Total Demonstrates Resilience and Maintains Div...
Total Demonstrates Resilience and Maintains Dividend in Exceptionally Weak Second Quarter Environment
Total
|
2Q20 |
Change
|
1H20 |
Change
|
|
|
|
|
|
|
|
| Oil price - Brent ($/b) |
29.6 |
-57% |
40.1 |
-39% |
| European gas price - NBP ($/Mbtu) |
1.7 |
-59% |
2.4 |
-54% |
| Adjusted net income (Group share)1 |
|
|
|
|
| - in billions of dollars (B$) |
0.13 |
-96% |
1.91 |
-66% |
| - in dollars per share |
0.02 |
-98% |
0.68 |
-67% |
|
|
|
|
|
|
| DACF1 (B$) |
3.6 |
-49% |
8.2 |
-41% |
| Cash Flow from operations (B$) |
3.5 |
-44% |
4.8 |
-52% |
| Net income (Group share) of -8.4 B$ in 2Q20, considering the exceptional asset impairments of 8.1 B$2 | ||||
| Net-debt-to-capital ratio of 23.6% (excl. leases impact) at June 30, 2020 | ||||
| Hydrocarbon production of 2,846 kboe/d in 2Q20, a decrease of 4% compared to 2Q19 | ||||
| Second 2020 interim dividend set at 0.66 €/share | ||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 29, 2020, under the chairmanship of CEO Patrick Pouyanné to approve the Group’s second quarter 2020 financial statements. On this occasion, Patrick Pouyanné said:
« During the second quarter, the Group faced exceptional circumstances: the COVID-19 health crisis with its impact on the global economy and the oil market crisis with Brent falling sharply to 30 $/b on average, gas prices dropping to historic lows and refining margins collapsing due to weak demand.
OPEC+ production restraint, however, has contributed to the market recovery since June, with an average Brent price above 40 $/b. The discipline with which the countries implemented the quotas reduced the Group’s production by close to 100 kboe/d in the second quarter to 2.85 Mboe/d, and the Group now anticipates full-year production in the range of 2.9-2.95 Mboe/d in 2020.
Due to the significant slowdown of the European economy during the lockdown, the Group’s retail networks observed an average decrease in petroleum products demand on the order of 30% during the quarter, and the utilization rate at its European refineries fell to around 60%. However, June saw a rebound of activity in Europe to 90% of pre-crisis levels for the retail networks and 97% for its gas and electricity marketing business.
In this historically difficult context, the Group demonstrates its resilience, reporting $3.6 billion of cash flow, positive adjusted net income and a level of gearing under control. These results are driven in particular by the outperformance of trading activities, once again demonstrating the relevance of Total’s integrated model, and by the effectiveness of the action plan put in place from the start of the crisis, notably the discipline on spend.
Taking into account this resilience, the Board of Directors maintains the second interim dividend at €0.66 per share and reaffirms its sustainability in a 40 $/b Brent environment.
This quarter shows once again the quality of the Group’s portfolio with a breakeven below 25 $/b, benefiting from the strategy to focus on assets with low production costs, notably in the Middle East. Active portfolio management continues with the sale of non-operated assets in Gabon and the Lindsey refinery in the United Kingdom.
In the midst of these short-term challenges, the Group is resolutely implementing its new climate ambition, announced on May 5, 2020 with the entry into a giant offshore wind project in the North Sea as well as the acquisition in Spain of a portfolio of 2.5 million residential gas and electricity customers plus electricity generation capacity. Investments in low-carbon electricity will be close to 2 B$ and account for nearly 15% of Capex in 2020. In line with this ambition, the Group reviewed the assets that could have been qualified as “stranded assets”. The only assets concerned are the Canadian oil sands projects and the Board of Directors has decided to impair these assets in Canada for $7 billion2.»
