Regulatory News:

 

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

 
                                                 Change             Change 
                                         3Q20     vs 3Q19    9M20    vs 9M19 
 
Oil price - Brent ($/b)                  42.9    -31%        41.1   -36% 
European gas price - NBP ($/Mbtu)        2.9     -26%        2.5    -47% 
Adjusted net income (Group share)(1) 
- in billions of dollars (B$)            0.85    -72%        2.76   -68% 
- in dollars per share                   0.29    -74%        0.97   -70% 
 
DACF(1) (B$)                             4.3     -41%        12.7   -39% 
Cash Flow from operations (B$)           4.4     -47%        9.1    -50% 
 
Net income (Group share) of 202 M$ in 3Q20 
Net-debt-to-capital ratio of 22.0% at September 30, 2020 vs. 23.6% at June 30, 
2020(2) 
Hydrocarbon production of 2,715 kboe/d in 3Q20, a decrease of 11% compared to 
3Q19 
Third 2020 interim dividend set at 0.66 EUR/share 
 

Total SE's Board of Directors met on October 29, 2020, under the chairmanship of CEO Patrick Pouyanné to approve the Group's third quarter 2020 financial statements. On this occasion, Patrick Pouyanné said:

 

"After a second quarter in which the Group faced exceptional circumstances with oil prices falling below $20/b and a very strong slowdown of global activity linked to the health crisis, the Group benefited during the third quarter from a more favorable environment, with oil prices above $40/b thanks to strong OPEC+ discipline as well as the demand recovery for petroleum products for road transportation. However, the environment was mixed with low natural gas prices and severely depressed refining margins due to excess production capacity relative to demand and high inventories.

 

In this context, the Group is once again demonstrating its resilience thanks to its integrated model, by generating cash flow (DACF) of more than $4 billion, conforming to forecasts with a $40/b crude price, and reducing gearing to 22% given its investment and cost discipline. Adjusted net income was close to $850 million, and the organic cash breakeven remained below $25/b.

 

Upstream carries the Group's results with adjusted net operating income of $1.1 billion, notably thanks to low production costs of $5/boe, despite lower LNG prices and lower production. Given the strict discipline with which OPEC+ has implemented quotas and the lack of production in Libya until October 2020, the Group now anticipates full-year 2020 production below 2.9 Mboe/d.

 

In Downstream, Refining faced losses while Petrochemicals resisted, and Marketing & Services generated net operating income of more than $400 million, better than in the third quarter 2019. Following the announcement of the sale of the Lindsey refinery in the United Kingdom in July, the Group continued to adapt its European refining with the conversion of Grandpuits in France to a zero-oil platform that will produce biofuels and bioplastics.

 

During the quarter, the Group accelerated the implementation of its renewable energy strategy, notably by acquiring a 3.3 GW solar portfolio in Spain and taking positions in floating offshore wind in South Korea and France. In addition to the gross renewable installed capacity of 5.1 GW at the end of the third quarter, the Group is developing a portfolio of 19 GW of projects, of which 9 GW already benefit from long-term power purchase agreements.

 

Confident in the fundamentals of the Group, the Board of Directors confirmed the third interim dividend payment maintained at EUR0.66 per share and reaffirmed that the dividend is supported in a context of $40/b, particularly in view of the results this quarter."

 

Highlights(3)

 

Sustainability

   -- Recognition of the Group as a "LEAD" company by the United Nations Global 
      Compact 
 
   -- New Biodiversity Ambition with enhanced commitments 
 
   -- Signature as co-founder of the "Sea Cargo Charter" to provide transparent 
      and standard reporting of greenhouse gas emissions related to maritime 
      transport activities 
 
   -- First publication of the "Sustainability Accounting Standards Board" 
      report (Exploration & Production standard) 
 

Renewables and electricity

   -- Acquired a 3.3 GW portfolio of solar projects in Spain, bringing the 
      total capacity to more than 5 GW of solar projects in development in the 
      country 
 
   -- Decision to cover the entire electricity consumption of the Group's 
      industrial sites in Europe by 2025 with green electricity produced by its 
      Spanish solar sites, through a 3 GW "corporate PPA" 
 
   -- Finalization by SunPower of the Maxeon Solar Technologies spin-off in the 
      US 
 
   -- Strengthened partnership with Adani in solar, with expansion of portfolio 
      to 2.3 GW in India 
 
   -- Agreement with Macquarie to develop 2 GW portfolio of floating offshore 
      wind in South Korea 
 
   -- Acquired 20% stake in the Eolmed 30 MW floating offshore wind project in 
      the Mediterranean 
 
   -- Creation of Automotive Cells Company JV with Groupe PSA to develop and 
      manufacture batteries in Europe for electric vehicles 
 
   -- Acquired Blue Point London, operator of London's largest charging network 
      with 1,600 electric vehicle charging points 
 

Liquids

   -- Launched third development phase of the giant Mero field in Brazil 
 
   -- Finalized the "Host Government Agreement" with the Ugandan government on 
      the EACOP pipeline, a major step toward sanctioning the Tilenga project 
 
   -- Agreement to sell to Perenco interests in 7 mature non-operated offshore 
      fields and the Cap Lopez oil terminal in Gabon 
 
   -- Completed sale to Neo Energy of mature fields in the UK North Sea 
 
   -- Announced conversion of the Grandpuits refinery in France to a zero-oil 
      platform by 2024 
 

Key figures from Total's consolidated financial statements(4)

 
                              In millions of dollars, 
                       3Q20   except effective tax                       9M20 
                        vs    rate, earnings per share                    vs 
3Q20   2Q20     3Q19    3Q19  and number of shares      9M20     9M19     9M19 
                              Adjusted net operating 
                              income from business 
1,459  821      3,673  -60%   segments                  4,580    10,675  -57% 
801    (209)    1,734  -54%   Exploration & Production  1,295    5,478   -76% 
                              Integrated Gas, 
285    326      574    -50%   Renewables & Power        1,524    1,595   -4% 
(88)   575      952    ns     Refining & Chemicals      869      2,423   -64% 
461    129      413    +12%   Marketing & Services      892      1,179   -24% 
                              Contribution of equity 
                              affiliates to adjusted 
352    11       521    -32%   net income                1,021    1,592   -36% 
                              Group effective tax 
45.7%  -6.8%    30.7%         rate(5)                   32.3%    34.9% 
                              Adjusted net income 
848    126      3,017  -72%   (Group share)             2,755    8,663   -68% 
                              Adjusted fully-diluted 
                              earnings per share 
0.29   0.02     1.13   -74%   (dollars)(6)              0.97     3.20    -70% 
                              Adjusted fully-diluted 
                              earnings per share 
0.24   0.02     1.01   -76%   (euros)*                  0.86     2.85    -70% 
                              Fully-diluted 
                              weighted-average shares 
2,637  2,598    2,614  +1%    (millions)                2,612    2,621   - 
 
202    (8,369)  2,800  -93%   Net income (Group share)  (8,133)  8,667   ns 
 
2,184  2,201    3,296  -34%   Organic investments(7)    6,908    9,107   -24% 
(272)  721      3,422  ns     Net acquisitions(8)       1,551    4,131   -62% 
1,912  2,922    6,718  -72%   Net investments(9)        8,459    13,238  -36% 
                              Operating cash flow 
                              before working capital 
3,791  3,644    6,737  -44%   changes**(10)             11,199   19,318  -42% 
                              Operating cash flow 
                              before working capital 
                              changes w/o financial 
4,281  4,143    7,269  -41%   charges (DACF)(11)        12,701   20,854  -39% 
                              Cash flow from 
4,351  3,479    8,206  -47%   operations                9,129    18,086  -50% 
 

From 2019, data take into account the impact of the IFRS16 "Leases" rule, effective January 1, 2019.

* Average EUR-$ exchange rate: 1.1689 in the third quarter 2020 and 1.1250 in the first nine months 2020.

 

** 2Q20, 3Q19 and 9M19 data restated

 

Key figures of environment and Group production

 

> Environment* -- liquids and gas price realizations, refining margins

 
                  3Q20                                                   9M20 
                   vs                                                     vs 
3Q20  2Q20  3Q19   3Q19                                      9M20  9M19   9M19 
42.9  29.6  62.0  -31%   Brent ($/b)                         41.1  64.6  -36% 
2.1   1.8   2.3   -9%    Henry Hub ($/Mbtu)                  1.9   2.6   -25% 
2.9   1.7   3.9   -26%   NBP ($/Mbtu)                        2.5   4.8   -47% 
3.6   2.1   4.7   -23%   JKM ($/Mbtu)                        3.1   5.4   -42% 
                         Average price of liquids ($/b) 
39.9  23.4  58.0  -31%    Consolidated subsidiaries          35.6  60.0  -41% 
                         Average price of gas ($/Mbtu) 
2.52  2.61  3.48  -27%    Consolidated subsidiaries          2.84  3.93  -28% 
3.57  4.40  5.93  -40%   Average price of LNG ($/Mbtu)       4.81  6.25  -23% 
                         Consolidated subsidiaries and 
                         equity affiliates 
 
-2.7  14.3  47.4  ns     Variable cost margin - Refining     13.6  36.2  -62% 
                         Europe, VCM ($/t) 
 

* The indicators are shown on page 16.

 

The average LNG sales price fell by 19% in the third quarter 2020 compared to the previous quarter, due to the delayed impact of lower oil prices in the first half 2020 on long-term LNG contracts.

 

> Production*

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19                                 9M20   9M19    9M19 
                            Hydrocarbon production 
2,715  2,846  3,040  -11%   (kboe/d)                       2,882  2,981  -3% 
                            Oil (including bitumen) 
1,196  1,315  1,441  -17%   (kb/d)                         1,319  1,424  -7% 
                            Gas (including condensates 
1,519  1,531  1,599  -5%    and associated NGL) (kboe/d)   1,563  1,557  - 
 
                            Hydrocarbon production 
2,715  2,846  3,040  -11%   (kboe/d)                       2,882  2,981  -3% 
1,437  1,553  1,720  -16%   Liquids (kb/d)                 1,563  1,658  -6% 
6,973  7,045  7,200  -3%    Gas (Mcf/d)**                  7,193  7,225  - 
 

* Group production = EP production + iGRP production.

 

** 3Q19 and 9M19 data restated

 

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 11% year-on-year, comprised of:

   -- -7% due to compliance with OPEC+ quotas, notably in Nigeria, the United 
      Arab Emirates, Angola, Kazakhstan and Iraq, as well as voluntary 
      reductions in Canada and disruptions in Libya. 
 
