REG-TotalEnergies SE TotalEnergies: Second Quarter and First Half 2021 Results
29/07/2021 13:25
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TotalEnergies: Second Quarter and First Half 2021 Results
With adjusted results of $3.5 billion and EBITDA of $8.7 billion,
TotalEnergies fully benefits from high hydrocarbon prices and allocates part
of surplus revenues to share buybacks while continuing to grow renewables and
electricity
2Q21 Change 1H21 Change
vs 2Q20
vs 1H20
Oil price - Brent ($/b) 69.0 x2.3 65.0 +62%
Average price of LNG ($/Mbtu) 6.6 +50% 6.3 +17%
Variable cost margin - Refining Europe, VCM ($/t) 10.2 -29% 7.6 -64%
Adjusted net income (TotalEnergies share)((1) )
- in billions of dollars (B$) 3.5 x27.5 6.5 x3.4
- in dollars per share 1.27 x60.8 2.38 x3.5
DACF((1)) (B$) 6.8 +63% 12.5 +49%
Cash Flow from operations (B$) 7.6 x2.2 13.1 x2.8
Net income (TotalEnergies share) of 2.2 B$ in 2Q21
Net-debt-to-capital ratio((2)) of 18.5% at June 30, 2021 vs. 19.5% at March 31, 2021
Hydrocarbon production of 2,747 kboe/d in 2Q21, a decrease of 3% compared to 2Q20
Second interim dividend set at 0.66 €/share
The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE),
meeting on July 28, 2021, under the chairmanship of Chairman and Chief
Executive Officer Patrick Pouyanné, approved the Company's second quarter
2021 accounts. On this occasion, Patrick Pouyanné said:
"In the second quarter, thanks to the progressive recovery of global demand
and OPEC+ discipline, TotalEnergies benefited from oil and gas markets that
were 13% and 28% higher respectively quarter to quarter. In this context,
TotalEnergies reported $3.5 billion of adjusted net income, a 15% increase
compared to the first quarter 2021 and above the level of the pre-crisis
second quarter 2019 which had a comparable oil price environment, notably
thanks to the action plans implemented during the crisis.
TotalEnergies generated cash flow (DACF) of $6.8 billion, an increase of more
than $1 billion compared to the previous quarter, and, by maintaining
investment discipline, generated net cash flow of $3.2 billion this quarter,
which covered the interim dividend of $2.1 billion and allowed continued debt
reduction, with gearing falling to 18.5%, below the announced objective of
20%. The organic cash breakeven was below $25/b for the quarter.
Given the strong second quarter results, the Board of Directors decided to
distribute a second interim dividend for 2021, stable at € 0.66/share.
In addition, given the high hydrocarbon prices and gearing below 20%, in the
respect of the strategy of TotalEnergies and consistent with the cash flow
allocation scheme presented in February 2021, the Board of Directors decided
to allocate up to 40% of the additional cash flow generated above $60/b to
share buybacks.
The iGRP segment confirmed its first quarter performance with adjusted net
income and cash flow of around $900 million. Growth in Renewables and
Electricity continued with more than 500 MW of gross renewable power
generation capacity commissioned in the quarter and the acquisition of a stake
in a 640 MW offshore wind project under construction in Taiwan.
Exploration and Production fully leveraged the higher Brent price and, despite
lower production in the second quarter, mainly due to planned maintenance,
reported increases of about 10% over the previous quarter in adjusted net
operating income and cash flow to $2.2 billion and $4.3 billion, respectively.
Downstream delivered very good performance, thanks to the strength of its
integrated model, which allowed it to benefit from very high margins in
petrochemicals and the rebound of Marketing & Services results to
pre-crisis results, despite depressed European refining margins. Downstream
adjusted net operating income and cash flow increased by about 70% to $900
million and $1.5 billion, respectively.”
1. Highlights((3))
Sustainability
* Total transforms and becomes TotalEnergies, with a new visual identity
* 3(rd) place globally and 1(st) place for the sector Oil and Gas in the
BloombergNEF ranking on the alignment of corporate strategies with the United
Nations’ Sustainable Development Goals
* TotalEnergies and Chevron decide to suspend distribution of dividends from gas
transport company in Myanmar
* Partnership with Novatek to reduce emissions from LNG production, develop
large-scale carbon capture and storage, and study carbon-free hydrogen and
ammonia projects
* Partnership with GHGSat for satellite-based monitoring of methane emissions at
sea
Renewables and Electricity
* Acquired 23% stake in 640 MW offshore wind project under construction in
Taiwan
* Acquisition by Adani Green Energy Ltd., in which TotalEnergies has a 20%
stake, of a portfolio of 5 GW of renewable electricity generation capacity in
operation and under construction in India that will contribute 1 GW to
TotalEnergies' target of 35 GW in 2025
* Signed contract with Merck & Co. for the sale of 90 GWh/y renewable
electricity in Spain for 10 years
* Partnership with Amazon to supply (474 MW) renewable electricity to its data
centers in Europe and the United States, and to accelerate TotalEnergies
digital transformation
* Sales contract for 50 GWh/y over 15 years with Air Liquide in Belgium
LNG
* Remobilization of the Papua LNG project with a view to final investment
decision in 2023
* Agreement with Novatek to acquire 10% of Arctic Transshipment LLC, which will
operate two LNG transshipment terminals under construction in Russia
* Tolling agreement with GIP, for more than $750 million, for Gladstone LNG
infrastructure in Australia
* Withdrew from the Driftwood LNG project and sold TotalEnergies' stake in
Tellurian Inc.
* Signed contract with ArcelorMittal Nippon Steel for a 5-year supply of up to
0.5 Mt/y of LNG in India
* Technical collaboration agreements with Siemens Energy and Technip Energies to
develop low-carbon LNG technologies
Upstream
* Started production of Zinia Phase 2, short-cycle development project on Block
17 in Angola
* Significant new discovery on the Sapakara South well in Suriname
* Awarded two new conventional offshore exploration permits in Suriname with
partner Qatar Petroleum
* Entry on Block 29 exploration permit in Angola as operator
* Agreed to divest TotalEnergies 18% interest in the Sarsang block, in Iraqi
Kurdistan
* Divested TotalEnergies’ interest in Petrocedeño to PDVSA in Venezuela which
led to the recognition of an exceptional capital loss of $1.38 billion during
the quarter
Downstream
* Started production of sustainable aviation biofuels in France and made, in
partnership with Air France-KLM, Groupe ADP and Airbus, the first long-haul
flight with sustainable air fuel (SAF) in France
* Obtained concession for the expansion of the public charging network for
electric vehicles of the City of Amsterdam, with 2,200 new charging points
* Global partnership in the field of lubricants and electric mobility with
Peugeot, Citroën, DS Automobiles, Opel and Vauxhall
* Partnership agreement with Uber to accelerate transition of VTC drivers to
electric mobility in France
* Acquired 20% stake in Hysetco, a French company owning the world's first fleet
of hydrogen taxis, operated under the Hype brand, as well as hydrogen charging
stations
2. Key figures from TotalEnergies’ consolidated financial statements((4))
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars, except effective tax rate, 1H21 1H20 1H21
vs
vs earnings per share and number of shares
vs
2Q20
2Q19
1H20
8,667 8,170 3,909 x2.2 8,550 +1% Adjusted EBITDA ((5)) 16,837 10,583 +59%
4,032 3,487 821 x4.9 3,589 +12% Adjusted net operating income from business segments 7,519 3,121 x2.4
2,213 1,975 (209) ns 2,022 +9% Exploration & Production 4,188 494 x8.5
891 985 326 x2.7 429 x2.1 Integrated Gas, Renewables & Power 1,876 1,239 +51%
511 243 575 -11% 715 -29% Refining & Chemicals 754 957 -21%
417 284 129 x3.2 423 -1% Marketing & Services 701 431 +63%
740 520 11 x67.3 457 +62% Contribution of equity affiliates to adjusted net income 1,260 669 +88%
34.3% 34.6% -6.8% 33.0% Effective tax rate ((6)) 34.4% 24.3%
3,463 3,003 126 x27.5 2,887 +20% Adjusted net income (TotalEnergies share) 6,466 1,907 x3.4
1.27 1.10 0.02 x60.8 1.05 +21% Adjusted fully-diluted earnings per share (dollars) ((7)) 2.38 0.68 x3.5
1.06 0.91 0.02 x53 0.94 +13% Adjusted fully-diluted earnings per share (euros)* 1.97 0.62 x3.2
2,646 2,645 2,598 +2% 2,625 +1% Fully-diluted weighted-average shares (millions) 2,644 2,598 +2%
2,206 3,344 (8,369) ns 2,756 -20% Net income (TotalEnergies share) 5,550 (8,335) ns
2,802 2,379 2,201 +27% 3,028 -7% Organic investments ((8)) 5,181 4,724 +10%
396 1,590 721 -45% 402 -2% Net acquisitions ((9)) 1,986 1,823 +9%
3,198 3,969 2,922 +9% 3,430 -7% Net investments ((10)) 7,167 6,547 +9%
6,352 5,366 3,644 +74% 6,807 -7% Operating cash flow before working capital changes** ((11)) 11,718 7,409 +58%
6,761 5,750 4,143 +63% 7,308 -7% Operating cash flow before working capital changes 12,511 8,420 +49%
w/o financial charges (DACF) ((12))
7,551 5,598 3,479 x2.2 6,251 +21% Cash flow from operations 13,149 4,778 x2.8
Data take into account the impact of the IFRS16 “Leases” rule, effective
January 1, 2019.
* Average €-$ exchange rate: 1.2058 in the second quarter 2021 and 1.2053 in
the first half 2021.
** 2Q20, 2Q19 and 1H20 data restated.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
69.0 61.1 29.6 x2.3 68.9 - Brent ($/b) 65.0 40.1 +62%
3.0 2.7 1.8 +70% 2.5 +18% Henry Hub ($/Mbtu) 2.9 1.8 +57%
8.7 6.8 1.7 x5.2 4.1 x2.1 NBP ($/Mbtu) 7.7 2.4 x3.2
10.0 10.0 2.1 x4.7 4.9 x2 JKM ($/Mbtu) 10.0 2.9 x3.5
62.9 56.4 23.4 x2.7 63.7 -1% Average price of liquids ($/b) 59.7 33.8 +77%
Consolidated subsidiaries
4.43 4.06 2.61 +69% 3.82 +16% Average price of gas ($/Mbtu) 4.23 2.99 +41%
Consolidated subsidiaries
6.59 6.08 4.40 +50% 5.69 +16% Average price of LNG ($/Mbtu) 6.33 5.42 +17%
Consolidated subsidiaries and equity affiliates
10.2 5.3 14.3 -29% 27.6 -63% Variable cost margin - Refining Europe, VCM ($/t) 7.6 21.0 -64%
* The indicators are shown on page 20
The average price of LNG increased by 8% in the second quarter 2021 compared
to the previous quarter, benefiting from the lag effect of rising oil prices
on long-term oil-linked LNG contracts and from the increase in natural gas
prices for spot gas price LNG contracts.
