UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
February 9, 2021
Commission File Number 001-10888
TOTAL SE
(Translation of registrants name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-224307, 333-224307-01, 333-224307-02 AND 333-224307-03) OF TOTAL SE, TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENT ON FORM S-8 (333-238000) OF TOTAL SE, AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
TOTAL SE is providing on this Form 6-K its results for the fourth quarter of 2020 and the year ended December 31, 2020, and a description of certain recent developments relating to its business, as well as a capitalization table as of December 31, 2020.
TABLE OF CONTENTS
SIGNATURES
Exhibit Index
EX-99.1: Results for the Fourth Quarter of 2020 and the Year Ended December 31, 2020 |
EX-99.2: Recent Developments |
EX-99.3: Capitalization and Indebtedness |
EXHIBIT INDEX
Exhibit 99.1 | Results for the Fourth Quarter of 2020 and the Year Ended December 31, 2020 | |
Exhibit 99.2 | Recent Developments | |
Exhibit 99.3 | Capitalization and Indebtedness |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TOTAL SE | ||||||||
Date: February 9, 2021 |
By: | /s/ ANTOINE LARENAUDIE | ||||||
Name: | Antoine LARENAUDIE | |||||||
Title: | Group Treasurer |
EXHIBIT 99.1
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The financial information on pages 1-14 of this exhibit concerning TOTAL SE and all of its direct and indirect consolidated companies located in or outside of France (collectively, TOTAL or the Group) with respect to the fourth quarter 2020 and year ended December 31, 2020 has been derived from TOTALs unaudited consolidated balance sheets as of December 31, 2020, unaudited statements of income, comprehensive income, cash flow and business segment information for the fourth quarter 2020 and year ended December 31, 2020 and unaudited consolidated statements of changes in shareholders equity for the year ended December 31, 2020 presented on pages 15-29 of this exhibit.
The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTALs audited consolidated financial statements and related notes, provided in TOTALs Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Securities and Exchange Commission (SEC) on March 20, 2020, as amended on April 14, 2020.
A. | KEY FIGURES |
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars |
2020 | 2019 | 2020 vs 2019 | |||||||||||||||||
37,943 | 33,142 | 49,280 | -23% | Non-Group sales | 140,685 | 200,316 | -30% | |||||||||||||||||
1,824 | 1,459 | 3,879 | -53% | Adjusted net operating income(a) from business segments |
6,404 | 14,554 | -56% | |||||||||||||||||
1,068 | 801 | 2,031 | -47% | Exploration & Production |
2,363 | 7,509 | -69% | |||||||||||||||||
254 | 285 | 794 | -68% | Integrated Gas, Renewables & Power |
1,778 | 2,389 | -26% | |||||||||||||||||
170 | (88) | 580 | -71% | Refining & Chemicals |
1,039 | 3,003 | -65% | |||||||||||||||||
332 | 461 | 474 | -30% | Marketing & Services |
1,224 | 1,653 | -26% | |||||||||||||||||
73 | 94 | 502 | -85% | Net income (loss) from equity affiliates | 452 | 3,406 | -87% | |||||||||||||||||
0.31 | 0.04 | 0.97 | -68% | Fully-diluted earnings per share ($) | (2.90) | 4.17 | ns | |||||||||||||||||
2,645 | 2,637 | 2,607 | +1% | Fully-diluted weighted-average shares (millions) | 2,621 | 2,618 | - | |||||||||||||||||
891 | 202 | 2,600 | -66% | Net income (Group share) | (7,242) | 11,267 | ns | |||||||||||||||||
3,432 | 2,184 | 4,291 | -20% | Organic investments(b) | 10,339 | 13,397 | -23% | |||||||||||||||||
1,099 | (272) | (80) | ns | Net acquisitions(c) | 2,650 | 4,052 | -35% | |||||||||||||||||
4,531 | 1,912 | 4,211 | +8% | Net investments(d) | 12,989 | 17,449 | -26% | |||||||||||||||||
5,674 | 4,351 | 6,599 | -14% | Cash flow from operations(e) |
14,803 | 24,685 | -40% | |||||||||||||||||
1,342 | 980 | 46 | x29 | (increase)/decrease in working capital |
1,869 | (1,718) | ns | |||||||||||||||||
(436) | (491) | (533) | ns | financial charges |
(1,938) | (2,069) | ns |
From 2019, data take into account the impact of the new rule IFRS16 Leases, effective January 1, 2019.
(a) | Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See pages 3 et seq. Analysis of business segment results below for further details. |
(b) | Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. |
(c) | Net acquisitions = acquisitions - assets sales - other transactions with non-controlling interests (see page 13). |
(d) | Net investments = organic investments + net acquisitions (see page 13). |
(e) | See also C. Group results Cash Flow on page 9 of this exhibit and the reconciliation table for different cash flow figures set forth under Cash Flow on page 13 of this exhibit. |
Environment* liquids and gas price realizations, refining margins
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
2020 | 2019 | 2020 vs 2019 |
||||||||||||||||||||||
44.2 | 42.9 | 63.1 | -30% | Brent ($/b) | 41.8 | 64.2 | -35% | |||||||||||||||||||||
2.8 | 2.1 | 2.4 | +15% | Henry Hub ($/Mbtu) | 2.1 | 2.5 | -16% | |||||||||||||||||||||
5.6 | 2.9 | 5.1 | +10% | NBP ($/Mbtu)** | 3.3 | 4.9 | -31% | |||||||||||||||||||||
8.0 | 3.6 | 5.8 | +39% | JKM ($/Mbtu)*** | 4.4 | 5.5 | -20% | |||||||||||||||||||||
41.0 | 39.9 | 59.1 | -31% | Average price of liquids ($/b) Consolidated subsidiaries |
37.0 | 59.8 | -38% | |||||||||||||||||||||
3.31 | 2.52 | 3.76 | -12% | Average price of gas ($/Mbtu) Consolidated subsidiaries |
2.96 | 3.88 | -24% | |||||||||||||||||||||
4.90 | 3.57 | 6.52 | -25% | Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates |
4.83 | 6.31 | -24% | |||||||||||||||||||||
4.6 | -2.7 | 30.2 | -85% | Variable cost margin Refining Europe, VCM ($/t) | 11.5 | 34.9 | -67% |
* The indicators are shown on page 14.
** NBP (National Balancing Point) is a virtual natural gas trading point in the United Kingdom for transferring rights in respect of physical gas and which is widely used as a price benchmark for the natural gas markets in Europe. NBP is operated by National Grid Gas plc, the operator of the UK transmission network.
*** JKM (Japan-Korea Marker) measures the prices of spot LNG trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.
1
The average LNG sales price rebounded by 37% in the fourth quarter 2020 compared to the previous quarter, due to the seasonality of demand and the delayed impact of higher oil prices in the third quarter 2020 on long-term LNG contracts.
Production*
4Q20 |
3Q20 | 4Q19 | 4Q20 vs 4Q19 |
|
2020 | 2019 | 2020 vs 2019 | |||||||||||||||||
2,841 | 2,715 | 3,113 | -9% | Hydrocarbon production (kboe/d) | 2,871 | 3,014 | -5% | |||||||||||||||||
1,238 | 1,196 | 1,452 | -15% | ● Oil (including bitumen) (kb/d) |
1,298 | 1,431 | -9% | |||||||||||||||||
1,603 | 1,519 | 1,661 | -3% | ● Gas (including condensates and associated NGL) (kboe/d) |
1,573 | 1,583 | -1% | |||||||||||||||||
4Q20 |
3Q20 | 4Q19 | 4Q20 vs 4Q19 |
|
2020 | 2019 | 2020 vs 2019 | |||||||||||||||||
2,841 | 2,715 | 3,113 | -9% | Hydrocarbon production (kboe/d) | 2,871 | 3,014 | -5% | |||||||||||||||||
1,483 | 1,437 | 1,714 | -13% | ● Liquids (kb/d) |
1,543 | 1,672 | -8% | |||||||||||||||||
7,406 | 6,973 | 7,563 | -2% | ● Gas (Mcf/d)** |
7,246 | 7,309 | -1% |
* Group production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP).
** 4Q19 and 2019 data restated.
Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2020, a decrease of 9% year-on-year, comprised of:
| -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya. |
| -1% due to portfolio effect, notably linked to the sale of assets in the United Kingdom and Block CA1 in Brunei. |
| +3% due to the start-up and ramp-up of new projects, notably North Russkoye in Russia, Tempa Rossa in Italy, Johan Sverdrup in Norway, Iara in Brazil and Culzean in the United Kingdom. |
| -3% due to the natural decline of fields. |
| -3% due to maintenance and unplanned outages, notably in Norway. |
Hydrocarbon production was 2,871 kboe/d for the full-year 2020, a decrease of 5% compared to 3,014 kboe/d in 2019, comprised of:
| -5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya. |
| +5% due to the ramp-up of recently started projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil, Tempa Rossa in Italy and North Russkoye in Russia. |
| -3% due to the natural decline of fields. |
| -2% due to maintenance, and unplanned outages, notably in Norway. |
Fourth quarter 2020 and full-year 2020 results
The Groups fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, due to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories. In this context, the Group demonstrated its ability to benefit from an overall more favorable environment with adjusted net income1 up by more than 50% compared to third quarter 2020 to $1.3 billion in the fourth quarter 2020 and to $4.1 billion for the full-year 2020 (compared to $11.8 billion for the full-year 2019) and cash flow (DACF)2 at $4.9 billion in the fourth quarter 2020 and $17.6 billion for the full-year 2020 (down 33% and 37%, respectively, compared to fourth quarter and full year 2019 figures).
TOTAL faced two major crises in 2020: the COVID-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter. In this particularly difficult context, the Group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio (production cost of $5.1 per boe, the lowest among its peers) and its integrated model with cash flow (DACF) generation of nearly $18 billion. It posted adjusted net income of $4.1 billion and, thanks to strong discipline on investments ($13 billion, down 26%) and costs ($1.1 billion in savings), the organic cash breakeven3 was $26 per barrel.
2020 represents a pivotal year for the Groups strategy with the announcement of its ambition to get to net zero emissions (Net Zero), together with society. The Group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions. Thus, the Groups profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are expected to fall from 55% to 30% of sales. To anchor this transformation, the Group will propose to its shareholders at the Annual General Meeting on May 28, 2021, to change its name to TotalEnergies. They will thus have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality.
In 2020, TOTAL secured its investments in Renewables & Electricity ($2 billion) and accelerated the implementation of its strategy to grow renewables, adding 10 GW to its portfolio. With the acquisition at the start of 2021 of a 20% stake in Adani Green Energy Limited (AGEL), one of the largest solar developer in the world, and of portfolios of projects in the United States, the Group now has a portfolio that should give it gross installed capacity, under construction and in development of 35 GW by 2025 with more than 20 GW already benefiting from long-term power purchase agreements.
1 Adjusted net income refers to adjusted net operating income, adjusted for special items, inventory valuation effect and the effect of changes in fair value. See pages 3 et seq. Analysis of business segment results below for further details.
2 Cash flow refers to DACF. DACF = debt adjusted cash flow, is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges.
3 Organic cash breakeven refers to pre-dividend organic cash breakeven, defined as the Brent price for which the operating cash flow before working capital changes covers the organic investments.
2
B. | ANALYSIS OF BUSINESS SEGMENT RESULTS |
The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision- maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or significance, certain transactions qualifying as special items are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. In certain instances, certain transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to recur in following years.
In accordance with IAS 2, the Group values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Groups results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) 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 differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTALs management and the accounting for these transactions under IFRS, which 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 recorded at their fair value based on forward prices. In addition, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Groups internal economic performance. 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. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.
The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTALs interim consolidated financial statements, see pages 23-29 of this exhibit.
The Group measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.
3
B.1. Integrated Gas, Renewables & Power segment (iGRP)
Production and sales of Liquefied natural gas (LNG) and electricity
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Hydrocarbon production for LNG | 2020 | 2019 | 2020 2019 |
|||||||||||||||||||||||||||||||||
532 | 518 | 624 | -15% | iGRP (kboe/d) | 530 | 560 | -5% | |||||||||||||||||||||||||||||||||
65 | 70 | 74 | -12% | ● Liquids (kb/d) |
69 | 71 | -4% | |||||||||||||||||||||||||||||||||
2,549 | 2,445 | 2,939 | -13% | ● Gas (Mcf/d)* |
2,519 | 2,656 | -5% | |||||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Liquefied Natural Gas in Mt | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||
10.0 | 8.1 | 10.6 | -6% | Overall LNG sales | 38.3 | 34.3 | +12% | |||||||||||||||||||||||||||||||||
4.3 | 4.3 | 4.2 | +2% | ● including sales from equity production** |
17.6 | 16.3 | +8% | |||||||||||||||||||||||||||||||||
8.0 | 6.6 | 9.6 | -17% | ● including sales by TOTAL from equity production and third party purchases |
31.1 | 27.9 | +12% |
* 4Q19 and 2019 data restated.
** The Groups equity production may be sold by TOTAL or by joint ventures.
4Q20 | 3Q20 | 4Q19 | 4Q20 4Q19 |
Renewables & Electricity | 2020 | 2019 | 2020 2019 |
|||||||||||||||||||||||||||||||||||
7.0 | 5.1 | 3.0 | x2.4 | Gross renewables installed capacity (GW)* | 7.0 | 3.0 | x2.4 | |||||||||||||||||||||||||||||||||||
17.5 | 14.2 | Gross renewables installed or in development capacity with PPA (GW)* | 17.5 | |||||||||||||||||||||||||||||||||||||||
4.3 | 4.1 | 3.5 | +20% | Net power production (TWh)** | 14.1 | 11.4 | +24% | |||||||||||||||||||||||||||||||||||
1.2 | 1.0 | 0.6 | +87% | ● including power production from renewables |
4.0 | 2.0 | +97% | |||||||||||||||||||||||||||||||||||
5.6 | 4.4 | 4.1 | +37% | Clients power BtB and BtC (Million)* | 5.6 | 4.1 | +37% | |||||||||||||||||||||||||||||||||||
2.7 | 1.7 | 1.7 | +59% | Clients gas BtB and BtC (Million)* | 2.7 | 1.7 | +59% | |||||||||||||||||||||||||||||||||||
13.5 | 10.2 | 12.9 | +5% | Sales power BtB and BtC (TWh) | 47.3 | 46.0 | +3% | |||||||||||||||||||||||||||||||||||
31.5 | 13.5 | 29.4 | +7% | Sales gas BtB and BtC (TWh) | 95.8 | 95.0 | +1% |
* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
Hydrocarbon production for LNG in the fourth quarter 2020 decreased by 15% compared to the fourth quarter 2019, notably due to the shutdown of Snøhvit LNG following a fire at the end of September 2020.
Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the start-up of three trains at Cameron LNG in the United States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading activities.
Gross installed renewable power generation capacity more than doubled during the year to reach 7 GW at the end of the fourth quarter 2020, notably thanks to the acquisition in India of 50% of a 3 GWp portfolio from the Adani Group.
The Group continues to implement its strategy to integrate along the electricity and gas chain in Europe and has increased the number of its electricity and gas customers by 1.5 million and 1 million since 2019, respectively, notably thanks to the finalization of the acquisition in the fourth quarter 2020 of a portfolio of customers from Energías de Portugal in Spain.
Net electricity production was 4.3 TWh in the fourth quarter 2020, an increase of 20% compared to last year, notably due to the doubling of renewable electricity production and the acquisition of four CCGT (combined cycle gas turbine) power stations in France and Spain.
Sales of electricity and gas in the fourth quarter 2020 increased by 5% and 7%, respectively, compared to the fourth quarter 2019 due to the growth in the number of customers.
Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||
5,231 | 1,995 | 4,292 | +22% | Non-Group sales | 15,629 | 18,167 | -14% | |||||||||||||||||||||||||
(64) | 253 | 326 | ns | Operating income | (527) | 1,184 | ns | |||||||||||||||||||||||||
149 | 225 | 391 | -62% | Net income (loss) from equity affiliates and other items |
794 | 2,330 | -66% | |||||||||||||||||||||||||
7 | (266) | 104 | -93% | Tax on net operating income | 71 | (741) | ns | |||||||||||||||||||||||||
92 | 212 | 821 | -88% | Net operating income | 338 | 2,773 | -88% | |||||||||||||||||||||||||
162 | 73 | (27) | ns | Adjustments affecting net operating income | 1,440 | (384) | ns | |||||||||||||||||||||||||
254 | 285 | 794 | -68% | Adjusted net operating income* | 1,778 | 2,389 | -26% | |||||||||||||||||||||||||
97 | 99 | 353 | -73% | including income from equity affiliates |
375 | 1,009 | -63% | |||||||||||||||||||||||||
1,007 | 450 | 684 | +47% | Organic investments | 2,720 | 2,259 | +20% | |||||||||||||||||||||||||
577 | 36 | (13) | ns | Net acquisitions | 2,183 | 3,921 | -44% | |||||||||||||||||||||||||
1,584 | 486 | 671 | x2.4 | Net investments | 4,903 | 6,180 | -21% |
* Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.
4
Adjusted net operating income for the iGRP segment was $254 million in the fourth quarter 2020 compared to $794 million in the fourth quarter 2019, and $1,778 million for the full-year 2020, a decrease of 26% compared to the full-year 2019, mainly due to the decrease in the LNG price.
Adjusted net operating income for the Integrated Gas, Renewables & Power segment excludes special items. In the fourth quarter 2020, the exclusion of special items had a positive impact of $162 million on the segments adjusted net operating income, compared to a negative impact of $27 million in the fourth quarter 2019. For the full-year 2020, the exclusion of special items had a positive impact of $1,440 million on the segments adjusted net operating income, compared to a negative impact of $384 million for the full-year 2019.
In the fourth quarter 2020, the segments operating cash flow excluding (i) the change in working capital at replacement cost4, (ii) financial charges, except those related to leases and (iii) the mark-to-market effect of iGRPs contracts, and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates was $1,072 million, a decrease of 21% compared to $1,356 million in the fourth quarter 2019, due to the decrease in the price of LNG partially offset by a positive and increasing contribution from Renewables & Electricity. For the full-year 2020, the segments operating cash flow excluding (i) the change in working capital at replacement cost, (ii) financial charges, except those related to leases and (iii) the mark-to-market effect of iGRPs contracts, and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates was $3,418 million, stable compared to $3,409 million for the full-year 2019.
In the fourth quarter 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases was $575 million, a decrease of 62% compared to $1,527 million in the fourth quarter 2019. For the full-year 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases was $2,129 million, a decrease of 38% compared to $3,461 million for the full-year 2019.
B.2. Exploration & Production segment
Production
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Hydrocarbon production | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||
2,309 | 2,197 | 2,489 | -7% | EP (kboe/d) | 2,341 | 2,454 | -5% | |||||||||||||||||||||||||||||||||
1,418 | 1,367 | 1,640 | -14% | ● Liquids (kb/d) | 1,474 | 1,601 | -8% | |||||||||||||||||||||||||||||||||
4,857 | 4,528 | 4,624 | +5% | ● Gas (Mcf/d) | 4,727 | 4,653 | +2% | |||||||||||||||||||||||||||||||||
Results | ||||||||||||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars (except effective tax rate) |
2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||
1,257 | 1,142 | 1,563 | -20% | Non-Group sales | 4,973 | 7,261 | -32% | |||||||||||||||||||||||||||||||||
842 | 768 | 2,366 | -64% | Operating income | (5,514) | 10,542 | ns | |||||||||||||||||||||||||||||||||
6 | 251 | 166 | -96% | Net income (loss) from equity affiliates and other items | 697 | 610 | +14% | |||||||||||||||||||||||||||||||||
19.8% | 32.9% | 38.0% | Effective tax rate* | 29.4% | 41.5% | |||||||||||||||||||||||||||||||||||
91 | (243) | (893) | ns | Tax on net operating income | (208) | (4,572) | -95% | |||||||||||||||||||||||||||||||||
939 | 776 | 1,639 | -43% | Net operating income | (5,025) | 6,580 | ns | |||||||||||||||||||||||||||||||||
129 | 25 | 392 | -67% | Adjustments affecting net operating income | 7,388 | 929 | x8 | |||||||||||||||||||||||||||||||||
1,068 | 801 | 2,031 | -47% | Adjusted net operating income** | 2,363 | 7,509 | -69% | |||||||||||||||||||||||||||||||||
222 | 268 | 247 | -10% | including income from equity affiliates | 928 | 996 | -7% | |||||||||||||||||||||||||||||||||
1,569 | 1,266 | 2,617 | -40% | Organic investments | 5,519 | 8,635 | -36% | |||||||||||||||||||||||||||||||||
548 | (309) | (224) | ns | Net acquisitions | 544 | 14 | x38.9 | |||||||||||||||||||||||||||||||||
2,117 | 957 | 2,393 | -12% | Net investments | 6,063 | 8,649 | -30% |
* | 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). |
** | Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit. |
Adjusted net operating income for the Exploration & Production segment was:
| $1,068 million in the fourth quarter 2020 compared to $2,031 million in the fourth quarter 2019 due to the sharp drop in oil and gas prices and lower production. |
| $2,363 million for the full-year 2020 versus $7,509 million for the full-year 2019 for the same reasons. |
Adjusted net operating income for the Exploration & Production segment excludes special items. In the fourth quarter 2020, the exclusion of special items had a positive impact of $129 million on the segments adjusted net operating income, compared to a positive impact of $392 million in the fourth quarter 2019. For the full-year 2020, the exclusion of special items had a positive impact of $7,388 million on the segments adjusted net operating income, compared to a positive impact of $929 million for the full-year 2019.
4 Operating cash flow excluding the change in working capital at replacement cost provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. 4Q19 and 2019 data restated. For information on the replacement cost method, refer to B. Analysis of business segment results, above.
5
In the fourth quarter 2020, the segments operating cash flow excluding the change in working capital at replacement cost5 and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,652 million, a decrease of 40% compared to $4,451 million in the fourth quarter 2019. For the full-year 2020, the segments operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $9,684 million, a decrease of 46% compared to $18,030 million for the full-year 2019.
In the fourth quarter 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases was $3,046 million, a decrease of 28% compared to $4,206 million in the fourth quarter 2019. For the full-year 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases was $9,922 million, a decrease of 41% compared to $16,917 million for the full-year 2019.
B.3. Downstream (Refining & Chemicals and Marketing & Services segments)
Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars | 2020 | 2019 | 2020 vs 2019 | |||||||||||||||||||
31,445 | 30,004 | 43,419 | -28% | Non-Group sales | 120,066 | 174,878 | -31% | |||||||||||||||||||
690 | 261 | 1,054 | -35% | Operating income | 627 | 5,394 | -88% | |||||||||||||||||||
(63) | (233) | 72 | ns | Net income (loss) from equity affiliates and other items | (356) | 423 | ns | |||||||||||||||||||
(262) | (238) | (103) | x2.5 | Tax on net operating income | (456) | (1,068) | -57% | |||||||||||||||||||
365 | (210) | 1,023 | -64% | Net operating income | (185) | 4,749 | ns | |||||||||||||||||||
137 | 583 | 31 | x4.4 | Adjustments affecting net operating income | 2,448 | (93) | ns | |||||||||||||||||||
502 | 373 | 1,054 | -52% | Adjusted net operating income* | 2,263 | 4,656 | -51% | |||||||||||||||||||
840 | 449 | 950 | -12% | Organic investments | 2,023 | 2,395 | -16% | |||||||||||||||||||
80 | 2 | 158 | -49% | Net acquisitions | 32 | 118 | -73% | |||||||||||||||||||
920 | 451 | 1,108 | -17% | Net investments | 2,055 | 2,513 | -18% |
*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.
In the fourth quarter 2020, the Downstream segments operating cash flow excluding the change in working capital at replacement cost5 and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $1,129 million, a decrease of 25% compared to $1,505 million in the fourth quarter 2019. For the full-year 2020, the Downstream segments operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $4,652 million, a decrease of 30% compared to $6,617 for the full-year 2019.
In the fourth quarter 2020, the Downstream segments cash flow from operating activities excluding financial charges, except those related to leases was $2,162 million, an increase of 52% compared to $1,420 million in the fourth quarter 2019. For the full-year 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases was $4,539 million, a decrease of 30% compared to $6,441 for the full-year 2019.
Refining & Chemicals segment
Refinery and petrochemicals throughput and utilization rates
4Q20 | 3Q20 | 4Q19 | 4Q20 4Q19 |
Refinery throughput and utilization rate* |
2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||||||||||||||
1,262 | 1,212 | 1,509 | -16% | Total refinery throughput (kb/d) | 1,292 | 1,671 | -23% | |||||||||||||||||||||||||||||||||||||||||||||
247 | 267 | 282 | -12% | France |
244 | 456 | -46% | |||||||||||||||||||||||||||||||||||||||||||||
582 | 540 | 756 | -23% | Rest of Europe |
618 | 754 | -18% | |||||||||||||||||||||||||||||||||||||||||||||
433 | 405 | 471 | -8% | Rest of world |
430 | 462 | -7% | |||||||||||||||||||||||||||||||||||||||||||||
60% | 57% | 71% | Utilization rates based on crude only** | 61% | 80% |
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
Petrochemicals production and utilization rates
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Petrochemicals production and utilization rate |
2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||||||
1,486 | 1,255 | 1,431 | +4% | Monomers* (kt) | 5,519 | 5,219 | +6% | |||||||||||||||||||||||||||||||||||||
1,291 | 1,248 | 1,169 | +10% | Polymers (kt) | 4,934 | 4,862 | +1% | |||||||||||||||||||||||||||||||||||||
90% | 75% | 92% | Vapocracker utilization rate** | 83% | 83% |
* Olefins
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
5 Operating cash flow excluding the change in working capital at replacement cost provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on the replacement cost method, refer to B. Analysis of business segment results, above.
6
Refinery throughput volumes:
| Decreased by 16% in the fourth quarter 2020 compared to the fourth quarter 2019, mainly due to high inventories of refined products and the drop in demand which notably led to the economic shutdown of the Donges refinery. |
| Decreased by 23% in 2020 year-on-year for the same reasons, as well as the prolonged shutdown of the distillation unit at the Normandy platform following the fire that affected the distillation unit at the end of 2019. |
Monomer production:
| Increased 4% in the fourth quarter 2020 year-on-year to 1,486 kt. |
| Increased 6% in 2020 year-on-year, supported by demand, and notably as a result of the 2019 planned maintenance on the steamcracker at Daesan in South Korea. |
Polymer production:
| Increased by 10% in the fourth quarter 2020 year-on-year to 1,291 kt, supported by demand, and due to planned maintenance in the fourth quarter 2019. |
| Stable for full-year 2020 compared to full-year 2019. |
Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars | 2020 | 2019 | 2020 vs 2019 | |||||||||||||||||||
15,052 | 13,607 | 22,040 | -32% | Non-Group sales | 56,615 | 87,598 | -35% | |||||||||||||||||||
183 | (361) | 579 | -68% | Operating income | (814) | 3,342 | ns | |||||||||||||||||||
(54) | (247) | 57 | ns | Net income (loss) from equity affiliates and other items | (393) | 322 | ns | |||||||||||||||||||
(93) | (51) | (3) | x31 | Tax on net operating income | 59 | (470) | ns | |||||||||||||||||||
36 | (659) | 633 | -94% | Net operating income | (1,148) | 3,194 | ns | |||||||||||||||||||
134 | 571 | (53) | ns | Adjustments affecting net operating income | 2,187 | (191) | ns | |||||||||||||||||||
170 | (88) | 580 | -71% | Adjusted net operating income* | 1,039 | 3,003 | -65% | |||||||||||||||||||
448 | 291 | 479 | -6% | Organic investments | 1,209 | 1,426 | -15% | |||||||||||||||||||
(2) | (1) | 118 | ns | Net acquisitions | (54) | (44) | ns | |||||||||||||||||||
446 | 290 | 597 | -25% | Net investments | 1,155 | 1,382 | -16% |
*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.
Adjusted net operating income for the Refining & Chemicals segment was:
| down 71% year-on-year to $170 million in the fourth quarter 2020. The decrease was due to depressed refining margins resulting from weak demand, notably for distillates as a result of reduced air traffic. |
| down 65% year-on-year to $1,039 million in 2020, due to refining margin deterioration, partially offset by resilient petrochemical margins and outperformance of the trading activities. |
Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2020, the exclusion of the inventory valuation effect had a negative impact of $192 million on the segments adjusted net operating income, compared to a negative impact of $117 million in the fourth quarter 2019. In the fourth quarter 2020 the exclusion of special items had a positive impact of $326 million on the segments adjusted net operating income, compared to a positive impact of $64 million in the fourth quarter 2019. For the full-year 2020, the exclusion of the inventory valuation effect had a positive impact of $1,165 million on the segments adjusted net operating income, compared to a negative impact of $371 million for the full-year 2019. For the full-year 2020, the exclusion of special items had a positive impact of $1,022 million on the segments adjusted net operating income, compared to a positive impact of $180 million for the full-year 2019.
In the fourth quarter 2020, the segments operating cash flow excluding the change in working capital at replacement cost5 and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $560 million, a decrease of 29% compared to $789 million in the fourth quarter 2019. For the full-year 2020, the segments operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,472 million, a decrease of 39% compared to $4,072 for the full-year 2019. In the fourth quarter 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases, was $1,514 million, an increase of 33% compared to $1,142 million in the fourth quarter 2019. For the full-year 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases, was $2,438 million, a decrease of 36% compared to $3,837 million for the full-year 2019.
7
B.4. Marketing & Services segment
Petroleum product sales
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
sales in kb/d* | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||||||||||||||
1,509 | 1,442 | 1,835 | -18% | Total Marketing & Services sales | 1,477 | 1,845 | -20% | |||||||||||||||||||||||||||||||||||
828 | 819 | 1,033 | -20% | Europe |
823 | 1,021 | -19% | |||||||||||||||||||||||||||||||||||
681 | 623 | 801 | -15% | Rest of world |
654 | 824 | -21% |
*Excludes trading and bulk refining sales.
Petroleum product sales volumes decreased by 18% in the fourth quarter 2020 compared to the fourth quarter 2019, and by 20% in 2020 compared to 2019, in response to the significant slowdown in global activity related to the COVID-19 pandemic. Aviation and marine activities remain severely affected in this context; however, the decline in retail sales was mitigated by network growth in Angola, Saudi Arabia, Brazil and Mexico.
Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars |
2020 | 2019 | 2020 vs 2019 | |||||||||||||||||||
16,393 | 16,397 | 21,379 | -23% | Non-Group sales | 63,451 | 87,280 | -27% | |||||||||||||||||||
507 | 622 | 475 | +7% | Operating income | 1,441 | 2,052 | -30% | |||||||||||||||||||
(9) | 14 | 15 | ns | Net income (loss) from equity affiliates and other items | 37 | 101 | -63% | |||||||||||||||||||
(169) | (187) | (100) | -69% | Tax on net operating income | (515) | (598) | -14% | |||||||||||||||||||
329 | 449 | 390 | -16% | Net operating income | 963 | 1,555 | -38% | |||||||||||||||||||
3 | 12 | 84 | -96% | Adjustments affecting net operating income | 261 | 98 | x2.7 | |||||||||||||||||||
332 | 461 | 474 | -30% | Adjusted net operating income* | 1,224 | 1,653 | -26% | |||||||||||||||||||
392 | 158 | 471 | -17% | Organic investments | 814 | 969 | -16% | |||||||||||||||||||
82 | 3 | 40 | x2.1 | Net acquisitions | 86 | 162 | -47% | |||||||||||||||||||
474 | 161 | 511 | -7% | Net investments | 900 | 1,131 | -20% |
*Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.
Adjusted net operating income was $332 million in the fourth quarter 2020, a decrease of 30% compared to the fourth quarter 2019, essentially due to lower volumes and a revaluation of futures contracts in the fourth quarter 2019. Adjusted net operating income was $1,224 million for the full-year 2020, a decrease of 26% compared to the full-year 2019.
Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2020, the exclusion of the inventory valuation effect had a negative impact of $32 million on the segments adjusted net operating income, compared to a positive impact of $60 million in the fourth quarter 2019. In the fourth quarter 2020, the exclusion of special items had a positive impact of $35 million on the segments adjusted net operating income, compared to a positive impact of $24 million in the fourth quarter 2019. For the full-year 2020, the exclusion of the inventory valuation effect had a positive impact of $137 million on the segments adjusted net operating income, compared to a positive impact of $14 million for the full-year 2019. For the full-year 2020, the exclusion of special items had a positive impact of $124 million on the segments adjusted net operating income, compared to a positive impact of $84 million for the full-year 2019.
In the fourth quarter 2020, the segments operating cash flow excluding the change in working capital at replacement cost5 and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $569 million, a decrease of 21% compared to $716 million in the fourth quarter 2019. For the full-year 2020, the segments operating cash flow excluding the change in working capital at replacement cost and financial charges, except those related to leases, and including organic loan repayment from equity affiliates was $2,180 million, a decrease of 14% compared to $2,546 million for the full-year 2019. In the fourth quarter 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases, was $648 million compared to $278 million in the fourth quarter 2019, or 2.3x greater. For the full-year 2020, the segments cash flow from operating activities excluding financial charges, except those related to leases, was $2,101 million, a decrease of 19% compared to $2,604 million for the full-year 2019.
C. | GROUP RESULTS |
Net income (Group share)
In the fourth quarter 2020, net income (Group share) was $891 million, a decrease of 66% compared to $2,600 million in the fourth quarter 2019. For the full-year 2020, net income (Group share) was $(7,242) million compared to $11,267 million for the full-year 2019.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value6.
Adjusted net income (Group share) was:
| $1,304 million in the fourth quarter 2020, compared to $3,165 million in the fourth quarter 2019, due to lower Brent prices, natural gas prices and refining margins. |
| $4,059 million in 2020, a decrease of 66% year-on-year, for the same reasons. |
6 Details shown on page 13 of this exhibit.
8
Total adjustments affecting net income (Group Share)7 were:
| $(413) million in the fourth quarter 2020, including close to $200 million related to the conversion of the Grandpuits refinery in France. |
| $(11,301) million in 2020, including $8.5 billion of impairments, notably on oil sands assets in Canada. |
Fully-diluted shares
The number of fully-diluted shares was 2,647 million on December 31, 2020.
Acquisitions - Asset sales
Finalized acquisitions were:
| $1,538 million in the fourth quarter 2020, comprised notably of the acquisition of Tullows entire interest in the Lake Albert project in Uganda, and the acquisition of CCGT assets and of a portfolio of customers from Energías de Portugal in Spain. |
| $4.2 billion in 2020, comprised of the items mentioned above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia. |
Finalized asset sales were:
| $439 million in the fourth quarter 2020, comprised notably of the sale of Enphase shares by SunPower and the sale of the Groups corporate offices in Brussels. |
| $1.5 billion in 2020, comprised notably of the sale mentioned above, as well as notably the sale of non-strategic assets in the UK North Sea, closing the sale of Block CA1 in Brunei, the sale of the Groups interest in the Fos Cavaou regasification terminal in France, and the sale of 50% of a portfolio of solar and wind assets from Total Quadran in France. |
Cash flow
The Groups cash flow from operating activities was $5,674 million in the fourth quarter 2020, a decrease of 14% compared to $6,599 million in the fourth quarter 2019. The Groups cash flow from operating activities was $14,803 million for the full-year 2020, a decrease of 40% compared to $24,685 million for the full-year 2019.
The change in working capital as determined using the replacement cost method8 excluding the mark-to-market effect of iGRPs contracts, including capital gain from renewable project sale (effective first quarter 2020) and including organic loan repayment from equity affiliates was $1,175 million in the fourth quarter 2020, compared to $(194) million in the fourth quarter 2019. It is the (increase) decrease in working capital of $1,342 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $308 million, (ii) the mark-to-market effect of iGRPs contracts of $(366) million, (iii) the capital gains from renewables project sale of $(32) million and (iv) the organic loan repayments from equity affiliates of $(77) million.
The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRPs contracts and including capital gain from renewable project sale (effective first quarter 2020) and organic loan repayment from equity affiliates full-year 2020 was $(894) million, compared to $(1,426) million for the full-year 2019. It is the (increase) decrease in working capital of $1,869 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $(1,440) million, (ii) the mark-to-market effect of iGRPs contracts of $(1,116) million, (iii) the capital gains from renewables project sale of $(96) million and (iv) the organic loan repayments from equity affiliates of $(111) million.
In the fourth quarter 2020, operating cash flow excluding the change in working capital at replacement cost, without financial charges (DACF)2 was $4,933 million, a decrease of 33% compared to $7,326 million in the fourth quarter 2019. For the full-year 2020, operating cash flow excluding the change in working capital at replacement cost, without financial charges (DACF) was $17,635 million, a decrease of 37% compared to $28,180 million for the full-year 2019.
In the fourth quarter 2020, operating cash flow before working capital changes9 was $4,498 million, a decrease of 34% compared to $6,793 million in the fourth quarter 2019. For the full-year 2020, operating cash flow before working capital changes was $15,697 million, a decrease of 40% compared to $26,111 million for the full-year 2019.
The Groups net cash flow10 was:
| $(33) million in the fourth quarter 2020 compared to $2,582 million in the fourth quarter 2019, due to a decrease in operating cash flow before working capital changes from $6,793 million to $4,498 million and stable net investments of $4,531 million versus $4,211 million. |
| $2.7 billion in 2020 compared to $8.7 billion in 2019, due to the decrease of $10.4 billion in operating cash flow before working capital changes, partially offset by a reduction in net investments of $4.5 billion. |
7 Details shown on pages 13 and 23-27 of this exhibit.
8 For information on the replacement cost method, refer to the second paragraph of B. Analysis of business segment results.
9 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 iGRPs contracts and including capital gain from renewable projects sale (effective first quarter 2020) and including organic loan repayment from equity affiliates. Historical data have been restated to cancel the impact of fair valuation of iGRP sectors contracts.
10 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
9
D. PROFITABILITY
Return on equity was 3.7% for the twelve months ended December 31, 2020.
in millions of dollars |
01/01/2020- 12/31/2020 |
10/01/2019- 09/30/2020 |
01/01/2019- 12/31/2019 |
|||||||||
Adjusted net income |
4,067 | 5,960 | 12,090 | |||||||||
Average adjusted shareholders equity |
110,643 | 108,885 | 116,766 | |||||||||
Return on equity (ROE) |
3.7% | 5.5% | 10.4% |
Return on average capital employed was 4.0% for the twelve months ended December 31, 2020.
in millions of dollars |
01/01/2020- 12/31/2020 |
10/01/2019- 09/30/2020 |
01/01/2019- 12/31/2019 |
|||||||||
Adjusted net operating income |
5,806 | 7,801 | 14,073 | |||||||||
Adjusted capital employed |
145,723 | 144,060 | 143,674 | |||||||||
ROACE |
4.0% | 5.4% | 9.8% |
E. 2021 SENSITIVITIES*
Change | Estimated impact on adjusted net operating income |
Estimated impact on cash flow from operations | ||||
Dollar |
+/- 0.1 $ per | -/+ 0.1 B$ | ~0 B$ | |||
Average Liquids price** |
+/-10$/b | +/- 2.7 B$ | +/-3.2 B$ | |||
European gas price NBP ($/Mbtu) |
+/- 1 $/Mbtu | +/- 0.3 B$ | +/- 0.25 | |||
B$ Variable cost margin, European refining (VCM) |
+/- 10$/t | +/- 0.4 B$ | +/- 0.5 B$ |
* Sensitivities are revised once per year upon publication of the previous years fourth quarter results. Sensitivities are estimates based on assumptions about the Groups portfolio in 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $- sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 14.
** In a 50 $/b Brent environment.
F. SUMMARY AND OUTLOOK
Supported by OPEC+ quota compliance, oil prices have remained above 50$/b since the beginning of 2021. However, the oil environment remains uncertain and dependent on the recovery of global demand, still affected by the COVID-19 pandemic.
In a context of disciplined OPEC+ quota implementation, the Group anticipates 2021 production will be stable compared to 2020, benefiting from the resumption of production in Libya.
The Group continues its profitable growth in LNG with sales expected to increase by 10% in 2021 compared to 2020, notably due to the ramp-up of Cameron LNG.
European refining margins remain fragile, with low demand for jet fuel weighing on the recovery of distillates.
Faced with uncertainties in the environment, net investments are projected at $12 billion in 2021, while preserving the flexibility to mobilize additional investments should the oil and gas environment strengthen. After reducing operating costs by $1.1 billion in 2020 compared to 2019, the Group maintains strong discipline on spending and targets additional savings of $0.5 billion in 2021.
The Groups teams are fully committed to the four priorities of HSE (Health, Safety and the Environment), operational excellence, cost reduction and cash flow generation.
The Group maintains its priorities for cash flow allocation: investing in profitable projects to implement the Groups transformation strategy, support the dividend and maintain a strong balance sheet.
Already in 2021, in renewables, the Group has announced more than 10 GW of additional projects through the acquisition of a 20% stake in Adani Green Energy Limited (AGEL), one of the worlds leading solar developer, a partnership with Hanwha Group in the United States with a 1.6 GW portfolio, and the acquisition of a 2.2GW portfolio of projects in Texas. TOTAL intends to allocate in 2021 more than 20% of its net investments to Renewables and Electricity.
10
FORWARD-LOOKING STATEMENTS
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.
Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.
For additional factors, you should read the information set forth under Item 3. -3.2 Risk Factors, Item 4. Information on the Company, Item 5. Operating and Financial Review and Prospects and Item 11. Quantitative and Qualitative Disclosures about Market Risk in TOTALs Form 20-F/A for the year ended December 31, 2019.
11
OPERATING INFORMATION BY SEGMENT
Group production (Exploration & Production + iGRP)
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Combined liquids and gas region (kboe/d) |
2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||
1,059 | 969 | 1,102 | -4% | Europe and Central Asia | 1,039 | 1,023 | +2% | |||||||||||||||||||||||
566 | 598 | 703 | -19% | Africa | 629 | 705 | -11% | |||||||||||||||||||||||
598 | 576 | 701 | -15% | Middle East and North Africa | 624 | 702 | -11% | |||||||||||||||||||||||
382 | 343 | 368 | +4% | Americas | 353 | 365 | -3% | |||||||||||||||||||||||
236 | 229 | 239 | -1% | Asia-Pacific | 226 | 219 | +3% | |||||||||||||||||||||||
2,841 | 2,715 | 3,113 | -9% | Total production | 2,871 | 3,014 | -5% | |||||||||||||||||||||||
727 | 667 | 768 | -5% | includes equity affiliates |
712 | 731 | -3% |
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Liquids production by region (kb/d) | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||
379 | 359 | 373 | +1% | Europe and Central Asia | 380 | 355 | +7% | |||||||||||||||||||||||
427 | 458 | 560 | -24% | Africa | 488 | 558 | -13% | |||||||||||||||||||||||
454 | 432 | 560 | -19% | Middle East and North Africa | 474 | 548 | -13% | |||||||||||||||||||||||
181 | 144 | 171 | +6% | Americas | 158 | 168 | -6% | |||||||||||||||||||||||
43 | 44 | 50 | -13% | Asia-Pacific | 43 | 44 | -2% | |||||||||||||||||||||||
1,483 | 1,437 | 1,714 | -13% | Total production | 1,543 | 1,672 | -8% | |||||||||||||||||||||||
200 | 197 | 212 | -6% | includes equity affiliates |
202 | 216 | -6% | |||||||||||||||||||||||
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Gas production by region (Mcf/d) | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||
3,666 | 3,284 | 3,887 | -6% | Europe and Central Asia | 3,547 | 3,596 | -1% | |||||||||||||||||||||||
701 | 713 | 686 | +2% | Africa* | 717 | 737 | -3% | |||||||||||||||||||||||
809 | 801 | 792 | +2% | Middle East and North Africa | 835 | 857 | -3% | |||||||||||||||||||||||
1,126 | 1,115 | 1,109 | +2% | Americas | 1,095 | 1,110 | -1% | |||||||||||||||||||||||
1,104 | 1,060 | 1,089 | +1% | Asia-Pacific* | 1,052 | 1,009 | +4% | |||||||||||||||||||||||
7,406 | 6,973 | 7,563 | -2% | Total production* | 7,246 | 7,309 | -1% | |||||||||||||||||||||||
2,851 | 2,540 | 2,961 | -4% | includes equity affiliates* |
2,748 | 2,780 | -1% |
*4Q19 and 2019 data restated
Downstream (Refining & Chemicals and Marketing & Services)
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Petroleum product sales by region (kb/d) | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||
1,651 | 1,475 | 1,993 | -17% | Europe | 1,586 | 2,008 | -21% | |||||||||||||||||||||||
628 | 541 | 737 | -15% | Africa | 579 | 706 | -18% | |||||||||||||||||||||||
794 | 673 | 763 | +4% | Americas | 773 | 842 | -8% | |||||||||||||||||||||||
547 | 460 | 526 | +4% | Rest of world | 471 | 555 | -15% | |||||||||||||||||||||||
3,619 | 3,149 | 4,019 | -10% | Total consolidated sales | 3,410 | 4,110 | -17% | |||||||||||||||||||||||
458 | 417 | 508 | -10% | includes bulk sales |
434 | 536 | -19% | |||||||||||||||||||||||
1,652 | 1,290 | 1,676 | -1% | includes trading |
1,498 | 1,730 | -13% |
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
Petrochemicals production* (kt) | 2020 | 2019 | 2020 vs 2019 |
|||||||||||||||||||||||
1,381 | 1,274 | 1,253 | +10% | Europe | 5,202 | 5,364 | -3% | |||||||||||||||||||||||
662 | 513 | 630 | +5% | Americas | 2,475 | 2,367 | +5% | |||||||||||||||||||||||
735 | 716 | 717 | +2% | Middle East and Asia | 2,775 | 2,350 | +18% |
*Olefins, polymers
12
ADJUSTMENT ITEMS TO NET INCOME (GROUP SHARE)
4Q20 | 3Q20 | 4Q19 | in millions of dollars | 2020 | 2019 | |||||||||||||
(683) | (706) | (666) | Special items affecting net income (Group share) | (10,044) | (892) | |||||||||||||
104 | - | - | Gain (loss) on asset sales |
104 | - | |||||||||||||
(194) | (70) | (5) | Restructuring charges |
(364) | (58) | |||||||||||||
(71) | (293) | (248) | Impairments |
(8,465) | (465) | |||||||||||||
(522) | (343) | (413) | Other |
(1,319) | (369) | |||||||||||||
224 | 4 | 57 | After-tax inventory effect: FIFO vs. replacement cost | (1,280) | 346 | |||||||||||||
46 | 56 | 44 | Effect of changes in fair value | 23 | (15) | |||||||||||||
(413) | (646) | (565) | Total adjustments affecting net income | (11,301) | (561) |
INVESTMENTS DIVESTMENTS
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars | 2020 | 2019 | 2020 vs 2019 | |||||||||||||||||||||
3,432 | 2,184 | 4,291 | -20% | Organic investments (a) | 10,339 | 13,397 | -23% | |||||||||||||||||||||
214 | 148 | 136 | +58% | Capitalized exploration | 659 | 705 | -6% | |||||||||||||||||||||
355 | 290 | 319 | +11% | Increase in non-current loans | 1,657 | 1,061 | +56% | |||||||||||||||||||||
(212) | (330) | (102) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates* | (717) | (551) | ns | |||||||||||||||||||||
(46) | (11) | - | ns | Change in debt from renewable projects (Group share) | (209) | (109) | ns | |||||||||||||||||||||
1,538 | 150 | 266 | x5.8 | Acquisitions (b) | 4,189 | 5,980 | -30% | |||||||||||||||||||||
439 | 422 | 357 | +23% | Asset sales (c) | 1,539 | 1,939 | -21% | |||||||||||||||||||||
15 | 7 | - | ns | Change in debt from renewable projects (partner share) | 105 | 105 | - | |||||||||||||||||||||
- | - | (11) | ns | Other transactions with non-controlling interests (d) | - | (11) | ns | |||||||||||||||||||||
4,531 | 1,912 | 4,211 | +8% | Net investments (a+b-c-d) | 12,989 | 17,449 | -26% | |||||||||||||||||||||
(77) | (1) | (275) | ns | Organic loan repayment from equity affiliates* (e) | (111) | (475) | ns | |||||||||||||||||||||
61 | 18 | - | ns | Change in debt from renewable projects financing** (f) | 314 | 214 | +47% | |||||||||||||||||||||
39 | 28 | - | ns | Capex linked to capitalized leasing contracts (g) | 113 | - | ns | |||||||||||||||||||||
4,476 | 1,901 | 3,925 | +14% | Cash flow used in investing activities (a+b-c+e+f-g) | 13,079 | 17,177 | -24% |
* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from
operations.