   -- -1% due to portfolio effect, notably linked to the sale of Block CA1 in 
      Brunei and the sale of assets in the United Kingdom. 
 
   -- +3% due to the start-up and ramp-up of new projects, notably Culzean in 
      the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa 
      Rossa in Italy. 
 
   -- -3% due to the natural decline of fields. 
 
   -- -3% due to maintenance. 
 

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 5% compared to the previous quarter, comprised of:

   -- -3% due to reinforcement OPEC+ quotas, notably in Nigeria. 
 
   -- -1% due to portfolio effect, notably linked to the sale of assets in the 
      United Kingdom. 
 
   -- +1% due to the ramp-up of recently started projects, notably Ichthys in 
      Australia, Tempa Rossa in Italy and Iara in Brazil. 
 
   -- -2% due to the natural decline of fields and maintenance. 
 

Analysis of business segments

 

Integrated Gas, Renewables & Power (iGRP)

 

> Production and sales of Liquefied natural gas (LNG) and electricity

 
                     3Q20                                                9M20 
                      vs    Hydrocarbon production for                    vs 
3Q20   2Q20   3Q19    3Q19  LNG                            9M20   9M19    9M19 
518    520    539    -4%    iGRP (kboe/d)                  530    539    -2% 
70     66     73     -5%    Liquids (kb/d)                 70     71     -2% 
2,445  2,471  2,546  -4%    Gas (Mcf/d)*                   2,509  2,562  -2% 
 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  Liquefied Natural Gas in Mt    9M20   9M19    9M19 
8.1    10.4   7.4    +9%    Overall LNG sales              28.3   23.7   +19% 
                            incl. Sales from equity 
4.3    4.3    4.2    +3%    production**                   13.3   12.0   +11% 
6.6    8.7    5.5    +20%   incl. Sales by Total from      23.2   18.3   +27% 
                            equity production and third 
                            party purchases 
 

* 3Q19 and 9M19 data restated

 

** The Group's equity production may be sold by Total or by the joint ventures.

 
                  3Q20                                                   9M20 
                   vs                                                     vs 
3Q20  2Q20  3Q19   3Q19  Renewables & Electricity            9M20  9M19   9M19 
                         Gross renewables installed 
5.1   5.1   2.7   +85%   capacity (GW)*                      5.1   2.7   +85% 
                         Gross renewables installed or in 
                         development capacity with PPA 
14.2                     (GW)*                               14.2 
4.1   2.9   2.9   +41%   Net power production (TWh)**        9.9   7.9   +25% 
                         incl. Power production from 
1.0   1.1   0.5   x2.1   renewables                          2.8   1.4   x2 
                         Clients power - BtB and BtC 
4.4   4.2   4.1   +7%    (Million)*                          4.4   4.1   +7% 
                         Clients gas - BtB and BtC 
1.7   1.7   1.6   +4%    (Million)*                          1.7   1.6   +7% 
10.2  9.4   9.9   +3%    Sales power - BtB and BtC (TWh)     33.8  33.2  +2% 
13.5  17.3  13.5  -      Sales gas - BtB and BtC (TWh)       64.4  65.5  -2% 
 

* Capacity at end of period.

 

** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

 

Hydrocarbon production for LNG was stable compared to the previous quarter and down 4% compared to last year.

 

Total LNG sales:

   -- increased by 9% in the third quarter 2020 compared to last year, notably 
      due to an increase in trading activities. 
 
   -- increased by 19% for the first nine months 2020 compared to the same 
      period last year for the same reason and thanks to the ramp-up of Yamal 
      LNG, Ichthys LNG and the start-up of the first two Cameron LNG trains in 
      the US. 
 

Gross installed renewable power generation capacity was 5.1 GW end of third quarter, a strong 85% increase year-on-year, notably thanks to the acquisition in India of 50% of a portfolio of more than 2 GW from the Adani Group.

 

The Group continues to implement its strategy to integrate along the gas and electricity chain in Europe and has seen the number of its power and gas customers grow compared to last year by 7% and 4%, respectively, and for the first nine months 2020 by 7%.

 

Net electricity production was 4.1 TWh in the third quarter, up 41% year-on-year, notably due to higher demand on the Group's CCGTs and the doubling of renewable electricity production.

 

Electricity sales increased by 2% in the first nine months 2020 compared to the same period last year, while gas sales decreased by 2% in the same comparison, impacted by lower demand linked to the lockdown in Europe.

 

> Results

 
                    3Q20                                                 9M20 
                     vs                                                   vs 
3Q20  2Q20   3Q19    3Q19  In millions of dollars          9M20   9M19    9M19 
285   326    574    -50%   Adjusted net operating income*  1,524  1,595  -4% 
                           including income from equity 
99    (69)   206    -52%   affiliates                      278    656    -58% 
 
450   618    640    -30%   Organic investments             1,714  1,575  +9% 
36    433    3,375  -99%   Net acquisitions                1,606  3,934  -59% 
486   1,051  4,015  -88%   Net investments                 3,320  5,509  -40% 
 
                           Operating cash flow before 
695   1,051  732    -5%    working capital changes **      2,346  2,052  +14% 
654   1,389  401    +63%   Cash flow from operations ***   1,554  1,934  -20% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases. 2Q20, 3Q19 and 9M19 data restated.

 

*** Excluding financial charges, except those related to leases.

 

Adjusted net operating income for the iGRP segment was:

   -- $285 million in the third quarter 2020 compared to $574 million in the 
      third quarter 2019, due to the drop in LNG prices. 
 
   -- $1,524 million in the first nine months 2020, a decrease of 4% compared 
      to the same period last year for the same reason. 
 

Operating cash flow before working capital changes was $695 million in the third quarter 2020, a 5% decrease year-on-year, and $2,346 million in the first nine months 2020, an increase of 14% compared to the same period last year and in line with the 19% increase in LNG sales.

 

Exploration & Production

 

> Production

 
                     3Q20                                         9M20 
                      vs                                           vs 
3Q20   2Q20   3Q19    3Q19  Hydrocarbon production  9M20   9M19    9M19 
2,197  2,326  2,501  -12%   EP (kboe/d)             2,352  2,442  -4% 
1,367  1,487  1,647  -17%   Liquids (kb/d)          1,493  1,587  -6% 
4,528  4,574  4,654  -3%    Gas (Mcf/d)             4,684  4,663  - 
 

> Results

 
                     3Q20                                                9M20 
                      vs    In millions of dollars,                       vs 
3Q20   2Q20   3Q19    3Q19  except effective tax rate     9M20   9M19     9M19 
                            Adjusted net operating 
801    (209)  1,734  -54%   income*                       1,295  5,478   -76% 
                            including income from equity 
268    48     297    -10%   affiliates                    706    749     -6% 
32.9%  56.6%  39.7%         Effective tax rate**          39.7%  42.8% 
 
1,266  1,112  2,064  -39%   Organic investments           3,950  6,017   -34% 
(309)  311    (3)    ns     Net acquisitions              (4)    239     ns 
957    1,423  2,061  -54%   Net investments               3,946  6,256   -37% 
 
                            Operating cash flow before 
2,646  1,810  4,451  -41%   working capital changes ***   7,032  13,579  -48% 
                            Cash flow from operations 
2,043  910    5,007  -59%   ***                           6,876  12,711  -46% 
 

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

 

*** Excluding financial charges, except those related to leases.

 

Exploration & Production adjusted net operating income was:

   -- $801 million in the third quarter compared to $1,734 million a year ago 
      due to the sharp drop in oil and gas prices and lower production. 
 
   -- $1,295 million in the first nine months 2020, a 76% decrease compared to 
      the same period last year for the same reasons. 
 

Operating cash flow before working capital changes was $2,646 million in the third quarter, down 41% year-on-year, and $7,032 million in the first nine months 2020, a 48% decrease compared to the same period last year.

 

Downstream (Refining & Chemicals and Marketing & Services)

 

> Results

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars         9M20   9M19    9M19 
                            Adjusted net operating 
373    704    1,365  -73%   income*                        1,761  3,602  -51% 
 
449    457    570    -21%   Organic investments            1,183  1,447  -18% 
2      (20)   52     -96%   Net acquisitions               (48)   (42)   ns 
451    437    622    -27%   Net investments                1,135  1,405  -19% 
 
                            Operating cash flow before 
971    1,488  1,995  -51%   working capital changes **     3,523  5,113  -31% 
2,060  1,899  3,058  -33%   Cash flow from operations **   2,377  5,021  -53% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

 

** Excluding financial charges, except those related to leases.

 

Refining & Chemicals

 

> Refinery and petrochemicals throughput and utilization rates

 
                     3Q20                                                9M20 
                      vs    Refinery throughput and                       vs 
3Q20   2Q20   3Q19    3Q19  utilization rate*              9M20   9M19    9M19 
                            Total refinery throughput 
1,212  1,249  1,719  -29%   (kb/d)                         1,302  1,725  -25% 
267    205    503    -47%   France                         242    514    -53% 
540    595    757    -29%   Rest of Europe                 630    753    -16% 
405    449    459    -12%   Rest of world                  429    458    -6% 
                            Utlization rate based on 
57%    59%    82%           crude only**                   62%    83% 
 

* Includes refineries in Africa reported in the Marketing & Services segment.

 

** Based on distillation capacity at the beginning of the year.

 
                     3Q20                                                9M20 
                      vs    Petrochemicals production and                 vs 
3Q20   2Q20   3Q19    3Q19  utilization rate               9M20   9M19    9M19 
1,255  1,391  1,402  -11%   Monomers* (kt)                 4,033  3,788  +6% 
1,248  1,193  1,268  -2%    Polymers (kt)                  3,642  3,692  -1% 
                            Vapocracker utilization 
75%    84%    91%           rate**                         81%    81% 
 

* Olefins.

 

** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

 

Refinery throughput volumes:

   -- Decreased by 29% in the third quarter 2020 compared to the previous year, 
      mainly due to high inventories of refined products and the drop in 
      demand. The extended shutdown of the distillation unit at the Normandy 
      platform following an incident at the end of 2019 and the safety outage 
      at the Port Arthur refinery in the US in September related to Hurricane 
      Laura also contributed to the reduction. 
 
   -- Decreased by 25% in the first nine months 2020 year-on-year for the same 
      reasons. 
 

