REG-TOTAL Total: Third Quarter 2020 Results
30/10/2020 12:40
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Total: Third Quarter 2020 Results
Total confirms resilience at $40/b and maintains dividend
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
3Q20 Change 9M20 Change
vs 3Q19
vs 9M19
Oil price - Brent ($/b) 42.9 -31% 41.1 -36%
European gas price - NBP ($/Mbtu) 2.9 -26% 2.5 -47%
Adjusted net income (Group share)(1 )
- in billions of dollars (B$) 0.85 -72% 2.76 -68%
- in dollars per share 0.29 -74% 0.97 -70%
DACF(1) (B$) 4.3 -41% 12.7 -39%
Cash Flow from operations (B$) 4.4 -47% 9.1 -50%
Net income (Group share) of 202 M$ in 3Q20
Net-debt-to-capital ratio of 22.0% at September 30, 2020 vs. 23.6% at June 30, 2020(2)
Hydrocarbon production of 2,715 kboe/d in 3Q20, a decrease of 11% compared to 3Q19
Third 2020 interim dividend set at 0.66 €/share
Total SE’s Board of Directors met on October 29, 2020, under the
chairmanship of CEO Patrick Pouyanné to approve the Group’s third quarter
2020 financial statements. On this occasion, Patrick Pouyanné said:
“After a second quarter in which the Group faced exceptional circumstances
with oil prices falling below $20/b and a very strong slowdown of global
activity linked to the health crisis, the Group benefited during the third
quarter from a more favorable environment, with oil prices above $40/b thanks
to strong OPEC+ discipline as well as the demand recovery for petroleum
products for road transportation. However, the environment was mixed with low
natural gas prices and severely depressed refining margins due to excess
production capacity relative to demand and high inventories.
In this context, the Group is once again demonstrating its resilience thanks
to its integrated model, by generating cash flow (DACF) of more than $4
billion, conforming to forecasts with a $40/b crude price, and reducing
gearing to 22% given its investment and cost discipline. Adjusted net income
was close to $850 million, and the organic cash breakeven remained below
$25/b.
Upstream carries the Group’s results with adjusted net operating income of
$1.1 billion, notably thanks to low production costs of $5/boe, despite lower
LNG prices and lower production. Given the strict discipline with which OPEC+
has implemented quotas and the lack of production in Libya until October 2020,
the Group now anticipates full-year 2020 production below 2.9 Mboe/d.
In Downstream, Refining faced losses while Petrochemicals resisted, and
Marketing & Services generated net operating income of more than $400
million, better than in the third quarter 2019. Following the announcement of
the sale of the Lindsey refinery in the United Kingdom in July, the Group
continued to adapt its European refining with the conversion of Grandpuits in
France to a zero-oil platform that will produce biofuels and bioplastics.
During the quarter, the Group accelerated the implementation of its renewable
energy strategy, notably by acquiring a 3.3 GW solar portfolio in Spain and
taking positions in floating offshore wind in South Korea and France. In
addition to the gross renewable installed capacity of 5.1 GW at the end of the
third quarter, the Group is developing a portfolio of 19 GW of projects, of
which 9 GW already benefit from long-term power purchase agreements.
Confident in the fundamentals of the Group, the Board of Directors confirmed
the third interim dividend payment maintained at €0.66 per share and
reaffirmed that the dividend is supported in a context of $40/b, particularly
in view of the results this quarter.”
Highlights(3)
Sustainability
* Recognition of the Group as a “LEAD” company by the United Nations Global
Compact
* New Biodiversity Ambition with enhanced commitments
* Signature as co-founder of the “Sea Cargo Charter” to provide transparent
and standard reporting of greenhouse gas emissions related to maritime
transport activities
* First publication of the "Sustainability Accounting Standards Board” report
(Exploration & Production standard)
Renewables and electricity
* Acquired a 3.3 GW portfolio of solar projects in Spain, bringing the total
capacity to more than 5 GW of solar projects in development in the country
* Decision to cover the entire electricity consumption of the Group’s
industrial sites in Europe by 2025 with green electricity produced by its
Spanish solar sites, through a 3 GW “corporate PPA”
* Finalization by SunPower of the Maxeon Solar Technologies spin-off in the US
* Strengthened partnership with Adani in solar, with expansion of portfolio to
2.3 GW in India
* Agreement with Macquarie to develop 2 GW portfolio of floating offshore wind
in South Korea
* Acquired 20% stake in the Eolmed 30 MW floating offshore wind project in the
Mediterranean
* Creation of Automotive Cells Company JV with Groupe PSA to develop and
manufacture batteries in Europe for electric vehicles
* Acquired Blue Point London, operator of London’s largest charging network
with 1,600 electric vehicle charging points
Liquids
* Launched third development phase of the giant Mero field in Brazil
* Finalized the “Host Government Agreement” with the Ugandan government on
the EACOP pipeline, a major step toward sanctioning the Tilenga project
* Agreement to sell to Perenco interests in 7 mature non-operated offshore
fields and the Cap Lopez oil terminal in Gabon
* Completed sale to Neo Energy of mature fields in the UK North Sea
* Announced conversion of the Grandpuits refinery in France to a zero-oil
platform by 2024
Key figures from Total’s consolidated financial statements(4)
3Q20 2Q20 3Q19 3Q20 In millions of dollars, except effective tax rate, 9M20 9M19 9M20
vs earnings per share and number of shares vs
3Q19 9M19
1,459 821 3,673 -60% Adjusted net operating income from business segments 4,580 10,675 -57%
801 (209) 1,734 -54% Exploration & Production 1,295 5,478 -76%
285 326 574 -50% Integrated Gas, Renewables & Power 1,524 1,595 -4%
(88) 575 952 ns Refining & Chemicals 869 2,423 -64%
461 129 413 +12% Marketing & Services 892 1,179 -24%
352 11 521 -32% Contribution of equity affiliates to adjusted net income 1,021 1,592 -36%
45.7% -6.8% 30.7% Group effective tax rate(5) 32.3% 34.9%
848 126 3,017 -72% Adjusted net income (Group share) 2,755 8,663 -68%
0.29 0.02 1.13 -74% Adjusted fully-diluted earnings per share (dollars)(6) 0.97 3.20 -70%
0.24 0.02 1.01 -76% Adjusted fully-diluted earnings per share (euros)* 0.86 2.85 -70%
2,637 2,598 2,614 +1% Fully-diluted weighted-average shares (millions) 2,612 2,621 -
202 (8,369) 2,800 -93% Net income (Group share) (8,133) 8,667 ns
2,184 2,201 3,296 -34% Organic investments(7) 6,908 9,107 -24%
(272) 721 3,422 ns Net acquisitions(8) 1,551 4,131 -62%
1,912 2,922 6,718 -72% Net investments(9) 8,459 13,238 -36%
3,791 3,644 6,737 -44% Operating cash flow before working capital changes**(10) 11,199 19,318 -42%
4,281 4,143 7,269 -41% Operating cash flow before working capital changes 12,701 20,854 -39%
w/o financial charges (DACF)(11)
4,351 3,479 8,206 -47% Cash flow from operations 9,129 18,086 -50%
From 2019, data take into account the impact of the IFRS16 “Leases” rule,
effective January 1, 2019.
* Average €-$ exchange rate: 1.1689 in the third quarter 2020 and 1.1250 in
the first nine months 2020.
** 2Q20, 3Q19 and 9M19 data restated
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
3Q20 2Q20 3Q19 3Q20 9M20 9M19 9M20
vs vs
3Q19 9M19
42.9 29.6 62.0 -31% Brent ($/b) 41.1 64.6 -36%
2.1 1.8 2.3 -9% Henry Hub ($/Mbtu) 1.9 2.6 -25%
2.9 1.7 3.9 -26% NBP ($/Mbtu) 2.5 4.8 -47%
3.6 2.1 4.7 -23% JKM ($/Mbtu) 3.1 5.4 -42%
39.9 23.4 58.0 -31% Average price of liquids ($/b) 35.6 60.0 -41%
Consolidated subsidiaries
2.52 2.61 3.48 -27% Average price of gas ($/Mbtu) 2.84 3.93 -28%
Consolidated subsidiaries
3.57 4.40 5.93 -40% Average price of LNG ($/Mbtu) 4.81 6.25 -23%
Consolidated subsidiaries and equity affiliates
-2.7 14.3 47.4 ns Variable cost margin - Refining Europe, VCM ($/t) 13.6 36.2 -62%
* The indicators are shown on page 16.
