Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
Change Change
3Q20 vs 3Q19 9M20 vs 9M19
Oil price - Brent ($/b) 42.9 -31% 41.1 -36%
European gas price - NBP ($/Mbtu) 2.9 -26% 2.5 -47%
Adjusted net income (Group share)(1)
- in billions of dollars (B$) 0.85 -72% 2.76 -68%
- in dollars per share 0.29 -74% 0.97 -70%
DACF(1) (B$) 4.3 -41% 12.7 -39%
Cash Flow from operations (B$) 4.4 -47% 9.1 -50%
Net income (Group share) of 202 M$ in 3Q20
Net-debt-to-capital ratio of 22.0% at September 30, 2020 vs. 23.6% at June 30,
2020(2)
Hydrocarbon production of 2,715 kboe/d in 3Q20, a decrease of 11% compared to
3Q19
Third 2020 interim dividend set at 0.66 EUR/share
Total SE's Board of Directors met on October 29, 2020, under the
chairmanship of CEO Patrick Pouyanné to approve the Group's third
quarter 2020 financial statements. On this occasion, Patrick
Pouyanné said:
"After a second quarter in which the Group faced exceptional
circumstances with oil prices falling below $20/b and a very strong
slowdown of global activity linked to the health crisis, the Group
benefited during the third quarter from a more favorable
environment, with oil prices above $40/b thanks to strong OPEC+
discipline as well as the demand recovery for petroleum products
for road transportation. However, the environment was mixed with
low natural gas prices and severely depressed refining margins due
to excess production capacity relative to demand and high
inventories.
In this context, the Group is once again demonstrating its
resilience thanks to its integrated model, by generating cash flow
(DACF) of more than $4 billion, conforming to forecasts with a
$40/b crude price, and reducing gearing to 22% given its investment
and cost discipline. Adjusted net income was close to $850 million,
and the organic cash breakeven remained below $25/b.
Upstream carries the Group's results with adjusted net operating
income of $1.1 billion, notably thanks to low production costs of
$5/boe, despite lower LNG prices and lower production. Given the
strict discipline with which OPEC+ has implemented quotas and the
lack of production in Libya until October 2020, the Group now
anticipates full-year 2020 production below 2.9 Mboe/d.
In Downstream, Refining faced losses while Petrochemicals
resisted, and Marketing & Services generated net operating
income of more than $400 million, better than in the third quarter
2019. Following the announcement of the sale of the Lindsey
refinery in the United Kingdom in July, the Group continued to
adapt its European refining with the conversion of Grandpuits in
France to a zero-oil platform that will produce biofuels and
bioplastics.
During the quarter, the Group accelerated the implementation of
its renewable energy strategy, notably by acquiring a 3.3 GW solar
portfolio in Spain and taking positions in floating offshore wind
in South Korea and France. In addition to the gross renewable
installed capacity of 5.1 GW at the end of the third quarter, the
Group is developing a portfolio of 19 GW of projects, of which 9 GW
already benefit from long-term power purchase agreements.
Confident in the fundamentals of the Group, the Board of
Directors confirmed the third interim dividend payment maintained
at EUR0.66 per share and reaffirmed that the dividend is supported
in a context of $40/b, particularly in view of the results this
quarter."
Highlights(3)
Sustainability
-- Recognition of the Group as a "LEAD" company by the United Nations Global
Compact
-- New Biodiversity Ambition with enhanced commitments
-- Signature as co-founder of the "Sea Cargo Charter" to provide transparent
and standard reporting of greenhouse gas emissions related to maritime
transport activities
-- First publication of the "Sustainability Accounting Standards Board"
report (Exploration & Production standard)
Renewables and electricity
-- Acquired a 3.3 GW portfolio of solar projects in Spain, bringing the
total capacity to more than 5 GW of solar projects in development in the
country
-- Decision to cover the entire electricity consumption of the Group's
industrial sites in Europe by 2025 with green electricity produced by its
Spanish solar sites, through a 3 GW "corporate PPA"
-- Finalization by SunPower of the Maxeon Solar Technologies spin-off in the
US
-- Strengthened partnership with Adani in solar, with expansion of portfolio
to 2.3 GW in India
-- Agreement with Macquarie to develop 2 GW portfolio of floating offshore
wind in South Korea
-- Acquired 20% stake in the Eolmed 30 MW floating offshore wind project in
the Mediterranean
-- Creation of Automotive Cells Company JV with Groupe PSA to develop and
manufacture batteries in Europe for electric vehicles
-- Acquired Blue Point London, operator of London's largest charging network
with 1,600 electric vehicle charging points
Liquids
-- Launched third development phase of the giant Mero field in Brazil
-- Finalized the "Host Government Agreement" with the Ugandan government on
the EACOP pipeline, a major step toward sanctioning the Tilenga project
-- Agreement to sell to Perenco interests in 7 mature non-operated offshore
fields and the Cap Lopez oil terminal in Gabon
-- Completed sale to Neo Energy of mature fields in the UK North Sea
-- Announced conversion of the Grandpuits refinery in France to a zero-oil
platform by 2024
Key figures from Total's consolidated financial
statements(4)
In millions of dollars,
3Q20 except effective tax 9M20
vs rate, earnings per share vs
3Q20 2Q20 3Q19 3Q19 and number of shares 9M20 9M19 9M19
Adjusted net operating
income from business
1,459 821 3,673 -60% segments 4,580 10,675 -57%
801 (209) 1,734 -54% Exploration & Production 1,295 5,478 -76%
Integrated Gas,
285 326 574 -50% Renewables & Power 1,524 1,595 -4%
(88) 575 952 ns Refining & Chemicals 869 2,423 -64%
461 129 413 +12% Marketing & Services 892 1,179 -24%
Contribution of equity
affiliates to adjusted
352 11 521 -32% net income 1,021 1,592 -36%
Group effective tax
45.7% -6.8% 30.7% rate(5) 32.3% 34.9%
Adjusted net income
848 126 3,017 -72% (Group share) 2,755 8,663 -68%
Adjusted fully-diluted
earnings per share
0.29 0.02 1.13 -74% (dollars)(6) 0.97 3.20 -70%
Adjusted fully-diluted
earnings per share
0.24 0.02 1.01 -76% (euros)* 0.86 2.85 -70%
Fully-diluted
weighted-average shares
2,637 2,598 2,614 +1% (millions) 2,612 2,621 -
202 (8,369) 2,800 -93% Net income (Group share) (8,133) 8,667 ns
2,184 2,201 3,296 -34% Organic investments(7) 6,908 9,107 -24%
(272) 721 3,422 ns Net acquisitions(8) 1,551 4,131 -62%
1,912 2,922 6,718 -72% Net investments(9) 8,459 13,238 -36%
Operating cash flow
before working capital
3,791 3,644 6,737 -44% changes**(10) 11,199 19,318 -42%
Operating cash flow
before working capital
changes w/o financial
4,281 4,143 7,269 -41% charges (DACF)(11) 12,701 20,854 -39%
Cash flow from
4,351 3,479 8,206 -47% operations 9,129 18,086 -50%
From 2019, data take into account the impact of the IFRS16
"Leases" rule, effective January 1, 2019.
* Average EUR-$ exchange rate: 1.1689 in the third quarter 2020
and 1.1250 in the first nine months 2020.
** 2Q20, 3Q19 and 9M19 data restated
Key figures of environment and Group production
> Environment* -- liquids and gas price realizations,
refining margins
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 9M20 9M19 9M19
42.9 29.6 62.0 -31% Brent ($/b) 41.1 64.6 -36%
2.1 1.8 2.3 -9% Henry Hub ($/Mbtu) 1.9 2.6 -25%
2.9 1.7 3.9 -26% NBP ($/Mbtu) 2.5 4.8 -47%
3.6 2.1 4.7 -23% JKM ($/Mbtu) 3.1 5.4 -42%
Average price of liquids ($/b)
39.9 23.4 58.0 -31% Consolidated subsidiaries 35.6 60.0 -41%
Average price of gas ($/Mbtu)
2.52 2.61 3.48 -27% Consolidated subsidiaries 2.84 3.93 -28%
3.57 4.40 5.93 -40% Average price of LNG ($/Mbtu) 4.81 6.25 -23%
Consolidated subsidiaries and
equity affiliates
-2.7 14.3 47.4 ns Variable cost margin - Refining 13.6 36.2 -62%
Europe, VCM ($/t)
* The indicators are shown on page 16.
The average LNG sales price fell by 19% in the third quarter
2020 compared to the previous quarter, due to the delayed impact of
lower oil prices in the first half 2020 on long-term LNG
contracts.
