REG-TOTAL Total: First Quarter 2021 Results
29/04/2021 11:05
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Total: First Quarter 2021 Results
With results of more than $3 billion, Total fully benefits from rebound in
hydrocarbon prices
LNG and renewables represent one-third of results
TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT):
1Q21 1Q20 Change 1Q19 Change
vs 1Q20
vs 1Q19
Oil price - Brent ($/b) 61.1 50.1 +22% 63.1 -3%
Average price of LNG ($/Mbtu) 6.1 6.3 -4% 7.2 -16%
Variable cost margin - Refining Europe, VCM ($/t) 5.3 26.3 -80% 33.0 -84%
Adjusted net income (Group share)(1 )
- in billions of dollars (B$) 3.0 1.8 69% 2.8 +9%
- in dollars per share 1.10 0.66 +68% 1.02 +8%
DACF(1) (B$) 5.8 4.3 +34% 6.3 -8%
Cash Flow from operations (B$) 5.6 1.3 x4,3 3.6 +54%
Net income (Group share) of 3.3 B$ in 1Q21
Net-debt-to-capital ratio of 19.5% at March 31, 2021 vs. 21.7% at December 31, 2020(2)
Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of 7% compared to 1Q20
First 2021 interim dividend set at 0.66 €/share
The Board of Directors of Total SE, meeting on April 28, 2021, under the
chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné,
approved the Group's first quarter 2021 accounts. On this occasion, Patrick
Pouyanné said:
« In the first quarter, the Group fully benefited from rising oil and gas
prices, up 38% and 24%, respectively quarter-to-quarter, and its strategy to
grow LNG and Renewables and Electricity.
The Group reported adjusted net income of $3 billion, above the pre-crisis
first quarter of 2019, despite a less favorable environment by taking
advantage of the action plans implemented during the crisis. Cash flow (DACF)
increased to $5.8 billion and gearing already decreased to less than 20% in
the first quarter of 2021, validating the strategy of resilience and
maintaining the dividend driven by the Board of Directors during the 2020
crisis. The Board of Directors confirms the objective of anchoring the Group's
gearing sustainably below 20%. The organic cash breakeven was less than $25/b
in the first quarter.
The iGRP segment reported adjusted net operating income of $1 billion, the
highest in its history, and generated cash flow of more than $1 billion,
thanks to growing LNG sales and the positive contribution from Renewables and
Electricity, which had an EBITDA of nearly $350 million. Over the past year,
gross installed renewable power generation capacity grew from 3 GW to 7.8 GW,
renewable power production more than doubled, net power production increased
by more than 60% and the Group now has more than 5 million customers in
France. With more than $2 billion invested in renewables, including the
acquisition of a 20% stake in Adani Green Energy Ltd in India, in the first
quarter of 2021, the Group is accelerating its transformation into a broad
energy company.
With an adjusted net operating income of $2 billion, Exploration &
Production fully captured the higher oil price and provided a strong cash flow
contribution of $3.8 billion. Given the OPEC+ quota implementation, the
Group’s production, as announced, increased slightly to 2.86 Mboe/d (0.8%).
With the launch of the Lake Albert project in Uganda and Tanzania, the Group
is implementing its strategy to invest in resilient low-breakeven projects
that reduce the carbon intensity of its portfolio.
The improved Upstream environment contrasts with depressed European refining
margins, down 80% from a year ago, reflecting weak demand for petroleum
products of 13 Mb/d in the first quarter 2021 versus 15 Mb/d a year earlier.
Downstream adjusted net operating income was more than $500 million, supported
by strong petrochemicals performance and resilient Marketing & Services.
Strengthened by these excellent results and confident in the fundamentals of
the Group, the Board of Directors decided to distribute a first interim
dividend for fiscal year 2021 stable at €0.66 / share. »
Highlights(3)
Sustainability
* Total's Board of Directors takes the initiative to submit a resolution on the
Company's ambition for sustainable development and energy transition toward
carbon neutrality
* Consistent with its climate policy, the Group withdraws from the American
Petroleum Institute
* Inauguration of L’Industreet, a campus for training young people in the
industry profession, Total's flagship action for social responsibility in
France
Renewables and Electricity
* Acquired in India 20% of Adani Green Energy Limited (AGEL), the largest solar
developer in the world
* Secured with Macquarie rights to seabed lease to jointly develop 1.5 GW
offshore wind project in the UK
* Acquired 4 GW portfolio of solar and energy storage projects in the US
* Partnered with Microsoft to support digital innovation and carbon neutrality
goals
* Signed major green power sale agreement to Orange to develop 80 MW of solar
farms in France
* Farmed down 50% of two renewables portfolios in France representing close to
340 MW
LNG
* Declaration of force majeure on Mozambique LNG project considering the
security situation in the northern Cabo Delgado
* Signed agreements with Shenergy Group for the supply of up to 1.4 Mt/y of LNG
in China
* Obtained supplier license for marine bunker LNG in Singapore
* Signed technical collaboration agreement with Siemens Energy to reduce CO(2)
emissions related to LNG
Upstream
* Signed definitive agreements enabling the launch of Tilenga and Kingfisher
upstream oil projects and construction of East African Crude Oil Pipeline in
Uganda and Tanzania
* Published societal and environmental studies relating to the Tilenga and EACOP
projects in Uganda and Tanzania
Downstream
* Started production of sustainable aviation fuel in France at the La Mède
biorefinery and at the Oudalle facility (Seine-Maritime)
Carbon Capture
* Investment to plant 40,000-hectare forest in Republic of Congo that will
create a carbon sink to sequester more than 10 million tons of CO(2) over 20
years
* Creation of the joint-venture development of the Northern Lights CO(2
)sequestration project in the northern North Sea
Key figures from Total’s consolidated financial statements(4)
In millions of dollars, except effective tax rate, 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
earnings per share and number of shares vs vs
1Q20 1Q19
Adjusted net operating income from business segments 3,487 1,824 2,300 +52% 3,413 +2%
Exploration & Production 1,975 1,068 703 x2,8 1,722 +15%
Integrated Gas, Renewables & Power 985 254 913 +8% 592 +66%
Refining & Chemicals 243 170 382 -36% 756 -68%
Marketing & Services 284 332 302 -6% 343 -17%
Contribution of equity affiliates to adjusted net income 520 367 658 -21% 614 -15%
Group effective tax rate(5) 34.6% 14.9% 30.0% 40.5%
Adjusted net income (Group share) 3,003 1,304 1,781 +69% 2,759 +9%
Adjusted fully-diluted earnings per share (dollars)(6) 1.10 0.46 0.66 +68% 1.02 +8%
Adjusted fully-diluted earnings per share (euros)* 0.91 0.39 0.60 +52% 0.90 +1%
Fully-diluted weighted-average shares (millions) 2,645 2,645 2,601 +2% 2,620 +1%
Net income (Group share) 3,344 891 34 x98,4 3,111 +7%
Organic investments(7) 2,379 3,432 2,523 -6% 2,784 -15%
Net acquisitions(8) 1,590 1,099 1,102 +44% 306 x5,2
Net investments(9) 3,969 4,531 3,625 +9% 3,090 +28%
Operating cash flow before working capital changes**(10) 5,366 4,498 3,765 +43% 5,774 -7%
Operating cash flow before working capital changes 5,750 4,933 4,277 +34% 6,277 -8%
w/o financial charges (DACF)(11)
Cash flow from operations 5,598 5,674 1,299 x4,3 3,629 +54%
From 2019, data takes into account the impact of the IFRS16 “Leases” rule,
effective January 1, 2019.
