Strong Cash Flow Growth in a Less Favorable
Environment Dividend increased by 5% for the year1
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q19
Change vs 4Q18
2019
Change vs 2018
Oil price - Brent
($/b)
63.1
-8%
64.2
-10%
European gas price - NBP
($/Mbtu)
5.1
-42%
4.9
-38%
Adjusted net income (Group
share)1
- in billions of dollars
(B$)
3.17
0%
11.83
-13%
- in dollars per share
1.19
+1%
4.38
-13%
DACF1 (B$)
7.4
+21%
28.5
+9%
Cash Flow from operations
(B$)
6.6
-38%
24.7
0%
Net income (Group share) of
11.3 B$ in 2019, a 2% decrease compared to 2018; or 10.1
B€, an increase of 4% compared to 2018
Net-debt-to-capital ratio of
20.7% at December 31, 2019
Hydrocarbon production of
3,014 kboe/d in 2019, an increase of 9% compared to 2018
Fourth quarter 2019 dividend
set at 0.68 €/share, an increase of 6% compared to 2018
Total’s Board of Directors met on February 5, 2020, to approve
the Group’s 2019 financial statements. Commenting on the results,
Chairman and CEO Patrick Pouyanné said:
“The Group reported solid fourth quarter 2019 results with cash
flow (DACF) of 7.4 B$, an increase of more than 20% compared to the
fourth quarter 2018, and adjusted net income stable at 3.2 B$,
despite a lower price environment.
In 2019, the Group generated cash flow of 28.5 B$, strong growth
of 2.4 B$ compared to 2018, thanks to a positive contribution from
all segments. This performance was achieved despite the drop in oil
prices of 10% and European gas prices of 38%, or a price
environment down on average by about 20%. The Group reported solid
adjusted net operating income for the year of 11.8 B$, a decrease
of 13%, and a return on equity above 10%. The Group reduced its
organic pre-dividend breakeven to less than 25 $/b.
In the Upstream, start-ups and ramp-ups including Yamal LNG in
Russia and Ichthys in Australia, Egina in Nigeria and Kaombo in
Angola, generated strong cash flow and fueled production growth of
9% for the year, with LNG growth of nearly 50%.
The Exploration & Production segment increased cash flow to
18 B$, despite the deterioration of the environment, and the iGRP
segment, with an increase in LNG sales of nearly 60%, generated
cash flow of 3.7 B$, an increase of 80%.
The Downstream contributed stable cash flow of 6.6 B$, notably
thanks to its non-cyclical activities and despite a decrease in
refining and petrochemical margins on the order of 10%.
Net investments rose to 17.4 B$ and reflect in particular the
strategy to strengthen LNG and deep offshore, as shown by the
acquisition of Mozambique LNG and the launching of Arctic LNG 2 in
Russia and Mero 2 in Brazil. More than one-third of the net
investments were made in the iGRP segment, which leads the Group’s
low-carbon ambition. Total enters the gas and renewables market in
India in partnership with Adani and will build a giant 800 MW solar
power plant in Qatar.
Total maintains a solid financial position with gearing of 16.7%
excluding capitalized leases (20.7% including). In accordance with
the decision of the Board of Directors announced on September 24,
the Group increased the 2019 final dividend by 6% to €0.68 per
share. Including the interim dividends, the full-year 2019 dividend
increased by 5% to €2.68 per share. Finally, the Group bought back
$1.75 billion of its shares in 2019 and projects 2 B$ of share
buybacks in 2020 in a 60 $/b environment.”
Key figures2
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars, except
effective tax rate, earnings per share and number of shares
2019
2018
2019 vs 2018
3,879
3,673
3,885
-
Adjusted net operating income
from business segments
14,554
15,997
-9%
2,031
1,734
1,976
+3%
Exploration & Production*
7,509
8,547
-12%
794
574
676
+17%
Integrated Gas, Renewables &
Power*
2,389
2,419
-1%
580
952
900
-36%
Refining & Chemicals
3,003
3,379
-11%
474
413
333
+42%
Marketing & Services
1,653
1,652
-
668
521
893
-25%
Contribution of equity affiliates
to adjusted net income
2,260
3,161
-29%
31.8%
30.7%
38.1%
Group effective tax rate3
34.1%
38.7%
3,165
3,017
3,164
-
Adjusted net income (Group
share)
11,828
13,559
-13%
1.19
1.13
1.17
+1%
Adjusted fully-diluted earnings
per share (dollars)4
4.38
5.05
-13%
1.07
1.01
1.02
+5%
Adjusted fully-diluted earnings
per share (euros)**
3.92
4.27
-8%
2,607
2,614
2,637
-1%
Fully-diluted weighted-average
shares (millions)
2,618
2,624
-
2,600
2,800
1,132
x2.3
Net income (Group share)
11,267
11,446
-2%
4,291
3,296
4,459
-4%
Organic investments5
13,397
12,427
+8%
(80)
3,422
(1,751)
ns
Net acquisitions6
4,052
3,141
+29%
4,211
6,718
2,708
+56%
Net investments7
17,449
15,568
+12%
6,839
6,853
5,672
+21%
Operating cash flow before
working capital changes8
26,432
24,529
+8%
7,372
7,385
6,095
+21%
Operating cash flow before
working capital changes w/o financial charges (DACF)9
28,501
26,067
+9%
6,599
8,206
10,640
-38%
Cash flow from operations
24,685
24,703
-
2019 data take into account the impact of the new rule IFRS16
“Leases”, effective January 1, 2019.
* 4Q18 and 2018 restated; historical data for 2017 and 2018
available on www.total.com.
** Average €-$ exchange rate: 1.1071 in the fourth quarter 2019
and 1.1195 in 2019.
Highlights since the beginning of the fourth quarter
201910
- Started production at giant Johan Sverdrup field in the
North Sea and Iara in Brazil
- Launched Anchor projects and engineering studies for North
Platte in Gulf of Mexico
- Agreement between NOC and Total on participation in Waha
concession in Libya
- Extended Block 17 licenses to 2045 in Angola
- Acquired two offshore discoveries (Blocks 20-21) in Angola
for potential development
- Signed an agreement to sell interest in Brunei offshore
block CA1
- Expanded in Brazil pre-salt with new deep-offshore
exploration block
- Acquired 50% interest in Surinam Block 58 with significant
Maka Central-1 discovery
- Awarded construction of a large-scale (800 MW) solar power
plant in Qatar
- Sold to Banque des Territoires a 50% interest in a portfolio
of solar and wind assets in France
- Doubled production capacity of recycled polypropylene for
auto market from Synova subsidiary
- Alliance with Zhejiang Energy Group to develop low-sulfur
maritime fuel market in China
- Second agreement to supply CMA-CGM with LNG maritime fuel
from Marseille
- Awarded concession to install and operate up to 20,000 new
EV charging points in Metropolitan Region of Amsterdam
- Dedicated 400 M$ to Total venture capital fund to support
carbon neutrality
Key figures of environment and Group production
>
Environment* – liquids and gas price realizations**, refining
margins
4Q19
3Q19
4Q18
4Q19 vs 4Q18
2019
2018
2019 vs 2018
63.1
62.0
68.8
-8%
Brent ($/b)
64.2
71.3
-10%
2.4
2.3
3.7
-35%
Henry Hub ($/Mbtu)
2.5
3.1
-18%
5.1
3.9
8.8
-42%
NBP ($/Mbtu)
4.9
7.9
-38%
5.8
4.7
9.9
-42%
JKM ($/Mbtu)
5.5
9.7
-44%
59.1
58.0
59.2
-
Average price of liquids
($/b)**
59.8
64.3
-7%
3.76
3.48
5.01
-25%
Average price of gas
($/Mbtu)**
3.88
4.87
-20%
30.2
47.4
40.8
-26%
Variable cost margin - Refining
Europe, VCM ($/t)
34.9
38.2
-9%
* The indicators are shown on page 16.