Highlights3
- New Climate Ambition to achieve carbon neutrality by 2050
- Joined the “Coalition for the Energy of the Future” with 10 major partners to accelerate the energy transition of transportation and logistics
- Joined the “Getting to Zero Coalition” to contribute to the shipping industry’s decarbonization
- Investment decision for the Northern Lights project in Norway for the transport and storage of CO2
- Signed the external financing agreement for the Mozambique LNG project for $14.9 billion, the largest project financing in Africa
- Extension of the LNG supply contract with Sonatrach for 2 Mt/y
- Agreement with SSE Renewables to acquire a 51% stake in the 1,140 MW offshore wind project in the Scottish North Sea
- Acquisition of EDP’s portfolio of 2.5 million residential customers and two natural gas-fired combined-cycle power plants, with a combined capacity of nearly 850 megawatts
- Started up the second FPSO on the deep-offshore Iara field in Brazil
- Discovery of Bashrush gas field in Egypt on North El Hammad permit
- Third discovery (Kwaskwasi) on block 58 in Surinam
- Sale of the portfolio of mature and non-operated assets in Gabon
- Sale of the Lindsey refinery in the United Kingdom
- Creation of a 50:50 JV with IndianOil to manufacture and market high-quality bitumen derivatives
- Adoption by the Group of statutes to become a European Company
Key figures4
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars, except effective tax rate, earnings per share and number of shares |
1H20 |
|
1H19 |
|
1H20
|
||
|
821 |
|
2,300 |
|
3,589 |
|
-77% |
Adjusted net operating income from business segments |
3,121 |
|
7,002 |
|
-55% |
||
|
(209) |
|
703 |
|
2,022 |
|
ns |
Exploration & Production |
494 |
|
3,744 |
|
-87% |
||
|
326 |
|
913 |
|
429 |
|
-24% |
Integrated Gas, Renewables & Power |
1,239 |
|
1,021 |
|
+21% |
||
|
575 |
|
382 |
|
715 |
|
-20% |
Refining & Chemicals |
957 |
|
1,471 |
|
-35% |
||
|
129 |
|
302 |
|
423 |
|
-70% |
Marketing & Services |
431 |
|
766 |
|
-44% |
||
|
11 |
|
658 |
|
457 |
|
-98% |
Contribution of equity affiliates to adjusted net income |
669 |
|
1,071 |
|
-38% |
||
|
-6.8% |
|
30.0% |
|
33.0% |
|
|
Group effective tax rate5 |
24.3% |
|
36.9% |
|
|
||
|
126 |
|
1,781 |
|
2,887 |
|
-96% |
Adjusted net income (Group share) |
1,907 |
|
5,646 |
|
-66% |
||
|
0.02 |
|
0.66 |
|
1.05 |
|
-98% |
Adjusted fully-diluted earnings per share (dollars)6 |
0.68 |
|
2.07 |
|
-67% |
||
|
0.02 |
|
0.60 |
|
0.94 |
|
-98% |
Adjusted fully-diluted earnings per share (euros)** |
0.62 |
|
1.84 |
|
-66% |
||
|
2,598 |
|
2,601 |
|
2,625 |
|
-1% |
Fully-diluted weighted-average shares (millions) |
2,598 |
|
2,622 |
|
-1% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(8,369) |
|
34 |
|
2,756 |
|
ns |
Net income (Group share) |
(8,335) |
|
5,867 |
|
ns |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,201 |
|
2,523 |
|
3,028 |
|
-27% |
Organic investments7 |
4,724 |
|
5,811 |
|
-19% |
||
|
721 |
|
1,102 |
|
402 |
|
+79% |
Net acquisitions8 |
1,823 |
|
709 |
|
x2.6 |
||
|
2,922 |
|
3,625 |
|
3,430 |
|
-15% |
Net investments9 |
6,547 |
|
6,520 |
|
- |
||
|
3,148 |
|
4,016 |
|
6,707 |
|
-53% |
Operating cash flow before working capital changes10 |
7,164 |
|
12,740 |
|
-44% |
||
|
3,647 |
|
4,528 |
|
7,208 |
|
-49% |
Operating cash flow before working capital changes w/o financial charges (DACF)11 |
8,175 |
|
13,744 |
|
-41% |
||
|
3,479 |
|
1,299 |
|
6,251 |
|
-44% |
Cash flow from operations |
4,778 |
|
9,880 |
|
-52% |
From 2019, data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.
* Average €-$ exchange rate: 1.1014 in the second quarter 2020 and 1.1020 in the first half 2020.
