Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
Change Change
4Q20 vs 4Q19 2020 vs 2019
Oil price - Brent ($/b) 44.2 -30% 41.8 -35%
European gas price - NBP ($/Mbtu) 5.6 +10% 3.3 -31%
Adjusted net income (Group share)(1)
- in billions of dollars (B$) 1.30 -59% 4.06 -66%
- in dollars per share 0.46 -61% 1.43 -67%
DACF(1) (B$) 4.9 -33% 17.6 -37%
Cash Flow from operations (B$) 5.7 -14% 14.8 -40%
Net income (Group share) of 891 M$ in 4Q20
Net-debt-to-capital ratio of 21.7% at December 31, 2020 vs. 22.0% at September
30, 2020(2)
Hydrocarbon production of 2,841 kboe/d in 4Q20, a decrease of 9% compared to
4Q19
Fourth quarter 2020 dividend set at 0.66 EUR/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 EUR per share, equal to the previous
three quarters, and set the dividend for 2020 at 2.64 EUR per
share."
Highlights(3)
Sustainability
-- Strengthened the Group's commitment to reduce methane emissions with
initiative OGMP 2.0
-- Withdrew from the American Petroleum Institute
-- Total once again selected in 2020 in the Dow Jones Sustainability Indices
Renewables and electricity
Renewables
-- Acquired in India a 20% minority interest in Adani Green Energy Limited
(AGEL), the largest solar developer in the world
-- Acquired Fonroche Biogaz in France, making Total the leader in renewable
gas production in France
-- Agreed with 174 Power Global, a subsidiary of Hanwha, to develop a
portfolio of 1.6 GW of solar and energy storage projects in the United
States
-- Acquired a 2.2 GW portfolio of solar and energy storage projects in Texas
-- Developing the largest site in France for the production of green
hydrogen based 100% on renewable electricity with Engie
-- Issued EUR 3 billion of hybrid bonds dedicated to financing the strategy
to grow renewables
Electricity
-- Acquired portfolio of 2 million residential customers and 2 CCGT with
cumulative capacity of 850 MW from Energías de Portugal in Spain
-- Won the City of Paris concession tender to operate 2,300 charge points of
the Bélib' network
-- Acquired Charging Solutions to become operator of 2,000 charge point
network in Germany
LNG
-- Finalized 16.6% participation in Energia Costa Azul LNG project on the
Pacific coast of Mexico
-- Delivered first carbon neutral LNG cargo to CNOOC (China)
-- Completed first LNG bunkering for CMA CGM in Port of Rotterdam
-- Chartered four new LNG-powered Aframax vessels to reduce maritime
transport emissions
Upstream
-- Fourth hydrocarbon discovery on Block 58 in Suriname
-- Second gas and condensate discovery on Block 11B/12B in South Africa
-- Entered new offshore exploration permit as operator in Egypt
-- Sold Group's 10% interest in onshore OML 17 block in Nigeria
CCUS
-- Approval from Norwegian government of final investment decision for
Northern Lights CO2 sequestration project in Northern North Sea
-- Signed with ADNOC strategic framework agreement on CO2 emission reduction
and CCUS in Abu Dhabi
-- Announced world first sustainable packaging from captured and recycled
carbon emissions by Lanzatech, Total and L'Oréal in France
Key figures from Total's consolidated financial
statements(4)
In millions of dollars,
4Q20 except effective tax rate, 2020
vs earnings per share and vs
4Q20 3Q20 4Q19 4Q19 number of shares 2020 2019 2019
Adjusted net operating
income from business
1,824 1,459 3,879 -53% segments 6,404 14,554 -56%
1,068 801 2,031 -47% Exploration & Production 2,363 7,509 -69%
Integrated Gas, Renewables
254 285 794 -68% & 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%
Contribution of equity
affiliates to adjusted net
367 352 668 -45% income 1,388 2,260 -39%
Group effective tax
14.9% 45.7% 31.8% rate(5) 27.8% 34.1%
Adjusted net income (Group
1,304 848 3,165 -59% share) 4,059 11,828 -66%
Adjusted fully-diluted
earnings per share
0.46 0.29 1.19 -61% (dollars)(6) 1.43 4.38 -67%
Adjusted fully-diluted
earnings per share
0.39 0.24 1.07 -64% (euros)* 1.25 3.92 -68%
Fully-diluted
weighted-average shares
2,645 2,637 2,607 +1% (millions) 2,621 2,618 -
891 202 2,600 -66% Net income (Group share) (7,242) 11,267 ns
3,432 2,184 4,291 -20% Organic investments(7) 10,339 13,397 -23%
1,099 (272) (80) ns Net acquisitions(8) 2,650 4,052 -35%
4,531 1,912 4,211 +8% Net investments(9) 12,989 17,449 -26%
Operating cash flow before
working capital
4,498 3,791 6,793 -34% changes**(10) 15,697 26,111 -40%
Operating cash flow before
working capital changes
w/o financial charges
4,933 4,281 7,326 -33% (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 EUR-$ exchange rate: 1.1929 in the fourth quarter 2020
and 1.1422 in 2020.
