REG-TOTAL Total: Fourth Quarter and Full-year 2020 Results
09/02/2021 11:45
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Total: Fourth Quarter and Full-year 2020 Results
Total resists crisis and accelerates its transformation
Total will propose to shareholders changing its name to TotalEnergies
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q20 Change 2020 Change
vs 4Q19
vs 2019
Oil price - Brent ($/b) 44.2 -30% 41.8 -35%
European gas price - NBP ($/Mbtu) 5.6 +10% 3.3 -31%
Adjusted net income (Group share)(1 )
- in billions of dollars (B$) 1.30 -59% 4.06 -66%
- in dollars per share 0.46 -61% 1.43 -67%
DACF(1) (B$) 4.9 -33% 17.6 -37%
Cash Flow from operations (B$) 5.7 -14% 14.8 -40%
Net income (Group share) of 891 M$ in 4Q20
Net-debt-to-capital ratio of 21.7% at December 31, 2020 vs. 22.0% at September 30, 2020(2)
Hydrocarbon production of 2,841 kboe/d in 4Q20, a decrease of 9% compared to 4Q19
Fourth quarter 2020 dividend set at 0.66 €/share
Total SE’s Board of Directors met on February 8, 2021, under the
chairmanship of CEO Patrick Pouyanné to approve the Group’s 2020 financial
statements. On this occasion, Patrick Pouyanné said:
“The Group’s fourth quarter results rebounded from the previous quarter in
a context where oil prices stabilized above $40 per barrel, thanks to strong
OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but
where refining margins remained depressed, still affected by low demand and
high inventories. In this context, the Group demonstrates its ability to
benefit from an overall more favorable environment with adjusted net income up
by more than 50% to $1.3 billion and cash flow (DACF) of $4.9 billion.
Total faced two major crises in 2020: the Covid-19 pandemic that severely
affected global energy demand, and the oil crisis that drove the Brent price
below $20 per barrel in the second quarter. In this particularly difficult
context, the Group implemented an immediate action plan and proved its
resilience thanks to the quality of its portfolio (production cost of $5.1 per
boe, the lowest among its peers) and its integrated model with cash flow
(DACF) generation of nearly $18 billion. It posted adjusted net income of $4.1
billion and, thanks to strong discipline on investments ($13 billion, down
26%) and costs ($1.1 billion in savings), the organic cash breakeven was $26
per barrel. Consistent with its climate ambition, the Group recorded
exceptional asset impairments of $10 billion, notably on Canadian oil sands
assets, most of which were recorded in its accounts at the end of June,
leading to an IFRS loss for the year of $7.2 billion.
2020 represents a pivoting year for the Group’s strategy with the
announcement of its ambition to get to Net Zero, together with society. The
Group affirms its plan to transform itself into a broad energy company to meet
the dual challenge of the energy transition: more energy, less emissions.
Thus, the Group’s profile will be transformed over the 2020-30 decade: the
growth of energy production will be based on two pillars, LNG and Renewables
& Electricity, while oil products are expecting to fall from 55% to 30% of
sales. To anchor this transformation, the Group will propose to its
shareholders at the Annual General Meeting on May 28, 2021, changing its name
to TotalEnergies. They will hence have the opportunity to endorse this
strategy and the underlying ambition to transition to carbon neutrality.
In 2020, Total secured its investments in Renewables & Electricity ($2
billion) and accelerated the implementation of its strategy to grow
renewables, adding 10 GW to its portfolio. With the acquisition at the start
of 2021 of a 20% stake in Adani Green Energy Limited (AGEL), the largest solar
developer in the world, and of portfolios of projects in the United States,
the Group now has a portfolio of gross installed capacity, under construction
and in development of 35 GW by 2025 with more than 20 GW already benefiting
from long-term power purchase agreements.
Total preserves its financial strength with a gearing of 21.7% at the end of
2020. Confident in the Group’s fundamentals, the Board of Directors confirms
its policy of supporting the dividend through economic cycles. Therefore, it
will propose at the Annual General Meeting of Shareholders on May 28, 2021,
the distribution of a final dividend of 0.66 € per share, equal to the
previous three quarters, and set the dividend for 2020 at 2.64 € per
share.”
Highlights(3)
Sustainability
* Strengthened the Group’s commitment to reduce methane emissions with
initiative OGMP 2.0
* Withdrew from the American Petroleum Institute
* Total once again selected in 2020 in the Dow Jones Sustainability Indices
Renewables and electricity
Renewables
* Acquired in India a 20% minority interest in Adani Green Energy Limited
(AGEL), the largest solar developer in the world
* Acquired Fonroche Biogaz in France, making Total the leader in renewable gas
production in France
* Agreed with 174 Power Global, a subsidiary of Hanwha, to develop a portfolio
of 1.6 GW of solar and energy storage projects in the United States
* Acquired a 2.2 GW portfolio of solar and energy storage projects in Texas
* Developing the largest site in France for the production of green hydrogen
based 100% on renewable electricity with Engie
* Issued € 3 billion of hybrid bonds dedicated to financing the strategy to
grow renewables
Electricity
* Acquired portfolio of 2 million residential customers and 2 CCGT with
cumulative capacity of 850 MW from Energías de Portugal in Spain
* Won the City of Paris concession tender to operate 2,300 charge points of the
Bélib’ network
* Acquired Charging Solutions to become operator of 2,000 charge point network
in Germany
LNG
* Finalized 16.6% participation in Energia Costa Azul LNG project on the Pacific
coast of Mexico
* Delivered first carbon neutral LNG cargo to CNOOC (China)
* Completed first LNG bunkering for CMA CGM in Port of Rotterdam
* Chartered four new LNG-powered Aframax vessels to reduce maritime transport
emissions
Upstream
* Fourth hydrocarbon discovery on Block 58 in Suriname
* Second gas and condensate discovery on Block 11B/12B in South Africa
* Entered new offshore exploration permit as operator in Egypt
* Sold Group’s 10% interest in onshore OML 17 block in Nigeria
CCUS
* Approval from Norwegian government of final investment decision for Northern
Lights CO2 sequestration project in Northern North Sea
* Signed with ADNOC strategic framework agreement on CO2 emission reduction and
CCUS in Abu Dhabi
* Announced world first sustainable packaging from captured and recycled carbon
emissions by Lanzatech, Total and L’Oréal in France
Key figures from Total’s consolidated financial statements(4)
4Q20 3Q20 4Q19 4Q20 In millions of dollars, except effective tax rate, 2020 2019 2020
vs
earnings per share and number of shares
vs
4Q19
2019
1,824 1,459 3,879 -53% Adjusted net operating income from business segments 6,404 14,554 -56%
1,068 801 2,031 -47% Exploration & Production 2,363 7,509 -69%
254 285 794 -68% Integrated Gas, Renewables & Power 1,778 2,389 -26%
170 (88) 580 -71% Refining & Chemicals 1,039 3,003 -65%
332 461 474 -30% Marketing & Services 1,224 1,653 -26%
367 352 668 -45% Contribution of equity affiliates to adjusted net income 1,388 2,260 -39%
14.9% 45.7% 31.8% Group effective tax rate(5) 27.8% 34.1%
1,304 848 3,165 -59% Adjusted net income (Group share) 4,059 11,828 -66%
0.46 0.29 1.19 -61% Adjusted fully-diluted earnings per share (dollars)(6) 1.43 4.38 -67%
0.39 0.24 1.07 -64% Adjusted fully-diluted earnings per share (euros)* 1.25 3.92 -68%
2,645 2,637 2,607 +1% Fully-diluted weighted-average shares (millions) 2,621 2,618 -
891 202 2,600 -66% Net income (Group share) (7,242) 11,267 ns
3,432 2,184 4,291 -20% Organic investments(7) 10,339 13,397 -23%
1,099 (272) (80) ns Net acquisitions(8) 2,650 4,052 -35%
4,531 1,912 4,211 +8% Net investments(9) 12,989 17,449 -26%
4,498 3,791 6,793 -34% Operating cash flow before working capital changes**(10) 15,697 26,111 -40%
4,933 4,281 7,326 -33% Operating cash flow before working capital changes 17,635 28,180 -37%
w/o financial charges (DACF)(11)
5,674 4,351 6,599 -14% Cash flow from operations 14,803 24,685 -40%
Data take into account the impact of the IFRS16 “Leases” rule, effective
January 1, 2019.