Monomer production:

   -- Decreased 11% in the third quarter 2020 year-on-year to 1,255 kt, 
      essentially due to prolonged unscheduled maintenance on the Port Arthur 
      cracker. 
 
   -- Increased 6% in the first nine months 2020 year-on-year as a result of 
      2019 planned maintenance on the steamcracker at Daesan in South Korea. 
 

Polymer production:

   -- Slight decrease of 2% in the third quarter 2020 year-on-year to 1,248 kt, 
      due to the drop in demand. 
 
   -- Stable in the first nine months 2020 compared to the first nine months 
      2019, due to planned maintenance of the steamcracker upstream of the 
      polymer units at Daesan in South Korea in 2019 and offset by the closure 
      of the polystyrene site at El Pratt in Spain and the planned maintenance 
      at the Qatofin platform in Qatar in the first quarter 2020. 
 

> Results

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars         9M20   9M19    9M19 
                            Adjusted net operating 
(88)   575    952    ns     income*                        869    2,423  -64% 
 
291    302    355    -18%   Organic investments            761    948    -20% 
(1)    (15)   19     ns     Net acquisitions               (52)   (163)  ns 
290    287    374    -22%   Net investments                709    785    -10% 
 
                            Operating cash flow before 
242    996    1,373  -82%   working capital changes **     1,912  3,283  -42% 
1,027  1,080  1,575  -35%   Cash flow from operations **   924    2,695  -66% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

 

** Excluding financial charges, except those related to leases.

 

Refining & Chemicals adjusted net operating income:

   -- Decreased to a loss of -$88 million in the third quarter 2020. The drop 
      was due to negative refining margins resulting from weak demand, notably 
      for distillates as a result of particularly depressed demand for air 
      transport. 
 
   -- Decreased to $869 million in the first nine months 2020, down 64% 
      compared to the same period last year, due to refining margin 
      deterioration and low plant utilization based on crude oil throughput of 
      62%, partially offset by resilient petrochemical margins and 
      outperformance of the trading activities in the second quarter 2020. 
 

Operating cash flow before working capital changes fell to $242 million in the third quarter 2020, down 82% compared to a year ago, and to $1,912 million in the first nine months 2020, down by 42%.

 

Marketing & Services

 

> Petroleum product sales

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  Sales in kb/d*                 9M20   9M19    9M19 
                            Total Marketing & Services 
1,442  1,301  1,848  -22%   sales                          1,466  1,848  -21% 
819    740    1,034  -21%   Europe                         822    1,017  -19% 
623    561    814    -23%   Rest of world                  645    831    -22% 
 

* Excludes trading and bulk refining sales

 

Petroleum product sales volumes decreased by 22% compared to a year ago and by 21% in the first nine months of 2020 compared to the same period last year, notably due to the impact of Covid-19 and associated lockdown on global demand. However, there was an improvement over the previous quarter thanks to the recovery in demand, mainly in Europe and Asia.

 

> Results

 
                    3Q20                                                 9M20 
                     vs                                                   vs 
3Q20   2Q20  3Q19    3Q19  In millions of dollars          9M20   9M19    9M19 
461    129   413    +12%   Adjusted net operating income*  892    1,179  -24% 
 
158    155   215    -27%   Organic investments             422    499    -15% 
3      (5)   33     -91%   Net acquisitions                4      121    -97% 
161    150   248    -35%   Net investments                 426    620    -31% 
 
                           Operating cash flow before 
729    492   622    +17%   working capital changes **      1,611  1,830  -12% 
1,033  819   1,483  -30%   Cash flow from operations **    1,453  2,326  -38% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

 

** Excluding financial charges, except those related to leases

 

Adjusted net operating income was $461 million in the third quarter 2020, an increase of 12% compared to a year ago, due to rising margins.

 

Operating cash flow before working capital changes increased by 17% to $729 million in the third quarter.

 

Group results

 

> Adjusted net operating income from business segments

 

Adjusted net operating income from the business segments was:

   -- $1,459 million in the third quarter 2020, a decrease of 60% compared to a 
      year ago, due to lower Brent prices, natural gas prices and refining 
      margins. 
 
   -- $4,580 million in the first nine months 2020, a decrease of 57% 
      year-on-year for the same reasons. 
 

> Adjusted net income (Group share)

 

Adjusted net income (Group share) was:

   -- $848 million in the third quarter 2020, compared to $3,017 million in the 
      third quarter 2019, due to lower Brent prices, natural gas prices and 
      refining margins. 
 
   -- $2,755 million in the first nine months 2020, a decrease of 68% 
      year-on-year, for the same reasons. 
 

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value(3) .

 

Total net income adjustments(4) were -$646 million in the third quarter 2020, essentially related to the conversion of the Grandpuits refinery in France and the sale of the Lindsey refinery in the United Kingdom.

 

The effective tax rate for the Group was 45.7% in the third quarter 2020, compared to -6.8% in the previous quarter and 30.7% in the third quarter 2019. The rate of 45.7% reflects negative adjusted net results in the Refining & Chemicals segment which reduces the base for calculating the Group rate.

 

> Adjusted earnings per share

 

Adjusted fully-diluted earnings per share was:

   -- $0.29 in the third quarter 2020, calculated on the basis of a weighted 
      average of 2,637 million fully-diluted shares, compared to $1.13 in the 
      same period last year. 
 
   -- $0.97 in the first nine months 2020, calculated on the basis of a 
      weighted average of 2,612 million fully-diluted shares, compared to $3.20 
      in the same period last year. 
 

The number of fully-diluted shares was 2,644 million on September 30, 2020.

 

> Acquisitions - asset sales

 

Finalized acquisitions were:

   -- $150 million in the third quarter 2020, comprised notably of acquiring 
      51% of the Seagreen offshore wind project in the United Kingdom. 
 
   -- $2.7 billion in the first nine months 2020, comprised of the item above 
      as well as the acquisition in India of 50% of a portfolio of installed 
      solar activities from Adani Green Energy Limited, the closing of the 
      acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests 
      in Blocks 20 and 21 in Angola, and the payment for a second tranche 
      linked to taking the 10% stake in the Arctic LNG 2 project in Russia. 
 

Finalized asset sales were:

   -- $422 million in the third quarter 2020, comprised notably of the sale of 
      non-strategic assets in the UK North Sea. 
 
   -- $1.1 billion in the first nine months 2020, comprised notably of the sale 
      above, as well as closing the sale of Block CA1 in Brunei, the sale of 
      the Group's interest in the Fos Cavaou regasification terminal in France, 
      and 50% of the sale of a portfolio of solar and wind assets from Total 
      Quadran in France. 
 

> Net cash flow

 

Net cash flow(5) for the Group was:

   -- $1,879 million in the third quarter 2020 compared to $19 million in the 
      third quarter 2019, which takes into account a decrease in net 
      investments from $6,718 million to $1,912 million and a decrease in 
      operating cash flow before working capital changes from $6,737 million to 
      $3,791 million. 
 
   -- $2.7 billion in the first nine months 2020 compared to $6.1 billion in 
      the first nine months 2019, due to the decrease of $8.1 billion in 
      operating cash flow before working capital changes, partially offset by a 
      reduction in net investments of $4.8 billion. 
 

> Profitability

 

The return on equity was 5.5% for the twelve months ended September 30, 2020.

 
In millions of 
dollars             October 1, 2019    July 1, 2019   October 1, 2018 
                    September 30, 
                    2020               June 30, 2020  September 30, 2019 
Adjusted net 
 income             5,960              8,214          12,104 
Average adjusted 
 shareholders' 
 equity             108,885            109,448        117,037 
Return on equity 
 (ROE)              5.5%               7.5%           10.3% 
 

The return on average capital employed was 5.4% for the twelve months ended September 30, 2020.

 
In millions of 
dollars             October 1, 2019    July 1, 2019   October 1, 2018 
                    September 30, 
                    2020               June 30, 2020  September 30, 2019 
Adjusted net 
 operating income   7,801              10,125         14,094 
Average capital 
 employed           144,061            145,621        146,222 
ROACE               5.4%               7.0%           9.6% 
 

Total SE accounts

 

Net income for Total SE, the parent company, was EUR4,727 million in the first nine months 2020 compared to EUR5,934 million a year ago.

 

2020 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 $/b         +/- 2.9 B$          +/- 3.3 B$ 
European gas price 
 - NBP ($/Mbtu)      +/- 1 $/Mbtu       +/- 0.35 B$         +/- 0.35 B$ 
Variable cost 
 margin, European 
 refining (VCM)      +/- 10 $/t         +/- 0.5 B$          +/- 0.6 B$ 
 

* Sensitivities are revised once per year upon publication of the previous year's fourth quarter results. Sensitivities are estimates based on assumptions about the Group's portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-EUR sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 16.

 

** In a 60 $/b Brent environment.

 

Summary and outlook

 

The oil market environment remains uncertain and will depend notably on the speed of the global demand recovery, affected by the Covid-19 pandemic.

 

Oil prices have remained above $40/b since June, supported by strong compliance with OPEC+ quotas and lower hydrocarbon production in North America. In this context, given the quotas, the Group now anticipates full-year 2020 production below 2.9 Mboe/d.

 

Total anticipates that the increase in oil prices over the second and third quarters will have a positive impact on its average LNG selling price in the fourth quarter, which is expected to be over $4/Mbtu.

 

In the Downstream, since the beginning of the fourth quarter, European refining margins have averaged more than $10/t and remain fragile given the low demand for jet fuel that weighs on the valuation of all distillates. In this context, the Group expects the Downstream to contribute more than $4.5 billion to the Group's cash flow in 2020.

 

In this context, the Group maintains strong discipline on spending. The Group's operating cost reduction program will surpass its objective with savings of more than $1 billion in 2020. Net investments will be less than $13 billion in 2020, including $2 billion for renewables and electricity.

 

The Group's priority is the generation of a level of cash flow that allows it to continue to invest in profitable projects, support the dividend and maintain a solid balance sheet. The Group's teams remain fully committed to the four priorities of HSE, operational excellence, cost reduction and cash flow generation.

 

* * * * *

 

To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:00 (Paris time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 2124019).

 

The conference replay will be available on total.com after the event.