** Consolidated subsidiaries.
> Production*
4Q19 3Q19 4Q18 4Q19vs4Q18
2019
2018
2019vs2018
3,113
3,040
2,876
+8%
Hydrocarbon production
(kboe/d)
3,014
2,775
+9%
1,452
1,441
1,382
+5%
Oil (including bitumen)
(kb/d)
1,431
1,378
+4%
1,661
1,599
1,493
+11%
Gas (including condensates and
associated NGL) (kboe/d)
1,583
1,397
+13%
3,113
3,040
2,876
+8%
Hydrocarbon production
(kboe/d)
3,014
2,775
+9%
1,714
1,720
1,589
+8%
Liquids (kb/d)
1,672
1,566
+7%
7,263
7,399
6,994
+4%
Gas (Mcf/d)
7,364
6,599
+12%
* Group production = EP production + iGRP production.
Hydrocarbon production was 3,113 thousand barrels of oil
equivalent (kboe/d) in the fourth quarter 2019, an increase of 8%
compared to last year, due to:
- +13% related to the start-up and ramp-up of new projects,
including Yamal LNG in Russia, Egina in Nigeria, Ichthys in
Australia, Kaombo in Angola, Culzean in the United Kingdom andJohan
Sverdrup in Norway.
- -3% due to the natural decline of the fields.
- -2%due to maintenance and Tyra redevelopment project in
Denmark.
Hydrocarbon production was 3,014 kboe/d for the year 2019, an
increase of 9% compared to 2018, due to:
- +13% related to the start-up and ramp-up of new projects,
including Yamal LNG in Russia, Egina in Nigeria, Ichthys in
Australia, Kaombo in Angola, Culzean in the United Kingdom andJohan
Sverdrup in Norway.
- -3% due to the natural decline of the fields.
- -1% due to maintenance, notably in Nigeria, Norway and Tyra
redevelopment project in Denmark.
Analysis of business
segments
Exploration & Production (EP – redefined scope)
>
Production
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Hydrocarbon production
2019
2018
2019 vs 2018
2,489
2,501
2,408
+3%
EP (kboe/d)
2,454
2,394
+3%
1,640
1,647
1,541
+6%
Liquids (kb/d)
1,601
1,527
+5%
4,624
4,654
4,710
-2%
Gas (Mcf/d)
4,653
4,724
-2%
>
Results
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars, except
effective tax rate
2019
2018
2019 vs 2018
2,031
1,734
1,976
+3%
Adjusted net operating
income*
7,509
8,547
-12%
247
297
269
-8%
including income from equity
affiliates
996
1,140
-13%
38.0%
39.7%
41.2%
Effective tax rate**
41.5%
46.2%
2,617
2,065
2,765
-5%
Organic investments
8,635
7,953
+9%
(224)
(3)
(143)
ns
Net acquisitions
14
2,162
-99%
2,393
2,061
2,622
-9%
Net investments
8,649
10,115
-14%
4,451
4,451
3,911
+14%
Operating cash flow before
working capital changes ***
18,030
17,832
+1%
4,206
5,007
6,310
-33%
Cash flow from operations ***
16,917
18,537
-9%
* 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:
- 2,031 M$ in the fourth quarter 2019, an increase of 3%
year-on-year driven by the increase in production.
- 7,509 M$ for 2019, a decrease of 12% linked to lower Brent and
gas prices.
Operating cash flow before working capital changes was 4.5 B$ in
the fourth quarter, an increase of 14% compared to last year, and
18.0 B$ in 2019 an increase of 1% compared to 2018. The start-up of
strong cash flow generating projects offset the impact of lower
Brent and gas prices.
Integrated Gas, Renewables & Power (iGRP)
>
Production and liquefied natural gas (LNG) sales
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Hydrocarbon production
2019
2018
2019 vs 2018
624
539
468
+34%
iGRP (kboe/d)
560
381
+47%
74
73
48
+54%
Liquids (kb/d)
71
39
+82%
2,639
2,745
2,284
+16%
Gas (Mcf/d)
2,711
1,875
+45%
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Liquefied Natural Gas in
Mt
2019
2018
2019 vs 2018
10.6
7.4
7.9
+35%
Overall LNG sales
34.3
21.8
+57%
4.2
4.2
3.3
+28%
incl. Sales from equity
production*
16.3
11.1
+47%
9.6
5.5
6.7
+44%
incl. Sales by Total from equity
production and third party purchases
27.9
17.1
+63%
* The Group's equity production may be sold by Total or by the
joint ventures.
Production growth over the year was essentially linked to the
start-up of Ichthys in Australia in the third quarter 2018 and the
successive start-ups of Yamal LNG trains in Russia.
In the fourth quarter 2019, LNG sales increased by 35%
year-on-year thanks to the ramp-up of Yamal LNG and Ichthys plus
the start-up of the first Cameron LNG train in the US.
In 2019, LNG sales increased by 57% compared to 2018 for the
same reasons and also due to the acquisition of the Engie portfolio
of LNG contracts in the third quarter 2018.
>
Results
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
794
574
676
+17%
Adjusted net operating
income*
2,389
2,419
-1%
353
206
447
-21%
including income from equity
affiliates
1,009
1,249
-19%
684
641
614
+11%
Organic investments
2,259
1,745
+30%
(13)
3,375
(1,346)
ns
Net acquisitions
3,921
1,701
x2.3
671
4,015
(733)
ns
Net investments
6,180
3,445
+79%
1,402
848
617
x2.3
Operating cash flow before
working capital changes **
3,730
2,055
+81%
1,527
401
434
x3.5
Cash flow from operations **
3,461
596
x5.8
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Driven by strong LNG sales growth, operating cash flow before
working capital changes for the iGRP segment more than doubled in
the fourth quarter 2019 and increased by 81% in 2019.
Adjusted net operating income was 794 M$ in the fourth quarter
2019, an increase of 17%, and 2,389 M$ in 2019, a decrease of 1%,
impacted by lower gas prices in Europe and Asia as well as higher
DD&A expenses on new projects.
Downstream (Refining & Chemicals and Marketing &
Services)
>
Results
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
1,054
1,365
1,233
-15%
Adjusted net operating
income*
4,656
5,031
-7%
949
569
1,039
-9%
Organic investments
2,395
2,614
-8%
159
52
(264)
ns
Net acquisitions
118
(722)
ns
1,108
622
775
+43%
Net investments
2,513
1,892
+33%
1,505
1,995
1,776
-15%
Operating cash flow before
working capital changes **
6,617
6,544
+1%
1,420
3,058
4,306
-67%
Cash flow from operations **
6,441
7,067
-9%
* 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 throughput and utilization rates*
4Q19
3Q19
4Q18
4Q19 vs 4Q18
2019
2018
2019 vs 2018
1,509
1,719
1,886
-20%
Total refinery throughput
(kb/d)
1,671
1,852
-10%
282
503
591
-52%
France
456
610
-25%
756
757
809
-7%
Rest of Europe
754
755
-
471
459
486
-3%
Rest of world
462
487
-5%
71%
82%
90%
Utlization rate based on crude
only**
80%
88%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the
year.
Refinery throughput volumes:
- decreased by 20% in the fourth quarter 2019 year-on-year, due
notably to strikes in France and planned maintenance at Normandy as
well as a fire that affected the distillation unit.
- decreased by 10% in 2019 notably due to the shutdown for nearly
6 months of Grandpuits in France.
>
Results
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
580
952
900
-36%
Adjusted net operating
income*
3,003
3,379
-11%
479
354
615
-22%
Organic investments
1,426
1,604
-11%
118
19
(429)
ns
Net acquisitions
(44)
(742)
ns
597
374
186
x3.2
Net investments
1,382
862
+60%
789
1,373
1,276
-38%
Operating cash flow before
working capital changes **
4,072
4,388
-7%
1,142
1,575
3,080
-63%
Cash flow from operations **
3,837
4,308
-11%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the Refining & Chemicals
segment decreased by 36% to 580 M$ in the fourth quarter 2019 and
by 11% in 2019 to 3,003 M$, notably due to a decrease of around 10%
in refining and petrochemical margins as well as lower
throughput.