* Average €-$ exchange rate: 1.1929 in the fourth quarter 2020 and 1.1422 in
2020.
** 4Q19 and 2019 data restated(10)
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
4Q20 3Q20 4Q19 4Q20 2020 2019 2020
vs
vs
4Q19
2019
44.2 42.9 63.1 -30% Brent ($/b) 41.8 64.2 -35%
2.8 2.1 2.4 +15% Henry Hub ($/Mbtu) 2.1 2.5 -16%
5.6 2.9 5.1 +10% NBP ($/Mbtu) 3.3 4.9 -31%
8.0 3.6 5.8 +39% JKM ($/Mbtu) 4.4 5.5 -20%
41.0 39.9 59.1 -31% Average price of liquids ($/b) 37.0 59.8 -38%
Consolidated subsidiaries
3.31 2.52 3.76 -12% Average price of gas ($/Mbtu) 2.96 3.88 -24%
Consolidated subsidiaries
4.90 3.57 6.52 -25% Average price of LNG ($/Mbtu) 4.83 6.31 -24%
Consolidated subsidiaries and equity affiliates
4.6 -2.7 30.2 -85% Variable cost margin - Refining Europe, VCM ($/t) 11.5 34.9 -67%
* The indicators are shown on page 16.
The average LNG sales price rebounded by 37% in the quarter compared to the
previous quarter, due to the seasonality of demand and the delayed impact of
higher oil prices in the third quarter 2020 on long-term LNG contracts.
> Production*
4Q20 3Q20 4Q19 4Q20 2020 2019 2020
vs
vs
4Q19
2019
2,841 2,715 3,113 -9% Hydrocarbon production (kboe/d) 2,871 3,014 -5%
1,238 1,196 1,452 -15% Oil (including bitumen) (kb/d) 1,298 1,431 -9%
1,603 1,519 1,661 -3% Gas (including condensates and associated NGL) (kboe/d) 1,573 1,583 -1%
2,841 2,715 3,113 -9% Hydrocarbon production (kboe/d) 2,871 3,014 -5%
1,483 1,437 1,714 -13% Liquids (kb/d) 1,543 1,672 -8%
7,406 6,973 7,563 -2% Gas (Mcf/d)** 7,246 7,309 -1%
* Group production = EP production + iGRP production.
** 4Q19 and 2019 data restated
Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day
(kboe/d) in the fourth quarter 2020, a decrease of 9% year-on-year, comprised
of:
* -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab
Emirates and Kazakhstan, as well as voluntary reductions in Canada and
disruptions in Libya.
* -1% due to portfolio effect, notably linked to the sale of assets in the
United Kingdom and Block CA1 in Brunei.
* +3% due to the start-up and ramp-up of new projects, notably North Russkoye in
Russia, Tempa Rossa in Italy, Johan Sverdrup in Norway, Iara in Brazil and
Culzean in the United Kingdom.
* -3% due to the natural decline of fields.
* -3% due to maintenance and unplanned outages, notably in Norway.
Hydrocarbon production was 2,871 kboe/d for the year 2020, a decrease of 5%
compared to the previous year, comprised of:
* -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab
Emirates and Kazakhstan, as well as voluntary reductions in Canada and
disruptions in Libya.
* +5% due to the ramp-up of recently started projects, notably Culzean in the
United Kingdom, Johan Sverdrup in Norway, Iara in Brazil, Tempa Rossa in Italy
and North Russkoye in Russia.
* -3% due to the natural decline of fields.
* -2% due to maintenance, and unplanned outages, notably in Norway.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
4Q20 3Q20 4Q19 4Q20 Hydrocarbon production for LNG 2020 2019 2020
vs
vs
4Q19
2019
532 518 624 -15% iGRP (kboe/d) 530 560 -5%
65 70 74 -12% Liquids (kb/d) 69 71 -4%
2,549 2,445 2,939 -13% Gas (Mcf/d)* 2,519 2,656 -5%
4Q20 3Q20 4Q19 4Q20 Liquefied Natural Gas in Mt 2020 2019 2020
vs
vs
4Q19
2019
10.0 8.1 10.6 -6% Overall LNG sales 38.3 34.3 +12%
4.3 4.3 4.2 +2% incl. Sales from equity production** 17.6 16.3 +8%
8.0 6.6 9.6 -17% incl. Sales by Total from equity production and third party purchases 31.1 27.9 +12%
* 4Q19 and 2019 data restated
** The Group's equity production may be sold by Total or by the joint
ventures.
4Q20 3Q20 4Q19 4Q20 Renewables & Electricity 2020 2019 2020
vs
vs
4Q19
2019
7.0 5.1 3.0 x2,4 Gross renewables installed capacity (GW)* 7.0 3.0 x2,4
17.5 14.2 Gross renewables installed or in development capacity 17.5
with PPA (GW)*
4.3 4.1 3.5 +20% Net power production (TWh)** 14.1 11.4 +24%
1.2 1.0 0.6 +87% incl. Power production from renewables 4.0 2.0 +97%
5.6 4.4 4.1 +37% Clients power - BtB and BtC (Million)* 5.6 4.1 +37%
2.7 1.7 1.7 +59% Clients gas - BtB and BtC (Million)* 2.7 1.7 +59%
13.5 10.2 12.9 +5% Sales power - BtB and BtC (TWh) 47.3 46.0 +3%
31.5 13.5 29.4 +7% Sales gas - BtB and BtC (TWh) 95.8 95.0 +1%
* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
Hydrocarbon production for LNG in the fourth quarter decreased by 15% compared
to a year ago, notably due to the shutdown of Snøhvit LNG following a fire at
the end of September 2020.
Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the
start-up of three trains at Cameron LNG in the United States, the ramp-up of
Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading
activities.
Gross installed renewable power generation capacity more than doubled during
the year to reach 7 GW at the end of the fourth quarter, notably thanks to the
acquisition in India of 50% of a 3 GWp portfolio from the Adani Group.
The Group continues to implement its strategy to integrate along the
electricity and gas chain in Europe and has increased the number of its
electricity and gas customers by 1.5 million and 1 million, respectively,
notably thanks to the finalization of the acquisition in the fourth quarter of
a portfolio of customers from Energías de Portugal in Spain.
Net electricity production was 4.3 TWh in the fourth quarter, an increase of
20% compared to last year, notably due to the doubling of renewable
electricity production and the acquisition of four CCGT (combined cycle gas
turbine) power stations in France and Spain.
Sales of electricity and gas in the fourth quarter increased by 5% and 7%,
respectively, compared to a year ago thanks to the growth in the number of
customers.
> Results
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
254 285 794 -68% Adjusted net operating income* 1,778 2,389 -26%
97 99 353 -73% including income from equity affiliates 375 1,009 -63%
1,007 450 684 +47% Organic investments 2,720 2,259 +20%
577 36 (13) ns Net acquisitions 2,183 3,921 -44%
1,584 486 671 x2,4 Net investments 4,903 6,180 -21%
1,072 695 1,356 -21% Operating cash flow before working capital changes ** 3,418 3,409 -
575 654 1,527 -62% Cash flow from operations *** 2,129 3,461 -38%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases. 4Q19 and 2019
data restated. (see note (10) page 3)
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $254 million in the
fourth quarter 2020 compared to $794 million in the fourth quarter 2019, and
$1,778 million for 2020, a decrease of 26% for the year, mainly due to the
decrease in the LNG price.
Operating cash flow before working capital changes was $1,072 million in the
fourth quarter, a decrease of 21% compared to a year ago, due to the decrease
in the price of LNG partially offset by a positive and increasing contribution
from Renewables & Electricity. For the year, operating cash flow before
working capital changes was stable in 2020 compared to the previous year at
$3,418 million.