** 4Q19 and 2019 data restated(10)
Key figures of environment and Group production
> Environment* -- liquids and gas price realizations,
refining margins
4Q20 2020
vs vs
4Q20 3Q20 4Q19 4Q19 2020 2019 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%
Average price of liquids ($/b)
41.0 39.9 59.1 -31% Consolidated subsidiaries 37.0 59.8 -38%
Average price of gas ($/Mbtu)
3.31 2.52 3.76 -12% Consolidated subsidiaries 2.96 3.88 -24%
Average price of LNG ($/Mbtu)
Consolidated subsidiaries and
4.90 3.57 6.52 -25% equity affiliates 4.83 6.31 -24%
4.6 -2.7 30.2 -85% Variable cost margin - Refining 11.5 34.9 -67%
Europe, VCM ($/t)
* 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 2020 2019 2019
Hydrocarbon production
2,841 2,715 3,113 -9% (kboe/d) 2,871 3,014 -5%
Oil (including bitumen)
1,238 1,196 1,452 -15% (kb/d) 1,298 1,431 -9%
Gas (including condensates
1,603 1,519 1,661 -3% and associated NGL) (kboe/d) 1,573 1,583 -1%
Hydrocarbon production
2,841 2,715 3,113 -9% (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 2020
vs Hydrocarbon production for vs
4Q20 3Q20 4Q19 4Q19 LNG 2020 2019 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 Liquefied Natural Gas in Mt 2020 2019 2019
10.0 8.1 10.6 -6% Overall LNG sales 38.3 34.3 +12%
incl. Sales from equity
4.3 4.3 4.2 +2% production** 17.6 16.3 +8%
incl. Sales by Total from
equity production and third
8.0 6.6 9.6 -17% 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 Renewables & Electricity 2020 2019 2019
Gross renewables installed
7.0 5.1 3.0 x2,4 capacity (GW)* 7.0 3.0 x2,4
Gross renewables installed or in
development capacity with PPA
17.5 14.2 (GW)* 17.5
4.3 4.1 3.5 +20% Net power production (TWh)** 14.1 11.4 +24%
incl. Power production from
1.2 1.0 0.6 +87% renewables 4.0 2.0 +97%
Clients power - BtB and BtC
5.6 4.4 4.1 +37% (Million)* 5.6 4.1 +37%
Clients gas - BtB and BtC
2.7 1.7 1.7 +59% (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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 2019
254 285 794 -68% Adjusted net operating income* 1,778 2,389 -26%
including income from equity
97 99 353 -73% 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%
Operating cash flow before
1,072 695 1,356 -21% 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 Hydrocarbon production 2020 2019 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 2020
vs In millions of dollars, vs
4Q20 3Q20 4Q19 4Q19 except effective tax rate 2020 2019 2019
Adjusted net operating
1,068 801 2,031 -47% income* 2,363 7,509 -69%
including income from equity
222 268 247 -10% 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%
Operating cash flow before
2,652 2,646 4,451 -40% working capital changes *** 9,684 18,030 -46%
Cash flow from operations
3,046 2,043 4,206 -28% *** 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 2019
Adjusted net operating
502 373 1,054 -52% 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%
Operating cash flow before
1,129 971 1,505 -25% 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 2020
vs Refinery throughput and vs
4Q20 3Q20 4Q19 4Q19 utilization rate* 2020 2019 2019
Total refinery throughput
1,262 1,212 1,509 -16% (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%
Utlization rate based on
60% 57% 71% 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 2020
vs Petrochemicals production and vs
4Q20 3Q20 4Q19 4Q19 utilization rate 2020 2019 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%
Vapocracker utilization
90% 75% 92% 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 2019
Adjusted net operating
170 (88) 580 -71% 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%
Operating cash flow before
560 242 789 -29% 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 Sales in kb/d* 2020 2019 2019
Total Marketing & Services
1,509 1,442 1,835 -18% 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 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%
Operating cash flow before
569 729 716 -21% working capital changes ** 2,180 2,546 -14%
648 1,033 278 x2,3 Cash flow from operations ** 2,101 2,604 -19%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases
Adjusted net operating income was $332 million in the fourth
quarter 2020, a decrease of 30% compared to a year ago, essentially
due to lower volumes and a revaluation of futures contracts in the
fourth quarter 2019. Adjusted net operating income was $1,224
million for the year 2020.