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
|
2Q20 |
1Q20 |
2Q19 |
2Q20
|
|
1H20 |
1H19 |
1H20
|
|||||||
|
29.6 |
|
50.1 |
|
68.9 |
|
-57% |
Brent ($/b) |
40.1 |
|
66.0 |
|
-39% |
||
|
1.8 |
|
1.9 |
|
2.5 |
|
-30% |
Henry Hub ($/Mbtu) |
1.8 |
|
2.7 |
|
-33% |
||
|
1.7 |
|
3.1 |
|
4.1 |
|
-59% |
NBP ($/Mbtu) |
2.4 |
|
5.2 |
|
-54% |
||
|
2.1 |
|
3.6 |
|
4.9 |
|
-57% |
JKM ($/Mbtu) |
2.9 |
|
5.8 |
|
-50% |
||
|
23.4 |
|
44.4 |
|
63.7 |
|
-63% |
Average price of liquids ($/b) Consolidated subsidiaries |
33.8 |
|
61.2 |
|
-45% |
||
|
2.61 |
|
3.35 |
|
3.82 |
|
-32% |
Average price of gas ($/Mbtu) Consolidated subsidiaries |
2.99 |
|
4.16 |
|
-28% |
||
|
4.40 |
|
6.32 |
|
5.69 |
|
-23% |
Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates |
5.42 |
|
6.42 |
|
-16% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
14.3 |
|
26.3 |
|
27.6 |
|
-48% |
Variable cost margin - Refining Europe, VCM ($/t) |
21.0 |
|
30.6 |
|
-31% |
* The indicators are shown on page 15.
The average LNG sales price fell by 30% in the second quarter 2020 compared to the previous quarter. The share of volumes sold at spot prices increased in the second quarter 2020 compared to the first quarter of 2020 due to deferrals of LNG liftings by long-term contract buyers, while the average selling price of long-term LNG contracts LNG terms decreased by only 16% due to the delayed impact of lower oil prices.
> Production*
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
1H20 |
|
1H19 |
|
1H20
|
|||
|
2,846 |
|
3,086 |
|
2,957 |
|
-4% |
Hydrocarbon production (kboe/d) |
2,966 |
|
2,951 |
|
- |
||
|
1,315 |
|
1,448 |
|
1,407 |
|
-7% |
Oil (including bitumen) (kb/d) |
1,381 |
|
1,416 |
|
-2% |
||
|
1,531 |
|
1,638 |
|
1,549 |
|
-1% |
Gas (including condensates and associated NGL) (kboe/d) |
1,584 |
|
1,535 |
|
+3% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,846 |
|
3,086 |
|
2,957 |
|
-4% |
Hydrocarbon production (kboe/d) |
2,966 |
|
2,951 |
|
- |
||
|
1,553 |
|
1,699 |
|
1,624 |
|
-4% |
Liquids (kb/d) |
1,626 |
|
1,627 |
|
- |
||
|
7,045 |
|
7,560 |
|
7,309 |
|
-4% |
Gas (Mcf/d)** |
7,302 |
|
7,238 |
|
+1% |
* Group production = EP production + iGRP production.
*
* 2Q19 and 1H19 data restated
Hydrocarbon production was 2,846 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2020, a decrease of 4% year-on-year, comprised of:
- -5% due to OPEC+ quotas, notably in the United Arab Emirates, Nigeria, Angola and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.
- -1% due to gas demand in the context of the pandemic.
- +1% due to lower prices.
- +4% due to the start-up and ramp-up of new projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa Rossa in Italy.
- -3% due to the natural decline of fields.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Liquefied natural gas (LNG) production and sales and low carbon electricity
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Hydrocarbon production for LNG |
1H20 |
|
1H19 |
|
1H20
|
||
|
520 |
|
552 |
|
559 |
|
-7% |
iGRP (kboe/d) |
536 |
|
538 |
|
- |
||
|
66 |
|
73 |
|
73 |
|
-10% |
Liquids (kb/d) |
69 |
|
70 |
|
- |
||
|
2,471 |
|
2,611 |
|
2,680 |
|
-8% |
Gas (Mcf/d)* |
2,541 |
|
2,570 |
|
-1% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Liquefied Natural Gas in Mt |
