classified as held for sale 568 349 400
Total current assets 125,724 174,042 111,136
Total assets 303,864 349,715 293,458
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,163 8,163 8,224
Paid-in surplus and retained earnings 123,951 131,382 117,849
Currency translation adjustment (12,836) (16,720) (12,671)
Treasury shares (7,554) (5,004) (1,666)
Total shareholders' equity - TotalEnergies share 111,724 117,821 111,736
Non-controlling interests 2,846 2,851 3,263
Total shareholders' equity 114,570 120,672 114,999
Non-current liabilities
Deferred income taxes 11,021 12,576 10,904
Employee benefits 1,829 2,207 2,672
Provisions and other non-current liabilities 21,402 22,133 20,269
Non-current financial debt 45,264 44,899 49,512
Total non-current liabilities 79,516 81,815 83,357
Current liabilities
Accounts payable 41,346 48,942 36,837
Other creditors and accrued liabilities 52,275 80,468 42,800
Current borrowings 15,502 16,923 15,035
Other current financial liabilities 488 861 372
Liabilities directly associated with the assets classified as held for sale 167 34 58
Total current liabilities 109,778 147,228 95,102
Total liabilities & shareholders' equity 303,864 349,715 293,458
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
(M$) 4th quarter 3rd quarter 4th quarter
2022 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,441 6,748 5,903
Depreciation, depletion, amortization and impairment 2,749 3,032 4,222
Non-current liabilities, valuation allowances and deferred taxes (75) 704 152
(Gains) losses on disposals of assets 2,192 (1,645) (184)
Undistributed affiliates' equity earnings 1,506 1,290 (843)
(Increase) decrease in working capital (3,791) 7,407 2,232
Other changes, net (404) 312 139
Cash flow from operating activities 5,618 17,848 11,621
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,097) (2,986) (4,540)
Acquisitions of subsidiaries, net of cash acquired (4) (8) (128)
Investments in equity affiliates and other securities (260) (2,557) (178)
Increase in non-current loans (211) (246) (348)
Total expenditures (4,572) (5,797) (5,194)
Proceeds from disposals of intangible assets and property, plant and equipment 113 97 349
Proceeds from disposals of subsidiaries, net of cash sold 160 524 36
Proceeds from disposals of non-current investments 23 304 266
Repayment of non-current loans 595 797 631
Total divestments 891 1,722 1,282
Cash flow used in investing activities (3,681) (4,075) (3,912)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - (1) -
- Treasury shares (2,551) (1,996) (1,658)
Dividends paid:
- Parent company shareholders (4,356) (1,877) (1,991)
- Non-controlling interests (12) (405) (20)
Net issuance (repayment) of perpetual subordinated notes - - -
Payments on perpetual subordinated notes (51) (14) (57)
Other transactions with non-controlling interests (82) 38 (14)
Net issuance (repayment) of non-current debt 425 141 347
Increase (decrease) in current borrowings (3,500) (527) (3,368)
Increase (decrease) in current financial assets and liabilities 3,554 (4,473) (8,373)
Cash flow from (used in) financing activities (6,573) (9,114) (15,134)
Net increase (decrease) in cash and cash equivalents (4,636) 4,659 (7,425)
Effect of exchange rates 1,721 (1,566) (204)
Cash and cash equivalents at the beginning of the period 35,941 32,848 28,971
Cash and cash equivalents at the end of the period 33,026 35,941 21,342
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(M$) Year Year
2022 2021
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 21,044 16,366
Depreciation, depletion, amortization and impairment 13,680 14,343
Non-current liabilities, valuation allowances and deferred taxes 4,594 962
(Gains) losses on disposals of assets 369 (454)
Undistributed affiliates' equity earnings 6,057 (667)
(Increase) decrease in working capital 1,191 (616)
Other changes, net 432 476
Cash flow from operating activities 47,367 30,410
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (15,690) (12,343)
Acquisitions of subsidiaries, net of cash acquired (94) (321)
Investments in equity affiliates and other securities (3,042) (2,678)