* Average €-$ exchange rate: 1.2048 in the first quarter 2021.
** 1Q20 and 1Q19 data restated.
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Brent ($/b) 61.1 44.2 50.1 +22% 63.1 -3%
Henry Hub ($/Mbtu) 2.7 2.8 1.9 +46% 2.9 -5%
NBP ($/Mbtu) 6.8 5.6 3.1 x2,2 6.3 +7%
JKM ($/Mbtu) 10.0 8.0 3.6 x2,8 6.6 +50%
Average price of liquids ($/b) 56.4 41.0 44.4 +27% 58.7 -4%
Consolidated subsidiaries
Average price of gas ($/Mbtu) 4.06 3.31 3.35 +21% 4.51 -10%
Consolidated subsidiaries
Average price of LNG ($/Mbtu) 6.08 4.90 6.32 -4% 7.20 -16%
Consolidated subsidiaries and equity affiliates
Variable cost margin - Refining Europe, VCM ($/t) 5.3 4.6 26.3 -80% 33.0 -84%
* The indicators are shown on page 19.
> Production*
1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Oil (including bitumen) (kb/d) 1,272 1,238 1,448 -12% 1,425 -11%
Gas (including condensates and associated NGL) (kboe/d) 1,591 1,603 1,638 -3% 1,521 +5%
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Liquids (kb/d) 1,508 1,483 1,699 -11% 1,629 -7%
Gas (Mcf/d) 7,400 7,406 7,560 -2% 7,167 +3%
* Group production = E&P production + iGRP production
Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day
(kboe/d) in the first quarter 2021, a decrease of 7% year-on-year, comprised
of:
* -3% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab
Emirates and Kazakhstan,
* +2% due to resumption of production in Libya,
* +2% due to the start-up and ramp-up of projects, notably North Russkoye in
Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in
Brazil,
* -2% due to portfolio effect, notably the sales of assets in the United Kingdom
and Block CA1 in Brunei,
* -3% due to unplanned maintenance shut-downs notably in Norway,
* -3% due to the natural decline of fields.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
Hydrocarbon production for LNG 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
iGRP (kboe/d) 518 532 552 -6% 518 -
Liquids (kb/d) 64 65 73 -13% 66 -4%
Gas (Mcf/d) 2,476 2,549 2,611 -5% 2,460 +1%
Liquefied Natural Gas in Mt 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs
vs
1Q20
1Q19
Overall LNG sales 9.9 10.0 9.8 +1% 7.7 +28%
incl. Sales from equity production* 4.4 4.3 4.7 -7% 3.8 +15%
incl. Sales by Total from equity production and third party purchases 7.9 8.0 7.8 +1% 6.0 +31%
* The Group’s equity production may be sold by Total or by the joint
ventures.
Despite hydrocarbon production for LNG in the first quarter of 2021, down 6%
year-over-year, mainly due to the shutdown of the Snøhvit LNG plant following
a fire at the end of September 2020, total LNG sales were stable in the first
quarter of 2021.
Renewables & Electricity 1Q21 4Q20 1Q20 1Q21
vs
1Q20
Portfolio of renewable power generation gross capacity to 2025 (GW) (1,2) 36.2 26.1 16.7 x2,2
o/w installed capacity 7.8 7.0 3.0 x2,6
o/w capacity in construction 5.1 4.1 2.2 x2,3
o/w capacity in development 23.3 15.0 11.5 x2
Gross capacity in development post-2025 (2) 4.0 2.5 0.4 x10
Gross renewables capacity with PPA (GW) (1,2) 21.2 17.5 8.3 x2,6
Portfolio of renewable power generation net capacity to 2025 (GW) (1,2) 28.0 17.9 11.5 x2,4
o/w installed capacity 3.8 3.1 1.2 x3,1
o/w capacity in construction 3.1 2.3 0.8 x3,8
o/w capacity in development 21.1 12.5 9.5 x2,2
Net capacity in development post-2025 (2) 2.1 1.4 0.3 x6,5
Net power production (TWh) (3) 4.7 4.3 2.9 +61%
incl. Power production from renewables 1.6 1.2 0.7 x2,3
Clients power - BtB and BtC (Million) (2) 5.7 5.6 4.2 +37%
Clients gas - BtB and BtC (Million) (2) 2.7 2.7 1.7 +58%
Sales power - BtB and BtC (TWh) 16.1 13.5 14.2 +13%
Sales gas - BtB and BtC (TWh) 36.2 31.5 33.5 +8%
Proportionnal EBITDA Renewables and Electricity (M$) (4) 344 179 250 +38%
incl. from renewables business 148 102 91 +62%
(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) Group’s share (% interest) of EBITDA in Renewables and Electricity
affiliates, regardless of consolidation method and including gains on asset
sales.
EBITDA: “Earnings Before Interest, Tax, Depreciation and Amortization »
Gross installed renewable power generation capacity grew to 7.8 GW at the end
of the first quarter 2021, in line with the target of 10 GW by end-2021.
The portfolio of power capacity in operation, in construction and in
development for 2025 has more than doubled from a year ago. It grew by 10 GW
in the first quarter 2021 to 36 GW gross and 28 GW net, including the 20%
interest in Adani Green Energy Limited (AGEL) and the acquisition of a 4 GW
portfolio of solar projects in the US.
Net electricity production was 4.7 TWh in the first quarter 2021, an increase
of 61% year-over-year, notably due to doubling production from renewable
sources and the acquisition of four CCGT in France and Spain in the fourth
quarter 2020.
Sales of electricity and gas in the first quarter 2021 increased by 13% and
8%, respectively, compared to the first quarter 2020 thanks to the growth in
the number of customers.
The Group’s share of EBITDA for the Renewables and Electricity activity was
$344 million in the first quarter 2021, an increase of 38% year-on-year,
driven by the growth in electricity production, mainly from renewables, and
the number of gas and electricity customers.