> Production*
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 9M20 9M19 9M19
Hydrocarbon production
2,715 2,846 3,040 -11% (kboe/d) 2,882 2,981 -3%
Oil (including bitumen)
1,196 1,315 1,441 -17% (kb/d) 1,319 1,424 -7%
Gas (including condensates
1,519 1,531 1,599 -5% and associated NGL) (kboe/d) 1,563 1,557 -
Hydrocarbon production
2,715 2,846 3,040 -11% (kboe/d) 2,882 2,981 -3%
1,437 1,553 1,720 -16% Liquids (kb/d) 1,563 1,658 -6%
6,973 7,045 7,200 -3% Gas (Mcf/d)** 7,193 7,225 -
* Group production = EP production + iGRP production.
** 3Q19 and 9M19 data restated
Hydrocarbon production was 2,715 thousand barrels of oil
equivalent per day (kboe/d) in the third quarter 2020, a decrease
of 11% year-on-year, comprised of:
-- -7% due to compliance with OPEC+ quotas, notably in Nigeria, the United
Arab Emirates, Angola, Kazakhstan and Iraq, as well as voluntary
reductions in Canada and disruptions in Libya.
-- -1% due to portfolio effect, notably linked to the sale of Block CA1 in
Brunei and the sale of assets in the United Kingdom.
-- +3% due to the start-up and ramp-up of new projects, notably Culzean in
the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa
Rossa in Italy.
-- -3% due to the natural decline of fields.
-- -3% due to maintenance.
Hydrocarbon production was 2,715 thousand barrels of oil
equivalent per day (kboe/d) in the third quarter 2020, a decrease
of 5% compared to the previous quarter, comprised of:
-- -3% due to reinforcement OPEC+ quotas, notably in Nigeria.
-- -1% due to portfolio effect, notably linked to the sale of assets in the
United Kingdom.
-- +1% due to the ramp-up of recently started projects, notably Ichthys in
Australia, Tempa Rossa in Italy and Iara in Brazil.
-- -2% due to the natural decline of fields and maintenance.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and
electricity
3Q20 9M20
vs Hydrocarbon production for vs
3Q20 2Q20 3Q19 3Q19 LNG 9M20 9M19 9M19
518 520 539 -4% iGRP (kboe/d) 530 539 -2%
70 66 73 -5% Liquids (kb/d) 70 71 -2%
2,445 2,471 2,546 -4% Gas (Mcf/d)* 2,509 2,562 -2%
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 Liquefied Natural Gas in Mt 9M20 9M19 9M19
8.1 10.4 7.4 +9% Overall LNG sales 28.3 23.7 +19%
incl. Sales from equity
4.3 4.3 4.2 +3% production** 13.3 12.0 +11%
6.6 8.7 5.5 +20% incl. Sales by Total from 23.2 18.3 +27%
equity production and third
party purchases
* 3Q19 and 9M19 data restated
** The Group's equity production may be sold by Total or by the
joint ventures.
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 Renewables & Electricity 9M20 9M19 9M19
Gross renewables installed
5.1 5.1 2.7 +85% capacity (GW)* 5.1 2.7 +85%
Gross renewables installed or in
development capacity with PPA
14.2 (GW)* 14.2
4.1 2.9 2.9 +41% Net power production (TWh)** 9.9 7.9 +25%
incl. Power production from
1.0 1.1 0.5 x2.1 renewables 2.8 1.4 x2
Clients power - BtB and BtC
4.4 4.2 4.1 +7% (Million)* 4.4 4.1 +7%
Clients gas - BtB and BtC
1.7 1.7 1.6 +4% (Million)* 1.7 1.6 +7%
10.2 9.4 9.9 +3% Sales power - BtB and BtC (TWh) 33.8 33.2 +2%
13.5 17.3 13.5 - Sales gas - BtB and BtC (TWh) 64.4 65.5 -2%
* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas
turbine (CCGT) plants.
Hydrocarbon production for LNG was stable compared to the
previous quarter and down 4% compared to last year.
Total LNG sales:
-- increased by 9% in the third quarter 2020 compared to last year, notably
due to an increase in trading activities.
-- increased by 19% for the first nine months 2020 compared to the same
period last year for the same reason and thanks to the ramp-up of Yamal
LNG, Ichthys LNG and the start-up of the first two Cameron LNG trains in
the US.
Gross installed renewable power generation capacity was 5.1 GW
end of third quarter, a strong 85% increase year-on-year, notably
thanks to the acquisition in India of 50% of a portfolio of more
than 2 GW from the Adani Group.
The Group continues to implement its strategy to integrate along
the gas and electricity chain in Europe and has seen the number of
its power and gas customers grow compared to last year by 7% and
4%, respectively, and for the first nine months 2020 by 7%.
Net electricity production was 4.1 TWh in the third quarter, up
41% year-on-year, notably due to higher demand on the Group's CCGTs
and the doubling of renewable electricity production.
Electricity sales increased by 2% in the first nine months 2020
compared to the same period last year, while gas sales decreased by
2% in the same comparison, impacted by lower demand linked to the
lockdown in Europe.
> Results
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
285 326 574 -50% Adjusted net operating income* 1,524 1,595 -4%
including income from equity
99 (69) 206 -52% affiliates 278 656 -58%
450 618 640 -30% Organic investments 1,714 1,575 +9%
36 433 3,375 -99% Net acquisitions 1,606 3,934 -59%
486 1,051 4,015 -88% Net investments 3,320 5,509 -40%
Operating cash flow before
695 1,051 732 -5% working capital changes ** 2,346 2,052 +14%
654 1,389 401 +63% Cash flow from operations *** 1,554 1,934 -20%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to leases.
2Q20, 3Q19 and 9M19 data restated.
*** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the iGRP segment was:
-- $285 million in the third quarter 2020 compared to $574 million in the
third quarter 2019, due to the drop in LNG prices.
-- $1,524 million in the first nine months 2020, a decrease of 4% compared
to the same period last year for the same reason.
Operating cash flow before working capital changes was $695
million in the third quarter 2020, a 5% decrease year-on-year, and
$2,346 million in the first nine months 2020, an increase of 14%
compared to the same period last year and in line with the 19%
increase in LNG sales.
Exploration & Production
> Production
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 Hydrocarbon production 9M20 9M19 9M19
2,197 2,326 2,501 -12% EP (kboe/d) 2,352 2,442 -4%
1,367 1,487 1,647 -17% Liquids (kb/d) 1,493 1,587 -6%
4,528 4,574 4,654 -3% Gas (Mcf/d) 4,684 4,663 -
> Results
3Q20 9M20
vs In millions of dollars, vs
3Q20 2Q20 3Q19 3Q19 except effective tax rate 9M20 9M19 9M19
Adjusted net operating
801 (209) 1,734 -54% income* 1,295 5,478 -76%
including income from equity
268 48 297 -10% affiliates 706 749 -6%
32.9% 56.6% 39.7% Effective tax rate** 39.7% 42.8%
1,266 1,112 2,064 -39% Organic investments 3,950 6,017 -34%
(309) 311 (3) ns Net acquisitions (4) 239 ns
957 1,423 2,061 -54% Net investments 3,946 6,256 -37%
Operating cash flow before
2,646 1,810 4,451 -41% working capital changes *** 7,032 13,579 -48%
Cash flow from operations
2,043 910 5,007 -59% *** 6,876 12,711 -46%
* Details on adjustment items are shown in the business segment
information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net
operating income - income from equity affiliates - dividends
received from investments - impairment of goodwill + tax on
adjusted net operating income).
*** Excluding financial charges, except those related to
leases.
Exploration & Production adjusted net operating income
was:
-- $801 million in the third quarter compared to $1,734 million a year ago
due to the sharp drop in oil and gas prices and lower production.
-- $1,295 million in the first nine months 2020, a 76% decrease compared to
the same period last year for the same reasons.
Operating cash flow before working capital changes was $2,646
million in the third quarter, down 41% year-on-year, and $7,032
million in the first nine months 2020, a 48% decrease compared to
the same period last year.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
Adjusted net operating
373 704 1,365 -73% income* 1,761 3,602 -51%
449 457 570 -21% Organic investments 1,183 1,447 -18%
2 (20) 52 -96% Net acquisitions (48) (42) ns
451 437 622 -27% Net investments 1,135 1,405 -19%
Operating cash flow before
971 1,488 1,995 -51% working capital changes ** 3,523 5,113 -31%
2,060 1,899 3,058 -33% Cash flow from operations ** 2,377 5,021 -53%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Refining & Chemicals
> Refinery and petrochemicals throughput and utilization
rates
3Q20 9M20
vs Refinery throughput and vs
3Q20 2Q20 3Q19 3Q19 utilization rate* 9M20 9M19 9M19
Total refinery throughput
1,212 1,249 1,719 -29% (kb/d) 1,302 1,725 -25%
267 205 503 -47% France 242 514 -53%
540 595 757 -29% Rest of Europe 630 753 -16%
405 449 459 -12% Rest of world 429 458 -6%
Utlization rate based on
57% 59% 82% crude only** 62% 83%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the
year.