** Change in debt from renewable projects (Group share and partner share).
CASH FLOW
4Q20 | 3Q20 | 4Q19 | 4Q20 vs 4Q19 |
in millions of dollars | 2020 | 2019 | 2020 vs 2019 | |||||||||||||||||||
4,933 | 4,281 | 7,326 | -33% | Operating cash flow before working capital changes w/o financial charges (DACF) | 17,635 | 28,180 | -37% | |||||||||||||||||||
(436) | (491) | (533) | ns | Financial charges |
(1,938) | (2,069) | ns | |||||||||||||||||||
4,498 | 3,791 | 6,793 | -34% | Operating cash flow before working capital changes (a)* | 15,697 | 26,111 | -40% | |||||||||||||||||||
976 | 475 | 92 | x10.6 | (Increase) decrease in working capital** |
753 | (1,397) | ns | |||||||||||||||||||
308 | 90 | (11) | ns | Inventory effect |
(1,440) | 446 | ns | |||||||||||||||||||
(32) | (4) | - | ns | Capital gain from renewable projects sale |
(96) | - | ns | |||||||||||||||||||
(77) | (1) | (275) | ns | Organic loan repayment from equity affiliates |
(111) | (475) | ns | |||||||||||||||||||
5,674 | 4,351 | 6,599 | -14% | Cash flow from operations | 14,803 | 24,685 | -40% | |||||||||||||||||||
3,432 | 2,184 | 4,291 | -20% | Organic investments (b) | 10,339 | 13,397 | -23% | |||||||||||||||||||
1,066 | 1,607 | 2,502 | -57% | Free cash flow after organic investments, w/o net asset sales (a-b) | 5,358 | 12,714 | -58% | |||||||||||||||||||
4,531 | 1,912 | 4,211 | +8% | Net investments (c) | 12,989 | 17,449 | -26% | |||||||||||||||||||
(33) | 1,879 | 2,582 | ns | Net cash flow (a-c) | 2,708 | 8,662 | -69% |
* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRPs 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 sectors contracts.
** Changes in working capital are presented excluding the mark-to-market effect of iGRPs contracts. See also C. Group results Cash Flow.
13
GEARING RATIO
in millions of dollars | 12/31/2020 | 09/30/2020 | 12/31/2019 | |||
Current borrowings |
17,099 | 14,980 | 14,819 | |||
Net current financial assets |
(4,427) | (5,815) | (3,505) | |||
Net financial assets classified as held for sale |
313 | 5 | 301 | |||
Non-current financial debt |
60,203 | 61,477 | 47,773 | |||
Non-current financial assets |
(4,781) | (3,155) | (912) | |||
Cash and cash equivalents |
(31,268) | (30,593) | (27,352) | |||
Net debt (a) |
37,139 | 36,899 | 31,124 | |||
of which leases |
7,812 | 7,499 | 7,156 | |||
Shareholders equity Group share |
103,702 | 102,234 | 116,778 | |||
Non-controlling interests |
2,383 | 2,177 | 2,527 | |||
Shareholders equity (b) |
106,085 | 104,411 | 119,305 | |||
Net-debt-to-capital ratio = a/(a+b)* |
25.9% | 26.1% | 20.7% | |||
Net-debt-to-capital ratio excluding leases |
21.7% | 22.0% | 16.7% |
*The net-debt-to-capital ratios include the impact of the new IFRS 16 rule, effective January 1, 2019.
RETURN ON AVERAGE CAPITAL EMPLOYED
Twelve months ended December 31, 2020
in millions of dollars |
Integrated Gas, Renewables & Power |
Exploration & Production |
Refining & Chemicals |
Marketing & Services | ||||||||||||||||
Adjusted net operating income |
1,778 | 2,363 | 1,039 | 1,224 | ||||||||||||||||
Capital employed at 12/31/2019* |
41,549 | 88,844 | 12,228 | 8,371 | ||||||||||||||||
Capital employed at 12/31/2020* |
45,611 | 78,928 | 11,375 | 8,793 | ||||||||||||||||
ROACE |
4.1% | 2.8% | 8.8% | 14.3% |
Twelve months ended September 30, 2020
in millions of dollars |
Integrated Gas, Renewables & Power |
Exploration & Production |
Refining & Chemicals |
Marketing & Services | ||||||||||||||||
Adjusted net operating income |
2,318 | 3,326 | 1,449 | 1,366 | ||||||||||||||||
Capital employed at 09/30/2019* |
41,516 | 88,560 | 11,658 | 7,570 | ||||||||||||||||
Capital employed at 09/30/2020* |
43,799 | 78,548 | 11,951 | 8,211 | ||||||||||||||||
ROACE |
5.4% | 4.0% | 12.3% | 17.3% |
* At replacement cost (excluding after-tax inventory effect).
MAIN INDICATORS
$/ | Brent ($/b) |
Average liquids price* ($/b) |
Average gas price* ($/Mbtu) |
Average LNG price** ($/Mbtu) |
Variable cost margin, European refining*** ($/t) | |||||||||||||||||||||||||
Fourth quarter 2020 |
1.19 | 44.2 | 41.0 | 3.31 | 4.90 | 4.6 | ||||||||||||||||||||||||
Third quarter 2020 |
1.17 | 42.9 | 39.9 | 2.52 | 3.57 | -2.7 | ||||||||||||||||||||||||
Second quarter 2020 |
1.10 | 29.6 | 23.4 | 2.61 | 4.40 | 14.3 | ||||||||||||||||||||||||
First quarter 2020 |
1.10 | 50.1 | 44.4 | 3.35 | 6.32 | 26.3 |
* Sales in $ / sales in volume for consolidated subsidiaries (excluding inventory value variation).
** Sales in $ / sales in volume for consolidated subsidiaries and equity affiliates (excluding inventory value variation). This indicator reflects the combined effect of sales volumes and prices of long-term contracts and spot sales. The share of spot sales volumes increased in the second quarter of 2020 compared to the first quarter 2020 due to deferral of some LNG liftings by some long term contract buyers, while the average long-term contract price was only reduced by 16% because of the deferred impact of the oil price decrease.
*** This indicator represents the average margin on variable costs realized by TOTALs European refining business (equal to the difference between the sales of refined products realized by TOTALs European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).
Disclaimer: Data is based on TOTALs reporting and is not audited.
14
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a) | 4th quarter 2020
|
3rd quarter 2020
|
4th quarter 2019
|
|||||||||
Sales |
37,943 | 33,142 | 49,280 | |||||||||
Excise taxes |
(5,595 | ) | (5,925 | ) | (5,895 | ) | ||||||
Revenues from sales |
32,348 | 27,217 | 43,385 | |||||||||
Purchases, net of inventory variation |
(20,508 | ) | (16,885 | ) | (28,212 | ) | ||||||
Other operating expenses |
(6,663 | ) | (5,610 | ) | (7,090 | ) | ||||||
Exploration costs |
(338 | ) | (139 | ) | (231 | ) | ||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,543 | ) | (3,493 | ) | (4,431 | ) | ||||||
Other income |
838 | 457 | 428 | |||||||||
Other expense |
(697 | ) | (281 | ) | (235 | ) | ||||||
Financial interest on debt |
(501 | ) | (547 | ) | (606 | ) | ||||||
Financial income and expense from cash & cash equivalents |
53 | 89 | 51 | |||||||||
Cost of net debt |
(448 | ) | (458 | ) | (555 | ) | ||||||
Other financial income |
173 | 134 | 143 | |||||||||
Other financial expense |
(183 | ) | (165 | ) | (203 | ) | ||||||
Net income (loss) from equity affiliates |
73 | 94 | 502 | |||||||||
Income taxes |
(149 | ) | (690 | ) | (852 | ) | ||||||
Consolidated net income |
903 | 181 | 2,649 | |||||||||
Group share |
891 | 202 | 2,600 | |||||||||
Non-controlling interests |
12 | (21 | ) | 49 | ||||||||
Earnings per share ($) |
0.31 | 0.04 | 0.98 | |||||||||
Fully-diluted earnings per share ($) |
0.31 | 0.04 | 0.97 |
(a) Except for per share amounts.
15
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) |
4th quarter 2020 |
3rd quarter 2020 |
4th quarter 2019 |
|||||||||
Consolidated net income |
903 | 181 | 2,649 | |||||||||
Other comprehensive income |
||||||||||||
Actuarial gains and losses |
17 | (6 | ) | (138 | ) | |||||||
Change in fair value of investments in equity instruments |
386 | 221 | 16 | |||||||||
Tax effect |
(21 | ) | - | 40 | ||||||||
Currency translation adjustment generated by the parent company |
4,074 | 3,663 | 2,461 | |||||||||
Items not potentially reclassifiable to profit and loss |
4,456 | 3,878 | 2,379 | |||||||||
Currency translation adjustment |
(1,875 | ) | (1,830 | ) | (654 | ) | ||||||
Cash flow hedge |
617 | 363 | (24 | ) | ||||||||
Variation of foreign currency basis spread |
(7 | ) | (35 | ) | (49 | ) | ||||||
Share of other comprehensive income of equity affiliates, net amount |
(100 | ) | (804 | ) | 82 | |||||||
Other |
(4 | ) | (7 | ) | 1 | |||||||
Tax effect |
(180 | ) | (115 | ) | 26 | |||||||
Items potentially reclassifiable to profit and loss |
(1,549 | ) | (2,428 | ) | (618 | ) | ||||||
Total other comprehensive income (net amount) |
2,907 | 1,450 | 1,761 | |||||||||
Comprehensive income |
3,810 | 1,631 | 4,410 | |||||||||
Group share |
3,576 | 1,536 | 4,319 | |||||||||
Non-controlling interests |
234 | 95 | 91 |
16
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$) (a) | Year 2020 (unaudited)
|
Year 2019 |
||||||||||
Sales |
140,685 | 200,316 | ||||||||||
Excise taxes |
(20,981 | ) | (24,067 | ) | ||||||||
Revenues from sales |
119,704 | 176,249 | ||||||||||
Purchases, net of inventory variation |
(77,486 | ) | (116,221 | ) | ||||||||
Other operating expenses |
(25,538 | ) | (27,255 | ) | ||||||||
Exploration costs |
(731 | ) | (785 | ) | ||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(22,264 | ) | (15,731 | ) | ||||||||
Other income |
2,237 | 1,163 | ||||||||||
Other expense |
(1,506 | ) | (1,192 | ) | ||||||||
Financial interest on debt |
(2,147 | ) | (2,333 | ) | ||||||||
Financial income and expense from cash & cash equivalents |
37 | (19 | ) | |||||||||
Cost of net debt |
(2,110 | ) | (2,352 | ) | ||||||||
Other financial income |
914 | 792 | ||||||||||
Other financial expense |
(690 | ) | (764 | ) | ||||||||
Net income (loss) from equity affiliates |
452 | 3,406 | ||||||||||
Income taxes |
(318 | ) | (5,872 | ) | ||||||||
Consolidated net income |
(7,336 | ) | 11,438 | |||||||||
Group share |
(7,242 | ) | 11,267 | |||||||||
Non-controlling interests |
(94 | ) | 171 | |||||||||
Earnings per share ($) |
(2.90 | ) | 4.20 | |||||||||
Fully-diluted earnings per share ($) |
(2.90 | ) | 4.17 |
(a) Except for per share amounts.