Operating cash flow before working capital changes was 789 M$ in
the fourth quarter 2019 and 4,072 M$ in 2019, a decrease of 38% and
7%, respectively, compared to 2018, for the same reasons.
Marketing & Services
>
Petroleum product sales
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Sales in kb/d*
2019
2018
2019 vs 2018
1,835
1,848
1,786
+3%
Total Marketing & Services
sales
1,845
1,801
+2%
1,033
1,034
986
+5%
Europe
1,021
1,001
+2%
801
814
800
-
Rest of world
824
800
+3%
* Excludes trading and bulk refining sales
Sales of petroleum products increased by 2% in 2019, thanks
notably to business development in the African and American
regions, notably Mexico and Brazil.
>
Results
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
474
413
333
+42%
Adjusted net operating
income*
1,653
1,652
-
471
215
424
+11%
Organic investments
969
1,010
-4%
40
33
165
-75%
Net acquisitions
162
20
x8.2
511
248
589
-13%
Net investments
1,131
1,030
+10%
716
622
500
+43%
Operating cash flow before
working capital changes **
2,546
2,156
+18%
278
1,483
1,226
-77%
Cash flow from operations **
2,604
2,759
-6%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases
Adjusted net operating income was 474 M$ in the fourth quarter
2019, an increase of 42%, notably due to a revaluation of futures
contracts. Adjusted net operating income was 1,653 M$ in 2019.
Operating cash flow before working capital changes was 716 M$ in
the fourth quarter 2019 and 2,546 M$ in 2019, an increase of 43%
and 18%, respectively, compared to 2018.
Group results
>
Adjusted net operating income from business segments
Adjusted net operating income from the business segments
was:
- 3,879 M$ in the fourth quarter 2019, stable compared to last
year, with lower Brent, natural gas prices and refining margins
offset by the increase in production.
- 14,554 M$ in 2019, down 9% compared to last year due to the
decreases in Brent, natural gas prices and refining and
petrochemical margins.
>
Adjusted net income (Group share)
Adjusted net income (Group share) was:
- 3,165 M$ in the fourth quarter 2019, stable compared to last
year thanks to the stable adjusted net operating income of the
segments.
- 11,828 M$ in 2019, down 13% compared to last year due to the
decrease in adjusted net operating income of the segments.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value11.
Total net income adjustments12 were:
- -565 M$ in the fourth quarter 2019, including -248 M$ of
impairments.
- -561 M$ in 2019, including -465 M$ of impairments.
The limited level of 2019 impairments reflects the resilience of
the portfolio on a long-term price trajectory in line with the IEA
Sustainable Development Scenario (SDS) and which forecasts by 2050
a convergence of the oil price toward 50$2018/b.
The effective tax rate for the Group was:
- 31.8% in the fourth quarter 2019, compared to 38.1% the same
quarter last year, due to the lower tax rate for the Upstream
linked to the lower hydrocarbon prices as well as for the
Downstream.
- 34.1% in 2019 compared to 38.7% in 2018 for the same
reasons.
>
Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
- $1.19 in the fourth quarter 2019, an increase of 1%, calculated
on the basis of a weighted average of 2,607 million fully-diluted
shares, compared to $1.17 in the fourth quarter 2018.
- $4.38 in 2019, a decrease of 13%, calculated on the basis of a
weighted average of 2,618 million fully-diluted shares, compared to
$5.05 in 2018.
In the framework of the shareholder return policy announced in
February 2018, the Group has continued to buy back shares,
including:
- the buyback of 16.1 million shares, representing all shares
issued in 2019 under the scrip dividend option until it was
terminated.
- the buyback of additional shares: 11.1 million shares
repurchased in the fourth quarter 2019 for 0.60 B$ and 32.7 million
shares in 2019 for 1.75 B$ as part of the 5 B$ buyback program for
2018-20.
The number of fully-diluted shares was 2,603 million on December
31, 2019.
> Acquisitions - asset sales
Acquisitions were:
- 277 M$ in the fourth quarter 2019.
- 5,991 M$ in 2019, linked notably to the acquisition of
Anadarko’s interest in Mozambique LNG, the signing of the
acquisition of a 10% stake in the Arctic LNG 2 projects in Russia
and the acquisition of Chevron’s interest in the Danish Underground
Consortium in Denmark.
Asset sales were:
- 357 M$ in the fourth quarter 2019.
- 1,939 M$ in 2019, linked notably to the payment received with
the take-over of the Toshiba LNG portfolio in the United States,
the sale of the interest in the Wepec refinery in China, the sale
of the Group’s interest in the Hazira terminal in India and
polystyrene activities in China.
> Net cash flow
Net cash flow13 for the Group was:
- 2,628 M$ in the fourth quarter 2019.
- 8,983 M$ in 2019, stable compared to 2018.
> Profitability
The return on equity was 10.4% for the twelve months ended
December 31, 2019.
In millions of dollars January 1, 2019 October 1, 2018
January 1, 2018 December 31, 2019 September 30, 2019 December 31,
2018 Adjusted net income
12,090
12,104
13,964
Average adjusted shareholders'
equity
116,766
117,037
114,183
Return on equity (ROE)
10.4%
10.3%
12.2%
In millions of dollars
January 1, 2019 October 1, 2018 January 1, 2018 December 31, 2019
September 30, 2019 December 31, 2018 Adjusted net operating income
14,073
14,094
15,691
Average capital employed
143,674
146,222
133,123
ROACE
9.8%
9.6%
11.8%
The return on average capital employed was 9.8% for the twelve
months ended December 31, 2019.
Total S.A. accounts
Net income for Total S.A., the parent company, was 7,039 million
euros in 2019 compared to 5,485 million euros in 2018.
2020 Sensitivities*
Change Estimated impact on adjustednet operating
income Estimated impact oncash flow fromoperations
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.
** In a 60 $/b Brent environment.
Summary and outlook
The environment remains volatile, given the uncertainty about
hydrocarbon demand related to the outlook for global economic
growth and a context of geopolitical instability.
The Group has strong capacity to generate cash flow and, in a 60
$/b environment, expects to increase it by approximately 1 B$ per
year starting from 2019.
The Group will continue to implement its strategy for profitable
growth on the integrated gas and low-carbon electricity chains. LNG
sales will benefit notably in 2020 from the start-ups of Yamal LNG
train 4 as well as Cameron LNG train 3 and be more than 30
Mt/y.
Spending discipline is maintained and the Group continues its
cost reduction program with an objective of more than 5 B$ in
cumulative savings in 2020. Net investments in 2020 should be on
the order of 18 B$, and the Group will complete its 5 B$ asset sale
program over the years 2019-20 (~3 B$ already announced).
Organic production growth should be more than 2% in 2020, thanks
to ramp-ups of projects started in 2019 and expected start-ups in
2020, notably Iara 2 in Brazil.
Since the start of the fourth quarter, global refining margins
are weak as a result of high product inventories and oil prices
supported by OPEC. The Downstream will continue to rely on its
diversified portfolio, notably its integrated platforms in Refining
& Chemicals as well as its non-cyclical businesses.
Taking into account the strong visibility on cash flow, the
Group will continue to increase the dividend with a guidance of
5-6% per year. It will also continue to buy back shares, with an
amount expected for 2020 of 2.0 B$ in a 60 $/b environment.