3Q20 9M20
vs Petrochemicals production and vs
3Q20 2Q20 3Q19 3Q19 utilization rate 9M20 9M19 9M19
1,255 1,391 1,402 -11% Monomers* (kt) 4,033 3,788 +6%
1,248 1,193 1,268 -2% Polymers (kt) 3,642 3,692 -1%
Vapocracker utilization
75% 84% 91% rate** 81% 81%
* Olefins.
** Based on olefins production from steamcrackers and their
treatment capacity at the start of the year.
Refinery throughput volumes:
-- Decreased by 29% in the third quarter 2020 compared to the previous year,
mainly due to high inventories of refined products and the drop in
demand. The extended shutdown of the distillation unit at the Normandy
platform following an incident at the end of 2019 and the safety outage
at the Port Arthur refinery in the US in September related to Hurricane
Laura also contributed to the reduction.
-- Decreased by 25% in the first nine months 2020 year-on-year for the same
reasons.
Monomer production:
-- Decreased 11% in the third quarter 2020 year-on-year to 1,255 kt,
essentially due to prolonged unscheduled maintenance on the Port Arthur
cracker.
-- Increased 6% in the first nine months 2020 year-on-year as a result of
2019 planned maintenance on the steamcracker at Daesan in South Korea.
Polymer production:
-- Slight decrease of 2% in the third quarter 2020 year-on-year to 1,248 kt,
due to the drop in demand.
-- Stable in the first nine months 2020 compared to the first nine months
2019, due to planned maintenance of the steamcracker upstream of the
polymer units at Daesan in South Korea in 2019 and offset by the closure
of the polystyrene site at El Pratt in Spain and the planned maintenance
at the Qatofin platform in Qatar in the first quarter 2020.
> Results
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
Adjusted net operating
(88) 575 952 ns income* 869 2,423 -64%
291 302 355 -18% Organic investments 761 948 -20%
(1) (15) 19 ns Net acquisitions (52) (163) ns
290 287 374 -22% Net investments 709 785 -10%
Operating cash flow before
242 996 1,373 -82% working capital changes ** 1,912 3,283 -42%
1,027 1,080 1,575 -35% Cash flow from operations ** 924 2,695 -66%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Refining & Chemicals adjusted net operating income:
-- Decreased to a loss of -$88 million in the third quarter 2020. The drop
was due to negative refining margins resulting from weak demand, notably
for distillates as a result of particularly depressed demand for air
transport.
-- Decreased to $869 million in the first nine months 2020, down 64%
compared to the same period last year, due to refining margin
deterioration and low plant utilization based on crude oil throughput of
62%, partially offset by resilient petrochemical margins and
outperformance of the trading activities in the second quarter 2020.
Operating cash flow before working capital changes fell to $242
million in the third quarter 2020, down 82% compared to a year ago,
and to $1,912 million in the first nine months 2020, down by
42%.
Marketing & Services
> Petroleum product sales
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 Sales in kb/d* 9M20 9M19 9M19
Total Marketing & Services
1,442 1,301 1,848 -22% sales 1,466 1,848 -21%
819 740 1,034 -21% Europe 822 1,017 -19%
623 561 814 -23% Rest of world 645 831 -22%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 22% compared to a
year ago and by 21% in the first nine months of 2020 compared to
the same period last year, notably due to the impact of Covid-19
and associated lockdown on global demand. However, there was an
improvement over the previous quarter thanks to the recovery in
demand, mainly in Europe and Asia.
> Results
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
461 129 413 +12% Adjusted net operating income* 892 1,179 -24%
158 155 215 -27% Organic investments 422 499 -15%
3 (5) 33 -91% Net acquisitions 4 121 -97%
161 150 248 -35% Net investments 426 620 -31%
Operating cash flow before
729 492 622 +17% working capital changes ** 1,611 1,830 -12%
1,033 819 1,483 -30% Cash flow from operations ** 1,453 2,326 -38%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases
Adjusted net operating income was $461 million in the third
quarter 2020, an increase of 12% compared to a year ago, due to
rising margins.
Operating cash flow before working capital changes increased by
17% to $729 million in the third quarter.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments
was:
-- $1,459 million in the third quarter 2020, a decrease of 60% compared to a
year ago, due to lower Brent prices, natural gas prices and refining
margins.
-- $4,580 million in the first nine months 2020, a decrease of 57%
year-on-year for the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
-- $848 million in the third quarter 2020, compared to $3,017 million in the
third quarter 2019, due to lower Brent prices, natural gas prices and
refining margins.
-- $2,755 million in the first nine months 2020, a decrease of 68%
year-on-year, for the same reasons.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair value(3)
.
Total net income adjustments(4) were -$646 million in the third
quarter 2020, essentially related to the conversion of the
Grandpuits refinery in France and the sale of the Lindsey refinery
in the United Kingdom.
The effective tax rate for the Group was 45.7% in the third
quarter 2020, compared to -6.8% in the previous quarter and 30.7%
in the third quarter 2019. The rate of 45.7% reflects negative
adjusted net results in the Refining & Chemicals segment which
reduces the base for calculating the Group rate.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
-- $0.29 in the third quarter 2020, calculated on the basis of a weighted
average of 2,637 million fully-diluted shares, compared to $1.13 in the
same period last year.
-- $0.97 in the first nine months 2020, calculated on the basis of a
weighted average of 2,612 million fully-diluted shares, compared to $3.20
in the same period last year.
The number of fully-diluted shares was 2,644 million on
September 30, 2020.
> Acquisitions - asset sales
Finalized acquisitions were:
-- $150 million in the third quarter 2020, comprised notably of acquiring
51% of the Seagreen offshore wind project in the United Kingdom.
-- $2.7 billion in the first nine months 2020, comprised of the item above
as well as the acquisition in India of 50% of a portfolio of installed
solar activities from Adani Green Energy Limited, the closing of the
acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests
in Blocks 20 and 21 in Angola, and the payment for a second tranche
linked to taking the 10% stake in the Arctic LNG 2 project in Russia.
Finalized asset sales were:
-- $422 million in the third quarter 2020, comprised notably of the sale of
non-strategic assets in the UK North Sea.
-- $1.1 billion in the first nine months 2020, comprised notably of the sale
above, as well as closing the sale of Block CA1 in Brunei, the sale of
the Group's interest in the Fos Cavaou regasification terminal in France,
and 50% of the sale of a portfolio of solar and wind assets from Total
Quadran in France.
> Net cash flow
Net cash flow(5) for the Group was:
-- $1,879 million in the third quarter 2020 compared to $19 million in the
third quarter 2019, which takes into account a decrease in net
investments from $6,718 million to $1,912 million and a decrease in
operating cash flow before working capital changes from $6,737 million to
$3,791 million.
-- $2.7 billion in the first nine months 2020 compared to $6.1 billion in
the first nine months 2019, due to the decrease of $8.1 billion in
operating cash flow before working capital changes, partially offset by a
reduction in net investments of $4.8 billion.
> Profitability
The return on equity was 5.5% for the twelve months ended
September 30, 2020.
In millions of
dollars October 1, 2019 July 1, 2019 October 1, 2018
September 30,
2020 June 30, 2020 September 30, 2019
Adjusted net
income 5,960 8,214 12,104
Average adjusted
shareholders'
equity 108,885 109,448 117,037
Return on equity
(ROE) 5.5% 7.5% 10.3%
The return on average capital employed was 5.4% for the twelve
months ended September 30, 2020.
In millions of
dollars October 1, 2019 July 1, 2019 October 1, 2018
September 30,
2020 June 30, 2020 September 30, 2019
Adjusted net
operating income 7,801 10,125 14,094
Average capital
employed 144,061 145,621 146,222
ROACE 5.4% 7.0% 9.6%
Total SE accounts
Net income for Total SE, the parent company, was EUR4,727
million in the first nine months 2020 compared to EUR5,934 million
a year ago.
2020 Sensitivities*
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids
price** +/- 10 $/b +/- 2.9 B$ +/- 3.3 B$
European gas price
- NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.35 B$ +/- 0.35 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.5 B$ +/- 0.6 B$
* Sensitivities are revised once per year upon publication of
the previous year's fourth quarter results. Sensitivities are
estimates based on assumptions about the Group's portfolio in 2020.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 16.
** In a 60 $/b Brent environment.
Summary and outlook
The oil market environment remains uncertain and will depend
notably on the speed of the global demand recovery, affected by the
Covid-19 pandemic.
Oil prices have remained above $40/b since June, supported by
strong compliance with OPEC+ quotas and lower hydrocarbon
production in North America. In this context, given the quotas, the
Group now anticipates full-year 2020 production below 2.9
Mboe/d.
Total anticipates that the increase in oil prices over the
second and third quarters will have a positive impact on its
average LNG selling price in the fourth quarter, which is expected
to be over $4/Mbtu.