Increase in non-current loans (976) (1,247)
Total expenditures (19,802) (16,589)
Proceeds from disposals of intangible assets and property, plant and equipment 540 770
Proceeds from disposals of subsidiaries, net of cash sold 835 269
Proceeds from disposals of non-current investments 577 722
Repayment of non-current loans 2,734 1,172
Total divestments 4,686 2,933
Cash flow used in investing activities (15,116) (13,656)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 370 381
- Treasury shares (7,711) (1,823)
Dividends paid:
- Parent company shareholders (9,986) (8,228)
- Non-controlling interests (536) (124)
Net issuance (repayment) of perpetual subordinated notes - 3,248
Payments on perpetual subordinated notes (339) (313)
Other transactions with non-controlling interests (49) 652
Net issuance (repayment) of non-current debt 1,108 (359)
Increase (decrease) in current borrowings (6,073) (10,856)
Increase (decrease) in current financial assets and liabilities 3,944 (8,075)
Cash flow from (used in) financing activities (19,272) (25,497)
Net increase (decrease) in cash and cash equivalents 12,979 (8,743)
Effect of exchange rates (1,295) (1,183)
Cash and cash equivalents at the beginning of the period 21,342 31,268
Cash and cash equivalents at the end of the period 33,026 21,342
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2022 )
Common shares issued Paid-in surplus Currency Treasury shares Shareholders' equity - Non-controlling Total shareholders' equity
and retained translation TotalEnergies share interests
earnings adjustment
(M$) Number Amount Number Amount
As of January 1, 2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income 2021 - - 16,032 - - - 16,032 334 16,366
Other comprehensive Income - - 991 (2,407) - - (1,416) (30) (1,446)
Comprehensive Income - - 17,023 (2,407) - - 14,616 304 14,920
Dividend - - (8,200) - - - (8,200) (124) (8,324)
Issuance of common shares 10,589,713 31 350 - - - 381 - 381
Purchase of treasury shares - - - - (37,306,005) (1,823) (1,823) - (1,823)
Sale of treasury shares ((1)) - - (216) - 4,573,195 216 - - -
Share-based payments - - 143 - - - 143 - 143
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 - - (368) - - - (368) - (368)
Other operations with non-controlling interests - - 30 (6) - - 24 689 713
Other items - - 9 (2) - - 7 11 18
As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
Net income 2022 - - 20,526 - - - 20,526 518 21,044
Other comprehensive Income - - (2,933) (174) - - (3,107) (2) (3,109)
Comprehensive Income - - 17,593 (174) - - 17,419 516 17,935
Dividend - - (9,989) - - - (9,989) (536) (10,525)
Issuance of common shares 9,367,482 26 344 - - - 370 - 370
Purchase of treasury shares - - - - (140,207,743) (7,711) (7,711) - (7,711)
Sale of treasury shares ((1)) - - (318) - 6,195,654 318 - - -
Share-based payments - - 229 - - - 229 - 229
Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
Net issuance (repayment) of perpetual subordinated notes - - (44) - - - (44) - (44)
Payments on perpetual subordinated notes - - (331) - - - (331) - (331)
Other operations with non-controlling interests - - 45 9 - - 54 37 91
Other items - - (9) - - - (9) (434) (443)
As of December 31, 2022 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570
((1)) Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 14,683 2,600 26,650 24,637 12 - 68,582
Intersegment sales 1,887 12,866 11,730 274 63 (26,820) -
Excise taxes - - (199) (4,430) - - (4,629)
Revenues from sales 16,570 15,466 38,181 20,481 75 (26,820) 63,953
Operating expenses (12,494) (6,173) (37,107) (19,939) (266) 26,820 (49,159)
Depreciation, depletion and impairment of tangible assets and mineral interests (459) (1,343) (393) (276) (34) - (2,505)
Operating income 3,617 7,950 681 266 (225) - 12,289
Net income (loss) from equity affiliates and other items 1,253 (3,874) 161 (62) 113 - (2,409)
Tax on net operating income (381) (4,635) (898) (113) 22 - (6,005)
Net operating income 4,489 (559) (56) 91 (90) - 3,875
Net cost of net debt (434)
Non-controlling interests (177)
Net income - TotalEnergies share 3,264