The average LNG sales price fell by 19% in the third quarter 2020 compared to
the previous quarter, due to the delayed impact of lower oil prices in the
first half 2020 on long-term LNG contracts.
> Production*
3Q20 2Q20 3Q19 3Q20 9M20 9M19 9M20
vs vs
3Q19 9M19
2,715 2,846 3,040 -11% Hydrocarbon production (kboe/d) 2,882 2,981 -3%
1,196 1,315 1,441 -17% Oil (including bitumen) (kb/d) 1,319 1,424 -7%
1,519 1,531 1,599 -5% Gas (including condensates and associated NGL) (kboe/d) 1,563 1,557 -
2,715 2,846 3,040 -11% Hydrocarbon production (kboe/d) 2,882 2,981 -3%
1,437 1,553 1,720 -16% Liquids (kb/d) 1,563 1,658 -6%
6,973 7,045 7,200 -3% Gas (Mcf/d)** 7,193 7,225 -
* Group production = EP production + iGRP production.
** 3Q19 and 9M19 data restated
Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2020, a decrease of 11% year-on-year, comprised
of:
* -7% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab
Emirates, Angola, Kazakhstan and Iraq, as well as voluntary reductions in
Canada and disruptions in Libya.
* -1% due to portfolio effect, notably linked to the sale of Block CA1 in Brunei
and the sale of assets in the United Kingdom.
* +3% due to the start-up and ramp-up of new projects, notably Culzean in the
United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa Rossa in
Italy.
* -3% due to the natural decline of fields.
* -3% due to maintenance.
Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter 2020, a decrease of 5% compared to the previous
quarter, comprised of:
* -3% due to reinforcement OPEC+ quotas, notably in Nigeria.
* -1% due to portfolio effect, notably linked to the sale of assets in the
United Kingdom.
* +1% due to the ramp-up of recently started projects, notably Ichthys in
Australia, Tempa Rossa in Italy and Iara in Brazil.
* -2% due to the natural decline of fields and maintenance.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
3Q20 2Q20 3Q19 3Q20 Hydrocarbon production for LNG 9M20 9M19 9M20
vs vs
3Q19 9M19
518 520 539 -4% iGRP (kboe/d) 530 539 -2%
70 66 73 -5% Liquids (kb/d) 70 71 -2%
2,445 2,471 2,546 -4% Gas (Mcf/d)* 2,509 2,562 -2%
3Q20 2Q20 3Q19 3Q20 Liquefied Natural Gas in Mt 9M20 9M19 9M20
vs vs
3Q19 9M19
8.1 10.4 7.4 +9% Overall LNG sales 28.3 23.7 +19%
4.3 4.3 4.2 +3% incl. Sales from equity production** 13.3 12.0 +11%
6.6 8.7 5.5 +20% incl. Sales by Total from equity production and third party purchases 23.2 18.3 +27%
* 3Q19 and 9M19 data restated
** The Group's equity production may be sold by Total or by the joint
ventures.
3Q20 2Q20 3Q19 3Q20 Renewables & Electricity 9M20 9M19 9M20
vs vs
3Q19 9M19
5.1 5.1 2.7 +85% Gross renewables installed capacity (GW)* 5.1 2.7 +85%
14.2 Gross renewables installed or in development capacity 14.2
with PPA (GW)*
4.1 2.9 2.9 +41% Net power production (TWh)** 9.9 7.9 +25%
1.0 1.1 0.5 x2.1 incl. Power production from renewables 2.8 1.4 x2
4.4 4.2 4.1 +7% Clients power - BtB and BtC (Million)* 4.4 4.1 +7%
1.7 1.7 1.6 +4% Clients gas - BtB and BtC (Million)* 1.7 1.6 +7%
10.2 9.4 9.9 +3% Sales power - BtB and BtC (TWh) 33.8 33.2 +2%
13.5 17.3 13.5 - Sales gas - BtB and BtC (TWh) 64.4 65.5 -2%
* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
Hydrocarbon production for LNG was stable compared to the previous quarter and
down 4% compared to last year.
Total LNG sales:
* increased by 9% in the third quarter 2020 compared to last year, notably due
to an increase in trading activities.
* increased by 19% for the first nine months 2020 compared to the same period
last year for the same reason and thanks to the ramp-up of Yamal LNG, Ichthys
LNG and the start-up of the first two Cameron LNG trains in the US.
Gross installed renewable power generation capacity was 5.1 GW end of third
quarter, a strong 85% increase year-on-year, notably thanks to the acquisition
in India of 50% of a portfolio of more than 2 GW from the Adani Group.
The Group continues to implement its strategy to integrate along the gas and
electricity chain in Europe and has seen the number of its power and gas
customers grow compared to last year by 7% and 4%, respectively, and for the
first nine months 2020 by 7%.
Net electricity production was 4.1 TWh in the third quarter, up 41%
year-on-year, notably due to higher demand on the Group’s CCGTs and the
doubling of renewable electricity production.
Electricity sales increased by 2% in the first nine months 2020 compared to
the same period last year, while gas sales decreased by 2% in the same
comparison, impacted by lower demand linked to the lockdown in Europe.
> Results
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
285 326 574 -50% Adjusted net operating income* 1,524 1,595 -4%
99 (69) 206 -52% including income from equity affiliates 278 656 -58%
450 618 640 -30% Organic investments 1,714 1,575 +9%
36 433 3,375 -99% Net acquisitions 1,606 3,934 -59%
486 1,051 4,015 -88% Net investments 3,320 5,509 -40%
695 1,051 732 -5% Operating cash flow before working capital changes ** 2,346 2,052 +14%
654 1,389 401 +63% Cash flow from operations *** 1,554 1,934 -20%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases. 2Q20, 3Q19 and
9M19 data restated.
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was:
* $285 million in the third quarter 2020 compared to $574 million in the third
quarter 2019, due to the drop in LNG prices.
* $1,524 million in the first nine months 2020, a decrease of 4% compared to the
same period last year for the same reason.
Operating cash flow before working capital changes was $695 million in the
third quarter 2020, a 5% decrease year-on-year, and $2,346 million in the
first nine months 2020, an increase of 14% compared to the same period last
year and in line with the 19% increase in LNG sales.
Exploration & Production
> Production
3Q20 2Q20 3Q19 3Q20 Hydrocarbon production 9M20 9M19 9M20
vs vs
3Q19 9M19
2,197 2,326 2,501 -12% EP (kboe/d) 2,352 2,442 -4%
1,367 1,487 1,647 -17% Liquids (kb/d) 1,493 1,587 -6%
4,528 4,574 4,654 -3% Gas (Mcf/d) 4,684 4,663 -
> Results
3Q20 2Q20 3Q19 3Q20 In millions of dollars, except effective tax rate 9M20 9M19 9M20
vs vs
3Q19 9M19
801 (209) 1,734 -54% Adjusted net operating income* 1,295 5,478 -76%
268 48 297 -10% including income from equity affiliates 706 749 -6%
32.9% 56.6% 39.7% Effective tax rate** 39.7% 42.8%
1,266 1,112 2,064 -39% Organic investments 3,950 6,017 -34%
(309) 311 (3) ns Net acquisitions (4) 239 ns
957 1,423 2,061 -54% Net investments 3,946 6,256 -37%
2,646 1,810 4,451 -41% Operating cash flow before working capital changes *** 7,032 13,579 -48%
2,043 910 5,007 -59% Cash flow from operations *** 6,876 12,711 -46%
* 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:
* $801 million in the third quarter compared to $1,734 million a year ago due to
the sharp drop in oil and gas prices and lower production.
* $1,295 million in the first nine months 2020, a 76% decrease compared to the
same period last year for the same reasons.