Exploration & Production
> Production
4Q20 3Q20 4Q19 4Q20 Hydrocarbon production 2020 2019 2020
vs
vs
4Q19
2019
2,309 2,197 2,489 -7% EP (kboe/d) 2,341 2,454 -5%
1,418 1,367 1,640 -14% Liquids (kb/d) 1,474 1,601 -8%
4,857 4,528 4,624 +5% Gas (Mcf/d) 4,727 4,653 +2%
> Results
4Q20 3Q20 4Q19 4Q20 In millions of dollars, except effective tax rate 2020 2019 2020
vs
vs
4Q19
2019
1,068 801 2,031 -47% Adjusted net operating income* 2,363 7,509 -69%
222 268 247 -10% including income from equity affiliates 928 996 -7%
19.8% 32.9% 38.0% Effective tax rate** 29.4% 41.5%
1,569 1,266 2,617 -40% Organic investments 5,519 8,635 -36%
548 (309) (224) ns Net acquisitions 544 14 x38,9
2,117 957 2,393 -12% Net investments 6,063 8,649 -30%
2,652 2,646 4,451 -40% Operating cash flow before working capital changes *** 9,684 18,030 -46%
3,046 2,043 4,206 -28% Cash flow from operations *** 9,922 16,917 -41%
* Details on adjustment items are shown in the business segment information
annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Exploration & Production adjusted net operating income was:
* $1,068 million in the fourth quarter compared to $2,031 million a year ago due
to the sharp drop in oil and gas prices and lower production.
* $2,363 million in 2020 versus $7,509 million in 2019 for the same reasons.
Operating cash flow before working capital changes was $2,652 million in the
fourth quarter, down 40% year-on-year, and $9,684 million in 2020, down 46%.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
502 373 1,054 -52% Adjusted net operating income* 2,263 4,656 -51%
840 449 950 -12% Organic investments 2,023 2,395 -16%
80 2 158 -49% Net acquisitions 32 118 -73%
920 451 1,108 -17% Net investments 2,055 2,513 -18%
1,129 971 1,505 -25% Operating cash flow before working capital changes ** 4,652 6,617 -30%
2,162 2,060 1,420 +52% Cash flow from operations ** 4,539 6,441 -30%
* 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
4Q20 3Q20 4Q19 4Q20 Refinery throughput and utilization rate* 2020 2019 2020
vs
vs
4Q19
2019
1,262 1,212 1,509 -16% Total refinery throughput (kb/d) 1,292 1,671 -23%
247 267 282 -12% France 244 456 -46%
582 540 756 -23% Rest of Europe 618 754 -18%
433 405 471 -8% Rest of world 430 462 -7%
60% 57% 71% Utlization rate based on crude only** 61% 80%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year.
4Q20 3Q20 4Q19 4Q20 Petrochemicals production and utilization rate 2020 2019 2020
vs
vs
4Q19
2019
1,486 1,255 1,431 +4% Monomers* (kt) 5,519 5,219 +6%
1,291 1,248 1,169 +10% Polymers (kt) 4,934 4,862 +1%
90% 75% 92% Vapocracker utilization rate** 83% 83%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity
at the start of the year.
Refinery throughput volumes:
* Decreased by 16% in the fourth quarter 2020 compared to the previous year,
mainly due to high inventories of refined products and the drop in demand
which notably led to the economic shutdown of the Donges refinery.
* Decreased by 23% in 2020 year-on-year for the same reasons as well as the
prolonged shutdown of the distillation unit at the Normandy platform following
the incident that occurred at the end of 2019.
Monomer production:
* Increased 4% in the fourth quarter 2020 year-on-year to 1,486 kt
* Increased 6% in 2020 year-on-year, supported by demand, and notably as a
result of 2019 planned maintenance on the steamcracker at Daesan in South
Korea.
Polymer production:
* Increased by 10% in the fourth quarter 2020 year-on-year to 1,291 kt,
supported by demand, and due to planned maintenance in the fourth quarter
2019.
* Stable in 2020 compared to 2019
> Results
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
170 (88) 580 -71% Adjusted net operating income* 1,039 3,003 -65%
448 291 479 -6% Organic investments 1,209 1,426 -15%
(2) (1) 118 ns Net acquisitions (54) (44) ns
446 290 597 -25% Net investments 1,155 1,382 -16%
560 242 789 -29% Operating cash flow before working capital changes ** 2,472 4,072 -39%
1,514 1,027 1,142 +33% Cash flow from operations ** 2,438 3,837 -36%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals adjusted net operating income was:
* Down year-on-year to $170 million in the fourth quarter 2020. The decrease was
due to depressed refining margins resulting from weak demand, notably for
distillates as a result of reduced air traffic.
* Down 65% year-on-year to $1,039 million in 2020, due to refining margin
deterioration, partially offset by resilient petrochemical margins and
outperformance of the trading activities.
Operating cash flow before working capital changes fell to $560 million in the
fourth quarter 2020, down 29% compared to a year ago, and to $2,472 million in
2020, down by 39%.
Marketing & Services
> Petroleum product sales
4Q20 3Q20 4Q19 4Q20 Sales in kb/d* 2020 2019 2020
vs
vs
4Q19
2019
1,509 1,442 1,835 -18% Total Marketing & Services sales 1,477 1,845 -20%
828 819 1,033 -20% Europe 823 1,021 -19%
681 623 801 -15% Rest of world 654 824 -21%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 18% in the fourth quarter
compared to a year ago and by 20% in 2020 compared to 2019, in response to the
significant slowdown in global activity related to the Covid-19 pandemic.
Aviation and marine activities remain severely affected in this context;
however, the decline in retail sales was mitigated by network growth in
Angola, Saudi Arabia, Brazil and Mexico.
> Results
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
332 461 474 -30% Adjusted net operating income* 1,224 1,653 -26%
392 158 471 -17% Organic investments 814 969 -16%
82 3 40 x2,1 Net acquisitions 86 162 -47%
474 161 511 -7% Net investments 900 1,131 -20%
569 729 716 -21% Operating cash flow before working capital changes ** 2,180 2,546 -14%
648 1,033 278 x2,3 Cash flow from operations ** 2,101 2,604 -19%
* 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 $332 million in the fourth quarter 2020, a
decrease of 30% compared to a year ago, essentially due to lower volumes and a
revaluation of futures contracts in the fourth quarter 2019. Adjusted net
operating income was $1,224 million for the year 2020.
Operating cash flow before working capital changes was $569 million in the
fourth quarter 2020 and $2,180 million for the full year, decreases of 21% and
14%, respectively, compared to the previous year.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
* $1,824 million in the fourth quarter 2020, a decrease of 53% compared to a
year ago, due to lower Brent prices, natural gas prices and refining margins.
* $6,404 million in 2020, a decrease of 56% year-on-year for the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
* $1,304 million in the fourth quarter 2020, compared to $3,165 million in the
fourth quarter 2019, due to lower Brent prices, natural gas prices and
refining margins.
* $4,059 million in 2020, a decrease of 66% year-on-year, for the same reasons.
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
* -$413 million in the fourth quarter 2020, including close to $200 million
related to the conversion of the Grandpuits refinery in France.
* -$11,301 million in 2020, including $8.5 billion of impairments, notably on
oil sands assets in Canada.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
* $0.46 in the fourth quarter 2020, calculated based on a weighted average of
2,645 million fully-diluted shares, compared to $1.19 in the same period last
year.
* $1.43 in 2020, calculated based on a weighted average of 2,621 million
fully-diluted shares, compared to $4.38 in 2019.
The number of fully-diluted shares was 2,647 million on December 31, 2020.
> Acquisitions - asset sales
Finalized acquisitions were:
* $1,538 million in the fourth quarter 2020, comprised notably of the
acquisition of Tullow’s entire interest in the Lake Albert project in
Uganda, and the acquisition of CCGT assets and of a portfolio of customers
from Energías de Portugal in Spain.
* $4.2 billion in 2020, comprised of the items mentioned above as well as the
acquisition in India of 50% of a portfolio of installed solar activities from
Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake
in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola,
and the payment for a second bonus tranche linked to taking the 10% stake in
the Arctic LNG 2 project in Russia.
Finalized asset sales were:
* $439 million in the fourth quarter 2020, comprised notably of the sale of
Enphase shares by SunPower and the sale of the Group’s corporate offices in
Brussels.