3.2 Greenhouse gas emissions((13))
2Q21 1Q21 GHG emissions (MtCO(2)e) 2020 2020
(excluding
Covid effect)
7 8 Scope 1+2 from operated oil & gas facilities ((14)) 35.8 39
77 81 Scope 3 ((15)) 350 400
45 50 Scope 1+2+3 in Europe ((16)) 212 239
3.3 Production*
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Hydrocarbon production 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
2,747 2,863 2,846 -3% 2,957 -7% Hydrocarbon production (kboe/d) 2,805 2,966 -5%
1,258 1,272 1,315 -4% 1,407 -11% Oil (including bitumen) (kb/d) 1,265 1,381 -8%
1,489 1,591 1,531 -3% 1,549 -4% Gas (including condensates and associated NGL) (kboe/d) 1,540 1,584 -3%
2,747 2,863 2,846 -3% 2,957 -7% Hydrocarbon production (kboe/d) 2,805 2,966 -5%
1,464 1,508 1,553 -6% 1,624 -10% Liquids (kb/d) 1,486 1,626 -9%
7,017 7,400 7,045 - 7,309 -4% Gas (Mcf/d) 7,208 7,302 -1%
* Company production = E&P production + iGRP production
Hydrocarbon production was 2,747 thousand barrels of oil equivalent per day
(kboe/d) in the second quarter 2021, a decrease of 3% year-on-year, comprised
of:
* +2% due to the start-up and ramp-up of projects,
* -2% due to the price effect,
* -3% due to the natural decline of the fields.
Hydrocarbon production was 2,747 kboe/d in the second quarter 2021, down 4%
from the first quarter 2021, due to major maintenance shutdowns.
Hydrocarbon production was 2,805 kboe/d in the first half 2021, a decrease of
5%, comprised of:
* +2% due to the start-up and ramp-up of projects, including North Russkoye in
Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in
Brazil,
* -1% portfolio effect, notably asset sales in the United Kingdom and Block CA1
in Brunei,
* -2% due to planned maintenance and unplanned outages, notably in the United
Kingdom, Australia, Norway and Nigeria,
* -1% due to the price effect,
* -3% due to the natural decline of the fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied natural gas (LNG) and electricity
Hydrocarbon production for LNG 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Hydrocarbon production for LNG 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
iGRP (kboe/d) 502 518 520 -3% 559 -10% iGRP (kboe/d) 510 536 -5%
Liquids (kb/d) 52 64 66 -21% 73 -29% Liquids (kb/d) 58 69 -17%
Gas (Mcf/d) 2,464 2,476 2,471 - 2,680 -8% Gas (Mcf/d) 2,470 2,541 -3%
Liquefied Natural Gas in Mt 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Liquefied Natural Gas in Mt 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Overall LNG sales 10.5 9.9 10.4 +1% 8.5 +23% Overall LNG sales 20.4 20.2 +1%
incl. Sales from equity production* 4.2 4.4 4.3 -4% 4.1 +3% incl. Sales from equity production* 8.5 9.0 -5%
incl. Sales by TotalEnergies from equity production and third party 8.8 7.9 8.7 +1% 6.7 +31% incl. Sales by TotalEnergies from equity production and third party purchases 16.7 16.5 +1%
purchases
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures
Hydrocarbon production for LNG decreased year-on-year by 3% and 5%
respectively in the second quarter 2021 and first half 2021, notably due to
the shutdown of the Snøhvit LNG plant following a fire at the end of
September 2020 and the planned maintenance shutdown in the second quarter 2021
on Ichthys LNG's liquefaction trains in Australia.
Total LNG sales were stable year-on-year in the second quarter 2021 and the
first half 2021.
2Q21 1Q21 2Q20 2Q21 Renewables & Electricity 1H21 1H20 1H21
vs
vs
2Q20
1H20
41.7 40.2 20.4 x2 Portfolio of renewable power generation gross capacity 41.7 20.4 x2
(GW) ((1),(2))
8.3 7.8 5.1 +63% o/w installed capacity 8.3 5.1 +63%
5.4 5.1 2.9 +89% o/w capacity in construction 5.4 2.9 +89%
28.0 27.3 12.4 x2.3 o/w capacity in development 28.0 12.4 x2.3
22.6 21.2 11.2 x2 Gross renewables capacity with PPA (GW) ((1),(2)) 22.6 11.2 x2
30.7 30.1 13.6 x2.3 Portfolio of renewable power generation net capacity 30.7 13.6 x2.3
(GW) ((1),(2))
4.0 3.8 2.3 +76% o/w installed capacity 4.0 2.3 +76%
3.1 3.1 1.1 x3 o/w capacity in construction 3.1 1.1 x3
23.6 23.3 10.3 x2.3 o/w capacity in development 23.6 10.3 x2.3
5.1 4.7 2.9 +73% Net power production (TWh) ((3)) 9.8 5.9 +67%
1.7 1.6 1.1 +47% incl. Power production from renewables 3.2 1.8 +79%
5.8 5.7 4.2 +38% Clients power - BtB and BtC (Million) ((2)) 5.8 4.2 +38%
2.7 2.7 1.7 +58% Clients gas - BtB and BtC (Million) ((2)) 2.7 1.7 +58%
12.7 16.1 9.4 +35% Sales power - BtB and BtC (TWh) 28.8 23.6 +22%
20.6 36.2 17.3 +19% Sales gas - BtB and BtC (TWh) 56.8 50.9 +12%
291 344 91 x3.2 Proportionnal adjusted EBITDA Renewables and Electricity (M$) ((4)) 635 340 +87%
62 148 92 -32% incl. from renewables business 210 184 +14%
((1)) Includes 20% of Adani Green Energy Ltd gross capacity effective first
quarter 2021.
((2)) End of period data.
((3)) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
((4)) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Renewables and Electricity affiliates,
regardless of consolidation method.
Gross installed capacity of renewable electricity generation grew to 8.3 GW at
the end of the second quarter 2021.
Net electricity production was 5.1 TWh in the second quarter 2021, an increase
of 73% year-on-year, notably due to strong growth in renewable electricity
generation and the acquisition of four CCGT plants in France and Spain in the
fourth quarter of 2020.
Electricity and gas sales, seasonally lower in the second quarter, increased
by 35% and 19% respectively in the second quarter 2021 compared to last year
thanks to the growing number of customers, with TotalEnergies notably
surpassing the 5 million customer mark (B2C and B2B) in France.
TotalEnergies’ share of the EBITDA of the Renewables and Electricity
activities was $291 million in the second quarter 2021, more than tripling
over one year, driven by growing electricity production, particularly
renewable electricity, and the number of gas and electricity customers.
4.1.2 Results
In millions of dollars 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Adjusted net operating income* 891 985 326 x2.7 429 x2.1 Adjusted net operating income* 1,876 1,239 +51%
including income from equity affiliates 356 264 (69) ns 195 +83% including income from equity affiliates 620 179 x3.5
Organic investments 759 753 618 +23% 442 +72% Organic investments 1,512 1,264 +20%
Net acquisitions 166 1,893 433 -62% 159 +4% Net acquisitions 2,059 1,570 +31%
Net investments 925 2,646 1,051 -12% 601 +54% Net investments 3,571 2,834 +26%
Operating cash flow before working capital changes ** 904 1,059 1,051 -14% 969 -7% Operating cash flow before working capital changes ** 1,963 1,652 +19%
Cash flow from operations *** 567 780 1,389 -59% 641 -12% Cash flow from operations *** 1,347 900 +50%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial expenses, 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. 2Q20, 2Q19 and 1H20
data restated (see note 11 on page 3).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP sector was:
* $891 million in the second quarter 2021, more than doubling over the year,
thanks to higher LNG prices and the growing contribution from Renewables and
Electricity,
* $1,876 million in the first half 2021, an increase of 51% year-on-year for the
same reasons as well as good performance by the trading activities in the
first quarter 2021.
Operating cash flow before working capital changes:
* Decreased 14% year-on-year to $904 million in the second quarter 2021, as the
second quarter of 2020 benefited from excellent performance of trading
activities in a context of high market volatility,
* Increased 19% year-on-year to $1,963 million in the first half 2021, in line
with the rise in LNG prices and the growing contribution of Renewables and
Electricity.
4.2 Exploration & Production
4.2.1 Production
Hydrocarbon production 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Hydrocarbon production 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
EP (kboe/d) 2,245 2,345 2,326 -3% 2,398 -6% EP (kboe/d) 2,295 2,430 -6%
Liquids (kb/d) 1,412 1,444 1,487 -5% 1,551 -9% Liquids (kb/d) 1,428 1,557 -8%
Gas (Mcf/d) 4,553 4,924 4,574 - 4,629 -2% Gas (Mcf/d) 4,738 4,761 -
4.2.2 Results
In millions of dollars, except effective tax rate 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars, except effective tax rate 1H21 1H20 1H21
vs
vs vs
2Q20
2Q19 1H20
Adjusted net operating income* 2,213 1,975 (209) ns 2,022 +9% Adjusted net operating income* 4,188 494 x8.5
including income from equity affiliates 279 270 48 x5.8 239 +17% including income from equity affiliates 549 438 +25%
Effective tax rate** 38.2% 41.0% 56.6% 39.5% Effective tax rate** 39.5% 69.6%
Organic investments 1,559 1,279 1,112 +40% 1,995 -22% Organic investments 2,838 2,684 +6%
Net acquisitions 231 (202) 311 -26% 204 +13% Net acquisitions 29 305 -90%
Net investments 1,790 1,077 1,423 +26% 2,199 -19% Net investments 2,867 2,989 -4%
Operating cash flow before working capital changes *** 4,262 3,824 1,810 x2.4 4,882 -13% Operating cash flow before working capital changes *** 8,086 4,386 +84%
Cash flow from operations *** 4,835 3,736 910 x5.3 3,768 +28% Cash flow from operations *** 8,571 4,833 +77%
* Details on adjustment items are shown in the business segment information
annex to financial statements.** Tax on adjusted net operating income /
(adjusted net operating income - income from equity affiliates - dividends
received from investments - impairment of goodwill + tax on adjusted net
operating income).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for Exploration & Production was:
* $2,213 million in the second quarter 2021 compared to a loss of $209 million
in the second quarter 2020, thanks to the sharp rebound in oil and gas prices,
* $4,188 million in the first half 2021, more than eight times higher in the
first half 2020, for the same reasons.