Operating cash flow before working capital changes was $2,646 million in the
third quarter, down 41% year-on-year, and $7,032 million in the first nine
months 2020, a 48% decrease compared to the same period last year.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
373 704 1,365 -73% Adjusted net operating income* 1,761 3,602 -51%
449 457 570 -21% Organic investments 1,183 1,447 -18%
2 (20) 52 -96% Net acquisitions (48) (42) ns
451 437 622 -27% Net investments 1,135 1,405 -19%
971 1,488 1,995 -51% Operating cash flow before working capital changes ** 3,523 5,113 -31%
2,060 1,899 3,058 -33% Cash flow from operations ** 2,377 5,021 -53%
* 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
3Q20 2Q20 3Q19 3Q20 Refinery throughput and utilization rate* 9M20 9M19 9M20
vs vs
3Q19 9M19
1,212 1,249 1,719 -29% Total refinery throughput (kb/d) 1,302 1,725 -25%
267 205 503 -47% France 242 514 -53%
540 595 757 -29% Rest of Europe 630 753 -16%
405 449 459 -12% Rest of world 429 458 -6%
57% 59% 82% Utlization rate based on crude only** 62% 83%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year.
3Q20 2Q20 3Q19 3Q20 Petrochemicals production and utilization rate 9M20 9M19 9M20
vs vs
3Q19 9M19
1,255 1,391 1,402 -11% Monomers* (kt) 4,033 3,788 +6%
1,248 1,193 1,268 -2% Polymers (kt) 3,642 3,692 -1%
75% 84% 91% Vapocracker utilization rate** 81% 81%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity
at the start of the year.
Refinery throughput volumes:
* Decreased by 29% in the third quarter 2020 compared to the previous year,
mainly due to high inventories of refined products and the drop in demand. The
extended shutdown of the distillation unit at the Normandy platform following
an incident at the end of 2019 and the safety outage at the Port Arthur
refinery in the US in September related to Hurricane Laura also contributed to
the reduction.
* Decreased by 25% in the first nine months 2020 year-on-year for the same
reasons.
Monomer production:
* Decreased 11% in the third quarter 2020 year-on-year to 1,255 kt, essentially
due to prolonged unscheduled maintenance on the Port Arthur cracker.
* Increased 6% in the first nine months 2020 year-on-year as a result of 2019
planned maintenance on the steamcracker at Daesan in South Korea.
Polymer production:
* Slight decrease of 2% in the third quarter 2020 year-on-year to 1,248 kt, due
to the drop in demand.
* Stable in the first nine months 2020 compared to the first nine months 2019,
due to planned maintenance of the steamcracker upstream of the polymer units
at Daesan in South Korea in 2019 and offset by the closure of the polystyrene
site at El Pratt in Spain and the planned maintenance at the Qatofin platform
in Qatar in the first quarter 2020.
> Results
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
(88) 575 952 ns Adjusted net operating income* 869 2,423 -64%
291 302 355 -18% Organic investments 761 948 -20%
(1) (15) 19 ns Net acquisitions (52) (163) ns
290 287 374 -22% Net investments 709 785 -10%
242 996 1,373 -82% Operating cash flow before working capital changes ** 1,912 3,283 -42%
1,027 1,080 1,575 -35% Cash flow from operations ** 924 2,695 -66%
* 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:
* Decreased to a loss of -$88 million in the third quarter 2020. The drop was
due to negative refining margins resulting from weak demand, notably for
distillates as a result of particularly depressed demand for air transport.
* Decreased to $869 million in the first nine months 2020, down 64% compared to
the same period last year, due to refining margin deterioration and low plant
utilization based on crude oil throughput of 62%, partially offset by
resilient petrochemical margins and outperformance of the trading activities
in the second quarter 2020.
Operating cash flow before working capital changes fell to $242 million in the
third quarter 2020, down 82% compared to a year ago, and to $1,912 million in
the first nine months 2020, down by 42%.
Marketing & Services
> Petroleum product sales
3Q20 2Q20 3Q19 3Q20 Sales in kb/d* 9M20 9M19 9M20
vs vs
3Q19 9M19
1,442 1,301 1,848 -22% Total Marketing & Services sales 1,466 1,848 -21%
819 740 1,034 -21% Europe 822 1,017 -19%
623 561 814 -23% Rest of world 645 831 -22%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 22% compared to a year ago and by
21% in the first nine months of 2020 compared to the same period last year,
notably due to the impact of Covid-19 and associated lockdown on global
demand. However, there was an improvement over the previous quarter thanks to
the recovery in demand, mainly in Europe and Asia.
> Results
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
461 129 413 +12% Adjusted net operating income* 892 1,179 -24%
158 155 215 -27% Organic investments 422 499 -15%
3 (5) 33 -91% Net acquisitions 4 121 -97%
161 150 248 -35% Net investments 426 620 -31%
729 492 622 +17% Operating cash flow before working capital changes ** 1,611 1,830 -12%
1,033 819 1,483 -30% Cash flow from operations ** 1,453 2,326 -38%
* 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 $461 million in the third quarter 2020, an
increase of 12% compared to a year ago, due to rising margins.
Operating cash flow before working capital changes increased by 17% to $729
million in the third quarter.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
* $1,459 million in the third quarter 2020, a decrease of 60% compared to a year
ago, due to lower Brent prices, natural gas prices and refining margins.
* $4,580 million in the first nine months 2020, a decrease of 57% year-on-year
for the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
* $848 million in the third quarter 2020, compared to $3,017 million in the
third quarter 2019, due to lower Brent prices, natural gas prices and refining
margins.
* $2,755 million in the first nine months 2020, a decrease of 68% 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(3).
Total net income adjustments(4 )were -$646 million in the third quarter 2020,
essentially related to the conversion of the Grandpuits refinery in France and
the sale of the Lindsey refinery in the United Kingdom.
The effective tax rate for the Group was 45.7% in the third quarter 2020,
compared to -6.8% in the previous quarter and 30.7% in the third quarter 2019.
The rate of 45.7% reflects negative adjusted net results in the Refining &
Chemicals segment which reduces the base for calculating the Group rate.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
* $0.29 in the third quarter 2020, calculated on the basis of a weighted average
of 2,637 million fully-diluted shares, compared to $1.13 in the same period
last year.
* $0.97 in the first nine months 2020, calculated on the basis of a weighted
average of 2,612 million fully-diluted shares, compared to $3.20 in the same
period last year.
The number of fully-diluted shares was 2,644 million on September 30, 2020.
> Acquisitions - asset sales
Finalized acquisitions were:
* $150 million in the third quarter 2020, comprised notably of acquiring 51% of
the Seagreen offshore wind project in the United Kingdom.
* $2.7 billion in the first nine months 2020, comprised of the item above as
well as the acquisition in India of 50% of a portfolio of installed solar
activities from Adani Green Energy Limited, the closing 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 tranche linked to taking the 10% stake
in the Arctic LNG 2 project in Russia.
Finalized asset sales were:
* $422 million in the third quarter 2020, comprised notably of the sale of
non-strategic assets in the UK North Sea.
* $1.1 billion in the first nine months 2020, comprised notably of the sale
above, as well as closing the sale of Block CA1 in Brunei, the sale of the
Group’s interest in the Fos Cavaou regasification terminal in France, and
50% of the sale of a portfolio of solar and wind assets from Total Quadran in
France.
> Net cash flow
Net cash flow(5) for the Group was:
* $1,879 million in the third quarter 2020 compared to $19 million in the third
quarter 2019, which takes into account a decrease in net investments from
$6,718 million to $1,912 million and a decrease in operating cash flow before
working capital changes from $6,737 million to $3,791 million.
* $2.7 billion in the first nine months 2020 compared to $6.1 billion in the
first nine months 2019, due to the decrease of $8.1 billion in operating cash
flow before working capital changes, partially offset by a reduction in net
investments of $4.8 billion.
> Profitability
The return on equity was 5.5% for the twelve months ended September 30, 2020.