4th quarter 2022 (adjustments) ((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 69 - - - - - 69
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 69 - - - - - 69
Operating expenses 2,101 (108) (821) (211) (88) - 873
Depreciation, depletion and impairment of tangible assets and mineral interests (108) 844 - (37) - - 699
Operating income( (b)) 2,062 736 (821) (248) (88) - 1,641
Net income (loss) from equity affiliates and other items (308) (4,025) (101) (9) - - (4,443)
Tax on net operating income (154) (798) (621) 14 23 - (1,536)
Net operating income( (b)) 1,600 (4,087) (1,543) (243) (65) - (4,338)
Net cost of net debt 8
Non-controlling interests 33
Net income - TotalEnergies share (4,297)
((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 - - (712) (184) -
On net operating income - - (586) (137) -
4th quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewable & & &
& Power Production Chemicals Services
External sales 14,614 2,600 26,650 24,637 12 - 68,513
Intersegment sales 1,887 12,866 11,730 274 63 (26,820) -
Excise taxes - - (199) (4,430) - - (4,629)
Revenues from sales 16,501 15,466 38,181 20,481 75 (26,820) 63,884
Operating expenses (14,595) (6,065) (36,286) (19,728) (178) 26,820 (50,032)
Depreciation, depletion and impairment of tangible assets and mineral interests (351) (2,187) (393) (239) (34) - (3,204)
Adjusted operating income 1,555 7,214 1,502 514 (137) - 10,648
Net income (loss) from equity affiliates and other items 1,561 151 262 (53) 113 - 2,034
Tax on net operating income (227) (3,837) (277) (127) (1) - (4,469)
Adjusted net operating income 2,889 3,528 1,487 334 (25) - 8,213
Net cost of net debt (442)
Non-controlling interests (210)
Adjusted net income - TotalEnergies share 7,561
4th quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
Total expenditures 950 2,478 588 507 49 - 4,572
Total divestments 505 215 125 42 4 - 891
Cash flow from operating activities 995 4,035 232 707 (351) - 5,618
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 11,495 2,670 28,899 25,968 5 - 69,037
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,248 17,371 40,804 22,229 57 (28,747) 64,962
Operating expenses (10,648) (6,880) (39,137) (21,513) (213) 28,747 (49,644)
Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,999) (371) (243) (27) - (2,935)
Operating income 2,305 8,492 1,296 473 (183) - 12,383
Net income (loss) from equity affiliates and other items 3,190 (2,643) 219 (14) (4) - 748
Tax on net operating income (777) (5,071) (255) (153) 162 - (6,094)
Net operating income 4,718 778 1,260 306 (25) - 7,037
Net cost of net debt (289)
Non-controlling interests (122)
Net income - TotalEnergies share 6,626
3rd quarter 2022 (adjustments) ((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 38 - - - - - 38
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 38 - - - - - 38
Operating expenses (291) (4) (771) (230) (79) - (1,375)
Depreciation, depletion and impairment of tangible assets and mineral interests - (7) - (2) - - (9)
Operating income( (b)) (253) (11) (771) (232) (79) - (1,346)
Net income (loss) from equity affiliates and other items 1,315 (3,130) (100) (7) - - (1,922)
Tax on net operating income 7 (298) 196 67 20 - (8)
Net operating income( (b)) 1,069 (3,439) (675) (172) (59) - (3,276)
Net cost of net debt 76
Non-controlling interests (37)
Net income - TotalEnergies share (3,237)
((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 - - (771) (239) -
On net operating income - - (675) (172) -
3rd quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 11,457 2,670 28,899 25,968 5 - 68,999
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,210 17,371 40,804 22,229 57 (28,747) 64,924
Operating expenses (10,357) (6,876) (38,366) (21,283) (134) 28,747 (48,269)
Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,992) (371) (241) (27) - (2,926)
Adjusted operating income 2,558 8,503 2,067 705 (104) - 13,729
Net income (loss) from equity affiliates and other items 1,875 487 319 (7) (4) - 2,670
Tax on net operating income (784) (4,773) (451) (220) 142 - (6,086)
Adjusted net operating income 3,649 4,217 1,935 478 34 - 10,313
Net cost of net debt (365)