In the Downstream, since the beginning of the fourth quarter,
European refining margins have averaged more than $10/t and remain
fragile given the low demand for jet fuel that weighs on the
valuation of all distillates. In this context, the Group expects
the Downstream to contribute more than $4.5 billion to the Group's
cash flow in 2020.
In this context, the Group maintains strong discipline on
spending. The Group's operating cost reduction program will surpass
its objective with savings of more than $1 billion in 2020. Net
investments will be less than $13 billion in 2020, including $2
billion for renewables and electricity.
The Group's priority is the generation of a level of cash flow
that allows it to continue to invest in profitable projects,
support the dividend and maintain a solid balance sheet. The
Group's teams remain fully committed to the four priorities of HSE,
operational excellence, cost reduction and cash flow
generation.
* * * * *
To listen to the conference call with CFO Jean-Pierre Sbraire
today at 13:00 (Paris time) please log on to total.com or call +44
(0) 207 192 8338 in Europe or +1 646 741 3167 in the United States
(code: 2124019).
The conference replay will be available on total.com after the
event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
3Q20 Combined liquids and gas 9M20
vs production by region vs
3Q20 2Q20 3Q19 3Q19 (kboe/d) 9M20 9M19 9M19
969 1,032 1,004 -3% Europe and Central Asia 1,032 997 +4%
598 653 733 -18% Africa 651 705 -8%
576 641 720 -20% Middle East and North Africa 633 703 -10%
343 314 363 -5% Americas 343 364 -6%
229 206 221 +4% Asia-Pacific 223 212 +5%
2,715 2,846 3,040 -11% Total production 2,882 2,981 -3%
667 699 698 -4% includes equity affiliates 706 719 -2%
3Q20 9M20
vs Liquids production by region vs
3Q20 2Q20 3Q19 3Q19 (kb/d) 9M20 9M19 9M19
359 381 367 -2% Europe and Central Asia 381 349 +9%
458 514 583 -21% Africa 509 558 -9%
432 494 562 -23% Middle East and North Africa 481 543 -12%
144 127 163 -11% Americas 150 167 -10%
44 37 44 -1% Asia-Pacific 42 41 +3%
1,437 1,553 1,720 -16% Total production 1,563 1,658 -6%
197 199 210 -6% includes equity affiliates 203 217 -6%
3Q20 9M20
vs Gas production by region vs
3Q20 2Q20 3Q19 3Q19 (Mcf/d) 9M20 9M19 9M19
3,284 3,506 3,431 -4% Europe and Central Asia 3,507 3,498 -
713 706 768 -7% Africa* 722 755 -4%
801 818 866 -8% Middle East and North Africa 844 879 -4%
1,115 1,047 1,124 -1% Americas 1,085 1,111 -2%
1,060 968 1,011 +5% Asia-Pacific* 1,035 982 +5%
6,973 7,045 7,200 -3% Total production* 7,193 7,225 -
2,540 2,698 2,635 -4% includes equity affiliates* 2,714 2,719 -
* 3Q19 and 9M19 data restated
> Downstream (Refining & Chemicals and Marketing &
Services)
3Q20 9M20
vs Petroleum product sales by vs
3Q20 2Q20 3Q19 3Q19 region (kb/d) 9M20 9M19 9M19
1,475 1,449 1,999 -26% Europe 1,565 2,013 -22%
541 463 677 -20% Africa 562 695 -19%
673 861 920 -27% Americas 767 868 -12%
460 433 541 -15% Rest of world 446 564 -21%
3,149 3,208 4,136 -24% Total consolidated sales 3,340 4,141 -19%
417 366 544 -23% Includes bulk sales 427 545 -22%
1,290 1,541 1,745 -26% Includes trading 1,447 1,748 -17%
3Q20 9M20
vs Petrochemicals production* vs
3Q20 2Q20 3Q19 3Q19 (kt) 9M20 9M19 9M19
1,274 1,275 1,377 -7% Europe 3,821 4,110 -7%
513 637 648 -21% Americas 1,813 1,737 +4%
716 672 646 +11% Middle-East and Asia 2,040 1,633 +25%
* Olefins, polymers
Adjustment items to net income (Group share)
3Q20 2Q20 3Q19 In millions of dollars 9M20 9M19
Special items affecting net income
(706) (8,321) (156) (Group share) (9,361) (226)
- - - Gain (loss) on asset sales - -
(70) (20) (20) Restructuring charges (170) (53)
(293) (8,101) (160) Impairments (8,394) (217)
(343) (200) 24 Other (797) 44
After-tax inventory effect : FIFO vs.
4 (94) (71) replacement cost (1,504) 289
56 (80) 10 Effect of changes in fair value (23) (59)
(646) (8,495) (217) Total adjustments affecting net income (10,888) 4
Investments - Divestments
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
2,184 2,201 3,296 -34% Organic investments ( a ) 6,908 9,107 -24%
148 162 152 -3% capitalized exploration 445 569 -22%
increase in non-current
290 733 242 +20% loans 1,302 742 +75%
repayment of non-current
loans, excluding organic
loan repayment from equity
(330) (58) (61) ns affiliates* (505) (449) ns
change in debt from
renewable projects (Group
(11) (47) (109) ns share) (163) (109) ns
150 857 4,429 -97% Acquisitions ( b ) 2,651 5,713 -54%
422 136 1,007 -58% Asset sales ( c ) 1,100 1,582 -30%
change in debt from
renewable projects (partner
7 22 105 -93% share) 90 105 -14%
Other transactions with
non-controlling interests (
- - - ns d ) - - ns
Net investments ( a + b - c
1,912 2,922 6,718 -72% - d ) 8,459 13,238 -36%
(1) (41) (101) ns Organic loan repayment from (35) (200) ns
equity affiliates* ( e )
18 69 214 -92% Change in debt from 253 214 +18%
renewable projects financing
** ( f )
28 22 - ns Capex linked to capitalized 74 - ns
leasing contracts ( g )
1,901 2,928 6,831 -72% Cash flow used in investing 8,603 13,252 -35%
activities ( a + b - c + e +
f -g)
* Effective second quarter 2019, organic loan repayments from
equity affiliates are defined as loan repayments from equity
affiliates coming from their cash flow from operations.
** Change in debt from renewable projects (Group share and
partner share).
Cash flow
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
Operating cash flow
before working capital
changes w/o financials
4,281 4,143 7,269 -41% charges (DACF) 12,701 20,854 -39%
(491) (499) (532) ns Financial charges (1,502) (1,536) ns
Operating cash flow
before working capital
3,791 3,644 6,737 -44% changes ( a ) * 11,199 19,318 -42%
(Increase) decrease in
475 (65) 1,639 -71% working capital ** (223) (1,489) ns
90 (42) (69) ns Inventory effect (1,748) 457 ns
capital gain from
(4) (17) - ns renewable projects sale (64) - ns
Organic loan repayment
(1) (41) (101) ns from equity affiliates (35) (200) ns
4,351 3,479 8,206 -47% Cash flow from operations 9,129 18,086 -50%
2,184 2,201 3,296 -34% Organic investments ( b ) 6,908 9,107 -24%
Free cash flow after
organic investments, w/o
net asset sales ( a - b
1,607 1,443 3,441 -53% ) 4,291 10,211 -58%
1,912 2,922 6,718 -72% Net investments ( c ) 8,459 13,238 -36%
1,879 722 19 x98.9 Net cash flow ( a - c ) 2,740 6,080 -55%
* Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP's contracts and including capital gain from renewable projects
sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair
valuation of iGRP sector's contracts.
** Changes in working capital are presented excluding the
mark-to-market effect of iGRP's contracts.
Gearing ratio
In millions of dollars 09/30/2020 06/30/2020 09/30/2019
Current borrowings 14,980 16,154 14,631
Net current financial assets (5,815) (6,159) (3,012)
Net financial assets classified as held
for sale 5 - -
Non-current financial debt 61,477 61,540 47,923
Non-current financial assets (3,155) (2,431) (767)
Cash and cash equivalents (30,593) (29,727) (27,454)
Net debt (a) 36,899 39,377 31,321
of which leases 7,499 7,383 6,888
Shareholders' equity - Group share 102,234 101,205 114,994
Non-controlling interests 2,177 2,334 2,319
Shareholders' equity (b) 104,411 103,539 117,313
Net-debt-to-capital ratio = a / (a + b) * 26.1% 27.6% 21.1%
Net-debt-to-capital ratio excluding leases 22.0% 23.6% 17.2%
* The net-debt-to-capital ratios include the impact of the IFRS
16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months ended September 30, 2020
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Group
Adjusted net
operating
income 2,318 3,326 1,449 1,366 7,801
Capital
employed at
09/30/2019* 41,516 88,560 11,658 7,570 147,145
Capital
employed at
09/30/2020* 43,799 78,548 11,951 8,211 140,976
ROACE 5.4% 4.0% 12.3% 17.3% 5.4%
> Twelve months ended June 30, 2020
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Group
Adjusted net
operating
income 2,607 4,259 2,489 1,318 10,125
Capital
employed at
06/30/2019* 37,290 90,633 12,300 8,535 148,617
Capital
employed at
06/30/2020* 43,527 79,096 12,843 8,366 142,625
ROACE 6.5% 5.0% 19.8% 15.6% 7.0%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the third quarter
and first nine months of 2020 from the consolidated financial
statements of TOTAL SE as of September 30, 2020. The limited review
procedures by the Statutory Auditors are underway. The notes to the
consolidated financial statements (unaudited) are available on the
Total website total.com.