 

* * * * *

 

Operating information by segment

 

> Group production (Exploration & Production + iGRP)

 
                     3Q20   Combined liquids and gas                     9M20 
                      vs    production by region                          vs 
3Q20   2Q20   3Q19    3Q19  (kboe/d)                       9M20   9M19    9M19 
969    1,032  1,004  -3%    Europe and Central Asia        1,032  997    +4% 
598    653    733    -18%   Africa                         651    705    -8% 
576    641    720    -20%   Middle East and North Africa   633    703    -10% 
343    314    363    -5%    Americas                       343    364    -6% 
229    206    221    +4%    Asia-Pacific                   223    212    +5% 
2,715  2,846  3,040  -11%   Total production               2,882  2,981  -3% 
667    699    698    -4%    includes equity affiliates     706    719    -2% 
 
                     3Q20                                                9M20 
                      vs    Liquids production by region                  vs 
3Q20   2Q20   3Q19    3Q19  (kb/d)                         9M20   9M19    9M19 
359    381    367    -2%    Europe and Central Asia        381    349    +9% 
458    514    583    -21%   Africa                         509    558    -9% 
432    494    562    -23%   Middle East and North Africa   481    543    -12% 
144    127    163    -11%   Americas                       150    167    -10% 
44     37     44     -1%    Asia-Pacific                   42     41     +3% 
1,437  1,553  1,720  -16%   Total production               1,563  1,658  -6% 
197    199    210    -6%    includes equity affiliates     203    217    -6% 
 
                     3Q20                                                9M20 
                      vs    Gas production by region                      vs 
3Q20   2Q20   3Q19    3Q19  (Mcf/d)                        9M20   9M19    9M19 
3,284  3,506  3,431  -4%    Europe and Central Asia        3,507  3,498  - 
713    706    768    -7%    Africa*                        722    755    -4% 
801    818    866    -8%    Middle East and North Africa   844    879    -4% 
1,115  1,047  1,124  -1%    Americas                       1,085  1,111  -2% 
1,060  968    1,011  +5%    Asia-Pacific*                  1,035  982    +5% 
6,973  7,045  7,200  -3%    Total production*              7,193  7,225  - 
2,540  2,698  2,635  -4%    includes equity affiliates*    2,714  2,719  - 
 

* 3Q19 and 9M19 data restated

 

> Downstream (Refining & Chemicals and Marketing & Services)

 
                     3Q20                                                9M20 
                      vs    Petroleum product sales by                    vs 
3Q20   2Q20   3Q19    3Q19  region (kb/d)                  9M20   9M19    9M19 
1,475  1,449  1,999  -26%   Europe                         1,565  2,013  -22% 
541    463    677    -20%   Africa                         562    695    -19% 
673    861    920    -27%   Americas                       767    868    -12% 
460    433    541    -15%   Rest of world                  446    564    -21% 
3,149  3,208  4,136  -24%   Total consolidated sales       3,340  4,141  -19% 
417    366    544    -23%   Includes bulk sales            427    545    -22% 
1,290  1,541  1,745  -26%   Includes trading               1,447  1,748  -17% 
 
                     3Q20                                                9M20 
                      vs    Petrochemicals production*                    vs 
3Q20   2Q20   3Q19    3Q19  (kt)                           9M20   9M19    9M19 
1,274  1,275  1,377  -7%    Europe                         3,821  4,110  -7% 
513    637    648    -21%   Americas                       1,813  1,737  +4% 
716    672    646    +11%   Middle-East and Asia           2,040  1,633  +25% 
 

* Olefins, polymers

 

Adjustment items to net income (Group share)

 
3Q20   2Q20     3Q19   In millions of dollars                  9M20      9M19 
                       Special items affecting net income 
(706)  (8,321)  (156)  (Group share)                           (9,361)   (226) 
-      -        -      Gain (loss) on asset sales              -         - 
(70)   (20)     (20)   Restructuring charges                   (170)     (53) 
(293)  (8,101)  (160)  Impairments                             (8,394)   (217) 
(343)  (200)    24     Other                                   (797)     44 
                       After-tax inventory effect : FIFO vs. 
4      (94)     (71)   replacement cost                        (1,504)   289 
56     (80)     10     Effect of changes in fair value         (23)      (59) 
 
(646)  (8,495)  (217)  Total adjustments affecting net income  (10,888)  4 
 

Investments - Divestments

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars        9M20   9M19     9M19 
2,184  2,201  3,296  -34%   Organic investments ( a )     6,908  9,107   -24% 
148    162    152    -3%    capitalized exploration       445    569     -22% 
                            increase in non-current 
290    733    242    +20%   loans                         1,302  742     +75% 
                            repayment of non-current 
                            loans, excluding organic 
                            loan repayment from equity 
(330)  (58)   (61)   ns     affiliates*                   (505)  (449)   ns 
                            change in debt from 
                            renewable projects (Group 
(11)   (47)   (109)  ns     share)                        (163)  (109)   ns 
150    857    4,429  -97%   Acquisitions ( b )            2,651  5,713   -54% 
422    136    1,007  -58%   Asset sales ( c )             1,100  1,582   -30% 
                            change in debt from 
                            renewable projects (partner 
7      22     105    -93%   share)                        90     105     -14% 
                            Other transactions with 
                            non-controlling interests ( 
-      -      -      ns     d )                           -      -       ns 
                            Net investments ( a + b - c 
1,912  2,922  6,718  -72%   - d )                         8,459  13,238  -36% 
(1)    (41)   (101)  ns     Organic loan repayment from   (35)   (200)   ns 
                            equity affiliates* ( e ) 
18     69     214    -92%   Change in debt from           253    214     +18% 
                            renewable projects financing 
                            ** ( f ) 
28     22     -      ns     Capex linked to capitalized   74     -       ns 
                            leasing contracts ( g ) 
1,901  2,928  6,831  -72%   Cash flow used in investing   8,603  13,252  -35% 
                            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

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars     9M20     9M19      9M19 
                            Operating cash flow 
                            before working capital 
                            changes w/o financials 
4,281  4,143  7,269  -41%   charges (DACF)             12,701   20,854   -39% 
(491)  (499)  (532)  ns     Financial charges          (1,502)  (1,536)  ns 
                            Operating cash flow 
                            before working capital 
3,791  3,644  6,737  -44%   changes ( a ) *            11,199   19,318   -42% 
                            (Increase) decrease in 
475    (65)   1,639  -71%   working capital **         (223)    (1,489)  ns 
90     (42)   (69)   ns     Inventory effect           (1,748)  457      ns 
                            capital gain from 
(4)    (17)   -      ns     renewable projects sale    (64)     -        ns 
                            Organic loan repayment 
(1)    (41)   (101)  ns     from equity affiliates     (35)     (200)    ns 
4,351  3,479  8,206  -47%   Cash flow from operations  9,129    18,086   -50% 
 
2,184  2,201  3,296  -34%   Organic investments ( b )  6,908    9,107    -24% 
                            Free cash flow after 
                            organic investments, w/o 
                            net asset sales ( a - b 
1,607  1,443  3,441  -53%   )                          4,291    10,211   -58% 
 
1,912  2,922  6,718  -72%   Net investments ( c )      8,459    13,238   -36% 
1,879  722    19     x98.9  Net cash flow ( a - c )    2,740    6,080    -55% 
 

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale (effective first quarter 2020).

Historical data have been restated to cancel the impact of fair valuation of iGRP sector's contracts.

 

** Changes in working capital are presented excluding the mark-to-market effect of iGRP's contracts.

 

Gearing ratio

 
In millions of dollars                      09/30/2020  06/30/2020  09/30/2019 
Current borrowings                          14,980      16,154      14,631 
Net current financial assets                (5,815)     (6,159)     (3,012) 
Net financial assets classified as held 
 for sale                                   5           -           - 
Non-current financial debt                  61,477      61,540      47,923 
Non-current financial assets                (3,155)     (2,431)     (767) 
Cash and cash equivalents                   (30,593)    (29,727)    (27,454) 
Net debt (a)                                36,899      39,377      31,321 
of which leases                             7,499       7,383       6,888 
 
Shareholders' equity - Group share          102,234     101,205     114,994 
Non-controlling interests                   2,177       2,334       2,319 
Shareholders' equity (b)                    104,411     103,539     117,313 
 
Net-debt-to-capital ratio = a / (a + b) *   26.1%       27.6%       21.1% 
 
Net-debt-to-capital ratio excluding leases  22.0%       23.6%       17.2% 
 

* The net-debt-to-capital ratios include the impact of the IFRS 16 rule, effective January 1, 2019.

 

Return on average capital employed

 

> Twelve months ended September 30, 2020

 
               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% 
 

> Twelve months ended June 30, 2020

 
               Integrated 
               Gas, 
In millions    Renewables &  Exploration &  Refining &  Marketing & 
of dollars     Power          Production     Chemicals   Services    Group 
Adjusted net 
 operating 
 income        2,607         4,259          2,489       1,318        10,125 
Capital 
 employed at 
 06/30/2019*   37,290        90,633         12,300      8,535        148,617 
Capital 
 employed at 
 06/30/2020*   43,527        79,096         12,843      8,366        142,625 
ROACE          6.5%          5.0%           19.8%       15.6%        7.0% 
 

* At replacement cost (excluding after-tax inventory effect).

 

This press release presents the results for the third quarter and first nine months of 2020 from the consolidated financial statements of TOTAL SE as of September 30, 2020. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.

 

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as "envisions", "intends", "anticipates", "believes", "considers", "plans", "expects", "thinks", "targets", "aims" or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

 

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

 

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group's business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A filed with the United States Securities and Exchange Commission ("SEC").

 

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

 

These adjustment items include:

 

(i) Special items

 

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

 

(ii) Inventory valuation effect

 

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments' performance and facilitate the comparability of the segments' performance with those of its competitors.

 

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

 

(iii) Effect of changes in fair value

 

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL's management and the accounting for these transactions under IFRS.

 

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

 

TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group's internal economic performance. IFRS precludes recognition of this fair value effect.

 

Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

 

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

 

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (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.

