TIDMTTE
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
Change Change
3Q22 vs 3Q21 9M22 vs 9M21
Net income (TotalEnergies share) (B$) 6.6 +43% 17.3 +69%
Adjusted net income (TotalEnergies
share)(1)
- in billions of dollars (B$) 9.9 x2,1 28.6 x2,5
- in dollars per share 3.83 x2,2 10.96 x2,6
Adjusted EBITDA(1) (B$) 19.4 +74% 55.6 +98%
DACF(1) (B$) 12.0 +44% 37.7 +80%
Cash Flow from operations (B$) 17.8 x3,2 41.7 x2,2
Net-debt-to-capital ratio(2) of 4.0% at September 30, 2022 vs. 9.8% at June
30, 2022 Special interim dividend set at 1 EUR/share Third 2022 interim
dividend set at 0.69 EUR/share
The Board of Directors of TotalEnergies SE, meeting on October
26, 2022 under the chairmanship of CEO Patrick Pouyanné approved
the Company's financial statements for the third quarter of 2022.
On this occasion, Patrick Pouyanné said:
"In a context marked by an average Brent price of 100 $/b and an
increase in gas prices exacerbated by Russia's military aggression
in Ukraine, TotalEnergies leveraged its integrated model,
particularly LNG, to generate results in line with previous
quarters. In the third quarter 2022, the Company posted adjusted
net income of $9.9 billion and IFRS net income of $6.6 billion
after taking into account a new impairment of $3.1 billion related
to Russia. Cash flow was $11.7 billion, and the Company
strengthened its balance sheet with a gearing ratio of 4%. Return
on equity was more than 30% over the past 12 months.
The iGRP (integrated Gas, Renewables & Power) segment
reported record adjusted net operating income of $3.6 billion this
quarter, up $1.1 billion from the second quarter, and cash flow of
$2.7 billion, driven by an average LNG selling price up more than
50% compared to the previous quarter and by the strong performance
of its trading activities. The Company continued to implement its
growth strategy by taking a stake in the North Field South LNG
project in Qatar. In Electricity & Renewables, TotalEnergies
completed the acquisition of 50% of the Clearway Energy Group in
the United States and announced a significant acquisition in
Brazil.
Exploration & Production posted adjusted net operating
income of $4.2 billion and cash flow of $6.4 billion, despite a
decrease in production this quarter, mainly due to unplanned
shutdowns at Kashagan. TotalEnergies started production at the
Ikike field in Nigeria, launched the Begonia project in Angola and
the Fenix project in Argentina, and announced a significant gas
discovery in Cyprus.
Downstream benefited from strong distillate margins, generating
an outstanding adjusted net operating income of $2.4 billion and a
cash flow of $2.9 billion.
In this favorable environment, taking into account income and
production taxes of $26 billion worldwide, the Company is
implementing a balanced value-sharing policy with an exceptional
one-month-salary bonus in 2022 to all its employees(3() worldwide
and, as announced on September 28, its shareholder return policy
targeting 35-40% cash flow payout beginning in 2022.
The Board of Directors therefore decided to distribute a third
interim dividend for the 2022 financial year in the amount of
EUR0.69/share, equal to the first and second 2022 interim dividends
and an increase of 5% from the interim and the final dividends paid
for the 2021 financial year, and set the ex-dividend and payment
dates for the interim special dividend of EUR1/share in December
2022. >>
1. Highlights(4)
Social and environmental responsibility
-- TotalEnergies' contributed to the energy transition dialogue in view of
COP27 with the publication of the "TotalEnergies Energy Outlook 2022"
-- Fuel price reduction program until year-end for TotalEnergies' service
stations in France: 20 c/l discount extended until November 15 and then
10 c/l discount until December 31, 2022
Electricity & Renewables
-- Acquired an interest in the development of more than 12 GW of onshore
solar and wind projects in Brazil
-- Offshore wind:
-- Start-up of Seagreen, Scotland's largest offshore wind farm
-- Solar:
-- Start-up of the 800 MW Al Kharsaah solar power plant in Qatar
-- Reached the objective of 500 MW of distributed solar generation
capacity worldwide
LNG
-- Acquired a 9.375% stake in the 16 Mt/y North Field South LNG project in
Qatar
-- Launched the FEED for the Papua LNG project's upstream production
facilities, in Papua New Guinea
Upstream
-- Started production at the Ikike field in Nigeria
-- Launched developments in Angola of the Begonia oil field, the Quiluma and
Maboqueiro gas fields, as well as a first solar project with a capacity
of 35 MW
-- Launched the Fenix offshore gas project in Argentina
-- Significant offshore gas discovery at Cronos-1 well, located on Block 6
in Cyprus
-- Exploration & production sharing agreement signed for Block 11 in Oman
-- Sold 18% stake in the onshore Sarsang oil field in Iraq
-- Sold 49% interest in the Termokarstovoye gas field in Russia to Novatek
Downstream and new molecules
-- Agreement with SARIA to develop SAF production on the Grandpuits platform
in France
-- Sold 50% of fuel distribution business in Egypt to ADNOC
Decarbonization
-- Awarded a CO2 sequestration license in Australia, in partnership with
INPEX and Woodside
-- First cross-border commercial agreement for CO2 transport and storage on
the Northern Lights project in Norway
-- Memorandum of understanding with Holcim for a pilot project to
decarbonize a cement plant in Belgium
-- Created with the Technical University of Denmark a research center of
excellence in decarbonized energies
2. Key figures from TotalEnergies' consolidated financial
statements(5)
In millions of dollars,
3Q22 except effective tax 9M22
vs rate, earnings per share vs
3Q22 2Q22 3Q21 3Q21 and number of shares 9M22 9M21 9M21
19,420 18,737 11,180 +74% Adjusted EBITDA (6) 55,581 28,017 +98%
Adjusted net operating
income from business
10,279 10,500 5,374 +91% segments 30,237 12,893 x2,3
4,217 4,719 2,726 +55% Exploration & Production 13,951 6,914 x2
Integrated Gas,
3,649 2,555 1,608 x2,3 Renewables & Power 9,255 3,484 x2,7
1,935 2,760 602 x3,2 Refining & Chemicals 5,815 1,356 x4,3
478 466 438 +9% Marketing & Services 1,216 1,139 +7%
Contribution of equity
affiliates to adjusted
2,576 1,944 1,143 x2,3 net income 6,381 2,403 x2,7
44.1% 39.4% 39.6% - Effective tax rate (7) 40.8% 36.6% -
Adjusted net income
9,863 9,796 4,769 x2,1 (TotalEnergies share) 28,636 11,235 x2,5
Adjusted fully-diluted
earnings per share
3.83 3.75 1.76 x2,2 (dollars) (8) 10.96 4.14 x2,6
Adjusted fully-diluted
earnings per share
3.78 3.50 1.49 x2,5 (euros)* 10.31 3.46 x3
Fully-diluted
weighted-average shares
2,560 2,592 2,655 -4% (millions) 2,589 2,648 -2%
Net income
6,626 5,692 4,645 +43% (TotalEnergies share) 17,262 10,195 +69%
3,116 2,819 2,813 +11% Organic investments (9) 7,916 7,993 -1%
1,587 2,076 (958) ns Net acquisitions (10) 4,585 1,029 x4,5
4,703 4,895 1,855 x2,5 Net investments (11) 12,501 9,022 +39%
Operating cash flow
before working capital
11,736 13,233 8,060 +46% changes (12) 36,595 19,778 +85%
Operating cash flow
before working capital
changes w/o financial
12,040 13,631 8,390 +44% charges (DACF) (13) 37,665 20,901 +80%
Cash flow from
17,848 16,284 5,640 x3,2 operations 41,749 18,789 x2,2
(* Average EUR-$ exchange rate: 1.0070 in the third quarter 2022
and 1.0638 in the first nine months of 2022.)
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment* -- liquids and gas price realizations, refining
margins
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 9M22 9M21 9M21
100.8 113.9 73.5 +37% Brent ($/b) 105.5 67.9 +55%
7.9 7.5 4.3 +84% Henry Hub ($/Mbtu) 6.7 3.3 x2
42.5 22.2 16.9 x2,5 NBP ($/Mbtu) 32.4 10.8 x3
46.5 27.0 18.6 x2,5 JKM ($/Mbtu) 34.9 12.9 x2,7
Average price of liquids ($/b)
93.6 102.9 67.1 +40% Consolidated subsidiaries 95.4 62.2 +53%
Average price of gas ($/Mbtu)
16.83 11.01 6.33 x2,7 Consolidated subsidiaries 13.28 4.95 x2,7
21.51 13.96 9.10 x2,4 Average price of LNG ($/Mbtu) 16.26 7.25 x2,2
Consolidated subsidiaries and
equity affiliates
99.2 145.7 8.8 x11,3 Variable cost margin - Refining 100.3 8.0 x12,5
Europe, VCM ($/t)**
(* The indicators are shown on page 21.)
** This indicator represents TotalEnergies' average margin on
variable cost for refining in Europe (equal to the difference
between TotalEnergies European refined product sales and crude oil
purchases with associated variable costs divided by volumes refined
in tons). 3Q21 and 9M21 data as disclosed in 2021 included the
restatement of 3Q21 figures to reflect 2Q21 environment for energy
costs.
The average LNG selling price was up 54% in the third quarter
compared to the previous quarter, benefiting on a lagged basis from
the increase in oil and gas price indexes on long-term contracts as
well as high spot gas prices.
3.2 Greenhouse gas emissions(14)
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 GHG emissions (MtCO(2) e) 9M22 9M21 9M21
Scope 1+2 from operated facilities
10.3 9.6 9.3 +10% (15) 29.6 27.1 +9%
14.0 13.4 - ns Scope 1+2 - equity share 41.4 - ns
Scope 3 from Oil & Gas Worldwide
90 94 100 -10% (16) 282 293 -4%
of which Scope 3 Oil Worldwide
65 65 74 -12% (17) 196 210 -7%
(Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available.)
(Excluding Covid-19 effect for emissions data from 2Q20 through
2Q22.)
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Methane emissions (ktCH(4) ) 9M22 9M21 9M21
Methane emissions from operated
10 10 12 -16% facilities 31 37 -16%
14 13 - ns Methane emissions - equity share 38 - ns
(Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available.)
The evolution of Scope 1+2 emissions from the operated
facilities resulted from the high-capacity utilization of CCGTs and
refineries in Europe, including the restart of the Donges refinery
in France.