> Results
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Adjusted net operating income* 985 254 913 +8% 592 +66%
including income from equity affiliates 264 97 248 +6% 255 +4%
Organic investments 753 1,007 646 +17% 493 +53%
Net acquisitions 1,893 577 1,137 +66% 400 x4,7
Net investments 2,646 1,584 1,783 +48% 893 x3
Operating cash flow before working capital changes ** 1,059 1,072 601 +76% 351 x3
Cash flow from operations *** 780 575 (489) ns 892 -13%
* 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. 1Q20 and 1Q19 data
restated (see note 10 on page 3).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $985 million in the
first quarter, a new record high. The year-on-year increase of 8%, despite the
lower price of LNG, reflects the growing contribution of the Renewables and
Electricity activity and good performance of trading.
Operating cash flow before working capital changes was $1,059 million in the
first quarter 2021, an increase of 76% compared to the first quarter 2020, for
the same reasons.
Exploration & Production
> Production
Hydrocarbon production 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
EP (kboe/d) 2,345 2,309 2,534 -7% 2,428 -3%
Liquids (kb/d) 1,444 1,418 1,626 -11% 1,563 -8%
Gas (Mcf/d) 4,924 4,857 4,949 -1% 4,707 +5%
> Results
In millions of dollars, except effective tax rate 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Adjusted net operating income* 1,975 1,068 703 x2,8 1,722 +15%
including income from equity affiliates 270 222 390 -31% 213 +27%
Effective tax rate** 41.0% 19.8% 59.6% 48.6%
Organic investments 1,279 1,569 1,572 -19% 1,958 -35%
Net acquisitions (202) 548 (6) ns 38 ns
Net investments 1,077 2,117 1,566 -31% 1,996 -46%
Operating cash flow before working capital changes *** 3,824 2,652 2,576 +48% 4,246 -10%
Cash flow from operations *** 3,736 3,046 3,923 -5% 3,936 -5%
* 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 the Exploration & Production segment was
$1,975 million in the first quarter 2021, nearly triple the first quarter
2020, due to the sharp rebound in oil and gas prices.
Operating cash flow before working capital changes increased by 48%
year-over-year to $3,824 million in the first quarter 2021 for the same
reasons.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Adjusted net operating income* 527 502 684 -23% 1,099 -52%
Organic investments 335 840 277 +21% 319 +5%
Net acquisitions (103) 80 (30) ns (131) ns
Net investments 232 920 247 -6% 188 +23%
Operating cash flow before working capital changes ** 872 1,129 1,064 -18% 1,686 -48%
Cash flow from operations ** 1,661 2,162 (1,582) ns (306) ns
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals
> Refinery and petrochemicals throughput and utilization rates
Refinery throughput and utilization rate* 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Total refinery throughput (kb/d) 1,147 1,262 1,444 -21% 1,862 -38%
France 114 247 255 -55% 592 -81%
Rest of Europe 660 582 756 -13% 823 -20%
Rest of world 373 433 433 -14% 447 -17%
Utlization rate based on crude only** 58% 60% 69% 89%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits from 2021, definitively shut down first quarter 2021.
Petrochemicals production and utilization rate 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs
vs
1Q20
1Q19
Monomers* (kt) 1,405 1,486 1,386 +1% 1,393 +1%
Polymers (kt) 1,165 1,291 1,202 -3% 1,297 -10%
Vapocracker utilization rate** 87% 90% 83% 87%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity
at the start of the year.
Refinery throughput volumes fell by 21% in the first quarter 2021 compared to
a year ago due to the voluntary economic shutdown of the Donges refinery given
the low margins, the shutdown of the Grandpuits refinery before its conversion
to a zero-oil platform and the sale of the Lindsey refinery in the United
Kingdom. The temporary shutdown of the Port Arthur platform in the US due to
Storm Uri also contributed to the decline.
Production of monomers and polymers was stable compared to a year ago. The
effect of strong demand was partially offset by the temporary shutdown of
facilities in the US due to Storm Uri in Texas.
> Results
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Adjusted net operating income* 243 170 382 -36% 756 -68%
Organic investments 222 448 168 +32% 240 -8%
Net acquisitions (57) (2) (36) ns (124) ns
Net investments 165 446 132 +25% 116 +42%
Operating cash flow before working capital changes ** 394 560 674 -42% 1,104 -64%
Cash flow from operations ** 996 1,514 (1,183) ns (538) 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 fell by
36% year-on-year to $243 million in the first quarter 2021. The drop was
driven by European refining margins, which are still very poor, due to high
oil prices and weak demand, particularly for distillates, due to reduced
aviation activity.
Operating cash flow before working capital changes fell by 42% year-on-year to
$394 million in the first quarter 2021 for the same reasons.
Cash flow from operations increased by $2,179 million to $996 million in the
first quarter 2021 notably due to the decrease in working capital in the first
quarter 2021, despite the low first quarter 2020 inventory values that
reflected the sharp drop in oil prices.
Marketing & Services
> Petroleum product sales
Sales in kb/d* 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Total Marketing & Services sales 1,442 1,509 1,656 -13% 1,836 -21%
Europe 776 828 906 -14% 1,012 -23%
Rest of world 666 681 750 -11% 824 -19%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 13% year-over-year because of the
Covid-19 pandemic-related lockdowns and the 50% drop in aviation activity.
> Results
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Adjusted net operating income* 284 332 302 -6% 343 -17%
Organic investments 113 392 109 +4% 80 +41%
Net acquisitions (46) 82 6 ns (8) ns
Net investments 67 474 115 -42% 72 -7%
Operating cash flow before working capital changes ** 478 569 390 +23% 582 -18%
Cash flow from operations ** 665 648 (399) ns 232 x2,9
* 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 $284 million in the first quarter 2021, a
decrease of 6% compared to a year ago, mainly due to lower worldwide sales
volumes for the reasons indicated above.
Operating cash flow before working capital changes was $478 million in the
first quarter 2021, an increase of 23%, notably due to the negative impact in
the first quarter 2020 of the revaluation of futures contracts.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was $3,487 million in
the first quarter 2021, an increase of 52% year-on-year due to the increase in
oil and gas prices.
> Adjusted net income (Group share)
Adjusted net income (Group share) was $3,003 million in the first quarter 2021
compared to $1,781 million in the first quarter 2020, an increase of 69%, due
to the increase in oil and gas prices.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of effects of changes in fair value(12).
Total net income adjustments(13 )were $341 million in the first quarter 2021,
comprised of a positive stock effect of close to $700 million, restructuring
charges related to voluntary departures in France and Belgium and an
impairment related to end of the Qatargas 1 contract.
