Total resists crisis and accelerates its
transformation Total will propose to shareholders changing
its name to TotalEnergies
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q20
Change vs 4Q19
2020
Change vs 2019
Oil price - Brent ($/b)
44.2
-30%
41.8
-35%
European gas price - NBP ($/Mbtu)
5.6
+10%
3.3
-31%
Adjusted net income (Group share)1
- in billions of dollars (B$)
1.30
-59%
4.06
-66%
- in dollars per share
0.46
-61%
1.43
-67%
DACF1 (B$)
4.9
-33%
17.6
-37%
Cash Flow from operations (B$)
5.7
-14%
14.8
-40%
Net income (Group
share) of 891 M$ in 4Q20
Net-debt-to-capital ratio of
21.7% at December 31, 2020 vs. 22.0% at September 30, 20202
Hydrocarbon production of 2,841 kboe/d in 4Q20, a decrease
of 9% compared to 4Q19
Fourth quarter 2020 dividend set at 0.66
€/share
Total SE’s Board of Directors met on February 8, 2021, under the
chairmanship of CEO Patrick Pouyanné to approve the Group’s 2020
financial statements. On this occasion, Patrick Pouyanné said:
“The Group’s fourth quarter results rebounded from the previous
quarter in a context where oil prices stabilized above $40 per
barrel, thanks to strong OPEC+ discipline, and where gas prices
rose sharply in Europe and Asia, but where refining margins
remained depressed, still affected by low demand and high
inventories. In this context, the Group demonstrates its ability to
benefit from an overall more favorable environment with adjusted
net income up by more than 50% to $1.3 billion and cash flow (DACF)
of $4.9 billion.
Total faced two major crises in 2020: the Covid-19 pandemic that
severely affected global energy demand, and the oil crisis that
drove the Brent price below $20 per barrel in the second quarter.
In this particularly difficult context, the Group implemented an
immediate action plan and proved its resilience thanks to the
quality of its portfolio (production cost of $5.1 per boe, the
lowest among its peers) and its integrated model with cash flow
(DACF) generation of nearly $18 billion. It posted adjusted net
income of $4.1 billion and, thanks to strong discipline on
investments ($13 billion, down 26%) and costs ($1.1 billion in
savings), the organic cash breakeven was $26 per barrel. Consistent
with its climate ambition, the Group recorded exceptional asset
impairments of $10 billion, notably on Canadian oil sands assets,
most of which were recorded in its accounts at the end of June,
leading to an IFRS loss for the year of $7.2 billion.
2020 represents a pivoting year for the Group’s strategy with
the announcement of its ambition to get to Net Zero, together with
society. The Group affirms its plan to transform itself into a
broad energy company to meet the dual challenge of the energy
transition: more energy, less emissions. Thus, the Group’s profile
will be transformed over the 2020-30 decade: the growth of energy
production will be based on two pillars, LNG and Renewables &
Electricity, while oil products are expecting to fall from 55% to
30% of sales. To anchor this transformation, the Group will propose
to its shareholders at the Annual General Meeting on May 28, 2021,
changing its name to TotalEnergies. They will hence have the
opportunity to endorse this strategy and the underlying ambition to
transition to carbon neutrality.
In 2020, Total secured its investments in Renewables &
Electricity ($2 billion) and accelerated the implementation of its
strategy to grow renewables, adding 10 GW to its portfolio. With
the acquisition at the start of 2021 of a 20% stake in Adani Green
Energy Limited (AGEL), the largest solar developer in the world,
and of portfolios of projects in the United States, the Group now
has a portfolio of gross installed capacity, under construction and
in development of 35 GW by 2025 with more than 20 GW already
benefiting from long-term power purchase agreements.
Total preserves its financial strength with a gearing of 21.7%
at the end of 2020. Confident in the Group’s fundamentals, the
Board of Directors confirms its policy of supporting the dividend
through economic cycles. Therefore, it will propose at the Annual
General Meeting of Shareholders on May 28, 2021, the distribution
of a final dividend of 0.66 € per share, equal to the previous
three quarters, and set the dividend for 2020 at 2.64 € per
share.”
Highlights3
Sustainability
- Strengthened the Group’s commitment to reduce methane emissions
with initiative OGMP 2.0
- Withdrew from the American Petroleum Institute
- Total once again selected in 2020 in the Dow Jones
Sustainability Indices
Renewables and electricity
Renewables
- Acquired in India a 20% minority interest in Adani Green Energy
Limited (AGEL), the largest solar developer in the world
- Acquired Fonroche Biogaz in France, making Total the leader in
renewable gas production in France
- Agreed with 174 Power Global, a subsidiary of Hanwha, to
develop a portfolio of 1.6 GW of solar and energy storage projects
in the United States
- Acquired a 2.2 GW portfolio of solar and energy storage
projects in Texas
- Developing the largest site in France for the production of
green hydrogen based 100% on renewable electricity with Engie
- Issued € 3 billion of hybrid bonds dedicated to financing the
strategy to grow renewables
Electricity
- Acquired portfolio of 2 million residential customers and 2
CCGT with cumulative capacity of 850 MW from Energías de Portugal
in Spain
- Won the City of Paris concession tender to operate 2,300 charge
points of the Bélib’ network
- Acquired Charging Solutions to become operator of 2,000 charge
point network in Germany
LNG
- Finalized 16.6% participation in Energia Costa Azul LNG project
on the Pacific coast of Mexico
- Delivered first carbon neutral LNG cargo to CNOOC (China)
- Completed first LNG bunkering for CMA CGM in Port of
Rotterdam
- Chartered four new LNG-powered Aframax vessels to reduce
maritime transport emissions
Upstream
- Fourth hydrocarbon discovery on Block 58 in Suriname
- Second gas and condensate discovery on Block 11B/12B in South
Africa
- Entered new offshore exploration permit as operator in
Egypt
- Sold Group’s 10% interest in onshore OML 17 block in
Nigeria
CCUS
- Approval from Norwegian government of final investment decision
for Northern Lights CO2 sequestration project in Northern North
Sea
- Signed with ADNOC strategic framework agreement on CO2 emission
reduction and CCUS in Abu Dhabi
- Announced world first sustainable packaging from captured and
recycled carbon emissions by Lanzatech, Total and L’Oréal in
France
Key figures from Total’s consolidated financial
statements4
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars, except
effective tax rate, earnings per share and number of shares
2020
2019
2020 vs 2019
1,824
1,459
3,879
-53%
Adjusted net operating income
from business segments
6,404
14,554
-56%
1,068
801
2,031
-47%
Exploration & Production
2,363
7,509
-69%
254
285
794
-68%
Integrated Gas, Renewables &
Power
1,778
2,389
-26%
170
(88)
580
-71%
Refining & Chemicals
1,039
3,003
-65%
332
461
474
-30%
Marketing & Services
1,224
1,653
-26%
367
352
668
-45%
Contribution of equity affiliates
to adjusted net income
1,388
2,260
-39%
14.9%
45.7%
31.8%
Group effective tax rate5
27.8%
34.1%
1,304
848
3,165
-59%
Adjusted net income (Group
share)
4,059
11,828
-66%
0.46
0.29
1.19
-61%
Adjusted fully-diluted earnings
per share (dollars)6
1.43
4.38
-67%
0.39
0.24
1.07
-64%
Adjusted fully-diluted earnings
per share (euros)*
1.25
3.92
-68%
2,645
2,637
2,607
+1%
Fully-diluted weighted-average
shares (millions)
2,621
2,618
-
891
202
2,600
-66%
Net income (Group share)
(7,242)
11,267
ns
3,432
2,184
4,291
-20%
Organic investments7
10,339
13,397
-23%
1,099
(272)
(80)
ns
Net acquisitions8
2,650
4,052
-35%
4,531
1,912
4,211
+8%
Net investments9
12,989
17,449
-26%
4,498
3,791
6,793
-34%
Operating cash flow before
working capital changes**10
15,697
26,111
-40%
4,933
4,281
7,326
-33%
Operating cash flow before
working capital changes w/o financial charges (DACF)11
17,635
28,180
-37%
5,674
4,351
6,599
-14%
Cash flow from operations
14,803
24,685
-40%
Data take into account the impact of the IFRS16 “Leases” rule,
effective January 1, 2019. * Average €-$ exchange rate: 1.1929 in
the fourth quarter 2020 and 1.1422 in 2020. ** 4Q19 and 2019 data
restated10
Key figures of environment and Group production
> Environment* –
liquids and gas price realizations, refining margins
4Q20
3Q20
4Q19
4Q20 vs 4Q19
2020
2019
2020 vs 2019
44.2
42.9
63.1
-30%
Brent ($/b)
41.8
64.2
-35%
2.8
2.1
2.4
+15%
Henry Hub ($/Mbtu)
2.1
2.5
-16%
5.6
2.9
5.1
+10%
NBP ($/Mbtu)
3.3
4.9
-31%
8.0
3.6
5.8
+39%
JKM ($/Mbtu)
4.4
5.5
-20%
41.0
39.9
59.1
-31%
Average price of liquids ($/b)
Consolidated subsidiaries
37.0
59.8
-38%
3.31
2.52
3.76
-12%
Average price of gas ($/Mbtu)
Consolidated subsidiaries
2.96
3.88
-24%
4.90
3.57
6.52
-25%
Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates
4.83
6.31
-24%
4.6
-2.7
30.2
-85%
Variable cost margin - Refining
Europe, VCM ($/t)
11.5
34.9
-67%
* The indicators are shown on page 16.