Operating cash flow before working capital changes was $569
million in the fourth quarter 2020 and $2,180 million for the full
year, decreases of 21% and 14%, respectively, compared to the
previous year.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments
was:
-- $1,824 million in the fourth quarter 2020, a decrease of 53% compared to
a year ago, due to lower Brent prices, natural gas prices and refining
margins.
-- $6,404 million in 2020, a decrease of 56% year-on-year for the same
reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
-- $1,304 million in the fourth quarter 2020, compared to $3,165 million in
the fourth quarter 2019, due to lower Brent prices, natural gas prices
and refining margins.
-- $4,059 million in 2020, a decrease of 66% year-on-year, for the same
reasons.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value(12) .
Total net income adjustments(13) were
-- -$413 million in the fourth quarter 2020, including close to $200 million
related to the conversion of the Grandpuits refinery in France.
-- -$11,301 million in 2020, including $8.5 billion of impairments, notably
on oil sands assets in Canada.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
-- $0.46 in the fourth quarter 2020, calculated based on a weighted average
of 2,645 million fully-diluted shares, compared to $1.19 in the same
period last year.
-- $1.43 in 2020, calculated based on a weighted average of 2,621 million
fully-diluted shares, compared to $4.38 in 2019.
The number of fully-diluted shares was 2,647 million on December
31, 2020.
> Acquisitions - asset sales
Finalized acquisitions were:
-- $1,538 million in the fourth quarter 2020, comprised notably of the
acquisition of Tullow's entire interest in the Lake Albert project in
Uganda, and the acquisition of CCGT assets and of a portfolio of
customers from Energías de Portugal in Spain.
-- $4.2 billion in 2020, comprised of the items mentioned above as well as
the acquisition in India of 50% of a portfolio of installed solar
activities from Adani Green Energy Limited, the finalization of the
acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests
in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche
linked to taking the 10% stake in the Arctic LNG 2 project in Russia.
Finalized asset sales were:
-- $439 million in the fourth quarter 2020, comprised notably of the sale of
Enphase shares by SunPower and the sale of the Group's corporate offices
in Brussels.
-- $1.5 billion in 2020, comprised notably ofthe sale mentioned above, as
well as notably the sale of non-strategic assets in the UK North Sea,
closing the sale of Block CA1 in Brunei, the sale of the Group's interest
in the Fos Cavaou regasification terminal in France, and the sale of 50%
of a portfolio of solar and wind assets from Total Quadran in France.
> Net cash flow
Net cash flow(14) for the Group was:
-- -$33 million in the fourth quarter 2020 compared to $2,582 million in the
fourth quarter 2019, due to a decrease in operating cash flow before
working capital changes from $6,793 million to $4,498 million and stable
net investments of $4,531 million versus $4,211 million.
-- $2.7 billion in 2020 compared to $8.7 billion in 2019, due to the
decrease of $10.4 billion in operating cash flow before working capital
changes, partially offset by a reduction in net investments of $4.5
billion.
> Profitability
In millions of
dollars January 1, 2020 October 1, 2019 January 1, 2019
December 31, September 30,
2020 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, September 30,
2020 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 EUR7,238
million in 2020 compared to EUR7,039 million a year ago.
2021 Sensitivities*
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 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 $-EUR
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 Combined liquids and gas 2020
vs production by region vs
4Q20 3Q20 4Q19 4Q19 (kboe/d) 2020 2019 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 2020
vs Liquids production by region vs
4Q20 3Q20 4Q19 4Q19 (kb/d) 2020 2019 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 2020
vs Gas production by region vs
4Q20 3Q20 4Q19 4Q19 (Mcf/d) 2020 2019 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 2020
vs Petroleum product sales by vs
4Q20 3Q20 4Q19 4Q19 region (kb/d) 2020 2019 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 2020
vs Petrochemicals production* vs
4Q20 3Q20 4Q19 4Q19 (kt) 2,020 2019 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 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%
increase in non-current
355 290 319 +11% loans 1,657 1,061 +56%
repayment of non-current
loans, excluding organic