 

----------------------------------------------------------------------------------------------------------------------------------

 

Total financial statements

 

______________________

 

Third quarter and nine months 2020 consolidated accounts, IFRS

 
CONSOLIDATED STATEMENT OF INCOME 
TOTAL 
(unaudited) 
                             3(rd) quarter  2(nd) quarter  3(rd) quarter 
(M$)(a)                      2020           2020           2019 
 
Sales                        33,142         25,730         48,589 
Excise taxes                 (5,925)        (4,168)        (6,051) 
Revenues from sales          27,217         21,562         42,538 
 
Purchases, net of inventory 
 variation                   (16,885)       (12,025)       (27,898) 
Other operating expenses     (5,610)        (6,321)        (6,362) 
Exploration costs            (139)          (114)          (96) 
Depreciation, depletion and 
 impairment of tangible 
 assets and mineral 
 interests                   (3,493)        (11,593)       (4,173) 
Other income                 457            362            167 
Other expense                (281)          (108)          (559) 
 
Financial interest on debt   (547)          (530)          (598) 
Financial income and 
 expense from cash & cash 
 equivalents                 89             50 
Cost of net debt             (458)          (480)          (598) 
 
Other financial income       134            419            163 
Other financial expense      (165)          (161)          (178) 
 
Net income (loss) from 
 equity affiliates           94             (447)          1,381 
 
Income taxes                 (690)          484            (1,540) 
Consolidated net income      181            (8,422)        2,845 
Group share                  202            (8,369)        2,800 
Non-controlling interests    (21)           (53)           45 
Earnings per share ($)       0.04           (3.27)         1.05 
Fully-diluted earnings per 
 share ($)                   0.04           (3.27)         1.04 
(a) Except for per share 
 amounts. 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
TOTAL 
(unaudited) 
                               3(rd) quarter  2(nd) quarter  3(rd) quarter 
(M$)                           2020           2020           2019 
Consolidated net income        181            (8,422)        2,845 
 
Other comprehensive income 
 
Actuarial gains and losses     (6)            (356)          5 
Change in fair value of 
 investments in equity 
 instruments                   221            90             19 
Tax effect                     -              101            (1) 
Currency translation 
 adjustment generated by the 
 parent company                3,663          1,780          (3,520) 
Items not potentially 
 reclassifiable to profit and 
 loss                          3,878          1,615          (3,497) 
Currency translation 
 adjustment                    (1,830)        (919)          1,207 
Cash flow hedge                363            231            (202) 
Variation of foreign currency 
 basis spread                  (35)           14             (4) 
Share of other comprehensive 
 income of equity affiliates, 
 net amount                    (804)          296            73 
Other                          (7)            -              (6) 
Tax effect                     (115)          (78)           69 
Items potentially 
 reclassifiable to profit and 
 loss                          (2,428)        (456)          1,137 
Total other comprehensive 
 income (net amount)           1,450          1,159          (2,360) 
 
Comprehensive income           1,631          (7,263)        485 
Group share                    1,536          (7,253)        462 
Non-controlling interests      95             (10)           23 
 
 
CONSOLIDATED STATEMENT OF INCOME 
TOTAL 
(unaudited) 
                                                        9 months  9 months 
(M$)(a)                                                 2020      2019 
 
Sales                                                   102,742   151,036 
Excise taxes                                            (15,386)  (18,172) 
Revenues from sales                                     87,356    132,864 
 
Purchases, net of inventory variation                   (56,978)  (88,009) 
Other operating expenses                                (18,875)  (20,165) 
Exploration costs                                       (393)     (554) 
Depreciation, depletion and impairment of tangible 
 assets and mineral interests                           (18,721)  (11,300) 
Other income                                            1,399     735 
Other expense                                           (809)     (957) 
 
Financial interest on debt                              (1,646)   (1,727) 
Financial income and expense from cash & cash 
 equivalents                                            (16)      (70) 
Cost of net debt                                        (1,662)   (1,797) 
 
Other financial income                                  741       649 
Other financial expense                                 (507)     (561) 
 
Net income (loss) from equity affiliates                379       2,904 
 
Income taxes                                            (169)     (5,020) 
Consolidated net income                                 (8,239)   8,789 
Group share                                             (8,133)   8,667 
Non-controlling interests                               (106)     122 
Earnings per share ($)                                  (3.22)    3.22 
Fully-diluted earnings per share ($)                    (3.22)    3.20 
(a) Except for per share amounts. 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
TOTAL 
(unaudited) 
                                                          9 months  9 months 
(M$)                                                      2020      2019 
Consolidated net income                                   (8,239)   8,789 
 
Other comprehensive income 
 
Actuarial gains and losses                                (229)     (54) 
Change in fair value of investments in equity 
 instruments                                              147       126 
Tax effect                                                86        13 
Currency translation adjustment generated by the parent 
 company                                                  3,467     (3,994) 
Items not potentially reclassifiable to profit and loss   3,471     (3,909) 
Currency translation adjustment                           (2,770)   1,394 
Cash flow hedge                                           (930)     (575) 
Variation of foreign currency basis spread                35        50 
Share of other comprehensive income of equity 
 affiliates, net amount                                   (1,731)   326 
Other                                                     (4)       (4) 
Tax effect                                                252       176 
Items potentially reclassifiable to profit and loss       (5,148)   1,367 
Total other comprehensive income (net amount)             (1,677)   (2,542) 
 
Comprehensive income                                      (9,916)   6,247 
Group share                                               (9,888)   6,099 
Non-controlling interests                                 (28)      148 
 
 
CONSOLIDATED 
BALANCE SHEET 
TOTAL 
                  September     June 30,     December 31,  September 30, 
                  30, 2020       2020         2019          2019 
(M$)              (unaudited)   (unaudited)                (unaudited) 
 
ASSETS 
 
Non-current 
assets 
Intangible 
 assets, net      33,145        33,114       33,178        31,539 
Property, plant 
 and equipment, 
 net              104,355       104,925      116,408       116,900 
Equity 
 affiliates : 
 investments and 
 loans            27,386        27,470       27,122        27,172 
Other 
 investments      1,822         1,627        1,778         1,738 
Non-current 
 financial 
 assets           3,155         2,431        912           767 
Deferred income 
 taxes            6,952         7,257        6,216         5,689 
Other 
 non-current 
 assets           2,570         2,539        2,415         2,264 
Total 
 non-current 
 assets           179,385       179,363      188,029       186,069 
 
Current assets 
Inventories, net  12,373        12,688       17,132        16,226 
Accounts 
 receivable, 
 net              12,893        13,481       18,488        18,568 
Other current 
 assets           14,637        17,155       17,013        14,925 
Current 
 financial 
 assets           6,011         6,570        3,992         3,781 
Cash and cash 
 equivalents      30,593        29,727       27,352        27,454 
Assets 
 classified as 
 held for sale    1,090         421          1,288         418 
Total current 
 assets           77,597        80,042       85,265        81,372 
Total assets      256,982       259,405      273,294       267,441 
 
LIABILITIES & 
SHAREHOLDERS' 
EQUITY 
 
Shareholders' 
equity 
Common shares     8,267         8,159        8,123         8,300 
Paid-in surplus 
 and retained 
 earnings         107,632       107,934      121,170       123,805 
Currency 
 translation 
 adjustment       (12,275)      (13,265)     (11,503)      (13,297) 
Treasury shares   (1,390)       (1,623)      (1,012)       (3,814) 
Total 
 shareholders' 
 equity - Group 
 share            102,234       101,205      116,778       114,994 
Non-controlling 
 interests        2,177         2,334        2,527         2,319 
Total 
 shareholders' 
 equity           104,411       103,539      119,305       117,313 
 
Non-current 
liabilities 
Deferred income 
 taxes            10,367        10,346       11,858        11,333 
Employee 
 benefits         3,719         3,612        3,501         3,273 
Provisions and 
 other 
 non-current 
 liabilities      19,351        19,487       20,613        20,903 
Non-current 
 financial debt   61,477        61,540       47,773        47,923 
Total 
 non-current 
 liabilities      94,914        94,985       83,745        83,432 
 
Current 
liabilities 
Accounts payable  18,880        19,198       28,394        26,237 
Other creditors 
 and accrued 
 liabilities      22,806        24,790       25,749        24,728 
Current 
 borrowings       14,980        16,154       14,819        14,631 
Other current 
 financial 
 liabilities      196           411          487           769 
Liabilities 
 directly 
 associated with 
 the assets 
 classified as 
 held for sale    795           328          795           331 
Total current 
 liabilities      57,657        60,881       70,244        66,696 
Total 
 liabilities & 
 shareholders' 
 equity           256,982       259,405      273,294       267,441 
 
 
CONSOLIDATED STATEMENT OF 
CASH FLOW 
TOTAL 
(unaudited) 
                               3(rd) quarter  2(nd) quarter  3(rd) quarter 
(M$)                           2020           2020           2019 
 
CASH FLOW FROM OPERATING 
ACTIVITIES 
 
Consolidated net income        181            (8,422)        2,845 
Depreciation, depletion, 
 amortization and impairment   3,634          11,701         4,242 
Non-current liabilities, 
 valuation allowances and 
 deferred taxes                (88)           (796)          235 
(Gains) losses on disposals 
 of assets                     (309)          (131)          (74) 
Undistributed affiliates' 
 equity earnings               178            978            (876) 
(Increase) decrease in 
 working capital               980            431            1,523 
Other changes, net             (225)          (282)          311 
Cash flow from operating 
 activities                    4,351          3,479          8,206 
 
CASH FLOW USED IN INVESTING 
ACTIVITIES 
 
Intangible assets and 
 property, plant and 
 equipment additions           (2,157)        (2,409)        (2,210) 
Acquisitions of subsidiaries, 
 net of cash acquired          -              -              (4,385) 
Investments in equity 
 affiliates and other 
 securities                    (229)          (136)          (258) 
Increase in non-current loans  (301)          (733)          (242) 
Total expenditures             (2,687)        (3,278)        (7,095) 
Proceeds from disposals of 
 intangible assets and 
 property, plant and 
 equipment                     363            219            63 
Proceeds from disposals of 
 subsidiaries, net of cash 
 sold                          4              12             (1) 
Proceeds from disposals of 
 non-current investments       77             20             40 
Repayment of non-current 
 loans                         342            99             162 
Total divestments              786            350            264 
Cash flow used in investing 
 activities                    (1,901)        (2,928)        (6,831) 
 
CASH FLOW USED IN FINANCING 
ACTIVITIES 
 
Issuance (repayment) of 
shares: 
- Parent company shareholders  -              374            1 
- Treasury shares              -              (2)            (420) 
Dividends paid: 
- Parent company shareholders  (825)          (1,928)        - 
- Non-controlling interests    (103)          (76)           (21) 
Net issuance (repayment) of 
 perpetual subordinated 
 notes                         331            -              - 
Payments on perpetual 
 subordinated notes            (22)           (134)          - 
Other transactions with 
 non-controlling interests     (75)           (22)           - 
Net issuance (repayment) of 
 non-current debt              224            15,430         4,466 
Increase (decrease) in 
 current borrowings            (2,343)        (6,604)        (3,209) 
Increase (decrease) in 
 current financial assets and 
 liabilities                   730            449            (310) 
Cash flow from (used in) 
 financing activities          (2,083)        7,487          507 
Net increase (decrease) in 
 cash and cash equivalents     367            8,038          1,882 
Effect of exchange rates       499            55             (1,151) 
Cash and cash equivalents at 
 the beginning of the period   29,727         21,634         26,723 
Cash and cash equivalents at 
 the end of the period         30,593         29,727         27,454 
 