The average LNG sales price rebounded by 37% in the quarter
compared to the previous quarter, due to the seasonality of demand
and the delayed impact of higher oil prices in the third quarter
2020 on long-term LNG contracts.
>
Production*
4Q20
3Q20
4Q19
4Q20 vs 4Q19
2020
2019
2020 vs 2019
2,841
2,715
3,113
-9%
Hydrocarbon production
(kboe/d)
2,871
3,014
-5%
1,238
1,196
1,452
-15%
Oil (including bitumen)
(kb/d)
1,298
1,431
-9%
1,603
1,519
1,661
-3%
Gas (including condensates and
associated NGL) (kboe/d)
1,573
1,583
-1%
2,841
2,715
3,113
-9%
Hydrocarbon production
(kboe/d)
2,871
3,014
-5%
1,483
1,437
1,714
-13%
Liquids (kb/d)
1,543
1,672
-8%
7,406
6,973
7,563
-2%
Gas (Mcf/d)**
7,246
7,309
-1%
* Group production = EP production + iGRP production. ** 4Q19
and 2019 data restated
Hydrocarbon production was 2,841 thousand barrels of oil
equivalent per day (kboe/d) in the fourth quarter 2020, a decrease
of 9% year-on-year, comprised of:
- -5% due to compliance with OPEC+ quotas, notably in Nigeria,
the United Arab Emirates and Kazakhstan, as well as voluntary
reductions in Canada and disruptions in Libya.
- -1% due to portfolio effect, notably linked to the sale of
assets in the United Kingdom and Block CA1 in Brunei.
- +3% due to the start-up and ramp-up of new projects, notably
North Russkoye in Russia, Tempa Rossa in Italy, Johan Sverdrup in
Norway, Iara in Brazil and Culzean in the United Kingdom.
- -3% due to the natural decline of fields.
- -3% due to maintenance and unplanned outages, notably in
Norway.
Hydrocarbon production was 2,871 kboe/d for the year 2020, a
decrease of 5% compared to the previous year, comprised of:
- -5% due to compliance with OPEC+ quotas, notably in Nigeria,
the United Arab Emirates and Kazakhstan, as well as voluntary
reductions in Canada and disruptions in Libya.
- +5% due to the ramp-up of recently started projects, notably
Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in
Brazil, Tempa Rossa in Italy and North Russkoye in Russia.
- -3% due to the natural decline of fields.
- -2% due to maintenance, and unplanned outages, notably in
Norway.
Analysis of business
segments
Integrated Gas, Renewables & Power (iGRP)
> Production and
sales of Liquefied natural gas (LNG) and electricity
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Hydrocarbon production for
LNG
2020
2019
2020 vs 2019
532
518
624
-15%
iGRP (kboe/d)
530
560
-5%
65
70
74
-12%
Liquids (kb/d)
69
71
-4%
2,549
2,445
2,939
-13%
Gas (Mcf/d)*
2,519
2,656
-5%
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Liquefied Natural Gas in
Mt
2020
2019
2020 vs 2019
10.0
8.1
10.6
-6%
Overall LNG sales
38.3
34.3
+12%
4.3
4.3
4.2
+2%
incl. Sales from equity
production**
17.6
16.3
+8%
8.0
6.6
9.6
-17%
incl. Sales by Total from equity
production and third party purchases
31.1
27.9
+12%
* 4Q19 and 2019 data restated ** The Group's equity production
may be sold by Total or by the joint ventures.
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Renewables & Electricity
2020
2019
2020 vs 2019
7.0
5.1
3.0
x2,4
Gross renewables installed capacity (GW)*
7.0
3.0
x2,4
17.5
14.2
Gross renewables installed or in development capacitywith PPA (GW)*
17.5
4.3
4.1
3.5
+20%
Net power production (TWh)**
14.1
11.4
+24%
1.2
1.0
0.6
+87%
incl. Power production from renewables
4.0
2.0
+97%
5.6
4.4
4.1
+37%
Clients power - BtB and BtC (Million)*
5.6
4.1
+37%
2.7
1.7
1.7
+59%
Clients gas - BtB and BtC (Million)*
2.7
1.7
+59%
13.5
10.2
12.9
+5%
Sales power - BtB and BtC (TWh)
47.3
46.0
+3%
31.5
13.5
29.4
+7%
Sales gas - BtB and BtC (TWh)
95.8
95.0
+1%
* Capacity at end of period. ** Solar, wind, biogas,
hydroelectric and combined-cycle gas turbine (CCGT) plants.
Hydrocarbon production for LNG in the fourth quarter decreased
by 15% compared to a year ago, notably due to the shutdown of
Snøhvit LNG following a fire at the end of September 2020.
Total LNG sales increased by 12% in 2020 compared to 2019 thanks
to the start-up of three trains at Cameron LNG in the United
States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in
Australia and the increase in trading activities.
Gross installed renewable power generation capacity more than
doubled during the year to reach 7 GW at the end of the fourth
quarter, notably thanks to the acquisition in India of 50% of a 3
GWp portfolio from the Adani Group.
The Group continues to implement its strategy to integrate along
the electricity and gas chain in Europe and has increased the
number of its electricity and gas customers by 1.5 million and 1
million, respectively, notably thanks to the finalization of the
acquisition in the fourth quarter of a portfolio of customers from
Energías de Portugal in Spain.
Net electricity production was 4.3 TWh in the fourth quarter, an
increase of 20% compared to last year, notably due to the doubling
of renewable electricity production and the acquisition of four
CCGT (combined cycle gas turbine) power stations in France and
Spain.
Sales of electricity and gas in the fourth quarter increased by
5% and 7%, respectively, compared to a year ago thanks to the
growth in the number of customers.
> Results
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
254
285
794
-68%
Adjusted net operating income*
1,778
2,389
-26%
97
99
353
-73%
including income from equity affiliates
375
1,009
-63%
1,007
450
684
+47%
Organic investments
2,720
2,259
+20%
577
36
(13)
ns
Net acquisitions
2,183
3,921
-44%
1,584
486
671
x2,4
Net investments
4,903
6,180
-21%
1,072
695
1,356
-21%
Operating cash flow before working capital changes **
3,418
3,409
-
575
654
1,527
-62%
Cash flow from operations ***
2,129
3,461
-38%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases. 4Q19 and 2019 data
restated. (see note 10 page 3) *** Excluding financial charges,
except those related to leases.
Adjusted net operating income for the iGRP segment was $254
million in the fourth quarter 2020 compared to $794 million in the
fourth quarter 2019, and $1,778 million for 2020, a decrease of 26%
for the year, mainly due to the decrease in the LNG price.
Operating cash flow before working capital changes was $1,072
million in the fourth quarter, a decrease of 21% compared to a year
ago, due to the decrease in the price of LNG partially offset by a
positive and increasing contribution from Renewables &
Electricity. For the year, operating cash flow before working
capital changes was stable in 2020 compared to the previous year at
$3,418 million.
Exploration & Production
>
Production
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Hydrocarbon production
2020
2019
2020 vs 2019
2,309
2,197
2,489
-7%
EP (kboe/d)
2,341
2,454
-5%
1,418
1,367
1,640
-14%
Liquids (kb/d)
1,474
1,601
-8%
4,857
4,528
4,624
+5%
Gas (Mcf/d)
4,727
4,653
+2%
> Results
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars, except
effective tax rate
2020
2019
2020 vs 2019
1,068
801
2,031
-47%
Adjusted net operating
income*
2,363
7,509
-69%
222
268
247
-10%
including income from equity
affiliates
928
996
-7%
19.8%
32.9%
38.0%
Effective tax rate**
29.4%
41.5%
1,569
1,266
2,617
-40%
Organic investments
5,519
8,635
-36%
548
(309)
(224)
ns
Net acquisitions
544
14
x38,9
2,117
957
2,393
-12%
Net investments
6,063
8,649
-30%
2,652
2,646
4,451
-40%
Operating cash flow before
working capital changes ***
9,684
18,030
-46%
3,046
2,043
4,206
-28%
Cash flow from operations ***
9,922
16,917
-41%
* Details on adjustment items are shown in the business segment
information annex to financial statements. ** Tax on adjusted net
operating income / (adjusted net operating income - income from
equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income). ***
Excluding financial charges, except those related to leases.