loan repayment from equity
(212) (330) (102) ns affiliates* (717) (551) ns
change in debt from
renewable projects (Group
(46) (11) - ns 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%
change in debt from
renewable projects (partner
15 7 - ns share) 105 105 -
Other transactions with
non-controlling interests (
- - (11) ns d ) - (11) ns
Net investments ( a + b - c
4,531 1,912 4,211 +8% - d ) 12,989 17,449 -26%
(77) (1) (275) ns Organic loan repayment from (111) (475) ns
equity affiliates* ( e )
61 18 - ns Change in debt from 314 214 +47%
renewable projects
financing ** ( f )
39 28 - ns Capex linked to capitalized 113 - ns
leasing contracts ( g )
4,476 1,901 3,925 +14% Cash flow used in investing 13,079 17,177 -24%
activities ( a + b - c + e
+ f -g)
* 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 2020
vs vs
4Q20 3Q20 4Q19 4Q19 In millions of dollars 2020 2019 2019
Operating cash flow
before working capital
changes w/o financials
4,933 4,281 7,326 -33% charges (DACF) 17,635 28,180 -37%
(436) (491) (533) ns Financial charges (1,938) (2,069) ns
Operating cash flow
before working capital
4,498 3,791 6,793 -34% changes ( a ) * 15,697 26,111 -40%
(Increase) decrease in
976 475 92 x10,6 working capital ** 753 (1,397) ns
308 90 (11) ns Inventory effect (1,440) 446 ns
capital gain from
(32) (4) - ns renewable projects sale (96) - ns
Organic loan repayment
(77) (1) (275) ns 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%
Free cash flow after
organic investments, w/o
net asset sales ( a - b
1,066 1,607 2,502 -57% ) 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
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals 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
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals 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 (EUR-$) 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 Ndeg 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)
4(th) quarter 3(rd) quarter 4(th) quarter
(M$) (a) 2020 2020 2019
Sales 37,943 33,142 49,280
Excise taxes (5,595) (5,925) (5,895)
Revenues from
sales 32,348 27,217 43,385
Purchases, net
of inventory
variation (20,508) (16,885) (28,212)
Other operating
expenses (6,663) (5,610) (7,090)
Exploration
costs (338) (139) (231)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (3,543) (3,493) (4,431)
Other income 838 457 428
Other expense (697) (281) (235)
Financial
interest on
debt (501) (547) (606)
Financial income
and expense
from cash &
cash
equivalents 53 89 51
Cost of net debt (448) (458) (555)
Other financial
income 173 134 143
Other financial
expense (183) (165) (203)
Net income
(loss) from
equity
affiliates 73 94 502
Income taxes (149) (690) (852)
Consolidated net
income 903 181 2,649
Group share 891 202 2,600
Non-controlling
interests 12 (21) 49
Earnings per
share ($) 0.31 0.04 0.98
Fully-diluted
earnings per
share ($) 0.31 0.04 0.97
(a) Except for
per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
4(th) quarter 3(rd) quarter 4(th) quarter
(M$) 2020 2020 2019
Consolidated net income 903 181 2,649
Other comprehensive income
Actuarial gains and losses 17 (6) (138)
Change in fair value of
investments in equity
instruments 386 221 16
Tax effect (21) - 40
Currency translation adjustment
generated by the parent company 4,074 3,663 2,461
Items not potentially
reclassifiable to profit and
loss 4,456 3,878 2,379
Currency translation adjustment (1,875) (1,830) (654)
Cash flow hedge 617 363 (24)
Variation of foreign currency
basis spread (7) (35) (49)
Share of other comprehensive
income of equity affiliates, net
amount (100) (804) 82
Other (4) (7) 1
Tax effect (180) (115) 26
Items potentially reclassifiable
to profit and loss (1,549) (2,428) (618)
Total other comprehensive income
(net amount) 2,907 1,450 1,761
Comprehensive income 3,810 1,631 4,410
Group share 3,576 1,536 4,319
Non-controlling interests 234 95 91
CONSOLIDATED STATEMENT OF INCOME
TOTAL
Year
2020 Year
(M$) (a) (unaudited) 2019
Sales 140,685 200,316
Excise taxes (20,981) (24,067)
Revenues from sales 119,704 176,249
Purchases, net of inventory
variation (77,486) (116,221)
Other operating expenses (25,538) (27,255)
Exploration costs (731) (785)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (22,264) (15,731)
Other income 2,237 1,163
Other expense (1,506) (1,192)
Financial interest on debt (2,147) (2,333)
Financial income and expense
from cash & cash
equivalents 37 (19)
Cost of net debt (2,110) (2,352)
Other financial income 914 792
Other financial expense (690) (764)
Net income (loss) from equity
affiliates 452 3,406
Income taxes (318) (5,872)
Consolidated net income (7,336) 11,438
Group share (7,242) 11,267
Non-controlling interests (94) 171
Earnings per share ($) (2.90) 4.20