3.3 Production*
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Hydrocarbon production 9M22 9M21 9M21
Hydrocarbon production
2,669 2,738 2,814 -5% (kboe/d) 2,750 2,808 -2%
Oil (including bitumen)
1,298 1,268 1,288 +1% (kb/d) 1,291 1,272 +1%
Gas (including condensates
1,371 1,470 1,526 -10% and associated NGL) (kboe/d) 1,459 1,535 -5%
Hydrocarbon production
2,669 2,738 2,814 -5% (kboe/d) 2,750 2,808 -2%
1,494 1,483 1,517 -2% Liquids (kb/d) 1,501 1,496 -
6,367 6,835 7,070 -10% Gas (Mcf/d) 6,785 7,161 -5%
(* Company production = E&P production + iGRP
production.)
Hydrocarbon production was 2,669 thousand barrels of oil
equivalent per day (kboe/d) in the third quarter of 2022, down 5%
year-on-year, comprised of:
-- +3% due to the start-up and ramp-up of projects including Clov Phase 2
and Zinia Phase 2 in Angola, Mero 1 in Brazil and Ikike in Nigeria,
-- +2% due to the increase in OPEC+ production quotas,
-- -3% due to higher planned maintenance, particularly on Ichthys, and
unplanned shutdowns on Kashagan,
-- -3% portfolio effect, notably related to the end of the operating
licenses for Qatargas 1 and Bongkot North in Thailand, as well as the
effective withdrawal from Myanmar, partially offset by the entry into the
Sepia and Atapu producing fields in Brazil,
-- -1% due to security-related production cuts in Libya and Nigeria,
-- -1% due to the price effect,
-- -2% due to the natural decline of the fields.
Compared to the previous quarter, production was down 2.5%,
mainly due to planned maintenance, notably at Ichthys, and
unplanned shutdowns at Kashagan, partially offset by the entry into
production fields of Sepia and Atapu and the ramp-up of Mero 1 in
Brazil.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and
electricity
3Q22 9M22
vs Hydrocarbon production for vs
3Q22 2Q22 3Q21 3Q21 LNG 9M22 9M21 9M21
418 462 533 -21% iGRP (kboe/d) 458 518 -12%
40 53 67 -41% Liquids (kb/d) 51 61 -17%
2,067 2,233 2,527 -18% Gas (Mcf/d) 2,216 2,489 -11%
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Liquefied Natural Gas in Mt 9M22 9M21 9M21
10.4 11.7 10.0 +5% Overall LNG sales 35.4 30.4 +16%
incl. Sales from equity
4.0 4.1 4.3 -6% production* 12.6 12.8 -2%
9.2 10.2 8.3 +12% incl. Sales by TotalEnergies from 31.4 25.0 +26%
equity production and third party
purchases
(* The Company's equity production may be sold by TotalEnergies
or by the joint ventures.)
Third quarter 2022 LNG production was down 6% year-on-year,
mainly due to the end of the Qatargas 1 operating license, planned
maintenance on Ichthys LNG in Australia as well as the decrease in
gas supply to NLNG in Nigeria for security reasons.
Overall LNG sales were down 10% in the third quarter compared to
the previous quarter, mainly due to the outage at Freeport LNG,
planned maintenance at Ichthys LNG and a shutdown of production at
Idku LNG in Egypt due to insufficient gas supply.
Nevertheless, third quarter 2022 overall LNG sales were up 5%
year-on-year, mainly due to the increase in spot purchases to
maximize the use of the Company's regasification capacity in Europe
and seize opportunities in a volatile market.
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Electricity & Renewables 9M22 9M21 9M21
Portfolio of renewable power
generation gross capacity (GW)
67.8 50.7 42.7 +59% (1),(2),(3) 67.8 42.7 +59%
16.0 11.6 9.5 +68% o/w installed capacity 16.0 9.5 +68%
5.4 5.2 6.1 -11% o/w capacity in construction 5.4 6.1 -11%
46.4 33.9 27.1 +71% o/w capacity in development 46.4 27.1 +71%
Gross renewables capacity with
33.9 26.8 26.6 +28% PPA (GW) (1),(2),(3) 33.9 26.6 +28%
Portfolio of renewable power
generation net capacity (GW)
45.2 38.4 31.7 +43% (1),(3) 45.2 31.7 +43%
7.4 5.8 4.7 +59% o/w installed capacity 7.4 4.7 +59%
3.5 3.7 4.0 -12% o/w capacity in construction 3.5 4.0 -12%
34.2 28.9 23.0 +49% o/w capacity in development 34.2 23.0 +49%
8.5 7.7 4.7 +79% Net power production (TWh) (4) 23.7 14.5 +64%
incl. power production from
2.4 2.5 1.7 +42% renewables 7.1 4.9 +45%
Clients power - BtB and BtC
6.3 6.2 6.0 +5% (Million) (3) 6.3 6.0 +5%
Clients gas - BtB and BtC
2.8 2.7 2.7 +1% (Million) (3) 2.8 2.7 +1%
12.1 12.3 11.7 +3% Sales power - BtB and BtC (TWh) 40.7 40.5 +1%
14.2 19.1 13.2 +7% Sales gas - BtB and BtC (TWh) 68.3 70.0 -3%
Proportional adjusted EBITDA
Electricity & Renewables (M$)
460 462 291 +58% (5) 1,097 946 +16%
120 131 104 +15% incl. from renewables business 341 334 +2%
(1) Includes 20% of Adani Green Energy Ltd's gross capacity
effective first quarter 2021.
(2) Includes 50% of Clearway Energy Group's gross capacity
effective third quarter 2022.
(3) End of period data.
(4) Solar, wind, biogas, hydroelectric and combined-cycle gas
turbine (CCGT) plants.
(5) TotalEnergies share (% interest) of EBITDA (Earnings Before
Interest, Tax, Depreciation and Amortization) in Electricity &
Renewables affiliates, regardless of consolidation method.
Gross installed renewable power generation capacity reached 16.0
GW at the end of the third quarter 2022, up 4.4 GW from the
previous quarter, including 3.8 GW related to the acquisition of
50% of Clearway Energy Group in the United States and 160 MW
related to the start-up of the Seagreen offshore wind farm in
Scotland.
Gross power generation capacity in development increased by 12.5
GW quarter-on-quarter, mainly due to the acquisition of 50% of
Clearway Energy Group in the United States.
Net electricity generation stood at 8.5 TWh in the third quarter
2022, up 79% year-on-year thanks to higher utilization rates of
flexible power plants (CCGT) as well as growth in electricity
generation from renewable sources.
EBITDA from the Electricity & Renewables business reached
$460 million in the third quarter 2022, up 58% year-on-year due to
the growth of the business.
4.1.2 Results
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
Adjusted net operating
3,649 2,555 1,608 x2,3 income* 9,255 3,484 x2,7
including adjusted income
1,888 1,219 755 x2,5 from equity affiliates 4,537 1,375 x3,3
653 341 639 +2% Organic investments 1,253 2,150 -42%
1,718 (58) (941) ns Net acquisitions 2,301 1,119 x2,1
2,371 283 (302) ns Net investments 3,554 3,269 +9%
Operating cash flow before
2,683 2,360 1,720 +56% working capital changes ** 7,628 3,683 x2,1
4,390 3,970 (463) ns Cash flow from operations *** 8,675 884 x9,8
(* Detail of adjustment items shown in the business segment
information annex to financial statements.)
(** Excluding financial charges, except those related to lease
contracts, excluding the impact of contracts recognized at fair
value for the sector and including capital gains on the sale of
renewable projects.)
(*** Excluding financial charges, except those related to
leases.)
Adjusted net operating income for the iGRP segment was:
-- $3,649 million in the third quarter 2022, 2.3 times the same quarter last
year, thanks to higher LNG prices, the performance of gas, LNG and
electricity trading activities and the growing contribution of
Electricity & Renewables,
-- $9,255 million over the first nine months of 2022, 2.7 times the same
period last year for the same reasons.
The iGRP segment's cash flow was as follows:
-- $2,683 million in the third quarter 2022, up 56% year-on-year, thanks to
higher LNG prices, the performance of gas, LNG and electricity trading
activities and the growing contribution of Electricity & Renewables,
despite a lag effect on dividends received from equity affiliates,
-- $7,628 million over the first nine months of 2022, 2.1 times the same
period last year for the same reasons.
Operating cash flow was $4,390 million for the quarter, mainly
due the positive impact on working capital requirements of margin
call reductions and the seasonality of the gas and electricity
supply business.
4.2 Exploration & Production
4.2.1 Production
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Hydrocarbon production 9M22 9M21 9M21
2,251 2,276 2,281 -1% EP (kboe/d) 2,292 2,290 -
1,454 1,430 1,450 - Liquids (kb/d) 1,450 1,435 +1%
4,300 4,602 4,543 -5% Gas (Mcf/d) 4,569 4,672 -2%
4.2.2 Results
3Q22 9M22
vs In millions of dollars, vs
3Q22 2Q22 3Q21 3Q21 except effective tax rate 9M22 9M21 9M21
Adjusted net operating
4,217 4,719 2,726 +55% income* 13,951 6,914 x2
including adjusted income
377 287 315 +20% from equity affiliates 1,019 864 +18%
55.4% 47.2% 46.4% - Effective tax rate** 49.9% 42.5% -
1,989 1,873 1,656 +20% Organic investments 5,288 4,494 +18%
(126) 2,225 (34) ns Net acquisitions 2,415 (5) ns
1,863 4,098 1,622 +15% Net investments 7,703 4,489 +72%
Operating cash flow before
working capital changes
6,406 7,383 4,943 +30% *** 21,092 13,029 +62%
Cash flow from operations
9,083 8,768 4,814 +89% *** 23,619 13,385 +76%
(* 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.)
Adjusted net operating income from Exploration & Production
was:
-- $4,217 million in the third quarter 2022, up 55% year-on-year, thanks to
the sharp rise in oil and gas prices,
-- $13,951 million for the first nine months of 2022, double the same period
last year for the same reasons.
Cash flow was $6,406 million in the third quarter 2022 compared
to $4,943 million a year earlier and increased by 62% to $21,092
million in the first nine months of 2022, benefiting from the sharp
increase in oil and gas prices.
Adjusted net operating income and cash flow for the third
quarter of 2022 were down $502 million and $977 million
respectively compared to the second quarter, mainly due to the
impact of Energy Profits Levy in the United Kingdom for $0.6
billion.
4.3 Downstream (Refining & Chemicals and Marketing &
Services)
4.3.1 Results
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
Adjusted net operating
2,413 3,226 1,040 x2,3 income* 7,031 2,495 x2,8
453 586 506 -10% Organic investments 1,332 1,309 +2%
(6) (91) 17 ns Net acquisitions (131) (87) ns
447 495 523 -15% Net investments 1,201 1,222 -2%
Operating cash flow before
2,944 3,548 1,611 +83% working capital changes ** 8,388 3,943 x2,1
4,737 4,106 1,644 x2,9 Cash flow from operations ** 10,848 5,974 +82%
(* Detail of adjustment items shown in the business segment
information annex to financial statements.)