The effective tax rate for the Group was 34.6% in the first quarter 2021
versus 30% in the first quarter 2020.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was $1.10 in the first quarter 2021,
calculated based on 2,645 million weighted-average shares, versus $0.66 in the
first quarter 2020.
> Acquisitions - asset sales
Acquisitions were $2,208 million in the first quarter 2021 and include notably
the acquisition for $2 billion of a 20% interest in the renewable energy
project developer in India, Adani Green Energy Limited.
Asset sales were $618 million in the first quarter 2021 and include notably
the 50% farm down in France of a portfolio of renewable projects with total
capacity of 285 MW (100%), the sale of a 10% interest in the onshore OML 17
block in Nigeria, a price supplement to the sale of Block CA1 in Brunei and
the disposal of the Lindsey refinery in the United Kingdom.
> Net cash flow
Net cash flow(14) for the Group was $1,397 million in the first quarter 2021
compared to $140 million in the first quarter 2020, which takes into account
the increase in operating cash flow before changes in working capital to
$5,366 million from $3,765 million and stable net investments of $3,969
million in the first quarter 2021 compared to $3,625 million a year ago.
> Profitability
The return on equity was 4.9% for the twelve months ended March 31, 2021.
In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019
March 31, 2021 December 31, 2020 Ma
rc
h
31
,
20
20
Adjusted net income 5,330 4,067 11,079
Average adjusted shareholders' equity 109,135 110,643 113,607
Return on equity (ROE) 4.9% 3.7% 9.8%
The return on average capital employed was 4.6% for the twelve months ended
March 31, 2021.
In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019
March 31, 2021 December 31, 2020 Ma
rc
h
31
,
20
20
Adjusted net operating income 6,915 5,806 13,032
Average capital employed 148,777 145,723 150,418
ROACE 4.6% 4.0% 8.7%
Total SE accounts
Net income for Total SE, the parent company, was €1,472 million in the first
quarter 2021 compared to €1,718 in the first quarter 2020.
2021 Sensitivities*
Change Estimated impact on adjusted Estimated impact on cash
net operating income flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP ($/Mbtu) +/- 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 the Group’s 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 19.
** In a 50 $/b Brent environment.
Summary and outlook
Supported by the OPEC+ active policy to reduce inventories by adapting supply
to demand, the oil price has remained above $60/b since the beginning of
February 2021. However, the oil environment remains volatile and dependent on
the global demand recovery, still affected by the Covid-19 pandemic.
The Group maintains its expectation for stable hydrocarbon production in 2021
compared to 2020, benefiting from the resumption of production in Libya.
Total anticipates that the increase in the oil price observed in the first
quarter will have a positive impact on its average LNG selling price over the
next six months, given the lag effect on pricing formulas.
Given the high level of distillate inventories, European refining margins
remain fragile.
Faced with uncertainties in the environment, the Group maintains spending
discipline with an operating cost savings target of $0.5 billion in 2021 and
production costs close to $5/boe. Net investments are expected to be between
$12-13 billion in 2021, half to maintain the Group's activities and half for
growth. Nearly 50% of these growth investments will be allocated to renewables
and electricity.
The Group's teams are fully committed to the four priorities of HSE including
the objectives in terms of CO(2) emission reductions, operational excellence,
cost reduction and cash flow generation.
In a 2021 hydrocarbon price environment maintained at the level of the first
quarter (Brent at $60/b, European gas at $6/Mbtu), and with European refining
margins at $10-15/t, the Group would expect to generate cash flow (DACF) on
the order of $24 billion and a return on capital employed of close to 10%.
The Group confirms its priorities in terms of cash flow allocation: investing
in profitable projects to implement its strategy to transform the Group into a
broad-energy company, supporting the dividend through economic cycles, and
maintaining a solid balance sheet with a minimum long-term “A” rating, by
deleveraging to anchor the net debt-to-capital ratio sustainably below 20%.
* * * * *
To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:30
(Paris time) please log on to total.com or call +44 (0) 203 009 5709 in Europe
or +1 646 787 1226 in the United States (code: 3046396).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
Combined liquids and gas 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
production by region (kboe/d) vs vs
1Q20 1Q19
Europe and Central Asia 1,050 1,059 1,097 -4% 990 +6%
Africa 551 566 701 -21% 697 -21%
Middle East and North Africa 651 598 681 -4% 686 -5%
Americas 376 382 372 +1% 373 +1%
Asia-Pacific 235 236 235 - 201 +17%
Total production 2,863 2,841 3,086 -7% 2,946 -3%
includes equity affiliates 729 727 753 -3% 709 +3%
Liquids production by region (kb/d) 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Europe and Central Asia 374 378 404 -7% 352 +6%
Africa 415 427 555 -25% 540 -23%
Middle East and North Africa 499 454 516 -3% 522 -4%
Americas 179 181 178 +1% 177 +1%
Asia-Pacific 41 43 47 -13% 39 +5%
Total production 1,508 1,483 1,699 -11% 1,629 -7%
includes equity affiliates 201 200 214 -6% 217 -7%
Gas production by region (Mcf/d) 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Europe and Central Asia 3,636 3,666 3,734 -3% 3,426 +6%
Africa 693 701 746 -7% 795 -13%
Middle East and North Africa 843 809 912 -8% 905 -7%
Americas 1,100 1,126 1,092 +1% 1,101 -
Asia-Pacific 1,128 1,104 1,076 +5% 940 +20%
Total production 7,400 7,406 7,560 -2% 7,167 +3%
includes equity affiliates 2,855 2,851 2,905 -2% 2,656 +8%
> Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d) 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Europe 1,488 1,651 1,771 -16% 2,022 -26%
Africa 667 628 683 -2% 658 +1%
Americas 772 794 766 +1% 839 -8%
Rest of world 495 547 444 +11% 616 -20%
Total consolidated sales 3,422 3,619 3,663 -7% 4,135 -17%