Exploration & Production adjusted net operating income
was:
- $1,068 million in the fourth quarter compared to $2,031 million
a year ago due to the sharp drop in oil and gas prices and lower
production.
- $2,363 million in 2020 versus $7,509 million in 2019 for the
same reasons.
Operating cash flow before working capital changes was $2,652
million in the fourth quarter, down 40% year-on-year, and $9,684
million in 2020, down 46%.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
502
373
1,054
-52%
Adjusted net operating
income*
2,263
4,656
-51%
840
449
950
-12%
Organic investments
2,023
2,395
-16%
80
2
158
-49%
Net acquisitions
32
118
-73%
920
451
1,108
-17%
Net investments
2,055
2,513
-18%
1,129
971
1,505
-25%
Operating cash flow before
working capital changes **
4,652
6,617
-30%
2,162
2,060
1,420
+52%
Cash flow from operations **
4,539
6,441
-30%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Refining & Chemicals
> Refinery and
petrochemicals throughput and utilization rates
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Refinery throughput and
utilization rate*
2020
2019
2020 vs 2019
1,262
1,212
1,509
-16%
Total refinery throughput
(kb/d)
1,292
1,671
-23%
247
267
282
-12%
France
244
456
-46%
582
540
756
-23%
Rest of Europe
618
754
-18%
433
405
471
-8%
Rest of world
430
462
-7%
60%
57%
71%
Utlization rate based on crude
only**
61%
80%
* Includes refineries in Africa reported in the Marketing &
Services segment. ** Based on distillation capacity at the
beginning of the year.
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Petrochemicals production and
utilization rate
2020
2019
2020 vs 2019
1,486
1,255
1,431
+4%
Monomers* (kt)
5,519
5,219
+6%
1,291
1,248
1,169
+10%
Polymers (kt)
4,934
4,862
+1%
90%
75%
92%
Vapocracker utilization
rate**
83%
83%
* Olefins. ** Based on olefins production from steamcrackers and
their treatment capacity at the start of the year.
Refinery throughput volumes:
- Decreased by 16% in the fourth quarter 2020 compared to the
previous year, mainly due to high inventories of refined products
and the drop in demand which notably led to the economic shutdown
of the Donges refinery.
- Decreased by 23% in 2020 year-on-year for the same reasons as
well as the prolonged shutdown of the distillation unit at the
Normandy platform following the incident that occurred at the end
of 2019.
Monomer production:
- Increased 4% in the fourth quarter 2020 year-on-year to 1,486
kt
- Increased 6% in 2020 year-on-year, supported by demand, and
notably as a result of 2019 planned maintenance on the steamcracker
at Daesan in South Korea.
Polymer production:
- Increased by 10% in the fourth quarter 2020 year-on-year to
1,291 kt, supported by demand, and due to planned maintenance in
the fourth quarter 2019.
- Stable in 2020 compared to 2019
> Results
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
170
(88)
580
-71%
Adjusted net operating
income*
1,039
3,003
-65%
448
291
479
-6%
Organic investments
1,209
1,426
-15%
(2)
(1)
118
ns
Net acquisitions
(54)
(44)
ns
446
290
597
-25%
Net investments
1,155
1,382
-16%
560
242
789
-29%
Operating cash flow before
working capital changes **
2,472
4,072
-39%
1,514
1,027
1,142
+33%
Cash flow from operations **
2,438
3,837
-36%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Refining & Chemicals adjusted net operating income was:
- Down year-on-year to $170 million in the fourth quarter 2020.
The decrease was due to depressed refining margins resulting from
weak demand, notably for distillates as a result of reduced air
traffic.
- Down 65% year-on-year to $1,039 million in 2020, due to
refining margin deterioration, partially offset by resilient
petrochemical margins and outperformance of the trading
activities.
Operating cash flow before working capital changes fell to $560
million in the fourth quarter 2020, down 29% compared to a year
ago, and to $2,472 million in 2020, down by 39%.
Marketing & Services
> Petroleum
product sales
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Sales in kb/d*
2020
2019
2020 vs 2019
1,509
1,442
1,835
-18%
Total Marketing & Services
sales
1,477
1,845
-20%
828
819
1,033
-20%
Europe
823
1,021
-19%
681
623
801
-15%
Rest of world
654
824
-21%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 18% in the fourth
quarter compared to a year ago and by 20% in 2020 compared to 2019,
in response to the significant slowdown in global activity related
to the Covid-19 pandemic. Aviation and marine activities remain
severely affected in this context; however, the decline in retail
sales was mitigated by network growth in Angola, Saudi Arabia,
Brazil and Mexico.
> Results
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
332
461
474
-30%
Adjusted net operating
income*
1,224
1,653
-26%
392
158
471
-17%
Organic investments
814
969
-16%
82
3
40
x2,1
Net acquisitions
86
162
-47%
474
161
511
-7%
Net investments
900
1,131
-20%
569
729
716
-21%
Operating cash flow before
working capital changes **
2,180
2,546
-14%
648
1,033
278
x2,3
Cash flow from operations **
2,101
2,604
-19%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases
Adjusted net operating income was $332 million in the fourth
quarter 2020, a decrease of 30% compared to a year ago, essentially
due to lower volumes and a revaluation of futures contracts in the
fourth quarter 2019. Adjusted net operating income was $1,224
million for the year 2020.
Operating cash flow before working capital changes was $569
million in the fourth quarter 2020 and $2,180 million for the full
year, decreases of 21% and 14%, respectively, compared to the
previous year.
Group results
> Adjusted net
operating income from business segments
Adjusted net operating income from the business segments
was:
- $1,824 million in the fourth quarter 2020, a decrease of 53%
compared to a year ago, due to lower Brent prices, natural gas
prices and refining margins.
- $6,404 million in 2020, a decrease of 56% year-on-year for the
same reasons.
> Adjusted net
income (Group share)
Adjusted net income (Group share) was:
- $1,304 million in the fourth quarter 2020, compared to $3,165
million in the fourth quarter 2019, due to lower Brent prices,
natural gas prices and refining margins.
- $4,059 million in 2020, a decrease of 66% year-on-year, for the
same reasons.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value12.
Total net income adjustments13 were
- -$413 million in the fourth quarter 2020, including close to
$200 million related to the conversion of the Grandpuits refinery
in France.
- -$11,301 million in 2020, including $8.5 billion of
impairments, notably on oil sands assets in Canada.
> Adjusted
earnings per share
Adjusted fully-diluted earnings per share was:
- $0.46 in the fourth quarter 2020, calculated based on a
weighted average of 2,645 million fully-diluted shares, compared to
$1.19 in the same period last year.
- $1.43 in 2020, calculated based on a weighted average of 2,621
million fully-diluted shares, compared to $4.38 in 2019.
The number of fully-diluted shares was 2,647 million on December
31, 2020.
> Acquisitions -
asset sales
Finalized acquisitions were:
- $1,538 million in the fourth quarter 2020, comprised notably of
the acquisition of Tullow’s entire interest in the Lake Albert
project in Uganda, and the acquisition of CCGT assets and of a
portfolio of customers from Energías de Portugal in Spain.
- $4.2 billion in 2020, comprised of the items mentioned above as
well as the acquisition in India of 50% of a portfolio of installed
solar activities from Adani Green Energy Limited, the finalization
of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition
of interests in Blocks 20 and 21 in Angola, and the payment for a
second bonus tranche linked to taking the 10% stake in the Arctic
LNG 2 project in Russia.
Finalized asset sales were:
- $439 million in the fourth quarter 2020, comprised notably of
the sale of Enphase shares by SunPower and the sale of the Group’s
corporate offices in Brussels.
- $1.5 billion in 2020, comprised notably ofthe sale mentioned
above, as well as notably the sale of non-strategic assets in the
UK North Sea, closing the sale of Block CA1 in Brunei, the sale of
the Group’s interest in the Fos Cavaou regasification terminal in
France, and the sale of 50% of a portfolio of solar and wind assets
from Total Quadran in France.
> Net cash
flow
Net cash flow14 for the Group was:
- -$33 million in the fourth quarter 2020 compared to $2,582
million in the fourth quarter 2019, due to a decrease in operating
cash flow before working capital changes from $6,793 million to
$4,498 million and stable net investments of $4,531 million versus
$4,211 million.