(** Excluding financial charges, except those related to
leases.)
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization
rates
3Q22 9M22
vs Refinery throughput and vs
3Q22 2Q22 3Q21 3Q21 utilization rate* 9M22 9M21 9M21
Total refinery throughput
1,599 1,575 1,225 +31% (kb/d) 1,497 1,147 +31%
431 395 274 +57% France 359 179 x2
656 648 505 +30% Rest of Europe 637 553 +15%
512 532 446 +15% Rest of world 501 415 +21%
Utlization rate based on
88% 88% 69% - crude only** 84% 62% -
(* Includes refineries in Africa reported in the Marketing &
Services segment.)
** Based on distillation capacity at the beginning of the year,
excluding Grandpuits (shut down first quarter 2021) from 2021 and
Lindsey refinery (divested) from second quarter 2021.
3Q22 9M22
vs Petrochemicals production and vs
3Q22 2Q22 3Q21 3Q21 utilization rate 9M22 9M21 9M21
1,299 1,206 1,486 -13% Monomers* (kt) 3,910 4,315 -9%
1,171 1,187 1,330 -12% Polymers (kt) 3,632 3,707 -2%
Steamcracker utilization
80% 71% 93% - rate** 79% 89% -
(* Olefins.)
(** Based on olefins production from steam crackers and their
treatment capacity at the start of the year.)
Refinery throughput:
-- increased by 31% year-on-year in the third quarter 2022, due to the
recovery in demand, particularly in Europe and the United States, the
restart of the Donges refinery in France in the second quarter 2022 and
the Leuna refinery in Germany which had a major scheduled turnaround in
2021,
-- increased by 31% year-on-year for the first nine months, for the same
reasons as well as the restart, in 2021, of the distillation unit at the
Normandy refinery in France.
Monomer production was down 13% in the third quarter 2022,
mainly due to lower demand in Asia and unplanned shutdowns at
Normandy in France and Antwerp in Belgium.
4.4.2 Results
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
1,935 2,760 602 x3,2 Adjusted net operating income* 5,815 1,356 x4,3
224 313 321 -30% Organic investments 735 822 -11%
1 (34) (6) ns Net acquisitions (33) (61) ns
225 279 315 -29% Net investments 702 761 -8%
Operating cash flow before
2,164 2,963 934 x2,3 working capital changes ** 6,560 2,081 x3,2
3,798 3,526 799 x4,8 Cash flow from operations ** 8,431 4,027 x2,1
(*Detail of adjustment items shown in the business segment
information annex to financial statements.)
(**Excluding financial charges, except those related to
leases.)
Adjusted net operating income for the Refining & Chemicals
segment was:
-- $1,935 million in the third quarter 2022, compared to $602 million in the
third quarter 2021, due to high distillate margins in the context of
reduced imports of Russian petroleum products, as well as the performance
of crude oil and petroleum products trading activities,
-- $5,815 million over the first nine months of 2022, 4.3 times the same
period last year, due to high refining margins in Europe and the United
States and better utilization rates, as a result of the restart of the
Donges refinery in France in the second quarter 2022 as well as the Leuna
refinery in Germany which had a major scheduled turnaround in 2021.
Cash flow also rose sharply to $2,164 million in the third
quarter 2022, 2.3 times higher than in the third quarter 2021, and
to $6,560 million in the first nine months of 2022.
In the third quarter 2022, adjusted net operating result and
cash flow were down $825 million and $799 million respectively,
compared to the second quarter 2022, due to lower gasoline margins
in Europe and the United States.
4.5 Marketing & Services
4.5.1 Petroleum product sales
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 Sales in kb/d* 9M22 9M21 9M21
Total Marketing & Services
1,495 1,477 1,542 -3% sales 1,475 1,486 -1%
873 817 867 +1% Europe 827 811 +2%
622 660 675 -8% Rest of world 648 675 -4%
(* Excludes trading and bulk refining sales.)
Sales of petroleum products were down 3% year-on-year in the
third quarter 2022, reflecting lower demand due to higher prices of
petroleum products, particularly in Africa.
Sales were stable for the first nine months of 2022 compared to
a year ago, as the recovery of aviation and network activities
worldwide offset the decline in sales to professional and
industrial customers, particularly in Europe.
4.5.2 Results
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
478 466 438 +9% Adjusted net operating income* 1,216 1,139 +7%
229 273 185 +24% Organic investments 597 487 +23%
(7) (57) 23 ns Net acquisitions (98) (26) ns
222 216 208 +7% Net investments 499 461 +8%
Operating cash flow before
780 585 677 +15% working capital changes ** 1,828 1,862 -2%
939 580 845 +11% Cash flow from operations ** 2,417 1,947 +24%
(*Detail of adjustment items shown in the business segment
information annex to financial statements.)
(**Excluding financial charges, except those related to
leases.)
Adjusted net operating income for the Marketing & Services
segment was $478 million in the third quarter 2022, up 9%
year-on-year, and $1,216 million in the first nine months of 2022,
up 7% year-on-year, thanks mainly to the recovery of the network
and aviation activities.
Cash flow was $780 million in the third quarter 2022 and $1,828
million in the first nine months of the year.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
-- $10,279 million in the third quarter 2022, compared to $5,374 million a
year earlier, due to higher oil and gas prices, refining margins and the
good performance of trading activities,
-- $30,237 million over the first nine months of 2022, compared to $12,893
million a year earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $9,863 million in the
third quarter 2022 compared to $4,769 million in the third quarter
2021, due to higher oil and gas prices, refining margins and the
good performance of trading activities.
Adjusted net income excludes the after-tax inventory effect,
non-recurring items and the impact of changes in fair value(18)
.
The net income adjustment items(19) represented -$3,237 million
in the third quarter 2022, notably due to a new impairment of -$3.1
billion related to Russia and to an inventory effect of -$0.8
billion, partially offset by the capital gain on the partial sale
of SunPower shares and the impact of revaluing the shares held and
consolidated under the equity method for $1.4 billion.
TotalEnergies' effective tax rate was 44.1% in the third quarter
2022, compared to 39.4% in the second quarter 2022 and 39.6% in the
third quarter 2021, mainly due to the increase in the Exploration
& Production tax rate, notably as a result of the Energy
Profits Levy in the United Kingdom.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
-- $3.83 in the third quarter 2022, calculated based on 2,560 million
weighted-average diluted shares, compared to $1.76 a year earlier,
-- $10.96 over the first nine months of 2022, calculated based on 2,589
million weighted-average diluted shares, compared to $4.14 a year
earlier.
As of September 30, 2022, the number of fully-diluted shares was
2,543 million.
As part of its shareholder return policy, as announced in July
2022, TotalEnergies repurchased 38.9 million shares for
cancellation in the third quarter 2022 for $2 billion. Share
buybacks amounted to $5 billion in the first nine months of
2022.
5.4 Acquisitions - asset sales
Acquisitions were:
-- $1,716 million in the third quarter 2022, mainly related to the
acquisition of 50% of Clearway Energy Group for $1,619 million,
-- $5,580 million over the first nine months of 2022 including the above
item as well as payments related to the award of the Atapu and Sepia
Production Sharing Contracts and the bonus related to the New York Bight
offshore wind concession in the United States.
Asset sales were:
-- $129 million in the third quarter 2022, mainly for the sale of the 18%
interest in the Sarsang field in Iraq,
-- $995 million over the first nine months of 2022, including the above item
as well as the partial sale of the Landivisiau power generation plant in
France, the sale by SunPower of its Enphase shares and a payment related
to the sale of interests in the CA1 offshore block in Brunei.
5.5 Net cash flow
TotalEnergies' net cash flow(20) was:
-- $7,033 million in the third quarter 2022 compared to $6,205 million a
year earlier, reflecting the $3.7 billion increase in cash flow and the
$2.8 billion increase in net investments to $4,703 million in the third
quarter 2022,
-- $24,094 million in the first nine months of 2022 compared to $10,756
million a year earlier, reflecting the $16.8 billion increase in cash
flow and the $3.5 billion increase in net investments to $12,501 million
in the first nine months of 2022.
Cash flow from operations was $17,848 million in the third
quarter, compared to cash flow of $11,736 million, reflecting the
positive impact of a $6.7 billion decrease in working capital
requirement, mainly due to:
-- price effect on inventories related to the decrease in oil and petroleum
products average prices
-- increase in tax liabilities related to rising gas prices and the Energy
Profits Levy in the United Kingdom,
-- reduction in margin calls,
-- seasonality of the gas and electricity supply activity.
5.6 Profitability
Return on equity was 31.4% for the twelve months ended September
30, 2022.
In millions of
dollars October 1, 2021 July 1, 2021 October 1, 2020
September 30,
2022 June 30, 2022 September 30, 2021
Adjusted net
income 35,790 30,716 12,827
Average adjusted
shareholders'
equity 113,861 113,333 106,794
Return on equity
(ROE) 31.4% 27.1% 12.0%
The return on average capital employed was 27.2% for the twelve
months ended September 30, 2022.
In millions of
dollars October 1, 2021 July 1, 2021 October 1, 2020
September 30,
2022 June 30, 2022 September 30, 2021
Adjusted net
operating income 37,239 32,177 14,237
Average capital
employed 136,902 139,377 142,180
ROACE 27.2% 23.1% 10.0%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was
EUR5,205 million in the first nine months of 2022, compared to
EUR5,635 million a year earlier.
7. Annual 2022 Sensitivities*
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids
price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price
- NBP / TTF*** +/- 2 $/Mbtu +/- 0.5 B$ +/- 0.5 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
(* Sensitivities are revised once per year upon publication of
the previous year's fourth quarter results. Sensitivities are
estimates based on assumptions about TotalEnergies' portfolio in
2022. 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.)
Sensitivity to European gas price has been exceptionally updated
during this quarter (see ***).
(** In a 60 $/b Brent environment.)
(*** Updated sensitivity, including UK Energy Profits Levy.)
(Sensitivity +/- 0.4 B$ starting 3Q 2022, related to UK and
Norway taxes.)
8. Summary and outlook
The markets for oil and gas are marked by strong volatility.