Includes bulk sales 331 458 497 -33% 557 -41%
Includes trading 1,648 1,652 1,510 +9% 1,742 -5%
Petrochemicals production* (kt) 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Europe 1,346 1,381 1,272 6% 1,416 -5%
Americas 510 662 664 -23% 614 -17%
Middle East and Asia 714 735 652 +9% 660 +8%
* Olefins, polymers
> Renewables
1Q21 4Q20
Installed power generation gross capacity (GW) (1,2) Solar Onshore Wind Other Total Solar Onshore Wind Other Total
France 0.4 0.5 0.1 1.0 0.4 0.5 0.1 1.0
Rest of Europe 0.1 0.8 0.1 1.0 0.1 0.8 0.1 1.0
Africa 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1
Middle East 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3
North America 0.8 0.0 0.0 0.8 0.6 0.0 0.0 0.6
South America 0.2 0.1 0.0 0.3 0.2 0.1 0.0 0.2
India 3.4 0.1 0.0 3.5 3.3 0.0 0.0 3.3
Asia-Pacific 0.7 0.0 0.0 0.7 0.5 0.0 0.0 0.5
Total 6.1 1.5 0.1 7.8 5.6 1.3 0.1 7.0
1Q21 4Q20
Power generation gross capacity from renewables in construction to 2025 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
(GW) (1,2)
France 0.3 0.0 0.0 0.1 0.4 0.3 0.0 0.0 0.0 0.3
Rest of Europe 0.1 0.3 1.1 0.0 1.5 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 0.0 0.0 0.0 0.0 0.1
South America 0.2 0.2 0.0 0.0 0.3 0.2 0.3 0.0 0.0 0.4
India 0.9 0.4 0.0 0.0 1.3 0.5 0.0 0.0 0.0 0.5
Asia-Pacific 0.4 0.0 0.0 0.0 0.5 0.5 0.0 0.0 0.0 0.5
Total 2.9 0.9 1.1 0.1 5.1 2.3 0.6 1.1 0.1 4.1
1Q21 4Q20
Power generation gross capacity from renewables in development to 2025 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
(GW) (1,2)
France 3.2 1.0 0.0 0.0 4.2 3.5 1.0 0.0 0.1 4.6
Rest of Europe 5.2 0.3 0.4 0.0 5.9 5.1 0.3 0.4 0.0 5.7
Africa 0.1 0.1 0.0 0.0 0.2 0.1 0.1 0.0 0.0 0.2
Middle East 0.2 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.1
North America 3.4 0.2 0.0 0.7 4.2 0.6 0.3 0.0 0.0 0.9
South America 0.8 0.8 0.0 0.0 1.6 0.5 0.3 0.0 0.0 0.9
India 6.2 0.1 0.0 0.0 6.2 1.6 0.0 0.0 0.0 1.6
Asia-Pacific 0.8 0.0 0.0 0.0 0.8 0.9 0.0 0.0 0.0 0.9
Total 19.8 2.5 0.4 0.7 23.3 12.5 2.0 0.4 0.1 15.0
(1) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.
(2) End-of-period data.
In operation In construction In development
Gross renewables capacity covered by PPA at 31 March 2021 (GW) Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total
Europe 0.6 1.3 1.9 0.3 0.3 0.8 1.4 3.8 0.3 X 4.2
Asia 4.4 X 4.5 2.2 0.4 - 2.6 4.0 X - 4.0
North America 0.8 X 0.8 X X - 0.2 0.3 X - 0.3
Rest of World 0.3 X 0.5 X X - 0.4 0.2 X - 0.3
total 6.0 1.5 7.6 2.8 0.9 0.8 4.5 8.3 0.6 X 8.9
In operation In construction In development
PPA average price at 31 march 2021 Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total
($/MWh)
Europe 242 123 159 68 94 61 68 44 72 X 49
Asia 88 X 87 46 49 - 47 40 X - 40
North America 156 X 159 X X - 57 32 X - 54
Rest of World 105 X 105 X X - 45 89 X - 123
total 113 115 113 48 66 61 55 42 87 X 46
Adjustment items to net income (Group share)
In millions of dollars 1Q21 4Q20 1Q20 1Q19
Special items affecting net income (Group share) (342) (683) (334) (14)
Gain (loss) on asset sales - 104 - -
Restructuring charges (161) (194) (80) (2)
Impairments (144) (71) - -
Other (37) (522) (254) (12)
After-tax inventory effect : FIFO vs. replacement cost 689 224 (1,414) 388
Effect of changes in fair value (6) 46 1 (22)
Total adjustments affecting net income 341 (413) (1,747) 352
Investments - Divestments
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Organic investments ( a ) 2,379 3,432 2,523 -6% 2,784 -15%
capitalized exploration 243 214 135 +80% 232 +5%
increase in non-current loans 292 355 279 +5% 130 x2,2
repayment of non-current loans, (96) (212) (117) ns (134) ns
excluding organic loan repayment from equity affiliates
change in debt from renewable projects (Group share) (167) (46) (105) ns - ns
Acquisitions ( b ) 2,208 1,538 1,644 +34% 669 x3,3
Asset sales ( c ) 618 439 542 +14% 363 +70%
change in debt from renewable projects (partner share) 100 15 61 64% - ns
Other transactions with non-controlling interests ( d ) - - - ns - ns
Net investments ( a + b - c - d ) 3,969 4,531 3,625 +9% 3,090 +28%
Organic loan repayment from equity affiliates ( e ) (30) (77) 7 ns - ns
Change in debt from renewable projects financing * ( f ) 267 61 166 +61% - ns
Capex linked to capitalized leasing contracts ( g ) 22 39 24 -8% - ns
Cash flow used in investing activities ( a + b - c + e + f -g) 4,184 4,476 3,774 +11% 3,090 +35%
* Change in debt from renewable projects (Group share and partner share).
Cash flow
In millions of dollars 1Q21 4Q20 1Q20 1Q21 1Q19 1Q21
vs vs
1Q20 1Q19
Operating cash flow before working capital changes w/o financials charges (DACF) 5,750 4,933 4,277 +34% 6,277 -8%
Financial charges (384) (436) (512) ns (503) ns
Operating cash flow before working capital changes ( a ) * 5,366 4,498 3,765 +43% 5,774 -7%
(Increase) decrease in working capital ** (555) 976 (633) ns (2,711) ns
Inventory effect 883 308 (1,796) ns 566 +56%
capital gain from renewable projects sale (66) (32) (44) ns - ns
Organic loan repayment from equity affiliates (30) (77) 7 ns - ns
Cash flow from operations 5,598 5,674 1,299 x4,3 3,629 +54%
Organic investments ( b ) 2,379 3,432 2,523 -6% 2,784 -15%
Free cash flow after organic investments, 2,987 1,066 1,242 x2,4 3,249 -8%
w/o net asset sales ( a - b )
Net investments ( c ) 3,969 4,531 3,625 +9% 3,090 +28%
Net cash flow ( a - c ) 1,397 (33) 140 x10 2,943 -53%
* 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.
Gearing ratio
In millions of dollars 03/31/2021 31/12/2020 03/31/2020 03/31/2019
Current borrowings * 19,279 15,893 17,361 12,998
Other current financial liabilities 351 203 604 651
Current financial assets * (4,492) (4,519) (6,870) (3,373)
Net financial assets classified as held for sale - 313 - 227
Non-current financial debt * 44,842 52,467 42,461 38,264
Non-current financial assets * (2,669) (3,762) (993) (587)
Cash and cash equivalents (30,285) (31,268) (21,634) (25,432)
Net debt (a) 27,026 29,327 30,929 22,748
Shareholders’ equity - Group share 109,295 103,702 112,006 117,993
Non-controlling interests 2,390 2,383 2,428 2,365
Shareholders' equity (b) 111,685 106,085 114,434 120,358
Net-debt-to-capital ratio = a / (a+b) 19.5% 21.7% 21.3% 15.9%
Leases (c) 7,747 7,812 7,309 6,991
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 23.7% 25.9% 25.0% 19.8%
* Excludes leases receivables and leases debts.