* $1.5 billion in 2020, comprised notably ofthe sale mentioned above, as well as
notably the sale of non-strategic assets in the UK North Sea, closing the sale
of Block CA1 in Brunei, the sale of the Group’s interest in the Fos Cavaou
regasification terminal in France, and the sale of 50% of a portfolio of solar
and wind assets from Total Quadran in France.
> Net cash flow
Net cash flow(14 )for the Group was:
* -$33 million in the fourth quarter 2020 compared to $2,582 million in the
fourth quarter 2019, due to a decrease in operating cash flow before working
capital changes from $6,793 million to $4,498 million and stable net
investments of $4,531 million versus $4,211 million.
* $2.7 billion in 2020 compared to $8.7 billion in 2019, due to the decrease of
$10.4 billion in operating cash flow before working capital changes, partially
offset by a reduction in net investments of $4.5 billion.
> Profitability
In millions of dollars January 1, 2020 October 1, 2019 January 1, 2019
December 31, 2020 September 30, 2020 De
ce
mb
er
31
,
20
19
Adjusted net income 4,067 5,960 12,090
Average adjusted shareholders' equity 110,643 108,885 116,766
Return on equity (ROE) 3.7% 5.5% 10.4%
The return on equity was 3.7% for the twelve months ended December 31, 2020.
In millions of dollars January 1, 2020 October 1, 2019 January 1, 2019
December 31, 2020 September 30, 2020 De
ce
mb
er
31
,
20
19
Adjusted net operating income 5,806 7,801 14,073
Average capital employed 145,723 144,060 143,674
ROACE 4.0% 5.4% 9.8%
The return on average capital employed was 4.0% for the twelve months ended
December 31, 2020.
Total SE accounts
Net income for Total SE, the parent company, was €7,238 million in 2020
compared to €7,039 million a year ago.
2021 Sensitivities*
Change Estimated impact on adjusted Estimated impact on
net operating income
cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 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 16.
** In a 50 $/b Brent environment.
Summary and outlook
Supported by OPEC+ quota compliance, oil prices have remained above 50 $/b
since the beginning of 2021. However, the oil environment remains uncertain
and dependent on the recovery of global demand, still affected by the Covid-19
pandemic.
In a context of disciplined OPEC+ quota implementation, the Group anticipates
2021 production will be stable compared to 2020, benefiting from the
resumption of production in Libya.
The Group continues its profitable growth in LNG with sales expected to
increase by 10% in 2021 compared to 2020, notably due to the ramp-up of
Cameron LNG.
European refining margins remain fragile, with low demand for jet fuel
weighing on the recovery of distillates. However, thanks to the resilience of
Marketing & Services, the Group expects Downstream to contribute more than
$5 billion of cash flow in 2021, assuming refining margins of 25 $/t.
Faced with uncertainties in the environment, net investments are projected at
$12 billion in 2021, while preserving the flexibility to mobilize additional
investments should the oil and gas environment strengthen. After reducing
operating costs by $1.1 billion in 2020 compared to 2019, the Group maintains
strong discipline on spending and targets additional savings of $0.5 billion
in 2021.
The Group’s teams are fully committed to the four priorities of HSE,
operational excellence, cost reduction and cash flow generation.
The Group maintains its priorities for cash flow allocation: investing in
profitable projects to implement the Group’s transformation strategy,
support the dividend and maintain a strong balance sheet.
Already in 2021, in renewables, the Group has announced more than 10 GW of
additional projects through the acquisition of a 20% stake in Adani Green
Energy Limited (AGEL), the world’s leading solar developer, a partnership
with Hanwha in the United States with a 1.6 GW portfolio, and the acquisition
of a 2.2 GW portfolio of projects in Texas. Total will allocate in 2021 more
than 20% of its net investments to Renewables and Electricity.
* * * * *
To listen to the presentation in English with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 14:00 (Paris time) please log on to total.com or
call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States
(code: 3971718).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
4Q20 3Q20 4Q19 4Q20 Combined liquids and gas 2020 2019 2020
vs
production by region (kboe/d)
vs
4Q19
2019
1,059 969 1,102 -4% Europe and Central Asia 1,039 1,023 +2%
566 598 703 -19% Africa 629 705 -11%
598 576 701 -15% Middle East and North Africa 624 702 -11%
382 343 368 +4% Americas 353 365 -3%
236 229 239 -1% Asia-Pacific 226 219 +3%
2,841 2,715 3,113 -9% Total production 2,871 3,014 -5%
727 667 768 -5% includes equity affiliates 712 731 -3%
4Q20 3Q20 4Q19 4Q20 Liquids production by region (kb/d) 2020 2019 2020
vs
vs
4Q19
2019
378 359 373 +1% Europe and Central Asia 380 355 +7%
427 458 560 -24% Africa 488 558 -13%
454 432 560 -19% Middle East and North Africa 474 548 -13%
181 144 171 +6% Americas 158 168 -6%
43 44 50 -13% Asia-Pacific 43 44 -2%
1,483 1,437 1,714 -13% Total production 1,543 1,672 -8%
200 197 212 -6% includes equity affiliates 202 216 -6%
4Q20 3Q20 4Q19 4Q20 Gas production by region (Mcf/d) 2020 2019 2020
vs
vs
4Q19
2019
3,666 3,284 3,887 -6% Europe and Central Asia 3,547 3,596 -1%
701 713 686 +2% Africa* 717 737 -3%
809 801 792 +2% Middle East and North Africa 835 857 -3%
1,126 1,115 1,109 +2% Americas 1,095 1,110 -1%
1,104 1,060 1,089 +1% Asia-Pacific* 1,052 1,009 +4%
7,406 6,973 7,563 -2% Total production* 7,246 7,309 -1%
2,851 2,540 2,961 -4% includes equity affiliates* 2,748 2,780 -1%
* 4Q19 and 2019 data restated
> Downstream (Refining & Chemicals and Marketing & Services)
4Q20 3Q20 4Q19 4Q20 Petroleum product sales by region (kb/d) 2020 2019 2020
vs
vs
4Q19
2019
1,651 1,475 1,993 -17% Europe 1,586 2,008 -21%
628 541 737 -15% Africa 579 706 -18%
794 673 763 +4% Americas 773 842 -8%
547 460 526 +4% Rest of world 471 555 -15%
3,619 3,149 4,019 -10% Total consolidated sales 3,410 4,110 -17%
458 417 508 -10% Includes bulk sales 434 536 -19%
1,652 1,290 1,676 -1% Includes trading 1,498 1,730 -13%
4Q20 3Q20 4Q19 4Q20 Petrochemicals production* (kt) 2,020 2019 2020
vs
vs
4Q19
2019
1,381 1,274 1,253 10% Europe 5,202 5,364 -3%
662 513 630 +5% Americas 2,475 2,367 +5%
735 716 717 +2% Middle-East and Asia 2,775 2,350 +18%
* Olefins, polymers
Adjustment items to net income (Group share)
Investments - Divestments
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
3,432 2,184 4,291 -20% Organic investments ( a ) 10,339 13,397 -23%
214 148 136 +58% capitalized exploration 659 705 -6%
355 290 319 +11% increase in non-current loans 1,657 1,061 +56%
(212) (330) (102) ns repayment of non-current loans, (717) (551) ns
excluding organic loan repayment from equity affiliates*
(46) (11) - ns change in debt from renewable projects (Group share) (209) (109) ns
1,538 150 266 x5,8 Acquisitions ( b ) 4,189 5,980 -30%
439 422 357 +23% Asset sales ( c ) 1,539 1,939 -21%
15 7 - ns change in debt from renewable projects (partner share) 105 105 -
- - (11) ns Other transactions with non-controlling interests ( d ) - (11) ns
4,531 1,912 4,211 +8% Net investments ( a + b - c - d ) 12,989 17,449 -26%
(77) (1) (275) ns Organic loan repayment from equity affiliates* ( e ) (111) (475) ns
61 18 - ns Change in debt from renewable projects financing ** ( f ) 314 214 +47%
39 28 - ns Capex linked to capitalized leasing contracts ( g ) 113 - ns
4,476 1,901 3,925 +14% Cash flow used in investing activities ( a + b - c + e + f -g) 13,079 17,177 -24%
* Effective second quarter 2019, organic loan repayments from equity
affiliates are defined as loan repayments from equity affiliates coming from
their cash flow from operations.