In millions of dollars October 1, 2019 July 1, 2019 October 1, 2018
September 30, 2020 June 30, 2020 Se
pt
em
be
r
30
,
20
19
Adjusted net income 5,960 8,214 12,104
Average adjusted shareholders' equity 108,885 109,448 117,037
Return on equity (ROE) 5.5% 7.5% 10.3%
The return on average capital employed was 5.4% for the twelve months ended
September 30, 2020.
In millions of dollars October 1, 2019 July 1, 2019 October 1, 2018
September 30, 2020 June 30, 2020 Se
pt
em
be
r
30
,
20
19
Adjusted net operating income 7,801 10,125 14,094
Average capital employed 144,061 145,621 146,222
ROACE 5.4% 7.0% 9.6%
Total SE accounts
Net income for Total SE, the parent company, was €4,727 million in the first
nine months 2020 compared to €5,934 million a year ago.
2020 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 $/b +/- 2.9 B$ +/- 3.3 B$
European gas price - NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.35 B$ +/- 0.35 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.5 B$ +/- 0.6 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 2020. 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 60 $/b Brent environment.
Summary and outlook
The oil market environment remains uncertain and will depend notably on the
speed of the global demand recovery, affected by the Covid-19 pandemic.
Oil prices have remained above $40/b since June, supported by strong
compliance with OPEC+ quotas and lower hydrocarbon production in North
America. In this context, given the quotas, the Group now anticipates
full-year 2020 production below 2.9 Mboe/d.
Total anticipates that the increase in oil prices over the second and third
quarters will have a positive impact on its average LNG selling price in the
fourth quarter, which is expected to be over $4/Mbtu.
In the Downstream, since the beginning of the fourth quarter, European
refining margins have averaged more than $10/t and remain fragile given the
low demand for jet fuel that weighs on the valuation of all distillates. In
this context, the Group expects the Downstream to contribute more than $4.5
billion to the Group’s cash flow in 2020.
In this context, the Group maintains strong discipline on spending. The
Group’s operating cost reduction program will surpass its objective with
savings of more than $1 billion in 2020. Net investments will be less than $13
billion in 2020, including $2 billion for renewables and electricity.
The Group’s priority is the generation of a level of cash flow that allows
it to continue to invest in profitable projects, support the dividend and
maintain a solid balance sheet. The Group’s teams remain fully committed to
the four priorities of HSE, operational excellence, cost reduction and cash
flow generation.
* * * * *
To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:00
(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: 2124019).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
3Q20 2Q20 3Q19 3Q20 Combined liquids and gas 9M20 9M19 9M20
vs production by region (kboe/d) vs
3Q19 9M19
969 1,032 1,004 -3% Europe and Central Asia 1,032 997 +4%
598 653 733 -18% Africa 651 705 -8%
576 641 720 -20% Middle East and North Africa 633 703 -10%
343 314 363 -5% Americas 343 364 -6%
229 206 221 +4% Asia-Pacific 223 212 +5%
2,715 2,846 3,040 -11% Total production 2,882 2,981 -3%
667 699 698 -4% includes equity affiliates 706 719 -2%
3Q20 2Q20 3Q19 3Q20 Liquids production by region (kb/d) 9M20 9M19 9M20
vs vs
3Q19 9M19
359 381 367 -2% Europe and Central Asia 381 349 +9%
458 514 583 -21% Africa 509 558 -9%
432 494 562 -23% Middle East and North Africa 481 543 -12%
144 127 163 -11% Americas 150 167 -10%
44 37 44 -1% Asia-Pacific 42 41 +3%
1,437 1,553 1,720 -16% Total production 1,563 1,658 -6%
197 199 210 -6% includes equity affiliates 203 217 -6%
3Q20 2Q20 3Q19 3Q20 Gas production by region (Mcf/d) 9M20 9M19 9M20
vs vs
3Q19 9M19
3,284 3,506 3,431 -4% Europe and Central Asia 3,507 3,498 -
713 706 768 -7% Africa* 722 755 -4%
801 818 866 -8% Middle East and North Africa 844 879 -4%
1,115 1,047 1,124 -1% Americas 1,085 1,111 -2%
1,060 968 1,011 +5% Asia-Pacific* 1,035 982 +5%
6,973 7,045 7,200 -3% Total production* 7,193 7,225 -
2,540 2,698 2,635 -4% includes equity affiliates* 2,714 2,719 -
* 3Q19 and 9M19 data restated
> Downstream (Refining & Chemicals and Marketing & Services)
3Q20 2Q20 3Q19 3Q20 Petroleum product sales by region (kb/d) 9M20 9M19 9M20
vs vs
3Q19 9M19
1,475 1,449 1,999 -26% Europe 1,565 2,013 -22%
541 463 677 -20% Africa 562 695 -19%
673 861 920 -27% Americas 767 868 -12%
460 433 541 -15% Rest of world 446 564 -21%
3,149 3,208 4,136 -24% Total consolidated sales 3,340 4,141 -19%
417 366 544 -23% Includes bulk sales 427 545 -22%
1,290 1,541 1,745 -26% Includes trading 1,447 1,748 -17%
3Q20 2Q20 3Q19 3Q20 Petrochemicals production* (kt) 9M20 9M19 9M20
vs vs
3Q19 9M19
1,274 1,275 1,377 -7% Europe 3,821 4,110 -7%
513 637 648 -21% Americas 1,813 1,737 +4%
716 672 646 +11% Middle-East and Asia 2,040 1,633 +25%
* Olefins, polymers
Adjustment items to net income (Group share)
3Q20 2Q20 3Q19 In millions of dollars 9M20 9M19
(706) (8,321) (156) Special items affecting net income (Group share) (9,361) (226)
- - - Gain (loss) on asset sales - -
(70) (20) (20) Restructuring charges (170) (53)
(293) (8,101) (160) Impairments (8,394) (217)
(343) (200) 24 Other (797) 44
4 (94) (71) After-tax inventory effect : FIFO vs. replacement cost (1,504) 289
56 (80) 10 Effect of changes in fair value (23) (59)
(646) (8,495) (217) Total adjustments affecting net income (10,888) 4
Investments - Divestments
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
2,184 2,201 3,296 -34% Organic investments ( a ) 6,908 9,107 -24%
148 162 152 -3% capitalized exploration 445 569 -22%
290 733 242 +20% increase in non-current loans 1,302 742 +75%
(330) (58) (61) ns repayment of non-current loans, (505) (449) ns
excluding organic loan repayment from equity affiliates*
(11) (47) (109) ns change in debt from renewable projects (Group share) (163) (109) ns
150 857 4,429 -97% Acquisitions ( b ) 2,651 5,713 -54%
422 136 1,007 -58% Asset sales ( c ) 1,100 1,582 -30%
7 22 105 -93% change in debt from renewable projects (partner share) 90 105 -14%
- - - ns Other transactions with non-controlling interests ( d ) - - ns
1,912 2,922 6,718 -72% Net investments ( a + b - c - d ) 8,459 13,238 -36%
(1) (41) (101) ns Organic loan repayment from equity affiliates* ( e ) (35) (200) ns
18 69 214 -92% Change in debt from renewable projects financing ** ( f ) 253 214 +18%
28 22 - ns Capex linked to capitalized leasing contracts ( g ) 74 - ns
1,901 2,928 6,831 -72% Cash flow used in investing activities ( a + b - c + e + f -g) 8,603 13,252 -35%
* 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
3Q20 2Q20 3Q19 3Q20 In millions of dollars 9M20 9M19 9M20
vs vs
3Q19 9M19
4,281 4,143 7,269 -41% Operating cash flow before working capital changes w/o financials charges (DACF) 12,701 20,854 -39%
(491) (499) (532) ns Financial charges (1,502) (1,536) ns
3,791 3,644 6,737 -44% Operating cash flow before working capital changes ( a ) * 11,199 19,318 -42%
475 (65) 1,639 -71% (Increase) decrease in working capital ** (223) (1,489) ns
90 (42) (69) ns Inventory effect (1,748) 457 ns
(4) (17) - ns capital gain from renewable projects sale (64) - ns
(1) (41) (101) ns Organic loan repayment from equity affiliates (35) (200) ns
4,351 3,479 8,206 -47% Cash flow from operations 9,129 18,086 -50%
2,184 2,201 3,296 -34% Organic investments ( b ) 6,908 9,107 -24%
1,607 1,443 3,441 -53% Free cash flow after organic investments, 4,291 10,211 -58%
w/o net asset sales ( a - b )
1,912 2,922 6,718 -72% Net investments ( c ) 8,459 13,238 -36%
1,879 722 19 x98.9 Net cash flow ( a - c ) 2,740 6,080 -55%
* 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 09/30/2020 06/30/2020 09/30/2019
Current borrowings 14,980 16,154 14,631
Net current financial assets (5,815) (6,159) (3,012)
Net financial assets classified as held for sale 5 - -
Non-current financial debt 61,477 61,540 47,923
Non-current financial assets (3,155) (2,431) (767)
Cash and cash equivalents (30,593) (29,727) (27,454)
Net debt (a) 36,899 39,377 31,321
of which leases 7,499 7,383 6,888
Shareholders’ equity - Group share 102,234 101,205 114,994
Non-controlling interests 2,177 2,334 2,319
Shareholders' equity (b) 104,411 103,539 117,313
Net-debt-to-capital ratio = a / (a + b) * 26.1% 27.6% 21.1%
Net-debt-to-capital ratio excluding leases 22.0% 23.6% 17.2%
* 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 September 30, 2020
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Group
Production
Chemicals
Services
Renewables & Power
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%
> Twelve months ended June 30, 2020
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Group
Renewables & Power
Production
Chemicals
Services
Adjusted net operating income 2,607 4,259 2,489 1,318 10,125
Capital employed at 06/30/2019* 37,290 90,633 12,300 8,535 148,617
Capital employed at 06/30/2020* 43,527 79,096 12,843 8,366 142,625
ROACE 6.5% 5.0% 19.8% 15.6% 7.0%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the third quarter and first nine
months of 2020 from the consolidated financial statements of TOTAL SE as of
September 30, 2020. 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 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.