 
CONSOLIDATED STATEMENT OF CASH FLOW 
TOTAL 
(unaudited) 
                                                          9 months  9 months 
(M$)                                                      2020      2019 
 
CASH FLOW FROM OPERATING ACTIVITIES 
 
Consolidated net income                                   (8,239)   8,789 
Depreciation, depletion, amortization and impairment      19,065    11,777 
Non-current liabilities, valuation allowances and 
 deferred taxes                                           (1,545)   614 
(Gains) losses on disposals of assets                     (649)     (438) 
Undistributed affiliates' equity earnings                 569       (1,350) 
(Increase) decrease in working capital                    527       (1,764) 
Other changes, net                                        (599)     458 
Cash flow from operating activities                       9,129     18,086 
 
CASH FLOW USED IN INVESTING ACTIVITIES 
 
Intangible assets and property, plant and equipment 
 additions                                                (6,930)   (7,795) 
Acquisitions of subsidiaries, net of cash acquired        (188)     (4,593) 
Investments in equity affiliates and other securities     (1,899)   (1,448) 
Increase in non-current loans                             (1,329)   (742) 
Total expenditures                                        (10,346)  (14,578) 
Proceeds from disposals of intangible assets and 
 property, plant and equipment                            626       226 
Proceeds from disposals of subsidiaries, net of cash 
 sold                                                     158       145 
Proceeds from disposals of non-current investments        392       306 
Repayment of non-current loans                            567       649 
Total divestments                                         1,743     1,326 
Cash flow used in investing activities                    (8,603)   (13,252) 
 
CASH FLOW USED IN FINANCING ACTIVITIES 
 
Issuance (repayment) of shares: 
- Parent company shareholders                             374       451 
- Treasury shares                                         (611)     (2,190) 
Dividends paid: 
- Parent company shareholders                             (4,635)   (4,765) 
- Non-controlling interests                               (179)     (114) 
Net issuance (repayment) of perpetual subordinated notes  331       - 
Payments on perpetual subordinated notes                  (253)     (315) 
Other transactions with non-controlling interests         (145)     (150) 
Net issuance (repayment) of non-current debt              15,696    8,047 
Increase (decrease) in current borrowings                 (6,162)   (4,698) 
Increase (decrease) in current financial assets and 
 liabilities                                              (1,816)   (368) 
Cash flow from (used in) financing activities             2,600     (4,102) 
Net increase (decrease) in cash and cash equivalents      3,126     732 
Effect of exchange rates                                  115       (1,185) 
Cash and cash equivalents at the beginning of the period  27,352    27,907 
Cash and cash equivalents at the end of the period        30,593    27,454 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 
TOTAL 
(unaudited) 
                                         Paid-in 
                                         surplus 
                                         and       Currency                            Shareholders'                   Total 
                                         retained  translation  Treasury               equity -       Non-controlling  shareholders' 
                  Common shares issued   earnings  adjustment    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 of 
 the first nine 
 months 2019      -              -       8,667     -            -             -        8,667          122              8,789 
Other 
 comprehensive 
 income           -              -       (584)     (1,984)      -             -        (2,568)        26               (2,542) 
Comprehensive 
 Income           -              -       8,083     (1,984)      -             -        6,099          148              6,247 
Dividend          -              -       (5,781)   -            -             -        (5,781)        (114)            (5,895) 
Issuance of 
 common shares    26,388,503     73      1,269     -            -             -        1,342          -                1,342 
Purchase of 
 treasury 
 shares           -              -       -         -            (40,871,207)  (2,189)  (2,189)        -                (2,189) 
Sale of treasury 
 shares(a)        -              -       (218)     -            4,278,158     218      -              -                - 
Share-based 
 payments         -              -       157       -            -             -        157            -                157 
Share 
cancellation      -              -       -         -            -             -        -              -                - 
Net issuance 
 (repayment) of 
 perpetual 
 subordinated 
 notes            -              -       (4)       -            -             -        (4)            -                (4) 
Payments on 
 perpetual 
 subordinated 
 notes            -              -       (280)     -            -             -        (280)          -                (280) 
Other operations 
 with 
 non-controlling 
 interests        -              -       -         -            -             -        -              (150)            (150) 
Other items       -              -       10        -            -             -        10             (39)             (29) 
As of September 
 30, 2019         2,666,990,510  8,300   123,805   (13,297)     (69,066,330)  (3,814)  114,994        2,319            117,313 
Net income of 
 the fourth 
 quarter 2019     -              -       2,600     -            -             -        2,600          49               2,649 
Other 
 comprehensive 
 income           -              -       (75)      1,794        -             -        1,719          42               1,761 
Comprehensive 
 Income           -              -       2,525     1,794        -             -        4,319          91               4,410 
Dividend          -              -       (1,949)   -            -             -        (1,949)        (1)              (1,950) 
Issuance of 
 common shares    -              1       (4)       -            -             -        (3)            -                (3) 
Purchase of 
 treasury 
 shares           -              -       -         -            (11,518,129)  (621)    (621)          -                (621) 
Sale of treasury 
 shares(a)        -              -       (1)       -            790           1        -              -                - 
Share-based 
 payments         -              -       50        -            -             -        50             -                50 
Share 
 cancellation     (65,109,435)   (178)   (3,244)   -            65,109,435    3,422    -              -                - 
Net issuance 
(repayment) of 
perpetual 
subordinated 
notes             -              -       -         -            -             -        -              -                - 
Payments on 
 perpetual 
 subordinated 
 notes            -              -       (73)      -            -             -        (73)           -                (73) 
Other operations 
 with 
 non-controlling 
 interests        -              -       55        -            -             -        55             108              163 
Other items       -              -       6         -            -             -        6              10               16 
As of December 
 31, 2019         2,601,881,075  8,123   121,170   (11,503)     (15,474,234)  (1,012)  116,778        2,527            119,305 
Net income of 
 the first nine 
 months 2020      -              -       (8,133)   -            -             -        (8,133)        (106)            (8,239) 
Other 
 comprehensive 
 income           -              -       (983)     (772)        -             -        (1,755)        78               (1,677) 
Comprehensive 
 Income           -              -       (9,116)   (772)        -             -        (9,888)        (28)             (9,916) 
Dividend          -              -       (5,829)   -            -             -        (5,829)        (234)            (6,063) 
Issuance of 
 common shares    51,242,950     144     1,470     -            -             -        1,614          -                1,614 
Purchase of 
 treasury 
 shares           -              -       -         -            (13,236,044)  (611)    (611)          -                (611) 
Sale of treasury 
 shares(a)        -              -       (233)     -            4,297,502     233      -              -                - 
Share-based 
 payments         -              -       144       -            -             -        144            -                144 
Share 
cancellation      -              -       -         -            -             -        -              -                - 
Net issuance 
 (repayment) of 
 perpetual 
 subordinated 
 notes            -              -       331       -            -             -        331            -                331 
Payments on 
 perpetual 
 subordinated 
 notes            -              -       (227)     -            -             -        (227)          -                (227) 
Other operations 
 with 
 non-controlling 
 interests        -              -       (63)      -            -             -        (63)           (82)             (145) 
Other items       -              -       (15)      -            -             -        (15)           (6)              (21) 
As of September 
 30, 2020         2,653,124,025  8,267   107,632   (12,275)     (24,412,776)  (1,390)  102,234        2,177            104,411 
(a) Treasury shares related to the restricted stock grants. 
 
 
INFORMATION BY BUSINESS SEGMENT 
 TOTAL 
 (unaudited) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2020                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    1,142        1,995        13,607     16,397     1          -             33,142 
Intersegment 
 sales             4,248        480          4,167      63         24         (8,982)       - 
Excise taxes       -            -            (658)      (5,267)    -          -             (5,925) 
Revenues from 
 sales             5,390        2,475        17,116     11,193     25         (8,982)       27,217 
Operating 
 expenses          (2,435)      (1,880)      (16,799)   (10,301)   (201)      8,982         (22,634) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 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 
 
                                Integrated 
3(rd) quarter      Exploration  Gas,         Refining   Marketing 
2020                &           Renewables   &           & 
(adjustments)(a)    Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    -            33           -          -          -          -             33 
Intersegment 
sales              -            -            -          -          -          -             - 
Excise taxes       -            -            -          -          -          -             - 
Revenues from 
 sales             -            33           -          -          -          -             33 
Operating 
 expenses          (51)         (49)         (48)       (6)        -          -             (154) 
Depreciation, 
 depletion and 
 impairment of 
 tangible 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 
                   Exploration  Gas,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2020 (adjusted)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    1,142        1,962        13,607     16,397     1          -             33,109 
Intersegment 
 sales             4,248        480          4,167      63         24         (8,982)       - 
Excise taxes       -            -            (658)      (5,267)    -          -             (5,925) 
Revenues from 
 sales             5,390        2,442        17,116     11,193     25         (8,982)       27,184 
Operating 
 expenses          (2,384)      (1,831)      (16,751)   (10,295)   (201)      8,982         (22,480) 
Depreciation, 
 depletion and 
 impairment of 
 tangible 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,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2020                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total 
 expenditures      1,291        874          317        185        20                       2,687 
Total divestments  362          380          17         25         2                        786 
Cash flow from 
 operating 
 activities        2,043        654          1,027      1,033      (406)                    4,351 
 
 
INFORMATION BY 
BUSINESS SEGMENT 
TOTAL 
(unaudited) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
2(nd) quarter       &           Renewables   &           & 
2020                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    992          3,313        9,433      11,986     6          -             25,730 
Intersegment 
 sales             3,097        301          2,956      107        31         (6,492)       - 
Excise taxes       -            -            (469)      (3,699)    -          -             (4,168) 
Revenues from 
 sales             4,089        3,614        11,920     8,394      37         (6,492)       21,562 
Operating 
 expenses          (2,405)      (3,406)      (10,895)   (7,931)    (315)      6,492         (18,460) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (9,667)      (1,282)      (393)      (229)      (22)       -             (11,593) 
Operating income   (7,983)      (1,074)      632        234        (300)      -             (8,491) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       17           21           (35)       22         40         -             65 
Tax on net 
 operating 
 income            398          322          (132)      (127)      (26)       -             435 
Net operating 
 income            (7,568)      (731)        465        129        (286)      -             (7,991) 
Net cost of net 
 debt                                                                                       (431) 
Non-controlling 
 interests                                                                                  53 
Net income - 
 group share                                                                                (8,369) 
 