** Change in debt from renewable projects (Group share and partner share).
Cash flow
4Q20 3Q20 4Q19 4Q20 In millions of dollars 2020 2019 2020
vs
vs
4Q19
2019
4,933 4,281 7,326 -33% Operating cash flow before working capital changes 17,635 28,180 -37%
w/o financials charges (DACF)
(436) (491) (533) ns Financial charges (1,938) (2,069) ns
4,498 3,791 6,793 -34% Operating cash flow before working capital changes ( a ) * 15,697 26,111 -40%
976 475 92 x10,6 (Increase) decrease in working capital ** 753 (1,397) ns
308 90 (11) ns Inventory effect (1,440) 446 ns
(32) (4) - ns capital gain from renewable projects sale (96) - ns
(77) (1) (275) ns Organic loan repayment from equity affiliates (111) (475) ns
5,674 4,351 6,599 -14% Cash flow from operations 14,803 24,685 -40%
3,432 2,184 4,291 -20% Organic investments ( b ) 10,339 13,397 -23%
1,066 1,607 2,502 -57% Free cash flow after organic investments, 5,358 12,714 -58%
w/o net asset sales ( a - b )
4,531 1,912 4,211 +8% Net investments ( c ) 12,989 17,449 -26%
(33) 1,879 2,582 ns Net cash flow ( a - c ) 2,708 8,662 -69%
* 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 12/31/2020 09/30/2020 12/31/2019
Current borrowings 17,099 14,980 14,819
Net current financial assets (4,427) (5,815) (3,505)
Net financial assets classified as held for sale 313 5 301
Non-current financial debt 60,203 61,477 47,773
Non-current financial assets (4,781) (3,155) (912)
Cash and cash equivalents (31,268) (30,593) (27,352)
Net debt (a) 37,139 36,899 31,124
of which leases 7,812 7,499 7,156
Shareholders’ equity - Group share 103,702 102,234 116,778
Non-controlling interests 2,383 2,177 2,527
Shareholders' equity (b) 106,085 104,411 119,305
Net-debt-to-capital ratio = a / (a + b) * 25.9% 26.1% 20.7%
Net-debt-to-capital ratio excluding leases 21.7% 22.0% 16.7%
* The net-debt-to-capital ratios include the impact of the IFRS 16 rule,
effective January 1, 2019.
Return on average capital employed
> Twelve months ended December 31, 2020
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Group
Renewables & Power
Production
Chemicals
Services
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 September 30, 2020
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Group
Renewables & Power
Production
Chemicals
Services
Adjusted net operating income 2,318 3,326 1,449 1,366 7,801
Capital employed at 09/30/2019* 41,516 88,560 11,658 7,570 147,145
Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,976
ROACE 5.4% 4.0% 12.3% 17.3% 5.4%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the full-year 2020 from the
consolidated financial statements of TOTAL SE as of December 31, 2020
(unaudited). The audit procedures by the Statutory Auditors are underway. The
consolidated financial statements (unaudited) are available on the Total
website total.com. This document does not constitute the annual financial
report (rapport financier annuel) within the meaning of article L.451.1.2 of
the French monetary and financial code (code monétaire et financier).
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TOTAL. This document may also contain statements regarding the
perspectives, objectives 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 including those due to
epidemics such as Covid-19. 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. Further information on factors, risks and uncertainties
that could affect the Group’s business, financial condition, including its
operating income and cash flow, reputation or outlook 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/A 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 and operating
cash flow before working capital changes. 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 our Form 20-F/A, 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.
------------------------------------------------------------------------------
(1) Definition page 3.
(2) Excluding leases.
(3) Certain transactions referred to in the highlights are subject to approval
by authorities or to other 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 13.
(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 13).
(9) Net investments = organic investments + net acquisitions (see page 13).
(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 15. The reconciliation
table for different cash flow figures is on page 13.
(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 15.
(13 )Details shown on page 13 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 financial statements
______________________
Fourth quarter and full-year 2020 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) ((a)) 4(th) quarter 3(rd) quarter 4(th) quarter
2020 2020 2019
Sales 37,943 33,142 49,280
Excise taxes (5,595) (5,925) (5,895)
Revenues from sales 32,348 27,217 43,385
Purchases, net of inventory variation (20,508) (16,885) (28,212)
Other operating expenses (6,663) (5,610) (7,090)
Exploration costs (338) (139) (231)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,543) (3,493) (4,431)
Other income 838 457 428
Other expense (697) (281) (235)
Financial interest on debt (501) (547) (606)
Financial income and expense from cash & cash equivalents 53 89 51
Cost of net debt (448) (458) (555)
Other financial income 173 134 143
Other financial expense (183) (165) (203)
Net income (loss) from equity affiliates 73 94 502
Income taxes (149) (690) (852)
Consolidated net income 903 181 2,649
Group share 891 202 2,600
Non-controlling interests 12 (21) 49
Earnings per share ($) 0.31 0.04 0.98
Fully-diluted earnings per share ($) 0.31 0.04 0.97
((a) Except for per share amounts.)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) 4(th) quarter 3(rd) quarter 4(th) quarter
2020 2020 2019
Consolidated net income 903 181 2,649
Other comprehensive income
Actuarial gains and losses 17 (6) (138)
Change in fair value of investments in equity instruments 386 221 16
Tax effect (21) - 40
Currency translation adjustment generated by the parent company 4,074 3,663 2,461
Items not potentially reclassifiable to profit and loss 4,456 3,878 2,379
Currency translation adjustment (1,875) (1,830) (654)
Cash flow hedge 617 363 (24)
Variation of foreign currency basis spread (7) (35) (49)
Share of other comprehensive income of equity affiliates, net amount (100) (804) 82
Other (4) (7) 1
Tax effect (180) (115) 26
Items potentially reclassifiable to profit and loss (1,549) (2,428) (618)
Total other comprehensive income (net amount) 2,907 1,450 1,761
Comprehensive income 3,810 1,631 4,410
Group share 3,576 1,536 4,319
Non-controlling interests 234 95 91
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$) ((a)) Year Year
2020 2019
(unaudited)
Sales 140,685 200,316
Excise taxes (20,981) (24,067)
Revenues from sales 119,704 176,249
Purchases, net of inventory variation (77,486) (116,221)
Other operating expenses (25,538) (27,255)
Exploration costs (731) (785)
Depreciation, depletion and impairment of tangible assets and mineral interests (22,264) (15,731)
Other income 2,237 1,163
Other expense (1,506) (1,192)
Financial interest on debt (2,147) (2,333)
Financial income and expense from cash & cash equivalents 37 (19)
Cost of net debt (2,110) (2,352)
Other financial income 914 792
Other financial expense (690) (764)
Net income (loss) from equity affiliates 452 3,406
Income taxes (318) (5,872)
Consolidated net income (7,336) 11,438
Group share (7,242) 11,267
Non-controlling interests (94) 171
Earnings per share ($) (2.90) 4.20
Fully-diluted earnings per share ($) (2.90) 4.17
((a) Except for per share amounts.)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(M$) Year Year
2020 2019
(unaudited)
Consolidated net income (7,336) 11,438
Other comprehensive income
Actuarial gains and losses (212) (192)
Change in fair value of investments in equity instruments 533 142
Tax effect 65 53
Currency translation adjustment generated by the parent company 7,541 (1,533)
Items not potentially reclassifiable to profit and loss 7,927 (1,530)
Currency translation adjustment (4,645) 740
Cash flow hedge (313) (599)
Variation of foreign currency basis spread 28 1
Share of other comprehensive income of equity affiliates, net amount (1,831) 408
Other (8) (3)
Tax effect 72 202
Items potentially reclassifiable to profit and loss (6,697) 749