Non-controlling interests (85)
Adjusted net income - TotalEnergies share 9,863
3rd quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
Total expenditures 3,214 2,069 242 251 21 - 5,797
Total divestments 1,441 246 6 29 - - 1,722
Cash flow from operating activities 4,390 9,083 3,798 939 (362) - 17,848
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 11,634 2,068 24,781 21,854 11 - 60,348
Intersegment sales 1,466 11,875 8,716 155 148 (22,360) -
Excise taxes - - (238) (4,812) - - (5,050)
Revenues from sales 13,100 13,943 33,259 17,197 159 (22,360) 55,298
Operating expenses (11,141) (5,412) (32,250) (16,347) (374) 22,360 (43,164)
Depreciation, depletion and impairment of tangible assets and mineral interests (545) (2,637) (399) (307) (31) - (3,919)
Operating income 1,414 5,894 610 543 (246) - 8,215
Net income (loss) from equity affiliates and other items 1,281 74 228 83 32 - 1,698
Tax on net operating income (237) (3,124) (234) (164) 75 - (3,684)
Net operating income 2,458 2,844 604 462 (139) - 6,229
Net cost of net debt (326)
Non-controlling interests (66)
Net income - TotalEnergies share 5,837
4th quarter 2021 (adjustments) ((a) ) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (57) (132) 38 21 - - (130)
Depreciation, depletion and impairment of tangible assets and mineral interests (187) (418) - (36) - - (641)
Operating income( (b)) (244) (550) 38 (15) - - (771)
Net income (loss) from equity affiliates and other items (116) (111) 23 (6) 6 - (204)
Tax on net operating income 59 (20) (10) 4 (69) - (36)
Net operating income( (b)) (301) (681) 51 (17) (63) - (1,011)
Net cost of net debt 10
Non-controlling interests 13
Net income - TotalEnergies share (988)
((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 - - 32 53 -
On net operating income - - 74 47 -
4th quarter 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 11,634 2,068 24,781 21,854 11 - 60,348
Intersegment sales 1,466 11,875 8,716 155 148 (22,360) -
Excise taxes - - (238) (4,812) - - (5,050)
Revenues from sales 13,100 13,943 33,259 17,197 159 (22,360) 55,298
Operating expenses (11,084) (5,280) (32,288) (16,368) (374) 22,360 (43,034)
Depreciation, depletion and impairment of tangible assets and mineral interests (358) (2,219) (399) (271) (31) - (3,278)
Adjusted operating income 1,658 6,444 572 558 (246) - 8,986
Net income (loss) from equity affiliates and other items 1,397 185 205 89 26 - 1,902
Tax on net operating income (296) (3,104) (224) (168) 144 - (3,648)
Adjusted net operating income 2,759 3,525 553 479 (76) - 7,240
Net cost of net debt (336)
Non-controlling interests (79)
Adjusted net income - TotalEnergies share 6,825
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Year 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 48,753 9,942 121,618 100,661 25 - 280,999
Intersegment sales 7,000 55,190 45,857 1,433 248 (109,728) -
Excise taxes - - (737) (16,952) - - (17,689)
Revenues from sales 55,753 65,132 166,738 85,142 273 (109,728) 263,310
Operating expenses (45,771) (24,521) (156,897) (81,746) (1,329) 109,728 (200,536)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,402) (8,115) (1,533) (1,033) (138) - (12,221)
Operating income 8,580 32,496 8,308 2,363 (1,194) - 50,553
Net income (loss) from equity affiliates and other items 2,766 (9,943) 885 (20) 288 - (6,024)
Tax on net operating income (1,712) (17,445) (2,544) (787) 281 - (22,207)
Net operating income 9,634 5,108 6,649 1,556 (625) - 22,322
Net cost of net debt (1,278)
Non-controlling interests (518)
Net income - TotalEnergies share 20,526
Year 2022 (adjustments) ((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 104 - - - - - 104
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 104 - - - - - 104
Operating expenses 1,087 (985) 130 200 (600) - (168)
Depreciation, depletion and impairment of tangible assets and mineral interests (122) 298 - (72) (9) - 95
Operating income( (b)) 1,069 (687) 130 128 (609) - 31
Net income (loss) from equity affiliates and other items (3,490) (10,925) (32) (23) 106 - (14,364)
Tax on net operating income (89) (759) (751) (99) 141 - (1,557)