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
notably with respect to the financial condition, results of
operations, business activities and industrial strategy of TOTAL.
This document may also contain statements regarding the
perspectives, objectives and goals of the Group, including with
respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by the Group,
it being specified that the means to be deployed do not depend
solely on TOTAL. These forward-looking statements may generally be
identified by the use of the future or conditional tense or
forward-looking words such as "envisions", "intends",
"anticipates", "believes", "considers", "plans", "expects",
"thinks", "targets", "aims" or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by the Group as of the date of this document.
These forward-looking statements are not historical data and
should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to
be inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences including those due to epidemics such as
Covid-19. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value
of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the Group's
business, financial condition, including its operating income and
cash flow, reputation or outlook is provided in the most recent
version of the Universal Registration Document which is filed by
the Company with the French Autorité des Marchés Financiers and the
annual report on Form 20-F/A filed with the United States
Securities and Exchange Commission ("SEC").
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TOTAL. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio and operating cash flow
before working capital changes. These indicators are meant to
facilitate the analysis of the financial performance of TOTAL and
the comparison of income between periods. They allow investors to
track the measures used internally to manage and measure the
performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualified as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However,
in certain instances, transactions such as restructuring costs or
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and
Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the
segments' performance and facilitate the comparability of the
segments' performance with those of its competitors.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) method, the variation of inventory values in
the statement of income is, depending on the nature of the
inventory, determined using either the month-end price
differentials between one period and another or the average prices
of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to
the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for some transactions, differences between internal
measures of performance used by TOTAL's management and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
TOTAL, in its trading activities, enters into storage contracts,
whose future effects are recorded at fair value in Group's internal
economic performance. IFRS precludes recognition of this fair value
effect.
Furthermore, TOTAL enters into derivative instruments to risk
manage certain operational contracts or assets. Under IFRS, these
derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (EUR-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors -- The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as "potential reserves" or "resources",
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 20-F/A, File Ndeg 1-10888, available
from us at 2, place Jean Millier -- Arche Nord Coupole/Regnault -
92078 Paris-La Défense Cedex, France, or at our website total.com.
You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC's website sec.gov.
----------------------------------------------------------------------------------------------------------------------------------
Total financial statements
______________________
Third quarter and nine months 2020 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)(a) 2020 2020 2019
Sales 33,142 25,730 48,589
Excise taxes (5,925) (4,168) (6,051)
Revenues from sales 27,217 21,562 42,538
Purchases, net of inventory
variation (16,885) (12,025) (27,898)
Other operating expenses (5,610) (6,321) (6,362)
Exploration costs (139) (114) (96)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (3,493) (11,593) (4,173)
Other income 457 362 167
Other expense (281) (108) (559)
Financial interest on debt (547) (530) (598)
Financial income and
expense from cash & cash
equivalents 89 50
Cost of net debt (458) (480) (598)
Other financial income 134 419 163
Other financial expense (165) (161) (178)
Net income (loss) from
equity affiliates 94 (447) 1,381
Income taxes (690) 484 (1,540)
Consolidated net income 181 (8,422) 2,845
Group share 202 (8,369) 2,800
Non-controlling interests (21) (53) 45
Earnings per share ($) 0.04 (3.27) 1.05
Fully-diluted earnings per
share ($) 0.04 (3.27) 1.04
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2020 2020 2019
Consolidated net income 181 (8,422) 2,845
Other comprehensive income
Actuarial gains and losses (6) (356) 5
Change in fair value of
investments in equity
instruments 221 90 19
Tax effect - 101 (1)
Currency translation
adjustment generated by the
parent company 3,663 1,780 (3,520)
Items not potentially
reclassifiable to profit and
loss 3,878 1,615 (3,497)
Currency translation
adjustment (1,830) (919) 1,207
Cash flow hedge 363 231 (202)
Variation of foreign currency
basis spread (35) 14 (4)
Share of other comprehensive
income of equity affiliates,
net amount (804) 296 73
Other (7) - (6)
Tax effect (115) (78) 69
Items potentially
reclassifiable to profit and
loss (2,428) (456) 1,137
Total other comprehensive
income (net amount) 1,450 1,159 (2,360)
Comprehensive income 1,631 (7,263) 485
Group share 1,536 (7,253) 462
Non-controlling interests 95 (10) 23
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
9 months 9 months
(M$)(a) 2020 2019
Sales 102,742 151,036
Excise taxes (15,386) (18,172)
Revenues from sales 87,356 132,864
Purchases, net of inventory variation (56,978) (88,009)
Other operating expenses (18,875) (20,165)
Exploration costs (393) (554)
Depreciation, depletion and impairment of tangible
assets and mineral interests (18,721) (11,300)
Other income 1,399 735
Other expense (809) (957)
Financial interest on debt (1,646) (1,727)
Financial income and expense from cash & cash
equivalents (16) (70)
Cost of net debt (1,662) (1,797)
Other financial income 741 649
Other financial expense (507) (561)
Net income (loss) from equity affiliates 379 2,904
Income taxes (169) (5,020)
Consolidated net income (8,239) 8,789
Group share (8,133) 8,667
Non-controlling interests (106) 122
Earnings per share ($) (3.22) 3.22
Fully-diluted earnings per share ($) (3.22) 3.20
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
9 months 9 months
(M$) 2020 2019
Consolidated net income (8,239) 8,789
Other comprehensive income
Actuarial gains and losses (229) (54)
Change in fair value of investments in equity
instruments 147 126
Tax effect 86 13
Currency translation adjustment generated by the parent
company 3,467 (3,994)
Items not potentially reclassifiable to profit and loss 3,471 (3,909)
Currency translation adjustment (2,770) 1,394
Cash flow hedge (930) (575)
Variation of foreign currency basis spread 35 50
Share of other comprehensive income of equity
affiliates, net amount (1,731) 326
Other (4) (4)
Tax effect 252 176
Items potentially reclassifiable to profit and loss (5,148) 1,367
Total other comprehensive income (net amount) (1,677) (2,542)
Comprehensive income (9,916) 6,247
Group share (9,888) 6,099
Non-controlling interests (28) 148
CONSOLIDATED
BALANCE SHEET
TOTAL
September June 30, December 31, September 30,
30, 2020 2020 2019 2019
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current
assets
Intangible
assets, net 33,145 33,114 33,178 31,539
Property, plant
and equipment,
net 104,355 104,925 116,408 116,900
Equity
affiliates :
investments and
loans 27,386 27,470 27,122 27,172
Other
investments 1,822 1,627 1,778 1,738
Non-current
financial
assets 3,155 2,431 912 767
Deferred income
taxes 6,952 7,257 6,216 5,689
Other
non-current
assets 2,570 2,539 2,415 2,264
Total
non-current
assets 179,385 179,363 188,029 186,069
Current assets
Inventories, net 12,373 12,688 17,132 16,226
Accounts
receivable,
net 12,893 13,481 18,488 18,568
Other current
assets 14,637 17,155 17,013 14,925
Current
financial
assets 6,011 6,570 3,992 3,781
Cash and cash
equivalents 30,593 29,727 27,352 27,454
Assets
classified as
held for sale 1,090 421 1,288 418