Despite anticipated slower global growth in 2023, oil prices are
supported notably by the OPEC+ decision to reduce production quotas
by 2 Mb/d as well as by the implementation of the European ban on
Russian oil effective December 5, 2022. Gas prices should also
remain high, driven by the need to import LNG into Europe to
replace Russian gas imports. In addition, refining margins, notably
for distillates, should remain strong due to the ban on imports of
Russian petroleum products into Europe effective February 2023.
TotalEnergies expects fourth quarter 2022 production to reach
around 2.8 Mboe/d, due to a reduction in planned maintenance and
the re-start of Kashagan production.
Given the evolution of oil and gas prices in recent months and
the lag effect on price formulas, TotalEnergies anticipates that
its average LNG selling price for the fourth quarter should be
above $17/Mbtu.
With strong cash flow generation and a gearing ratio of 4%, the
Company confirms its strategy of allocating 35-40% of cash flow to
its shareholders through the cycles, while accelerating its
transformation strategy with net investments of around $16 billion
in 2022, including $4 billion in decarbonized energies.
* * * *
To listen to the conference call with CFO Jean-Pierre Sbraire,
which is being held today at 13:30 (Paris time) with financial
analysts, you can consult the information provided on the Company's
website totalenergies.com or dial +44 (0) 121 281 8003 or +1 (718)
705-8794. The conference replay will be available on the Company's
website totalenergies.com after the event.
9. Results from Russian assets
Russian Upstream Assets (M$) 3Q22 2Q22 9M22
Net income (TotalEnergies share) (1,907) (3,202) (8,113)
Cash flow from operations 349 368 748
Capital employed by TotalEnergies in Russia as of September 30,
2022 was $6,110 million after taking into account a impairment of
$3.1 billion in the third quarter 2022.
10. Operating information by segment
10.1 Company's production (Exploration & Production +
iGRP)
3Q22 Combined liquids and gas 9M22
vs production by region vs
3Q22 2Q22 3Q21 3Q21 (kboe/d) 9M22 9M21 9M21
920 965 989 -7% Europe and Central Asia 978 1,008 -3%
463 460 537 -14% Africa 473 540 -12%
692 680 681 +2% Middle East and North Africa 681 662 +3%
449 420 372 +21% Americas 419 375 +12%
145 213 235 -39% Asia-Pacific 199 223 -11%
2,669 2,738 2,814 -5% Total production 2,750 2,808 -2%
656 690 711 -8% includes equity affiliates 687 730 -6%
3Q22 9M22
vs Liquids production by region vs
3Q22 2Q22 3Q21 3Q21 (kb/d) 9M22 9M21 9M21
302 315 362 -17% Europe and Central Asia 329 363 -9%
352 351 401 -12% Africa 358 405 -12%
557 546 530 +5% Middle East and North Africa 547 510 +7%
260 231 179 +46% Americas 231 180 +28%
23 40 45 -49% Asia-Pacific 36 38 -7%
1,494 1,483 1,517 -2% Total production 1,501 1,496 -
202 201 205 -2% includes equity affiliates 204 206 -1%
3Q22 9M22
vs Gas production by region vs
3Q22 2Q22 3Q21 3Q21 (Mcf/d) 9M22 9M21 9M21
3,322 3,492 3,366 -1% Europe and Central Asia 3,482 3,470 -
559 545 689 -19% Africa 582 687 -15%
740 742 838 -12% Middle East and North Africa 736 842 -13%
1,061 1,063 1,086 -2% Americas 1,055 1,094 -4%
685 993 1,091 -37% Asia-Pacific 930 1,068 -13%
6,367 6,835 7,070 -10% Total production 6,785 7,161 -5%
2,444 2,633 2,730 -11% includes equity affiliates 2,596 2,826 -8%
10.2 Downstream (Refining & Chemicals and Marketing &
Services)
3Q22 9M22
vs Petroleum product sales by vs
3Q22 2Q22 3Q21 3Q21 region (kb/d) 9M22 9M21 9M21
1,816 1,814 1,579 +15% Europe 1,755 1,553 +13%
690 734 693 - Africa 728 674 +8%
907 922 811 +12% Americas 868 794 +9%
569 705 486 +17% Rest of world 602 491 +23%
3,982 4,176 3,568 +12% Total consolidated sales 3,953 3,512 +13%
438 409 360 +22% Includes bulk sales 419 365 +15%
2,049 2,290 1,666 +23% Includes trading 2,060 1,661 +24%
3Q22 9M22
vs Petrochemicals production* vs
3Q22 2Q22 3Q21 3Q21 (kt) 9M22 9M21 9M21
1,078 1,023 1,308 -18% Europe 3,361 3,820 -12%
670 603 705 -5% Americas 1,910 1,940 -2%
722 768 802 -10% Middle East and Asia 2,271 2,261 -
(* Olefins, polymers.)
10.3 Renewables
3Q22 2Q22
Installed
power
generation
gross
capacity (GW) Onshore Offshore Onshore Offshore
(1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.7 0.6 0.0 0.1 1.4 0.7 0.5 0.0 0.1 1.3
Rest of Europe 0.2 1.1 0.2 0.0 1.4 0.2 1.1 0.0 0.0 1.3
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.7 0.0 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.7
North America 2.9 2.1 0.0 0.0 5.0 1.1 0.0 0.0 0.0 1.1
South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
India 4.9 0.3 0.0 0.0 5.3 4.9 0.2 0.0 0.0 5.1
Asia-Pacific 1.2 0.0 0.1 0.0 1.3 1.2 0.0 0.1 0.0 1.2
Total 11.1 4.4 0.3 0.2 16.0 9.2 2.1 0.1 0.2 11.6
3Q22 2Q22
Power
generation
gross
capacity from
renewables in
construction
(GW) Onshore Offshore Onshore Offshore
(1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.2 0.1 0.0 0.1 0.5 0.2 0.2 0.0 0.1 0.4
Rest of Europe 0.1 0.0 1.0 0.0 1.1 0.0 0.0 1.1 0.0 1.1
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.4
North America 1.6 0.0 0.0 0.2 1.7 1.3 0.0 0.0 0.0 1.3
South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
India 0.8 0.2 0.0 0.0 1.0 0.9 0.3 0.0 0.0 1.2
Asia-Pacific 0.1 0.0 0.5 0.0 0.7 0.1 0.0 0.6 0.0 0.7
Total 3.3 0.3 1.5 0.2 5.4 2.8 0.5 1.7 0.1 5.2
3Q22 2Q22
Power
generation
gross
capacity from
renewables in
development
(GW) Onshore Offshore Onshore Offshore
(1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 2.1 0.4 0.0 0.0 2.5 2.3 0.5 0.0 0.0 2.8
Rest of Europe 4.8 0.3 4.4 0.1 9.6 4.8 0.3 4.4 0.1 9.5
Africa 0.6 0.1 0.0 0.1 0.9 0.6 0.1 0.0 0.1 0.8
Middle East 0.5 0.0 0.0 0.0 0.5 1.8 0.0 0.0 0.0 1.8
North America 11.8 3.4 4.0 4.5 23.7 6.2 0.1 4.0 0.8 11.0
South America 0.7 0.5 0.0 0.2 1.4 0.6 0.0 0.0 0.2 0.8
India 3.9 0.1 0.0 0.0 4.0 3.9 0.1 0.0 0.0 4.0
Asia-Pacific 2.0 0.3 1.2 0.3 3.7 1.7 0.2 1.2 0.1 3.2
Total 26.5 5.1 9.6 5.3 46.4 21.7 1.3 9.6 1.3 33.9
(1) Includes 20% of gross capacity of Adani Green Energy Ltd
effective first quarter 2021.
(2) Includes 50% of Clearway Energy Group's gross capacity
effective third quarter 2022.
(3) End-of-period data.
In operation In construction In development
Gross
renewables
capacity
covered by
PPA at
09/30/2022 Onshore Offshore Onshore Offshore Onshore Offshore
(GW) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 0.9 1.6 X X 2.8 0.3 X 0.7 X 1.2 4.1 0.3 - X 4.5
Asia 6.1 0.4 X X 6.6 0.9 0.2 0.5 - 1.7 4.5 X - X 4.7
North
America 2.8 2.1 - X 5.0 1.6 - - X 1.7 1.5 X - 0.8 2.5
Rest of
World 1.2 0.3 - X 1.5 0.4 - - X 0.5 0.9 - - 0.3 1.3
Total 11.0 4.4 0.2 X 15.9 3.3 0.3 1.3 0.2 5.1 11.1 0.6 - 1.2 13.0
X not specified, capacity < 0.2 GW.
In operation In construction In development
PPA average
price at
09/30/2022 Onshore Offshore Onshore Offshore Onshore Offshore
($/MWh) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 198 114 X X 139 67 X 73 X 74 75 85 - X 80
Asia 70 52 X X 72 55 45 254 - 117 39 X - X 39
North
America 106 54 - X 83 28 - - X 28 31 X - - 43
Rest of
World 90 54 - X 82 19 - - X 19 77 - - - 77
Total 91 77 127 X 88 38 64 150 95 69 42 80 - 145 46
X not specified, PPA referring to a capacity < 0.2 GW.