----------------------------------------------------------------------------------------------------------------------------------
Total financial statements
______________________
Third quarter and nine months 2020 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)((a)) 2020 2020 2019
Sales 33,142 25,730 48,589
Excise taxes (5,925) (4,168) (6,051)
Revenues from sales 27,217 21,562 42,538
Purchases, net of inventory variation (16,885) (12,025) (27,898)
Other operating expenses (5,610) (6,321) (6,362)
Exploration costs (139) (114) (96)
Depreciation, depletion and impairment of tangible assets and mineral (3,493) (11,593) (4,173)
interests
Other income 457 362 167
Other expense (281) (108) (559)
Financial interest on debt (547) (530) (598)
Financial income and expense from cash & cash equivalents 89 50
Cost of net debt (458) (480) (598)
Other financial income 134 419 163
Other financial expense (165) (161) (178)
Net income (loss) from equity affiliates 94 (447) 1,381
Income taxes (690) 484 (1,540)
Consolidated net income 181 (8,422) 2,845
Group share 202 (8,369) 2,800
Non-controlling interests (21) (53) 45
Earnings per share ($) 0.04 (3.27) 1.05
Fully-diluted earnings per share ($) 0.04 (3.27) 1.04
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2020 2020 2019
Consolidated net income 181 (8,422) 2,845
Other comprehensive income
Actuarial gains and losses (6) (356) 5
Change in fair value of investments in equity instruments 221 90 19
Tax effect - 101 (1)
Currency translation adjustment generated by the parent company 3,663 1,780 (3,520)
Items not potentially reclassifiable to profit and loss 3,878 1,615 (3,497)
Currency translation adjustment (1,830) (919) 1,207
Cash flow hedge 363 231 (202)
Variation of foreign currency basis spread (35) 14 (4)
Share of other comprehensive income of equity affiliates, net amount (804) 296 73
Other (7) - (6)
Tax effect (115) (78) 69
Items potentially reclassifiable to profit and loss (2,428) (456) 1,137
Total other comprehensive income (net amount) 1,450 1,159 (2,360)
Comprehensive income 1,631 (7,263) 485
Group share 1,536 (7,253) 462
Non-controlling interests 95 (10) 23
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
9( )months 9( )months
(M$)((a)) 2020 2019
Sales 102,742 151,036
Excise taxes (15,386) (18,172)
Revenues from sales 87,356 132,864
Purchases, net of inventory variation (56,978) (88,009)
Other operating expenses (18,875) (20,165)
Exploration costs (393) (554)
Depreciation, depletion and impairment of tangible assets and mineral (18,721) (11,300)
interests
Other income 1,399 735
Other expense (809) (957)
Financial interest on debt (1,646) (1,727)
Financial income and expense from cash & cash equivalents (16) (70)
Cost of net debt (1,662) (1,797)
Other financial income 741 649
Other financial expense (507) (561)
Net income (loss) from equity affiliates 379 2,904
Income taxes (169) (5,020)
Consolidated net income (8,239) 8,789
Group share (8,133) 8,667
Non-controlling interests (106) 122
Earnings per share ($) (3.22) 3.22
Fully-diluted earnings per share ($) (3.22) 3.20
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
9( )months 9( )months
(M$) 2020 2019
Consolidated net income (8,239) 8,789
Other comprehensive income
Actuarial gains and losses (229) (54)
Change in fair value of investments in equity instruments 147 126
Tax effect 86 13
Currency translation adjustment generated by the parent company 3,467 (3,994)
Items not potentially reclassifiable to profit and loss 3,471 (3,909)
Currency translation adjustment (2,770) 1,394
Cash flow hedge (930) (575)
Variation of foreign currency basis spread 35 50
Share of other comprehensive income of equity affiliates, net amount (1,731) 326
Other (4) (4)
Tax effect 252 176
Items potentially reclassifiable to profit and loss (5,148) 1,367
Total other comprehensive income (net amount) (1,677) (2,542)
Comprehensive income (9,916) 6,247
Group share (9,888) 6,099
Non-controlling interests (28) 148
CONSOLIDATED BALANCE SHEET
TOTAL
September 30, June 30, December 31, September 30,
2020
2020
2019
2019
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,145 33,114 33,178 31,539
Property, plant and equipment, net 104,355 104,925 116,408 116,900
Equity affiliates : investments and loans 27,386 27,470 27,122 27,172
Other investments 1,822 1,627 1,778 1,738
Non-current financial assets 3,155 2,431 912 767
Deferred income taxes 6,952 7,257 6,216 5,689
Other non-current assets 2,570 2,539 2,415 2,264
Total non-current assets 179,385 179,363 188,029 186,069
Current assets
Inventories, net 12,373 12,688 17,132 16,226
Accounts receivable, net 12,893 13,481 18,488 18,568
Other current assets 14,637 17,155 17,013 14,925
Current financial assets 6,011 6,570 3,992 3,781
Cash and cash equivalents 30,593 29,727 27,352 27,454
Assets classified as held for sale 1,090 421 1,288 418
Total current assets 77,597 80,042 85,265 81,372
Total assets 256,982 259,405 273,294 267,441
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,267 8,159 8,123 8,300
Paid-in surplus and retained earnings 107,632 107,934 121,170 123,805
Currency translation adjustment (12,275) (13,265) (11,503) (13,297)
Treasury shares (1,390) (1,623) (1,012) (3,814)
Total shareholders' equity - Group share 102,234 101,205 116,778 114,994
Non-controlling interests 2,177 2,334 2,527 2,319
Total shareholders' equity 104,411 103,539 119,305 117,313
Non-current liabilities
Deferred income taxes 10,367 10,346 11,858 11,333
Employee benefits 3,719 3,612 3,501 3,273
Provisions and other non-current liabilities 19,351 19,487 20,613 20,903
Non-current financial debt 61,477 61,540 47,773 47,923
Total non-current liabilities 94,914 94,985 83,745 83,432
Current liabilities
Accounts payable 18,880 19,198 28,394 26,237
Other creditors and accrued liabilities 22,806 24,790 25,749 24,728
Current borrowings 14,980 16,154 14,819 14,631
Other current financial liabilities 196 411 487 769
Liabilities directly associated with the assets classified as held for sale 795 328 795 331
Total current liabilities 57,657 60,881 70,244 66,696
Total liabilities & shareholders' equity 256,982 259,405 273,294 267,441
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2020 2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 181 (8,422) 2,845
Depreciation, depletion, amortization and impairment 3,634 11,701 4,242
Non-current liabilities, valuation allowances and deferred taxes (88) (796) 235
(Gains) losses on disposals of assets (309) (131) (74)
Undistributed affiliates' equity earnings 178 978 (876)
(Increase) decrease in working capital 980 431 1,523
Other changes, net (225) (282) 311