Total current
assets 77,597 80,042 85,265 81,372
Total assets 256,982 259,405 273,294 267,441
LIABILITIES &
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common shares 8,267 8,159 8,123 8,300
Paid-in surplus
and retained
earnings 107,632 107,934 121,170 123,805
Currency
translation
adjustment (12,275) (13,265) (11,503) (13,297)
Treasury shares (1,390) (1,623) (1,012) (3,814)
Total
shareholders'
equity - Group
share 102,234 101,205 116,778 114,994
Non-controlling
interests 2,177 2,334 2,527 2,319
Total
shareholders'
equity 104,411 103,539 119,305 117,313
Non-current
liabilities
Deferred income
taxes 10,367 10,346 11,858 11,333
Employee
benefits 3,719 3,612 3,501 3,273
Provisions and
other
non-current
liabilities 19,351 19,487 20,613 20,903
Non-current
financial debt 61,477 61,540 47,773 47,923
Total
non-current
liabilities 94,914 94,985 83,745 83,432
Current
liabilities
Accounts payable 18,880 19,198 28,394 26,237
Other creditors
and accrued
liabilities 22,806 24,790 25,749 24,728
Current
borrowings 14,980 16,154 14,819 14,631
Other current
financial
liabilities 196 411 487 769
Liabilities
directly
associated with
the assets
classified as
held for sale 795 328 795 331
Total current
liabilities 57,657 60,881 70,244 66,696
Total
liabilities &
shareholders'
equity 256,982 259,405 273,294 267,441
CONSOLIDATED STATEMENT OF
CASH FLOW
TOTAL
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2020 2020 2019
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 181 (8,422) 2,845
Depreciation, depletion,
amortization and impairment 3,634 11,701 4,242
Non-current liabilities,
valuation allowances and
deferred taxes (88) (796) 235
(Gains) losses on disposals
of assets (309) (131) (74)
Undistributed affiliates'
equity earnings 178 978 (876)
(Increase) decrease in
working capital 980 431 1,523
Other changes, net (225) (282) 311
Cash flow from operating
activities 4,351 3,479 8,206
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and
property, plant and
equipment additions (2,157) (2,409) (2,210)
Acquisitions of subsidiaries,
net of cash acquired - - (4,385)
Investments in equity
affiliates and other
securities (229) (136) (258)
Increase in non-current loans (301) (733) (242)
Total expenditures (2,687) (3,278) (7,095)
Proceeds from disposals of
intangible assets and
property, plant and
equipment 363 219 63
Proceeds from disposals of
subsidiaries, net of cash
sold 4 12 (1)
Proceeds from disposals of
non-current investments 77 20 40
Repayment of non-current
loans 342 99 162
Total divestments 786 350 264
Cash flow used in investing
activities (1,901) (2,928) (6,831)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of
shares:
- Parent company shareholders - 374 1
- Treasury shares - (2) (420)
Dividends paid:
- Parent company shareholders (825) (1,928) -
- Non-controlling interests (103) (76) (21)
Net issuance (repayment) of
perpetual subordinated
notes 331 - -
Payments on perpetual
subordinated notes (22) (134) -
Other transactions with
non-controlling interests (75) (22) -
Net issuance (repayment) of
non-current debt 224 15,430 4,466
Increase (decrease) in
current borrowings (2,343) (6,604) (3,209)
Increase (decrease) in
current financial assets and
liabilities 730 449 (310)
Cash flow from (used in)
financing activities (2,083) 7,487 507
Net increase (decrease) in
cash and cash equivalents 367 8,038 1,882
Effect of exchange rates 499 55 (1,151)
Cash and cash equivalents at
the beginning of the period 29,727 21,634 26,723
Cash and cash equivalents at
the end of the period 30,593 29,727 27,454
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
9 months 9 months
(M$) 2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income (8,239) 8,789
Depreciation, depletion, amortization and impairment 19,065 11,777
Non-current liabilities, valuation allowances and
deferred taxes (1,545) 614
(Gains) losses on disposals of assets (649) (438)
Undistributed affiliates' equity earnings 569 (1,350)
(Increase) decrease in working capital 527 (1,764)
Other changes, net (599) 458
Cash flow from operating activities 9,129 18,086
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment
additions (6,930) (7,795)
Acquisitions of subsidiaries, net of cash acquired (188) (4,593)
Investments in equity affiliates and other securities (1,899) (1,448)
Increase in non-current loans (1,329) (742)
Total expenditures (10,346) (14,578)
Proceeds from disposals of intangible assets and
property, plant and equipment 626 226
Proceeds from disposals of subsidiaries, net of cash
sold 158 145
Proceeds from disposals of non-current investments 392 306
Repayment of non-current loans 567 649
Total divestments 1,743 1,326
Cash flow used in investing activities (8,603) (13,252)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 374 451
- Treasury shares (611) (2,190)
Dividends paid:
- Parent company shareholders (4,635) (4,765)
- Non-controlling interests (179) (114)
Net issuance (repayment) of perpetual subordinated notes 331 -
Payments on perpetual subordinated notes (253) (315)
Other transactions with non-controlling interests (145) (150)
Net issuance (repayment) of non-current debt 15,696 8,047
Increase (decrease) in current borrowings (6,162) (4,698)
Increase (decrease) in current financial assets and
liabilities (1,816) (368)
Cash flow from (used in) financing activities 2,600 (4,102)
Net increase (decrease) in cash and cash equivalents 3,126 732
Effect of exchange rates 115 (1,185)
Cash and cash equivalents at the beginning of the period 27,352 27,907
Cash and cash equivalents at the end of the period 30,593 27,454
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Paid-in
surplus
and Currency Shareholders' Total
retained translation Treasury equity - Non-controlling shareholders'
Common shares issued earnings adjustment shares Group Share interests equity
(M$) Number Amount Number Amount
As of January 1,
2019 2,640,602,007 8,227 120,569 (11,313) (32,473,281) (1,843) 115,640 2,474 118,114
Net income of
the first nine
months 2019 - - 8,667 - - - 8,667 122 8,789
Other
comprehensive
income - - (584) (1,984) - - (2,568) 26 (2,542)
Comprehensive
Income - - 8,083 (1,984) - - 6,099 148 6,247
Dividend - - (5,781) - - - (5,781) (114) (5,895)
Issuance of
common shares 26,388,503 73 1,269 - - - 1,342 - 1,342
Purchase of
treasury
shares - - - - (40,871,207) (2,189) (2,189) - (2,189)
Sale of treasury
shares(a) - - (218) - 4,278,158 218 - - -
Share-based
payments - - 157 - - - 157 - 157
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - (4) - - - (4) - (4)
Payments on
perpetual
subordinated
notes - - (280) - - - (280) - (280)
Other operations
with
non-controlling
interests - - - - - - - (150) (150)
Other items - - 10 - - - 10 (39) (29)
As of September
30, 2019 2,666,990,510 8,300 123,805 (13,297) (69,066,330) (3,814) 114,994 2,319 117,313
Net income of
the fourth
quarter 2019 - - 2,600 - - - 2,600 49 2,649
Other
comprehensive
income - - (75) 1,794 - - 1,719 42 1,761
Comprehensive
Income - - 2,525 1,794 - - 4,319 91 4,410
Dividend - - (1,949) - - - (1,949) (1) (1,950)
Issuance of
common shares - 1 (4) - - - (3) - (3)
Purchase of
treasury
shares - - - - (11,518,129) (621) (621) - (621)
Sale of treasury
shares(a) - - (1) - 790 1 - - -
Share-based
payments - - 50 - - - 50 - 50
Share
cancellation (65,109,435) (178) (3,244) - 65,109,435 3,422 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - - - - - - - -
Payments on
perpetual
subordinated
notes - - (73) - - - (73) - (73)
Other operations
with
non-controlling
interests - - 55 - - - 55 108 163
Other items - - 6 - - - 6 10 16
As of December
31, 2019 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
Net income of
the first nine
months 2020 - - (8,133) - - - (8,133) (106) (8,239)
Other
comprehensive
income - - (983) (772) - - (1,755) 78 (1,677)
Comprehensive
Income - - (9,116) (772) - - (9,888) (28) (9,916)
Dividend - - (5,829) - - - (5,829) (234) (6,063)
Issuance of
common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
Purchase of
treasury
shares - - - - (13,236,044) (611) (611) - (611)
Sale of treasury
shares(a) - - (233) - 4,297,502 233 - - -
Share-based
payments - - 144 - - - 144 - 144
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - 331 - - - 331 - 331
Payments on
perpetual
subordinated
notes - - (227) - - - (227) - (227)
Other operations
with
non-controlling
interests - - (63) - - - (63) (82) (145)
Other items - - (15) - - - (15) (6) (21)
As of September
30, 2020 2,653,124,025 8,267 107,632 (12,275) (24,412,776) (1,390) 102,234 2,177 104,411
(a) Treasury shares related to the restricted stock grants.