- $2.7 billion in 2020 compared to $8.7 billion in 2019, due to
the decrease of $10.4 billion in operating cash flow before working
capital changes, partially offset by a reduction in net investments
of $4.5 billion.
>
Profitability
In millions of dollars
January 1, 2020
October 1, 2019
January 1, 2019
December 31, 2020
September 30, 2020
December 31, 2019
Adjusted net income
4,067
5,960
12,090
Average adjusted shareholders' equity
110,643
108,885
116,766
Return on equity (ROE)
3.7%
5.5%
10.4%
The return on equity was 3.7% for the twelve months ended
December 31, 2020.
In millions of dollars
January 1, 2020
October 1, 2019
January 1, 2019
December 31, 2020
September 30, 2020
December 31, 2019
Adjusted net operating income
5,806
7,801
14,073
Average capital employed
145,723
144,060
143,674
ROACE
4.0%
5.4%
9.8%
The return on average capital employed was 4.0% for the twelve
months ended December 31, 2020.
Total SE accounts
Net income for Total SE, the parent company, was €7,238 million
in 2020 compared to €7,039 million a year ago.
2021 Sensitivities*
Change
Estimated impact on adjusted
net operating income
Estimated impact on cash flow
from operations
Dollar
+/- 0.1 $ per €
-/+ 0.1 B$
~0 B$
Average liquids price**
+/- 10 $/b
+/- 2.7 B$
+/- 3.2 B$
European gas price - NBP ($/Mbtu)
+/- 1 $/Mbtu
+/- 0.3 B$
+/- 0.25 B$
Variable cost margin, European refining (VCM)
+/- 10 $/t
+/- 0.4 B$
+/- 0.5 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about the Group’s portfolio in 2021.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-€
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 16. ** In a 50 $/b Brent environment.
Summary and outlook
Supported by OPEC+ quota compliance, oil prices have remained
above 50 $/b since the beginning of 2021. However, the oil
environment remains uncertain and dependent on the recovery of
global demand, still affected by the Covid-19 pandemic.
In a context of disciplined OPEC+ quota implementation, the
Group anticipates 2021 production will be stable compared to 2020,
benefiting from the resumption of production in Libya.
The Group continues its profitable growth in LNG with sales
expected to increase by 10% in 2021 compared to 2020, notably due
to the ramp-up of Cameron LNG.
European refining margins remain fragile, with low demand for
jet fuel weighing on the recovery of distillates. However, thanks
to the resilience of Marketing & Services, the Group expects
Downstream to contribute more than $5 billion of cash flow in 2021,
assuming refining margins of 25 $/t.
Faced with uncertainties in the environment, net investments are
projected at $12 billion in 2021, while preserving the flexibility
to mobilize additional investments should the oil and gas
environment strengthen. After reducing operating costs by $1.1
billion in 2020 compared to 2019, the Group maintains strong
discipline on spending and targets additional savings of $0.5
billion in 2021.
The Group’s teams are fully committed to the four priorities of
HSE, operational excellence, cost reduction and cash flow
generation.
The Group maintains its priorities for cash flow allocation:
investing in profitable projects to implement the Group’s
transformation strategy, support the dividend and maintain a strong
balance sheet.
Already in 2021, in renewables, the Group has announced more
than 10 GW of additional projects through the acquisition of a 20%
stake in Adani Green Energy Limited (AGEL), the world’s leading
solar developer, a partnership with Hanwha in the United States
with a 1.6 GW portfolio, and the acquisition of a 2.2 GW portfolio
of projects in Texas. Total will allocate in 2021 more than 20% of
its net investments to Renewables and Electricity.
* * * * *
To listen to the presentation in English with CEO Patrick
Pouyanné and CFO Jean-Pierre Sbraire today at 14:00 (Paris time)
please log on to total.com or
call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the
United States (code: 3971718).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group
production (Exploration & Production + iGRP)
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Combined liquids and gas
production by region (kboe/d)
2020
2019
2020 vs 2019
1,059
969
1,102
-4%
Europe and Central Asia
1,039
1,023
+2%
566
598
703
-19%
Africa
629
705
-11%
598
576
701
-15%
Middle East and North Africa
624
702
-11%
382
343
368
+4%
Americas
353
365
-3%
236
229
239
-1%
Asia-Pacific
226
219
+3%
2,841
2,715
3,113
-9%
Total production
2,871
3,014
-5%
727
667
768
-5%
includes equity affiliates
712
731
-3%
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Liquids production by region
(kb/d)
2020
2019
2020 vs 2019
378
359
373
+1%
Europe and Central Asia
380
355
+7%
427
458
560
-24%
Africa
488
558
-13%
454
432
560
-19%
Middle East and North Africa
474
548
-13%
181
144
171
+6%
Americas
158
168
-6%
43
44
50
-13%
Asia-Pacific
43
44
-2%
1,483
1,437
1,714
-13%
Total production
1,543
1,672
-8%
200
197
212
-6%
includes equity affiliates
202
216
-6%
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Gas production by region
(Mcf/d)
2020
2019
2020 vs 2019
3,666
3,284
3,887
-6%
Europe and Central Asia
3,547
3,596
-1%
701
713
686
+2%
Africa*
717
737
-3%
809
801
792
+2%
Middle East and North Africa
835
857
-3%
1,126
1,115
1,109
+2%
Americas
1,095
1,110
-1%
1,104
1,060
1,089
+1%
Asia-Pacific*
1,052
1,009
+4%
7,406
6,973
7,563
-2%
Total production*
7,246
7,309
-1%
2,851
2,540
2,961
-4%
includes equity affiliates*
2,748
2,780
-1%
* 4Q19 and 2019 data restated
> Downstream
(Refining & Chemicals and Marketing & Services)
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Petroleum product sales by
region (kb/d)
2020
2019
2020 vs 2019
1,651
1,475
1,993
-17%
Europe
1,586
2,008
-21%
628
541
737
-15%
Africa
579
706
-18%
794
673
763
+4%
Americas
773
842
-8%
547
460
526
+4%
Rest of world
471
555
-15%
3,619
3,149
4,019
-10%
Total consolidated sales
3,410
4,110
-17%
458
417
508
-10%
Includes bulk sales
434
536
-19%
1,652
1,290
1,676
-1%
Includes trading
1,498
1,730
-13%
4Q20
3Q20
4Q19
4Q20 vs 4Q19
Petrochemicals production*
(kt)
2,020
2019
2020 vs 2019
1,381
1,274
1,253
10%
Europe
5,202
5,364
-3%
662
513
630
+5%
Americas
2,475
2,367
+5%
735
716
717
+2%
Middle-East and Asia
2,775
2,350
+18%
* Olefins, polymers
Adjustment items to net income (Group share)
Investments - Divestments
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
3,432
2,184
4,291
-20%
Organic investments ( a )
10,339
13,397
-23%
214
148
136
+58%
capitalized exploration
659
705
-6%
355
290
319
+11%
increase in non-current loans
1,657
1,061
+56%
(212)
(330)
(102)
ns
repayment of non-current loans,
excluding organic loan repayment from equity affiliates*
(717)
(551)
ns
(46)
(11)
-
ns
change in debt from renewable
projects (Group share)
(209)
(109)
ns
1,538
150
266
x5,8
Acquisitions ( b )
4,189
5,980
-30%
439
422
357
+23%
Asset sales ( c )
1,539
1,939
-21%
15
7
-
ns
change in debt from renewable
projects (partner share)
105
105
-
-
-
(11)
ns
Other transactions with
non-controlling interests ( d )
-
(11)
ns
4,531
1,912
4,211
+8%
Net investments ( a + b - c -
d )
12,989
17,449
-26%
(77)
(1)
(275)
ns
Organic loan repayment from
equity affiliates* ( e )
(111)
(475)
ns
61
18
-
ns
Change in debt from renewable
projects financing ** ( f )
314
214
+47%
39
28
-
ns
Capex linked to capitalized
leasing contracts ( g )
113
-
ns
4,476
1,901
3,925
+14%
Cash flow used in investing
activities ( a + b - c + e + f -g)
13,079
17,177
-24%
* Effective second quarter 2019, organic loan repayments from
equity affiliates are defined as loan repayments from equity
affiliates coming from their cash flow from operations. ** Change
in debt from renewable projects (Group share and partner
share).