1H20 |
|
1H19 |
|
1H20
|
||
|
10.4 |
|
9.8 |
|
8.5 |
|
+22% |
Overall LNG sales |
20.2 |
|
16.3 |
|
+24% |
||
|
4.3 |
|
4.7 |
|
4.1 |
|
+7% |
incl. Sales from equity production** |
9.0 |
|
7.8 |
|
+15% |
||
|
8.7 |
|
7.8 |
|
6.7 |
|
+29% |
incl. Sales by Total from equity production and third party purchases |
16.5 |
|
12.7 |
|
+30% |
* 2Q19 and 1H19 data restated
** The Group's equity production may be sold by Total or by the joint ventures.
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Low carbon electricity |
1H20 |
|
1H19 |
|
1H20
|
||
|
5.1 |
|
3.0 |
|
2.6 |
|
+97% |
Gross renewables installed capacity (GW)* |
5.1 |
|
2.6 |
|
+97% |
||
|
2.9 |
|
2.9 |
|
2.4 |
|
+23% |
Net low carbon power production (TWh)** |
5.9 |
|
5.0 |
|
+16% |
||
|
5.9 |
|
5.9 |
|
5.5 |
|
+7% |
Clients gas and power - BtB and BtC (Million)* |
5.9 |
|
5.5 |
|
+7% |
||
|
26.7 |
|
47.8 |
|
27.4 |
|
-3% |
Sales gas and power - BtB and BtC (TWh) |
74.5 |
|
75.3 |
|
-1% |
* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and CCGT plants.
Hydrocarbon production for LNG was stable in the first half compared to last year.
Total LNG sales increased by 22% in the second quarter compared to last year, notably due to an increase in trading activities. For the first half, total sales increased by 24% year-on-year for the same reason and thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first two Cameron LNG trains in the US.
Gross installed renewable power generation capacity rose to 5.1 GW in the second quarter, a strong 97% increase year-on-year, notably thanks to the acquisition in India of 50% of a portfolio of more than 2 GW from the Adani Group.
The Group continues to implement its strategy to integrate along the gas and electricity chain in Europe and has seen the number of its gas and electricity customers grow during the quarter to 5.9 million, a 7% increase compared to a year ago. Sales of gas and electricity decreased by 3%, impacted by lower demand linked to the lockdown in Europe.
> Results
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
326 |
|
913 |
|
429 |
|
-24% |
Adjusted net operating income* |
1,239 |
|
1,021 |
|
+21% |
||
|
(69) |
|
248 |
|
195 |
|
ns |
including income from equity affiliates |
179 |
|
450 |
|
-60% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
618 |
|
646 |
|
442 |
|
+40% |
Organic investments |
1,264 |
|
935 |
|
+35% |
||
|
433 |
|
1,137 |
|
159 |
|
x2.7 |
Net acquisitions |
1,570 |
|
559 |
|
x2.8 |
||
|
1,051 |
|
1,783 |
|
601 |
|
+75% |
Net investments |
2,834 |
|
1,494 |
|
+90% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
555 |
|
852 |
|
869 |
|
-36% |
Operating cash flow before working capital changes ** |
1,407 |
|
1,479 |
|
-5% |
||
|
1,389 |
|
(489) |
|
641 |
|
x2.2 |
Cash flow from operations ** |
900 |
|
1,533 |
|
-41% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $326 million in the second quarter 2020, down 24% year-on-year and operating cash flow before working capital changes decreased by 36% in the same period to $555 million. The results are mainly due to the sharp drop in gas prices compared to the second quarter 2019.
In the first half 2020, adjusted net operating income for the iGRP segment was $1,239 million, an increase of 21% compared to last year, notably due to the strong 24% growth in LNG sales.