Fully-diluted earnings per
share ($) (2.90) 4.17
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
Year
2020 Year
(M$) (unaudited) 2019
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
December 31, September 30,
2020 2020 December 31,
(M$) (unaudited) (unaudited) 2019
ASSETS
Non-current assets
Intangible assets, net 33,528 33,145 33,178
Property, plant and equipment, net 108,335 104,355 116,408
Equity affiliates : investments and
loans 27,976 27,386 27,122
Other investments 2,007 1,822 1,778
Non-current financial assets 4,781 3,155 912
Deferred income taxes 7,016 6,952 6,216
Other non-current assets 2,810 2,570 2,415
Total non-current assets 186,453 179,385 188,029
Current assets
Inventories, net 14,730 12,373 17,132
Accounts receivable, net 14,068 12,893 18,488
Other current assets 13,428 14,637 17,013
Current financial assets 4,630 6,011 3,992
Cash and cash equivalents 31,268 30,593 27,352
Assets classified as held for sale 1,555 1,090 1,288
Total current assets 79,679 77,597 85,265
Total assets 266,132 256,982 273,294
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,267 8,267 8,123
Paid-in surplus and retained
earnings 107,078 107,632 121,170
Currency translation adjustment (10,256) (12,275) (11,503)
Treasury shares (1,387) (1,390) (1,012)
Total shareholders' equity - Group
share 103,702 102,234 116,778
Non-controlling interests 2,383 2,177 2,527
Total shareholders' equity 106,085 104,411 119,305
Non-current liabilities
Deferred income taxes 10,326 10,367 11,858
Employee benefits 3,917 3,719 3,501
Provisions and other non-current
liabilities 20,925 19,351 20,613
Non-current financial debt 60,203 61,477 47,773
Total non-current liabilities 95,371 94,914 83,745
Current liabilities
Accounts payable 23,574 18,880 28,394
Other creditors and accrued
liabilities 22,465 22,806 25,749
Current borrowings 17,099 14,980 14,819
Other current financial liabilities 203 196 487
Liabilities directly associated
with the assets classified as held
for sale 1,335 795 795
Total current liabilities 64,676 57,657 70,244
Total liabilities & shareholders'
equity 266,132 256,982 273,294
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
4(th) quarter 3(rd) quarter 4(th) quarter
(M$) 2020 2020 2019
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 903 181 2,649
Depreciation, depletion,
amortization and impairment 3,796 3,634 4,624
Non-current liabilities,
valuation allowances and
deferred taxes (237) (88) (672)
(Gains) losses on disposals of
assets (260) (309) (176)
Undistributed affiliates' equity
earnings 379 178 267
(Increase) decrease in working
capital 1,342 980 46
Other changes, net (249) (225) (139)
Cash flow from operating
activities 5,674 4,351 6,599
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property,
plant and equipment additions (3,834) (2,157) (4,015)
Acquisitions of subsidiaries, net
of cash acquired (778) - (155)
Investments in equity affiliates
and other securities (221) (229) (170)
Increase in non-current loans (355) (301) (319)
Total expenditures (5,188) (2,687) (4,659)
Proceeds from disposals of
intangible assets and property,
plant and equipment 114 363 301
Proceeds from disposals of
subsidiaries, net of cash sold 124 4 13
Proceeds from disposals of
non-current investments 186 77 43
Repayment of non-current loans 288 342 377
Total divestments 712 786 734
Cash flow used in investing
activities (4,476) (1,901) (3,925)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - 1
- Treasury shares - - (620)
Dividends paid:
- Parent company shareholders (2,053) (825) (1,876)
- Non-controlling interests (5) (103) (1)
Net issuance (repayment) of
perpetual subordinated notes - 331 -
Payments on perpetual
subordinated notes (62) (22) (56)
Other transactions with
non-controlling interests (59) (75) 160
Net issuance (repayment) of
non-current debt 104 224 84
Increase (decrease) in current
borrowings (339) (2,343) (1,131)
Increase (decrease) in current
financial assets and
liabilities 1,212 730 (168)
Cash flow from (used in)
financing activities (1,202) (2,083) (3,607)
Net increase (decrease) in cash
and cash equivalents (4) 367 (933)
Effect of exchange rates 679 499 831
Cash and cash equivalents at the
beginning of the period 30,593 29,727 27,454
Cash and cash equivalents at the
end of the period 31,268 30,593 27,352
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
Year
2020 Year
(M$) (unaudited) 2019
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)
Paid-in
surplus
and Currency Shareholders' Total
retained translation equity - Non-controlling shareholders'
Common shares issued earnings adjustment Treasury shares Group share interests 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)
Integrated