Cash flow
4Q20
3Q20
4Q19
4Q20 vs 4Q19
In millions of dollars
2020
2019
2020 vs 2019
4,933
4,281
7,326
-33%
Operating cash flow before
working capital changes w/o financials charges (DACF)
17,635
28,180
-37%
(436)
(491)
(533)
ns
Financial charges
(1,938)
(2,069)
ns
4,498
3,791
6,793
-34%
Operating cash flow before
working capital changes ( a ) *
15,697
26,111
-40%
976
475
92
x10,6
(Increase) decrease in working
capital **
753
(1,397)
ns
308
90
(11)
ns
Inventory effect
(1,440)
446
ns
(32)
(4)
-
ns
capital gain from renewable
projects sale
(96)
-
ns
(77)
(1)
(275)
ns
Organic loan repayment from
equity affiliates
(111)
(475)
ns
5,674
4,351
6,599
-14%
Cash flow from
operations
14,803
24,685
-40%
3,432
2,184
4,291
-20%
Organic investments ( b )
10,339
13,397
-23%
1,066
1,607
2,502
-57%
Free cash flow after organic
investments, w/o net asset sales ( a - b )
5,358
12,714
-58%
4,531
1,912
4,211
+8%
Net investments ( c )
12,989
17,449
-26%
(33)
1,879
2,582
ns
Net cash flow ( a - c
)
2,708
8,662
-69%
* Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP’s contracts and including capital gain from renewable projects
sale (effective first quarter 2020). Historical data have been
restated to cancel the impact of fair valuation of iGRP sector’s
contracts. ** Changes in working capital are presented excluding
the mark-to-market effect of iGRP’s contracts.
Gearing ratio
In millions of dollars
12/31/2020
09/30/2020
12/31/2019
Current borrowings
17,099
14,980
14,819
Net current financial assets
(4,427)
(5,815)
(3,505)
Net financial assets classified as held for sale
313
5
301
Non-current financial debt
60,203
61,477
47,773
Non-current financial assets
(4,781)
(3,155)
(912)
Cash and cash equivalents
(31,268)
(30,593)
(27,352)
Net debt (a)
37,139
36,899
31,124
of which leases
7,812
7,499
7,156
Shareholders’ equity - Group share
103,702
102,234
116,778
Non-controlling interests
2,383
2,177
2,527
Shareholders' equity (b)
106,085
104,411
119,305
Net-debt-to-capital ratio = a / (a + b) *
25.9%
26.1%
20.7%
Net-debt-to-capital ratio excluding leases
21.7%
22.0%
16.7%
* The net-debt-to-capital ratios include the impact of the IFRS
16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months
ended December 31, 2020
In millions of dollars
Integrated Gas, Renewables &
Power
Exploration & Production
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
1,778
2,363
1,039
1,224
5,806
Capital employed at 12/31/2019*
41,549
88,844
12,228
8,371
148,828
Capital employed at 12/31/2020*
45,611
78,928
11,375
8,793
142,617
ROACE
4.1%
2.8%
8.8%
14.3%
4.0%
> Twelve months
ended September 30, 2020
In millions of dollars
Integrated Gas, Renewables &
Power
Exploration & Production
Refining & Chemicals
Marketing & Services
Group
Adjusted net operating income
2,318
3,326
1,449
1,366
7,801
Capital employed at 09/30/2019*
41,516
88,560
11,658
7,570
147,145
Capital employed at 09/30/2020*
43,799
78,548
11,951
8,211
140,976
ROACE
5.4%
4.0%
12.3%
17.3%
5.4%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the full-year 2020
from the consolidated financial statements of TOTAL SE as of
December 31, 2020 (unaudited). The audit procedures by the
Statutory Auditors are underway. The consolidated financial
statements (unaudited) are available on the Total website
total.com. This document does not
constitute the annual financial report (rapport financier annuel)
within the meaning of article L.451.1.2 of the French monetary and
financial code (code monétaire et financier).
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
notably with respect to the financial condition, results of
operations, business activities and industrial strategy of TOTAL.
This document may also contain statements regarding the
perspectives, objectives and goals of the Group, including with
respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by the Group,
it being specified that the means to be deployed do not depend
solely on TOTAL. These forward-looking statements may generally be
identified by the use of the future or conditional tense or
forward-looking words such as “envisions”, “intends”,
“anticipates”, “believes”, “considers”, “plans”, “expects”,
“thinks”, “targets”, “aims” or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by the Group as of the date of this document.
These forward-looking statements are not historical data and
should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to
be inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences including those due to epidemics such as
Covid-19. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value
of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the Group’s
business, financial condition, including its operating income and
cash flow, reputation or outlook is provided in the most recent
version of the Universal Registration Document which is filed by
the Company with the French Autorité des Marchés Financiers and the
annual report on Form 20-F/A filed with the United States
Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TOTAL. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio and operating cash flow
before working capital changes. These indicators are meant to
facilitate the analysis of the financial performance of TOTAL and
the comparison of income between periods. They allow investors to
track the measures used internally to manage and measure the
performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualified as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However,
in certain instances, transactions such as restructuring costs or
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and
Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the
segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) method, the variation of inventory values in
the statement of income is, depending on the nature of the
inventory, determined using either the month-end price
differentials between one period and another or the average prices
of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to
the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair
value
The effect of changes in fair value presented as an adjustment
item reflects, for some transactions, differences between internal
measures of performance used by TOTAL’s management and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
TOTAL, in its trading activities, enters into storage contracts,
whose future effects are recorded at fair value in Group’s internal
economic performance. IFRS precludes recognition of this fair value
effect.
Furthermore, TOTAL enters into derivative instruments to risk
manage certain operational contracts or assets. Under IFRS, these
derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (€-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as “potential reserves” or “resources”,
that the SEC’s guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 20-F/A, File N° 1-10888, available from
us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078
Paris-La Défense Cedex, France, or at our website total.com. You
can also obtain this form from the SEC by calling 1-800-SEC-0330 or
on the SEC’s website sec.gov.
------------------------------------------------------------------------------
1 Definition page 3. 2 Excluding leases. 3 Certain transactions
referred to in the highlights are subject to approval by
authorities or to other conditions as per the agreements. 4
Adjusted results are defined as income using replacement cost,
adjusted for special items, excluding the impact of changes for
fair value; adjustment items are on page 13. 5 Group effective tax
rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends
received from investments – impairment of goodwill + tax on
adjusted net operating income). 6 In accordance with IFRS rules,
adjusted fully-diluted earnings per share is calculated from the
adjusted net income less the interest on the perpetual subordinated
bond 7 Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests. 8 Net acquisitions = acquisitions – assets sales – other
transactions with non-controlling interests (see page 13). 9 Net
investments = organic investments + net acquisitions (see page 13).
10 Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP’s contracts and including capital gain from renewable projects
sale (effective first quarter 2020). The inventory valuation effect
is explained on page 15. The reconciliation table for different
cash flow figures is on page 13. 11 DACF = debt adjusted cash flow,
is defined as operating cash flow before working capital changes
and financial charges. 12 Adjustment items shown on page 15. 13
Details shown on page 13 and in the appendix to the financial
statements. 14 Net cash flow = operating cash flow before working
capital changes - net investments (including other transactions
with non-controlling interests).