Exploration & Production
> Production
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Hydrocarbon production |
1H20 |
|
1H19 |
|
1H20
|
||
|
2,326 |
|
2,534 |
|
2,398 |
|
-3% |
EP (kboe/d) |
2,430 |
|
2,413 |
|
+1% |
||
|
1,487 |
|
1,626 |
|
1,551 |
|
-4% |
Liquids (kb/d) |
1,557 |
|
1,557 |
|
- |
||
|
4,574 |
|
4,949 |
|
4,629 |
|
-1% |
Gas (Mcf/d) |
4,761 |
|
4,668 |
|
+2% |
> Results
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars, except effective tax rate |
1H20 |
|
1H19 |
|
1H20
|
||
|
(209) |
|
703 |
|
2,022 |
|
ns |
Adjusted net operating income* |
494 |
|
3,744 |
|
-87% |
||
|
48 |
|
390 |
|
239 |
|
-80% |
including income from equity affiliates |
438 |
|
452 |
|
-3% |
||
|
56.6% |
|
59.6% |
|
39.5% |
|
|
Effective tax rate** |
69.6% |
|
44.0% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
1,112 |
|
1,572 |
|
1,995 |
|
-44% |
Organic investments |
2,684 |
|
3,953 |
|
-32% |
||
|
311 |
|
(6) |
|
204 |
|
+52% |
Net acquisitions |
305 |
|
242 |
|
+26% |
||
|
1,423 |
|
1,566 |
|
2,199 |
|
-35% |
Net investments |
2,989 |
|
4,195 |
|
-29% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
1,810 |
|
2,576 |
|
4,882 |
|
-63% |
Operating cash flow before working capital changes *** |
4,386 |
|
9,128 |
|
-52% |
||
|
910 |
|
3,923 |
|
3,768 |
|
-76% |
Cash flow from operations *** |
4,833 |
|
7,704 |
|
-37% |
* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Exploration & Production adjusted net operating loss was $209 million in the second quarter compared to adjusted net operating income of $2,022 million a year ago due to the sharp drop in oil and gas prices and lower production. Operating cash flow before working capital changes was $1,810 million in the second quarter compared to $4,882 million a year earlier for the same reasons.
Exploration & Production adjusted net operating income fell to $494 million in the first half 2020 from $3,744 million in the first half 2019 due to the sharp drop in oil and gas prices. Operating cash flow before working capital changes was $4,386 million compared to $9,128 million in the first half 2019.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
704 |
|
684 |
|
1,138 |
|
-38% |
Adjusted net operating income* |
1,388 |
|
2,237 |
|
-38% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
457 |
|
277 |
|
557 |
|
-18% |
Organic investments |
734 |
|
876 |
|
-16% |
||
|
(20) |
|
(30) |
|
38 |
|
ns |
Net acquisitions |
(50) |
|
(93) |
|
ns |
||
|
437 |
|
247 |
|
595 |
|
-27% |
Net investments |
684 |
|
783 |
|
-13% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
1,488 |
|
1,064 |
|
1,432 |
|
+4% |
Operating cash flow before working capital changes ** |
2,552 |
|
3,118 |
|
-18% |
||
|
1,899 |
|
(1,582) |
|
2,269 |
|
-16% |
Cash flow from operations ** |
317 |
|
1,963 |
|
-84% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals
> Refinery and petrochemicals throughput and utilization rates
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Refinery throughput and utilization rate* |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,249 |
|
1,444 |
|
1,595 |
|
-22% |
Total refinery throughput (kb/d) |
1,347 |
|
1,729 |
|
-22% |
||
|
205 |
|
255 |
|
447 |
|
-54% |
France |
230 |
|
520 |
|
-56% |
||
|
595 |
|
756 |
|
679 |
|
-12% |
Rest of Europe |
676 |
|
751 |
|
-10% |
||
|
449 |
|
433 |
|
469 |
|
-4% |
Rest of world |
441 |
|
458 |
|
-4% |
||
|
59% |
|
69% |
|
77% |
|
|
Utlization rate based on crude only** |
64% |
|
83% |
|
|
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Petrochemicals production and utilization rate |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,391 |
|
1,386 |
|
993 |
|
+40% |
Monomers* (kt) |
2,778 |
|
2,386 |
|
+16% |
||
|
1,193 |
|
1,202 |
|
1,127 |
|
+6% |
Polymers (kt) |
2,395 |
|
2,424 |
|
-1% |
||
|
84% |
|
83% |
|
64% |
|
|
Vapocracker utilization rate** |
83% |
|
75% |
|
|
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
Refinery throughput volumes decreased by 22% in the second quarter and in the first half of 2020 year-on-year, mainly due to prolonging the planned shutdown at Feyzin in France, the decision to not restart Grandpuits after a major turnaround given the drop in demand and the shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019.
Monomer production was:
- Up by a strong 40% in the second quarter compared to a year ago. In the second quarter 2019, it was 993 kt due to planned maintenance on the steamcrackers at Daesan in South Korea and Port Arthur in the United States.
- Up 16% in the first half for the same reasons.