11. Adjustment items to net income (TotalEnergies share)
3Q22 2Q22 3Q21 In millions of dollars 9M22 9M21
Special items affecting net income
(2,186) (4,546) (325) (TotalEnergies share) (11,725) (2,255)
1,391 - (177) Gain (loss) on asset sales 1,391 (1,556)
(17) (8) (43) Restructuring charges (28) (314)
(3,118) (3,719) (47) Impairments (11,898) (240)
(442) (819) (58) Other (1,190) (145)
After-tax inventory effect : FIFO
(827) 993 320 vs. replacement cost 1,206 1,384
(224) (551) (119) Effect of changes in fair value (855) (169)
Total adjustments affecting net
(3,237) (4,104) (124) income (11,374) (1,040)
12. Reconciliation of adjusted EBITDA with consolidated
financial statements
12.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
Net income -
6,626 5,692 4,645 +43% TotalEnergies share 17,262 10,195 +69%
Less: adjustment items
to net income
3,237 4,104 124 x26,1 (TotalEnergies share) 11,374 1,040 x10,9
Adjusted net income -
9,863 9,796 4,769 x2,1 TotalEnergies share 28,636 11,235 x2,5
Adjusted items - - -
Add: non-controlling
85 89 105 -19% interests 250 252 -1%
6,037 5,274 2,674 x2,3 Add: income taxes 16,035 5,605 x2,9
Add: depreciation,
depletion and impairment
of tangible assets and
2,926 3,038 3,172 -8% mineral interests 9,112 9,457 -4%
Add: amortization and
impairment of intangible
95 98 85 +12% assets 289 282 +2%
Add: financial interest
633 572 454 +39% on debt 1,667 1,421 +17%
Less: financial income
and expense from cash &
(219) (130) (79) ns cash equivalents (408) (235) ns
19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98%
12.2 Reconciliation of revenues from sales to adjusted EBITDA
and net income (TotalEnergies share)
3Q22 9M22
vs In millions of vs
3Q22 2Q22 3Q21 3Q21 dollars 9M22 9M21 9M21
Adjusted items
Revenues from
64,924 70,460 49,070 +32% sales 199,322 129,380 +54%
Purchases, net
of inventory
(41,509) (46,023) (32,574) ns variation (128,294) (83,971) ns
Other operating
(6,689) (7,620) (6,548) ns expenses (21,718) (20,124) ns
Exploration
(71) (117) (127) ns costs (324) (417) ns
163 429 195 -16% Other income 713 749 -5%
Other expense,
excluding
amortization
and impairment
of intangible
(58) (431) (32) ns assets (662) (169) ns
Other financial
196 231 193 +2% income 546 567 -4%
Other financial
(112) (136) (140) ns expense (383) (401) ns
Net income
(loss) from
equity
2,576 1,944 1,143 x2,3 affiliates 6,381 2,403 x2,7
19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98%
Adjusted items
Less:
depreciation,
depletion and
impairment of
tangible assets
and mineral
(2,926) (3,038) (3,172) ns interests (9,112) (9,457) ns
Less:
amortization of
intangible
(95) (98) (85) ns assets (289) (282) ns
Less: financial
interest on
(633) (572) (454) ns debt (1,667) (1,421) ns
Add: financial
income and
expense from
cash & cash
219 130 79 x2,8 equivalents 408 235 +74%
Less: income
(6,037) (5,274) (2,674) ns taxes (16,035) (5,605) ns
Less:
non-controlling
(85) (89) (105) ns interests (250) (252) ns
Add: adjustment
- TotalEnergies
(3,237) (4,104) (124) ns share (11,374) (1,040) ns
Net income -
TotalEnergies
6,626 5,692 4,645 +43% share 17,262 10,195 +69%
13. Investments - Divestments
3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21
3,116 2,819 2,813 +11% Organic investments ( a ) 7,916 7,993 -1%
169 98 172 -1% Capitalized exploration 381 660 -42%
Increase in non-current
233 277 211 +10% loans 744 883 -16%
Repayment of non-current
loans, excluding organic
loan repayment from equity
(214) (174) (112) ns affiliates (823) (297) ns
Change in debt from
renewable projects
4 (190) 1 ns (TotalEnergies share) (186) (170) ns
1,716 2,464 126 x13,6 Acquisitions ( b ) 5,580 2,996 +86%
129 388 1,084 -88% Asset sales ( c ) 995 1,967 -49%
Change in debt from
renewable projects (partner
(4) 176 (5) ns share) 170 100 +70%
1,587 2,076 (958) ns Net acquisitions 4,585 1,029 x4,5
Net investments ( a + b - c
4,703 4,895 1,855 x2,5 ) 12,501 9,022 +39%
- - 757 ns Other transactions with - 757 ns
non-controlling interests (
d )
(570) (238) (120) ns Organic loan repayment from (1,295) (228) ns
equity affiliates ( e )
(8) 366 (6) ns Change in debt from 356 270 +32%
renewable projects
financing * ( f )
43 37 30 +43% Capex linked to capitalized 116 77 +51%
leasing contracts ( g )
7 4 - ns Expenditures related to 11 - ns
carbon credits ( h )
4,075 4,982 2,456 +66% Cash flow used in investing 11,435 9,744 +17%
activities ( a + b - c + d
+ e + f - g - h )
* Change in debt from renewable projects (TotalEnergies share
and partner share).
14. Cash flow
3Q22 9M22
vs In millions of vs
3Q22 2Q22 3Q21 3Q21 dollars 9M22 9M21 9M21
Operating cash flow
before working
capital changes w/o
financial charges
12,040 13,631 8,390 +44% (DACF) 37,665 20,901 +80%
(304) (399) (330) ns Financial charges (1,071) (1,122) ns
Operating cash flow
before working
capital changes ( a
11,736 13,233 8,060 +46% ) * 36,595 19,778 +85%
(Increase) decrease
in working capital
7,692 2,161 (2,662) ns ** 5,078 (2,403) ns
(1,010) 1,151 365 ns Inventory effect 1,396 1,711 -18%
Capital gain from
renewable project
0 (23) (3) ns sales (25) (69) ns
Organic loan
repayments from
(570) (238) (120) ns equity affiliates (1,295) (228) ns
Cash flow from
17,848 16,284 5,640 x3,2 operations 41,749 18,789 x2,2
Organic investments
3,116 2,819 2,813 +11% ( b ) 7,916 7,993 -1%
Free cash flow after
organic investments,
w/o net asset sales
8,620 10,414 5,247 +64% ( a - b ) 28,679 11,785 x2,4
Net investments ( c
4,703 4,895 1,855 x2,5 ) 12,501 9,022 +39%
Net cash flow ( a -
7,033 8,338 6,205 +13% c ) 24,094 10,756 x2,2
(* 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.)
(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.)
15. Gearing ratio
In millions of dollars 09/30/2022 06/30/2022 09/30/2021
Current borrowings (1) 15,556 14,589 15,184
Other current financial liabilities 861 401 504
Current financial assets (1),(2) (11,532) (7,697) (3,821)
Net financial assets classified as held
for sale (36) (14) (1)
Non-current financial debt (1) 37,506 39,233 43,350
Non-current financial assets (1) (1,406) (692) (1,927)
Cash and cash equivalents (35,941) (32,848) (28,971)
Net debt (a) 5,008 12,972 24,318
Shareholders' equity - TotalEnergies share 117,821 116,688 110,016
Non-controlling interests 2,851 3,309 3,211
Shareholders' equity (b) 120,672 119,997 113,227
Net-debt-to-capital ratio = a / (a+b) 4.0% 9.8% 17.7%
Leases (c) 7,669 7,963 7,786
Net-debt-to-capital ratio including leases
(a+c) / (a+b+c) 9.5% 14.9% 22.1%
(1) Excludes leases receivables and leases debts.
(2) Including initial margins held as part of the Company's
activities on organized markets.
16. Return on average capital employed
Twelve months ended September 30, 2022
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Company
Adjusted net
operating
income 12,014 17,476 6,368 1,695 37,239
Capital
employed at
09/30/2021* 52,401 75,499 9,156 8,281 143,383
Capital
employed at
09/30/2022* 54,923 65,041 5,801 7,141 130,420
ROACE 22.4% 24.9% 85.2% 22.2% 27.2%
Twelve months ended June 30, 2022
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Company
Adjusted net
operating
income 9,973 15,985 5,035 1,655 32,177
Capital
employed at
06/30/2021* 49,831 76,013 9,285 8,439 141,720
Capital
employed at
06/30/2022* 54,174 70,248 7,958 7,475 137,035
ROACE 19.2% 21.9% 58.4% 20.8% 23.1%
Twelve months ended September 30, 2021
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Company
Adjusted net
operating
income 3,738 7,982 1,526 1,471 14,237
Capital
employed at
09/30/2020* 43,799 78,548 11,951 8,211 140,976
Capital
employed at
09/30/2021* 52,401 75,499 9,156 8,281 143,383
ROACE 7.8% 10.4% 14.5% 17.8% 10.0%
* At replacement cost (excluding after-tax inventory
effect).
Disclaimer:
The terms "TotalEnergies", "TotalEnergies company" and "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or their employees. The entities
in which TotalEnergies SE directly or indirectly owns a
shareholding are separate and independent legal entities.
This press release presents the results for the third quarter of
2022 and first nine months of 2022 from the consolidated financial
statements of TotalEnergies SE as of September 30, 2022. The
limited review procedures by the Statutory Auditors are underway.
The notes to the consolidated financial statements (unaudited) are
available on the website totalenergies.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
TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of
TotalEnergies, including with respect to climate change and carbon
neutrality (net zero emissions). An ambition expresses an outcome
desired by TotalEnergies, it being specified that the means to be
deployed do not depend solely on TotalEnergies. 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 TotalEnergies 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, or pandemics such as the COVID-19 pandemic.
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 TotalEnergies SE 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. The
information on risk factors that could have a significant adverse
effect on TotalEnergies' business, financial condition, including
its operating income and cash flow, reputation, outlook or the
value of financial instruments issued by TotalEnergies is provided
in the most recent version of the Universal Registration Document
which is filed by TotalEnergies SE with the French Autorité des
Marchés Financiers and the annual report on Form 20-F 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 TotalEnergies. 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, operating cash flow before
working capital changes, the shareholder rate of return. These
indicators are meant to facilitate the analysis of the financial
performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally
to manage and measure the performance of TotalEnergies.
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 TotalEnergies' principal
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 TotalEnergies' 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.
TotalEnergies, in its trading activities, enters into storage
contracts, whose future effects are recorded at fair value in
TotalEnergies' internal economic performance. IFRS precludes
recognition of this fair value effect.
Furthermore, TotalEnergies 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 the Form 20-F of TotalEnergies SE, 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 totalenergies.com. You can also obtain this form from the
SEC by calling 1-800-SEC-0330 or on the SEC's website sec.gov.
(1) Definition on page 3.
(2) Excluding leases.
(3) Payment, capped for high salaries, to employees of all fully
owned companies and of companies in which TotalEnergies holds more
than 50%, subject to agreement by their governing bodies.
(4) Some of the transactions mentioned in the highlights remain
subject to the agreement of the authorities or to the fulfilment of
conditions precedent under the terms of the agreements.
(5) 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 16.
(6) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation
and Amortization) corresponds to the adjusted earnings before
depreciation, depletion and impairment of tangible and intangible
assets and mineral interests, income tax expense and cost of net
debt, i.e., all operating income and contribution of equity
affiliates to net income.
(7) 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).
(8) 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 bonds
(9) Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests.
(10) Net acquisitions = acquisitions -- assets sales -- other
transactions with non-controlling interests (see page 18).
(11) Net investments = organic investments + net acquisitions
(see page 18).
(12) 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 gains from
renewable projects sale.
The inventory valuation effect is explained on page 20. The
reconciliation table for different cash flow figures is on page
18.
(13) DACF = debt adjusted cash flow, is defined as operating
cash flow before working capital changes and financial charges.
(14) The six greenhouse gases in the Kyoto protocol, namely
CO(2) , CH(4) , N(2) O, HFCs, PFCs and SF(6) , with their
respective GWP (Global Warming Potential) as described in the 2007
IPCC report. HFCs, PFCs and SF(6) are virtually absent from the
Company's emissions or are considered as non-material and are
therefore not counted.