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,142 1,995 13,607 16,397 1 - 33,142
Intersegment
sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from
sales 5,390 2,475 17,116 11,193 25 (8,982) 27,217
Operating
expenses (2,435) (1,880) (16,799) (10,301) (201) 8,982 (22,634)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,187) (342) (678) (270) (16) - (3,493)
Operating income 768 253 (361) 622 (192) - 1,090
Net income (loss)
from equity
affiliates and
other items 251 225 (247) 14 (4) - 239
Tax on net
operating
income (243) (266) (51) (187) 3 - (744)
Net operating
income 776 212 (659) 449 (193) - 585
Net cost of net
debt (404)
Non-controlling
interests 21
Net income -
group share 202
Integrated
3(rd) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - 33 - - - - 33
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - 33 - - - - 33
Operating
expenses (51) (49) (48) (6) - - (154)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests - - (290) - - - (290)
Operating income
(b) (51) (16) (338) (6) - - (411)
Net income (loss)
from equity
affiliates and
other items 8 (64) (215) (6) - - (277)
Tax on net
operating
income 18 7 (18) - - - 7
Net operating
income (b) (25) (73) (571) (12) - - (681)
Net cost of net
debt 29
Non-controlling
interests 6
Net income -
group share (646)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 95 (5) -
- On net
operating
income - - 14 (6) -
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,142 1,962 13,607 16,397 1 - 33,109
Intersegment
sales 4,248 480 4,167 63 24 (8,982) -
Excise taxes - - (658) (5,267) - - (5,925)
Revenues from
sales 5,390 2,442 17,116 11,193 25 (8,982) 27,184
Operating
expenses (2,384) (1,831) (16,751) (10,295) (201) 8,982 (22,480)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,187) (342) (388) (270) (16) - (3,203)
Adjusted
operating
income 819 269 (23) 628 (192) - 1,501
Net income (loss)
from equity
affiliates and
other items 243 289 (32) 20 (4) - 516
Tax on net
operating
income (261) (273) (33) (187) 3 - (751)
Adjusted net
operating
income 801 285 (88) 461 (193) - 1,266
Net cost of net
debt (433)
Non-controlling
interests 15
Adjusted net
income - group
share 848
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,291 874 317 185 20 2,687
Total divestments 362 380 17 25 2 786
Cash flow from
operating
activities 2,043 654 1,027 1,033 (406) 4,351
INFORMATION BY
BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 992 3,313 9,433 11,986 6 - 25,730
Intersegment
sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from
sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562
Operating
expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (9,667) (1,282) (393) (229) (22) - (11,593)
Operating income (7,983) (1,074) 632 234 (300) - (8,491)
Net income (loss)
from equity
affiliates and
other items 17 21 (35) 22 40 - 65
Tax on net
operating
income 398 322 (132) (127) (26) - 435
Net operating
income (7,568) (731) 465 129 (286) - (7,991)
Net cost of net
debt (431)
Non-controlling
interests 53
Net income -
group share (8,369)
Integrated
2(nd) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - (18) - - - - (18)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - (18) - - - - (18)
Operating
expenses (27) (199) (48) 5 (36) - (305)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (7,338) (953) - - - - (8,291)
Operating income
(b) (7,365) (1,170) (48) 5 (36) - (8,614)
Net income (loss)
from equity
affiliates and
other items (57) (217) (63) (5) - - (342)
Tax on net
operating
income 63 330 1 - 12 - 406
Net operating
income (b) (7,359) (1,057) (110) - (24) - (8,550)
Net cost of net
debt 33
Non-controlling
interests 22
Net income -
group share (8,495)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - (26) (16) -
- On net
operating
income - - (86) (9) -
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 992 3,331 9,433 11,986 6 - 25,748
Intersegment
sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from
sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580
Operating
expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,329) (329) (393) (229) (22) - (3,302)
Adjusted
operating
income (618) 96 680 229 (264) - 123
Net income (loss)
from equity
affiliates and
other items 74 238 28 27 40 - 407
Tax on net
operating
income 335 (8) (133) (127) (38) - 29
Adjusted net
operating
income (209) 326 575 129 (262) - 559
Net cost of net
debt (464)
Non-controlling
interests 31
Adjusted net
income - group
share 126
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,606 1,170 307 174 21 3,278
Total divestments 204 89 22 26 9 350
Cash flow from
operating
activities 910 1,389 1,080 819 (719) 3,479
INFORMATION BY
BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,631 3,667 21,338 21,951 2 - 48,589
Intersegment
sales 7,761 573 8,341 155 15 (16,845) -
Excise taxes - - (713) (5,338) - - (6,051)
Revenues from
sales 9,392 4,240 28,966 16,768 17 (16,845) 42,538
Operating
expenses (3,999) (3,558) (27,518) (15,963) (163) 16,845 (34,356)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (3,136) (361) (413) (247) (16) - (4,173)
Operating income 2,257 321 1,035 558 (162) - 4,009
Net income (loss)
from equity
affiliates and
other items 77 898 5 (15) 9 - 974
Tax on net
operating
income (1,094) (222) (221) (164) 70 - (1,631)
Net operating
income 1,240 997 819 379 (83) - 3,352
Net cost of net
debt (507)
Non-controlling
interests (45)
Net income -
group share 2,800
Integrated
3(rd) quarter Exploration Gas, Refining Marketing
2019 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - 12 - - - - 12
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - 12 - - - - 12
Operating
expenses (100) (41) (96) 22 - - (215)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (153) (9) (22) (2) - - (186)
Operating income
(b) (253) (38) (118) 20 - - (389)
Net income (loss)
from equity
affiliates and
other items (90) 599 (23) (53) - - 433
Tax on net
operating
income (151) (138) 8 (1) - - (282)
Net operating
income (b) (494) 423 (133) (34) - - (238)
Net cost of net
debt (4)
Non-controlling
interests 25
Net income -
group share (217)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - (94) 25 -
- On net
operating
income - - (90) 19 -
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2019 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,631 3,655 21,338 21,951 2 - 48,577
Intersegment
sales 7,761 573 8,341 155 15 (16,845) -
Excise taxes - - (713) (5,338) - - (6,051)
Revenues from
sales 9,392 4,228 28,966 16,768 17 (16,845) 42,526
Operating
expenses (3,899) (3,517) (27,422) (15,985) (163) 16,845 (34,141)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,983) (352) (391) (245) (16) - (3,987)
Adjusted
operating
income 2,510 359 1,153 538 (162) - 4,398
Net income (loss)
from equity
affiliates and
other items 167 299 28 38 9 - 541
Tax on net
operating
income (943) (84) (229) (163) 70 - (1,349)
Adjusted net
operating
income 1,734 574 952 413 (83) - 3,590
Net cost of net
debt (503)
Non-controlling
interests (70)
Adjusted net
income - group
share 3,017
Integrated
Exploration Gas, Refining Marketing
3(rd) quarter & Renewables & &
2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,077 4,331 386 276 25 7,095
Total divestments 23 192 14 30 5 264
Cash flow from
operating
activities 5,007 401 1,575 1,483 (260) 8,206
INFORMATION BY
BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
9 months 2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 3,716 10,398 41,563 47,058 7 - 102,742
Intersegment
sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from
sales 16,625 11,773 53,004 33,708 90 (27,844) 87,356
Operating
expenses (8,483) (10,278) (52,535) (32,031) (763) 27,844 (76,246)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (14,498) (1,958) (1,466) (743) (56) - (18,721)
Operating income (6,356) (463) (997) 934 (729) - (7,611)
Net income (loss)
from equity
affiliates and
other items 691 645 (339) 46 160 - 1,203
Tax on net
operating
income (299) 64 152 (346) 5 - (424)
Net operating
income (5,964) 246 (1,184) 634 (564) - (6,832)
Net cost of net
debt (1,407)
Non-controlling
interests 106
Net income -
group share (8,133)
Integrated
Exploration Gas, Refining Marketing
9 months 2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - 17 - - - - 17
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - 17 - - - - 17
Operating
expenses (88) (367) (1,685) (347) (91) - (2,578)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (7,338) (953) (290) - - - (8,581)
Operating income
(b) (7,426) (1,303) (1,975) (347) (91) - (11,142)
Net income (loss)
from equity
affiliates and
other items 79 (356) (486) (11) - - (774)
Tax on net
operating
income 88 381 408 100 12 - 989
Net operating
income (b) (7,259) (1,278) (2,053) (258) (79) - (10,927)
Net cost of net
debt (39)
Non-controlling
interests 78
Net income -
group share (10,888)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - (1,509) (239) -
- On net
operating
income - - (1,357) (169) -
Integrated
Exploration Gas, Refining Marketing
9 months 2020 & Renewables & &
(adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 3,716 10,381 41,563 47,058 7 - 102,725
Intersegment
sales 12,909 1,375 13,218 259 83 (27,844) -
Excise taxes - - (1,777) (13,609) - - (15,386)
Revenues from
sales 16,625 11,756 53,004 33,708 90 (27,844) 87,339
Operating
expenses (8,395) (9,911) (50,850) (31,684) (672) 27,844 (73,668)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (7,160) (1,005) (1,176) (743) (56) - (10,140)
Adjusted
operating
income 1,070 840 978 1,281 (638) - 3,531