* * * * *
To listen to the presentation in English by CEO Patrick Pouyanné
and CFO Jean-Pierre Sbraire today at 10:30 (London time) please log
on to total.com or call +44 (0) 207 192 8000 in Europe or +1 866
966 1396 in the United States (code: 2072029). For a replay, please
consult the website or call +44 (0) 333 300 9785 in Europe or +1
866 331 1332 in the United States (code: 2072029).
* * * * *
Operating information by segment
> Group production (Exploration &
Production + iGRP)
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Combined liquids and gas
production by region (kboe/d)
2019
2018
2019 vs 2018
1,102
1,004
997
+11%
Europe and Central Asia
1,023
909
+13%
703
733
661
+6%
Africa
705
670
+5%
701
720
655
+7%
Middle East and North Africa
702
666
+6%
368
363
386
-5%
Americas
365
389
-6%
239
221
176
+36%
Asia-Pacific
219
141
+55%
3,113
3,040
2,876
+8%
Total production
3,014
2,775
+9%
768
698
699
+10%
includes equity affiliates
731
671
+9%
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Liquids production by region
(kb/d)
2019
2018
2019 vs 2018
373
367
363
+3%
Europe and Central Asia
355
334
+6%
560
583
509
+10%
Africa
558
513
+9%
560
562
503
+11%
Middle East and North Africa
548
520
+5%
171
163
191
-11%
Americas
168
183
-8%
50
44
22
x2.2
Asia-Pacific
44
16
x2.7
1,714
1,720
1,589
+8%
Total production
1,672
1,566
+7%
212
210
231
-8%
includes equity affiliates
216
247
-13%
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Gas production by region
(Mcf/d)
2019
2018
2019 vs 2018
3,887
3,431
3,416
+14%
Europe and Central Asia
3,596
3,100
+16%
904
768
738
+22%
Africa
792
785
+1%
792
866
843
-6%
Middle East and North Africa
857
806
+6%
1,109
1,124
1,094
+1%
Americas
1,110
1,160
-4%
571
1,210
903
-37%
Asia-Pacific
1,009
748
+35%
7,263
7,399
6,994
+4%
Total production
7,364
6,599
+12%
3,179
2,635
2,524
+26%
includes equity affiliates
2,834
2,281
+24%
> Downstream (Refining & Chemicals
and Marketing & Services)
4Q19
3Q19
4Q18
4Q19 vs 4Q18
Petroleum product sales by
region (kb/d)
2019
2018
2019 vs 2018
1,993
1,999
2,062
-3%
Europe
2,008
1,984
+1%
737
677
778
-5%
Africa
706
736
-4%
763
920
767
-
Americas
842
827
+2%
526
541
531
-1%
Rest of world
555
606
-8%
4,019
4,136
4,138
-3%
Total consolidated sales
4,110
4,153
-1%
508
544
593
-14%
Includes bulk sales
536
575
-7%
1,676
1,745
1,759
-5%
Includes trading
1,730
1,777
-3%
Adjustment items to net income (Group share)
4Q19
3Q19
4Q18
In millions of dollars
2019
2018
(666)
(156)
(1,026)
Special items affecting net
income (Group share)
(892)
(1,731)
-
-
(2)
Gain (loss) on asset sales
-
(16)
(5)
(20)
(32)
Restructuring charges
(58)
(138)
(248)
(160)
(1,259)
Impairments
(465)
(1,595)
(413)
24
267
Other
(369)
18
57
(71)
(1,052)
After-tax inventory effect : FIFO
vs. replacement cost
346
(420)
44
10
46
Effect of changes in fair
value
(15)
38
(565)
(217)
(2,032)
Total adjustments affecting net
income
(561)
(2,113)
Investments - Divestments
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
4,291
3,296
4,459
-4%
Organic investments ( a )
13,397
12,427
+8%
136
152
306
-56%
capitalized exploration
705
711
-1%
319
242
160
+99%
increase in non-current loans
1,061
618
+72%
(102)
(61)
(382)
ns
repayment of non-current loans,
excluding organic loan repayment from equity affiliates*
(551)
(2,067)
ns
-
(109)
-
ns
change in debt from renewable
projects (Group share)
(109)
-
ns
266
4,429
349
-24%
Acquisitions ( b )
5,980
7,692
-22%
357
1,007
2,101
-83%
Asset sales ( c )
1,939
5,172
-63%
-
105
-
ns
change in debt from renewable
projects (partner share)
105
-
ns
(11)
-
(1)
ns
Other transactions with
non-controlling interests ( d )
(11)
(622)
ns
4,211
6,718
2,708
+55%
Net investments ( a + b - c -
d )
17,449
15,568
+12%
(275)
(101)
-
ns
Organic loan repayment from
equity affiliates* ( e )
(475)
-
ns
-
214
-
ns
Change in debt from renewable
projects financing ** ( f )
214
-
ns
3,925
6,831
2,707
+45%
Cash flow used in investing
activities ( a + b - c + e + f )
17,177
14,946
+15%
* 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
4Q19
3Q19
4Q18
4Q19 vs 4Q18
In millions of dollars
2019
2018
2019 vs 2018
7,372
7,385
6,095
+21%
Operating cash flow before
working capital changes w/o financials charges (DACF)
28,501
26,067
+9%
(533)
(532)
(423)
ns
Financial charges
(2,069)
(1,538)
ns
6,839
6,853
5,672
+21%
Operating cash flow before
working capital changes ( a )
26,432
24,529
+8%
46
1,523
6,425
-99%
(Increase) decrease in working
capital
(1,718)
769
ns
(11)
(69)
(1,457)
ns
Inventory effect
446
(595)
ns
(275)
(101)
-
ns
Organic loan repayment from
equity affiliates
(475)
-
ns
6,599
8,206
10,640
-38%
Cash flow from
operations
24,685
24,703
-
4,291
3,296
4,459
-4%
Organic investments ( b )
13,397
12,427
+8%
2,548
3,557
1,213
x2.1
Free cash flow after organic
investments, w/o net asset sales ( a - b )
13,035
12,102
+8%
4,211
6,718
2,708
+55%
Net investments ( c )
17,449
15,568
+12%
2,628
135
2,964
-11%
Net cash flow ( a - c
)
8,983
8,961
-
Gearing ratio*
In millions of dollars
12/31/2019
09/30/2019
12/31/2018
Current borrowings
14,819
14,631
13,306
Net current financial assets
(3,505)
(3,012)
(3,176)
Net financial assets classified
as held for sale
301
-
(15)
Non-current financial debt
47,773
47,923
40,129
Hedging instruments of
non-current debt
(912)
(767)
(680)
Cash and cash equivalents
(27,352)
(27,454)
(27,907)
Net debt (a)
31,124
31,321
21,657
Shareholders’ equity - Group
share
116,778
114,994
115,640
Non-controlling interests
2,527
2,319
2,474
Shareholders' equity
(b)
119,305
117,313
118,114
Net-debt-to-capital ratio = a
/ (a + b)
20.7%
21.1%
15.5%
Net-debt-to-capital ratio
excluding leases
16.7%
17.2%
14.3%
*The net-debt-to-capital ratios on December 31, 2019 and
September 30, 2019 include the impact of the new IFRS 16 rule,
effective January 1, 2019.
Return on average capital employed
> Twelve months ended December 31,
2019
In millions of dollars
Exploration &Production Integrated Gas,Renewables &Power
Refining &Chemicals Marketing &Services Group
Adjusted net operating income
7,509
2,389
3,003
1,653
14,073
Capital employed at
12/31/2018*
89,400
34,746
10,599
6,442
138,519
Capital employed at
12/31/2019*
88,844
41,549
12,228
8,371
148,828
ROACE
8.4%
6.3%
26.3%
22.3%
9.8%
> Twelve months ended September 30,
2019
In millions of dollars
Exploration & Production
Integrated Gas, Renewables &
Power
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
7,454
2,271
3,323
1,512
14,094
Capital employed at
09/30/2018*
92,104
36,587
12,884
6,841
145,298
Capital employed at
09/30/2019*
88,560
41,516
11,658
7,570
147,145
ROACE
8.3%
5.8%
27.1%
21.0%
9.6%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for 2019 from the
consolidated financial statements of TOTAL S.A. as of December 31,
2019 (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 information on the
Group (including objectives and trends), as well as 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, strategy and plans of
TOTAL.