Operating cash flow before working capital changes was $4,262 million in the
second quarter 2021 compared to $1,810 million a year earlier and increased by
84% to $8,086 million in the first half 2021, in line with higher oil and gas
prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
In millions of dollars 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Adjusted net operating income* 928 527 704 +32% 1,138 -18% Adjusted net operating income* 1,455 1,388 +5%
Organic investments 468 335 457 +2% 557 -16% Organic investments 803 734 +9%
Net acquisitions (1) (103) (20) ns 38 ns Net acquisitions (104) (50) ns
Net investments 467 232 437 +7% 595 -22% Net investments 699 684 +2%
Operating cash flow before working capital changes ** 1,460 872 1,488 -2% 1,432 +2% Operating cash flow before working capital changes ** 2,332 2,552 -9%
Cash flow from operations ** 2,669 1,661 1,899 +41% 2,269 +18% Cash flow from operations ** 4,330 317 x13.7
* 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
Refinery throughput and utilization rate* 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Refinery throughput and utilization rate* 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Total refinery throughput (kb/d) 1,070 1,147 1,249 -14% 1,595 -33% Total refinery throughput (kb/d) 1,109 1,347 -18%
France 148 114 205 -28% 447 -67% France 131 230 -43%
Rest of Europe 495 660 595 -17% 679 -27% Rest of Europe 578 676 -14%
Rest of world 427 373 449 -5% 469 -9% Rest of world 400 441 -9%
Utlization rate based on crude only** 58% 58% 59% 77% Utlization rate based on crude only** 58% 64%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey
refinery (divested) from second quarter 2021.
Petrochemicals production and utilization rate 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Petrochemicals production and utilization rate 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Monomers* (kt) 1,424 1,405 1,391 +2% 993 +43% Monomers* (kt) 2,829 2,778 +2%
Polymers (kt) 1,212 1,165 1,193 +2% 1,127 +8% Polymers (kt) 2,377 2,395 -1%
Vapocracker utilization rate** 88% 87% 84% 64% Vapocracker utilization rate** 88% 83%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity
at the start of the year.
Refinery throughput:
* Decreased 14% in the second quarter 2021 compared to a year ago, mainly due to
the prolonged voluntary economic shutdown of the Donges refinery given the low
European margins, the planned major shutdown of the Leuna refinery in Germany,
the shutdown of the Grandpuits refinery in the first quarter 2021 for its
conversion to a zero-oil platform, and the sale of the Lindsey refinery in the
United Kingdom. The decrease was partially offset by the restart of the Feyzin
refinery, in France, and the distillation unit at the Normandy platform,
following a fire at the end of 2019,
* Decreased 18% in the first half 2021 compared to the previous year for the
same reasons.
Monomer production increased slightly in the second quarter 2021 compared to a
year ago thanks to the restart of the Feyzin refinery, in France, after a
major shutdown in 2020.
Polymer production also increased slightly in the second quarter 2021 compared
to a year ago, despite the major shutdown in the second quarter 2021 of the
Feluy plant in Belgium.
4.4.2 Results
In millions of dollars 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Adjusted net operating income* 511 243 575 -11% 715 -29% Adjusted net operating income* 754 957 -21%
Organic investments 279 222 302 -8% 353 -21% Organic investments 501 470 +7%
Net acquisitions 2 (57) (15) ns (58) ns Net acquisitions (55) (51) ns
Net investments 281 165 287 -2% 295 -5% Net investments 446 419 +6%
Operating cash flow before working capital changes ** 753 394 996 -24% 806 -7% Operating cash flow before working capital changes ** 1,147 1,670 -31%
Cash flow from operations ** 2,232 996 1,080 x2.1 1,658 +35% Cash flow from operations ** 3,228 (103) ns
* 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:
* Decreased 11% year-on-year to $511 million in the second quarter 2021, due to
still-depressed European refining margins that reflect the recovery in oil
prices and the continued weak product demand, notably for distillates, linked
to the reduced air transport, and to the outperformance of trading activities
in the second quarter 2020. The second quarter 2021 results nevertheless
benefited from the very good performance of petrochemicals,
* Decreased 21% year-on-year to $754 million in the first half of 2021, for the
same reasons.
Operating cash flow before working capital changes decreased by 24%
year-on-year to 753 M$ in the second quarter 2021 and by 31% to 1,147 M$ in
the first half 2021.
Cash flow from operations increased to $2,232 million in the second quarter
2021 from $1,080 million in the second quarter 2020, mainly due to a decrease
in working capital requirements and a positive stock effect.
4.5 Marketing & Services
4.5.1 Petroleum product sales
Sales in kb/d* 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Sales in kb/d* 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Total Marketing & Services sales 1,473 1,442 1,301 +13% 1,860 -21% Total Marketing & Services sales 1,458 1,478 -1%
Europe 791 776 740 +7% 1,004 -21% Europe 783 823 -5%
Rest of world 682 666 561 +22% 856 -20% Rest of world 674 656 +3%
* Excludes trading and bulk refining sales
Petroleum product sales volumes increased year-on-year by 13% in the second
quarter 2021, thanks to the improving health situation and global economic
rebound. The increase driven mainly by a recovery in the retail network sales.
4.5.2 Results
In millions of dollars 2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Adjusted net operating income* 417 284 129 x3.2 423 -1% Adjusted net operating income* 701 431 +63%
Organic investments 189 113 155 +22% 204 -7% Organic investments 302 264 +14%
Net acquisitions (3) (46) (5) ns 96 ns Net acquisitions (49) 1 ns
Net investments 186 67 150 +24% 300 -38% Net investments 253 265 -5%
Operating cash flow before working capital changes ** 707 478 492 +44% 626 +13% Operating cash flow before working capital changes ** 1,185 882 +34%
Cash flow from operations ** 437 665 819 -47% 611 -28% Cash flow from operations ** 1,102 420 x2.6
* 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 was $417 million in the second quarter 2021
compared to $129 million a year earlier. This increase was mainly related to
the increase in global sales volumes in a context of rising margins.
Operating cash flow before working capital changes was $707 million in the
second quarter 2021 and $1,185 million in the first half.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income for the sectors was:
* $4,032 million in the second quarter 2021, compared to $821 million in the
second quarter 2020, due to higher oil and gas prices,
* $7,519 million in the first half 2021, compared to $3,121 million a year
earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
Adjusted net income (TotalEnergies share) was:
* $3,463 million in the second quarter 2021 compared to $126 million a year
earlier, due to the increase in oil and gas prices,
* $6,466 million in the first half 2021 compared to $1,907 million a year
earlier, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
impact of changes in fair value((17)).
Total net income adjustments((18)) were $(1,257) million in the second quarter
2021, mainly comprised of the effect of the sale of TotalEnergies’
participation in Petrocedeño to PDVSA in Venezuela for an amount of $(1,379)
million, a $375 million positive inventory effect and restructuring charges
related to voluntary departures in France and Belgium.
The effective tax rate for TotalEnergies was 34.3% in the second quarter 2021,
compared to -6.8% in the second quarter 2020. This negative tax rate in 2020
was due to the adjusted net operating loss in Exploration & Production,
which has a high tax rate, and was not offset by the positive, less taxed,
results from Downstream activities.
5.3 Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
* $1.27 in the second quarter 2021, calculated based on 2,646 million
weighted-average diluted shares, compared to $0.02 a year earlier,
* $2.38 in the first half 2021, calculated based on 2,644 million
weighted-average diluted shares, compared to $0.68 a year earlier.
As of June 30, 2021, the number of fully-diluted shares was 2,654 million.
5.4 Acquisitions - asset sales
Acquisitions were:
* $662 million in the second quarter 2021 and included notably the 23% stake in
a 640 MW offshore wind project in Taiwan, the Fonroche Biogas in France, and
Repsol's interest in the Tin Fouyé Tabankort II field in Algeria,
* $2,870 million in the first half 2021, including the above items as well as
the acquisition, for $2 billion, of a 20% interest in the renewable projects
developer in India, Adani Green Energy Limited.
Asset sales were:
* $266 million in the second quarter 2021 and included notably the sale of
TotalEnergies’ interest in the TBG pipeline in Brazil, the sale of shares in
Clean Energy Fuels Corp, and the sale of its interest in Tellurian Inc. in the
United States,
* $884 million in the first half 2021, including the above items as well as the
sale in France of a 50% interest in a portfolio of renewable projects with a
total capacity of 285 MW (100%), the sale of the 10% interest in onshore block
OML 17 in Nigeria, a price supplement relating to the sale of Block CA1 in
Brunei and the sale of the Lindsey refinery in the United Kingdom.
5.5 Net cash flow
TotalEnergies’ net cash flow((19)) was:
* $3,154 million in the second quarter 2021 compared to $722 million a year
earlier, which takes into account the $2.7 billion increase in operating cash
flow before changes in working capital and the slight increase of $276 million
in net investments to $3,198 million in the second quarter 2021,
* $4,551 million in the first half 2021 compared to $862 million a year earlier,
which takes into account the $4.3 billion increase in operating cash flow
before changes in working capital, partially offset by a $620 million increase
in net investments to $7,167 million in the first half 2021.
5.6 Profitability
The return on equity was 8.4% for the twelve months ended June 30, 2021.
In millions of dollars July 1, 2020 April 1, 2020 July 1, 2019
June 30, 2021 March 31, 2021 June 30, 2020
Adjusted net income 8,786 5,330 8,214
Average adjusted shareholders' equity 105,066 109,135 109,448
Return on equity (ROE) 8.4% 4.9% 7.5%
The return on average capital employed was 7.2% for the twelve months ended
June 30, 2021.