                                Integrated 
2(nd) quarter      Exploration  Gas,         Refining   Marketing 
2020                &           Renewables   &           & 
(adjustments)(a)    Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    -            (18)         -          -          -          -             (18) 
Intersegment 
sales              -            -            -          -          -          -             - 
Excise taxes       -            -            -          -          -          -             - 
Revenues from 
 sales             -            (18)         -          -          -          -             (18) 
Operating 
 expenses          (27)         (199)        (48)       5          (36)       -             (305) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (7,338)      (953)        -          -          -          -             (8,291) 
Operating income 
 (b)               (7,365)      (1,170)      (48)       5          (36)       -             (8,614) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       (57)         (217)        (63)       (5)        -          -             (342) 
Tax on net 
 operating 
 income            63           330          1          -          12         -             406 
Net operating 
 income (b)        (7,359)      (1,057)      (110)      -          (24)       -             (8,550) 
Net cost of net 
 debt                                                                                       33 
Non-controlling 
 interests                                                                                  22 
Net income - 
 group share                                                                                (8,495) 
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair 
value. 
(b) Of which 
inventory 
valuation effect 
- On operating 
 income            -            -            (26)       (16)       - 
- On net 
 operating 
 income            -            -            (86)       (9)        - 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
2(nd) quarter       &           Renewables   &           & 
2020 (adjusted)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    992          3,331        9,433      11,986     6          -             25,748 
Intersegment 
 sales             3,097        301          2,956      107        31         (6,492)       - 
Excise taxes       -            -            (469)      (3,699)    -          -             (4,168) 
Revenues from 
 sales             4,089        3,632        11,920     8,394      37         (6,492)       21,580 
Operating 
 expenses          (2,378)      (3,207)      (10,847)   (7,936)    (279)      6,492         (18,155) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (2,329)      (329)        (393)      (229)      (22)       -             (3,302) 
Adjusted 
 operating 
 income            (618)        96           680        229        (264)      -             123 
Net income (loss) 
 from equity 
 affiliates and 
 other items       74           238          28         27         40         -             407 
Tax on net 
 operating 
 income            335          (8)          (133)      (127)      (38)       -             29 
Adjusted net 
 operating 
 income            (209)        326          575        129        (262)      -             559 
Net cost of net 
 debt                                                                                       (464) 
Non-controlling 
 interests                                                                                  31 
Adjusted net 
 income - group 
 share                                                                                      126 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
2(nd) quarter       &           Renewables   &           & 
2020                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total 
 expenditures      1,606        1,170        307        174        21                       3,278 
Total divestments  204          89           22         26         9                        350 
Cash flow from 
 operating 
 activities        910          1,389        1,080      819        (719)                    3,479 
 
 
INFORMATION BY 
BUSINESS SEGMENT 
TOTAL 
(unaudited) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2019                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    1,631        3,667        21,338     21,951     2          -             48,589 
Intersegment 
 sales             7,761        573          8,341      155        15         (16,845)      - 
Excise taxes       -            -            (713)      (5,338)    -          -             (6,051) 
Revenues from 
 sales             9,392        4,240        28,966     16,768     17         (16,845)      42,538 
Operating 
 expenses          (3,999)      (3,558)      (27,518)   (15,963)   (163)      16,845        (34,356) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (3,136)      (361)        (413)      (247)      (16)       -             (4,173) 
Operating income   2,257        321          1,035      558        (162)      -             4,009 
Net income (loss) 
 from equity 
 affiliates and 
 other items       77           898          5          (15)       9          -             974 
Tax on net 
 operating 
 income            (1,094)      (222)        (221)      (164)      70         -             (1,631) 
Net operating 
 income            1,240        997          819        379        (83)       -             3,352 
Net cost of net 
 debt                                                                                       (507) 
Non-controlling 
 interests                                                                                  (45) 
Net income - 
 group share                                                                                2,800 
 
                                Integrated 
3(rd) quarter      Exploration  Gas,         Refining   Marketing 
2019                &           Renewables   &           & 
(adjustments)(a)    Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    -            12           -          -          -          -             12 
Intersegment 
sales              -            -            -          -          -          -             - 
Excise taxes       -            -            -          -          -          -             - 
Revenues from 
 sales             -            12           -          -          -          -             12 
Operating 
 expenses          (100)        (41)         (96)       22         -          -             (215) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (153)        (9)          (22)       (2)        -          -             (186) 
Operating income 
 (b)               (253)        (38)         (118)      20         -          -             (389) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       (90)         599          (23)       (53)       -          -             433 
Tax on net 
 operating 
 income            (151)        (138)        8          (1)        -          -             (282) 
Net operating 
 income (b)        (494)        423          (133)      (34)       -          -             (238) 
Net cost of net 
 debt                                                                                       (4) 
Non-controlling 
 interests                                                                                  25 
Net income - 
 group share                                                                                (217) 
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair 
value. 
(b) Of which 
inventory 
valuation effect 
- On operating 
 income            -            -            (94)       25         - 
- On net 
 operating 
 income            -            -            (90)       19         - 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2019 (adjusted)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    1,631        3,655        21,338     21,951     2          -             48,577 
Intersegment 
 sales             7,761        573          8,341      155        15         (16,845)      - 
Excise taxes       -            -            (713)      (5,338)    -          -             (6,051) 
Revenues from 
 sales             9,392        4,228        28,966     16,768     17         (16,845)      42,526 
Operating 
 expenses          (3,899)      (3,517)      (27,422)   (15,985)   (163)      16,845        (34,141) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (2,983)      (352)        (391)      (245)      (16)       -             (3,987) 
Adjusted 
 operating 
 income            2,510        359          1,153      538        (162)      -             4,398 
Net income (loss) 
 from equity 
 affiliates and 
 other items       167          299          28         38         9          -             541 
Tax on net 
 operating 
 income            (943)        (84)         (229)      (163)      70         -             (1,349) 
Adjusted net 
 operating 
 income            1,734        574          952        413        (83)       -             3,590 
Net cost of net 
 debt                                                                                       (503) 
Non-controlling 
 interests                                                                                  (70) 
Adjusted net 
 income - group 
 share                                                                                      3,017 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
3(rd) quarter       &           Renewables   &           & 
2019                Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total 
 expenditures      2,077        4,331        386        276        25                       7,095 
Total divestments  23           192          14         30         5                        264 
Cash flow from 
 operating 
 activities        5,007        401          1,575      1,483      (260)                    8,206 
 
 
INFORMATION BY 
BUSINESS SEGMENT 
TOTAL 
(unaudited) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
                    &           Renewables   &           & 
9 months 2020       Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    3,716        10,398       41,563     47,058     7          -             102,742 
Intersegment 
 sales             12,909       1,375        13,218     259        83         (27,844)      - 
Excise taxes       -            -            (1,777)    (13,609)   -          -             (15,386) 
Revenues from 
 sales             16,625       11,773       53,004     33,708     90         (27,844)      87,356 
Operating 
 expenses          (8,483)      (10,278)     (52,535)   (32,031)   (763)      27,844        (76,246) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (14,498)     (1,958)      (1,466)    (743)      (56)       -             (18,721) 
Operating income   (6,356)      (463)        (997)      934        (729)      -             (7,611) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       691          645          (339)      46         160        -             1,203 
Tax on net 
 operating 
 income            (299)        64           152        (346)      5          -             (424) 
Net operating 
 income            (5,964)      246          (1,184)    634        (564)      -             (6,832) 
Net cost of net 
 debt                                                                                       (1,407) 
Non-controlling 
 interests                                                                                  106 
Net income - 
 group share                                                                                (8,133) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
9 months 2020       &           Renewables   &           & 
(adjustments)(a)    Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    -            17           -          -          -          -             17 
Intersegment 
sales              -            -            -          -          -          -             - 
Excise taxes       -            -            -          -          -          -             - 
Revenues from 
 sales             -            17           -          -          -          -             17 
Operating 
 expenses          (88)         (367)        (1,685)    (347)      (91)       -             (2,578) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (7,338)      (953)        (290)      -          -          -             (8,581) 
Operating income 
 (b)               (7,426)      (1,303)      (1,975)    (347)      (91)       -             (11,142) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       79           (356)        (486)      (11)       -          -             (774) 
Tax on net 
 operating 
 income            88           381          408        100        12         -             989 
Net operating 
 income (b)        (7,259)      (1,278)      (2,053)    (258)      (79)       -             (10,927) 
Net cost of net 
 debt                                                                                       (39) 
Non-controlling 
 interests                                                                                  78 
Net income - 
 group share                                                                                (10,888) 
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair 
value. 
(b) Of which 
inventory 
valuation effect 
- On operating 
 income            -            -            (1,509)    (239)      - 
- On net 
 operating 
 income            -            -            (1,357)    (169)      - 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
9 months 2020       &           Renewables   &           & 
(adjusted)          Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    3,716        10,381       41,563     47,058     7          -             102,725 
Intersegment 
 sales             12,909       1,375        13,218     259        83         (27,844)      - 
Excise taxes       -            -            (1,777)    (13,609)   -          -             (15,386) 
Revenues from 
 sales             16,625       11,756       53,004     33,708     90         (27,844)      87,339 
Operating 
 expenses          (8,395)      (9,911)      (50,850)   (31,684)   (672)      27,844        (73,668) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (7,160)      (1,005)      (1,176)    (743)      (56)       -             (10,140) 
Adjusted 
 operating 
 income            1,070        840          978        1,281      (638)      -             3,531 
Net income (loss) 
 from equity 
 affiliates and 
 other items       612          1,001        147        57         160        -             1,977 
Tax on net 
 operating 
 income            (387)        (317)        (256)      (446)      (7)        -             (1,413) 
Adjusted net 
 operating 
 income            1,295        1,524        869        892        (485)      -             4,095 
Net cost of net 
 debt                                                                                       (1,368) 
Non-controlling 
 interests                                                                                  28 
Adjusted net 
 income - group 
 share                                                                                      2,755 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
                    &           Renewables   &           & 
9 months 2020       Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total 
 expenditures      4,556        4,335        850        519        86                       10,346 
Total divestments  687          813          118        97         28                       1,743 
Cash flow from 
 operating 
 activities        6,876        1,554        924        1,453      (1,678)                  9,129 
 