Such forward-looking information and statements included in this
document are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment.
They may prove to be inaccurate in the future, and are subject to a
number of risk factors that could lead to a significant difference
between actual results and those anticipated, the price of
petroleum products, the ability to realize cost reductions and
operating efficiencies without unduly disrupting business
operations, changes in regulations including environmental and
climate, currency fluctuations, as well as economic and political
developments and changes in business conditions. 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
Registration Document, the French language version of which is
filed by the Company with the French Autorité des Marchés
Financiers and 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.
Furthermore, 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.
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 on page 2
2 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 12.
3 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).
4 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
5 Organic investments = net investments excluding acquisitions,
asset sales and other operations with non-controlling
interests.
6 Net acquisitions = acquisitions – assets sales – other
transactions with non-controlling interests (see page 12).
7 Net investments = Organic investments + net acquisitions (see
page 12).
8 Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, and effective second quarter 2019
including organic loan repayments from equity affiliates. The
inventory valuation effect is explained on page 15. The
reconciliation table for different cash flow figures is on page
13.
9 DACF = debt adjusted cash flow, is defined as operating cash
flow before working capital changes and financial charges.
10 Certain transactions referred to in the highlights are
subject to approval by authorities or to other conditions as per
the agreements.
11 Adjustment items shown on page 12.
12 Details shown on page 12 and in the annex to the financial
statements.
13 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 2019
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME TOTAL (unaudited)
(M$) (a)
4th quarter2019 3rd quarter2019
4th quarter2018 Sales
49,280
48,589
52,495
Excise taxes
(5,895)
(6,051)
(6,183)
Revenues from sales
43,385
42,538
46,312
Purchases, net of inventory variation
(28,212)
(27,898)
(33,420)
Other operating expenses
(7,090)
(6,362)
(6,913)
Exploration costs
(231)
(96)
(201)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(4,431)
(4,173)
(4,362)
Other income
428
167
482
Other expense
(235)
(559)
(315)
Financial interest on debt
(606)
(598)
(529)
Financial income and expense from cash & cash equivalents
51
-
(30)
Cost of net debt
(555)
(598)
(559)
Other financial income
143
163
269
Other financial expense
(203)
(178)
(185)
Net income (loss) from equity affiliates
502
1,381
665
Income taxes
(852)
(1,540)
(593)
Consolidated net income
2,649
2,845
1,180
Group share
2,600
2,800
1,132
Non-controlling interests
49
45
48
Earnings per share ($)
0.98
1.05
0.40
Fully-diluted earnings per share ($)
0.97
1.04
0.40
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME TOTAL (unaudited) (M$)
4th quarter2019 3rd quarter2019 4th
quarter2018 Consolidated net income
2,649
2,845
1,180
Other comprehensive income Actuarial gains and losses
(138)
5
(112)
Change in fair value of investments in equity instruments
16
19
(3)
Tax effect
40
(1)
44
Currency translation adjustment generated by the parent company
2,461
(3,520)
(881)
Items not potentially reclassifiable to profit and loss
2,379
(3,497)
(952)
Currency translation adjustment
(654)
1,207
52
Cash flow hedge
(24)
(202)
(285)
Variation of foreign currency basis spread
(49)
(4)
(14)
Share of other comprehensive income of equity affiliates, net
amount
82
73
(266)
Other
1
(6)
(1)
Tax effect
26
69
98
Items potentially reclassifiable to profit and loss
(618)
1,137
(416)
Total other comprehensive income (net amount)
1,761
(2,360)
(1,368)
Comprehensive income
4,410
485
(188)
Group share
4,319
462
(221)
Non-controlling interests
91
23
33
CONSOLIDATED STATEMENT OF INCOME TOTAL (M$)
(a)
Year2019(unaudited) Year2018 Sales
200,316
209,363
Excise taxes
(24,067)
(25,257)
Revenues from sales
176,249
184,106
Purchases, net of inventory variation
(116,221)
(125,816)
Other operating expenses
(27,255)
(27,484)
Exploration costs
(785)
(797)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(15,731)
(13,992)
Other income
1,163
1,838
Other expense
(1,192)
(1,273)
Financial interest on debt
(2,333)
(1,933)
Financial income and expense from cash & cash equivalents
(19)
(188)
Cost of net debt
(2,352)
(2,121)
Other financial income
792
1,120
Other financial expense
(764)
(685)
Net income (loss) from equity affiliates
3,406
3,170
Income taxes
(5,872)
(6,516)
Consolidated net income
11,438
11,550
Group share
11,267
11,446
Non-controlling interests
171
104
Earnings per share ($)
4.20
4.27
Fully-diluted earnings per share ($)
4.17
4.24
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME TOTAL (M$)
Year2019(unaudited) Year2018 Consolidated net
income
11,438
11,550
Other comprehensive income Actuarial gains and
losses
(192)
(12)
Change in fair value of investments in equity instruments
142
-
Tax effect
53
13
Currency translation adjustment generated by the parent company
(1,533)
(4,022)
Items not potentially reclassifiable to profit and loss
(1,530)
(4,021)
Currency translation adjustment
740
1,113
Cash flow hedge
(599)
25
Variation of foreign currency basis spread
1
(80)
Share of other comprehensive income of equity affiliates, net
amount
408
(540)
Other
(3)
(5)
Tax effect
202
14
Items potentially reclassifiable to profit and loss
749
527
Total other comprehensive income (net amount)
(781)
(3,494)
Comprehensive income
10,657
8,056
Group share
10,418
8,021
Non-controlling interests
239
35
CONSOLIDATED BALANCE SHEET TOTAL (unaudited)
(M$)
December 31,2019(unaudited) September
30,2019(unaudited)
December 31 2018
ASSETS Non-current assets Intangible
assets, net
33,178
31,539
28,922
Property, plant and equipment, net
116,408
116,900
113,324
Equity affiliates : investments and loans
27,122
27,172
23,444
Other investments
1,778
1,738
1,421
Non-current financial assets
912
767
680
Deferred income taxes
6,216
5,689
6,663
Other non-current assets
2,415
2,264
2,509
Total non-current assets
188,029
186,069
176,963
Current assets Inventories, net
17,132
16,226
14,880
Accounts receivable, net
18,488
18,568
17,270
Other current assets
17,013
14,925
14,724
Current financial assets
3,992
3,781
3,654
Cash and cash equivalents
27,352
27,454
27,907
Assets classified as held for sale
1,288
418
1,364
Total current assets
85,265
81,372
79,799
Total assets
273,294
267,441
256,762
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity Common shares
8,123
8,300
8,227
Paid-in surplus and retained earnings
121,170
123,805
120,569
Currency translation adjustment
(11,503)
(13,297)
(11,313)
Treasury shares
(1,012)
(3,814)
(1,843)
Total shareholders' equity - Group share
116,778
114,994
115,640
Non-controlling interests
2,527
2,319
2,474
Total shareholders' equity
119,305
117,313
118,114
Non-current liabilities Deferred income taxes
11,858
11,333
11,490
Employee benefits
3,501
3,273
3,363
Provisions and other non-current liabilities