Exploration Gas,
4(th) quarter & Renewables Refining & Marketing &
2020 (M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,257 5,231 15,052 16,393 10 - 37,943
Intersegment
sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from
sales 6,831 5,859 18,584 11,524 150 (10,600) 32,348
Operating
expenses (3,489) (5,569) (17,989) (10,776) (286) 10,600 (27,509)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,500) (354) (412) (241) (36) - (3,543)
Operating income 842 (64) 183 507 (172) - 1,296
Net income
(loss) from
equity
affiliates and
other items 6 149 (54) (9) 112 - 204
Tax on net
operating
income 91 7 (93) (169) (72) - (236)
Net operating
income 939 92 36 329 (132) - 1,264
Net cost of net
debt (361)
Non-controlling
interests (12)
Net income -
group share 891
4(th) quarter Integrated
2020 Exploration Gas,
(adjustments) & Renewables Refining & Marketing &
(a) (M$) Production & Power Chemicals 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 -
Integrated
4(th) quarter Exploration Gas,
2020 (adjusted) & Renewables Refining & Marketing &
(M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,257 5,228 15,052 16,393 10 - 37,940
Intersegment
sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from
sales 6,831 5,856 18,584 11,524 150 (10,600) 32,345
Operating
expenses (3,440) (5,513) (18,122) (10,793) (317) 10,600 (27,585)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,145) (354) (396) (241) (36) - (3,172)
Adjusted
operating
income 1,246 (11) 66 490 (203) - 1,588
Net income
(loss) from
equity
affiliates and
other items 31 175 137 4 5 - 352
Tax on net
operating
income (209) 90 (33) (162) 85 - (229)
Adjusted net
operating
income 1,068 254 170 332 (113) - 1,711
Net cost of net
debt (371)
Non-controlling
interests (36)
Adjusted net
income - group
share 1,304
Integrated
Exploration Gas,
4(th) quarter & Renewables Refining & Marketing &
2020 (M$) Production & Power Chemicals 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)
Integrated
Exploration Gas,
3(rd) quarter & Renewables Refining & Marketing &
2020 (M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,142 1,995 13,607 16,397 1 - 33,142
Intersegment
sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from
sales 5,390 2,475 17,116 11,193 25 (8,982) 27,217
Operating
expenses (2,435) (1,880) (16,799) (10,301) (201) 8,982 (22,634)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,187) (342) (678) (270) (16) - (3,493)
Operating income 768 253 (361) 622 (192) - 1,090
Net income
(loss) from
equity
affiliates and
other items 251 225 (247) 14 (4) - 239
Tax on net
operating
income (243) (266) (51) (187) 3 - (744)
Net operating
income 776 212 (659) 449 (193) - 585
Net cost of net
debt (404)
Non-controlling
interests 21
Net income -
group share 202
3(rd) quarter Integrated
2020 Exploration Gas,
(adjustments) & Renewables Refining & Marketing &
(a) (M$) Production & Power Chemicals 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) -
Integrated
3(rd) quarter Exploration Gas,
2020 (adjusted) & Renewables Refining & Marketing &
(M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,142 1,962 13,607 16,397 1 - 33,109
Intersegment
sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from
sales 5,390 2,442 17,116 11,193 25 (8,982) 27,184
Operating
expenses (2,384) (1,831) (16,751) (10,295) (201) 8,982 (22,480)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,187) (342) (388) (270) (16) - (3,203)
Adjusted
operating
income 819 269 (23) 628 (192) - 1,501
Net income
(loss) from
equity
affiliates and
other items 243 289 (32) 20 (4) - 516
Tax on net
operating
income (261) (273) (33) (187) 3 - (751)
Adjusted net
operating
income 801 285 (88) 461 (193) - 1,266
Net cost of net
debt (433)
Non-controlling
interests 15
Adjusted net
income - group
share 848
Integrated
Exploration Gas,
3(rd) quarter & Renewables Refining & Marketing &
2020 (M$) Production & Power Chemicals 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)
Integrated
Exploration Gas,
4(th) quarter & Renewables Refining & Marketing &
2019 (M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,563 4,292 22,040 21,379 6 - 49,280
Intersegment
sales 8,266 993 7,739 203 47 (17,248) -
Excise taxes - - (765) (5,130) - - (5,895)
Revenues from
sales 9,829 5,285 29,014 16,452 53 (17,248) 43,385
Operating
expenses (4,156) (4,471) (28,084) (15,714) (356) 17,248 (35,533)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (3,307) (488) (351) (263) (22) - (4,431)
Operating income 2,366 326 579 475 (325) - 3,421
Net income
(loss) from
equity
affiliates and
other items 166 391 57 15 6 - 635
Tax on net
operating
income (893) 104 (3) (100) (39) - (931)
Net operating
income 1,639 821 633 390 (358) - 3,125
Net cost of net
debt (476)