-----------------------------------------------------------------------------
Total financial statements
______________________
Fourth quarter and full-year 2020
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME TOTAL
(unaudited)
(M$) (a)
4th quarter2020 3rd quarter2020 4th
quarter2019 Sales
37,943
33,142
49,280
Excise taxes
(5,595)
(5,925)
(5,895)
Revenues from sales
32,348
27,217
43,385
Purchases, net of inventory variation
(20,508)
(16,885)
(28,212)
Other operating expenses
(6,663)
(5,610)
(7,090)
Exploration costs
(338)
(139)
(231)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,543)
(3,493)
(4,431)
Other income
838
457
428
Other expense
(697)
(281)
(235)
Financial interest on debt
(501)
(547)
(606)
Financial income and expense from cash & cash equivalents
53
89
51
Cost of net debt
(448)
(458)
(555)
Other financial income
173
134
143
Other financial expense
(183)
(165)
(203)
Net income (loss) from equity affiliates
73
94
502
Income taxes
(149)
(690)
(852)
Consolidated net income
903
181
2,649
Group share
891
202
2,600
Non-controlling interests
12
(21)
49
Earnings per share ($)
0.31
0.04
0.98
Fully-diluted earnings per share ($)
0.31
0.04
0.97
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME TOTAL (unaudited)
(M$)
4th quarter2020 3rd quarter2020 4th
quarter2019 Consolidated net income
903
181
2,649
Other comprehensive income
Actuarial gains and losses
17
(6)
(138)
Change in fair value of investments in equity instruments
386
221
16
Tax effect
(21)
-
40
Currency translation adjustment generated by the parent company
4,074
3,663
2,461
Items not potentially reclassifiable to profit and loss
4,456
3,878
2,379
Currency translation adjustment
(1,875)
(1,830)
(654)
Cash flow hedge
617
363
(24)
Variation of foreign currency basis spread
(7)
(35)
(49)
Share of other comprehensive income of equity affiliates, net
amount
(100)
(804)
82
Other
(4)
(7)
1
Tax effect
(180)
(115)
26
Items potentially reclassifiable to profit and loss
(1,549)
(2,428)
(618)
Total other comprehensive income (net amount)
2,907
1,450
1,761
Comprehensive income
3,810
1,631
4,410
Group share
3,576
1,536
4,319
Non-controlling interests
234
95
91
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$) (a)
Year2020(unaudited) Year2019 Sales
140,685
200,316
Excise taxes
(20,981)
(24,067)
Revenues from sales
119,704
176,249
Purchases, net of inventory variation
(77,486)
(116,221)
Other operating expenses
(25,538)
(27,255)
Exploration costs
(731)
(785)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(22,264)
(15,731)
Other income
2,237
1,163
Other expense
(1,506)
(1,192)
Financial interest on debt
(2,147)
(2,333)
Financial income and expense from cash & cash equivalents
37
(19)
Cost of net debt
(2,110)
(2,352)
Other financial income
914
792
Other financial expense
(690)
(764)
Net income (loss) from equity affiliates
452
3,406
Income taxes
(318)
(5,872)
Consolidated net income
(7,336)
11,438
Group share
(7,242)
11,267
Non-controlling interests
(94)
171
Earnings per share ($)
(2.90)
4.20
Fully-diluted earnings per share ($)
(2.90)
4.17
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME TOTAL
(M$)
Year2020(unaudited) Year2019 Consolidated net
income
(7,336)
11,438
Other comprehensive income
Actuarial gains and losses
(212)
(192)
Change in fair value of investments in equity instruments
533
142
Tax effect
65
53
Currency translation adjustment generated by the parent company
7,541
(1,533)
Items not potentially reclassifiable to profit and loss
7,927
(1,530)
Currency translation adjustment
(4,645)
740
Cash flow hedge
(313)
(599)
Variation of foreign currency basis spread
28
1
Share of other comprehensive income of equity affiliates, net
amount
(1,831)
408
Other
(8)
(3)
Tax effect
72
202
Items potentially reclassifiable to profit and loss
(6,697)
749
Total other comprehensive income (net amount)
1,230
(781)
Comprehensive income
(6,106)
10,657
Group share
(6,312)
10,418
Non-controlling interests
206
239
CONSOLIDATED BALANCE SHEET TOTAL
(M$)
December 31,2020(unaudited) September
30,2020(unaudited) December 31,2019 ASSETS
Non-current assets
Intangible assets, net
33,528
33,145
33,178
Property, plant and equipment, net
108,335
104,355
116,408
Equity affiliates : investments and loans
27,976
27,386
27,122
Other investments
2,007
1,822
1,778
Non-current financial assets
4,781
3,155
912
Deferred income taxes
7,016
6,952
6,216
Other non-current assets
2,810
2,570
2,415
Total non-current assets
186,453
179,385
188,029
Current assets
Inventories, net
14,730
12,373
17,132
Accounts receivable, net
14,068
12,893
18,488
Other current assets
13,428
14,637
17,013
Current financial assets
4,630
6,011
3,992
Cash and cash equivalents
31,268
30,593
27,352
Assets classified as held for sale
1,555
1,090
1,288
Total current assets
79,679
77,597
85,265
Total assets
266,132
256,982
273,294
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity Common shares
8,267
8,267
8,123
Paid-in surplus and retained earnings
107,078
107,632
121,170
Currency translation adjustment
(10,256)
(12,275)
(11,503)
Treasury shares
(1,387)
(1,390)
(1,012)
Total shareholders' equity - Group share
103,702
102,234
116,778
Non-controlling interests
2,383
2,177
2,527
Total shareholders' equity
106,085
104,411
119,305
Non-current liabilities Deferred income
taxes
10,326
10,367
11,858
Employee benefits
3,917
3,719
3,501
Provisions and other non-current liabilities
20,925
19,351
20,613
Non-current financial debt
60,203
61,477
47,773
Total non-current liabilities
95,371
94,914
83,745
Current liabilities Accounts payable
23,574
18,880
28,394
Other creditors and accrued liabilities
22,465
22,806
25,749
Current borrowings
17,099
14,980
14,819
Other current financial liabilities
203
196
487
Liabilities directly associated with the assets classified as held
for sale
1,335
795
795
Total current liabilities
64,676
57,657
70,244
Total liabilities & shareholders' equity
266,132
256,982
273,294
CONSOLIDATED STATEMENT OF CASH FLOW TOTAL
(unaudited)
(M$)
4th quarter2020 3rd quarter2020 4th
quarter2019 CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income
903
181
2,649
Depreciation, depletion, amortization and impairment
3,796
3,634
4,624
Non-current liabilities, valuation allowances and deferred taxes
(237)
(88)
(672)
(Gains) losses on disposals of assets
(260)
(309)
(176)
Undistributed affiliates' equity earnings
379
178
267
(Increase) decrease in working capital
1,342
980
46
Other changes, net
(249)
(225)
(139)
Cash flow from operating activities
5,674
4,351
6,599
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(3,834)
(2,157)
(4,015)
Acquisitions of subsidiaries, net of cash acquired
(778)
-
(155)
Investments in equity affiliates and other securities
(221)
(229)
(170)
Increase in non-current loans
(355)
(301)
(319)
Total expenditures
(5,188)
(2,687)
(4,659)
Proceeds from disposals of intangible assets and property, plant
and equipment
114
363
301
Proceeds from disposals of subsidiaries, net of cash sold
124
4
13
Proceeds from disposals of non-current investments
186
77
43
Repayment of non-current loans
288
342
377
Total divestments
712
786
734
Cash flow used in investing activities
(4,476)
(1,901)
(3,925)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares: -
Parent company shareholders
-
-
1
- Treasury shares
-
-
(620)
Dividends paid: - Parent company
shareholders
(2,053)
(825)
(1,876)
- Non-controlling interests
(5)
(103)
(1)
Net issuance (repayment) of perpetual subordinated notes
-
331
-
Payments on perpetual subordinated notes
(62)
(22)
(56)
Other transactions with non-controlling interests
(59)
(75)
160
Net issuance (repayment) of non-current debt
104
224
84
Increase (decrease) in current borrowings
(339)
(2,343)
(1,131)
Increase (decrease) in current financial assets and liabilities
1,212
730
(168)
Cash flow from (used in) financing activities
(1,202)
(2,083)
(3,607)
Net increase (decrease) in cash and cash equivalents
(4)
367
(933)
Effect of exchange rates
679
499
831
Cash and cash equivalents at the beginning of the period
30,593
29,727
27,454
Cash and cash equivalents at the end of the period
31,268
30,593
27,352
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$)
Year2020(unaudited) Year2019 CASH FLOW FROM
OPERATING ACTIVITIES Consolidated net income
(7,336)
11,438
Depreciation, depletion, amortization and impairment
22,861