20,613
20,903
21,432
Non-current financial debt
47,773
47,923
40,129
Total non-current liabilities
83,745
83,432
76,414
Current liabilities Accounts payable
28,394
26,237
26,134
Other creditors and accrued liabilities
25,749
24,728
22,246
Current borrowings
14,819
14,631
13,306
Other current financial liabilities
487
769
478
Liabilities directly associated with the assets classified as held
for sale
795
331
70
Total current liabilities
70,244
66,696
62,234
Total liabilities & shareholders' equity
273,294
267,441
256,762
CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (unaudited)
(M$)
4th quarter2019 3rd quarter2019 4th
quarter2018 CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income
2,649
2,845
1,180
Depreciation, depletion, amortization and impairment
4,624
4,242
4,553
Non-current liabilities, valuation allowances and deferred taxes
(672)
235
(1,356)
(Gains) losses on disposals of assets
(176)
(74)
(390)
Undistributed affiliates' equity earnings
267
(876)
147
(Increase) decrease in working capital
46
1,523
6,425
Other changes, net
(139)
311
81
Cash flow from operating activities
6,599
8,206
10,640
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(4,015)
(2,210)
(4,550)
Acquisitions of subsidiaries, net of cash acquired
(155)
(4,385)
49
Investments in equity affiliates and other securities
(170)
(258)
(529)
Increase in non-current loans
(319)
(242)
(160)
Total expenditures
(4,659)
(7,095)
(5,190)
Proceeds from disposals of intangible assets and property, plant
and equipment
301
63
1,321
Proceeds from disposals of subsidiaries, net of cash sold
13
(1)
27
Proceeds from disposals of non-current investments
43
40
753
Repayment of non-current loans
377
162
382
Total divestments
734
264
2,483
Cash flow used in investing activities
(3,925)
(6,831)
(2,707)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares: - Parent company shareholders
1
1
-
- Treasury shares
(620)
(420)
(1,744)
Dividends paid: - Parent company shareholders
(1,876)
-
(705)
- Non-controlling interests
(1)
(21)
(4)
Net issuance (repayment) of perpetual subordinated notes
-
-
-
Payments on perpetual subordinated notes
(56)
-
(59)
Other transactions with non-controlling interests
160
-
(1)
Net issuance (repayment) of non-current debt
84
4,466
931
Increase (decrease) in current borrowings
(1,131)
(3,209)
(2,994)
Increase (decrease) in current financial assets and liabilities
(168)
(310)
(242)
Cash flow from (used in) financing activities
(3,607)
507
(4,818)
Net increase (decrease) in cash and cash equivalents
(933)
1,882
3,115
Effect of exchange rates
831
(1,151)
(460)
Cash and cash equivalents at the beginning of the period
27,454
26,723
25,252
Cash and cash equivalents at the end of the period
27,352
27,454
27,907
CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (M$)
Year2019(unaudited) Year2018 CASH FLOW FROM
OPERATING ACTIVITIES Consolidated net income
11,438
11,550
Depreciation, depletion, amortization and impairment
16,401
14,584
Non-current liabilities, valuation allowances and deferred taxes
(58)
(887)
(Gains) losses on disposals of assets
(614)
(930)
Undistributed affiliates' equity earnings
(1,083)
(826)
(Increase) decrease in working capital
(1,718)
769
Other changes, net
319
443
Cash flow from operating activities
24,685
24,703
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(11,810)
(17,080)
Acquisitions of subsidiaries, net of cash acquired
(4,748)
(3,379)
Investments in equity affiliates and other securities
(1,618)
(1,108)
Increase in non-current loans
(1,061)
(618)
Total expenditures
(19,237)
(22,185)
Proceeds from disposals of intangible assets and property, plant
and equipment
527
3,716
Proceeds from disposals of subsidiaries, net of cash sold
158
12
Proceeds from disposals of non-current investments
349
1,444
Repayment of non-current loans
1,026
2,067
Total divestments
2,060
7,239
Cash flow used in investing activities
(17,177)
(14,946)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares: - Parent company shareholders
452
498
- Treasury shares
(2,810)
(4,328)
Dividends paid: - Parent company shareholders
(6,641)
(4,913)
- Non-controlling interests
(115)
(97)
Net issuance (repayment) of perpetual subordinated notes
-
-
Payments on perpetual subordinated notes
(371)
(325)
Other transactions with non-controlling interests
10
(622)
Net issuance (repayment) of non-current debt
8,131
649
Increase (decrease) in current borrowings
(5,829)
(3,990)
Increase (decrease) in current financial assets and liabilities
(536)
(797)
Cash flow from (used in) financing activities
(7,709)
(13,925)
Net increase (decrease) in cash and cash equivalents
(201)
(4,168)
Effect of exchange rates
(354)
(1,110)
Cash and cash equivalents at the beginning of the period
27,907
33,185
Cash and cash equivalents at the end of the period
27,352
27,907
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL (Unaudited: Year 2019)
Common shares issued
Paid-insurplus andretainedearnings
Currencytranslationadjustment Treasury shares
Shareholders'equity -Group share
Non-controllinginterests Totalshareholders'equity
(M$)
Number Amount Number Amount As
of January 1, 2018
2,528,989,616
7,882
112,040
(7,908)
(8,376,756)
(458)
111,556
2,481
114,037
Net income 2018
-
-
11,446
-
-
-
11,446
104
11,550
Other comprehensive Income
-
-
(20)
(3,405)
-
-
(3,425)
(69)
(3,494)
Comprehensive Income
-
-
11,426
(3,405)
-
-
8,021
35
8,056
Dividend
-
-
(7,881)
-
-
-
(7,881)
(97)
(7,978)
Issuance of common shares
156,203,090
476
8,366
-
-
-
8,842
-
8,842
Purchase of treasury shares
-
-
-
-
(72,766,481)
(4,328)
(4,328)
-
(4,328)
Sale of treasury shares (1)
-
-
(240)
-
4,079,257
240
-
-
-
Share-based payments
-
-
294
-
-
-
294
-
294
Share cancellation
(44,590,699)
(131)
(2,572)
-
44,590,699
2,703
-
-
-
Net issuance (repayment) of perpetual subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated notes
-
-
(315)
-
-
-
(315)
-
(315)
Other operations with non-controlling interests
-
-
(517)
-
-
-
(517)
(99)
(616)
Other items
-
-
(32)
-
-
-
(32)
154
122
As of December 31, 2018
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
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL (unaudited)
4th quarter 2019(M$) Exploration & Production
Integrated Gas, Renewables & Power Refining &
Chemicals Marketing & Services Corporate
Intercompany Total Non-Group sales
1,563
4,292
22,040
21,379
6
-
49,280
Intersegment sales
8,266
993
7,739
203
47
(17,248)
-
Excise taxes
-
-
(765)
(5,130)
-
-
(5,895)
Revenues from sales
9,829
5,285
29,014
16,452
53
(17,248)
43,385
Operating expenses
(4,156)
(4,471)
(28,084)
(15,714)
(356)
17,248
(35,533)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,307)
(488)
(351)
(263)
(22)
-
(4,431)
Operating income
2,366
326
579
475
(325)
-
3,421
Net income (loss) from equity affiliates and other items
166
391
57
15
6
-
635
Tax on net operating income
(893)
104
(3)
(100)
(39)
-
(931)
Net operating income
1,639
821
633
390
(358)
-
3,125
Net cost of net debt
(476)
Non-controlling interests
(49)
Net income - group share
2,600
4th quarter 2019 (adjustments) (a) (M$)
Exploration & Production Integrated Gas, Renewables
& Power Refining & Chemicals Marketing &
Services Corporate Intercompany Total
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)
-
4th quarter 2019 (adjusted)(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
1,563
4,282
22,040
21,379
6
-
49,270
Intersegment sales
8,266