17
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(M$) | Year 2020
|
Year |
||||||||||
Consolidated net income |
(7,336) | 11,438 | ||||||||||
Other comprehensive income |
||||||||||||
Actuarial gains and losses |
(212) | (192) | ||||||||||
Change in fair value of investments in equity instruments |
533 | 142 | ||||||||||
Tax effect |
65 | 53 | ||||||||||
Currency translation adjustment generated by the parent company |
7,541 | (1,533) | ||||||||||
Items not potentially reclassifiable to profit and loss |
7,927 | (1,530) | ||||||||||
Currency translation adjustment |
(4,645) | 740 | ||||||||||
Cash flow hedge |
(313) | (599) | ||||||||||
Variation of foreign currency basis spread |
28 | 1 | ||||||||||
Share of other comprehensive income of equity affiliates, net amount |
(1,831) | 408 | ||||||||||
Other |
(8) | (3) | ||||||||||
Tax effect |
72 | 202 | ||||||||||
Items potentially reclassifiable to profit and loss |
(6,697) | 749 | ||||||||||
Total other comprehensive income (net amount) |
1,230 | (781) | ||||||||||
Comprehensive income |
(6,106) | 10,657 | ||||||||||
Group share |
(6,312) | 10,418 | ||||||||||
Non-controlling interests |
206 | 239 |
18
CONSOLIDATED BALANCE SHEET
TOTAL
(M$) | December 31, 2020 (unaudited) |
September 30, 2020 (unaudited) |
December 31,
|
|||||||||
ASSETS |
||||||||||||
Non-current assets |
||||||||||||
Intangible assets, net |
33,528 | 33,145 | 33,178 | |||||||||
Property, plant and equipment, net |
108,335 | 104,355 | 116,408 | |||||||||
Equity affiliates : investments and loans |
27,976 | 27,386 | 27,122 | |||||||||
Other investments |
2,007 | 1,822 | 1,778 | |||||||||
Non-current financial assets |
4,781 | 3,155 | 912 | |||||||||
Deferred income taxes |
7,016 | 6,952 | 6,216 | |||||||||
Other non-current assets |
2,810 | 2,570 | 2,415 | |||||||||
Total non-current assets |
186,453 | 179,385 | 188,029 | |||||||||
Current assets |
||||||||||||
Inventories, net |
14,730 | 12,373 | 17,132 | |||||||||
Accounts receivable, net |
14,068 | 12,893 | 18,488 | |||||||||
Other current assets |
13,428 | 14,637 | 17,013 | |||||||||
Current financial assets |
4,630 | 6,011 | 3,992 | |||||||||
Cash and cash equivalents |
31,268 | 30,593 | 27,352 | |||||||||
Assets classified as held for sale |
1,555 | 1,090 | 1,288 | |||||||||
Total current assets |
79,679 | 77,597 | 85,265 | |||||||||
Total assets |
266,132 | 256,982 | 273,294 | |||||||||
LIABILITIES & SHAREHOLDERS EQUITY |
||||||||||||
Shareholders equity |
||||||||||||
Common shares |
8,267 | 8,267 | 8,123 | |||||||||
Paid-in surplus and retained earnings |
107,078 | 107,632 | 121,170 | |||||||||
Currency translation adjustment |
(10,256 | ) | (12,275 | ) | (11,503 | ) | ||||||
Treasury shares |
(1,387 | ) | (1,390 | ) | (1,012 | ) | ||||||
Total shareholders equity - Group share |
103,702 | 102,234 | 116,778 | |||||||||
Non-controlling interests |
2,383 | 2,177 | 2,527 | |||||||||
Total shareholders equity |
106,085 | 104,411 | 119,305 | |||||||||
Non-current liabilities |
||||||||||||
Deferred income taxes |
10,326 | 10,367 | 11,858 | |||||||||
Employee benefits |
3,917 | 3,719 | 3,501 | |||||||||
Provisions and other non-current liabilities |
20,925 | 19,351 | 20,613 | |||||||||
Non-current financial debt |
60,203 | 61,477 | 47,773 | |||||||||
Total non-current liabilities |
95,371 | 94,914 | 83,745 | |||||||||
Current liabilities |
||||||||||||
Accounts payable |
23,574 | 18,880 | 28,394 | |||||||||
Other creditors and accrued liabilities |
22,465 | 22,806 | 25,749 | |||||||||
Current borrowings |
17,099 | 14,980 | 14,819 | |||||||||
Other current financial liabilities |
203 | 196 | 487 | |||||||||
Liabilities directly associated with the assets classified as held for sale |
1,335 | 795 | 795 | |||||||||
Total current liabilities |
64,676 | 57,657 | 70,244 | |||||||||
Total liabilities & shareholders equity |
266,132 | 256,982 | 273,294 |
19
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) | 4th quarter 2020 |
3rd quarter 2020 |
4th quarter 2019 |
|||||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||||||
Consolidated net income |
903 | 181 | 2,649 | |||||||||
Depreciation, depletion, amortization and impairment |
3,796 | 3,634 | 4,624 | |||||||||
Non-current liabilities, valuation allowances and deferred taxes |
(237 | ) | (88 | ) | (672 | ) | ||||||
(Gains) losses on disposals of assets |
(260 | ) | (309 | ) | (176 | ) | ||||||
Undistributed affiliates equity earnings |
379 | 178 | 267 | |||||||||
(Increase) decrease in working capital |
1,342 | 980 | 46 | |||||||||
Other changes, net |
(249 | ) | (225 | ) | (139 | ) | ||||||
Cash flow from operating activities |
5,674 | 4,351 | 6,599 | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||||||
Intangible assets and property, plant and equipment additions |
(3,834 | ) | (2,157 | ) | (4,015 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired |
(778 | ) | - | (155 | ) | |||||||
Investments in equity affiliates and other securities |
(221 | ) | (229 | ) | (170 | ) | ||||||
Increase in non-current loans |
(355 | ) | (301 | ) | (319 | ) | ||||||
Total expenditures |
(5,188 | ) | (2,687 | ) | (4,659 | ) | ||||||
Proceeds from disposals of intangible assets and property, plant and equipment |
114 | 363 | 301 | |||||||||
Proceeds from disposals of subsidiaries, net of cash sold |
124 | 4 | 13 | |||||||||
Proceeds from disposals of non-current investments |
186 | 77 | 43 | |||||||||
Repayment of non-current loans |
288 | 342 | 377 | |||||||||
Total divestments |
712 | 786 | 734 | |||||||||
Cash flow used in investing activities |
(4,476 | ) | (1,901 | ) | (3,925 | ) | ||||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||||||
Issuance (repayment) of shares: |
||||||||||||
- Parent company shareholders |
- | - | 1 | |||||||||
- Treasury shares |
- | - | (620 | ) | ||||||||
Dividends paid: |
||||||||||||
- Parent company shareholders |
(2,053 | ) | (825 | ) | (1,876 | ) | ||||||
- Non-controlling interests |
(5 | ) | (103 | ) | (1 | ) | ||||||
Net issuance (repayment) of perpetual subordinated notes |
- | 331 | - | |||||||||
Payments on perpetual subordinated notes |
(62 | ) | (22 | ) | (56 | ) | ||||||
Other transactions with non-controlling interests |
(59 | ) | (75 | ) | 160 | |||||||
Net issuance (repayment) of non-current debt |
104 | 224 | 84 | |||||||||
Increase (decrease) in current borrowings |
(339 | ) | (2,343 | ) | (1,131 | ) | ||||||
Increase (decrease) in current financial assets and liabilities |
1,212 | 730 | (168 | ) | ||||||||
Cash flow from (used in) financing activities |
(1,202 | ) | (2,083 | ) | (3,607 | ) | ||||||
Net increase (decrease) in cash and cash equivalents |
(4 | ) | 367 | (933 | ) | |||||||
Effect of exchange rates |
679 | 499 | 831 | |||||||||
Cash and cash equivalents at the beginning of the period |
30,593 | 29,727 | 27,454 | |||||||||
Cash and cash equivalents at the end of the period |
31,268 | 30,593 | 27,352 |
20
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$) | Year 2020
|
Year
|
||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||
Consolidated net income |
(7,336 | ) | 11,438 | |||||
Depreciation, depletion, amortization and impairment |
22,861 | 16,401 | ||||||
Non-current liabilities, valuation allowances and deferred taxes |
(1,782 | ) | (58 | ) | ||||
(Gains) losses on disposals of assets |
(909 | ) | (614 | ) | ||||
Undistributed affiliates equity earnings |
948 | (1,083 | ) | |||||
(Increase) decrease in working capital |
1,869 | (1,718 | ) | |||||
Other changes, net |
(848 | ) | 319 | |||||
Cash flow from operating activities |
14,803 | 24,685 | ||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||
Intangible assets and property, plant and equipment additions |
(10,764 | ) | (11,810 | ) | ||||
Acquisitions of subsidiaries, net of cash acquired |
(966 | ) | (4,748 | ) | ||||
Investments in equity affiliates and other securities |
(2,120 | ) | (1,618 | ) | ||||
Increase in non-current loans |
(1,684 | ) | (1,061 | ) | ||||
Total expenditures |
(15,534 | ) | (19,237 | ) | ||||
Proceeds from disposals of intangible assets and property, plant and equipment |
740 | 527 | ||||||
Proceeds from disposals of subsidiaries, net of cash sold |
282 | 158 | ||||||
Proceeds from disposals of non-current investments |
578 | 349 | ||||||
Repayment of non-current loans |
855 | 1,026 | ||||||
Total divestments |
2,455 | 2,060 | ||||||
Cash flow used in investing activities |
(13,079 | ) | (17,177 | ) | ||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||
Issuance (repayment) of shares: |
||||||||
- Parent company shareholders |
374 | 452 | ||||||
- Treasury shares |
(611 | ) | (2,810 | ) | ||||
Dividends paid: |
||||||||
- Parent company shareholders |
(6,688 | ) | (6,641 | ) | ||||
- Non-controlling interests |
(184 | ) | (115 | ) | ||||
Net issuance (repayment) of perpetual subordinated notes |
331 | - | ||||||
Payments on perpetual subordinated notes |
(315 | ) | (371 | ) | ||||
Other transactions with non-controlling interests |
(204 | ) | 10 | |||||
Net issuance (repayment) of non-current debt |
15,800 | 8,131 | ||||||
Increase (decrease) in current borrowings |
(6,501 | ) | (5,829 | ) | ||||
Increase (decrease) in current financial assets and liabilities |
(604 | ) | (536 | ) | ||||
Cash flow from (used in) financing activities |
1,398 | (7,709 | ) | |||||
Net increase (decrease) in cash and cash equivalents |
3,122 | (201 | ) | |||||
Effect of exchange rates |
794 | (354 | ) | |||||
Cash and cash equivalents at the beginning of the period |
27,352 | 27,907 | ||||||
Cash and cash equivalents at the end of the period |
31,268 | 27,352 |
21
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
TOTAL
(Unaudited: Year 2020)
Common shares issued | Paid-in surplus and earnings |
Currency translation adjustment |
Treasury shares | Shareholders
|
Non-
|
Total
|
||||||||||||||||||||||||||||||
(M$)
|
Number | Amount | Number | Amount | ||||||||||||||||||||||||||||||||
As of January 1, 2019 |
2,640,602,007 | 8,227 | 120,569 | (11,313) | (32,473,281) | (1,843) | 115,640 | 2,474 | 118,114 | |||||||||||||||||||||||||||
Net income 2019 |
- | - | 11,267 | - | - | - | 11,267 | 171 | 11,438 | |||||||||||||||||||||||||||
Other comprehensive Income |
- | - | (659) | (190) | - | - | (849) | 68 | (781) | |||||||||||||||||||||||||||
Comprehensive Income |
- | - | 10,608 | (190) | - | - | 10,418 | 239 | 10,657 | |||||||||||||||||||||||||||
Dividend |
- | - | (7,730) | - | - | - | (7,730) | (115) | (7,845) | |||||||||||||||||||||||||||
Issuance of common shares |
26,388,503 | 74 | 1,265 | - | - | - | 1,339 | - | 1,339 | |||||||||||||||||||||||||||
Purchase of treasury shares |
- | - | - | - | (52,389,336) | (2,810) | (2,810) | - | (2,810) | |||||||||||||||||||||||||||
Sale of treasury shares (1) |
- | - | (219) | - | 4,278,948 | 219 | - | - | - | |||||||||||||||||||||||||||
Share-based payments |
- | - | 207 | - | - | - | 207 | - | 207 | |||||||||||||||||||||||||||
Share cancellation |
(65,109,435) | (178) | (3,244) | - | 65,109,435 | 3,422 | - | - | - | |||||||||||||||||||||||||||
Net issuance (repayment) of perpetual subordinated notes |
- | - | (4) | - | - | - | (4) | - | (4) | |||||||||||||||||||||||||||
Payments on perpetual subordinated notes |
- | - | (353) | - | - | - | (353) | - | (353) | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
- | - | 55 | - | - | - | 55 | (42) | 13 | |||||||||||||||||||||||||||
Other items |
- | - | 16 | - | - | - | 16 | (29) | (13) | |||||||||||||||||||||||||||
As of December 31, 2019 |
2,601,881,075 | 8,123 | 121,170 | (11,503) | (15,474,234) | (1,012) | 116,778 | 2,527 | 119,305 | |||||||||||||||||||||||||||
Net income 2020 |
- | - | (7,242) | - | - | - | (7,242) | (94) | (7,336) | |||||||||||||||||||||||||||
Other comprehensive Income |
- | - | (321) | 1,251 | - | - | 930 | 300 | 1,230 | |||||||||||||||||||||||||||
Comprehensive Income |
- | - | (7,563) | 1,251 | - | - | (6,312) | 206 | (6,106) | |||||||||||||||||||||||||||
Dividend |
- | - | (7,899) | - | - | - | (7,899) | (234) | (8,133) | |||||||||||||||||||||||||||
Issuance of common shares |
51,242,950 | 144 | 1,470 | - | - | - | 1,614 | - | 1,614 | |||||||||||||||||||||||||||
Purchase of treasury shares |
- | - | - | - | (13,236,044) | (611) | (611) | - | (611) | |||||||||||||||||||||||||||
Sale of treasury shares (1) |
- | - | (236) | - | 4,317,575 | 236 | - | - | - | |||||||||||||||||||||||||||
Share-based payments |
- | - | 188 | - | - | - | 188 | - | 188 | |||||||||||||||||||||||||||
Share cancellation |
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Net issuance (repayment) of perpetual subordinated notes |
- | - | 331 | - | - | - | 331 | - | 331 | |||||||||||||||||||||||||||
Payments on perpetual subordinated notes |
- | - | (308) | - | - | - | (308) | - | (308) | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
- | - | (61) | (4) | - | - | (65) | (117) | (182) | |||||||||||||||||||||||||||
Other items |
- | - | (14) | - | - | - | (14) | 1 | (13) | |||||||||||||||||||||||||||
As of December 31, 2020 |
2,653,124,025 | 8,267 | 107,078 | (10,256) | (24,392,703) | (1,387) | 103,702 | 2,383 | 106,085 |
(1) | Treasury shares related to the restricted stock grants. |
22
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,257 | 5,231 | 15,052 | 16,393 | 10 | - | 37,943 | |||||||||||||||||||||
Intersegment sales |
5,574 | 628 | 4,160 | 98 | 140 | (10,600 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (628 | ) | (4,967 | ) | - | - | (5,595 | ) | ||||||||||||||||||
Revenues from sales |
6,831 | 5,859 | 18,584 | 11,524 | 150 | (10,600 | ) | 32,348 | ||||||||||||||||||||
Operating expenses |
(3,489 | ) | (5,569 | ) | (17,989 | ) | (10,776 | ) | (286 | ) | 10,600 | (27,509 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,500 | ) | (354 | ) | (412 | ) | (241 | ) | (36 | ) | - | (3,543 | ) | |||||||||||||||
Operating income |
842 | (64 | ) | 183 | 507 | (172 | ) | - | 1,296 | |||||||||||||||||||
Net income (loss) from equity affiliates and other items |
6 | 149 | (54 | ) | (9 | ) | 112 | - | 204 | |||||||||||||||||||
Tax on net operating income |
91 | 7 | (93 | ) | (169 | ) | (72 | ) | - | (236 | ) | |||||||||||||||||
Net operating income |
939 | 92 | 36 | 329 | (132 | ) | - | 1,264 | ||||||||||||||||||||
Net cost of net debt |
(361 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(12 | ) | ||||||||||||||||||||||||||
Net income - group share |
891 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
4th quarter 2020 (adjustments) (a) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
- | 3 | - | - | - | - | 3 | |||||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | - | |||||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | - | |||||||||||||||||||||
Revenues from sales |
- | 3 | - | - | - | - | 3 | |||||||||||||||||||||
Operating expenses |
(49 | ) | (56 | ) | 133 | 17 | 31 | - | 76 | |||||||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(355 | ) | - | (16 | ) | - | - | - | (371 | ) | ||||||||||||||||||
Operating income (b) |
(404 | ) | (53 | ) | 117 | 17 | 31 | - | (292 | ) | ||||||||||||||||||
Net income (loss) from equity affiliates and other items |
(25 | ) | (26 | ) | (191 | ) | (13 | ) | 107 | - | (148 | ) | ||||||||||||||||
Tax on net operating income |
300 | (83 | ) | (60 | ) | (7 | ) | (157 | ) | - | (7 | ) | ||||||||||||||||
Net operating income (b) |
(129 | ) | (162 | ) | (134 | ) | (3 | ) | (19 | ) | - | (447 | ) | |||||||||||||||
Net cost of net debt |
10 | |||||||||||||||||||||||||||
Non-controlling interests |
24 | |||||||||||||||||||||||||||
Net income - group share |
(413 | ) | ||||||||||||||||||||||||||
(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||||||
(b)Of which inventory valuation effect
|
|
|||||||||||||||||||||||||||
On operating income |
- | - | 265 | 43 | - | |||||||||||||||||||||||
On net operating income |
- | - | 192 | 32 | - | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
4th quarter 2020 (adjusted) (M$) |
Exploration & Production |
Integrated Gas, Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,257 | 5,228 | 15,052 | 16,393 | 10 | - | 37,940 | |||||||||||||||||||||
Intersegment sales |