Polymer production was:
- Up 6% in the second quarter 2020 compared to a year ago. It was 1,127 kt in the second quarter 2019 due to planned maintenance of the steamcracker upstream of the polymer units at Daesan in South Korea.
- Stable in the first half for the same reasons and taking into account the closure of the polystyrene site at El Prat in Spain and the planned maintenance at the Qatofin platform in Qatar in the first quarter 2020.
> Results
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
575 |
|
382 |
|
715 |
|
-20% |
Adjusted net operating income* |
957 |
|
1,471 |
|
-35% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
302 |
|
168 |
|
353 |
|
-14% |
Organic investments |
470 |
|
593 |
|
-21% |
||
|
(15) |
|
(36) |
|
(58) |
|
ns |
Net acquisitions |
(51) |
|
(182) |
|
ns |
||
|
287 |
|
132 |
|
295 |
|
-3% |
Net investments |
419 |
|
411 |
|
+2% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
996 |
|
674 |
|
806 |
|
+24% |
Operating cash flow before working capital changes ** |
1,670 |
|
1,910 |
|
-13% |
||
|
1,080 |
|
(1,183) |
|
1,658 |
|
-35% |
Cash flow from operations ** |
(103) |
|
1,120 |
|
ns |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals adjusted net operating income decreased by 20% to $575 million in the second quarter 2020 compared to a year ago. The decrease was notably due to an even more severely degraded refining margin environment in the second quarter and low plant utilization of 59%, partially offset by resilient petrochemical margins and outperformance of the trading activities.
Operating cash flow before working capital changes was $996 million in the second quarter of 2020, up 24% year-on-year for the reasons above as well as the receipt in the second quarter of the dividend from HTC.
In the first half 2020, Refining & Chemicals adjusted net operating income was $1 billion, down 35% compared to a year ago, and operating cash flow before working capital changes decreased by 13% to $1.7 billion. This decrease was notably linked to the degraded refining margin environment in the first half and to the weak plant utilization rate of 64%, partially offset by resilient petrochemical margins and very good performance of the trading activities.
Marketing & Services
> Petroleum product sales
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Sales in kb/d* |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,301 |
|
1,656 |
|
1,860 |
|
-30% |
Total Marketing & Services sales |
1,478 |
|
1,848 |
|
-20% |
||
|
740 |
|
906 |
|
1,004 |
|
-26% |
Europe |
823 |
|
1,008 |
|
-18% |
||
|
561 |
|
750 |
|
856 |
|
-34% |
Rest of world |
656 |
|
840 |
|
-22% |
* Excludes trading and bulk refining sales
Petroleum product sales volumes fell by 30% in the quarter and by 20% in the first half year-on-year notably due to the impact of the lockdown on demand.
> Results
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
129 |
|
302 |
|
423 |
|
-70% |
Adjusted net operating income* |
431 |
|
766 |
|
-44% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
155 |
|
109 |
|
204 |
|
-24% |
Organic investments |
264 |
|
283 |
|
-7% |
||
|
(5) |
|
6 |
|
96 |
|
ns |
Net acquisitions |
1 |
|
89 |
|
-99% |
||
|
150 |
|
115 |
|
300 |
|
-50% |
Net investments |
265 |
|
372 |
|
-29% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
492 |
|
390 |
|
626 |
|
-21% |
Operating cash flow before working capital changes ** |
882 |
|
1,208 |
|
-27% |
||
|
819 |
|
(399) |
|
611 |
|
+34% |
Cash flow from operations ** |
420 |
|
843 |
|
-50% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases
Adjusted net operating income was $129 million in the second quarter 2020, a drop of 70% due to the decrease in volumes. It decreased by 44% in the first half compared to last year for the same reason.
Operating cash flow before working capital changes was $492 million in the second quarter 2020 and $882 million in the first half.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
- $821 million in the second quarter 2020, a decrease of 77% compared to a year ago due to lower Brent prices, natural gas prices and refining margins as well as the impact of the Covid-19 crisis on demand.
- $3,121 million in the first half 2020, a decrease of 55% year-on-year for the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
- $126 million in the second quarter 2020, compared to $2,887 million a year ago due to lower Brent prices, natural gas prices and refining margins as well as the impact of the Covid-19 crisis on demand.
- $1,907 million in the first half 2020 for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value12.