16,401
Non-current liabilities, valuation allowances and deferred taxes
(1,782)
(58)
(Gains) losses on disposals of assets
(909)
(614)
Undistributed affiliates' equity earnings
948
(1,083)
(Increase) decrease in working capital
1,869
(1,718)
Other changes, net
(848)
319
Cash flow from operating activities
14,803
24,685
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(10,764)
(11,810)
Acquisitions of subsidiaries, net of cash acquired
(966)
(4,748)
Investments in equity affiliates and other securities
(2,120)
(1,618)
Increase in non-current loans
(1,684)
(1,061)
Total expenditures
(15,534)
(19,237)
Proceeds from disposals of intangible assets and property, plant
and equipment
740
527
Proceeds from disposals of subsidiaries, net of cash sold
282
158
Proceeds from disposals of non-current investments
578
349
Repayment of non-current loans
855
1,026
Total divestments
2,455
2,060
Cash flow used in investing activities
(13,079)
(17,177)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares: - Parent
company shareholders
374
452
- Treasury shares
(611)
(2,810)
Dividends paid: - Parent company
shareholders
(6,688)
(6,641)
- Non-controlling interests
(184)
(115)
Net issuance (repayment) of perpetual subordinated notes
331
-
Payments on perpetual subordinated notes
(315)
(371)
Other transactions with non-controlling interests
(204)
10
Net issuance (repayment) of non-current debt
15,800
8,131
Increase (decrease) in current borrowings
(6,501)
(5,829)
Increase (decrease) in current financial assets and liabilities
(604)
(536)
Cash flow from (used in) financing activities
1,398
(7,709)
Net increase (decrease) in cash and cash equivalents
3,122
(201)
Effect of exchange rates
794
(354)
Cash and cash equivalents at the beginning of the period
27,352
27,907
Cash and cash equivalents at the end of the period
31,268
27,352
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
TOTAL
(Unaudited: Year 2020)
Common shares issued Paid-insurplus
andretainedearnings Currencytranslationadjustment
Treasury shares Shareholders' equity -Group share
Non-controllinginterests Totalshareholders'equity
(M$)
Number Amount Number Amount As
of January 1, 2019
2,640,602,007
8,227
120,569
(11,313)
(32,473,281)
(1,843)
115,640
2,474
118,114
Net income 2019
-
-
11,267
-
-
-
11,267
171
11,438
Other comprehensive Income
-
-
(659)
(190)
-
-
(849)
68
(781)
Comprehensive Income
-
-
10,608
(190)
-
-
10,418
239
10,657
Dividend
-
-
(7,730)
-
-
-
(7,730)
(115)
(7,845)
Issuance of common shares
26,388,503
74
1,265
-
-
-
1,339
-
1,339
Purchase of treasury shares
-
-
-
-
(52,389,336)
(2,810)
(2,810)
-
(2,810)
Sale of treasury shares (1)
-
-
(219)
-
4,278,948
219
-
-
-
Share-based payments
-
-
207
-
-
-
207
-
207
Share cancellation
(65,109,435)
(178)
(3,244)
-
65,109,435
3,422
-
-
-
Net issuance (repayment) of perpetual subordinated notes
-
-
(4)
-
-
-
(4)
-
(4)
Payments on perpetual subordinated notes
-
-
(353)
-
-
-
(353)
-
(353)
Other operations with non-controlling interests
-
-
55
-
-
-
55
(42)
13
Other items
-
-
16
-
-
-
16
(29)
(13)
As of December 31, 2019
2,601,881,075
8,123
121,170
(11,503)
(15,474,234)
(1,012)
116,778
2,527
119,305
Net income 2020
-
-
(7,242)
-
-
-
(7,242)
(94)
(7,336)
Other comprehensive Income
-
-
(321)
1,251
-
-
930
300
1,230
Comprehensive Income
-
-
(7,563)
1,251
-
-
(6,312)
206
(6,106)
Dividend
-
-
(7,899)
-
-
-
(7,899)
(234)
(8,133)
Issuance of common shares
51,242,950
144
1,470
-
-
-
1,614
-
1,614
Purchase of treasury shares
-
-
-
-
(13,236,044)
(611)
(611)
-
(611)
Sale of treasury shares (1)
-
-
(236)
-
4,317,575
236
-
-
-
Share-based payments
-
-
188
-
-
-
188
-
188
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of perpetual subordinated notes
-
-
331
-
-
-
331
-
331
Payments on perpetual subordinated notes
-
-
(308)
-
-
-
(308)
-
(308)
Other operations with non-controlling interests
-
-
(61)
(4)
-
-
(65)
(117)
(182)
Other items
-
-
(14)
-
-
-
(14)
1
(13)
As of December 31, 2020
2,653,124,025
8,267
107,078
(10,256)
(24,392,703)
(1,387)
103,702
2,383
106,085
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION TOTAL
(unaudited)
4th quarter 2020(M$) Exploration &Production
Integrated Gas,Renewables &Power
Refining &Chemicals Marketing &Services
Corporate Intercompany Total Non-Group sales
1,257
5,231
15,052
16,393
10
-
37,943
Intersegment sales
5,574
628
4,160
98
140
(10,600)
-
Excise taxes
-
-
(628)
(4,967)
-
-
(5,595)
Revenues from sales
6,831
5,859
18,584
11,524
150
(10,600)
32,348
Operating expenses
(3,489)
(5,569)
(17,989)
(10,776)
(286)
10,600
(27,509)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,500)
(354)
(412)
(241)
(36)
-
(3,543)
Operating income
842
(64)
183
507
(172)
-
1,296
Net income (loss) from equity affiliates and other items
6
149
(54)
(9)
112
-
204
Tax on net operating income
91
7
(93)
(169)
(72)
-
(236)
Net operating income
939
92
36
329
(132)
-
1,264
Net cost of net debt
(361)
Non-controlling interests
(12)
Net income - group share
891
4th
quarter 2020 (adjustments) (a) (M$)
Exploration&Production Integrated Gas,Renewables
&Power Refining &Chemicals Marketing
&Services Corporate Intercompany Total
Non-Group sales
-
3
-
-
-
-
3
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
3
-
-
-
-
3
Operating expenses
(49)
(56)
133
17
31
-
76
Depreciation, depletion and impairment of tangible assets and
mineral interests
(355)
-
(16)
-
-
-
(371)
Operating income (b)
(404)
(53)
117
17
31
-
(292)
Net income (loss) from equity affiliates and other items
(25)
(26)
(191)
(13)
107
-
(148)
Tax on net operating income
300
(83)
(60)
(7)
(157)
-
(7)
Net operating income (b)
(129)
(162)
(134)
(3)
(19)
-
(447)
Net cost of net debt
10
Non-controlling interests
24
Net income - group share
(413)
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.(b) Of which inventory
valuation effect On operating income
-
-
265
43
-
On net operating income
-
-
192
32
-
4th quarter 2020 (adjusted)(M$)
Exploration&Production Integrated Gas,Renewables
&Power Refining &Chemicals
Marketing &Services Corporate
Intercompany Total Non-Group sales
1,257
5,228
15,052
16,393
10
-
37,940
Intersegment sales
5,574
628
4,160
98
140
(10,600)
-
Excise taxes
-
-
(628)
(4,967)
-
-
(5,595)
Revenues from sales
6,831
5,856
18,584
11,524
150
(10,600)
32,345
Operating expenses
(3,440)
(5,513)
(18,122)
(10,793)
(317)
10,600
(27,585)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,145)
(354)
(396)
(241)
(36)
-
(3,172)
Adjusted operating income
1,246
(11)
66
490
(203)
-
1,588
Net income (loss) from equity affiliates and other items
31
175
137
4
5
-
352
Tax on net operating income
(209)
90
(33)
(162)
85
-
(229)
Adjusted net operating income
1,068
254
170
332
(113)
-
1,711
Net cost of net debt
(371)
Non-controlling interests
(36)
Adjusted net income - group share
1,304
4th quarter 2020(M$)
Exploration&Production Integrated Gas,Renewables
&Power Refining &Chemicals Marketing
&Services Corporate Intercompany Total
Total expenditures
2,226
1,895
475
533
59
-
5,188
Total divestments
132
339
31
61
149
-
712
Cash flow from operating activities
3,046
575
1,514
648
(109)
-
5,674
BUSINESS SEGMENT INFORMATION TOTAL
(unaudited)
3rd quarter 2020(M$) Exploration&Production
Integrated Gas,Renewables &Power
Refining &
Chemicals
Marketing &Services Corporate
Intercompany Total Non-Group sales
1,142
1,995
13,607
16,397
1
-
33,142
Intersegment sales
4,248
480
4,167
63
24
(8,982)
-
Excise taxes
-
-
(658)
(5,267)
-
-
(5,925)
Revenues from sales
5,390
2,475
17,116
11,193
25
(8,982)
27,217
Operating expenses
(2,435)
(1,880)
(16,799)
(10,301)
(201)
8,982
(22,634)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,187)
(342)
(678)
(270)
(16)
-
(3,493)
Operating income
768
253
(361)
622
(192)
-
1,090
Net income (loss) from equity affiliates and other items
251
225
(247)
14
(4)
-
239
Tax on net operating income
(243)
(266)
(51)
(187)
3
-
(744)
Net operating income
776
212
(659)
449
(193)
-
585
Net cost of net debt
(404)
Non-controlling interests
21
Net income - group share
202
3rd
quarter 2020 (adjustments) (a) (M$) Exploration
&Production Integrated Gas,Renewables &Power
Refining &Chemicals
Marketing &Services Corporate
Intercompany Total Non-Group sales
-
33
-
-
-
-
33
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
33
-
-
-
-
33
Operating expenses
(51)
(49)
(48)
(6)
-
-
(154)
Depreciation, depletion and impairment of tangible assets and