993
7,739
203
47
(17,248)
-
Excise taxes
-
-
(765)
(5,130)
-
-
(5,895)
Revenues from sales
9,829
5,275
29,014
16,452
53
(17,248)
43,375
Operating expenses
(4,111)
(4,384)
(28,128)
(15,612)
(244)
17,248
(35,231)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,782)
(352)
(342)
(263)
(22)
-
(3,761)
Adjusted operating income
2,936
539
544
577
(213)
-
4,383
Net income (loss) from equity affiliates and other items
188
429
70
38
6
-
731
Tax on net operating income
(1,093)
(174)
(34)
(141)
34
-
(1,408)
Adjusted net operating income
2,031
794
580
474
(173)
-
3,706
Net cost of net debt
(473)
Non-controlling interests
(68)
Adjusted net income - group share
3,165
4th quarter 2019(M$) Exploration
& Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total 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
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL (unaudited)
3rd quarter 2019(M$) Exploration & Production
Integrated Gas, Renewables & Power Refining &
Chemicals Marketing & Services Corporate
Intercompany Total Non-Group sales
1,631
3,667
21,338
21,951
2
-
48,589
Intersegment sales
7,761
573
8,341
155
15
(16,845)
-
Excise taxes
-
-
(713)
(5,338)
-
-
(6,051)
Revenues from sales
9,392
4,240
28,966
16,768
17
(16,845)
42,538
Operating expenses
(3,999)
(3,558)
(27,518)
(15,963)
(163)
16,845
(34,356)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,136)
(361)
(413)
(247)
(16)
-
(4,173)
Operating income
2,257
321
1,035
558
(162)
-
4,009
Net income (loss) from equity affiliates and other items
77
898
5
(15)
9
-
974
Tax on net operating income
(1,094)
(222)
(221)
(164)
70
-
(1,631)
Net operating income
1,240
997
819
379
(83)
-
3,352
Net cost of net debt
(507)
Non-controlling interests
(45)
Net income - group share
2,800
3rd quarter 2019 (adjustments) (a) (M$)
Exploration & Production Integrated Gas, Renewables
& Power Refining & Chemicals Marketing &
Services Corporate Intercompany Total
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 assets and
mineral interests
(153)
(9)
(22)
(2)
-
-
(186)
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
-
3rd quarter 2019 (adjusted)(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
1,631
3,655
21,338
21,951
2
-
48,577
Intersegment sales
7,761
573
8,341
155
15
(16,845)
-
Excise taxes
-
-
(713)
(5,338)
-
-
(6,051)
Revenues from sales
9,392
4,228
28,966
16,768
17
(16,845)
42,526
Operating expenses
(3,899)
(3,517)
(27,422)
(15,985)
(163)
16,845
(34,141)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,983)
(352)
(391)
(245)
(16)
-
(3,987)
Adjusted operating income
2,510
359
1,153
538
(162)
-
4,398
Net income (loss) from equity affiliates and other items
167
299
28
38
9
-
541
Tax on net operating income
(943)
(84)
(229)
(163)
70
-
(1,349)
Adjusted net operating income
1,734
574
952
413
(83)
-
3,590
Net cost of net debt
(503)
Non-controlling interests
(70)
Adjusted net income - group share
3,017
3rd quarter 2019(M$) Exploration
& Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total 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
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL (unaudited)
4th quarter 2018(M$) Exploration & Production
Integrated Gas, Renewables & Power Refining &
Chemicals Marketing & Services Corporate
Intercompany Total Non-Group sales
2,119
3,781
23,365
23,226
4
-
52,495
Intersegment sales
7,659
662
8,786
246
18
(17,371)
-
Excise taxes
-
-
(822)
(5,361)
-
-
(6,183)
Revenues from sales
9,778
4,443
31,329
18,111
22
(17,371)
46,312
Operating expenses
(4,540)
(3,896)
(31,552)
(17,671)
(246)
17,371
(40,534)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,046)
(807)
(311)
(187)
(11)
-
(4,362)
Operating income
2,192
(260)
(534)
253
(235)
-
1,416
Net income (loss) from equity affiliates and other items
339
399
144
5
29
-
916
Tax on net operating income
(798)
(79)
230
(69)
48
-
(668)
Net operating income
1,733
60
(160)
189
(158)
-
1,664
Net cost of net debt
(484)
Non-controlling interests
(48)
Net income - group share
1,132
4th quarter 2018 (adjustments) (a) (M$)
Exploration & Production Integrated Gas, Renewables
& Power Refining & Chemicals Marketing &
Services Corporate Intercompany Total
Non-Group sales
-
43
-
-
-
-
43
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
43
-
-
-
-
43
Operating expenses
1
(72)
(1,323)
(197)
-
-
(1,591)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(642)
(580)
(2)
-
-
-
(1,224)
Operating income (b)
(641)
(609)
(1,325)
(197)
-
-
(2,772)
Net income (loss) from equity affiliates and other items
-
(207)
(150)
(5)
-
-
(362)
Tax on net operating income
398
200
415
58
-
-
1,071
Net operating income (b)
(243)
(616)
(1,060)
(144)
-
-
(2,063)
Net cost of net debt
(4)
Non-controlling interests
35
Net income - group share
(2,032)
(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
-
-
(1,299)
(158)
-
On net operating income
-
-
(963)
(113)
-
4th quarter 2018 (adjusted)(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
2,119
3,738
23,365
23,226
4
-
52,452
Intersegment sales
7,659
662
8,786
246
18
(17,371)
-
Excise taxes
-
-
(822)
(5,361)
-
-
(6,183)
Revenues from sales
9,778
4,400
31,329
18,111
22
(17,371)
46,269
Operating expenses
(4,541)
(3,824)
(30,229)
(17,474)
(246)
17,371
(38,943)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,404)
(227)
(309)
(187)
(11)
-
(3,138)
Adjusted operating income
2,833
349
791
450
(235)
-
4,188
Net income (loss) from equity affiliates and other items
339
606
294
10
29
-
1,278
Tax on net operating income
(1,196)
(279)
(185)
(127)
48
-
(1,739)
Adjusted net operating income
1,976
676
900
333
(158)
-
3,727
Net cost of net debt
(480)
Non-controlling interests
(83)
Adjusted net income - group share
3,164
4th quarter 2018(M$) Exploration
& Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Total
expenditures
3,160
685
668
627
50
-
5,190
Total divestments
538
1,419
482
38
6
-
2,483
Cash flow from operating activities
6,310
434
3,080
1,226
(410)
-
10,640
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL (unaudited)
Year 2019(M$) Exploration & Production
Integrated Gas, Renewables & Power Refining &
Chemicals Marketing & Services Corporate
Intercompany Total Non-Group sales
7,261
18,167
87,598
87,280
10
-
200,316
Intersegment sales
31,329
2,825
32,390
659
125
(67,328)
-
Excise taxes
-
-
(3,015)
(21,052)
-
-
(24,067)
Revenues from sales
38,590
20,992
116,973
66,887
135
(67,328)
176,249
Operating expenses
(16,389)
(18,316)
(112,104)
(63,855)
(925)
67,328
(144,261)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(11,659)
(1,492)
(1,527)
(980)
(73)
-
(15,731)
Operating income
10,542
1,184
3,342
2,052
(863)
-
16,257
Net income (loss) from equity affiliates and other items
610
2,330
322
101
42
-
3,405
Tax on net operating income
(4,572)
(741)
(470)
(598)
155
-
(6,226)
Net operating income
6,580
2,773
3,194
1,555
(666)
-
13,436
Net cost of net debt
(1,998)
Non-controlling interests
(171)
Net income - group share
11,267
Year 2019 (adjustments) (a) (M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total 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)(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
7,261
18,231
87,598
87,280
10
-
200,380
Intersegment sales
31,329
2,825
32,390
659
125
(67,328)
-
Excise taxes
-
-
(3,015)
(21,052)
-
-
(24,067)
Revenues from sales
38,590
21,056
116,973
66,887
135
(67,328)
176,313
Operating expenses
(16,244)
(18,076)
(112,501)
(63,815)
(813)
67,328