Total other comprehensive income (net amount) 1,230 (781)
Comprehensive income (6,106) 10,657
Group share (6,312) 10,418
Non-controlling interests 206 239
CONSOLIDATED BALANCE SHEET
TOTAL
(M$) December 31, September 30, December 31,
2020 2020 2019
(unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,528 33,145 33,178
Property, plant and equipment, net 108,335 104,355 116,408
Equity affiliates : investments and loans 27,976 27,386 27,122
Other investments 2,007 1,822 1,778
Non-current financial assets 4,781 3,155 912
Deferred income taxes 7,016 6,952 6,216
Other non-current assets 2,810 2,570 2,415
Total non-current assets 186,453 179,385 188,029
Current assets
Inventories, net 14,730 12,373 17,132
Accounts receivable, net 14,068 12,893 18,488
Other current assets 13,428 14,637 17,013
Current financial assets 4,630 6,011 3,992
Cash and cash equivalents 31,268 30,593 27,352
Assets classified as held for sale 1,555 1,090 1,288
Total current assets 79,679 77,597 85,265
Total assets 266,132 256,982 273,294
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,267 8,267 8,123
Paid-in surplus and retained earnings 107,078 107,632 121,170
Currency translation adjustment (10,256) (12,275) (11,503)
Treasury shares (1,387) (1,390) (1,012)
Total shareholders' equity - Group share 103,702 102,234 116,778
Non-controlling interests 2,383 2,177 2,527
Total shareholders' equity 106,085 104,411 119,305
Non-current liabilities
Deferred income taxes 10,326 10,367 11,858
Employee benefits 3,917 3,719 3,501
Provisions and other non-current liabilities 20,925 19,351 20,613
Non-current financial debt 60,203 61,477 47,773
Total non-current liabilities 95,371 94,914 83,745
Current liabilities
Accounts payable 23,574 18,880 28,394
Other creditors and accrued liabilities 22,465 22,806 25,749
Current borrowings 17,099 14,980 14,819
Other current financial liabilities 203 196 487
Liabilities directly associated with the assets classified as held for sale 1,335 795 795
Total current liabilities 64,676 57,657 70,244
Total liabilities & shareholders' equity 266,132 256,982 273,294
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) 4(th) quarter 3(rd) quarter 4(th) quarter
2020 2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 903 181 2,649
Depreciation, depletion, amortization and impairment 3,796 3,634 4,624
Non-current liabilities, valuation allowances and deferred taxes (237) (88) (672)
(Gains) losses on disposals of assets (260) (309) (176)
Undistributed affiliates' equity earnings 379 178 267
(Increase) decrease in working capital 1,342 980 46
Other changes, net (249) (225) (139)
Cash flow from operating activities 5,674 4,351 6,599
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,834) (2,157) (4,015)
Acquisitions of subsidiaries, net of cash acquired (778) - (155)
Investments in equity affiliates and other securities (221) (229) (170)
Increase in non-current loans (355) (301) (319)
Total expenditures (5,188) (2,687) (4,659)
Proceeds from disposals of intangible assets and property, plant and equipment 114 363 301
Proceeds from disposals of subsidiaries, net of cash sold 124 4 13
Proceeds from disposals of non-current investments 186 77 43
Repayment of non-current loans 288 342 377
Total divestments 712 786 734
Cash flow used in investing activities (4,476) (1,901) (3,925)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - 1
- Treasury shares - - (620)
Dividends paid:
- Parent company shareholders (2,053) (825) (1,876)
- Non-controlling interests (5) (103) (1)
Net issuance (repayment) of perpetual subordinated notes - 331 -
Payments on perpetual subordinated notes (62) (22) (56)
Other transactions with non-controlling interests (59) (75) 160
Net issuance (repayment) of non-current debt 104 224 84
Increase (decrease) in current borrowings (339) (2,343) (1,131)
Increase (decrease) in current financial assets and liabilities 1,212 730 (168)
Cash flow from (used in) financing activities (1,202) (2,083) (3,607)
Net increase (decrease) in cash and cash equivalents (4) 367 (933)
Effect of exchange rates 679 499 831
Cash and cash equivalents at the beginning of the period 30,593 29,727 27,454
Cash and cash equivalents at the end of the period 31,268 30,593 27,352
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$) Year Year
2020 2019
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income (7,336) 11,438
Depreciation, depletion, amortization and impairment 22,861 16,401
Non-current liabilities, valuation allowances and deferred taxes (1,782) (58)
(Gains) losses on disposals of assets (909) (614)
Undistributed affiliates' equity earnings 948 (1,083)
(Increase) decrease in working capital 1,869 (1,718)
Other changes, net (848) 319
Cash flow from operating activities 14,803 24,685
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (10,764) (11,810)
Acquisitions of subsidiaries, net of cash acquired (966) (4,748)
Investments in equity affiliates and other securities (2,120) (1,618)
Increase in non-current loans (1,684) (1,061)
Total expenditures (15,534) (19,237)
Proceeds from disposals of intangible assets and property, plant and equipment 740 527
Proceeds from disposals of subsidiaries, net of cash sold 282 158
Proceeds from disposals of non-current investments 578 349
Repayment of non-current loans 855 1,026
Total divestments 2,455 2,060
Cash flow used in investing activities (13,079) (17,177)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 374 452
- Treasury shares (611) (2,810)
Dividends paid:
- Parent company shareholders (6,688) (6,641)
- Non-controlling interests (184) (115)
Net issuance (repayment) of perpetual subordinated notes 331 -
Payments on perpetual subordinated notes (315) (371)
Other transactions with non-controlling interests (204) 10
Net issuance (repayment) of non-current debt 15,800 8,131
Increase (decrease) in current borrowings (6,501) (5,829)
Increase (decrease) in current financial assets and liabilities (604) (536)
Cash flow from (used in) financing activities 1,398 (7,709)
Net increase (decrease) in cash and cash equivalents 3,122 (201)
Effect of exchange rates 794 (354)
Cash and cash equivalents at the beginning of the period 27,352 27,907
Cash and cash equivalents at the end of the period 31,268 27,352
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(Unaudited: Year 2020)
Common shares issued Paid-in Currency Treasury shares Shareholders' equity - Non-controlling Total
surplus and translation Group share interests shareholders'
retained adjustment equity
earnings
(M$) Number Amount Number Amount
As of January 1, 2019 2,640,602,007 8,227 120,569 (11,313) (32,473,281) (1,843) 115,640 2,474 118,114
Net income 2019 - - 11,267 - - - 11,267 171 11,438
Other comprehensive Income - - (659) (190) - - (849) 68 (781)
Comprehensive Income - - 10,608 (190) - - 10,418 239 10,657
Dividend - - (7,730) - - - (7,730) (115) (7,845)
Issuance of common shares 26,388,503 74 1,265 - - - 1,339 - 1,339
Purchase of treasury shares - - - - (52,389,336) (2,810) (2,810) - (2,810)
Sale of treasury shares ((1)) - - (219) - 4,278,948 219 - - -
Share-based payments - - 207 - - - 207 - 207
Share cancellation (65,109,435) (178) (3,244) - 65,109,435 3,422 - - -
Net issuance (repayment) of perpetual subordinated notes - - (4) - - - (4) - (4)
Payments on perpetual subordinated notes - - (353) - - - (353) - (353)
Other operations with non-controlling interests - - 55 - - - 55 (42) 13
Other items - - 16 - - - 16 (29) (13)
As of December 31, 2019 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
Net income 2020 - - (7,242) - - - (7,242) (94) (7,336)
Other comprehensive Income - - (321) 1,251 - - 930 300 1,230
Comprehensive Income - - (7,563) 1,251 - - (6,312) 206 (6,106)
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 - - - - (13,236,044) (611) (611) - (611)
Sale of treasury shares ((1)) - - (236) - 4,317,575 236 - - -
Share-based payments - - 188 - - - 188 - 188
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - 331 - - - 331 - 331
Payments on perpetual subordinated notes - - (308) - - - (308) - (308)
Other operations with non-controlling interests - - (61) (4) - - (65) (117) (182)
Other items - - (14) - - - (14) 1 (13)
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
((1) Treasury shares related to the restricted stock grants.)