Cash flow from operating activities 4,351 3,479 8,206
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,157) (2,409) (2,210)
Acquisitions of subsidiaries, net of cash acquired - - (4,385)
Investments in equity affiliates and other securities (229) (136) (258)
Increase in non-current loans (301) (733) (242)
Total expenditures (2,687) (3,278) (7,095)
Proceeds from disposals of intangible assets and property, plant and equipment 363 219 63
Proceeds from disposals of subsidiaries, net of cash sold 4 12 (1)
Proceeds from disposals of non-current investments 77 20 40
Repayment of non-current loans 342 99 162
Total divestments 786 350 264
Cash flow used in investing activities (1,901) (2,928) (6,831)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 374 1
- Treasury shares - (2) (420)
Dividends paid:
- Parent company shareholders (825) (1,928) -
- Non-controlling interests (103) (76) (21)
Net issuance (repayment) of perpetual subordinated notes 331 - -
Payments on perpetual subordinated notes (22) (134) -
Other transactions with non-controlling interests (75) (22) -
Net issuance (repayment) of non-current debt 224 15,430 4,466
Increase (decrease) in current borrowings (2,343) (6,604) (3,209)
Increase (decrease) in current financial assets and liabilities 730 449 (310)
Cash flow from (used in) financing activities (2,083) 7,487 507
Net increase (decrease) in cash and cash equivalents 367 8,038 1,882
Effect of exchange rates 499 55 (1,151)
Cash and cash equivalents at the beginning of the period 29,727 21,634 26,723
Cash and cash equivalents at the end of the period 30,593 29,727 27,454
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
9( )months 9( )months
(M$) 2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income (8,239) 8,789
Depreciation, depletion, amortization and impairment 19,065 11,777
Non-current liabilities, valuation allowances and deferred taxes (1,545) 614
(Gains) losses on disposals of assets (649) (438)
Undistributed affiliates' equity earnings 569 (1,350)
(Increase) decrease in working capital 527 (1,764)
Other changes, net (599) 458
Cash flow from operating activities 9,129 18,086
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (6,930) (7,795)
Acquisitions of subsidiaries, net of cash acquired (188) (4,593)
Investments in equity affiliates and other securities (1,899) (1,448)
Increase in non-current loans (1,329) (742)
Total expenditures (10,346) (14,578)
Proceeds from disposals of intangible assets and property, plant and equipment 626 226
Proceeds from disposals of subsidiaries, net of cash sold 158 145
Proceeds from disposals of non-current investments 392 306
Repayment of non-current loans 567 649
Total divestments 1,743 1,326
Cash flow used in investing activities (8,603) (13,252)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 374 451
- Treasury shares (611) (2,190)
Dividends paid:
- Parent company shareholders (4,635) (4,765)
- Non-controlling interests (179) (114)
Net issuance (repayment) of perpetual subordinated notes 331 -
Payments on perpetual subordinated notes (253) (315)
Other transactions with non-controlling interests (145) (150)
Net issuance (repayment) of non-current debt 15,696 8,047
Increase (decrease) in current borrowings (6,162) (4,698)
Increase (decrease) in current financial assets and liabilities (1,816) (368)
Cash flow from (used in) financing activities 2,600 (4,102)
Net increase (decrease) in cash and cash equivalents 3,126 732
Effect of exchange rates 115 (1,185)
Cash and cash equivalents at the beginning of the period 27,352 27,907
Cash and cash equivalents at the end of the period 30,593 27,454
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Common shares issued Paid-in surplus Currency Treasury Shareholders' equity Non-controlling Total shareholders'
and retained
translation
shares
- Group
interests
equity
earnings
adjustment
Share
(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 of the first nine months 2019 - - 8,667 - - - 8,667 122 8,789
Other comprehensive income - - (584) (1,984) - - (2,568) 26 (2,542)
Comprehensive Income - - 8,083 (1,984) - - 6,099 148 6,247
Dividend - - (5,781) - - - (5,781) (114) (5,895)
Issuance of common shares 26,388,503 73 1,269 - - - 1,342 - 1,342
Purchase of treasury shares - - - - (40,871,207) (2,189) (2,189) - (2,189)
Sale of treasury shares((a)) - - (218) - 4,278,158 218 - - -
Share-based payments - - 157 - - - 157 - 157
Share cancellation - - - - - - - - -
Net issuance (repayment) of - - (4) - - - (4) - (4)
perpetual subordinated notes
Payments on perpetual subordinated notes - - (280) - - - (280) - (280)
Other operations with - - - - - - - (150) (150)
non-controlling interests
Other items - - 10 - - - 10 (39) (29)
As of September 30, 2019 2,666,990,510 8,300 123,805 (13,297) (69,066,330) (3,814) 114,994 2,319 117,313
Net income of the fourth quarter 2019 - - 2,600 - - - 2,600 49 2,649
Other comprehensive income - - (75) 1,794 - - 1,719 42 1,761
Comprehensive Income - - 2,525 1,794 - - 4,319 91 4,410
Dividend - - (1,949) - - - (1,949) (1) (1,950)
Issuance of common shares - 1 (4) - - - (3) - (3)
Purchase of treasury shares - - - - (11,518,129) (621) (621) - (621)
Sale of treasury shares((a)) - - (1) - 790 1 - - -
Share-based payments - - 50 - - - 50 - 50
Share cancellation (65,109,435) (178) (3,244) - 65,109,435 3,422 - - -
Net issuance (repayment) of - - - - - - - - -
perpetual subordinated notes
Payments on perpetual subordinated notes - - (73) - - - (73) - (73)
Other operations with - - 55 - - - 55 108 163
non-controlling interests
Other items - - 6 - - - 6 10 16
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 of the first nine months 2020 - - (8,133) - - - (8,133) (106) (8,239)
Other comprehensive income - - (983) (772) - - (1,755) 78 (1,677)
Comprehensive Income - - (9,116) (772) - - (9,888) (28) (9,916)
Dividend - - (5,829) - - - (5,829) (234) (6,063)
Issuance of common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
Purchase of treasury shares - - - - (13,236,044) (611) (611) - (611)
Sale of treasury shares((a)) - - (233) - 4,297,502 233 - - -
Share-based payments - - 144 - - - 144 - 144
Share cancellation - - - - - - - - -
Net issuance (repayment) of - - 331 - - - 331 - 331
perpetual subordinated notes
Payments on perpetual subordinated notes - - (227) - - - (227) - (227)
Other operations with - - (63) - - - (63) (82) (145)
non-controlling interests
Other items - - (15) - - - (15) (6) (21)
As of September 30, 2020 2,653,124,025 8,267 107,632 (12,275) (24,412,776) (1,390) 102,234 2,177 104,411
((a))Treasury shares related to the restricted stock grants.