In millions of dollars July 1, 2020 April 1, 2020 July 1, 2019
June 30, 2021 March 31, 2021 June 30, 2020
Adjusted net operating income 10,252 6,915 10,125
Average capital employed 142,172 148,777 145,621
ROACE 7.2% 4.6% 7.0%
6. TotalEnergies SE accounts
Net income for TotalEnergies SE, the parent company, was €4,568 million in
the first half 2021 compared to €4,710 in the first half 2020.
7. 2021 Sensitivities*
Change Estimated impact on Estimated impact on
adjusted cash flow from
net operating income operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP +/- 1 $/Mbtu +/- 0.3 B$ +/- 0.25 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2021. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals. Please find
the indicators detailed page 20.
** In a 50 $/b Brent environment.
8. Summary and outlook
In a context of rebounding global demand for petroleum products, OPEC+ quotas
in the first half 2021 contributed to a rapid drawdown of crude oil
inventories, which fell below the average of the past five years. The price of
oil has remained above $60/b since the beginning of February 2021 and broke
through $70/b at the end of June. Recent OPEC+ decisions reinforce its
collective discipline to adapt supply step by step to the growth in demand.
Given the outlook for OPEC+ quotas in the second half 2021, TotalEnergies
anticipates its full-year 2021 hydrocarbon production to be around 2.85
Mboe/d. The start-up and ramp-up of new projects, including Zinia Phase 2 in
Angola, North Russkoye in Russia and Iara in Brazil, will contribute to
increased production in the second half 2021.
TotalEnergies anticipates that the higher oil prices observed in the first
half 2021 will have a positive impact on its average realized price of LNG for
the coming six months, given the lag effect on price formulas. It is expected
to be more than $7.5/Mbtu in the third quarter 2021. In addition, gas markets
in Asia and Europe are benefiting from the strong growth in demand linked to
the global economic recovery.
TotalEnergies maintains discipline on expenses, with net investments expected
to be between $12-13 billion in 2021, with half dedicated to future growth.
For those growth investments, 50% will be dedicated to renewables and
electricity.
In an environment of hydrocarbon prices that would remain in the second half
of the year at the level of the first half ($65/b for Brent, $8/Mbtu for gas
in Europe) and European refining margins of $10-15/t, TotalEnergies expects
cash flow generation (DACF) of more than $25 billion in 2021 and a return on
capital employed of more than 10%.
In this favorable context, the Company confirms its priorities in terms of
cash flow allocation: invest in profitable projects to implement
TotalEnergies' transformation strategy to a broad energy company, support the
dividend through economic cycles, maintain a solid balance sheet and a minimum
"A" long-term debt rating by sustainably anchoring the Company's gearing below
20%, and share additional revenues with its shareholders through share
buybacks in the event of high prices.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 15:00 (Paris time) please log on to
totalenergies.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in
the United States (code: 3586957).
The conference replay will be available on totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + iGRP)
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Combined liquids and gas 1H21 1H20 1H21
vs
vs production by region (kboe/d)
vs
2Q20
2Q19
1H20
985 1,050 1,032 -4% 997 -1% Europe and Central Asia 1,018 1,064 -4%
533 551 653 -18% 686 -22% Africa 542 677 -20%
654 651 641 +2% 703 -7% Middle East and North Africa 652 661 -1%
378 376 314 +20% 358 +6% Americas 377 343 +10%
197 235 206 -4% 214 -8% Asia-Pacific 216 220 -2%
2,747 2,863 2,846 -3% 2,957 -7% Total production 2,805 2,966 -5%
750 729 699 +7% 750 - includes equity affiliates 740 726 +2%
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Liquids production by region (kb/d) 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
351 374 381 -8% 328 +7% Europe and Central Asia 363 392 -8%
399 415 514 -22% 549 -27% Africa 407 534 -24%
502 499 494 +2% 546 -8% Middle East and North Africa 500 505 -1%
183 179 127 +44% 160 +15% Americas 181 153 +19%
29 41 37 -21% 41 -29% Asia-Pacific 35 42 -17%
1,464 1,508 1,553 -6% 1,624 -10% Total production 1,486 1,626 -9%
213 201 199 +7% 225 -5% includes equity affiliates 207 207 -
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Gas production by region (Mcf/d) 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
3,411 3,636 3,506 -3% 3,639 -6% Europe and Central Asia 3,523 3,620 -3%
680 693 706 -4% 703 -3% Africa 686 726 -6%
847 843 818 +3% 866 -2% Middle East and North Africa 845 865 -2%
1,095 1,100 1,047 +5% 1,107 -1% Americas 1,098 1,069 +3%
984 1,128 968 +2% 994 -1% Asia-Pacific 1,056 1,022 +3%
7,017 7,400 7,045 - 7,309 -4% Total production 7,208 7,302 -1%
2,895 2,855 2,698 +7% 2,868 +1% includes equity affiliates 2,875 2,802 +3%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Petroleum product sales by region (kb/d) 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
1,521 1,558 1,449 +5% 2,018 -25% Europe* 1,540 1,610 -4%
663 667 463 +43% 751 -12% Africa 665 573 +16%
799 772 861 -7% 846 -6% Americas 785 814 -3%
492 495 433 +13% 536 -8% Rest of world 493 439 +12%
3,475 3,492 3,208 +8% 4,152 -16% Total consolidated sales 3,483 3,435 +1%
334 402 366 -9% 535 -38% Includes bulk sales* 368 432 -15%
1,668 1,648 1,541 +8% 1,757 -5% Includes trading 1,658 1,525 +9%
* 1Q21 data adjusted
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 Petrochemicals production* (kt) 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
1,166 1,346 1,275 -9% 1,318 -11% Europe 2,512 2,547 -1%
725 510 637 +14% 475 +53% Americas 1,235 1,301 -5%
744 714 672 +11% 327 x2.3 Middle East and Asia 1,459 1,324 +10%
* Olefins, polymers
9.3 Renewables
2Q21 1Q21
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.5 0.5 0.0 0.1 1.0 0.4 0.5 0.0 0.1 1.0
Rest of Europe 0.1 1.0 0.0 0.1 1.1 0.1 0.8 0.0 0.1 1.0
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.3 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.3
North America 0.8 0.0 0.0 0.0 0.9 0.8 0.0 0.0 0.0 0.8
South America 0.4 0.1 0.0 0.0 0.5 0.2 0.1 0.0 0.0 0.3
India 3.5 0.1 0.0 0.0 3.6 3.4 0.1 0.0 0.0 3.5
Asia-Pacific 0.7 0.0 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.7
Total 6.4 1.8 0.0 0.1 8.3 6.1 1.5 0.0 0.1 7.8
2Q21 1Q21
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in construction (GW) ((1),(2))
France 0.3 0.1 0.0 0.1 0.5 0.3 0.0 0.0 0.1 0.4
Rest of Europe 0.1 0.1 1.1 0.0 1.3 0.1 0.3 1.1 0.0 1.5
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.8 0.0 0.0 0.0 0.8 0.8 0.0 0.0 0.0 0.8
North America 0.3 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.3
South America 0.0 0.2 0.0 0.0 0.2 0.2 0.2 0.0 0.0 0.3
India 0.9 0.2 0.0 0.0 1.1 0.9 0.4 0.0 0.0 1.3
Asia-Pacific 0.5 0.0 0.6 0.0 1.1 0.4 0.0 0.0 0.0 0.5
Total 2.8 0.6 1.8 0.1 5.4 2.9 0.9 1.1 0.1 5.1
2Q21 1Q21
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in development (GW) ((1),(2))
France 3.2 0.8 0.0 0.0 4.0 3.2 1.0 0.0 0.0 4.2
Rest of Europe 5.3 0.3 2.3 0.0 7.9 5.2 0.3 2.3 0.0 7.8
Africa 0.4 0.1 0.0 0.2 0.6 0.1 0.1 0.0 0.0 0.2
Middle East 0.1 0.0 0.0 0.0 0.1 0.2 0.0 0.0 0.0 0.2
North America 3.5 0.2 0.0 0.7 4.3 3.4 0.2 0.0 0.7 4.2
South America 0.6 1.0 0.0 0.0 1.7 0.8 0.8 0.0 0.0 1.6
India 6.2 0.1 0.0 0.0 6.3 6.2 0.1 0.0 0.0 6.2
Asia-Pacific 1.1 0.0 2.1 0.0 3.2 0.8 0.0 2.1 0.0 2.9
Total 20.3 2.5 4.4 0.8 28.0 19.8 2.5 4.4 0.7 27.3
((1)) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.
((2)) End-of-period data.