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4(th) quarter 2020 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 1,257 5,231 15,052 16,393 10 - 37,943
Intersegment sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 6,831 5,859 18,584 11,524 150 (10,600) 32,348
Operating expenses (3,489) (5,569) (17,989) (10,776) (286) 10,600 (27,509)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,500) (354) (412) (241) (36) - (3,543)
Operating income 842 (64) 183 507 (172) - 1,296
Net income (loss) from equity affiliates and other items 6 149 (54) (9) 112 - 204
Tax on net operating income 91 7 (93) (169) (72) - (236)
Net operating income 939 92 36 329 (132) - 1,264
Net cost of net debt (361)
Non-controlling interests (12)
Net income - group share 891
4(th) quarter 2020 (adjustments) ((a) ) Exploration Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) & Renewables & Chemicals Services
Production Power
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 interests (355) - (16) - - - (371)
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
(M$) & Renewables & Chemicals Services
Production Power
Non-Group sales 1,257 5,228 15,052 16,393 10 - 37,940
Intersegment sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 6,831 5,856 18,584 11,524 150 (10,600) 32,345
Operating expenses (3,440) (5,513) (18,122) (10,793) (317) 10,600 (27,585)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,145) (354) (396) (241) (36) - (3,172)
Adjusted operating income 1,246 (11) 66 490 (203) - 1,588
Net income (loss) from equity affiliates and other items 31 175 137 4 5 - 352
Tax on net operating income (209) 90 (33) (162) 85 - (229)
Adjusted net operating income 1,068 254 170 332 (113) - 1,711
Net cost of net debt (371)
Non-controlling interests (36)
Adjusted net income - group share 1,304
4(th) quarter 2020 Exploration Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) & Renewables & Chemicals Services
Production Power
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
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3(rd) quarter 2020 Exploration Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) & Renewables &
Chemicals Services
Production Power
Non-Group sales 1,142 1,995 13,607 16,397 1 - 33,142
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,475 17,116 11,193 25 (8,982) 27,217
Operating expenses (2,435) (1,880) (16,799) (10,301) (201) 8,982 (22,634)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,187) (342) (678) (270) (16) - (3,493)
Operating income 768 253 (361) 622 (192) - 1,090
Net income (loss) from equity affiliates and other items 251 225 (247) 14 (4) - 239
Tax on net operating income (243) (266) (51) (187) 3 - (744)
Net operating income 776 212 (659) 449 (193) - 585
Net cost of net debt (404)
Non-controlling interests 21
Net income - group share 202
3(rd) quarter 2020 (adjustments) ((a) ) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales - 33 - - - - 33
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 33 - - - - 33
Operating expenses (51) (49) (48) (6) - - (154)
Depreciation, depletion and impairment of tangible assets and mineral interests - - (290) - - - (290)
Operating income( (b)) (51) (16) (338) (6) - - (411)
Net income (loss) from equity affiliates and other items 8 (64) (215) (6) - - (277)
Tax on net operating income 18 7 (18) - - - 7
Net operating income( (b)) (25) (73) (571) (12) - - (681)
Net cost of net debt 29
Non-controlling interests 6
Net income - group share (646)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 95 (5) -
On net operating income - - 14 (6) -
3(rd )quarter 2020 (adjusted) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 1,142 1,962 13,607 16,397 1 - 33,109
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,442 17,116 11,193 25 (8,982) 27,184
Operating expenses (2,384) (1,831) (16,751) (10,295) (201) 8,982 (22,480)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,187) (342) (388) (270) (16) - (3,203)
Adjusted operating income 819 269 (23) 628 (192) - 1,501
Net income (loss) from equity affiliates and other items 243 289 (32) 20 (4) - 516
Tax on net operating income (261) (273) (33) (187) 3 - (751)
Adjusted net operating income 801 285 (88) 461 (193) - 1,266
Net cost of net debt (433)
Non-controlling interests 15
Adjusted net income - group share 848
3(rd) quarter 2020 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Total expenditures 1,291 874 317 185 20 - 2,687
Total divestments 362 380 17 25 2 - 786
Cash flow from operating activities 2,043 654 1,027 1,033 (406) - 4,351
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4(th) quarter 2019 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production
Chemicals Services
Renewables &
Power
Non-Group sales 1,563 4,292 22,040 21,379 6 - 49,280
Intersegment sales 8,266 993 7,739 203 47 (17,248) -
Excise taxes - - (765) (5,130) - - (5,895)
Revenues from sales 9,829 5,285 29,014 16,452 53 (17,248) 43,385
Operating expenses (4,156) (4,471) (28,084) (15,714) (356) 17,248 (35,533)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,307) (488) (351) (263) (22) - (4,431)
Operating income 2,366 326 579 475 (325) - 3,421
Net income (loss) from equity affiliates and other items 166 391 57 15 6 - 635
Tax on net operating income (893) 104 (3) (100) (39) - (931)
Net operating income 1,639 821 633 390 (358) - 3,125
Net cost of net debt (476)
Non-controlling interests (49)
Net income - group share 2,600
4(th) quarter 2019 (adjustments) ((a) ) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales - 10 - - - - 10
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 10 - - - - 10
Operating expenses (45) (87) 44 (102) (112) - (302)
Depreciation, depletion and impairment of tangible assets and mineral interests (525) (136) (9) - - - (670)
Operating income( (b)) (570) (213) 35 (102) (112) - (962)
Net income (loss) from equity affiliates and other items (22) (38) (13) (23) - - (96)
Tax on net operating income 200 278 31 41 (73) - 477
Net operating income( (b)) (392) 27 53 (84) (185) - (581)
Net cost of net debt (3)
Non-controlling interests 19
Net income - group share (565)
((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 - - 85 (96) -
On net operating income - - 117 (60) -
4(th )quarter 2019 (adjusted) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 1,563 4,282 22,040 21,379 6 - 49,270
Intersegment sales 8,266 993 7,739 203 47 (17,248) -
Excise taxes - - (765) (5,130) - - (5,895)
Revenues from sales 9,829 5,275 29,014 16,452 53 (17,248) 43,375
Operating expenses (4,111) (4,384) (28,128) (15,612) (244) 17,248 (35,231)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,782) (352) (342) (263) (22) - (3,761)
Adjusted operating income 2,936 539 544 577 (213) - 4,383
Net income (loss) from equity affiliates and other items 188 429 70 38 6 - 731
Tax on net operating income (1,093) (174) (34) (141) 34 - (1,408)
Adjusted net operating income 2,031 794 580 474 (173) - 3,706
Net cost of net debt (473)
Non-controlling interests (68)
Adjusted net income - group share 3,165
4(th) quarter 2019 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals
Services
Power
Total expenditures 2,633 747 664 571 44 - 4,659
Total divestments 256 342 69 62 5 - 734
Cash flow from operating activities 4,206 1,527 1,142 278 (554) - 6,599
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2020 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 4,973 15,629 56,615 63,451 17 - 140,685
Intersegment sales 18,483 2,003 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from sales 23,456 17,632 71,588 45,232 240 (38,444) 119,704
Operating expenses (11,972) (15,847) (70,524) (42,807) (1,049) 38,444 (103,755)
Depreciation, depletion and impairment of tangible assets and mineral interests (16,998) (2,312) (1,878) (984) (92) - (22,264)
Operating income (5,514) (527) (814) 1,441 (901) - (6,315)
Net income (loss) from equity affiliates and other items 697 794 (393) 37 272 - 1,407
Tax on net operating income (208) 71 59 (515) (67) - (660)
Net operating income (5,025) 338 (1,148) 963 (696) - (5,568)
Net cost of net debt (1,768)
Non-controlling interests 94
Net income - group share (7,242)
Year 2020 (adjustments) ((a) ) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales - 20 - - - - 20
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 20 - - - - 20
Operating expenses (137) (423) (1,552) (330) (60) - (2,502)
Depreciation, depletion and impairment of tangible assets and mineral interests (7,693) (953) (306) - - - (8,952)