Net operating income( (b)) (2,510) (12,371) (653) 6 (362) - (15,890)
Net cost of net debt - - - - - - 277
Non-controlling interests - - - - - - (58)
Net income - TotalEnergies share - - - - - - (15,671)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 239 261 -
On net operating income - - 336 194 -
Year 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 48,649 9,942 121,618 100,661 25 - 280,895
Intersegment sales 7,000 55,190 45,857 1,433 248 (109,728) -
Excise taxes - - (737) (16,952) - - (17,689)
Revenues from sales 55,649 65,132 166,738 85,142 273 (109,728) 263,206
Operating expenses (46,858) (23,536) (157,027) (81,946) (729) 109,728 (200,368)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,280) (8,413) (1,533) (961) (129) - (12,316)
Adjusted operating income 7,511 33,183 8,178 2,235 (585) - 50,522
Net income (loss) from equity affiliates and other items 6,256 982 917 3 182 - 8,340
Tax on net operating income (1,623) (16,686) (1,793) (688) 140 - (20,650)
Adjusted net operating income 12,144 17,479 7,302 1,550 (263) - 38,212
Net cost of net debt (1,555)
Non-controlling interests (460)
Adjusted net income - TotalEnergies share 36,197
Year 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
Total expenditures 6,475 10,646 1,391 1,186 104 - 19,802
Total divestments 3,427 807 214 222 16 - 4,686
Cash flow from operating activities 9,670 27,654 8,663 3,124 (1,744) - 47,367
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
Year 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 30,704 7,246 87,600 80,288 25 - 205,863
Intersegment sales 4,260 34,896 27,637 451 254 (67,498) -
Excise taxes - - (1,108) (20,121) - - (21,229)
Revenues from sales 34,964 42,142 114,129 60,618 279 (67,498) 184,634
Operating expenses (29,964) (16,722) (108,982) (57,159) (927) 67,498 (146,256)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,650) (9,110) (1,583) (1,100) (113) - (13,556)
Operating income 3,350 16,310 3,564 2,359 (761) - 24,822
Net income (loss) from equity affiliates and other items 2,745 (760) 518 108 45 - 2,656
Tax on net operating income (602) (7,506) (1,068) (738) 152 - (9,762)
Net operating income 5,493 8,044 3,014 1,729 (564) - 17,716
Net cost of net debt (1,350)
Non-controlling interests (334)
Net income - TotalEnergies share 16,032
Year 2021 (adjustments) ((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales (44) - - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (44) - - - - - (44)
Operating expenses (271) (187) 1,470 278 - - 1,290
Depreciation, depletion and impairment of tangible assets and mineral interests (342) (418) (25) (36) - - (821)
Operating income( (b)) (657) (605) 1,445 242 - - 425
Net income (loss) from equity affiliates and other items (215) (1,839) 56 (61) (54) - (2,113)
Tax on net operating income 122 49 (396) (70) (67) - (362)
Net operating income( (b)) (750) (2,395) 1,105 111 (121) - (2,050)
Net cost of net debt 25
Non-controlling interests (3)
Net income - TotalEnergies share (2,028)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 1,481 315 -
On net operating income - - 1,296 236 -
Year 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
External sales 30,748 7,246 87,600 80,288 25 - 205,907
Intersegment sales 4,260 34,896 27,637 451 254 (67,498) -
Excise taxes - - (1,108) (20,121) - - (21,229)
Revenues from sales 35,008 42,142 114,129 60,618 279 (67,498) 184,678
Operating expenses (29,693) (16,535) (110,452) (57,437) (927) 67,498 (147,546)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,308) (8,692) (1,558) (1,064) (113) - (12,735)
Adjusted operating income 4,007 16,915 2,119 2,117 (761) - 24,397
Net income (loss) from equity affiliates and other items 2,960 1,079 462 169 99 - 4,769
Tax on net operating income (724) (7,555) (672) (668) 219 - (9,400)
Adjusted net operating income 6,243 10,439 1,909 1,618 (443) - 19,766
Net cost of net debt (1,375)
Non-controlling interests (331)
Adjusted net income - TotalEnergies share 18,060
Year 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
(M$) Renewables & & &
& Power Production Chemicals Services
Total expenditures 6,341 7,276 1,638 1,242 92 - 16,589