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
3(rd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,142 1,995 13,607 16,397 1 - 33,142
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,475 17,116 11,193 25 (8,982) 27,217
Operating expenses (2,435) (1,880) (16,799) (10,301) (201) 8,982 (22,634)
Depreciation, depletion and impairment of tangible assets and mineral (2,187) (342) (678) (270) (16) - (3,493)
interests
Operating income 768 253 (361) 622 (192) - 1,090
Net income (loss) from equity affiliates and other items 251 225 (247) 14 (4) - 239
Tax on net operating income (243) (266) (51) (187) 3 - (744)
Net operating income 776 212 (659) 449 (193) - 585
Net cost of net debt (404)
Non-controlling interests 21
Net income - group share 202
3(rd) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
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 - - (290) - - - (290)
assets and mineral interests
Operating income ((b)) (51) (16) (338) (6) - - (411)
Net income (loss) from equity affiliates and other items 8 (64) (215) (6) - - (277)
Tax on net operating income 18 7 (18) - - - 7
Net operating income ((b)) (25) (73) (571) (12) - - (681)
Net cost of net debt 29
Non-controlling interests 6
Net income - 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
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,142 1,962 13,607 16,397 1 - 33,109
Intersegment sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from sales 5,390 2,442 17,116 11,193 25 (8,982) 27,184
Operating expenses (2,384) (1,831) (16,751) (10,295) (201) 8,982 (22,480)
Depreciation, depletion and impairment of tangible (2,187) (342) (388) (270) (16) - (3,203)
assets and mineral interests
Adjusted operating income 819 269 (23) 628 (192) - 1,501
Net income (loss) from equity affiliates and other items 243 289 (32) 20 (4) - 516
Tax on net operating income (261) (273) (33) (187) 3 - (751)
Adjusted net operating income 801 285 (88) 461 (193) - 1,266
Net cost of net debt (433)
Non-controlling interests 15
Adjusted net income - group share 848
3(rd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,291 874 317 185 20 2,687
Total divestments 362 380 17 25 2 786
Cash flow from operating activities 2,043 654 1,027 1,033 (406) 4,351
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
2(nd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 992 3,313 9,433 11,986 6 - 25,730
Intersegment sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562
Operating expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460)
Depreciation, depletion and impairment of tangible (9,667) (1,282) (393) (229) (22) - (11,593)
assets and mineral interests
Operating income (7,983) (1,074) 632 234 (300) - (8,491)
Net income (loss) from equity affiliates and other items 17 21 (35) 22 40 - 65
Tax on net operating income 398 322 (132) (127) (26) - 435
Net operating income (7,568) (731) 465 129 (286) - (7,991)
Net cost of net debt (431)
Non-controlling interests 53
Net income - group share (8,369)
2(nd) quarter 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - (18) - - - - (18)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (18) - - - - (18)
Operating expenses (27) (199) (48) 5 (36) - (305)
Depreciation, depletion and impairment of tangible (7,338) (953) - - - - (8,291)
assets and mineral interests
Operating income ((b)) (7,365) (1,170) (48) 5 (36) - (8,614)
Net income (loss) from equity affiliates and other items (57) (217) (63) (5) - - (342)
Tax on net operating income 63 330 1 - 12 - 406
Net operating income ((b)) (7,359) (1,057) (110) - (24) - (8,550)
Net cost of net debt 33
Non-controlling interests 22
Net income - group share (8,495)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (26) (16) -
- On net operating income - - (86) (9) -
2(nd) quarter 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 992 3,331 9,433 11,986 6 - 25,748
Intersegment sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580
Operating expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155)
Depreciation, depletion and impairment of tangible (2,329) (329) (393) (229) (22) - (3,302)
assets and mineral interests
Adjusted operating income (618) 96 680 229 (264) - 123
Net income (loss) from equity affiliates and other items 74 238 28 27 40 - 407
Tax on net operating income 335 (8) (133) (127) (38) - 29
Adjusted net operating income (209) 326 575 129 (262) - 559
Net cost of net debt (464)
Non-controlling interests 31
Adjusted net income - group share 126
2(nd) quarter 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 1,606 1,170 307 174 21 3,278
Total divestments 204 89 22 26 9 350
Cash flow from operating activities 910 1,389 1,080 819 (719) 3,479
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
3(rd) quarter 2019 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,631 3,667 21,338 21,951 2 - 48,589
Intersegment sales 7,761 573 8,341 155 15 (16,845) -
Excise taxes - - (713) (5,338) - - (6,051)
Revenues from sales 9,392 4,240 28,966 16,768 17 (16,845) 42,538
Operating expenses (3,999) (3,558) (27,518) (15,963) (163) 16,845 (34,356)
Depreciation, depletion and impairment of tangible (3,136) (361) (413) (247) (16) - (4,173)
assets and mineral interests
Operating income 2,257 321 1,035 558 (162) - 4,009
Net income (loss) from equity affiliates and other items 77 898 5 (15) 9 - 974
Tax on net operating income (1,094) (222) (221) (164) 70 - (1,631)
Net operating income 1,240 997 819 379 (83) - 3,352
Net cost of net debt (507)
Non-controlling interests (45)
Net income - group share 2,800
3(rd) quarter 2019 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - 12 - - - - 12
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 12 - - - - 12
Operating expenses (100) (41) (96) 22 - - (215)
Depreciation, depletion and impairment of tangible (153) (9) (22) (2) - - (186)
assets and mineral interests
Operating income ((b)) (253) (38) (118) 20 - - (389)
Net income (loss) from equity affiliates and other items (90) 599 (23) (53) - - 433
Tax on net operating income (151) (138) 8 (1) - - (282)
Net operating income ((b)) (494) 423 (133) (34) - - (238)
Net cost of net debt (4)
Non-controlling interests 25
Net income - group share (217)
((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 - - (94) 25 -
- On net operating income - - (90) 19 -
3(rd) quarter 2019 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 1,631 3,655 21,338 21,951 2 - 48,577
Intersegment sales 7,761 573 8,341 155 15 (16,845) -
Excise taxes - - (713) (5,338) - - (6,051)
Revenues from sales 9,392 4,228 28,966 16,768 17 (16,845) 42,526
Operating expenses (3,899) (3,517) (27,422) (15,985) (163) 16,845 (34,141)
Depreciation, depletion and impairment of tangible (2,983) (352) (391) (245) (16) - (3,987)
assets and mineral interests
Adjusted operating income 2,510 359 1,153 538 (162) - 4,398
Net income (loss) from equity affiliates and other items 167 299 28 38 9 - 541
Tax on net operating income (943) (84) (229) (163) 70 - (1,349)
Adjusted net operating income 1,734 574 952 413 (83) - 3,590
Net cost of net debt (503)
Non-controlling interests (70)
Adjusted net income - group share 3,017
3(rd) quarter 2019 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 2,077 4,331 386 276 25 7,095
Total divestments 23 192 14 30 5 264
Cash flow from operating activities 5,007 401 1,575 1,483 (260) 8,206
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
9( )months 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 3,716 10,398 41,563 47,058 7 - 102,742
Intersegment sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from sales 16,625 11,773 53,004 33,708 90 (27,844) 87,356
Operating expenses (8,483) (10,278) (52,535) (32,031) (763) 27,844 (76,246)
Depreciation, depletion and impairment of tangible (14,498) (1,958) (1,466) (743) (56) - (18,721)
assets and mineral interests
Operating income (6,356) (463) (997) 934 (729) - (7,611)
Net income (loss) from equity affiliates and other items 691 645 (339) 46 160 - 1,203
Tax on net operating income (299) 64 152 (346) 5 - (424)
Net operating income (5,964) 246 (1,184) 634 (564) - (6,832)
Net cost of net debt (1,407)
Non-controlling interests 106
Net income - group share (8,133)
9( )months 2020 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - 17 - - - - 17
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - 17 - - - - 17
Operating expenses (88) (367) (1,685) (347) (91) - (2,578)
Depreciation, depletion and impairment of tangible (7,338) (953) (290) - - - (8,581)