mineral interests
-
-
(290)
-
-
-
(290)
Operating income (b)
(51)
(16)
(338)
(6)
-
-
(411)
Net income (loss) from equity affiliates and other items
8
(64)
(215)
(6)
-
-
(277)
Tax on net operating income
18
7
(18)
-
-
-
7
Net operating income (b)
(25)
(73)
(571)
(12)
-
-
(681)
Net cost of net debt
29
Non-controlling interests
6
Net income - group share
(646)
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.(b) Of which inventory
valuation effect On operating income
-
-
95
(5)
-
On net operating income
-
-
14
(6)
-
3rd quarter 2020 (adjusted)(M$) Exploration
&Production Integrated Gas,Renewables &Power
Refining &Chemicals
Marketing &Services Corporate
Intercompany Total Non-Group sales
1,142
1,962
13,607
16,397
1
-
33,109
Intersegment sales
4,248
480
4,167
63
24
(8,982)
-
Excise taxes
-
-
(658)
(5,267)
-
-
(5,925)
Revenues from sales
5,390
2,442
17,116
11,193
25
(8,982)
27,184
Operating expenses
(2,384)
(1,831)
(16,751)
(10,295)
(201)
8,982
(22,480)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(2,187)
(342)
(388)
(270)
(16)
-
(3,203)
Adjusted operating income
819
269
(23)
628
(192)
-
1,501
Net income (loss) from equity affiliates and other items
243
289
(32)
20
(4)
-
516
Tax on net operating income
(261)
(273)
(33)
(187)
3
-
(751)
Adjusted net operating income
801
285
(88)
461
(193)
-
1,266
Net cost of net debt
(433)
Non-controlling interests
15
Adjusted net income - group share
848
3rd quarter 2020(M$)
Exploration &Production Integrated Gas,Renewables
&Power Refining &Chemicals
Marketing &Services Corporate
Intercompany Total Total expenditures
1,291
874
317
185
20
-
2,687
Total divestments
362
380
17
25
2
-
786
Cash flow from operating activities
2,043
654
1,027
1,033
(406)
-
4,351
BUSINESS SEGMENT INFORMATION TOTAL
(unaudited)
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
BUSINESS SEGMENT INFORMATION TOTAL
(unaudited)
Year 2020(M$) Exploration &Production
Integrated Gas,Renewables &Power
Refining &Chemicals Marketing &Services
Corporate Intercompany Total Non-Group sales
4,973
15,629
56,615
63,451
17
-
140,685
Intersegment sales
18,483
2,003
17,378
357
223
(38,444)
-
Excise taxes
-
-
(2,405)
(18,576)
-
-
(20,981)
Revenues from sales
23,456
17,632
71,588
45,232
240
(38,444)
119,704
Operating expenses
(11,972)
(15,847)
(70,524)
(42,807)
(1,049)
38,444
(103,755)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(16,998)
(2,312)
(1,878)
(984)
(92)
-
(22,264)
Operating income
(5,514)
(527)
(814)
1,441
(901)
-
(6,315)
Net income (loss) from equity affiliates and other items
697
794
(393)
37
272
-
1,407
Tax on net operating income
(208)
71
59
(515)
(67)
-
(660)
Net operating income
(5,025)
338
(1,148)
963
(696)
-
(5,568)
Net cost of net debt
(1,768)
Non-controlling interests
94
Net income - group share
(7,242)
Year
2020 (adjustments) (a) (M$) Exploration &Production
Integrated Gas,Renewables &Power Refining
&Chemicals Marketing &Services
Corporate Intercompany Total Non-Group sales
-
20
-
-
-
-
20
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
20
-
-
-
-
20
Operating expenses
(137)
(423)
(1,552)
(330)
(60)
-
(2,502)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(7,693)
(953)
(306)
-
-
-
(8,952)
Operating income (b)
(7,830)
(1,356)
(1,858)
(330)
(60)
-
(11,434)
Net income (loss) from equity affiliates and other items
54
(382)
(677)
(24)
107
-
(922)
Tax on net operating income
388
298
348
93
(145)
-
982
Net operating income (b)
(7,388)
(1,440)
(2,187)
(261)
(98)
-
(11,374)
Net cost of net debt
-
-
-
-
-
-
(29)
Non-controlling interests
-
-
-
-
-
-
102
Net income - group share
-
-
-
-
-
-
(11,301)
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.(b) Of which inventory
valuation effect On operating income
-
-
(1,244)
(196)
-
On net operating income
-
-
(1,165)
(137)
-
Year 2020 (adjusted)(M$) Exploration
&Production Integrated Gas,Renewables &Power
Refining &Chemicals Marketing &Services
Corporate Intercompany Total Non-Group sales
4,973
15,609
56,615
63,451
17
-
140,665
Intersegment sales
18,483
2,003
17,378
357
223
(38,444)
-
Excise taxes
-
-
(2,405)
(18,576)
-
-
(20,981)
Revenues from sales
23,456
17,612
71,588
45,232
240
(38,444)
119,684
Operating expenses
(11,835)
(15,424)
(68,972)
(42,477)
(989)
38,444
(101,253)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(9,305)
(1,359)
(1,572)
(984)
(92)
-
(13,312)
Adjusted operating income
2,316
829
1,044
1,771
(841)
-
5,119
Net income (loss) from equity affiliates and other items
643
1,176
284
61
165
-
2,329
Tax on net operating income
(596)
(227)
(289)
(608)
78
-
(1,642)
Adjusted net operating income
2,363
1,778
1,039
1,224
(598)
-
5,806
Net cost of net debt
(1,739)
Non-controlling interests
(8)
Adjusted net income - group share
4,059
Year 2020(M$)
Exploration &Production Integrated Gas,Renewables
&Power Refining &Chemicals Marketing
&Services Corporate Intercompany Total
Total expenditures
6,782
6,230
1,325
1,052
145
-
15,534
Total divestments
819
1,152
149
158
177
-
2,455
Cash flow from operating activities
9,922
2,129
2,438
2,101
(1,787)
-
14,803
BUSINESS SEGMENT INFORMATION TOTAL
Year 2019(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
Reconciliation of the information by
business segment with consolidated financial statements TOTAL
(unaudited)
4th quarter 2020(M$) Adjusted Adjustments (a)
Consolidatedstatement of income Sales
37,940
3
37,943
Excise taxes
(5,595)
-
(5,595)
Revenues from sales
32,345
3
32,348
Purchases, net of inventory variation
(20,781)
273
(20,508)
Other operating expenses
(6,466)
(197)
(6,663)
Exploration costs
(338)
-
(338)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,172)
(371)
(3,543)
Other income
275
563
838
Other expense
(280)
(417)
(697)
Financial interest on debt
(497)
(4)
(501)
Financial income and expense from cash & cash equivalents
32
21
53
Cost of net debt
(465)
17
(448)
Other financial income
173
-
173
Other financial expense
(183)
-
(183)
Net income (loss) from equity affiliates
367
(294)
73
Income taxes
(135)
(14)
(149)
Consolidated net income
1,340
(437)
903
Group share
1,304
(413)
891
Non-controlling interests
36
(24)
12
(a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
4th
quarter 2019(M$) Adjusted Adjustments (a)
Consolidatedstatement of income Sales
49,270
10
49,280
Excise taxes
(5,895)
-
(5,895)
Revenues from sales
43,375
10
43,385
Purchases, net of inventory variation
(28,126)
(86)
(28,212)
Other operating expenses
(6,874)
(216)
(7,090)
Exploration costs
(231)
-
(231)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(3,761)
(670)
(4,431)
Other income
256
172
428
Other expense
(133)
(102)
(235)
Financial interest on debt
(603)
(3)
(606)
Financial income and expense from cash & cash equivalents
51
-
51
Cost of net debt
(552)
(3)
(555)
Other financial income
143
-
143
Other financial expense
(203)
-
(203)
Net income (loss) from equity affiliates
668
(166)
502
Income taxes
(1,329)
477
(852)
Consolidated net income
3,233
(584)
2,649
Group share
3,165
(565)
2,600
Non-controlling interests
68
(19)
49
(a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
Reconciliation of the information by
business segment with consolidated financial statements
TOTAL
Year 2020(M$)(unaudited) Adjusted Adjustments
(a) Consolidatedstatement of income Sales
140,665
20
140,685
Excise taxes
(20,981)
-
(20,981)
Revenues from sales
119,684
20
119,704
Purchases, net of inventory variation
(75,672)
(1,814)
(77,486)
Other operating expenses
(24,850)
(688)
(25,538)
Exploration costs
(731)
-
(731)
Depreciation, depletion and impairment of tangible assets and
mineral interests
(13,312)
(8,952)
(22,264)
Other income
1,405
832
2,237
Other expense
(689)
(817)
(1,506)
Financial interest on debt
(2,140)
(7)
(2,147)
Financial income and expense from cash & cash equivalents
68
(31)
37
Cost of net debt
(2,072)
(38)
(2,110)
Other financial income
914
-
914
Other financial expense
(689)
(1)
(690)
Net income (loss) from equity affiliates
1,388
(936)
452
Income taxes
(1,309)
991
(318)
Consolidated net income
4,067
(11,403)
(7,336)
Group share
4,059
(11,301)
(7,242)
Non-controlling interests
8
(102)
(94)
(a)
Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
Year
2019(M$) Adjusted Adjustments (a)
Consolidatedstatement 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210209005616/en/
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