Return on average capital employed
> Twelve months ended March 31, 2021
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group
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 December 31, 2020
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group
Adjusted net operating income 1,778 2,363 1,039 1,224 5,806
Capital employed at 12/31/2019* 41,549 88,844 12,228 8,371 148,828
Capital employed at 12/31/2020* 45,611 78,928 11,375 8,793 142,617
ROACE 4.1% 2.8% 8.8% 14.3% 4.0%
> Twelve months ended March 31, 2020
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group
Adjusted net operating income 2,710 6,490 2,629 1,612 13,032
Capital employed at 03/31/2019* 37,235 90,051 13,153 8,255 148,463
Capital employed at 03/31/2020* 44,236 85,622 12,878 8,764 152,374
ROACE 6.7% 7.4% 20.2% 18.9% 8.7%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the first quarter of 2021 from the
consolidated financial statements of TOTAL SE as of March 31, 2021. The
limited review procedures by the Statutory Auditors are underway. The notes to
the consolidated financial statements (unaudited) are available on the Total
website total.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 TOTAL. This document may also contain statements regarding the
perspectives, objectives, areas of improvement and goals of the Group,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by the Group, it being
specified that the means to be deployed do not depend solely on TOTAL. 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 the Group 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 TOTAL 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 the Group’s business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TOTAL is provided in the most recent
version of the Universal Registration Document which is filed by the Company
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 TOTAL. 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 TOTAL and the comparison of income between periods. They allow
investors to track the measures used internally to manage and measure the
performance of the Group.
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 TOTAL’s 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.
TOTAL, in its trading activities, enters into storage contracts, whose future
effects are recorded at fair value in Group’s internal economic performance.
IFRS precludes recognition of this fair value effect.
Furthermore, TOTAL 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 (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TOTAL, File N° 1-10888,
available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault -
92078 Paris-La Défense Cedex, France, or at our website total.com. You can
also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s
website sec.gov.
Total financial statements
First quarter 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$)((a)) 2021 2020 2020
Sales 43,737 37,943 43,870
Excise taxes (5,104) (5,595) (5,293)
Revenues from sales 38,633 32,348 38,577
Purchases, net of inventory variation (23,398) (20,508) (28,068)
Other operating expenses (6,880) (6,663) (6,944)
Exploration costs (167) (338) (140)
Depreciation, depletion and impairment of tangible assets and mineral (3,325) (3,543) (3,635)
interests
Other income 358 838 580
Other expense (659) (697) (420)
Financial interest on debt (466) (501) (569)
Financial income and expense from cash & cash equivalents 95 53 (155)
Cost of net debt (371) (448) (724)
Other financial income 109 173 188
Other financial expense (130) (183) (181)
Net income (loss) from equity affiliates 881 73 732
Income taxes (1,639) (149) 37
Consolidated net income 3,412 903 2
Group share 3,344 891 34
Non-controlling interests 68 12 (32)
Earnings per share ($) 1.24 0.31 (0.01)
Fully-diluted earnings per share ($) 1.23 0.31 (0.01)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2021 2020 2020
Consolidated net income 3,412 903 2
Other comprehensive income
Actuarial gains and losses - 17 133
Change in fair value of investments in equity instruments 12 386 (164)
Tax effect (12) (21) (15)
Currency translation adjustment generated by the parent company (4,173) 4,074 (1,976)
Items not potentially reclassifiable to profit and loss (4,173) 4,456 (2,022)
Currency translation adjustment 2,523 (1,875) (21)
Cash flow hedge 504 617 (1,524)
Variation of foreign currency basis spread - (7) 56
Share of other comprehensive income of equity affiliates, net amount 469 (100) (1,223)
Other 1 (4) 3
Tax effect (157) (180) 445
Items potentially reclassifiable to profit and loss 3,340 (1,549) (2,264)
Total other comprehensive income (net amount) (833) 2,907 (4,286)
Comprehensive income 2,579 3,810 (4,284)
Group share 2,542 3,576 (4,171)
Non-controlling interests 37 234 (113)
CONSOLIDATED BALANCE SHEET
TOTAL
March 31, 2021 December 31, 2020 March 31, 2020
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,239 33,528 32,823
Property, plant and equipment, net 106,859 108,335 113,254
Equity affiliates: investments and loans 30,727 27,976 26,998
Other investments 2,062 2,007 1,660
Non-current financial assets 3,700 4,781 1,133
Deferred income taxes 6,619 7,016 6,694
Other non-current assets 2,638 2,810 2,537
Total non-current assets 185,844 186,453 185,099
Current assets
Inventories, net 16,192 14,730 11,556
Accounts receivable, net 17,532 14,068 18,029
Other current assets 14,304 13,428 19,429
Current financial assets 4,605 4,630 7,016
Cash and cash equivalents 30,285 31,268 21,634
Assets classified as held for sale 396 1,555 421
Total current assets 83,314 79,679 78,085
Total assets 269,158 266,132 263,184
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,193 8,267 8,123
Paid-in surplus and retained earnings 112,676 107,078 119,935
Currency translation adjustment (11,566) (10,256) (14,431)
Treasury shares (8) (1,387) (1,621)
Total shareholders' equity - Group share 109,295 103,702 112,006
Non-controlling interests 2,390 2,383 2,428
Total shareholders' equity 111,685 106,085 114,434
Non-current liabilities
Deferred income taxes 10,387 10,326 10,462
Employee benefits 3,644 3,917 3,260
Provisions and other non-current liabilities 20,893 20,925 19,452
Non-current financial debt 52,541 60,203 48,896
Total non-current liabilities 87,465 95,371 82,070
Current liabilities
Accounts payable 26,959 23,574 22,123
Other creditors and accrued liabilities 22,066 22,465 25,102
Current borrowings 20,471 17,099 18,521
Other current financial liabilities 351 203 604
Liabilities directly associated with the assets classified as held for sale 161 1,335 330
Total current liabilities 70,008 64,676 66,680
Total liabilities & shareholders' equity 269,158 266,132 263,184
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2021 2020 2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,412 903 2
Depreciation, depletion, amortization and impairment 3,473 3,796 3,730
Non-current liabilities, valuation allowances and deferred taxes 121 (237) (661)
(Gains) losses on disposals of assets (285) (260) (209)
Undistributed affiliates' equity earnings (573) 379 (587)