Net income (loss)
from equity
affiliates and
other items 612 1,001 147 57 160 - 1,977
Tax on net
operating
income (387) (317) (256) (446) (7) - (1,413)
Adjusted net
operating
income 1,295 1,524 869 892 (485) - 4,095
Net cost of net
debt (1,368)
Non-controlling
interests 28
Adjusted net
income - group
share 2,755
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
9 months 2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 4,556 4,335 850 519 86 10,346
Total divestments 687 813 118 97 28 1,743
Cash flow from
operating
activities 6,876 1,554 924 1,453 (1,678) 9,129
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
9 months 2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 5,698 13,875 65,558 65,901 4 - 151,036
Intersegment
sales 23,063 1,832 24,651 456 78 (50,080) -
Excise taxes - - (2,250) (15,922) - - (18,172)
Revenues from
sales 28,761 15,707 87,959 50,435 82 (50,080) 132,864
Operating
expenses (12,233) (13,845) (84,020) (48,141) (569) 50,080 (108,728)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (8,352) (1,004) (1,176) (717) (51) - (11,300)
Operating income 8,176 858 2,763 1,577 (538) - 12,836
Net income (loss)
from equity
affiliates and
other items 444 1,939 265 86 36 - 2,770
Tax on net
operating
income (3,679) (845) (467) (498) 194 - (5,295)
Net operating
income 4,941 1,952 2,561 1,165 (308) - 10,311
Net cost of net
debt (1,522)
Non-controlling
interests (122)
Net income -
group share 8,667
Integrated
Exploration Gas, Refining Marketing
9 months 2019 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - (74) - - - - (74)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - (74) - - - - (74)
Operating
expenses (100) (153) 353 62 - - 162
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (196) (20) (32) (2) - - (250)
Operating income
(b) (296) (247) 321 60 - - (162)
Net income (loss)
from equity
affiliates and
other items (90) 1,012 (70) (60) - - 792
Tax on net
operating
income (151) (408) (113) (14) - - (686)
Net operating
income (b) (537) 357 138 (14) - - (56)
Net cost of net
debt (12)
Non-controlling
interests 72
Net income -
group share 4
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On operating
income - - 392 65 -
- On net
operating
income - - 254 46 -
Integrated
Exploration Gas, Refining Marketing
9 months 2019 & Renewables & &
(adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 5,698 13,949 65,558 65,901 4 - 151,110
Intersegment
sales 23,063 1,832 24,651 456 78 (50,080) -
Excise taxes - - (2,250) (15,922) - - (18,172)
Revenues from
sales 28,761 15,781 87,959 50,435 82 (50,080) 132,938
Operating
expenses (12,133) (13,692) (84,373) (48,203) (569) 50,080 (108,890)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (8,156) (984) (1,144) (715) (51) - (11,050)
Adjusted
operating
income 8,472 1,105 2,442 1,517 (538) - 12,998
Net income (loss)
from equity
affiliates and
other items 534 927 335 146 36 - 1,978
Tax on net
operating
income (3,528) (437) (354) (484) 194 - (4,609)
Adjusted net
operating
income 5,478 1,595 2,423 1,179 (308) - 10,367
Net cost of net
debt (1,510)
Non-controlling
interests (194)
Adjusted net
income - group
share 8,663
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
9 months 2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 6,359 6,306 1,034 803 76 14,578
Total divestments 112 766 253 187 8 1,326
Cash flow from
operating
activities 12,711 1,934 2,695 2,326 (1,580) 18,086
Reconciliation of the information by business segment with Consolidated
Financial Statements TOTAL (unaudited)
Consolidated
3(rd) quarter 2020 statement
(M$) Adjusted Adjustments(a) of income
Sales 33,109 33 33,142
Excise taxes (5,925) - (5,925)
Revenues from sales 27,184 33 27,217
Purchases net of inventory
variation (16,942) 57 (16,885)
Other operating expenses (5,399) (211) (5,610)
Exploration costs (139) - (139)
Depreciation, depletion and
impairment of tangible assets
and mineral interests (3,203) (290) (3,493)
Other income 310 147 457
Other expense (115) (166) (281)
Financial interest on debt (549) 2 (547)
Financial income and expense from
cash & cash equivalents 49 40 89
Cost of net debt (500) 42 (458)
Other financial income 134 - 134
Other financial expense (165) - (165)
Net income (loss) from equity
affiliates 352 (258) 94
Income taxes (684) (6) (690)
Consolidated net income 833 (652) 181
Group share 848 (646) 202
Non-controlling interests (15) (6) (21)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
3(rd) quarter 2019 statement
(M$) Adjusted Adjustments(a) of income
Sales 48,577 12 48,589
Excise taxes (6,051) - (6,051)
Revenues from sales 42,526 12 42,538
Purchases net of inventory
variation (27,805) (93) (27,898)
Other operating expenses (6,240) (122) (6,362)
Exploration costs (96) - (96)
Depreciation, depletion and
impairment of tangible assets
and mineral interests (3,987) (186) (4,173)
Other income 167 - 167
Other expense (132) (427) (559)
Financial interest on debt (594) (4) (598)
Financial income and expense from
cash & cash equivalents - - -
Cost of net debt (594) (4) (598)
Other financial income 163 - 163
Other financial expense (178) - (178)
Net income (loss) from equity
affiliates 521 860 1,381
Income taxes (1,258) (282) (1,540)
Consolidated net income 3,087 (242) 2,845
Group share 3,017 (217) 2,800
Non-controlling interests 70 (25) 45
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated
Financial Statements TOTAL (unaudited)
Consolidated
9 months 2020 statement of
(M$) Adjusted Adjustments(a) income
Sales 102,725 17 102,742
Excise taxes (15,386) - (15,386)
Revenues from sales 87,339 17 87,356
Purchases net of inventory
variation (54,891) (2,087) (56,978)
Other operating expenses (18,384) (491) (18,875)
Exploration costs (393) - (393)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (10,140) (8,581) (18,721)
Other income 1,130 269 1,399
Other expense (409) (400) (809)
Financial interest on debt (1,643) (3) (1,646)
Financial income and expense from
cash & cash equivalents 36 (52) (16)
Cost of net debt (1,607) (55) (1,662)
Other financial income 741 - 741
Other financial expense (506) (1) (507)
Net income (loss) from equity
affiliates 1,021 (642) 379
Income taxes (1,174) 1,005 (169)
Consolidated net income 2,727 (10,966) (8,239)
Group share 2,755 (10,888) (8,133)
Non-controlling interests (28) (78) (106)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
9 months 2019 statement of
(M$) Adjusted Adjustments(a) income
Sales 151,110 (74) 151,036
Excise taxes (18,172) - (18,172)
Revenues from sales 132,938 (74) 132,864
Purchases net of inventory
variation (88,338) 329 (88,009)
Other operating expenses (19,998) (167) (20,165)
Exploration costs (554) - (554)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (11,050) (250) (11,300)
Other income 620 115 735
Other expense (322) (635) (957)
Financial interest on debt (1,715) (12) (1,727)
Financial income and expense from
cash & cash equivalents (70) - (70)
Cost of net debt (1,785) (12) (1,797)
Other financial income 649 - 649
Other financial expense (561) - (561)
Net income (loss) from equity
affiliates 1,592 1,312 2,904
Income taxes (4,334) (686) (5,020)
Consolidated net income 8,857 (68) 8,789
Group share 8,663 4 8,667
Non-controlling interests 194 (72) 122
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
(1) Definition page 3.
(2) Excluding leases.
(3) Certain transactions referred to in the highlights are
subject to approval by authorities or to other conditions as per
the agreements.
(4) Adjusted results are defined as income using replacement
cost, adjusted for special items, excluding the impact of changes
for fair value; adjustment items are on page 13.
(5) Group effective tax rate = (tax on adjusted net operating
income) / (adjusted net operating income -- income from equity
affiliates -- dividends received from investments -- impairment of
goodwill + tax on adjusted net operating income).
(6) In accordance with IFRS rules, adjusted fully-diluted
earnings per share is calculated from the adjusted net income less
the interest on the perpetual subordinated bond
(7) Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests.
(8) Net acquisitions = acquisitions -- assets sales -- other
transactions with non-controlling interests (see page 13).
(9) Net investments = organic investments + net acquisitions
(see page 13).
(10) Operating cash flow before working capital changes, is
defined as cash flow from operating activities before changes in
working capital at replacement cost, excluding the mark-to-market
effect of iGRP's contracts and including capital gain from
renewable projects sale (effective first quarter 2020).
The inventory valuation effect is explained on page 15. The
reconciliation table for different cash flow figures is on page
13.
(11) DACF = debt adjusted cash flow, is defined as operating
cash flow before working capital changes and financial charges.
(12) Adjustment items shown on page 15.
(13) Details shown on page 13 and in the appendix to the
financial statements.
(14) Net cash flow = operating cash flow before working capital
changes - net investments (including other transactions with
non-controlling interests).
View source version on businesswire.com:
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CONTACT: Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investors Relations: +44 (0) 207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2020
(END) Dow Jones Newswires
October 30, 2020 08:55 ET (12:55 GMT)
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