(15) Scope 1+2 GHG emissions of operated facilities are defined
as the sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined
in the Company's 2021 Universal Registration Document) and indirect
emissions attributable to brought-in energy (electricity, heat,
steam), excluding purchased industrial gases (H(2) ).
(16) TotalEnergies reports Scope 3 GHG emissions, category 11,
which correspond to indirect GHG emissions related to the use by
customers of energy products, i.e., combustion of the products to
obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG
Protocol methodologies. In order to avoid double counting, this
methodology accounts for the largest volume in the oil and gas
value chain, i.e., the higher of the two production volumes or
sales to end customers. For TotalEnergies, in 2021 and 2022, the
calculation of Scope 3 GHG emissions for the oil value chain
considers oil products and biofuels sales (higher than production)
and for the gas value chain, gas sales either as LNG or as part of
direct sales to B2B/B2C customers (higher than or equivalent to
marketable gas production).
(17) Scope 3 GHG emissions, category 11, which correspond to
indirect GHG emissions related to the sale of petroleum products
(including biofuels).
(18) These adjustment elements are explained page 20.
(19) Total adjustment items in net income are detailed page 16
as well as in the annexes to the accounts.
(20) Net cash fow = cash flow -- net investments (including
other transactions with non-controlling interest).
TotalEnergies financial statements
_________________________
Third quarter and nine months 2022 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)(a) 2022 2022 2021
Sales 69,037 74,774 54,729
Excise taxes (4,075) (4,329) (5,659)
Revenues from sales 64,962 70,445 49,070
Purchases, net of inventory
variation (42,802) (45,443) (32,344)
Other operating expenses (6,771) (8,041) (6,617)
Exploration costs (71) (117) (127)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (2,935) (3,102) (3,191)
Other income 1,693 429 195
Other expense (921) (1,305) (605)
Financial interest on debt (633) (572) (454)
Financial income and
expense from cash & cash
equivalents 327 245 87
Cost of net debt (306) (327) (367)
Other financial income 196 231 193
Other financial expense (112) (136) (140)
Net income (loss) from
equity affiliates (108) (1,546) 1,377
Income taxes (6,077) (5,284) (2,692)
Consolidated net income 6,748 5,804 4,752
TotalEnergies share 6,626 5,692 4,645
Non-controlling interests 122 112 107
Earnings per share ($) 2.58 2.18 1.72
Fully-diluted earnings per
share ($) 2.56 2.16 1.71
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2022 2022 2021
Consolidated net income 6,748 5,804 4,752
Other comprehensive income
Actuarial gains and losses (17) 204 (3)
Change in fair value of
investments in equity
instruments 131 (20) (95)
Tax effect 2 (53) 5
Currency translation
adjustment generated by the
parent company (4,639) (5,387) (2,368)
Items not potentially
reclassifiable to profit and
loss (4,523) (5,256) (2,461)
Currency translation
adjustment 1,871 2,523 1,260
Cash flow hedge 1,258 3,222 424
Variation of foreign currency
basis spread 9 21 2
share of other comprehensive
income of equity affiliates,
net amount 191 2,548 184
Other (18) (1) 1
Tax effect (424) (1,112) (100)
Items potentially
reclassifiable to profit and
loss 2,887 7,201 1,771
Total other comprehensive
income (net amount) (1,636) 1,945 (690)
Comprehensive income 5,112 7,749 4,062
TotalEnergies share 4,969 7,705 4,014
Non-controlling interests 143 44 48
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$)(a) 2022 2021
Sales 212,417 145,515
Excise taxes (13,060) (16,179)
Revenues from sales 199,357 129,336
Purchases, net of inventory variation (127,893) (82,461)
Other operating expenses (22,435) (20,214)
Exploration costs (1,049) (417)
Depreciation, depletion and impairment of tangible
assets and mineral interests (9,716) (9,637)
Other income 2,265 776
Other expense (4,516) (1,562)
Financial interest on debt (1,667) (1,421)
Financial income and expense from cash & cash
equivalents 786 259
Cost of net debt (881) (1,162)
Other financial income 630 567
Other financial expense (383) (401)
Net income (loss) from equity affiliates (1,611) 1,578
Income taxes (16,165) (5,940)
Consolidated net income 17,603 10,463
TotalEnergies share 17,262 10,195
Non-controlling interests 341 268
Earnings per share ($) 6.61 3.77
Fully-diluted earnings per share ($) 6.57 3.74
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2022 2021
Consolidated net income 17,603 10,463
Other comprehensive income
Actuarial gains and losses 187 446
Change in fair value of investments in equity
instruments 114 (27)
Tax effect (40) (149)
Currency translation adjustment generated by the parent
company (11,776) (5,302)
Items not potentially reclassifiable to profit and loss (11,515) (5,032)
Currency translation adjustment 5,406 3,037
Cash flow hedge 4,217 504
Variation of foreign currency basis spread 79 (2)
share of other comprehensive income of equity
affiliates, net amount 2,655 635
Other (19) 1
Tax effect (1,483) (157)
Items potentially reclassifiable to profit and loss 10,855 4,018
Total other comprehensive income (net amount) (660) (1,014)
Comprehensive income 16,943 9,449
TotalEnergies share 16,627 9,226
Non-controlling interests 316 223
CONSOLIDATED
BALANCE SHEET
TotalEnergies
September June 30, December 31, September 30,
30, 2022 2022 2021 2021
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current
assets
Intangible
assets, net 36,376 37,020 32,484 32,895
Property, plant
and equipment,
net 99,700 101,454 106,559 105,902
Equity
affiliates :
investments and
loans 28,743 28,210 31,053 30,467
Other
investments 1,149 1,383 1,625 1,688
Non-current
financial
assets 2,341 1,612 2,404 2,799
Deferred income
taxes 4,434 4,737 5,400 6,452
Other
non-current
assets 2,930 3,075 2,797 2,530
Total
non-current
assets 175,673 177,491 182,322 182,733
Current assets
Inventories, net 24,420 28,542 19,952 19,601
Accounts
receivable,
net 28,191 30,796 21,983 19,865
Other current
assets 73,453 55,553 35,144 39,967
Current
financial
assets 11,688 7,863 12,315 3,910
Cash and cash
equivalents 35,941 32,848 21,342 28,971
Assets
classified as
held for sale 349 313 400 633
Total current
assets 174,042 155,915 111,136 112,947
Total assets 349,715 333,406 293,458 295,680
LIABILITIES &
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common shares 8,163 8,163 8,224 8,224
Paid-in surplus
and retained
earnings 131,382 125,554 117,849 113,795
Currency
translation
adjustment (16,720) (14,019) (12,671) (11,995)
Treasury shares (5,004) (3,010) (1,666) (8)
Total
shareholders'
equity -
TotalEnergies
share 117,821 116,688 111,736 110,016
Non-controlling
interests 2,851 3,309 3,263 3,211
Total
shareholders'
equity 120,672 119,997 114,999 113,227
Non-current
liabilities
Deferred income
taxes 12,576 12,169 10,904 11,161
Employee
benefits 2,207 2,341 2,672 3,218
Provisions and
other
non-current
liabilities 22,133 23,373 20,269 20,355
Non-current
financial debt 44,899 46,868 49,512 50,810
Total
non-current
liabilities 81,815 84,751 83,357 85,544
Current
liabilities
Accounts payable 48,942 49,700 36,837 34,149
Other creditors
and accrued
liabilities 80,468 62,498 42,800 45,476
Current
borrowings 16,923 16,003 15,035 16,471
Other current
financial
liabilities 861 401 372 504
Liabilities
directly
associated with
the assets
classified as
held for sale 34 56 58 309
Total current
liabilities 147,228 128,658 95,102 96,909
Total
liabilities &
shareholders'
equity 349,715 333,406 293,458 295,680
CONSOLIDATED STATEMENT OF
CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2022 2022 2021
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 6,748 5,804 4,752
Depreciation, depletion,
amortization and impairment 3,032 3,321 3,361
Non-current liabilities,
valuation allowances and
deferred taxes 704 1,427 479
(Gains) losses on disposals
of assets (1,645) (165) 100
Undistributed affiliates'
equity earnings 1,290 2,999 (506)
(Increase) decrease in
working capital 7,407 2,498 (2,698)
Other changes, net 312 400 152
Cash flow from operating
activities 17,848 16,284 5,640
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and
property, plant and
equipment additions (2,986) (5,150) (2,718)
Acquisitions of subsidiaries,
net of cash acquired (8) (82) (23)
Investments in equity
affiliates and other
securities (2,557) (136) (67)
Increase in non-current loans (246) (278) (219)
Total expenditures (5,797) (5,646) (3,027)
Proceeds from disposals of
intangible assets and
property, plant and
equipment 97 153 150
Proceeds from disposals of
subsidiaries, net of cash
sold 524 63 4
Proceeds from disposals of
non-current investments 304 35 177
Repayment of non-current
loans 797 413 240
Total divestments 1,722 664 571
Cash flow used in investing
activities (4,075) (4,982) (2,456)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of
shares:
- Parent company shareholders (1) 371 -
- Treasury shares (1,996) (1,988) -
Dividends paid:
- Parent company shareholders (1,877) (1,825) (2,053)
- Non-controlling interests (405) (97) (41)
Net issuance (repayment) of
perpetual subordinated
notes - (1,958) -
Payments on perpetual
subordinated notes (14) (138) (22)
Other transactions with
non-controlling interests 38 (10) 721
Net issuance (repayment) of
non-current debt 141 508 133
Increase (decrease) in
current borrowings (527) (2,703) (1,457)
Increase (decrease) in
current financial assets and
liabilities (4,473) (731) 513
Cash flow from (used in)
financing activities (9,114) (8,571) (2,206)
Net increase (decrease) in
cash and cash equivalents 4,659 2,731 978
Effect of exchange rates (1,566) (1,159) (650)
Cash and cash equivalents at
the beginning of the period 32,848 31,276 28,643
Cash and cash equivalents at
the end of the period 35,941 32,848 28,971
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 17,603 10,463
Depreciation, depletion, amortization and impairment 10,931 10,121
Non-current liabilities, valuation allowances and
deferred taxes 4,669 810
(Gains) losses on disposals of assets (1,823) (270)
Undistributed affiliates' equity earnings 4,551 176
(Increase) decrease in working capital 4,982 (2,848)
Other changes, net 836 337
Cash flow from operating activities 41,749 18,789
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment
additions (11,593) (7,803)
Acquisitions of subsidiaries, net of cash acquired (90) (193)
Investments in equity affiliates and other securities (2,782) (2,500)
Increase in non-current loans (765) (899)
Total expenditures (15,230) (11,395)
Proceeds from disposals of intangible assets and
property, plant and equipment 427 421