5,574 | 628 | 4,160 | 98 | 140 | (10,600 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (628 | ) | (4,967 | ) | - | - | (5,595 | ) | ||||||||||||||||||
Revenues from sales |
6,831 | 5,856 | 18,584 | 11,524 | 150 | (10,600 | ) | 32,345 | ||||||||||||||||||||
Operating expenses |
(3,440 | ) | (5,513 | ) | (18,122 | ) | (10,793 | ) | (317 | ) | 10,600 | (27,585 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,145 | ) | (354 | ) | (396 | ) | (241 | ) | (36 | ) | - | (3,172 | ) | |||||||||||||||
Adjusted operating income |
1,246 | (11 | ) | 66 | 490 | (203 | ) | - | 1,588 | |||||||||||||||||||
Net income (loss) from equity affiliates and other items |
31 | 175 | 137 | 4 | 5 | - | 352 | |||||||||||||||||||||
Tax on net operating income |
(209 | ) | 90 | (33 | ) | (162 | ) | 85 | - | (229 | ) | |||||||||||||||||
Adjusted net operating income |
1,068 | 254 | 170 | 332 | (113 | ) | - | 1,711 | ||||||||||||||||||||
Net cost of net debt |
(371 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(36 | ) | ||||||||||||||||||||||||||
Adjusted net income - group share |
1,304 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
4th quarter 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Total expenditures |
2,226 | 1,895 | 475 | 533 | 59 | - | 5,188 | |||||||||||||||||||||
Total divestments |
132 | 339 | 31 | 61 | 149 | - | 712 | |||||||||||||||||||||
Cash flow from operating activities |
3,046 | 575 | 1,514 | 648 | (109 | ) | - | 5,674 |
23
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,142 | 1,995 | 13,607 | 16,397 | 1 | - | 33,142 | |||||||||||||||||||||
Intersegment sales |
4,248 | 480 | 4,167 | 63 | 24 | (8,982 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (658 | ) | (5,267 | ) | - | - | (5,925 | ) | ||||||||||||||||||
Revenues from sales |
5,390 | 2,475 | 17,116 | 11,193 | 25 | (8,982 | ) | 27,217 | ||||||||||||||||||||
Operating expenses |
(2,435 | ) | (1,880 | ) | (16,799 | ) | (10,301 | ) | (201 | ) | 8,982 | (22,634 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,187 | ) | (342 | ) | (678 | ) | (270 | ) | (16 | ) | - | (3,493 | ) | |||||||||||||||
Operating income |
768 | 253 | (361 | ) | 622 | (192 | ) | - | 1,090 | |||||||||||||||||||
Net income (loss) from equity affiliates and other items |
251 | 225 | (247 | ) | 14 | (4 | ) | - | 239 | |||||||||||||||||||
Tax on net operating income |
(243 | ) | (266 | ) | (51 | ) | (187 | ) | 3 | - | (744 | ) | ||||||||||||||||
Net operating income |
776 | 212 | (659 | ) | 449 | (193 | ) | - | 585 | |||||||||||||||||||
Net cost of net debt |
(404 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
21 | |||||||||||||||||||||||||||
Net income - group share |
202 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
3rd quarter 2020 (adjustments) (a) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
- | 33 | - | - | - | - | 33 | |||||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | - | |||||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | - | |||||||||||||||||||||
Revenues from sales |
- | 33 | - | - | - | - | 33 | |||||||||||||||||||||
Operating expenses |
(51 | ) | (49 | ) | (48 | ) | (6 | ) | - | - | (154 | ) | ||||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
- | - | (290 | ) | - | - | - | (290 | ) | |||||||||||||||||||
Operating income (b) |
(51 | ) | (16 | ) | (338 | ) | (6 | ) | - | - | (411 | ) | ||||||||||||||||
Net income (loss) from equity affiliates and other items |
8 | (64 | ) | (215 | ) | (6 | ) | - | - | (277 | ) | |||||||||||||||||
Tax on net operating income |
18 | 7 | (18 | ) | - | - | - | 7 | ||||||||||||||||||||
Net operating income (b) |
(25 | ) | (73 | ) | (571 | ) | (12 | ) | - | - | (681 | ) | ||||||||||||||||
Net cost of net debt |
29 | |||||||||||||||||||||||||||
Non-controlling interests |
6 | |||||||||||||||||||||||||||
Net income - group share |
(646 | ) |
(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||||||
(b)Of which inventory valuation effect |
|
|||||||||||||||||||||||||||
On operating income |
- | - | 95 | (5 | ) | - | ||||||||||||||||||||||
On net operating income |
- | - | 14 | (6 | ) | - | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
3rd quarter 2020 (adjusted) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,142 | 1,962 | 13,607 | 16,397 | 1 | - | 33,109 | |||||||||||||||||||||
Intersegment sales |
4,248 | 480 | 4,167 | 63 | 24 | (8,982 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (658 | ) | (5,267 | ) | - | - | (5,925 | ) | ||||||||||||||||||
Revenues from sales |
5,390 | 2,442 | 17,116 | 11,193 | 25 | (8,982 | ) | 27,184 | ||||||||||||||||||||
Operating expenses |
(2,384 | ) | (1,831 | ) | (16,751 | ) | (10,295 | ) | (201 | ) | 8,982 | (22,480 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,187 | ) | (342 | ) | (388 | ) | (270 | ) | (16 | ) | - | (3,203 | ) | |||||||||||||||
Adjusted operating income |
819 | 269 | (23 | ) | 628 | (192 | ) | - | 1,501 | |||||||||||||||||||
Net income (loss) from equity affiliates and other items |
243 | 289 | (32 | ) | 20 | (4 | ) | - | 516 | |||||||||||||||||||
Tax on net operating income |
(261 | ) | (273 | ) | (33 | ) | (187 | ) | 3 | - | (751 | ) | ||||||||||||||||
Adjusted net operating income |
801 | 285 | (88 | ) | 461 | (193 | ) | - | 1,266 | |||||||||||||||||||
Net cost of net debt |
(433 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
15 | |||||||||||||||||||||||||||
Adjusted net income - group share |
848 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
3rd quarter 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Total expenditures |
1,291 | 874 | 317 | 185 | 20 | - | 2,687 | |||||||||||||||||||||
Total divestments |
362 | 380 | 17 | 25 | 2 | - | 786 | |||||||||||||||||||||
Cash flow from operating activities |
2,043 | 654 | 1,027 | 1,033 | (406 | ) | - | 4,351 |
24
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2019 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,563 | 4,292 | 22,040 | 21,379 | 6 | - | 49,280 | |||||||||||||||||||||
Intersegment sales |
8,266 | 993 | 7,739 | 203 | 47 | (17,248 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (765 | ) | (5,130 | ) | - | - | (5,895 | ) | ||||||||||||||||||
Revenues from sales |
9,829 | 5,285 | 29,014 | 16,452 | 53 | (17,248 | ) | 43,385 | ||||||||||||||||||||
Operating expenses |
(4,156 | ) | (4,471 | ) | (28,084 | ) | (15,714 | ) | (356 | ) | 17,248 | (35,533 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,307 | ) | (488 | ) | (351 | ) | (263 | ) | (22 | ) | - | (4,431 | ) | |||||||||||||||
Operating income |
2,366 | 326 | 579 | 475 | (325 | ) | - | 3,421 | ||||||||||||||||||||
Net income (loss) from equity affiliates and other items |
166 | 391 | 57 | 15 | 6 | - | 635 | |||||||||||||||||||||
Tax on net operating income |
(893 | ) | 104 | (3 | ) | (100 | ) | (39 | ) | - | (931 | ) | ||||||||||||||||
Net operating income |
1,639 | 821 | 633 | 390 | (358 | ) | - | 3,125 | ||||||||||||||||||||
Net cost of net debt |
(476 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(49 | ) | ||||||||||||||||||||||||||
Net income - group share |
2,600 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
4th quarter 2019 (adjustments) (a) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
- | 10 | - | - | - | - | 10 | |||||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | - | |||||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | - | |||||||||||||||||||||
Revenues from sales |
- | 10 | - | - | - | - | 10 | |||||||||||||||||||||
Operating expenses |
(45 | ) | (87 | ) | 44 | (102 | ) | (112 | ) | - | (302 | ) | ||||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(525 | ) | (136 | ) | (9 | ) | - | - | - | (670 | ) | |||||||||||||||||
Operating income (b) |
(570 | ) | (213 | ) | 35 | (102 | ) | (112 | ) | - | (962 | ) | ||||||||||||||||
Net income (loss) from equity affiliates and other items |
(22 | ) | (38 | ) | (13 | ) | (23 | ) | - | - | (96 | ) | ||||||||||||||||
Tax on net operating income |
200 | 278 | 31 | 41 | (73 | ) | - | 477 | ||||||||||||||||||||
Net operating income (b) |
(392 | ) | 27 | 53 | (84 | ) | (185 | ) | - | (581 | ) | |||||||||||||||||
Net cost of net debt |
(3 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
19 | |||||||||||||||||||||||||||
Net income - group share |
(565 | ) | ||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
| |||||||||||||||||||||||||||
On operating income |
- | - | 85 | (96 | ) | - | ||||||||||||||||||||||
On net operating income |
- | - | 117 | (60 | ) | - | ||||||||||||||||||||||
4th quarter 2019 (adjusted) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
1,563 | 4,282 | 22,040 | 21,379 | 6 | - | 49,270 | |||||||||||||||||||||
Intersegment sales |
8,266 | 993 | 7,739 | 203 | 47 | (17,248 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (765 | ) | (5,130 | ) | - | - | (5,895 | ) | ||||||||||||||||||
Revenues from sales |
9,829 | 5,275 | 29,014 | 16,452 | 53 | (17,248 | ) | 43,375 | ||||||||||||||||||||
Operating expenses |
(4,111 | ) | (4,384 | ) | (28,128 | ) | (15,612 | ) | (244 | ) | 17,248 | (35,231 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,782 | ) | (352 | ) | (342 | ) | (263 | ) | (22 | ) | - | (3,761 | ) | |||||||||||||||
Adjusted operating income |
2,936 | 539 | 544 | 577 | (213 | ) | - | 4,383 | ||||||||||||||||||||
Net income (loss) from equity affiliates and other items |
188 | 429 | 70 | 38 | 6 | - | 731 | |||||||||||||||||||||
Tax on net operating income |
(1,093 | ) | (174 | ) | (34 | ) | (141 | ) | 34 | - | (1,408 | ) | ||||||||||||||||
Adjusted net operating income |
2,031 | 794 | 580 | 474 | (173 | ) | - | 3,706 | ||||||||||||||||||||
Net cost of net debt |
(473 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(68 | ) | ||||||||||||||||||||||||||
Adjusted net income - group share |
3,165 | |||||||||||||||||||||||||||
4th quarter 2019 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Total expenditures |
2,633 | 747 | 664 | 571 | 44 | - | 4,659 | |||||||||||||||||||||
Total divestments |
256 | 342 | 69 | 62 | 5 | - | 734 | |||||||||||||||||||||
Cash flow from operating activities |
4,206 | 1,527 | 1,142 | 278 | (554 | ) | - | 6,599 |
25
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
4,973 | 15,629 | 56,615 | 63,451 | 17 | - | 140,685 | |||||||||||||||||||||
Intersegment sales |
18,483 | 2,003 | 17,378 | 357 | 223 | (38,444 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (2,405 | ) | (18,576 | ) | - | - | (20,981 | ) | ||||||||||||||||||
Revenues from sales |
23,456 | 17,632 | 71,588 | 45,232 | 240 | (38,444 | ) | 119,704 | ||||||||||||||||||||
Operating expenses |
(11,972 | ) | (15,847 | ) | (70,524 | ) | (42,807 | ) | (1,049 | ) | 38,444 | (103,755 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(16,998 | ) | (2,312 | ) | (1,878 | ) | (984 | ) | (92 | ) | - | (22,264 | ) | |||||||||||||||
Operating income |
(5,514 | ) | (527 | ) | (814 | ) | 1,441 | (901 | ) | - | (6,315 | ) | ||||||||||||||||
Net income (loss) from equity affiliates and other items |
697 | 794 | (393 | ) | 37 | 272 | - | 1,407 | ||||||||||||||||||||
Tax on net operating income |
(208 | ) | 71 | 59 | (515 | ) | (67 | ) | - | (660 | ) | |||||||||||||||||
Net operating income |
(5,025 | ) | 338 | (1,148 | ) | 963 | (696 | ) | - | (5,568 | ) | |||||||||||||||||
Net cost of net debt |
(1,768 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
94 | |||||||||||||||||||||||||||
Net income - group share |
(7,242 | ) | ||||||||||||||||||||||||||
Year 2020 (adjustments) (a) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
- | 20 | - | - | - | - | 20 | |||||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | - | |||||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | - | |||||||||||||||||||||
Revenues from sales |
- | 20 | - | - | - | - | 20 | |||||||||||||||||||||
Operating expenses |
(137 | ) | (423 | ) | (1,552 | ) | (330 | ) | (60 | ) | - | (2,502 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,693 | ) | (953 | ) | (306 | ) | - | - | - | (8,952 | ) | |||||||||||||||||
Operating income (b) |
(7,830 | ) | (1,356 | ) | (1,858 | ) | (330 | ) | (60 | ) | - | (11,434 | ) | |||||||||||||||
Net income (loss) from equity affiliates and other items |
54 | (382 | ) | (677 | ) | (24 | ) | 107 | - | (922 | ) | |||||||||||||||||
Tax on net operating income |
388 | 298 | 348 | 93 | (145 | ) | - | 982 | ||||||||||||||||||||
Net operating income (b) |
(7,388 | ) | (1,440 | ) | (2,187 | ) | (261 | ) | (98 | ) | - | (11,374 | ) | |||||||||||||||
Net cost of net debt |
- | - | - | - | - | - | (29 | ) | ||||||||||||||||||||
Non-controlling interests |
- | - | - | - | - | - | 102 | |||||||||||||||||||||
Net income - group share |
- | - | - | - | - | - | (11,301 | ) | ||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
|
| |||||||||||||||||||||||||||
On operating income |
- | - | (1,244 | ) | (196 | ) | - | |||||||||||||||||||||
On net operating income |
- | - | (1,165 | ) | (137 | ) | - | |||||||||||||||||||||
Year 2020 (adjusted) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
4,973 | 15,609 | 56,615 | 63,451 | 17 | - | 140,665 | |||||||||||||||||||||
Intersegment sales |
18,483 | 2,003 | 17,378 | 357 | 223 | (38,444 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (2,405 | ) | (18,576 | ) | - | - | (20,981 | ) | ||||||||||||||||||
Revenues from sales |
23,456 | 17,612 | 71,588 | 45,232 | 240 | (38,444 | ) | 119,684 | ||||||||||||||||||||
Operating expenses |
(11,835 | ) | (15,424 | ) | (68,972 | ) | (42,477 | ) | (989 | ) | 38,444 | (101,253 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(9,305 | ) | (1,359 | ) | (1,572 | ) | (984 | ) | (92 | ) | - | (13,312 | ) | |||||||||||||||
Adjusted operating income |
2,316 | 829 | 1,044 | 1,771 | (841 | ) | - | 5,119 | ||||||||||||||||||||
Net income (loss) from equity affiliates and other items |
643 | 1,176 | 284 | 61 | 165 | - | 2,329 | |||||||||||||||||||||
Tax on net operating income |
(596 | ) | (227 | ) | (289 | ) | (608 | ) | 78 | - | (1,642 | ) | ||||||||||||||||
Adjusted net operating income |
2,363 | 1,778 | 1,039 | 1,224 | (598 | ) | - | 5,806 | ||||||||||||||||||||
Net cost of net debt |
(1,739 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(8 | ) | ||||||||||||||||||||||||||
Adjusted net income - group share |
4,059 | |||||||||||||||||||||||||||
Year 2020 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Total expenditures |
6,782 | 6,230 | 1,325 | 1,052 | 145 | - | 15,534 | |||||||||||||||||||||
Total divestments |
819 | 1,152 | 149 | 158 | 177 | - | 2,455 | |||||||||||||||||||||
Cash flow from operating activities |
9,922 | 2,129 | 2,438 | 2,101 | (1,787 | ) | - | 14,803 |
26
BUSINESS SEGMENT INFORMATION
TOTAL
Year 2019 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
7,261 | 18,167 | 87,598 | 87,280 | 10 | - | 200,316 | |||||||||||||||||||||
Intersegment sales |
31,329 | 2,825 | 32,390 | 659 | 125 | (67,328 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (3,015 | ) | (21,052 | ) | - | - | (24,067 | ) | ||||||||||||||||||
Revenues from sales |
38,590 | 20,992 | 116,973 | 66,887 | 135 | (67,328 | ) | 176,249 | ||||||||||||||||||||
Operating expenses |
(16,389 | ) | (18,316 | ) | (112,104 | ) | (63,855 | ) | (925 | ) | 67,328 | (144,261 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(11,659 | ) | (1,492 | ) | (1,527 | ) | (980 | ) | (73 | ) | - | (15,731 | ) | |||||||||||||||
Operating income |
10,542 | 1,184 | 3,342 | 2,052 | (863 | ) | - | 16,257 | ||||||||||||||||||||
Net income (loss) from equity affiliates and other items |
610 | 2,330 | 322 | 101 | 42 | - | 3,405 | |||||||||||||||||||||
Tax on net operating income |
(4,572 | ) | (741 | ) | (470 | ) | (598 | ) | 155 | - | (6,226 | ) | ||||||||||||||||
Net operating income |
6,580 | 2,773 | 3,194 | 1,555 | (666 | ) | - | 13,436 | ||||||||||||||||||||
Net cost of net debt |
(1,998 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(171 | ) | ||||||||||||||||||||||||||
Net income - group share |
11,267 | |||||||||||||||||||||||||||
Year 2019 (adjustments) (a) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
- | (64 | ) | - | - | - | - | (64 | ) | |||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | - | |||||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | - | |||||||||||||||||||||
Revenues from sales |
- | (64 | ) | - | - | - | - | (64 | ) | |||||||||||||||||||