Non-controlling
interests (49)
Net income -
group share 2,600
4(th) quarter Integrated
2019 Exploration Gas,
(adjustments) & Renewables Refining & Marketing &
(a) (M$) Production & Power Chemicals 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) -
Integrated
4(th) quarter Exploration Gas,
2019 (adjusted) & Renewables Refining & Marketing &
(M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 1,563 4,282 22,040 21,379 6 - 49,270
Intersegment
sales 8,266 993 7,739 203 47 (17,248) -
Excise taxes - - (765) (5,130) - - (5,895)
Revenues from
sales 9,829 5,275 29,014 16,452 53 (17,248) 43,375
Operating
expenses (4,111) (4,384) (28,128) (15,612) (244) 17,248 (35,231)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,782) (352) (342) (263) (22) - (3,761)
Adjusted
operating
income 2,936 539 544 577 (213) - 4,383
Net income
(loss) from
equity
affiliates and
other items 188 429 70 38 6 - 731
Tax on net
operating
income (1,093) (174) (34) (141) 34 - (1,408)
Adjusted net
operating
income 2,031 794 580 474 (173) - 3,706
Net cost of net
debt (473)
Non-controlling
interests (68)
Adjusted net
income - group
share 3,165
Integrated
Exploration Gas,
4(th) quarter & Renewables Refining & Marketing &
2019 (M$) Production & Power Chemicals 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)
Integrated
Exploration Gas,
Year 2020 & Renewables Refining & Marketing &
(M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 4,973 15,629 56,615 63,451 17 - 140,685
Intersegment
sales 18,483 2,003 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from
sales 23,456 17,632 71,588 45,232 240 (38,444) 119,704
Operating
expenses (11,972) (15,847) (70,524) (42,807) (1,049) 38,444 (103,755)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (16,998) (2,312) (1,878) (984) (92) - (22,264)
Operating income (5,514) (527) (814) 1,441 (901) - (6,315)
Net income
(loss) from
equity
affiliates and
other items 697 794 (393) 37 272 - 1,407
Tax on net
operating
income (208) 71 59 (515) (67) - (660)
Net operating
income (5,025) 338 (1,148) 963 (696) - (5,568)
Net cost of net
debt (1,768)
Non-controlling
interests 94
Net income -
group share (7,242)
Integrated
Year 2020 Exploration Gas,
(adjustments) & Renewables Refining & Marketing &
(a) (M$) Production & Power Chemicals 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) -
Integrated
Exploration Gas,
Year 2020 & Renewables Refining & Marketing &
(adjusted) (M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 4,973 15,609 56,615 63,451 17 - 140,665
Intersegment
sales 18,483 2,003 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from
sales 23,456 17,612 71,588 45,232 240 (38,444) 119,684
Operating
expenses (11,835) (15,424) (68,972) (42,477) (989) 38,444 (101,253)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (9,305) (1,359) (1,572) (984) (92) - (13,312)
Adjusted
operating
income 2,316 829 1,044 1,771 (841) - 5,119
Net income
(loss) from
equity
affiliates and
other items 643 1,176 284 61 165 - 2,329
Tax on net
operating
income (596) (227) (289) (608) 78 - (1,642)
Adjusted net
operating
income 2,363 1,778 1,039 1,224 (598) - 5,806
Net cost of net
debt (1,739)
Non-controlling
interests (8)
Adjusted net
income - group
share 4,059
Integrated
Exploration Gas,
Year 2020 & Renewables Refining & Marketing &
(M$) Production & Power Chemicals 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
Integrated
Exploration Gas, Marketing
Year 2019 & Renewables Refining & &
(M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 7,261 18,167 87,598 87,280 10 - 200,316
Intersegment
sales 31,329 2,825 32,390 659 125 (67,328) -
Excise taxes - - (3,015) (21,052) - - (24,067)
Revenues from
sales 38,590 20,992 116,973 66,887 135 (67,328) 176,249
Operating
expenses (16,389) (18,316) (112,104) (63,855) (925) 67,328 (144,261)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (11,659) (1,492) (1,527) (980) (73) - (15,731)
Operating income 10,542 1,184 3,342 2,052 (863) - 16,257
Net income
(loss) from
equity
affiliates and
other items 610 2,330 322 101 42 - 3,405
Tax on net
operating
income (4,572) (741) (470) (598) 155 - (6,226)
Net operating
income 6,580 2,773 3,194 1,555 (666) - 13,436
Net cost of net
debt (1,998)
Non-controlling
interests (171)
Net income -
group share 11,267
Integrated
Year 2019 Exploration Gas, Marketing
(adjustments) & Renewables Refining & &
(a) (M$) Production & Power Chemicals 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) -
Integrated
Exploration Gas, Marketing
Year 2019 & Renewables Refining & &
(adjusted) (M$) Production & Power Chemicals Services Corporate Intercompany Total
Non-Group sales 7,261 18,231 87,598 87,280 10 - 200,380
Intersegment
sales 31,329 2,825 32,390 659 125 (67,328) -