Total divestments 1,350 894 348 319 22 - 2,933
Cash flow from operating activities 827 22,009 6,473 2,333 (1,232) - 30,410
Reconciliation of the information by business segment with consolidated financial statements
TotalEnergies
(unaudited)
4th quarter 2022 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 68,513 69 68,582
Excise taxes (4,629) - (4,629)
Revenues from sales 63,884 69 63,953
Purchases, net of inventory variation (42,755) 1,200 (41,555)
Other operating expenses (7,027) (327) (7,354)
Exploration costs (250) - (250)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,204) 699 (2,505)
Other income 636 (52) 584
Other expense (591) (2,237) (2,828)
Financial interest on debt (719) - (719)
Financial income and expense from cash & cash equivalents 338 19 357
Cost of net debt (381) 19 (362)
Other financial income 266 - 266
Other financial expense (150) - (150)
Net income (loss) from equity affiliates 1,873 (2,154) (281)
Income taxes (4,530) (1,547) (6,077)
Consolidated net income 7,771 (4,330) 3,441
TotalEnergies share 7,561 (4,297) 3,264
Non-controlling interests 210 (33) 177
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2021 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 60,348 - 60,348
Excise taxes (5,050) - (5,050)
Revenues from sales 55,298 - 55,298
Purchases, net of inventory variation (36,189) 28 (36,161)
Other operating expenses (6,630) (50) (6,680)
Exploration costs (215) (108) (323)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,278) (641) (3,919)
Other income 551 (15) 536
Other expense (493) (262) (755)
Financial interest on debt (483) - (483)
Financial income and expense from cash & cash equivalents 105 15 120
Cost of net debt (378) 15 (363)
Other financial income 195 - 195
Other financial expense (138) - (138)
Net income (loss) from equity affiliates 1,787 73 1,860
Income taxes (3,606) (41) (3,647)
Consolidated net income 6,904 (1,001) 5,903
TotalEnergies share 6,825 (988) 5,837
Non-controlling interests 79 (13) 66
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated financial statements
TotalEnergies
Year 2022 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
(unaudited)
Sales 280,895 104 280,999
Excise taxes (17,689) - (17,689)
Revenues from sales 263,206 104 263,310
Purchases, net of inventory variation (171,049) 1,601 (169,448)
Other operating expenses (28,745) (1,044) (29,789)
Exploration costs (574) (725) (1,299)
Depreciation, depletion and impairment of tangible assets and mineral interests (12,316) 95 (12,221)
Other income 1,349 1,500 2,849
Other expense (1,542) (5,802) (7,344)
Financial interest on debt (2,386) - (2,386)
Financial income and expense from cash & cash equivalents 746 397 1,143
Cost of net debt (1,640) 397 (1,243)
Other financial income 812 84 896
Other financial expense (533) - (533)
Net income (loss) from equity affiliates 8,254 (10,146) (1,892)
Income taxes (20,565) (1,677) (22,242)
Consolidated net income 36,657 (15,613) 21,044
TotalEnergies share 36,197 (15,671) 20,526
Non-controlling interests 460 58 518
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2021 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 205,907 (44) 205,863
Excise taxes (21,229) - (21,229)
Revenues from sales 184,678 (44) 184,634
Purchases, net of inventory variation (120,160) 1,538 (118,622)
Other operating expenses (26,754) (140) (26,894)
Exploration costs (632) (108) (740)
Depreciation, depletion and impairment of tangible assets and mineral interests (12,735) (821) (13,556)
Other income 1,300 12 1,312
Other expense (944) (1,373) (2,317)
Financial interest on debt (1,904) - (1,904)
Financial income and expense from cash & cash equivalents 340 39 379
Cost of net debt (1,564) 39 (1,525)
Other financial income 762 - 762
Other financial expense (539) - (539)
Net income (loss) from equity affiliates 4,190 (752) 3,438
Income taxes (9,211) (376) (9,587)
Consolidated net income 18,391 (2,025) 16,366
TotalEnergies share 18,060 (2,028) 16,032
Non-controlling interests 331 3 334
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR
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