Operating expenses |
(145 | ) | (240 | ) | 397 | (40 | ) | (112 | ) | - | (140 | ) | ||||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(721 | ) | (156 | ) | (41 | ) | (2 | ) | - | - | (920 | ) | ||||||||||||||||
Operating income (b) |
(866 | ) | (460 | ) | 356 | (42 | ) | (112 | ) | - | (1,124 | ) | ||||||||||||||||
Net income (loss) from equity affiliates and other items |
(112 | ) | 974 | (83 | ) | (83 | ) | - | - | 696 | ||||||||||||||||||
Tax on net operating income |
49 | (130 | ) | (82 | ) | 27 | (73 | ) | - | (209 | ) | |||||||||||||||||
Net operating income (b) |
(929 | ) | 384 | 191 | (98 | ) | (185 | ) | - | (637 | ) | |||||||||||||||||
Net cost of net debt |
(15 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
91 | |||||||||||||||||||||||||||
Net income - group share |
(561 | ) | ||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
|
| |||||||||||||||||||||||||||
(b) Of which inventory valuation effect
|
| |||||||||||||||||||||||||||
On operating income |
- | - | 477 | (31 | ) | - | ||||||||||||||||||||||
On net operating income |
- | - | 371 | (14 | ) | - | ||||||||||||||||||||||
Year 2019 (adjusted) (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Non-Group sales |
7,261 | 18,231 | 87,598 | 87,280 | 10 | - | 200,380 | |||||||||||||||||||||
Intersegment sales |
31,329 | 2,825 | 32,390 | 659 | 125 | (67,328 | ) | - | ||||||||||||||||||||
Excise taxes |
- | - | (3,015 | ) | (21,052 | ) | - | - | (24,067 | ) | ||||||||||||||||||
Revenues from sales |
38,590 | 21,056 | 116,973 | 66,887 | 135 | (67,328 | ) | 176,313 | ||||||||||||||||||||
Operating expenses |
(16,244 | ) | (18,076 | ) | (112,501 | ) | (63,815 | ) | (813 | ) | 67,328 | (144,121 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(10,938 | ) | (1,336 | ) | (1,486 | ) | (978 | ) | (73 | ) | - | (14,811 | ) | |||||||||||||||
Adjusted operating income |
11,408 | 1,644 | 2,986 | 2,094 | (751 | ) | - | 17,381 | ||||||||||||||||||||
Net income (loss) from equity affiliates and other items |
722 | 1,356 | 405 | 184 | 42 | - | 2,709 | |||||||||||||||||||||
Tax on net operating income |
(4,621 | ) | (611 | ) | (388 | ) | (625 | ) | 228 | - | (6,017 | ) | ||||||||||||||||
Adjusted net operating income |
7,509 | 2,389 | 3,003 | 1,653 | (481 | ) | - | 14,073 | ||||||||||||||||||||
Net cost of net debt |
(1,983 | ) | ||||||||||||||||||||||||||
Non-controlling interests |
(262 | ) | ||||||||||||||||||||||||||
Adjusted net income - group share |
11,828 | |||||||||||||||||||||||||||
Year 2019 (M$) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | |||||||||||||||||||||
Total expenditures |
8,992 | 7,053 | 1,698 | 1,374 | 120 | - | 19,237 | |||||||||||||||||||||
Total divestments |
368 | 1,108 | 322 | 249 | 13 | - | 2,060 | |||||||||||||||||||||
Cash flow from operating activities |
16,917 | 3,461 | 3,837 | 2,604 | (2,134 | ) | - | 24,685 |
27
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
4th quarter 2020 (M$)
|
Adjusted
|
Adjustments (a)
|
Consolidated statement of income
|
|||||||||
Sales |
37,940 | 3 | 37,943 | |||||||||
Excise taxes |
(5,595 | ) | - | (5,595 | ) | |||||||
Revenues from sales |
32,345 | 3 | 32,348 | |||||||||
Purchases, net of inventory variation |
(20,781 | ) | 273 | (20,508 | ) | |||||||
Other operating expenses |
(6,466 | ) | (197 | ) | (6,663 | ) | ||||||
Exploration costs |
(338 | ) | - | (338 | ) | |||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,172 | ) | (371 | ) | (3,543 | ) | ||||||
Other income |
275 | 563 | 838 | |||||||||
Other expense |
(280 | ) | (417 | ) | (697 | ) | ||||||
Financial interest on debt |
(497 | ) | (4 | ) | (501 | ) | ||||||
Financial income and expense from cash & cash equivalents |
32 | 21 | 53 | |||||||||
Cost of net debt |
(465 | ) | 17 | (448 | ) | |||||||
Other financial income |
173 | - | 173 | |||||||||
Other financial expense |
(183 | ) | - | (183 | ) | |||||||
Net income (loss) from equity affiliates |
367 | (294 | ) | 73 | ||||||||
Income taxes |
(135 | ) | (14 | ) | (149 | ) | ||||||
Consolidated net income |
1,340 | (437 | ) | 903 | ||||||||
Group share |
1,304 | (413 | ) | 891 | ||||||||
Non-controlling interests |
36 | (24 | ) | 12 | ||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||||||||
4th quarter 2019 (M$)
|
Adjusted
|
Adjustments (a)
|
Consolidated statement of income
|
|||||||||
Sales |
49,270 | 10 | 49,280 | |||||||||
Excise taxes |
(5,895 | ) | - | (5,895 | ) | |||||||
Revenues from sales |
43,375 | 10 | 43,385 | |||||||||
Purchases, net of inventory variation |
(28,126 | ) | (86 | ) | (28,212 | ) | ||||||
Other operating expenses |
(6,874 | ) | (216 | ) | (7,090 | ) | ||||||
Exploration costs |
(231 | ) | - | (231 | ) | |||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,761 | ) | (670 | ) | (4,431 | ) | ||||||
Other income |
256 | 172 | 428 | |||||||||
Other expense |
(133 | ) | (102 | ) | (235 | ) | ||||||
Financial interest on debt |
(603 | ) | (3 | ) | (606 | ) | ||||||
Financial income and expense from cash & cash equivalents |
51 | - | 51 | |||||||||
Cost of net debt |
(552 | ) | (3 | ) | (555 | ) | ||||||
Other financial income |
143 | - | 143 | |||||||||
Other financial expense |
(203 | ) | - | (203 | ) | |||||||
Net income (loss) from equity affiliates |
668 | (166 | ) | 502 | ||||||||
Income taxes |
(1,329 | ) | 477 | (852 | ) | |||||||
Consolidated net income |
3,233 | (584 | ) | 2,649 | ||||||||
Group share |
3,165 | (565 | ) | 2,600 | ||||||||
Non-controlling interests |
68 | (19 | ) | 49 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
28
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
Year 2020 (M$) (unaudited)
|
Adjusted
|
Adjustments (a)
|
Consolidated statement of income
|
|||||||||
Sales |
140,665 | 20 | 140,685 | |||||||||
Excise taxes |
(20,981 | ) | - | (20,981 | ) | |||||||
Revenues from sales |
119,684 | 20 | 119,704 | |||||||||
Purchases, net of inventory variation |
(75,672 | ) | (1,814 | ) | (77,486 | ) | ||||||
Other operating expenses |
(24,850 | ) | (688 | ) | (25,538 | ) | ||||||
Exploration costs |
(731 | ) | - | (731 | ) | |||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(13,312 | ) | (8,952 | ) | (22,264 | ) | ||||||
Other income |
1,405 | 832 | 2,237 | |||||||||
Other expense |
(689 | ) | (817 | ) | (1,506 | ) | ||||||
Financial interest on debt |
(2,140 | ) | (7 | ) | (2,147 | ) | ||||||
Financial income and expense from cash & cash equivalents |
68 | (31 | ) | 37 | ||||||||
Cost of net debt |
(2,072 | ) | (38 | ) | (2,110 | ) | ||||||
Other financial income |
914 | - | 914 | |||||||||
Other financial expense |
(689 | ) | (1 | ) | (690 | ) | ||||||
Net income (loss) from equity affiliates |
1,388 | (936 | ) | 452 | ||||||||
Income taxes |
(1,309 | ) | 991 | (318 | ) | |||||||
Consolidated net income |
4,067 | (11,403 | ) | (7,336 | ) | |||||||
Group share |
4,059 | (11,301 | ) | (7,242 | ) | |||||||
Non-controlling interests |
8 | (102 | ) | (94 | ) | |||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||||||||
Year 2019 (M$)
|
Adjusted
|
Adjustments (a)
|
Consolidated statement of income
|
|||||||||
Sales |
200,380 | (64 | ) | 200,316 | ||||||||
Excise taxes |
(24,067 | ) | - | (24,067 | ) | |||||||
Revenues from sales |
176,313 | (64 | ) | 176,249 | ||||||||
Purchases, net of inventory variation |
(116,464 | ) | 243 | (116,221 | ) | |||||||
Other operating expenses |
(26,872 | ) | (383 | ) | (27,255 | ) | ||||||
Exploration costs |
(785 | ) | - | (785 | ) | |||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(14,811 | ) | (920 | ) | (15,731 | ) | ||||||
Other income |
876 | 287 | 1,163 | |||||||||
Other expense |
(455 | ) | (737 | ) | (1,192 | ) | ||||||
Financial interest on debt |
(2,318 | ) | (15 | ) | (2,333 | ) | ||||||
Financial income and expense from cash & cash equivalents |
(19 | ) | - | (19 | ) | |||||||
Cost of net debt |
(2,337 | ) | (15 | ) | (2,352 | ) | ||||||
Other financial income |
792 | - | 792 | |||||||||
Other financial expense |
(764 | ) | - | (764 | ) | |||||||
Net income (loss) from equity affiliates |
2,260 | 1,146 | 3,406 | |||||||||
Income taxes |
(5,663 | ) | (209 | ) | (5,872 | ) | ||||||
Consolidated net income |
12,090 | (652 | ) | 11,438 | ||||||||
Group share |
11,828 | (561 | ) | 11,267 | ||||||||
Non-controlling interests |
262 | (91 | ) | 171 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
29
EXHIBIT 99.2
RECENT DEVELOPMENTS
TOTAL or the Group as used in this exhibit refer to TOTAL SE collectively with its direct and indirect consolidated subsidiaries located in or outside of France.
TOTAL proposes a final 2020 dividend of 0.66 /share and a dividend of 2.64 /share for fiscal year 2020
The Board of Directors of TOTAL SE (the Board of Directors) met on February 8, 2021, and decided to propose to the Shareholders Meeting, which will be held on May 28, 2021, the distribution of a final dividend of 0.66 /share for fiscal year 2020, stable compared to the three interim dividends paid for fiscal year 2020.
Given the three interim dividends of 0.66 /share previously decided by the Board of Directors, the annual dividend for the fiscal year 2020 will amount to 2.64 /share.
Subject to approval at the Shareholders Meeting, this final dividend will be paid in cash exclusively, according to the following timetable:
|
Shareholders | ADS holders | ||
Ex-dividend date | June 24, 2021 | June 22, 2021 | ||
Payment date | July 1, 2021 | July 16, 2021 |
Indicative ex-dividend dates for 2022 dividend
The Board of Directors met on February 8, 2021 and decided that, subject to decisions by the Board of Directors and the Shareholders Meeting which will approve the 2022 financial statements, allocation of earnings and final dividend, the ex-dividend dates of the interim and the final dividends for 2022 will be as follows:
Type of coupon |
Ex-dividend dates | |||
First interim |
September 21, 2022 | |||
Second interim |
January 2, 2023 | |||
Third interim |
March 22, 2023 | |||
Final |
June 21, 2023 |
The above ex-dividend dates relate to the TOTAL SE shares listed on the Euronext.
Share capital decrease by way of treasury shares cancellation
On February 8, 2021, the Board of Directors, under the conditions set forth at the Extraordinary Shareholders Meeting on May 26, 2017, decided to decrease the share capital of TOTAL SE by way of cancellation of 23,284,409 treasury shares representing 0.88% of the share capital. These shares were repurchased from October 31, 2019 to March 9, 2020 within the framework of the $5 billion share buyback program over the 2018-2020 period decided by the Board of Directors on February 7, 2018 and then suspended by the Company as announced to the market on March 23, 2020.
After this cancellation of shares, the number of shares of TOTAL SE is 2,629,839,616, and the number of voting rights that can be exercised at the Shareholders Meeting is 2,784,247,543. The total number of voting rights attached to these 2,629,839,616 shares (referred to as theoretical voting rights) is 2,785,349,437, including the voting rights attached to the 1,101,894 treasury shares held by TOTAL SE, with a view to allocating them to share performance plans, and with no voting rights.
This transaction has no impact on the consolidated financial statements of TOTAL SE, the number of fully diluted weighted-average shares and earnings per share.
United Kingdom Offshore Wind: TOTAL and GIG successful in securing seabed lease rights to jointly develop 1.5 GW offshore wind project
On February 8, 2021, TOTAL announced that a 50/50 joint venture between Macquaries Green Investment Group (GIG) and TOTAL was successful in securing rights to a seabed lease in the Eastern Regions zone in the Crown Estates Offshore Wind Leasing Round 4.
The project, which will be located off the UKs East Anglian coast, could deliver up to 1.5 gigawatts (GW) of renewable electricity and represents a significant early stage investment in the UK offshore wind sector for both companies.
GIG and TOTAL are currently partnering in South Korea to co-develop a major portfolio of floating offshore wind projects.
TOTAL and GIG were awarded this lease for an annual option fee of £83k per MW/year, during the development phase. There will now be a Habitat Regulations Assessment (HRA) of the possible impact of the project on relevant nature conservation sites in the allotted area. Following successful conclusion of that process the final agreements for lease are expected to be signed sometime in 2022.
United States: TOTAL added 2.2 GW to its U.S. solar portfolio
On February 4, 2021, TOTAL announced it strengthened its presence in the U.S. market by acquiring a development pipeline of 2.2 GW of solar projects, and 600 MW of battery storage assets, all located in Texas. The projects were bought from SunChase Power LLC, a renewable energy company focused on developing utility-scale energy projects, and MAP RE/ES, a private energy investment firm.
The pipeline consists of four large-scale solar projects, each with co-located battery energy storage systems (BESS), in industrial areas close to Houston that have high demand for electricity. Construction of the first two projects is expected to start later this year. All projects are expected to come online between 2023 and 2024. The remuneration paid by TOTAL to Sunchase and MAP RE/ES are expected to be made in installments as the projects advance.
TOTAL is expected to enter into a 1 GW power purchase agreement sourced from this solar power and energy storage portfolio in order to cover all the electricity consumption of its operated industrial sites in the U.S., among which are the Port Arthur refining and petrochemicals platform and La Porte and Carville petrochemical sites.
TOTAL joined the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
On February 4, 2021, TOTAL announced it joined the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping as a strategic partner, thereby accelerating its R&D program for carbon neutral shipping solutions in line with its commitment to work together with its key customers to get to net zero emissions.
This partnership will allow TOTAL to join forces with leading players across the shipping sector to develop new low-carbon alternative fuels and carbon neutrality solutions. As a member of the Advisory Board, TOTAL will propose strategic and technical guidance to the Mærsk Mc-Kinney Møller Center for the development of its activities.
TOTAL SE successfully issued hybrid bonds to finance its development strategy in renewables
On January 18, 2021, TOTAL SE successfully priced perpetual subordinated bonds in the amount of 3 billion:
- | 1.5 billion at 1.625% coupon for the tranche with a 7 year first call date, |
- | 1.5 billion at 2.125% coupon for the tranche with a 12 year first call date. |
The net proceeds from the issue of the bonds are intended to be used to finance TOTALs development in the renewable energy sector, including the acquisition of 20% of Adani Green Energy Limited for an amount of 1.7 billion.
Settlement occurred on January 25, 2021.
With a weighted average coupon of 1.875%, these bonds will allow the Group to finance its development in renewables at a reduced capital cost.
Nigeria: TOTAL completed sale of its interest in onshore OML 17
On January 18, 2021, TOTAL announced the completion of the divestment of its 10% interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil & Gas Limited, a related company of Heirs Holdings Limited and of Transnational Corporation of Nigeria Plc (Transcorp), for about $180 million, out of which about $150 million was paid at completion of the transaction, while the balance is expected to be paid under an agreed deferred payment scheme. The block produced around 2,500 barrels of oil equivalent per day in 2020 in TOTAL group share.
TOTAL now holds a 10% interest in several onshore blocks in Nigeria operated by Shell Petroleum Development Company (SPDC, 30%), a joint venture alongside the Nigerian National Petroleum Corporation (55%) and Nigerian Agip Oil Company Limited (5%). Since 2010, TOTAL has divested its interests in twelve onshore blocks to Nigerian companies, in line with the Federal Government of Nigerias aim of developing Nigerian companies in the sector.