Proceeds from disposals of subsidiaries, net of cash
sold 675 233
Proceeds from disposals of non-current investments 554 456
Repayment of non-current loans 2,139 541
Total divestments 3,795 1,651
Cash flow used in investing activities (11,435) (9,744)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 370 381
- Treasury shares (5,160) (165)
Dividends paid:
- Parent company shareholders (5,630) (6,237)
- Non-controlling interests (524) (104)
Net issuance (repayment) of perpetual subordinated notes - 3,248
Payments on perpetual subordinated notes (288) (256)
Other transactions with non-controlling interests 33 666
Net issuance (repayment) of non-current debt 683 (706)
Increase (decrease) in current borrowings (2,573) (7,488)
Increase (decrease) in current financial assets and
liabilities 390 298
Cash flow from (used in) financing activities (12,699) (10,363)
Net increase (decrease) in cash and cash equivalents 17,615 (1,318)
Effect of exchange rates (3,016) (979)
Cash and cash equivalents at the beginning of the period 21,342 31,268
Cash and cash equivalents at the end of the period 35,941 28,971
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Paid-in
surplus Shareholders'
and Currency equity - Non- Total
retained translation TotalEnergies controlling shareholders'
Common shares issued earnings adjustment Treasury shares Share interests equity
(M$) Number Amount Number Amount
As of January 1,
2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income of
the first nine
months 2021 - - 10,195 - - - 10,195 268 10,463
Other
comprehensive
income - - 762 (1,731) - - (969) (45) (1,014)
Comprehensive
Income - - 10,957 (1,731) - - 9,226 223 9,449
Dividend - - (6,236) - - - (6,236) (104) (6,340)
Issuance of
common shares 10,589,713 31 350 - - - 381 - 381
Purchase of
treasury
shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury
shares(a) - - (216) - 4,571,235 216 - - -
Share-based
payments - - 103 - - - 103 - 103
Share
cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - 3,254 - - - 3,254 - 3,254
Payments on
perpetual
subordinated
notes - - (278) - - - (278) - (278)
Other operations
with
non-controlling
interests - - 26 (6) - - 20 701 721
Other items - - 11 (2) - - 9 8 17
As of September
30, 2021 2,640,429,329 8,224 113,795 (11,995) (173,410) (8) 110,016 3,211 113,227
Net income of
the fourth
quarter 2021 - - 5,837 - - - 5,837 66 5,903
Other
comprehensive
income - - 229 (676) - - (447) 15 (432)
Comprehensive
Income - - 6,066 (676) - - 5,390 81 5,471
Dividend - - (1,964) - - - (1,964) (20) (1,984)
Issuance of
common shares - - - - - - - - -
Purchase of
treasury
shares - - - - (33,669,654) (1,658) (1,658) - (1,658)
Sale of treasury
shares(a) - - - - 1,960 - - - -
Share-based
payments - - 40 - - - 40 - 40
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - - - - - - - -
Payments on
perpetual
subordinated
notes - - (90) - - - (90) - (90)
Other operations
with
non-controlling
interests - - 4 - - - 4 (12) (8)
Other items - - (2) - - - (2) 3 1
As of December
31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
Net income of
the first nine
months 2022 - - 17,262 - - - 17,262 341 17,603
Other
comprehensive
income - - 3,421 (4,056) - - (635) (25) (660)
Comprehensive
Income - - 20,683 (4,056) - - 16,627 316 16,943
Dividend - - (5,653) - - - (5,653) (524) (6,177)
Issuance of
common shares 9,367,482 26 344 - - - 370 - 370
Purchase of
treasury
shares - - - - (97,376,124) (5,160) (5,160) - (5,160)
Sale of treasury
shares(a) - - (317) - 6,193,921 317 - - -
Share-based
payments - - 191 - - - 191 - 191
Share
cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - (44) - - - (44) - (44)
Payments on
perpetual
subordinated
notes - - (255) - - - (255) - (255)
Other operations
with
non-controlling
interests - - 41 7 - - 48 124 172
Other items - - (39) - - - (39) (328) (367)
As of September
30, 2022 2,619,131,285 8,163 131,382 (16,720) (94,357,781) (5,004) 117,821 2,851 120,672
(a) Treasury shares related to the performance share grants.
INFORMATION BY
BUSINESS
SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 11,495 2,670 28,899 25,968 5 - 69,037
Intersegment
sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from
sales 13,248 17,371 40,804 22,229 57 (28,747) 64,962
Operating
expenses (10,648) (6,880) (39,137) (21,513) (213) 28,747 (49,644)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (295) (1,999) (371) (243) (27) - (2,935)
Operating income 2,305 8,492 1,296 473 (183) - 12,383
Net income (loss)
from equity
affiliates and
other items 3,190 (2,643) 219 (14) (4) - 748
Tax on net
operating
income (777) (5,071) (255) (153) 162 - (6,094)
Net operating
income 4,718 778 1,260 306 (25) - 7,037
Net cost of net
debt (289)
Non-controlling
interests (122)
Net income -
TotalEnergies
share 6,626
Integrated
3(rd) quarter Gas, Exploration Refining Marketing
2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 38 - - - - - 38
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales 38 - - - - - 38
Operating
expenses (291) (4) (771) (230) (79) - (1,375)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests - (7) - (2) - - (9)
Operating income
(b) (253) (11) (771) (232) (79) - (1,346)
Net income (loss)
from equity
affiliates and
other items 1,315 (3,130) (100) (7) - - (1,922)
Tax on net
operating
income 7 (298) 196 67 20 - (8)
Net operating
income (b) 1,069 (3,439) (675) (172) (59) - (3,276)
Net cost of net
debt 76
Non-controlling
interests (37)
Net income -
TotalEnergies
share (3,237)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - (771) (239) -
- On net
operating
income - - (675) (172) -
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 11,457 2,670 28,899 25,968 5 - 68,999
Intersegment
sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from
sales 13,210 17,371 40,804 22,229 57 (28,747) 64,924
Operating
expenses (10,357) (6,876) (38,366) (21,283) (134) 28,747 (48,269)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (295) (1,992) (371) (241) (27) - (2,926)
Adjusted
operating
income 2,558 8,503 2,067 705 (104) - 13,729
Net income (loss)
from equity
affiliates and
other items 1,875 487 319 (7) (4) - 2,670
Tax on net
operating
income (784) (4,773) (451) (220) 142 - (6,086)
Adjusted net
operating
income 3,649 4,217 1,935 478 34 - 10,313
Net cost of net
debt (365)
Non-controlling
interests (85)
Adjusted net
income -
TotalEnergies
share 9,863
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 3,214 2,069 242 251 21 5,797
Total divestments 1,441 246 6 29 - 1,722
Cash flow from
operating
activities 4,390 9,083 3,798 939 (362) 17,848
INFORMATION BY
BUSINESS
SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,281 2,521 35,061 26,907 4 - 74,774
Intersegment
sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from
sales 12,170 16,326 47,660 23,480 74 (29,265) 70,445
Operating
expenses (10,997) (5,760) (43,242) (22,310) (557) 29,265 (53,601)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (327) (2,112) (389) (241) (33) - (3,102)
Operating income 846 8,454 4,029 929 (516) - 13,742
Net income (loss)
from equity
affiliates and
other items 823 (3,668) 349 98 71 - (2,327)
Tax on net
operating
income (260) (3,876) (866) (296) (8) - (5,306)
Net operating
income 1,409 910 3,512 731 (453) - 6,109
Net cost of net
debt (305)
Non-controlling
interests (112)
Net income -
TotalEnergies
share 5,692
Integrated
2(nd) quarter Gas, Exploration Refining Marketing
2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (15) - - - - - (15)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (15) - - - - - (15)
Operating
expenses (606) (82) 775 373 (301) - 159
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (14) (46) - (4) - - (64)
Operating income
(b) (635) (128) 775 369 (301) - 80
Net income (loss)
from equity
affiliates and
other items (558) (3,756) 52 (4) - - (4,266)
Tax on net
operating
income 47 75 (75) (100) 78 - 25
Net operating
income (b) (1,146) (3,809) 752 265 (223) - (4,161)
Net cost of net
debt 80
Non-controlling
interests (23)
Net income -
TotalEnergies
share (4,104)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 775 376 -
- On net
operating
income - - 752 275 -
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,296 2,521 35,061 26,907 4 - 74,789
Intersegment
sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from
sales 12,185 16,326 47,660 23,480 74 (29,265) 70,460
Operating
expenses (10,391) (5,678) (44,017) (22,683) (256) 29,265 (53,760)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (313) (2,066) (389) (237) (33) - (3,038)
Adjusted
operating
income 1,481 8,582 3,254 560 (215) - 13,662
Net income (loss)
from equity
affiliates and
other items 1,381 88 297 102 71 - 1,939
Tax on net
operating
income (307) (3,951) (791) (196) (86) - (5,331)
Adjusted net
operating
income 2,555 4,719 2,760 466 (230) - 10,270
Net cost of net
debt (385)
Non-controlling
interests (89)
Adjusted net
income -
TotalEnergies
share 9,796
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 872 4,128 333 288 25 5,646
Total divestments 466 63 56 72 7 664
Cash flow from
operating
activities 3,970 8,768 3,526 580 (560) 16,284
INFORMATION BY
BUSINESS
SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment
sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from
sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating
expenses (8,502) (3,958) (28,153) (15,302) (179) 17,006 (39,088)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (343) (2,156) (397) (267) (28) - (3,191)
Operating income 876 4,395 1,006 676 (162) - 6,791
Net income (loss)
from equity
affiliates and
other items 782 139 79 2 18 - 1,020
Tax on net
operating
income (208) (2,007) (273) (222) 23 - (2,687)
Net operating
income 1,450 2,527 812 456 (121) - 5,124
Net cost of net
debt (372)
Non-controlling
interests (107)
Net income -
TotalEnergies
share 4,645
Integrated
3(rd) quarter Gas, Exploration Refining Marketing
2021 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales - - - - - - -
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - - - - - - -
Operating
expenses (152) (32) 301 44 - - 161
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (7) - (12) - - - (19)
Operating income
(b) (159) (32) 289 44 - - 142
Net income (loss)
from equity
affiliates and
other items (3) (246) 5 (12) 2 - (254)
Tax on net
operating
income 4 79 (84) (14) - - (15)
Net operating
income (b) (158) (199) 210 18 2 - (127)
Net cost of net
debt 5
Non-controlling
interests (2)
Net income -
TotalEnergies
share (124)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 309 56 -
- On net
operating
income - - 285 41 -
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2021 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment
sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from
sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating
expenses (8,350) (3,926) (28,454) (15,346) (179) 17,006 (39,249)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (336) (2,156) (385) (267) (28) - (3,172)
Adjusted
operating
income 1,035 4,427 717 632 (162) - 6,649
Net income (loss)
from equity
affiliates and
other items 785 385 74 14 16 - 1,274
Tax on net
operating
income (212) (2,086) (189) (208) 23 - (2,672)
Adjusted net
operating
income 1,608 2,726 602 438 (123) - 5,251
Net cost of net
debt (377)
Non-controlling
interests (105)
Adjusted net
income -
TotalEnergies
share 4,769
Integrated
Gas, Exploration Refining Marketing
3(rd) quarter Renewables & & &
2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 683 1,754 337 239 14 3,027
Total divestments 358 163 17 31 2 571
Cash flow from
operating
activities (463) 4,814 799 845 (355) 5,640
INFORMATION BY
BUSINESS
SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
9 months 2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 34,070 7,342 94,968 76,024 13 - 212,417
Intersegment
sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from
sales 39,183 49,666 128,557 64,661 198 (82,908) 199,357
Operating
expenses (33,277) (18,348) (119,790) (61,807) (1,063) 82,908 (151,377)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (943) (6,772) (1,140) (757) (104) - (9,716)
Operating income 4,963 24,546 7,627 2,097 (969) - 38,264
Net income (loss)
from equity
affiliates and
other items 1,513 (6,069) 724 42 175 - (3,615)
Tax on net
operating
income (1,331) (12,810) (1,646) (674) 259 - (16,202)
Net operating
income 5,145 5,667 6,705 1,465 (535) - 18,447
Net cost of net
debt (844)
Non-controlling
interests (341)
Net income -
TotalEnergies
share 17,262
Integrated
Gas, Exploration Refining Marketing
9 months 2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 35 - - - - - 35
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales 35 - - - - - 35
Operating
expenses (1,014) (877) 951 411 (512) - (1,041)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (14) (546) - (35) (9) - (604)
Operating income
(b) (993) (1,423) 951 376 (521) - (1,610)
Net income (loss)
from equity
affiliates and
other items (3,182) (6,900) 69 (14) 106 - (9,921)
Tax on net
operating
income 65 39 (130) (113) 118 - (21)
Net operating
income (b) (4,110) (8,284) 890 249 (297) - (11,552)
Net cost of net
debt 269
Non-controlling
interests (91)
Net income -
TotalEnergies
share (11,374)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 951 445 -
- On net
operating
income - - 922 331 -
Integrated
Gas, Exploration Refining Marketing
9 months 2022 Renewables & & &
(adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 34,035 7,342 94,968 76,024 13 - 212,382
Intersegment
sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from
sales 39,148 49,666 128,557 64,661 198 (82,908) 199,322
Operating
expenses (32,263) (17,471) (120,741) (62,218) (551) 82,908 (150,336)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (929) (6,226) (1,140) (722) (95) - (9,112)
Adjusted
operating
income 5,956 25,969 6,676 1,721 (448) - 39,874
Net income (loss)
from equity
affiliates and
other items 4,695 831 655 56 69 - 6,306
Tax on net
operating
income (1,396) (12,849) (1,516) (561) 141 - (16,181)
Adjusted net
operating
income 9,255 13,951 5,815 1,216 (238) - 29,999
Net cost of net
debt (1,113)
Non-controlling
interests (250)
Adjusted net
income -
TotalEnergies
share 28,636
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
9 months 2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 5,525 8,168 803 679 55 15,230
Total divestments 2,922 592 89 180 12 3,795
Cash flow from
operating
activities 8,675 23,619 8,431 2,417 (1,393) 41,749
INFORMATION BY
BUSINESS
SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
9 months 2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 19,070 5,178 62,819 58,434 14 - 145,515
Intersegment
sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from
sales 21,864 28,199 80,870 43,421 120 (45,138) 129,336
Operating
expenses (18,823) (11,310) (76,732) (40,812) (553) 45,138 (103,092)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (1,105) (6,473) (1,184) (793) (82) - (9,637)
Operating income 1,936 10,416 2,954 1,816 (515) - 16,607
Net income (loss)
from equity
affiliates and
other items 1,464 (834) 290 25 13 - 958
Tax on net
operating
income (365) (4,382) (834) (574) 77 - (6,078)
Net operating
income 3,035 5,200 2,410 1,267 (425) - 11,487
Net cost of net
debt (1,024)
Non-controlling
interests (268)
Net income -
TotalEnergies
share 10,195
Integrated
Gas, Exploration Refining Marketing
9 months 2021 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (44) - - - - - (44)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (44) - - - - - (44)
Operating
expenses (214) (55) 1,432 257 - - 1,420
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (155) - (25) - - - (180)
Operating income
(b) (413) (55) 1,407 257 - - 1,196
Net income (loss)
from equity
affiliates and
other items (99) (1,728) 33 (55) (60) - (1,909)
Tax on net
operating
income 63 69 (386) (74) 2 - (326)
Net operating
income (b) (449) (1,714) 1,054 128 (58) - (1,039)
Net cost of net
debt 15
Non-controlling
interests (16)
Net income -
TotalEnergies
share (1,040)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 1,449 262 -
- On net
operating
income - - 1,222 189 -
Integrated
Gas, Exploration Refining Marketing
9 months 2021 Renewables & & &
(adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 19,114 5,178 62,819 58,434 14 - 145,559
Intersegment
sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from
sales 21,908 28,199 80,870 43,421 120 (45,138) 129,380
Operating
expenses (18,609) (11,255) (78,164) (41,069) (553) 45,138 (104,512)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (950) (6,473) (1,159) (793) (82) - (9,457)
Adjusted
operating
income 2,349 10,471 1,547 1,559 (515) - 15,411
Net income (loss)
from equity
affiliates and
other items 1,563 894 257 80 73 - 2,867
Tax on net
operating
income (428) (4,451) (448) (500) 75 - (5,752)
Adjusted net
operating
income 3,484 6,914 1,356 1,139 (367) - 12,526
Net cost of net
debt (1,039)
Non-controlling
interests (252)
Adjusted net
income -
TotalEnergies
share 11,235
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
9 months 2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 4,870 4,949 915 599 62 11,395
Total divestments 810 537 146 138 20 1,651
Cash flow from
operating
activities 884 13,385 4,027 1,947 (1,454) 18,789
Reconciliation of the information
by business segment with
Consolidated Financial
Statements
TotalEnergies
(unaudited)
Consolidated
3(rd) quarter 2022 statement
(M$) Adjusted Adjustments(a) of income
Sales 68,999 38 69,037
Excise taxes (4,075) - (4,075)
Revenues from sales 64,924 38 64,962
Purchases net of inventory
variation (41,509) (1,293) (42,802)
Other operating expenses (6,689) (82) (6,771)
Exploration costs (71) - (71)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (2,926) (9) (2,935)
Other income 163 1,530 1,693
Other expense (153) (768) (921)
Financial interest on debt (633) - (633)
Financial income and expense from
cash & cash equivalents 219 108 327
Cost of net debt (414) 108 (306)
Other financial income 196 - 196
Other financial expense (112) - (112)
Net income (loss) from equity
affiliates 2,576 (2,684) (108)
Income taxes (6,037) (40) (6,077)
Consolidated net income 9,948 (3,200) 6,748
TotalEnergies share 9,863 (3,237) 6,626
Non-controlling interests 85 37 122
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
3(rd) quarter 2021 statement
(M$) Adjusted Adjustments(a) of income
Sales 54,729 - 54,729
Excise taxes (5,659) - (5,659)
Revenues from sales 49,070 - 49,070
Purchases net of inventory
variation (32,574) 230 (32,344)
Other operating expenses (6,548) (69) (6,617)
Exploration costs (127) - (127)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (3,172) (19) (3,191)
Other income 195 - 195
Other expense (117) (488) (605)
Financial interest on debt (454) - (454)
Financial income and expense from
cash & cash equivalents 79 8 87
Cost of net debt (375) 8 (367)
Other financial income 193 - 193
Other financial expense (140) - (140)
Net income (loss) from equity
affiliates 1,143 234 1,377
Income taxes (2,674) (18) (2,692)
Consolidated net income 4,874 (122) 4,752
TotalEnergies share 4,769 (124) 4,645
Non-controlling interests 105 2 107
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information
by business segment with
Consolidated Financial Statements
TotalEnergies
(unaudited)
Consolidated
9 months 2022 statement of
(M$) Adjusted Adjustments(a) income
Sales 212,382 35 212,417
Excise taxes (13,060) - (13,060)
Revenues from sales 199,322 35 199,357
Purchases net of inventory
variation (128,294) 401 (127,893)
Other operating expenses (21,718) (717) (22,435)
Exploration costs (324) (725) (1,049)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (9,112) (604) (9,716)
Other income 713 1,552 2,265
Other expense (951) (3,565) (4,516)
Financial interest on debt (1,667) - (1,667)
Financial income and expense from
cash & cash equivalents 408 378 786
Cost of net debt (1,259) 378 (881)
Other financial income 546 84 630
Other financial expense (383) - (383)
Net income (loss) from equity
affiliates 6,381 (7,992) (1,611)
Income taxes (16,035) (130) (16,165)
Consolidated net income 28,886 (11,283) 17,603
TotalEnergies share 28,636 (11,374) 17,262
Non-controlling interests 250 91 341
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
9 months 2021 statement of
(M$) Adjusted Adjustments(a) income
Sales 145,559 (44) 145,515
Excise taxes (16,179) - (16,179)
Revenues from sales 129,380 (44) 129,336
Purchases net of inventory
variation (83,971) 1,510 (82,461)
Other operating expenses (20,124) (90) (20,214)
Exploration costs (417) - (417)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (9,457) (180) (9,637)
Other income 749 27 776
Other expense (451) (1,111) (1,562)
Financial interest on debt (1,421) - (1,421)
Financial income and expense from
cash & cash equivalents 235 24 259
Cost of net debt (1,186) 24 (1,162)
Other financial income 567 - 567
Other financial expense (401) - (401)
Net income (loss) from equity
affiliates 2,403 (825) 1,578
Income taxes (5,605) (335) (5,940)
Consolidated net income 11,487 (1,024) 10,463
TotalEnergies share 11,235 (1,040) 10,195
Non-controlling interests 252 16 268
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Contacts TotalEnergies
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20221026006183/en/
CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
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October 27, 2022 07:40 ET (11:40 GMT)
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