In operation In construction In development
Gross renewables capacity covered by PPA Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
at 06/30/2021 (GW)
Europe 0.6 1.5 X 2.2 0.3 X 0.8 X 1.4 4.0 0.3 X X 4.3
Asia 4.5 X X 4.6 2.2 0.3 0.6 - 3.1 3.9 X - - 4.0
North America 0.8 X X 0.8 0.3 X - X 0.3 0.3 X - X 0.4
Rest of World 0.5 X X 0.7 X X - X X 0.4 X - X 0.7
Total 6.3 1.8 X 8.2 2.8 0.6 1.4 X 5.0 8.6 0.5 X 0.2 9.3
In operation In construction In development
PPA average price at 06/30/2021 Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
($/MWh)
Europe 239 120 X 154 68 X 61 X 64 42 73 X X 46
Asia 85 X X 84 47 56 187 - 77 40 X - - 40
North America 155 X X 158 26 X - X 31 31 X - X 49
Rest of World 82 X X 82 X X - X X 97 X - X 97
Total 107 112 X 108 48 66 106 X 70 43 79 X 145 45
10. Adjustment items to net income (TotalEnergies share)
2Q21 1Q21 2Q20 2Q19 In millions of dollars 1H21 1H20
(1,588) (342) (8,321) (56) Special items affecting net income (TotalEnergies share) (1,930) (8,655)
(1,379) - - - Gain (loss) on asset sales* (1,379) -
(110) (161) (20) (31) Restructuring charges (271) (100)
(49) (144) (8,101) (57) Impairments (193) (8,101)
(50) (37) (200) 32 Other (87) (454)
375 689 (94) (28) After-tax inventory effect : FIFO vs. replacement cost 1,064 (1,508)
(44) (6) (80) (47) Effect of changes in fair value (50) (79)
(1,257) 341 (8,495) (131) Total adjustments affecting net income (916) (10,242)
* including $(1,379) million related to the effect of the sale of
TotalEnergies’ participation in Petrocedeño to PDVSA in Venezuela
11. Reconciliation of adjusted EBITDA with consolidated financial statements
11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
2,206 3,344 (8,369) ns 2,756 -20% Net income - TotalEnergies share 5,550 (8,335) ns
1,257 (341) 8,495 -85% 131 x9.6 Less: adjustment items to net income (TotalEnergies share) 916 10,242 -91%
3,463 3,003 126 x27.5 2,887 +20% Adjusted net income - TotalEnergies share 6,466 1,907 x3.4
Adjusted items
88 59 (31) ns 73 +21% Add: non-controlling interests 147 (13) ns
1,485 1,446 (95) ns 1,322 +12% Add: income taxes 2,931 490 x6
3,105 3,180 3,302 -6% 3,597 -14% Add: depreciation, depletion and impairment of tangible assets and mineral 6,285 6,937 -9%
interests
94 103 77 +22% 65 +45% Add: amortization and impairment of intangible assets 197 155 +27%
501 466 527 -5% 564 -11% Add: financial interest on debt 967 1,094 -12%
(69) (87) 3 ns 42 ns Less: financial income and expense from cash & cash equivalents (156) 13 ns
8,667 8,170 3,909 x2.2 8,550 +1% Adjusted EBITDA 16,837 10,583 +59%
11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
Adjusted items
41,642 38,668 21,580 +93% 45,261 -8% Revenues from sales 80,310 60,155 +34%
(27,108) (24,289) (11,842) ns (30,295) ns Purchases, net of inventory variation (51,397) (37,949) ns
(6,708) (6,868) (6,199) ns (7,042) ns Other operating expenses (13,576) (12,985) ns
(123) (167) (114) ns (170) ns Exploration costs (290) (254) ns
138 416 240 -43% 253 -45% Other income 554 820 -32%
(48) (89) (26) ns (52) ns Other expense, excluding amortization and impairment of intangible assets (137) (139) ns
265 109 419 -37% 326 -19% Other financial income 374 607 -38%
(131) (130) (160) ns (188) ns Other financial expense (261) (341) ns
740 520 11 x67.3 457 +62% Net income (loss) from equity affiliates 1,260 669 +88%
8,667 8,170 3,909 x2.2 8,550 +1% Adjusted EBITDA 16,837 10,583 +59%
Adjusted items
(3,105) (3,180) (3,302) ns (3,597) ns Less: depreciation, depletion and impairment of tangible assets and mineral (6,285) (6,937) ns
interests
(94) (103) (77) ns (65) ns Less: amortization of intangible assets (197) (155) ns
(501) (466) (527) ns (564) ns Less: financial interest on debt (967) (1,094) ns
69 87 (3) ns (42) ns Add: financial income and expense from cash & cash equivalents 156 (13) ns
(1,485) (1,446) 95 ns (1,322) ns Less: income taxes (2,931) (490) ns
(88) (59) 31 ns (73) ns Less: non-controlling interests (147) 13 ns
(1,257) 341 (8,495) ns (131) ns Add: adjustment - TotalEnergies share (916) (10,242) ns
2,206 3,344 (8,369) ns 2,756 -20% Net income - TotalEnergies share 5,550 (8,335) ns
12. Investments - Divestments
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
2,802 2,379 2,201 +27% 3,028 -7% Organic investments ( a ) 5,181 4,724 +10%
245 243 162 +52% 185 +33% Capitalized exploration 488 297 +64%
380 292 733 -48% 370 +3% Increase in non-current loans 672 1,012 -34%
(89) (96) (58) ns (254) ns Repayment of non-current loans, (185) (175) ns
excluding organic loan repayment from equity affiliates
(4) (167) (47) ns - ns Change in debt from renewable projects (171) (152) ns
(TotalEnergies share)
662 2,208 857 -23% 614 +8% Acquisitions ( b ) 2,870 2,501 +15%
266 618 136 +95% 212 +25% Asset sales ( c ) 884 678 +30%
5 100 22 -77% - ns Change in debt from renewable projects (partner share) 105 83 +27%
- - - ns - ns Other transactions with non-controlling interests ( d ) - - ns
3,198 3,969 2,922 +9% 3,430 -7% Net investments ( a + b - c - d ) 7,167 6,547 +9%
(78) (30) (41) ns (99) ns Organic loan repayment from equity affiliates ( e ) (108) (34) ns
9 267 69 -87% - ns Change in debt from renewable projects financing * ( f ) 276 235 +17%
25 22 22 +14% - ns Capex linked to capitalized leasing contracts ( g ) 47 46 +2%
3,104 4,184 2,928 +6% 3,331 -7% Cash flow used in investing activities ( a + b - c + e + f - g ) 7,288 6,702 +9%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
13. Cash-flow
2Q21 1Q21 2Q20 2Q21 2Q19 2Q21 In millions of dollars 1H21 1H20 1H21
vs
vs
vs
2Q20
2Q19
1H20
6,761 5,750 4,143 +63% 7,308 -7% Operating cash flow before working capital changes w/o financials charges (DACF) 12,511 8,420 +49%
(409) (384) (499) ns (501) ns Financial charges (793) (1,011) ns
6,352 5,366 3,644 +74% 6,807 -7% Operating cash flow before working capital changes ( a ) * 11,718 7,409 +58%
814 (555) (65) ns (417) ns (Increase) decrease in working capital ** 259 (698) ns
463 883 (42) ns (40) ns Inventory effect 1,346 (1,838) ns
(0) (66) (17) ns - ns capital gain from renewable projects sale (66) (61) ns
(78) (30) (41) ns (99) ns Organic loan repayment from equity affiliates (108) (34) ns
7,551 5,598 3,479 x2.2 6,251 +21% Cash flow from operations 13,149 4,778 x2.8
2,802 2,379 2,201 +27% 3,028 -7% Organic investments ( b ) 5,181 4,724 +10%
3,550 2,987 1,443 x2.5 3,779 -6% Free cash flow after organic investments, 6,537 2,685 x2.4
w/o net asset sales ( a - b )
3,198 3,969 2,922 +9% 3,430 -7% Net investments ( c ) 7,167 6,547 +9%
3,154 1,397 722 x4.4 3,377 -7% Net cash flow ( a - c ) 4,551 862 x5.3
* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of iGRP’s contracts and including
capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of
iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market
effect of iGRP’s contracts.
14. Gearing ratio
In millions of dollars 06/30/2021 03/31/2021 06/30/2020 06/30/2019
Current borrowings * 15,795 19,279 14,894 15,290
Other current financial liabilities 322 351 411 426
Current financial assets * (4,326) (4,492) (6,383) (3,536)
Net financial assets classified as held for sale - - - -
Non-current financial debt * 44,687 44,842 54,214 39,260
Non-current financial assets * (2,726) (2,669) (1,415) (721)
Cash and cash equivalents (28,643) (30,285) (29,727) (26,723)
Net debt (a) 25,109 27,026 31,994 23,996
Shareholders’ equity - TotalEnergies share 108,096 109,295 101,205 116,862
Non-controlling interests 2,480 2,390 2,334 2,362
Shareholders' equity (b) 110,576 111,685 103,539 119,224
Net-debt-to-capital ratio = a / (a+b) 18.5% 19.5% 23.6% 16.8%
Leases (c) 7,702 7,747 7,383 7,015
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 22.9% 23.7% 27.6% 20.6%
* Excludes leases receivables and leases debts
15. Return on average capital employed
Twelve months ended June 30, 2021
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 2,415 6,057 836 1,494 10,252
Capital employed at 06/30/2020* 43,527 79,096 12,843 8,366 142,625
Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720
ROACE 5.2% 7.8% 7.6% 17.8% 7.2%
Twelve months ended March 31, 2021
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 1,850 3,635 900 1,206 6,915
Capital employed at 03/31/2020* 44,236 85,622 12,878 8,764 152,374
Capital employed at 03/31/2021* 48,423 78,170 10,403 8,198 145,180
ROACE 4.0% 4.4% 7.7% 14.2% 4.6%
Twelve months ended June 30, 2020
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 2,607 4,259 2,489 1,318 10,125
Capital employed at 06/30/2019* 37,290 90,633 12,300 8,535 148,617
Capital employed at 06/30/2020* 43,527 79,096 12,843 8,366 142,625
ROACE 6.5% 5.0% 19.8% 15.6% 7.0%
* At replacement cost (excluding after-tax inventory effect).
Disclaimer:
The entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate and independent legal entities. The terms
“TotalEnergies”, “TotalEnergies company” and “Company” used in
this document are generic and used for convenience to designate TotalEnergies
SE and the entities included in its scope of consolidation. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees.
This document does not constitute the Financial Report for the first half of
2021, which will be separately published, in accordance with article L.
451-1-2-III of the French Code monétaire et financier, and available on the
website totalenergies.com. This press release presents the results for the
second quarter of 2021 and half-year 2021 from the consolidated financial
statements of TotalEnergies SE as of June 30, 2021. The limited review
procedures by the Statutory Auditors are underway. The notes to the
consolidated financial statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information,
future events or otherwise. The information on risk factors that could have a
significant adverse effect on TotalEnergies’ business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TotalEnergies is provided in the most
recent version of the Universal Registration Document which is filed by
TotalEnergies SE with the French Autorité des Marchés Financiers and the
annual report on Form 20-F filed with the United States Securities and
Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing &
Services segments are presented according to the replacement cost method. This
method is used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management and the accounting for these transactions
under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
((1)) Definition page 3.
((2)) Excluding leases.
((3)) Certain transactions referred to in the highlights are subject to
approval by authorities or to conditions as per the agreements.
((4)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 16.
((5) )Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e. all operating income
and contribution of equity affiliates to net income.
((6)) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
from investments – impairment of goodwill + tax on adjusted net operating
income).
((7)) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bond
((8)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((9)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 17).
((10)) Net investments = organic investments + net acquisitions (see page 17).
((11)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of iGRP’s contracts
and including capital gain from renewable projects sale (effective first
quarter 2020). The inventory valuation effect is explained on page 19. The
reconciliation table for different cash flow figures is on page 17.
((12)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges
((13) )The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4),
N(2)O, HFCs, PFCs and SF(6), with their respective GWP (Global Warming
Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF(6) are
virtually absent from the Company’s emissions or are considered as
non-material, and are therefore not counted.