India: TOTAL to acquire from Adani a 20% interest in one of the largest solar developers in the world
On January 18, 2021, TOTAL announced the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group.
The transaction marks the deepening partnership between the Adani Group Indias leading infrastructure platform - and TOTAL, in the transition and green energy fields in India. The investment in AGEL is another step in the strategic alliance between the Adani Group and TOTAL, which covers investments in Liquefied Natural Gas (LNG) terminals, gas utility businesses, and renewable assets across India. This is in line with the commitment by both the Adani Group and TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
In 2018, TOTAL and the Adani Group embarked on their energy partnership with TOTALs investment in Adani Gas Limited, a city gas distribution business, associated LNG terminal business and gas marketing business.
During the development of this partnership, TOTAL and Adani Group agreed to continue their alliance into the wider renewable energy space. TOTAL and the Adani Group agreed to the acquisition of a 50% interest in a 2.35 GWac portfolio of operating solar assets owned by AGEL and a 20% interest in AGEL for a global investment of $2.5 billion. As a result of this 20% minority interest in AGEL, TOTAL will have a seat on the board of directors of AGEL.
The partnership with AGEL in the renewables space in India is expected to be a key contributor to TOTALs objective of reaching 35 GWp of gross production capacity from renewable sources by 2025 and adding 10 GWp per year thereafter.
TOTAL withdrew from the American Petroleum Institute
On January 15, 2021, TOTAL announced, following a detailed analysis of the climate positions of the American Petroleum Institute (API), its decision not to renew its membership in API for 2021.
Each year, TOTAL assesses the main industry associations of which it is a member to ensure each is aligned with the Groups climate positions. This alignment review is based on six key points:
1. | our science-based position that the link between human activity and climate change is an established fact; |
2. | our support for the objectives of the Paris Agreement; |
3. | our belief in the necessity to implement carbon pricing; |
4. | our confidence in the key role that natural gas plays in the energy transition; |
5. | our support for policies and initiatives that promote the development of renewable energy; and |
6. | our support for the development of CO2 capture and storage. |
These items are detailed in the Getting to Net Zero report issued in September 2020.
Following the 2019 and 2020 reviews, APIs positions were assessed as partially aligned with those of the Group. Certain divergences, which have been discussed within the association, remain today:
- | regarding the role of natural gas, API maintains its support for the rollback of U.S. regulation on methane emissions, which the Group opposed in November 2019; |
- | regarding transport decarbonization, API is part of the Transportation Fairness Alliance, which is opposed to subsidies for electric vehicles; and |
- | regarding the carbon pricing principle, API expresses differing positions to those of TOTAL. |
1 Source: Eurogas.
2 Biogas is a renewable gas produced by the fermentation of organic matter. It can be purified to produce biomethane, which has the same properties as natural gas and can therefore be injected into distribution networks or used as an alternative fuel for mobility (bio-CNG or bio-LNG).
Moreover, API gave its support during the recent elections to candidates who argued against the United States participation in the Paris Agreement.
TOTAL, new operator of Block 58 offshore Suriname, announced a fourth discovery
On January 14, 2021, TOTAL announced that TOTAL and Apache Corporation made a new significant oil and gas discovery at the Keskesi East-1 well in Block 58 off the coast of Suriname. This follows previous discoveries at Maka Central, Sapakara West and Kwaskwasi.
The well was drilled in a water depth of about 725 meters and encountered black oil, volatile oil, and gas pay in good quality Campano-Maastrichtian reservoirs and with volatile oil pay in Santonian reservoirs where wireline logging has recently been performed. Drilling is still ongoing for deeper Neocomian-aged targets.
TOTAL assumed operatorship of Block 58 on January 1, 2021 with a 50% working interest. Upon completion of the operations on Keskesi East-1, the Noble Sam Croft drillship is expected to be released.
TOTAL and Engie partner to develop one of Frances largest site for the production of green hydrogen from 100% renewable electricity
On January 13, 2021, TOTAL announced that TOTAL and Engie have signed a cooperation agreement to design, develop, build and operate the Masshylia project, one of Frances largest renewable hydrogen production site at Châteauneuf-les-Martigues in the Provence-Alpes-Côte dAzur South region.
Located at the heart of TOTALs La Mède biorefinery and powered by solar farms with a total capacity of more than 100 MW, the 40 MW electrolyser is expected to produce 5 tons of green hydrogen per day to meet the needs of the biofuel production process at TOTALs La Mède biorefinery, avoiding 15,000 tons of CO2 emissions per year.
After this first phase, new renewable farms may be developed by the partners for the electrolyser, which has the capacity to produce up to 15 tons of green hydrogen per day.
The two partners aim to begin construction of the facilities in 2022, following the completion of the advanced engineering study, with a goal to begin production in 2024, subject to the necessary financial support and public authorisations. To this end, the project has already applied for subsidies from the French (AMI) and European authorities (IPCEI, Innovation Fund).
TOTAL acquired Fonroche Biogaz and becomes the French leader in renewable gas
On January 11, 2021, TOTAL announced the acquisition of Fonroche Biogaz, a company that designs, builds and operates anaerobic digestion units in France. With close to 500 gigawatt-hours (GWh) of installed capacity, which doubled between 2019 and 2020, Fonroche Biogaz is currently the French market leader1 in the production of renewable gas2 with more than 10%
market share resulting from a portfolio of seven units in operation and a pipeline of four imminent projects.
With this acquisition, TOTAL became a major player in renewable gas in France and Europe and significantly strengthens its presence in the sector, which is already effective through its affiliates Méthanergy (combined heat and power production from biogas), PitPoint B.V. and Clean Energy Fuels Corp. (biomethane production and distribution via a network of Bio-CNG/Bio-LNG stations) in Benelux and the United States, respectively. In December 2020, TOTAL signed a memorandum of understanding with Clean Energy Fuels Corp. to establish a $100 million 50/50 joint venture to develop renewable gas production projects in the United States. By 2030, TOTAL plans to produce 4 TWh to 6 TWh of biomethane a year.
TOTAL entered a new operated exploration permit in Egypt
On January 4, 2021, TOTAL announced that an international consortium led by TOTAL (TOTAL 35% Operator, Shell 30%, KUFPEC 25%, Tharwa 10%) and the Egyptian Natural Gas Holding Company (EGAS) signed an exploration and production agreement for the North Ras Kanayis Offshore block located in the Herodotus Basin, offshore Egypt in the Mediterranean Sea.
This exploration block covers an area of 4,550 sq km, extending from 5 km to 150 km from the shore, with water depths ranging from 50 meters to 3,200 meters. The Herodotus Basin is an underexplored area and the agreement includes a 3D seismic campaign during the first three years.
TOTAL holds a working interest of 25% in the North El Hammad license, alongside operator ENI (37.5%) and BP (37.5%).
Go-ahead from the Norwegian authorities for the Northern Lights CO2 sequestration project
On December 15, 2020, TOTAL announced that following a vote in the Norwegian parliament, the government of the Kingdom of Norway approved the final investment decision for the Northern Lights project, enabling the shipping, reception and sequestration of CO2 in geological strata in the Northern North Sea, approximately 2,600 meters below the seabed.
This approval demonstrates the Norwegian governments strong support for the development of a Carbon Capture and Sequestration (CCS) value chain, which is essential if Europe is to achieve its carbon neutrality targets. The mergers clearances process is underway. Once cleared, TOTAL, Equinor and Shell, the partners in this project, plan to launch the construction phase of Northern Lights.
Mexico: TOTAL closed its participation in the Energía Costa Azul LNG export project
On December 10, 2020, TOTAL announced that TOTAL, Sempra LNG and IEnova signed binding agreements finalizing TOTALs equity investment in the Energía Costa Azul liquefied natural gas export project (ECA LNG), located in Baja California, Mexico.
TOTAL now holds a 16.6% equity interest in the project, for which the final investment decision was taken in November 2020 for the development, construction and operation of a
single-train liquefaction facility with a nameplate capacity of 3.25 million tons per annum (Mtpa) of LNG. The expected start is in 2024. In April 2020, TOTAL also closed a twenty-year offtake agreement for 1.7 Mtpa of LNG.
ECA LNG is owned by Sempra LNG (41.7%), IEnova, Sempra Energys subsidiary in Mexico (41.7%), and TOTAL (16.6%).
ESG Factors: TOTAL once again selected in 2020 for the Dow Jones Sustainability Indices
On November 30, 2020, TOTAL announced that it was once again selected as a member of the DJSI World and DJSI Europe indices after S&P Dow Jones Indices announced the 2020 results for the Dow Jones Sustainability Indices (DJSI), which assessed companies on ESG (Environment Social - Governance) criteria on November 13, 2020.
Reduction of Methane Emissions: TOTAL strengthened its commitment with the OGMP 2.0 Initiative
On November 23, 2020, TOTAL announced that it joined the second phase of the Oil & Gas Methane Partnership (OGMP 2.0) of the United Nations Environment Programme, a programme that TOTAL joined in 2014 that brings together industrial companies, governments and NGOs to better monitor and report methane emissions in order to reduce them. This second phase of the partnership aims at defining a broader and more ambitious methane-reporting framework, extended to the entire gas value chain and to non-operated assets.
Electric Vehicles: TOTAL to operate 2,300 EV charge points of the Bélib network in Paris
On November 18, 2020, TOTAL announced that it won the City of Paris concession tender for the modernization and extension of its public Electric Vehicles (EV) charge points network, installed throughout the French capital city. The Council of Paris awarded to TOTAL the management of its on-street public network for the 10 coming years.
This public service concession covers the supply, installation and technical and commercial operation of this charge points network. The new network, which combines the Belib network and the former Autolib network, is expected to ultimately encompass 2,300 EV charge points, an increase of 56% compared to the number currently in service.
TOTAL is committed to the modernization of the current equipment and intends to additionally install fast-charging hubs, located at selected underground parking lots. TOTAL intends to offer attractive energy tariffs adapted to the needs of EV drivers, in addition to a seamless and simplified customer experience while ensuring both availability and quality of the services.
TOTAL has also included in its proposal the development of solar farms in France that are expected to be dedicated to covering the entire electricity needs of this network, providing Parisian users with a 100% renewable electricity charge for their vehicles.
3 Twenty-foot Equivalent Unit: Unit used to measure a container ships cargo carrying capacity.
TOTAL and CMA CGM completed one of the worlds largest liquefied natural gas bunkering operations at Port of Rotterdam
On November 16, 2020, TOTAL announced that the CMA CGM Jacques Saadé completed its first LNG bunkering operation with TOTALs LNG bunker vessel, the Gas Agility, on November 13, 2020 at the Port of Rotterdam in the Netherlands. The 23,000 TEU3 containership received around 17,300 m3 of LNG.
The safe and efficient bunkering operation was performed by the Gas Agility at the Rotterdam World Gateway terminal by means of a ship-to-ship transfer, while the CMA CGM Jacques Saadé carried out cargo operations simultaneously. The supply of LNG was provided by TOTAL Marine Fuels Global Solutions, TOTALs dedicated business unit in charge of worldwide bunkering activities. Refueling took approximately 24 hours to complete.
As part of this milestone operation, the carbon footprint of the LNG delivered was further reduced with the introduction of biomethane for approximately 13% of the quantity delivered, through the Guarantee of Origin (GO) certificates mechanism. The biomethane is produced in the Schipol area in the Netherlands, mainly by organic municipal waste.
The pioneering bunkering operation is a ground-breaking development for the global LNG market and concretely demonstrates TOTAL and CMA CGMs pledge to advance the use of LNG as a marine fuel, the best, immediately available solution in terms of energy transition to help reduce the environmental footprint of maritime transport.
TOTAL and ADNOC signed strategic framework agreement on CO2 emissions reduction and CCUS
On November 11, 2020, TOTAL announced the signing of a strategic framework agreement with the Abu Dhabi National Oil Company (ADNOC) to explore joint research, development and deployment partnership opportunities in the areas of CO2 emission reductions and carbon capture, utilization and storage (CCUS).
The agreement brings together the best-in-class in low carbon technologies from ADNOC and TOTAL, and expands on the long-standing partnership and collaboration between the two leading energy producers across the full value chain.
Under the terms of the agreement, ADNOC and TOTAL intend to jointly explore opportunities to reduce CO2 emissions, improve energy efficiency and the use of renewable energy for oil and gas operations. In the area of CCUS, the companies intend to further develop joint research into new technologies covering carbon capture, storage solutions and enhanced oil recovery projects based on CO2 usage.
Electric Mobility in Germany: TOTAL acquired Charging Solutions and became the operator of a network of 2,000 EV charge points
On November 12, 2020, TOTAL announced the completion of its acquisition from the Viessmann group of Charging Solutions, a subsidiary of its affiliate Digital Energy Solutions (DES) specialized in electric vehicle charging infrastructure. With this transaction, TOTAL
became the operator in Germany of a network of 2,000 charge points installed at private businesses locations, some of which are accessible to the general public.
The integration of Charging Solutions to the Groups German affiliate, Total Deutschland, was effective as of November 1, 2020. This transfer of activities is expected to have no impact on the customers nor on the existing partners of Charging Solutions.
TOTAL and its partners released next-generation & open-source geological carbon dioxide storage simulator
On November 10, 2020, TOTAL announced that, after more than two years of joint research, TOTAL, Lawrence Livermore National Laboratory (LLNL) and Stanford University released GEOSX, an open-source simulator for large-scale geological carbon dioxide (CO2) storage.
GEOSX was developed using advanced new technologies in high-performance computing and applied mathematics and aims to improve the management and safety of geological CO2 repositories.
The open-source nature of GEOSX aims to ensure a high level of transparency, sharing and community support to pave the way for the large-scale development of Carbon Capture, Utilization and Storage (CCUS) technologies.
FORWARD-LOOKING STATEMENTS
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.
Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.
For additional factors, you should read the information set forth under Item 3. -3.2 Risk Factors, Item 4. Information on the Company, Item 5. Operating and Financial Review and Prospects and Item 11. Quantitative and Qualitative Disclosures about Market Risk in TOTALs Form 20-F/A for the year ended December 31, 2019.
Exhibit 99.3
CAPITALIZATION AND INDEBTEDNESS OF TOTAL
(unaudited)
The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of December 31, 2020, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (dollars or $) or in euros (euros or ).
At December 31, 2020 | ||||
(in millions of dollars) | ||||
Current financial debt, including current portion of non-current financial debt |
||||
Current portion of non-current financial debt |
5,759 | |||
Current financial debt |
11,340 | |||
Current portion of financial instruments for interest rate swaps liabilities |
104 | |||
Other current financial instruments liabilities |
99 | |||
Financial liabilities directly associated with assets held for sale |
341 | |||
|
|
| ||
Total current financial debt |
17,643 | |||
|
|
| ||
Non-current financial debt |
60,203 | |||
Non-controlling interests |
2,383 | |||
Shareholders equity |
||||
Common shares |
8,267 | |||
Paid-in surplus and retained earnings |
107,078 | |||
Currency translation adjustment |
(10,256 | ) | ||
Treasury shares |
(1,387) | |||
|
|
| ||
Total shareholders equity Group share |
103,702 | |||
|
|
| ||
Total capitalization and non-current indebtedness |
166,288 | |||
|
|
|
As of December 31, 2020, TOTAL SE had an authorized share capital of 3,668,371,962 ordinary shares with a par value of 2.50 per share, and an issued share capital of 2,653,124,025 ordinary shares (including 24,392,703 treasury shares from shareholders equity).
As of December 31, 2020, $7,849 million of the Groups non-current financial debt was secured and $52,354 million was unsecured, and all of the Groups current financial debt of $11,340 million was unsecured. Since December 31, 2020, TOTAL SE issued perpetual subordinated notes recorded as equity under IRFS of an aggregate of 3 billion principal amount, in two tranches of 1.5 billion with first call dates in 7 years and 12 years respectively (or approximately $3.6 billion using the /$ exchange rate on January 29, 2021 of 1=$1.2135 as released by the Board of Governors of the Federal Reserve System February 1, 2021). As of December 31, 2020, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness.
For more information about TOTALs off-balance sheet commitments and contingencies, see Note 13.1 of the Notes to TOTALs audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 20, 2020, as amended on April 14, 2020.
Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since December 31, 2020.