(Increase) decrease in working capital (819) 1,342 (884)
Other changes, net 269 (249) (92)
Cash flow from operating activities 5,598 5,674 1,299
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,410) (3,834) (2,364)
Acquisitions of subsidiaries, net of cash acquired - (778) (188)
Investments in equity affiliates and other securities (2,126) (221) (1,534)
Increase in non-current loans (300) (355) (295)
Total expenditures (4,836) (5,188) (4,381)
Proceeds from disposals of intangible assets and property, plant and equipment 226 114 44
Proceeds from disposals of subsidiaries, net of cash sold 229 124 142
Proceeds from disposals of non-current investments 63 186 295
Repayment of non-current loans 134 288 126
Total divestments 652 712 607
Cash flow used in investing activities (4,184) (4,476) (3,774)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - -
- Treasury shares (165) - (609)
Dividends paid:
- Parent company shareholders (2,090) (2,053) (1,882)
- Non-controlling interests (10) (5) -
Net issuance (repayment) of perpetual subordinated notes 3,248 - -
Payments on perpetual subordinated notes (87) (62) (97)
Other transactions with non-controlling interests (55) (59) (48)
Net issuance (repayment) of non-current debt (890) 104 42
Increase (decrease) in current borrowings (1,662) (339) 2,785
Increase (decrease) in current financial assets and liabilities (148) 1,212 (2,995)
Cash flow from (used in) financing activities (1,859) (1,202) (2,804)
Net increase (decrease) in cash and cash equivalents (445) (4) (5,279)
Effect of exchange rates (538) 679 (439)
Cash and cash equivalents at the beginning of the period 31,268 30,593 27,352
Cash and cash equivalents at the end of the period 30,285 31,268 21,634
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - Group Non-controlling interests Total shareholders' equity
Share
(M$) Number Amount Number Amount
As of January 1, 2020 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
Net income of the first quarter 2020 - - 34 - - - 34 (32) 2
Other comprehensive income - - (1,277) (2,928) - - (4,205) (81) (4,286)
Comprehensive Income - - (1,243) (2,928) - - (4,171) (113) (4,284)
Dividend - - - - - - - - -
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (13,236,044) (609) (609) - (609)
Sale of treasury shares((a)) - - - - 3,030 - - - -
Share-based payments - - 31 - - - 31 - 31
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (72) - - - (72) - (72)
Other operations with - - (44) - - - (44) (4) (48)
non-controlling interests
Other items - - 93 - - - 93 18 111
As of March 31, 2020 2,601,881,075 8,123 119,935 (14,431) (28,707,248) (1,621) 112,006 2,428 114,434
Net income from April 1 to December 31, 2020 - - (7,276) - - - (7,276) (62) (7,338)
Other comprehensive income - - 956 4,179 - - 5,135 381 5,516
Comprehensive Income - - (6,320) 4,179 - - (2,141) 319 (1,822)
Dividend - - (7,899) - - - (7,899) (234) (8,133)
Issuance of common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
Purchase of treasury shares - - - - - (2) (2) - (2)
Sale of treasury shares((a)) - - (236) - 4,314,545 236 - - -
Share-based payments - - 157 - - - 157 - 157
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - 331 - - - 331 - 331
Payments on perpetual subordinated notes - - (236) - - - (236) - (236)
Other operations with - - (17) (4) - - (21) (113) (134)
non-controlling interests
Other items - - (107) - - - (107) (17) (124)
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 quarter 2021 - - 3,344 - - - 3,344 68 3,412
Other comprehensive income - - 502 (1,304) - - (802) (31) (833)
Comprehensive Income - - 3,846 (1,304) - - 2,542 37 2,579
Dividend - - - - - - - (10) (10)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury shares((a)) - - (216) - 4,569,755 216 - - -
Share-based payments - - 14 - - - 14 - 14
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 - - (90) - - - (90) - (90)
Other operations with - - 27 (6) - - 21 (21) -
non-controlling interests
Other items - - 17 - - - 17 1 18
As of March 31, 2021 2,629,839,616 8,193 112,676 (11,566) (174,890) (8) 109,295 2,390 111,685
((a))Treasury shares related to the restricted stock grants.
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
1(st) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,514 5,502 19,201 17,513 7 - 43,737
Intersegment sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from sales 8,092 6,313 24,317 12,892 36 (13,017) 38,633
Operating expenses (3,068) (5,218) (22,933) (12,076) (167) 13,017 (30,445)
Depreciation, depletion and impairment of tangible assets and mineral (2,183) (471) (391) (255) (25) - (3,325)
interests
Operating income 2,841 624 993 561 (156) - 4,863
Net income (loss) from equity affiliates and other items 270 263 88 (34) (28) - 559
Tax on net operating income (1,180) (101) (280) (176) 38 - (1,699)
Net operating income 1,931 786 801 351 (146) - 3,723
Net cost of net debt (311)
Non-controlling interests (68)
Net income - group share 3,344
1(st) quarter 2021 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group 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 - group 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$)
Non-Group sales 1,514 5,537 19,201 17,513 7 - 43,772
Intersegment sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from sales 8,092 6,348 24,317 12,892 36 (13,017) 38,668
Operating expenses (3,068) (5,210) (23,678) (12,218) (167) 13,017 (31,324)
Depreciation, depletion and impairment of tangible assets and mineral (2,183) (326) (391) (255) (25) - (3,180)
interests
Adjusted operating income 2,841 812 248 419 (156) - 4,164
Net income (loss) from equity affiliates and other items 316 312 82 1 12 - 723
Tax on net operating income (1,182) (139) (87) (136) 36 - (1,508)
Adjusted net operating income 1,975 985 243 284 (108) - 3,379
Net cost of net debt (317)
Non-controlling interests (59)
Adjusted net income - group share 3,003
1(st) quarter 2021 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
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
TOTAL
(unaudited)
4(th) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,257 5,231 15,052 16,393 10 - 37,943
Intersegment sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 6,831 5,859 18,584 11,524 150 (10,600) 32,348
Operating expenses (3,489) (5,569) (17,989) (10,776) (286) 10,600 (27,509)
Depreciation, depletion and impairment of tangible assets and mineral (2,500) (354) (412) (241) (36) - (3,543)
interests
Operating income 842 (64) 183 507 (172) - 1,296
Net income (loss) from equity affiliates and other items 6 149 (54) (9) 112 - 204
Tax on net operating income 91 7 (93) (169) (72) - (236)
Net operating income 939 92 36 329 (132) - 1,264
Net cost of net debt (361)
Non-controlling interests (12)
Net income - group share 891
4(th) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - 3 - - - - 3
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 3 - - - - 3
Operating expenses (49) (56) 133 17 31 - 76
Depreciation, depletion and impairment of tangible assets and mineral (355) - (16) - - - (371)
interests