((14)) Scope 1+2 GHG emissions of operated oil & gas facilities are
defined as the sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined in the
Company’s 2020 Universal Registration Document) and indirect emissions
attributable to brought-in energy (electricity, heat, steam), excluding
purchased industrial gases (H(2)). They do not include facilities for power
generation from renewable sources or natural gas, such as combined cycle
natural gas power plants (CCGT) and sites with GHG emissions and activities of
less than 30 kt CO(2)e/year
((15) )Scope 3 GHG emissions are defined as the indirect emissions of
greenhouse gases related to the use by customers of energy products sold for
end-use, i.e. combustion of the products to obtain energy. A stoichiometric
emission (oxidation of molecules to carbon dioxide) factor is applied to these
sales to obtain an emission volume. The Company usually follows the oil &
gas industry reporting guidelines published by IPIECA, which comply with the
GHG Protocol methodologies. Only item 11 of Scope 3 (use of sold products),
which is the most significant, is reported.
((16) )Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2
GHG emissions of facilities operated by the Company and indirect GHG emissions
related to the use by customers of energy products sold for end-use (Scope 3)
in the EU, Norway, United Kingdom and Switzerland.
((17) )Adjustment items shown on page 19.
((18)) Details shown on page 16 and in the appendix to the financial
statements.
((19)) Net cash flow = cash flow - net investments (including other
transactions with non-controlling interest).
TotalEnergies financial statements
___________________________
Second quarter and first half 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$)((a)) 2021 2021 2020
Sales 47,049 43,737 25,730
Excise taxes (5,416) (5,104) (4,168)
Revenues from sales 41,633 38,633 21,562
Purchases, net of inventory variation (26,719) (23,398) (12,025)
Other operating expenses (6,717) (6,880) (6,321)
Exploration costs (123) (167) (114)
Depreciation, depletion and impairment of tangible assets and mineral (3,121) (3,325) (11,593)
interests
Other income 223 358 362
Other expense (298) (659) (108)
Financial interest on debt (501) (466) (530)
Financial income and expense from cash & cash equivalents 77 95 50
Cost of net debt (424) (371) (480)
Other financial income 265 109 419
Other financial expense (131) (130) (161)
Net income (loss) from equity affiliates (680) 881 (447)
Income taxes (1,609) (1,639) 484
Consolidated net income 2,299 3,412 (8,422)
TotalEnergies share 2,206 3,344 (8,369)
Non-controlling interests 93 68 (53)
Earnings per share ($) 0.80 1.24 (3.27)
Fully-diluted earnings per share ($) 0.80 1.23 (3.27)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2021 2021 2020
Consolidated net income 2,299 3,412 (8,422)
Other comprehensive income
Actuarial gains and losses 449 - (356)
Change in fair value of investments in equity instruments 56 12 90
Tax effect (142) (12) 101
Currency translation adjustment generated by the parent company 1,239 (4,173) 1,780
Items not potentially reclassifiable to profit and loss 1,602 (4,173) 1,615
Currency translation adjustment (746) 2,523 (919)
Cash flow hedge (424) 504 231
Variation of foreign currency basis spread (4) - 14
share of other comprehensive income of equity affiliates, net amount (18) 469 296
Other (1) 1 -
Tax effect 100 (157) (78)
Items potentially reclassifiable to profit and loss (1,093) 3,340 (456)
Total other comprehensive income (net amount) 509 (833) 1,159
Comprehensive income 2,808 2,579 (7,263)
TotalEnergies share 2,670 2,542 (7,253)
Non-controlling interests 138 37 (10)
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$)((a)) 2021 2020
Sales 90,786 69,600
Excise taxes (10,520) (9,461)
Revenues from sales 80,266 60,139
Purchases, net of inventory variation (50,117) (40,093)
Other operating expenses (13,597) (13,265)
Exploration costs (290) (254)
Depreciation, depletion and impairment of tangible assets and mineral (6,446) (15,228)
interests
Other income 581 942
Other expense (957) (528)
Financial interest on debt (967) (1,099)
Financial income and expense from cash & cash equivalents 172 (105)
Cost of net debt (795) (1,204)
Other financial income 374 607
Other financial expense (261) (342)
Net income (loss) from equity affiliates 201 285
Income taxes (3,248) 521
Consolidated net income 5,711 (8,420)
TotalEnergies share 5,550 (8,335)
Non-controlling interests 161 (85)
Earnings per share ($) 2.04 (3.29)
Fully-diluted earnings per share ($) 2.03 (3.29)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2021 2020
Consolidated net income 5,711 (8,420)
Other comprehensive income
Actuarial gains and losses 449 (223)
Change in fair value of investments in equity instruments 68 (74)
Tax effect (154) 86
Currency translation adjustment generated by the parent company (2,934) (196)
Items not potentially reclassifiable to profit and loss (2,571) (407)
Currency translation adjustment 1,777 (940)
Cash flow hedge 80 (1,293)
Variation of foreign currency basis spread (4) 70
share of other comprehensive income of equity affiliates, net amount 451 (927)
Other - 3
Tax effect (57) 367
Items potentially reclassifiable to profit and loss 2,247 (2,720)
Total other comprehensive income (net amount) (324) (3,127)
Comprehensive income 5,387 (11,547)
TotalEnergies share 5,212 (11,424)
Non-controlling interests 175 (123)
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, March 31, December 31, June 30,
2021
2021
2020
2020
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,359 33,239 33,528 33,114
Property, plant and equipment, net 106,791 106,859 108,335 104,925
Equity affiliates : investments and loans 29,712 30,727 27,976 27,470
Other investments 2,247 2,062 2,007 1,627
Non-current financial assets 3,778 3,700 4,781 2,431
Deferred income taxes 6,578 6,619 7,016 7,257
Other non-current assets 2,800 2,638 2,810 2,539
Total non-current assets 185,265 185,844 186,453 179,363
Current assets
Inventories, net 19,162 16,192 14,730 12,688
Accounts receivable, net 17,192 17,532 14,068 13,481
Other current assets 17,585 14,304 13,428 17,155
Current financial assets 4,404 4,605 4,630 6,570
Cash and cash equivalents 28,643 30,285 31,268 29,727
Assets classified as held for sale 456 396 1,555 421
Total current assets 87,442 83,314 79,679 80,042
Total assets 272,707 269,158 266,132 259,405
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,224 8,193 8,267 8,159
Paid-in surplus and retained earnings 110,967 112,676 107,078 107,934
Currency translation adjustment (11,087) (11,566) (10,256) (13,265)
Treasury shares (8) (8) (1,387) (1,623)
Total shareholders' equity - TotalEnergies share 108,096 109,295 103,702 101,205
Non-controlling interests 2,480 2,390 2,383 2,334
Total shareholders' equity 110,576 111,685 106,085 103,539
Non-current liabilities
Deferred income taxes 10,596 10,387 10,326 10,346
Employee benefits 3,305 3,644 3,917 3,612
Provisions and other non-current liabilities 20,716 20,893 20,925 19,487
Non-current financial debt 52,331 52,541 60,203 61,540
Total non-current liabilities 86,948 87,465 95,371 94,985
Current liabilities
Accounts payable 29,752 26,959 23,574 19,198
Other creditors and accrued liabilities 27,836 22,066 22,465 24,790
Current borrowings 16,983 20,471 17,099 16,154
Other current financial liabilities 322 351 203 411
Liabilities directly associated with the assets classified as held for sale 290 161 1,335 328
Total current liabilities 75,183 70,008 64,676 60,881
Total liabilities & shareholders' equity 272,707 269,158 266,132 259,405
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2021 2021 2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,299 3,412 (8,422)
Depreciation, depletion, amortization and impairment 3,287 3,473 11,701
Non-current liabilities, valuation allowances and deferred taxes 210 121 (796)
(Gains) losses on disposals of assets (85) (285) (131)
Undistributed affiliates' equity earnings 1,255 (573) 978
(Increase) decrease in working capital 669 (819) 431
Other changes, net (84) 269 (282)
Cash flow from operating activities 7,551 5,598 3,479
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,675) (2,410) (2,409)
Acquisitions of subsidiaries, net of cash acquired (170) - -
Investments in equity affiliates and other securities (307) (2,126) (136)
Increase in non-current loans (380) (300) (733)
Total expenditures (3,532) (4,836) (3,278)
Proceeds from disposals of intangible assets and property, plant and equipment 45 226 219
Proceeds from disposals of subsidiaries, net of cash sold - 229 12
Proceeds from disposals of non-current investments 216 63 20
Repayment of non-current loans 167 134 99
Total divestments 428 652 350
Cash flow used in investing activities (3,104) (4,184) (2,928)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 381 - 374
- Treasury shares - (165) (2)
Dividends paid:
- Parent company shareholders (2,094) (2,090) (1,928)
- Non-controlling interests (53) (10) (76)
Net issuance (repayment) of perpetual subordinated notes - 3,248 -
Payments on perpetual subordinated notes (147) (87) (134)
Other transactions with non-controlling interests - (55) (22)
Net issuance (repayment) of non-current debt 51 (890) 15,430
Increase (decrease) in current borrowings (4,369) (1,662) (6,604)
Increase (decrease) in current financial assets and liabilities (67) (148) 449
Cash flow from (used in) financing activities (6,298) (1,859) 7,487
Net increase (decrease) in cash and cash equivalents (1,851) (445) 8,038
Effect of exchange rates 209 (538) 55
Cash and cash equivalents at the beginning of the period 30,285 31,268 21,634
Cash and cash equivalents at the end of the period 28,643 30,285 29,727
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2021 2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 5,711 (8,420)
Depreciation, depletion, amortization and impairment 6,760 15,431
Non-current liabilities, valuation allowances and deferred taxes 331 (1,457)
(Gains) losses on disposals of assets (370) (340)
Undistributed affiliates' equity earnings 682 391
(Increase) decrease in working capital (150) (453)
Other changes, net 185 (374)
Cash flow from operating activities 13,149 4,778
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,085) (4,773)
Acquisitions of subsidiaries, net of cash acquired (170) (188)
Investments in equity affiliates and other securities (2,433) (1,670)