 
INFORMATION BY BUSINESS SEGMENT 
 TOTAL 
 (unaudited) 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
                    &           Renewables   &           & 
9 months 2019       Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    5,698        13,875       65,558     65,901     4          -             151,036 
Intersegment 
 sales             23,063       1,832        24,651     456        78         (50,080)      - 
Excise taxes       -            -            (2,250)    (15,922)   -          -             (18,172) 
Revenues from 
 sales             28,761       15,707       87,959     50,435     82         (50,080)      132,864 
Operating 
 expenses          (12,233)     (13,845)     (84,020)   (48,141)   (569)      50,080        (108,728) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (8,352)      (1,004)      (1,176)    (717)      (51)       -             (11,300) 
Operating income   8,176        858          2,763      1,577      (538)      -             12,836 
Net income (loss) 
 from equity 
 affiliates and 
 other items       444          1,939        265        86         36         -             2,770 
Tax on net 
 operating 
 income            (3,679)      (845)        (467)      (498)      194        -             (5,295) 
Net operating 
 income            4,941        1,952        2,561      1,165      (308)      -             10,311 
Net cost of net 
 debt                                                                                       (1,522) 
Non-controlling 
 interests                                                                                  (122) 
Net income - 
 group share                                                                                8,667 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
9 months 2019       &           Renewables   &           & 
(adjustments)(a)    Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    -            (74)         -          -          -          -             (74) 
Intersegment 
sales              -            -            -          -          -          -             - 
Excise taxes       -            -            -          -          -          -             - 
Revenues from 
 sales             -            (74)         -          -          -          -             (74) 
Operating 
 expenses          (100)        (153)        353        62         -          -             162 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (196)        (20)         (32)       (2)        -          -             (250) 
Operating income 
 (b)               (296)        (247)        321        60         -          -             (162) 
Net income (loss) 
 from equity 
 affiliates and 
 other items       (90)         1,012        (70)       (60)       -          -             792 
Tax on net 
 operating 
 income            (151)        (408)        (113)      (14)       -          -             (686) 
Net operating 
 income (b)        (537)        357          138        (14)       -          -             (56) 
Net cost of net 
 debt                                                                                       (12) 
Non-controlling 
 interests                                                                                  72 
Net income - 
 group share                                                                                4 
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair 
value. 
(b) Of which 
inventory 
valuation effect 
- On operating 
 income            -            -            392        65         - 
- On net 
 operating 
 income            -            -            254        46         - 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
9 months 2019       &           Renewables   &           & 
(adjusted)          Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Non-Group sales    5,698        13,949       65,558     65,901     4          -             151,110 
Intersegment 
 sales             23,063       1,832        24,651     456        78         (50,080)      - 
Excise taxes       -            -            (2,250)    (15,922)   -          -             (18,172) 
Revenues from 
 sales             28,761       15,781       87,959     50,435     82         (50,080)      132,938 
Operating 
 expenses          (12,133)     (13,692)     (84,373)   (48,203)   (569)      50,080        (108,890) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests         (8,156)      (984)        (1,144)    (715)      (51)       -             (11,050) 
Adjusted 
 operating 
 income            8,472        1,105        2,442      1,517      (538)      -             12,998 
Net income (loss) 
 from equity 
 affiliates and 
 other items       534          927          335        146        36         -             1,978 
Tax on net 
 operating 
 income            (3,528)      (437)        (354)      (484)      194        -             (4,609) 
Adjusted net 
 operating 
 income            5,478        1,595        2,423      1,179      (308)      -             10,367 
Net cost of net 
 debt                                                                                       (1,510) 
Non-controlling 
 interests                                                                                  (194) 
Adjusted net 
 income - group 
 share                                                                                      8,663 
 
                                Integrated 
                   Exploration  Gas,         Refining   Marketing 
                    &           Renewables   &           & 
9 months 2019       Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total 
 expenditures      6,359        6,306        1,034      803        76                       14,578 
Total divestments  112          766          253        187        8                        1,326 
Cash flow from 
 operating 
 activities        12,711       1,934        2,695      2,326      (1,580)                  18,086 
 
 
Reconciliation of the information by business segment with Consolidated 
Financial Statements TOTAL (unaudited) 
                                                             Consolidated 
3(rd) quarter 2020                                            statement 
 (M$)                              Adjusted  Adjustments(a)   of income 
Sales                              33,109    33              33,142 
Excise taxes                       (5,925)   -               (5,925) 
Revenues from sales                27,184    33              27,217 
 
Purchases net of inventory 
 variation                         (16,942)  57              (16,885) 
Other operating expenses           (5,399)   (211)           (5,610) 
Exploration costs                  (139)     -               (139) 
Depreciation, depletion and 
 impairment of tangible assets 
 and mineral interests             (3,203)   (290)           (3,493) 
Other income                       310       147             457 
Other expense                      (115)     (166)           (281) 
 
Financial interest on debt         (549)     2               (547) 
Financial income and expense from 
 cash & cash equivalents           49        40              89 
Cost of net debt                   (500)     42              (458) 
 
Other financial income             134       -               134 
Other financial expense            (165)     -               (165) 
 
Net income (loss) from equity 
 affiliates                        352       (258)           94 
 
Income taxes                       (684)     (6)             (690) 
Consolidated net income            833       (652)           181 
Group share                        848       (646)           202 
Non-controlling interests          (15)      (6)             (21) 
 
(a) Adjustments include special items, inventory valuation effect and the 
effect of changes in fair value. 
 
                                                             Consolidated 
3(rd) quarter 2019                                            statement 
 (M$)                              Adjusted  Adjustments(a)   of income 
Sales                              48,577    12              48,589 
Excise taxes                       (6,051)   -               (6,051) 
Revenues from sales                42,526    12              42,538 
 
Purchases net of inventory 
 variation                         (27,805)  (93)            (27,898) 
Other operating expenses           (6,240)   (122)           (6,362) 
Exploration costs                  (96)      -               (96) 
Depreciation, depletion and 
 impairment of tangible assets 
 and mineral interests             (3,987)   (186)           (4,173) 
Other income                       167       -               167 
Other expense                      (132)     (427)           (559) 
 
Financial interest on debt         (594)     (4)             (598) 
Financial income and expense from 
cash & cash equivalents            -         -               - 
Cost of net debt                   (594)     (4)             (598) 
 
Other financial income             163       -               163 
Other financial expense            (178)     -               (178) 
 
Net income (loss) from equity 
 affiliates                        521       860             1,381 
 
Income taxes                       (1,258)   (282)           (1,540) 
Consolidated net income            3,087     (242)           2,845 
Group share                        3,017     (217)           2,800 
Non-controlling interests          70        (25)            45 
 
(a) Adjustments include special items, inventory valuation effect and the 
effect of changes in fair value. 
 
 
Reconciliation of the information by business segment with Consolidated 
Financial Statements TOTAL (unaudited) 
                                                              Consolidated 
9 months 2020                                                  statement of 
 (M$)                               Adjusted  Adjustments(a)   income 
Sales                               102,725   17              102,742 
Excise taxes                        (15,386)  -               (15,386) 
Revenues from sales                 87,339    17              87,356 
 
Purchases net of inventory 
 variation                          (54,891)  (2,087)         (56,978) 
Other operating expenses            (18,384)  (491)           (18,875) 
Exploration costs                   (393)     -               (393) 
Depreciation, depletion and 
 impairment of tangible assets and 
 mineral interests                  (10,140)  (8,581)         (18,721) 
Other income                        1,130     269             1,399 
Other expense                       (409)     (400)           (809) 
 
Financial interest on debt          (1,643)   (3)             (1,646) 
Financial income and expense from 
 cash & cash equivalents            36        (52)            (16) 
Cost of net debt                    (1,607)   (55)            (1,662) 
 
Other financial income              741       -               741 
Other financial expense             (506)     (1)             (507) 
 
Net income (loss) from equity 
 affiliates                         1,021     (642)           379 
 
Income taxes                        (1,174)   1,005           (169) 
Consolidated net income             2,727     (10,966)        (8,239) 
Group share                         2,755     (10,888)        (8,133) 
Non-controlling interests           (28)      (78)            (106) 
 
(a) Adjustments include special items, inventory valuation effect and the 
effect of changes in fair value. 
 
                                                              Consolidated 
9 months 2019                                                  statement of 
 (M$)                               Adjusted  Adjustments(a)   income 
Sales                               151,110   (74)            151,036 
Excise taxes                        (18,172)  -               (18,172) 
Revenues from sales                 132,938   (74)            132,864 
 
Purchases net of inventory 
 variation                          (88,338)  329             (88,009) 
Other operating expenses            (19,998)  (167)           (20,165) 
Exploration costs                   (554)     -               (554) 
Depreciation, depletion and 
 impairment of tangible assets and 
 mineral interests                  (11,050)  (250)           (11,300) 
Other income                        620       115             735 
Other expense                       (322)     (635)           (957) 
 
Financial interest on debt          (1,715)   (12)            (1,727) 
Financial income and expense from 
 cash & cash equivalents            (70)      -               (70) 
Cost of net debt                    (1,785)   (12)            (1,797) 
 
Other financial income              649       -               649 
Other financial expense             (561)     -               (561) 
 
Net income (loss) from equity 
 affiliates                         1,592     1,312           2,904 
 
Income taxes                        (4,334)   (686)           (5,020) 
Consolidated net income             8,857     (68)            8,789 
Group share                         8,663     4               8,667 
Non-controlling interests           194       (72)            122 
 
(a) Adjustments include special items, inventory valuation effect and the 
effect of changes in fair value. 
 

(1) Definition page 3.

(2) Excluding leases.

(3) Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

(4) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 13.

(5) Group effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income -- income from equity affiliates -- dividends received from investments -- impairment of goodwill + tax on adjusted net operating income).

(6) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond

(7) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

(8) Net acquisitions = acquisitions -- assets sales -- other transactions with non-controlling interests (see page 13).

(9) Net investments = organic investments + net acquisitions (see page 13).

(10) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale (effective first quarter 2020).

The inventory valuation effect is explained on page 15. The reconciliation table for different cash flow figures is on page 13.

(11) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

(12) Adjustment items shown on page 15.

(13) Details shown on page 13 and in the appendix to the financial statements.

 

(14) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

 

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