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 TOTAL’s 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 TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s 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 Group’s 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 Group’s 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 Group’s profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are 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 Group’s 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 TOTAL’s 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 Group’s 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 TOTAL’s 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 Group’s 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 segment’s 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 segment’s adjusted net operating income, compared to a negative impact of $384 million for the full-year 2019.
In the fourth quarter 2020, the segment’s 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 iGRP’s 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 segment’s 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 iGRP’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s adjusted net operating income, compared to a positive impact of $180 million for the full-year 2019.
In the fourth quarter 2020, the segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s 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 segment’s adjusted net operating income, compared to a positive impact of $84 million for the full-year 2019.
In the fourth quarter 2020, the segment’s 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 segment’s 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 segment’s 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 segment’s 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 Tullow’s entire interest in the Lake Albert project in Uganda, and the acquisition of CCGT assets and of a portfolio of customers from Energías de Portugal in Spain. |
• | $4.2 billion in 2020, comprised of the items mentioned above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia. |
Finalized asset sales were:
• | $439 million in the fourth quarter 2020, comprised notably of the sale of Enphase shares by SunPower and the sale of the Group’s corporate offices in Brussels. |
• | $1.5 billion in 2020, comprised notably 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 Group’s interest in the Fos Cavaou regasification terminal in France, and the sale of 50% of a portfolio of solar and wind assets from Total Quadran in France. |
Cash flow
The Group’s 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 Group’s 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 iGRP’s 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 iGRP’s 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 iGRP’s 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 iGRP’s 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 Group’s 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 iGRP’s 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 sector’s 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 year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ 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 Group’s 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 Group’s transformation strategy, support the dividend and maintain a strong balance sheet.
Already in 2021, in renewables, the Group has announced more than 10 GW of additional projects through the acquisition of a 20% stake in Adani Green Energy Limited (AGEL), one of the world’s 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 TOTAL’s 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 iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts. 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 TOTAL’s European refining business (equal to the difference between the sales of refined products realized by TOTAL’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).
Disclaimer: Data is based on TOTAL’s 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