Increase in non-current loans (680) (1,028)
Total expenditures (8,368) (7,659)
Proceeds from disposals of intangible assets and property, plant and equipment 271 263
Proceeds from disposals of subsidiaries, net of cash sold 229 154
Proceeds from disposals of non-current investments 279 315
Repayment of non-current loans 301 225
Total divestments 1,080 957
Cash flow used in investing activities (7,288) (6,702)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 381 374
- Treasury shares (165) (611)
Dividends paid:
- Parent company shareholders (4,184) (3,810)
- Non-controlling interests (63) (76)
Net issuance (repayment) of perpetual subordinated notes 3,248 -
Payments on perpetual subordinated notes (234) (231)
Other transactions with non-controlling interests (55) (70)
Net issuance (repayment) of non-current debt (839) 15,472
Increase (decrease) in current borrowings (6,031) (3,819)
Increase (decrease) in current financial assets and liabilities (215) (2,546)
Cash flow from (used in) financing activities (8,157) 4,683
Net increase (decrease) in cash and cash equivalents (2,296) 2,759
Effect of exchange rates (329) (384)
Cash and cash equivalents at the beginning of the period 31,268 27,352
Cash and cash equivalents at the end of the period 28,643 29,727
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in Currency Treasury shares Shareholders' Non- Total
surplus and
translation
equity -
controlling
shareholders'
retained
adjustment
TotalEnergies
interests
equity
earnings
Share
( )(M$) Number Amount Number Amount
As of January 1, 2020 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
( )Net income of the first half 2020 - - (8,335) - - - (8,335) (85) (8,420)
( )Other comprehensive income - - (1,327) (1,762) - - (3,089) (38) (3,127)
( )Comprehensive Income - - (9,662) (1,762) - - (11,424) (123) (11,547)
( )Dividend - - (3,799) - - - (3,799) (76) (3,875)
( )Issuance of common shares 13,179,262 36 338 - - - 374 - 374
( )Purchase of treasury shares - - - - (13,236,044) (611) (611) - (611)
( )Sale of treasury shares((a)) - - - - 3,680 - - - -
( )Share-based payments - - 96 - - - 96 - 96
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
( )Payments on perpetual subordinated notes - - (143) - - - (143) - (143)
( )Other operations with - - (63) - - - (63) (7) (70)
non-controlling interests
( )Other items - - (3) - - - (3) 13 10
As of June 30, 2020 2,615,060,337 8,159 107,934 (13,265) (28,706,598) (1,623) 101,205 2,334 103,539
( )Net income of the second half 2020 - - 1,093 - - - 1,093 (9) 1,084
( )Other comprehensive income - - 1,006 3,013 - - 4,019 338 4,357
( )Comprehensive Income - - 2,099 3,013 - - 5,112 329 5,441
( )Dividend - - (4,100) - - - (4,100) (158) (4,258)
( )Issuance of common shares 38,063,688 108 1,132 - - - 1,240 - 1,240
( )Purchase of treasury shares - - - - - - - - -
( )Sale of treasury shares((a)) - - (236) - 4,313,895 236 - - -
( )Share-based payments - - 92 - - - 92 - 92
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - 331 - - - 331 - 331
( )Payments on perpetual subordinated notes - - (165) - - - (165) - (165)
( )Other operations with - - 2 (4) - - (2) (110) (112)
non-controlling interests
( )Other items - - (11) - - - (11) (12) (23)
As of December 31, 2020 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
( )Net income of the first half 2021 - - 5,550 - - - 5,550 161 5,711
( )Other comprehensive income - - 485 (823) - - (338) 14 (324)
( )Comprehensive Income - - 6,035 (823) - - 5,212 175 5,387
( )Dividend - - (4,189) - - - (4,189) (63) (4,252)
( )Issuance of common shares 10,589,713 31 350 - - - 381 - 381
( )Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
( )Sale of treasury shares((a)) - - (216) - 4,570,220 216 - - -
( )Share-based payments - - 61 - - - 61 - 61
( )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 - - (184) - - - (184) - (184)
( )Other operations with - - 26 (6) - - 20 (20) -
non-controlling interests
( )Other items - - 6 (2) - - 4 5 9
As of June 30, 2021 2,640,429,329 8,224 110,967 (11,087) (174,425) (8) 108,096 2,480 110,576
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,743 5,086 20,853 19,367 - - 47,049
Intersegment sales 7,855 744 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 9,598 5,830 26,997 14,284 39 (15,115) 41,633
Operating expenses (4,284) (5,103) (25,646) (13,434) (207) 15,115 (33,559)
Depreciation, depletion and impairment of tangible assets and mineral (2,134) (291) (396) (271) (29) - (3,121)
interests
( )Operating income 3,180 436 955 579 (197) - 4,953
Net income (loss) from equity affiliates and other items (1,243) 419 123 57 23 - (621)
Tax on net operating income (1,195) (56) (281) (176) 16 - (1,692)
( )Net operating income 742 799 797 460 (158) - 2,640
Net cost of net debt (341)
Non-controlling interests (93)
Net income - TotalEnergies share 2,206
( )2(nd) quarter 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (9) - - - - (9)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (9) - - - - (9)
Operating expenses (23) (54) 386 71 - - 380
Depreciation, depletion and impairment of tangible assets and mineral - (3) (13) - - - (16)
interests
( )Operating income ( (b)) (23) (66) 373 71 - - 355
Net income (loss) from equity affiliates and other items (1,436) (47) 22 (8) (22) - (1,491)
Tax on net operating income (12) 21 (109) (20) - - (120)
( )Net operating income ( (b)) (1,471) (92) 286 43 (22) - (1,256)
Net cost of net debt 4
Non-controlling interests (5)
Net income - TotalEnergies share (1,257)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 394 69 -
- On net operating income - - 331 50 -
( )2(nd) quarter 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,743 5,095 20,853 19,367 - - 47,058
Intersegment sales 7,855 744 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 9,598 5,839 26,997 14,284 39 (15,115) 41,642
Operating expenses (4,261) (5,049) (26,032) (13,505) (207) 15,115 (33,939)
Depreciation, depletion and impairment of tangible assets and mineral (2,134) (288) (383) (271) (29) - (3,105)
interests
( )Adjusted operating income 3,203 502 582 508 (197) - 4,598
Net income (loss) from equity affiliates and other items 193 466 101 65 45 - 870
Tax on net operating income (1,183) (77) (172) (156) 16 - (1,572)
( )Adjusted net operating income 2,213 891 511 417 (136) - 3,896
Net cost of net debt (345)
Non-controlling interests (88)
Adjusted net income - TotalEnergies share 3,463
( )2(nd) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,830 1,167 291 222 22 3,532
Total divestments 63 310 13 36 6 428
( )Cash flow from operating activities 4,835 567 2,232 437 (520) 7,551
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,514 5,502 19,201 17,513 7 - 43,737
Intersegment sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from sales 8,092 6,313 24,317 12,892 36 (13,017) 38,633
Operating expenses (3,068) (5,218) (22,933) (12,076) (167) 13,017 (30,445)
Depreciation, depletion and impairment of tangible assets and mineral (2,183) (471) (391) (255) (25) - (3,325)
interests
( )Operating income 2,841 624 993 561 (156) - 4,863
Net income (loss) from equity affiliates and other items 270 263 88 (34) (28) - 559
Tax on net operating income (1,180) (101) (280) (176) 38 - (1,699)
( )Net operating income 1,931 786 801 351 (146) - 3,723
Net cost of net debt (311)
Non-controlling interests (68)
Net income - TotalEnergies share 3,344
( )1(st) quarter 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (35) - - - - (35)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (35) - - - - (35)
Operating expenses - (8) 745 142 - - 879
Depreciation, depletion and impairment of tangible assets and mineral - (145) - - - - (145)
interests
( )Operating income ( (b)) - (188) 745 142 - - 699
Net income (loss) from equity affiliates and other items (46) (49) 6 (35) (40) - (164)
Tax on net operating income 2 38 (193) (40) 2 - (191)
( )Net operating income ( (b)) (44) (199) 558 67 (38) - 344
Net cost of net debt 6
Non-controlling interests (9)
Net income - TotalEnergies share 341
((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 - - 746 137 -
- On net operating income - - 606 98 -
( )1(st) quarter 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 1,514 5,537 19,201 17,513 7 - 43,772
Intersegment sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from sales 8,092 6,348 24,317 12,892 36 (13,017) 38,668
Operating expenses (3,068) (5,210) (23,678) (12,218) (167) 13,017 (31,324)
Depreciation, depletion and impairment of tangible assets and mineral (2,183) (326) (391) (255) (25) - (3,180)
interests
( )Adjusted operating income 2,841 812 248 419 (156) - 4,164
Net income (loss) from equity affiliates and other items 316 312 82 1 12 - 723
Tax on net operating income (1,182) (139) (87) (136) 36 - (1,508)
( )Adjusted net operating income 1,975 985 243 284 (108) - 3,379
Net cost of net debt (317)
Non-controlling interests (59)
Adjusted net income - TotalEnergies share 3,003
( )1(st) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,365 3,020 287 138 26 4,836
Total divestments 311 142 116 71 12 652
( )Cash flow from operating activities 3,736 780 996 665 (579) 5,598
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 992 3,313 9,433 11,986 6 - 25,730
Intersegment sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562
Operating expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460)
Depreciation, depletion and impairment of tangible assets and mineral (9,667) (1,282) (393) (229) (22) - (11,593)
interests
( )Operating income (7,983) (1,074) 632 234 (300) - (8,491)
Net income (loss) from equity affiliates and other items 17 21 (35) 22 40 - 65
Tax on net operating income 398 322 (132) (127) (26) - 435
( )Net operating income (7,568) (731) 465 129 (286) - (7,991)
Net cost of net debt (431)
Non-controlling interests 53
Net income - TotalEnergies share (8,369)
( )2(nd) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (18) - - - - (18)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (18) - - - - (18)
Operating expenses (27) (199) (48) 5 (36) - (305)
Depreciation, depletion and impairment of tangible assets and mineral (7,338) (953) - - - - (8,291)
interests
( )Operating income ( (b)) (7,365) (1,170) (48) 5 (36) - (8,614)
Net income (loss) from equity affiliates and other items (57) (217) (63) (5) - - (342)
Tax on net operating income 63 330 1 - 12 - 406
( )Net operating income ( (b)) (7,359) (1,057) (110) - (24) - (8,550)
Net cost of net debt 33
Non-controlling interests 22