(144,121)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(10,938)
(1,336)
(1,486)
(978)
(73)
-
(14,811)
Adjusted operating income
11,408
1,644
2,986
2,094
(751)
-
17,381
Net income (loss) from equity affiliates and other items
722
1,356
405
184
42
-
2,709
Tax on net operating income
(4,621)
(611)
(388)
(625)
228
-
(6,017)
Adjusted net operating income
7,509
2,389
3,003
1,653
(481)
-
14,073
Net cost of net debt
(1,983)
Non-controlling interests
(262)
Adjusted net income - group share
11,828
Year 2019(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total 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
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL
Year 2018(M$) Exploration & Production
Integrated Gas, Renewables & Power Refining &
Chemicals Marketing & Services Corporate
Intercompany Total Non-Group sales
9,889
17,236
92,025
90,206
7
-
209,363
Intersegment sales
30,337
2,198
35,462
979
64
(69,040)
-
Excise taxes
-
-
(3,359)
(21,898)
-
-
(25,257)
Revenues from sales
40,226
19,434
124,128
69,287
71
(69,040)
184,106
Operating expenses
(17,532)
(17,679)
(120,393)
(66,737)
(796)
69,040
(154,097)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(10,192)
(1,827)
(1,222)
(709)
(42)
-
(13,992)
Operating income
12,502
(72)
2,513
1,841
(767)
-
16,017
Net income (loss) from equity affiliates and other items
1,365
1,639
782
307
77
-
4,170
Tax on net operating income
(5,770)
(471)
(445)
(532)
375
-
(6,843)
Net operating income
8,097
1,096
2,850
1,616
(315)
-
13,344
Net cost of net debt
(1,794)
Non-controlling interests
(104)
Net income - group share
11,446
Year 2018 (adjustments) (a) (M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
-
56
-
-
-
-
56
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
56
-
-
-
-
56
Operating expenses
(199)
(237)
(616)
(45)
(9)
-
(1,106)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(707)
(1,065)
(2)
-
-
-
(1,774)
Operating income (b)
(906)
(1,246)
(618)
(45)
(9)
-
(2,824)
Net income (loss) from equity affiliates and other items
(128)
(247)
(116)
(5)
-
-
(496)
Tax on net operating income
584
170
205
14
-
-
973
Net operating income (b)
(450)
(1,323)
(529)
(36)
(9)
-
(2,347)
Net cost of net debt
(67)
Non-controlling interests
301
Net income - group share
(2,113)
(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
-
-
(589)
(6)
-
On net operating income
-
-
(413)
(5)
-
Year 2018 (adjusted)(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Non-Group sales
9,889
17,180
92,025
90,206
7
-
209,307
Intersegment sales
30,337
2,198
35,462
979
64
(69,040)
-
Excise taxes
-
-
(3,359)
(21,898)
-
-
(25,257)
Revenues from sales
40,226
19,378
124,128
69,287
71
(69,040)
184,050
Operating expenses
(17,333)
(17,442)
(119,777)
(66,692)
(787)
69,040
(152,991)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(9,485)
(762)
(1,220)
(709)
(42)
-
(12,218)
Adjusted operating income
13,408
1,174
3,131
1,886
(758)
-
18,841
Net income (loss) from equity affiliates and other items
1,493
1,886
898
312
77
-
4,666
Tax on net operating income
(6,354)
(641)
(650)
(546)
375
-
(7,816)
Adjusted net operating income
8,547
2,419
3,379
1,652
(306)
-
15,691
Net cost of net debt
(1,727)
Non-controlling interests
(405)
Adjusted net income - group share
13,559
Year 2018(M$) Exploration &
Production Integrated Gas, Renewables & Power
Refining & Chemicals Marketing & Services
Corporate Intercompany Total Total
expenditures
13,789
5,032
1,781
1,458
125
-
22,185
Total divestments
3,674
2,209
919
428
9
-
7,239
Cash flow from operating activities
18,537
596
4,308
2,759
(1,497)
-
24,703
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL (unaudited)
4th quarter 2019(M$) Adjusted Adjustments (a)
Consolidated statement of income Sales
49,270
10
49,280
Excise taxes
(5,895)
-
(5,895)
Revenues from sales
43,375
10
43,385
Purchases, net of inventory variation
(28,126)
(86)
(28,212)
Other operating expenses
(6,874)
(216)
(7,090)
Exploration costs
(231)
-
(231)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,761)
(670)
(4,431)
Other income
256
172
428
Other expense
(133)
(102)
(235)
Financial interest on debt
(603)
(3)
(606)
Financial income and expense from cash & cash equivalents
51
-
51
Cost of net debt
(552)
(3)
(555)
Other financial income
143
-
143
Other financial expense
(203)
-
(203)
Net income (loss) from equity affiliates
668
(166)
502
Income taxes
(1,329)
477
(852)
Consolidated net income
3,233
(584)
2,649
Group share
3,165
(565)
2,600
Non-controlling interests
68
(19)
49
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
4th quarter
2018(M$) Adjusted Adjustments (a) Consolidated
statement of income Sales
52,452
43
52,495
Excise taxes
(6,183)
-
(6,183)
Revenues from sales
46,269
43
46,312
Purchases, net of inventory variation
(31,944)
(1,476)
(33,420)
Other operating expenses
(6,798)
(115)
(6,913)
Exploration costs
(201)
-
(201)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,138)
(1,224)
(4,362)
Other income
425
57
482
Other expense
(124)
(191)
(315)
Financial interest on debt
(525)
(4)
(529)
Financial income and expense from cash & cash equivalents
(30)
-
(30)
Cost of net debt
(555)
(4)
(559)
Other financial income
269
-
269
Other financial expense
(185)
-
(185)
Net income (loss) from equity affiliates
893
(228)
665
Income taxes
(1,664)
1,071
(593)
Consolidated net income
3,247
(2,067)
1,180
Group share
3,164
(2,032)
1,132
Non-controlling interests
83
(35)
48
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
BUSINESS SEGMENT
INFORMATION TOTAL Year
2019(M$)(unaudited) Adjusted Adjustments (a)
Consolidated statement of income Sales
200,380
(64)
200,316
Excise taxes
(24,067)
-
(24,067)
Revenues from sales
176,313
(64)
176,249
Purchases, net of inventory variation
(116,464)
243
(116,221)
Other operating expenses
(26,872)
(383)
(27,255)
Exploration costs
(785)
-
(785)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(14,811)
(920)
(15,731)
Other income
876
287
1,163
Other expense
(455)
(737)
(1,192)
Financial interest on debt
(2,318)
(15)
(2,333)
Financial income and expense from cash & cash equivalents
(19)
-
(19)
Cost of net debt
(2,337)
(15)
(2,352)
Other financial income
792
-
792
Other financial expense
(764)
-
(764)
Net income (loss) from equity affiliates
2,260
1,146
3,406
Income taxes
(5,663)
(209)
(5,872)
Consolidated net income
12,090
(652)
11,438
Group share
11,828
(561)
11,267
Non-controlling interests
262
(91)
171
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
Year
2018(M$) Adjusted Adjustments (a) Consolidated
statement of income Sales
209,307
56
209,363
Excise taxes
(25,257)
-
(25,257)
Revenues from sales
184,050
56
184,106
Purchases, net of inventory variation
(125,134)
(682)
(125,816)
Other operating expenses
(27,060)
(424)
(27,484)
Exploration costs
(797)
-
(797)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(12,218)
(1,774)
(13,992)
Other income
1,518
320
1,838
Other expense
(448)
(825)
(1,273)
Financial interest on debt
(1,866)
(67)
(1,933)
Financial income and expense from cash & cash equivalents
(188)
-
(188)
Cost of net debt
(2,054)
(67)
(2,121)
Other financial income
1,120
-
1,120
Other financial expense
(685)
-
(685)
Net income (loss) from equity affiliates
3,161
9
3,170
Income taxes
(7,489)
973
(6,516)
Consolidated net income
13,964
(2,414)
11,550
Group share
13,559
(2,113)
11,446
Non-controlling interests
405
(301)
104
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
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