Operating income ((b)) (404) (53) 117 17 31 - (292)
Net income (loss) from equity affiliates and other items (25) (26) (191) (13) 107 - (148)
Tax on net operating income 300 (83) (60) (7) (157) - (7)
Net operating income ((b)) (129) (162) (134) (3) (19) - (447)
Net cost of net debt 10
Non-controlling interests 24
Net income - group share (413)
((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 - - 265 43 -
- On net operating income - - 192 32 -
4(th) quarter 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,257 5,228 15,052 16,393 10 - 37,940
Intersegment sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 6,831 5,856 18,584 11,524 150 (10,600) 32,345
Operating expenses (3,440) (5,513) (18,122) (10,793) (317) 10,600 (27,585)
Depreciation, depletion and impairment of tangible assets and mineral (2,145) (354) (396) (241) (36) - (3,172)
interests
Adjusted operating income 1,246 (11) 66 490 (203) - 1,588
Net income (loss) from equity affiliates and other items 31 175 137 4 5 - 352
Tax on net operating income (209) 90 (33) (162) 85 - (229)
Adjusted net operating income 1,068 254 170 332 (113) - 1,711
Net cost of net debt (371)
Non-controlling interests (36)
Adjusted net income - group share 1,304
4(th) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 2,226 1,895 475 533 59 5,188
Total divestments 132 339 31 61 149 712
Cash flow from operating activities 3,046 575 1,514 648 (109) 5,674
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
1(st) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,582 5,090 18,523 18,675 - - 43,870
Intersegment sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from sales 7,146 5,684 23,968 14,121 28 (12,370) 38,577
Operating expenses (3,643) (4,992) (24,841) (13,799) (247) 12,370 (35,152)
Depreciation, depletion and impairment of tangible assets and mineral (2,644) (334) (395) (244) (18) - (3,635)
interests
Operating income 859 358 (1,268) 78 (237) - (210)
Net income (loss) from equity affiliates and other items 423 399 (57) 10 124 - 899
Tax on net operating income (454) 8 335 (32) 28 - (115)
Net operating income 828 765 (990) 56 (85) - 574
Net cost of net debt (572)
Non-controlling interests 32
Net income - group share 34
1(st) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - 2 - - - - 2
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 2 - - - - 2
Operating expenses (10) (119) (1,589) (346) (55) - (2,119)
Depreciation, depletion and impairment of tangible assets and mineral - - - - - - -
interests
Operating income ((b)) (10) (117) (1,589) (346) (55) - (2,117)
Net income (loss) from equity affiliates and other items 128 (75) (208) - - - (155)
Tax on net operating income 7 44 425 100 - - 576
Net operating income ((b)) 125 (148) (1,372) (246) (55) - (1,696)
Net cost of net debt (101)
Non-controlling interests 50
Net income - group share (1,747)
((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 - - (1,578) (218) -
- On net operating income - - (1,285) (154) -
1(st) quarter 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,582 5,088 18,523 18,675 - - 43,868
Intersegment sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from sales 7,146 5,682 23,968 14,121 28 (12,370) 38,575
Operating expenses (3,633) (4,873) (23,252) (13,453) (192) 12,370 (33,033)
Depreciation, depletion and impairment of tangible assets and mineral (2,644) (334) (395) (244) (18) - (3,635)
interests
Adjusted operating income 869 475 321 424 (182) - 1,907
Net income (loss) from equity affiliates and other items 295 474 151 10 124 - 1,054
Tax on net operating income (461) (36) (90) (132) 28 - (691)
Adjusted net operating income 703 913 382 302 (30) - 2,270
Net cost of net debt (471)
Non-controlling interests (18)
Adjusted net income - group share 1,781
1(st) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,659 2,291 226 160 45 4,381
Total divestments 121 344 79 46 17 607
Cash flow from operating activities 3,923 (489) (1,183) (399) (553) 1,299
Reconciliation of the information by business segment with Consolidated
Financial Statements
TOTAL
(unaudited)
Consolidated
1(st) quarter 2021 statement
(M$) Adjusted Adjustments((a)) of income
Sales 43,772 (35) 43,737
Excise taxes (5,104) - (5,104)
Revenues from sales 38,668 (35) 38,633
Purchases net of inventory variation (24,289) 891 (23,398)
Other operating expenses (6,868) (12) (6,880)
Exploration costs (167) - (167)
Depreciation, depletion and impairment of tangible assets and mineral (3,180) (145) (3,325)
interests
Other income 416 (58) 358
Other expense (192) (467) (659)
Financial interest on debt (466) - (466)
Financial income and expense from cash & cash equivalents 87 8 95
Cost of net debt (379) 8 (371)
Other financial income 109 - 109
Other financial expense (130) - (130)
Net income (loss) from equity affiliates 520 361 881
Income taxes (1,446) (193) (1,639)
Consolidated net income 3,062 350 3,412
Group share 3,003 341 3,344
Non-controlling interests 59 9 68
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st) quarter 2020 statement
(M$) Adjusted Adjustments((a)) of income
Sales 43,868 2 43,870
Excise taxes (5,293) - (5,293)
Revenues from sales 38,575 2 38,577
Purchases net of inventory variation (26,107) (1,961) (28,068)
Other operating expenses (6,786) (158) (6,944)
Exploration costs (140) - (140)
Depreciation, depletion and impairment of tangible assets and mineral (3,635) - (3,635)
interests
Other income 580 - 580
Other expense (191) (229) (420)
Financial interest on debt (567) (2) (569)
Financial income and expense from cash & cash equivalents (10) (145) (155)
Cost of net debt (577) (147) (724)
Other financial income 188 - 188
Other financial expense (181) - (181)
Net income (loss) from equity affiliates 658 74 732
Income taxes (585) 622 37
Consolidated net income 1,799 (1,797) 2
Group share 1,781 (1,747) 34
Non-controlling interests 18 (50) (32)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
(1 )Definition page 3.
(2) Excluding leases.
(3) Certain transitions 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 15.
(5) Group 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).
(6) 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
(7) Organic investments = net investments excluding acquisitions, asset sales
and other operations with non-controlling interests.
(8) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 15).
(9) Net investments = organic investments + net acquisitions (see page 15).
(10) 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 18. The
reconciliation table for different cash flow figures is on page 16.
(11 )DACF = debt adjusted cash flow, is defined as operating cash flow before
working capital changes and financial charges.
(12) Adjustment items shown on page 18.
(13) Details shown on page 15 and in the appendix to the financial statements.
(14) Net cash flow = operating cash flow before working capital changes - net
investments (including other transactions with non-controlling interests).
Total
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TOTAL
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