assets and mineral interests
Operating income ((b)) (7,426) (1,303) (1,975) (347) (91) - (11,142)
Net income (loss) from equity affiliates and other items 79 (356) (486) (11) - - (774)
Tax on net operating income 88 381 408 100 12 - 989
Net operating income ((b)) (7,259) (1,278) (2,053) (258) (79) - (10,927)
Net cost of net debt (39)
Non-controlling interests 78
Net income - group share (10,888)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (1,509) (239) -
- On net operating income - - (1,357) (169) -
9( )months 2020 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 3,716 10,381 41,563 47,058 7 - 102,725
Intersegment sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from sales 16,625 11,756 53,004 33,708 90 (27,844) 87,339
Operating expenses (8,395) (9,911) (50,850) (31,684) (672) 27,844 (73,668)
Depreciation, depletion and impairment of tangible (7,160) (1,005) (1,176) (743) (56) - (10,140)
assets and mineral interests
Adjusted operating income 1,070 840 978 1,281 (638) - 3,531
Net income (loss) from equity affiliates and other items 612 1,001 147 57 160 - 1,977
Tax on net operating income (387) (317) (256) (446) (7) - (1,413)
Adjusted net operating income 1,295 1,524 869 892 (485) - 4,095
Net cost of net debt (1,368)
Non-controlling interests 28
Adjusted net income - group share 2,755
9( )months 2020 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 4,556 4,335 850 519 86 10,346
Total divestments 687 813 118 97 28 1,743
Cash flow from operating activities 6,876 1,554 924 1,453 (1,678) 9,129
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
9( )months 2019 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 5,698 13,875 65,558 65,901 4 - 151,036
Intersegment sales 23,063 1,832 24,651 456 78 (50,080) -
Excise taxes - - (2,250) (15,922) - - (18,172)
Revenues from sales 28,761 15,707 87,959 50,435 82 (50,080) 132,864
Operating expenses (12,233) (13,845) (84,020) (48,141) (569) 50,080 (108,728)
Depreciation, depletion and impairment of tangible (8,352) (1,004) (1,176) (717) (51) - (11,300)
assets and mineral interests
Operating income 8,176 858 2,763 1,577 (538) - 12,836
Net income (loss) from equity affiliates and other items 444 1,939 265 86 36 - 2,770
Tax on net operating income (3,679) (845) (467) (498) 194 - (5,295)
Net operating income 4,941 1,952 2,561 1,165 (308) - 10,311
Net cost of net debt (1,522)
Non-controlling interests (122)
Net income - group share 8,667
9( )months 2019 (adjustments)((a)) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales - (74) - - - - (74)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - (74) - - - - (74)
Operating expenses (100) (153) 353 62 - - 162
Depreciation, depletion and impairment of tangible (196) (20) (32) (2) - - (250)
assets and mineral interests
Operating income ((b)) (296) (247) 321 60 - - (162)
Net income (loss) from equity affiliates and other items (90) 1,012 (70) (60) - - 792
Tax on net operating income (151) (408) (113) (14) - - (686)
Net operating income ((b)) (537) 357 138 (14) - - (56)
Net cost of net debt (12)
Non-controlling interests 72
Net income - group share 4
((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 - - 392 65 -
- On net operating income - - 254 46 -
9( )months 2019 (adjusted) Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Non-Group sales 5,698 13,949 65,558 65,901 4 - 151,110
Intersegment sales 23,063 1,832 24,651 456 78 (50,080) -
Excise taxes - - (2,250) (15,922) - - (18,172)
Revenues from sales 28,761 15,781 87,959 50,435 82 (50,080) 132,938
Operating expenses (12,133) (13,692) (84,373) (48,203) (569) 50,080 (108,890)
Depreciation, depletion and impairment of tangible (8,156) (984) (1,144) (715) (51) - (11,050)
assets and mineral interests
Adjusted operating income 8,472 1,105 2,442 1,517 (538) - 12,998
Net income (loss) from equity affiliates and other items 534 927 335 146 36 - 1,978
Tax on net operating income (3,528) (437) (354) (484) 194 - (4,609)
Adjusted net operating income 5,478 1,595 2,423 1,179 (308) - 10,367
Net cost of net debt (1,510)
Non-controlling interests (194)
Adjusted net income - group share 8,663
9( )months 2019 Exploration Integrated Gas, Refining Marketing Corporate Intercompany Total
& Renewables & &
Production & Power Chemicals Services
(M$)
Total expenditures 6,359 6,306 1,034 803 76 14,578
Total divestments 112 766 253 187 8 1,326
Cash flow from operating activities 12,711 1,934 2,695 2,326 (1,580) 18,086
Reconciliation of the information by business segment with Consolidated
Financial Statements
TOTAL
(unaudited)
3(rd) quarter 2020 Adjusted Adjustments((a)) Consolidated
(M$)
statement
of income
Sales 33,109 33 33,142
Excise taxes (5,925) - (5,925)
Revenues from sales 27,184 33 27,217
Purchases net of inventory variation (16,942) 57 (16,885)
Other operating expenses (5,399) (211) (5,610)
Exploration costs (139) - (139)
Depreciation, depletion and impairment of tangible assets and mineral (3,203) (290) (3,493)
interests
Other income 310 147 457
Other expense (115) (166) (281)
Financial interest on debt (549) 2 (547)
Financial income and expense from cash & cash equivalents 49 40 89
Cost of net debt (500) 42 (458)
Other financial income 134 - 134
Other financial expense (165) - (165)
Net income (loss) from equity affiliates 352 (258) 94
Income taxes (684) (6) (690)
Consolidated net income 833 (652) 181
Group share 848 (646) 202
Non-controlling interests (15) (6) (21)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
3(rd) quarter 2019 Adjusted Adjustments((a)) Consolidated
(M$)
statement
of income
Sales 48,577 12 48,589
Excise taxes (6,051) - (6,051)
Revenues from sales 42,526 12 42,538
Purchases net of inventory variation (27,805) (93) (27,898)
Other operating expenses (6,240) (122) (6,362)
Exploration costs (96) - (96)
Depreciation, depletion and impairment of tangible assets and mineral (3,987) (186) (4,173)
interests
Other income 167 - 167
Other expense (132) (427) (559)
Financial interest on debt (594) (4) (598)
Financial income and expense from cash & cash equivalents - - -
Cost of net debt (594) (4) (598)
Other financial income 163 - 163
Other financial expense (178) - (178)
Net income (loss) from equity affiliates 521 860 1,381
Income taxes (1,258) (282) (1,540)
Consolidated net income 3,087 (242) 2,845
Group share 3,017 (217) 2,800
Non-controlling interests 70 (25) 45
(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
(unaudited)
9( )months 2020 Adjusted Adjustments((a)) Consolidated
(M$)
statement of
income
Sales 102,725 17 102,742
Excise taxes (15,386) - (15,386)
Revenues from sales 87,339 17 87,356
Purchases net of inventory variation (54,891) (2,087) (56,978)
Other operating expenses (18,384) (491) (18,875)
Exploration costs (393) - (393)
Depreciation, depletion and impairment of tangible assets and mineral (10,140) (8,581) (18,721)
interests
Other income 1,130 269 1,399
Other expense (409) (400) (809)
Financial interest on debt (1,643) (3) (1,646)
Financial income and expense from cash & cash equivalents 36 (52) (16)
Cost of net debt (1,607) (55) (1,662)
Other financial income 741 - 741
Other financial expense (506) (1) (507)
Net income (loss) from equity affiliates 1,021 (642) 379
Income taxes (1,174) 1,005 (169)
Consolidated net income 2,727 (10,966) (8,239)
Group share 2,755 (10,888) (8,133)
Non-controlling interests (28) (78) (106)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
9( )months 2019 Adjusted Adjustments((a)) Consolidated
(M$)
statement of
income
Sales 151,110 (74) 151,036
Excise taxes (18,172) - (18,172)
Revenues from sales 132,938 (74) 132,864
Purchases net of inventory variation (88,338) 329 (88,009)
Other operating expenses (19,998) (167) (20,165)
Exploration costs (554) - (554)
Depreciation, depletion and impairment of tangible assets and mineral (11,050) (250) (11,300)
interests
Other income 620 115 735
Other expense (322) (635) (957)
Financial interest on debt (1,715) (12) (1,727)
Financial income and expense from cash & cash equivalents (70) - (70)
Cost of net debt (1,785) (12) (1,797)
Other financial income 649 - 649
Other financial expense (561) - (561)
Net income (loss) from equity affiliates 1,592 1,312 2,904
Income taxes (4,334) (686) (5,020)
Consolidated net income 8,857 (68) 8,789
Group share 8,663 4 8,667
Non-controlling interests 194 (72) 122
(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 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
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