Excise taxes - - (3,015) (21,052) - - (24,067)
Revenues from
sales 38,590 21,056 116,973 66,887 135 (67,328) 176,313
Operating
expenses (16,244) (18,076) (112,501) (63,815) (813) 67,328 (144,121)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (10,938) (1,336) (1,486) (978) (73) - (14,811)
Adjusted
operating
income 11,408 1,644 2,986 2,094 (751) - 17,381
Net income
(loss) from
equity
affiliates and
other items 722 1,356 405 184 42 - 2,709
Tax on net
operating
income (4,621) (611) (388) (625) 228 - (6,017)
Adjusted net
operating
income 7,509 2,389 3,003 1,653 (481) - 14,073
Net cost of net
debt (1,983)
Non-controlling
interests (262)
Adjusted net
income - group
share 11,828
Integrated
Exploration Gas, Marketing
Year 2019 & Renewables Refining & &
(M$) Production & Power Chemicals 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)
4(th) quarter 2020 Consolidated
(M$) Adjusted Adjustments (a) statement of income
Sales 37,940 3 37,943
Excise taxes (5,595) - (5,595)
Revenues from sales 32,345 3 32,348
Purchases, net of inventory
variation (20,781) 273 (20,508)
Other operating expenses (6,466) (197) (6,663)
Exploration costs (338) - (338)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (3,172) (371) (3,543)
Other income 275 563 838
Other expense (280) (417) (697)
Financial interest on debt (497) (4) (501)
Financial income and expense
from cash & cash
equivalents 32 21 53
Cost of net debt (465) 17 (448)
Other financial income 173 - 173
Other financial expense (183) - (183)
Net income (loss) from equity
affiliates 367 (294) 73
Income taxes (135) (14) (149)
Consolidated net income 1,340 (437) 903
Group share 1,304 (413) 891
Non-controlling interests 36 (24) 12
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
4(th) quarter 2019 Consolidated
(M$) Adjusted Adjustments (a) statement of income
Sales 49,270 10 49,280
Excise taxes (5,895) - (5,895)
Revenues from sales 43,375 10 43,385
Purchases, net of inventory
variation (28,126) (86) (28,212)
Other operating expenses (6,874) (216) (7,090)
Exploration costs (231) - (231)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (3,761) (670) (4,431)
Other income 256 172 428
Other expense (133) (102) (235)
Financial interest on debt (603) (3) (606)
Financial income and expense
from cash & cash
equivalents 51 - 51
Cost of net debt (552) (3) (555)
Other financial income 143 - 143
Other financial expense (203) - (203)
Net income (loss) from equity
affiliates 668 (166) 502
Income taxes (1,329) 477 (852)
Consolidated net income 3,233 (584) 2,649
Group share 3,165 (565) 2,600
Non-controlling interests 68 (19) 49
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with
consolidated financial statements
TOTAL
Year 2020
(M$) Consolidated
(unaudited) Adjusted Adjustments (a) statement of income
Sales 140,665 20 140,685
Excise taxes (20,981) - (20,981)
Revenues from sales 119,684 20 119,704
Purchases, net of inventory
variation (75,672) (1,814) (77,486)
Other operating expenses (24,850) (688) (25,538)
Exploration costs (731) - (731)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (13,312) (8,952) (22,264)
Other income 1,405 832 2,237
Other expense (689) (817) (1,506)
Financial interest on debt (2,140) (7) (2,147)
Financial income and expense
from cash & cash
equivalents 68 (31) 37
Cost of net debt (2,072) (38) (2,110)
Other financial income 914 - 914
Other financial expense (689) (1) (690)
Net income (loss) from
equity affiliates 1,388 (936) 452
Income taxes (1,309) 991 (318)
Consolidated net income 4,067 (11,403) (7,336)
Group share 4,059 (11,301) (7,242)
Non-controlling interests 8 (102) (94)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Year 2019 Consolidated
(M$) Adjusted Adjustments (a) statement of income
Sales 200,380 (64) 200,316
Excise taxes (24,067) - (24,067)
Revenues from sales 176,313 (64) 176,249
Purchases, net of inventory
variation (116,464) 243 (116,221)
Other operating expenses (26,872) (383) (27,255)
Exploration costs (785) - (785)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (14,811) (920) (15,731)
Other income 876 287 1,163
Other expense (455) (737) (1,192)
Financial interest on debt (2,318) (15) (2,333)
Financial income and expense
from cash & cash
equivalents (19) - (19)
Cost of net debt (2,337) (15) (2,352)
Other financial income 792 - 792
Other financial expense (764) - (764)
Net income (loss) from
equity affiliates 2,260 1,146 3,406
Income taxes (5,663) (209) (5,872)
Consolidated net income 12,090 (652) 11,438
Group share 11,828 (561) 11,267
Non-controlling interests 262 (91) 171
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
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SOURCE: TOTAL
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