Operating income( (b)) (7,830) (1,356) (1,858) (330) (60) - (11,434)
Net income (loss) from equity affiliates and other items 54 (382) (677) (24) 107 - (922)
Tax on net operating income 388 298 348 93 (145) - 982
Net operating income( (b)) (7,388) (1,440) (2,187) (261) (98) - (11,374)
Net cost of net debt - - - - - - (29)
Non-controlling interests - - - - - - 102
Net income - group share - - - - - - (11,301)
((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 - - (1,244) (196) -
On net operating income - - (1,165) (137) -
Year 2020 (adjusted) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 4,973 15,609 56,615 63,451 17 - 140,665
Intersegment sales 18,483 2,003 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from sales 23,456 17,612 71,588 45,232 240 (38,444) 119,684
Operating expenses (11,835) (15,424) (68,972) (42,477) (989) 38,444 (101,253)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,305) (1,359) (1,572) (984) (92) - (13,312)
Adjusted operating income 2,316 829 1,044 1,771 (841) - 5,119
Net income (loss) from equity affiliates and other items 643 1,176 284 61 165 - 2,329
Tax on net operating income (596) (227) (289) (608) 78 - (1,642)
Adjusted net operating income 2,363 1,778 1,039 1,224 (598) - 5,806
Net cost of net debt (1,739)
Non-controlling interests (8)
Adjusted net income - group share 4,059
Year 2020 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Total expenditures 6,782 6,230 1,325 1,052 145 - 15,534
Total divestments 819 1,152 149 158 177 - 2,455
Cash flow from operating activities 9,922 2,129 2,438 2,101 (1,787) - 14,803
BUSINESS SEGMENT INFORMATION
TOTAL
Year 2019 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales 7,261 18,167 87,598 87,280 10 - 200,316
Intersegment sales 31,329 2,825 32,390 659 125 (67,328) -
Excise taxes - - (3,015) (21,052) - - (24,067)
Revenues from sales 38,590 20,992 116,973 66,887 135 (67,328) 176,249
Operating expenses (16,389) (18,316) (112,104) (63,855) (925) 67,328 (144,261)
Depreciation, depletion and impairment of tangible assets and mineral interests (11,659) (1,492) (1,527) (980) (73) - (15,731)
Operating income 10,542 1,184 3,342 2,052 (863) - 16,257
Net income (loss) from equity affiliates and other items 610 2,330 322 101 42 - 3,405
Tax on net operating income (4,572) (741) (470) (598) 155 - (6,226)
Net operating income 6,580 2,773 3,194 1,555 (666) - 13,436
Net cost of net debt (1,998)
Non-controlling interests (171)
Net income - group share 11,267
Year 2019 (adjustments) ((a) ) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Non-Group sales - (64) - - - - (64)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (64) - - - - (64)
Operating expenses (145) (240) 397 (40) (112) - (140)
Depreciation, depletion and impairment of tangible assets and mineral interests (721) (156) (41) (2) - - (920)
Operating income( (b)) (866) (460) 356 (42) (112) - (1,124)
Net income (loss) from equity affiliates and other items (112) 974 (83) (83) - - 696
Tax on net operating income 49 (130) (82) 27 (73) - (209)
Net operating income( (b)) (929) 384 191 (98) (185) - (637)
Net cost of net debt (15)
Non-controlling interests 91
Net income - group share (561)
((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 - - 477 (31) -
On net operating income - - 371 (14) -
Year 2019 (adjusted) Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables &
Services
Power Chemicals
Non-Group sales 7,261 18,231 87,598 87,280 10 - 200,380
Intersegment sales 31,329 2,825 32,390 659 125 (67,328) -
Excise taxes - - (3,015) (21,052) - - (24,067)
Revenues from sales 38,590 21,056 116,973 66,887 135 (67,328) 176,313
Operating expenses (16,244) (18,076) (112,501) (63,815) (813) 67,328 (144,121)
Depreciation, depletion and impairment of tangible assets and mineral interests (10,938) (1,336) (1,486) (978) (73) - (14,811)
Adjusted operating income 11,408 1,644 2,986 2,094 (751) - 17,381
Net income (loss) from equity affiliates and other items 722 1,356 405 184 42 - 2,709
Tax on net operating income (4,621) (611) (388) (625) 228 - (6,017)
Adjusted net operating income 7,509 2,389 3,003 1,653 (481) - 14,073
Net cost of net debt (1,983)
Non-controlling interests (262)
Adjusted net income - group share 11,828
Year 2019 Exploration & Integrated Gas, Refining & Marketing & Corporate Intercompany Total
(M$) Production Renewables & Chemicals Services
Power
Total expenditures 8,992 7,053 1,698 1,374 120 - 19,237
Total divestments 368 1,108 322 249 13 - 2,060
Cash flow from operating activities 16,917 3,461 3,837 2,604 (2,134) - 24,685
Reconciliation of the information by business segment with consolidated
financial statements
TOTAL
(unaudited)
4(th) quarter 2020 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 37,940 3 37,943
Excise taxes (5,595) - (5,595)
Revenues from sales 32,345 3 32,348
Purchases, net of inventory variation (20,781) 273 (20,508)
Other operating expenses (6,466) (197) (6,663)
Exploration costs (338) - (338)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,172) (371) (3,543)
Other income 275 563 838
Other expense (280) (417) (697)
Financial interest on debt (497) (4) (501)
Financial income and expense from cash & cash equivalents 32 21 53
Cost of net debt (465) 17 (448)
Other financial income 173 - 173
Other financial expense (183) - (183)
Net income (loss) from equity affiliates 367 (294) 73
Income taxes (135) (14) (149)
Consolidated net income 1,340 (437) 903
Group share 1,304 (413) 891
Non-controlling interests 36 (24) 12
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4(th) quarter 2019 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 49,270 10 49,280
Excise taxes (5,895) - (5,895)
Revenues from sales 43,375 10 43,385
Purchases, net of inventory variation (28,126) (86) (28,212)
Other operating expenses (6,874) (216) (7,090)
Exploration costs (231) - (231)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,761) (670) (4,431)
Other income 256 172 428
Other expense (133) (102) (235)
Financial interest on debt (603) (3) (606)
Financial income and expense from cash & cash equivalents 51 - 51
Cost of net debt (552) (3) (555)
Other financial income 143 - 143
Other financial expense (203) - (203)
Net income (loss) from equity affiliates 668 (166) 502
Income taxes (1,329) 477 (852)
Consolidated net income 3,233 (584) 2,649
Group share 3,165 (565) 2,600
Non-controlling interests 68 (19) 49
((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
TOTAL
Year 2020 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
(unaudited)
Sales 140,665 20 140,685
Excise taxes (20,981) - (20,981)
Revenues from sales 119,684 20 119,704
Purchases, net of inventory variation (75,672) (1,814) (77,486)
Other operating expenses (24,850) (688) (25,538)
Exploration costs (731) - (731)
Depreciation, depletion and impairment of tangible assets and mineral interests (13,312) (8,952) (22,264)
Other income 1,405 832 2,237
Other expense (689) (817) (1,506)
Financial interest on debt (2,140) (7) (2,147)
Financial income and expense from cash & cash equivalents 68 (31) 37
Cost of net debt (2,072) (38) (2,110)
Other financial income 914 - 914
Other financial expense (689) (1) (690)
Net income (loss) from equity affiliates 1,388 (936) 452
Income taxes (1,309) 991 (318)
Consolidated net income 4,067 (11,403) (7,336)
Group share 4,059 (11,301) (7,242)
Non-controlling interests 8 (102) (94)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2019 Adjusted Adjustments ((a)) Consolidated
(M$) statement of income
Sales 200,380 (64) 200,316
Excise taxes (24,067) - (24,067)
Revenues from sales 176,313 (64) 176,249
Purchases, net of inventory variation (116,464) 243 (116,221)
Other operating expenses (26,872) (383) (27,255)
Exploration costs (785) - (785)
Depreciation, depletion and impairment of tangible assets and mineral interests (14,811) (920) (15,731)
Other income 876 287 1,163
Other expense (455) (737) (1,192)
Financial interest on debt (2,318) (15) (2,333)
Financial income and expense from cash & cash equivalents (19) - (19)
Cost of net debt (2,337) (15) (2,352)
Other financial income 792 - 792
Other financial expense (764) - (764)
Net income (loss) from equity affiliates 2,260 1,146 3,406
Income taxes (5,663) (209) (5,872)
Consolidated net income 12,090 (652) 11,438
Group share 11,828 (561) 11,267
Non-controlling interests 262 (91) 171
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
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