Net income - TotalEnergies share (8,495)
((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 - - (26) (16) -
- On net operating income - - (86) (9) -
( )2(nd) quarter 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 992 3,331 9,433 11,986 6 - 25,748
Intersegment sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580
Operating expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155)
Depreciation, depletion and impairment of tangible assets and mineral (2,329) (329) (393) (229) (22) - (3,302)
interests
( )Adjusted operating income (618) 96 680 229 (264) - 123
Net income (loss) from equity affiliates and other items 74 238 28 27 40 - 407
Tax on net operating income 335 (8) (133) (127) (38) - 29
( )Adjusted net operating income (209) 326 575 129 (262) - 559
Net cost of net debt (464)
Non-controlling interests 31
Adjusted net income - TotalEnergies share 126
( )2(nd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,606 1,170 307 174 21 3,278
Total divestments 204 89 22 26 9 350
( )Cash flow from operating activities 910 1,389 1,080 819 (719) 3,479
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 3,257 10,588 40,054 36,880 7 - 90,786
Intersegment sales 14,433 1,555 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from sales 17,690 12,143 51,314 27,176 75 (28,132) 80,266
Operating expenses (7,352) (10,321) (48,579) (25,510) (374) 28,132 (64,004)
Depreciation, depletion and impairment of tangible assets and mineral (4,317) (762) (787) (526) (54) - (6,446)
interests
( )Operating income 6,021 1,060 1,948 1,140 (353) - 9,816
Net income (loss) from equity affiliates and other items (973) 682 211 23 (5) - (62)
Tax on net operating income (2,375) (157) (561) (352) 54 - (3,391)
( )Net operating income 2,673 1,585 1,598 811 (304) - 6,363
Net cost of net debt (652)
Non-controlling interests (161)
Net income - TotalEnergies share 5,550
( )1(st)half 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (44) - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (44) - - - - (44)
Operating expenses (23) (62) 1,131 213 - - 1,259
Depreciation, depletion and impairment of tangible assets and mineral - (148) (13) - - - (161)
interests
( )Operating income ( (b)) (23) (254) 1,118 213 - - 1,054
Net income (loss) from equity affiliates and other items (1,482) (96) 28 (43) (62) - (1,655)
Tax on net operating income (10) 59 (302) (60) 2 - (311)
( )Net operating income ( (b)) (1,515) (291) 844 110 (60) - (912)
Net cost of net debt 10
Non-controlling interests (14)
Net income - TotalEnergies share (916)
((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 - - 1,140 206 -
- On net operating income - - 937 148 -
( )1(st)half 2021 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 3,257 10,632 40,054 36,880 7 - 90,830
Intersegment sales 14,433 1,555 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from sales 17,690 12,187 51,314 27,176 75 (28,132) 80,310
Operating expenses (7,329) (10,259) (49,710) (25,723) (374) 28,132 (65,263)
Depreciation, depletion and impairment of tangible assets and mineral (4,317) (614) (774) (526) (54) - (6,285)
interests
( )Adjusted operating income 6,044 1,314 830 927 (353) - 8,762
Net income (loss) from equity affiliates and other items 509 778 183 66 57 - 1,593
Tax on net operating income (2,365) (216) (259) (292) 52 - (3,080)
( )Adjusted net operating income 4,188 1,876 754 701 (244) - 7,275
Net cost of net debt (662)
Non-controlling interests (147)
Adjusted net income - TotalEnergies share 6,466
( )1(st)half 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 3,195 4,187 578 360 48 8,368
Total divestments 374 452 129 107 18 1,080
( )Cash flow from operating activities 8,571 1,347 3,228 1,102 (1,099) 13,149
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 2,574 8,403 27,956 30,661 6 - 69,600
Intersegment sales 8,661 895 9,051 196 59 (18,862) -
Excise taxes - - (1,119) (8,342) - - (9,461)
Revenues from sales 11,235 9,298 35,888 22,515 65 (18,862) 60,139
Operating expenses (6,048) (8,398) (35,736) (21,730) (562) 18,862 (53,612)
Depreciation, depletion and impairment of tangible assets and mineral (12,311) (1,616) (788) (473) (40) - (15,228)
interests
( )Operating income (7,124) (716) (636) 312 (537) - (8,701)
Net income (loss) from equity affiliates and other items 440 420 (92) 32 164 - 964
Tax on net operating income (56) 330 203 (159) 2 - 320
( )Net operating income (6,740) 34 (525) 185 (371) - (7,417)
Net cost of net debt (1,003)
Non-controlling interests 85
Net income - TotalEnergies share (8,335)
( )1(st)half 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales - (16) - - - - (16)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (16) - - - - (16)
Operating expenses (37) (318) (1,637) (341) (91) - (2,424)
Depreciation, depletion and impairment of tangible assets and mineral (7,338) (953) - - - - (8,291)
interests
( )Operating income ( (b)) (7,375) (1,287) (1,637) (341) (91) - (10,731)
Net income (loss) from equity affiliates and other items 71 (292) (271) (5) - - (497)
Tax on net operating income 70 374 426 100 12 - 982
( )Net operating income ( (b)) (7,234) (1,205) (1,482) (246) (79) - (10,246)
Net cost of net debt (68)
Non-controlling interests 72
Net income - TotalEnergies share (10,242)
((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 - - (1,604) (234) -
- On net operating income - - (1,371) (163) -
( )1(st)half 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
External sales 2,574 8,419 27,956 30,661 6 - 69,616
Intersegment sales 8,661 895 9,051 196 59 (18,862) -
Excise taxes - - (1,119) (8,342) - - (9,461)
Revenues from sales 11,235 9,314 35,888 22,515 65 (18,862) 60,155
Operating expenses (6,011) (8,080) (34,099) (21,389) (471) 18,862 (51,188)
Depreciation, depletion and impairment of tangible assets and mineral (4,973) (663) (788) (473) (40) - (6,937)
interests
( )Adjusted operating income 251 571 1,001 653 (446) - 2,030
Net income (loss) from equity affiliates and other items 369 712 179 37 164 - 1,461
Tax on net operating income (126) (44) (223) (259) (10) - (662)
( )Adjusted net operating income 494 1,239 957 431 (292) - 2,829
Net cost of net debt (935)
Non-controlling interests 13
Adjusted net income - TotalEnergies share 1,907
( )1(st)half 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 3,265 3,461 533 334 66 7,659
Total divestments 325 433 101 72 26 957
( )Cash flow from operating activities 4,833 900 (103) 420 (1,272) 4,778
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
2(nd) quarter 2021 statement
(M$) Adjusted Adjustments((a)) of income
Sales 47,058 (9) 47,049
Excise taxes (5,416) - (5,416)
Revenues from sales 41,642 (9) 41,633
Purchases net of inventory variation (27,108) 389 (26,719)
Other operating expenses (6,708) (9) (6,717)
Exploration costs (123) - (123)
Depreciation, depletion and impairment of tangible assets and mineral (3,105) (16) (3,121)
interests
Other income 138 85 223
Other expense (142) (156) (298)
Financial interest on debt (501) - (501)
Financial income and expense from cash & cash equivalents 69 8 77
Cost of net debt (432) 8 (424)
Other financial income 265 - 265
Other financial expense (131) - (131)
Net income (loss) from equity affiliates 740 (1,420) (680)
Income taxes (1,485) (124) (1,609)
Consolidated net income 3,551 (1,252) 2,299
TotalEnergies share 3,463 (1,257) 2,206
Non-controlling interests 88 5 93
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
2(nd) quarter 2020 statement
(M$) Adjusted Adjustments((a)) of income
Sales 25,748 (18) 25,730
Excise taxes (4,168) - (4,168)
Revenues from sales 21,580 (18) 21,562
Purchases net of inventory variation (11,842) (183) (12,025)
Other operating expenses (6,199) (122) (6,321)
Exploration costs (114) - (114)
Depreciation, depletion and impairment of tangible assets and mineral (3,302) (8,291) (11,593)
interests
Other income 240 122 362
Other expense (103) (5) (108)
Financial interest on debt (527) (3) (530)
Financial income and expense from cash & cash equivalents (3) 53 50
Cost of net debt (530) 50 (480)
Other financial income 419 - 419
Other financial expense (160) (1) (161)
Net income (loss) from equity affiliates 11 (458) (447)
Income taxes 95 389 484
Consolidated net income 95 (8,517) (8,422)
TotalEnergies share 126 (8,495) (8,369)
Non-controlling interests (31) (22) (53)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
1(st)half 2021 statement of
(M$) Adjusted Adjustments((a)) income
Sales 90,830 (44) 90,786
Excise taxes (10,520) - (10,520)
Revenues from sales 80,310 (44) 80,266
Purchases net of inventory variation (51,397) 1,280 (50,117)
Other operating expenses (13,576) (21) (13,597)
Exploration costs (290) - (290)
Depreciation, depletion and impairment of tangible assets and mineral (6,285) (161) (6,446)
interests
Other income 554 27 581
Other expense (334) (623) (957)
Financial interest on debt (967) - (967)
Financial income and expense from cash & cash equivalents 156 16 172
Cost of net debt (811) 16 (795)
Other financial income 374 - 374
Other financial expense (261) - (261)
Net income (loss) from equity affiliates 1,260 (1,059) 201
Income taxes (2,931) (317) (3,248)
Consolidated net income 6,613 (902) 5,711
TotalEnergies share 6,466 (916) 5,550
Non-controlling interests 147 14 161
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st)half 2020 statement of
(M$) Adjusted Adjustments((a)) income
Sales 69,616 (16) 69,600
Excise taxes (9,461) - (9,461)
Revenues from sales 60,155 (16) 60,139
Purchases net of inventory variation (37,949) (2,144) (40,093)
Other operating expenses (12,985) (280) (13,265)
Exploration costs (254) - (254)
Depreciation, depletion and impairment of tangible assets and mineral (6,937) (8,291) (15,228)
interests
Other income 820 122 942
Other expense (294) (234) (528)
Financial interest on debt (1,094) (5) (1,099)
Financial income and expense from cash & cash equivalents (13) (92) (105)
Cost of net debt (1,107) (97) (1,204)
Other financial income 607 - 607
Other financial expense (341) (1) (342)
Net income (loss) from equity affiliates 669 (384) 285
Income taxes (490) 1,011 521
Consolidated net income 1,894 (10,314) (8,420)
TotalEnergies share 1,907 (10,242) (8,335)
Non-controlling interests (13) (72) (85)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPress
Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210729005627/en/
(https://www.businesswire.com/news/home/20210729005627/en/)
TotalEnergies SE
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