Total net income adjustments13 were -$8,495 million in the second quarter 2020, including -$8,101 million for impairments.
The effective tax rate for the Group was -6.8% in the second quarter 2020, compared to 30% in the previous quarter. The negative rate is explained by the adjusted net operating loss in Exploration & Production, which has a high tax rate, and was not offset by the positive results in the Downstream, which has a lower tax rate.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
- $0.02 in the second quarter 2020, calculated on the basis of a weighted average of 2,598 million fully-diluted shares, compared to $1.05 in the same period last year.
- $0.68 in the first half 2020, calculated on the basis of a weighted average of 2,598 million fully-diluted shares, compared to $2.07 in the same period last year.
The number of fully-diluted shares was 2,605 million on June 30, 2020.
> Acquisitions - asset sales
Acquisitions were:
- $857 million in the second quarter 2020, comprised notably of finalizing the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited as well as the acquisition of interests in Blocks 20 and 21 in Angola.
- $2.5 billion in the first half 2020, comprised of the elements above as well as the finalization of the acquisition of 37.4% of Adani Gas Limited in India and the payment for a second tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.
Asset sales were:
- $136 million in the second quarter 2020.
- $678 million in the first half 2020, comprised notably of the sales of Block CA1 in Brunei, the Group’s interest in the Fos Cavaou regasification terminal in France, and 50% of a portfolio of solar and wind assets from Total Quadran in France.
> Net cash flow
Net cash flow14 for the Group was:
- $226 million in the second quarter 2020 compared to $3.3 billion a year ago due to the decrease in operating cash flow before working capital changes in the context of sharply lower oil and gas prices. It remains positive thanks to the decrease in net investments.
- $0.6 billion in the first half 2020 compared to $6.2 billion year-on-year due to the decrease in operating cash flow before working capital changes of $5.6 billion in the context of sharply lower oil and gas prices.
> Profitability
The return on equity was 7.5% for the twelve months ended June 30, 2020.
| In millions of dollars | July 1, 2019 | April 1, 2019 | July 1, 2018 | |||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||
| Adjusted net income |
8,214 |
11,079 |
13,125 |
|||
| Average adjusted shareholders' equity |
109,448 |
113,607 |
117,787 |
|||
| Return on equity (ROE) |
7.5% |
9.8% |
11.1% |
|||
The return on average capital employed was 7% for the twelve months ended June 30, 2020.
| In millions of dollars | July 1, 2019 | April 1, 2019 | July 1, 2018 | |||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||
| Adjusted net operating income |
10,125 |
13,032 |
15,087 |
|||
| Average capital employed |
145,621 |
150,418 |
145,247 |
|||
| ROACE |
7.0% |
8.7% |
10.4% |
|||
Total SE accounts
Net income for Total SE, the parent company, was €4,710 million in the first half 2020 compared to €6,282 million a year ago.
2020 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 $/b | +/- 2.9 B$ | +/- 3.3 B$ |
| European gas price - NBP ($/Mbtu) | +/- 1 $/Mbtu | +/- 0.35 B$ | +/- 0.35 B$ |
| Variable cost margin, European refining (VCM) | +/- 10 $/t | +/- 0.5 B$ | +/- 0.6 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 15.
** In a 60 $/b Brent environment.
Summary and outlook
Oil prices strengthened since the beginning of June, reaching around 40 $/b, benefiting from strong compliance with the OPEC+ quotas and the decline of hydrocarbon production in the United States and Canada as well as a recovery in demand.
The oil environment, however, remains volatile, given the uncertainty around the extent and speed of the global economic recovery post-Covid-19.
The Group demonstrates discipline in the implementation of its 2020 action plan:
- Net investments below $14 billion,
- Savings of $1 billion on operating costs compared to 2019.
Total will continue to profitably grow in low carbon electricity, particularly in renewables, with close to $2 billion of investments in 2020.
In LNG, Total anticipates significant deferred liftings in the third quarter and expects the decline in oil prices observed in the second quarter to have an impact on long-term LNG contract prices in the second half of the year.
Considering the implementation of the OPEC+ quotas and the situation in Libya, the Group now expects 2020 production to be between 2.9 Mboe/d and 2.95 Mboe/d, with a low point in the third quarter during the summer season. The ramp up of Iara’s second FPSO in Brazil will contribute to production growth in the last part of the year. In the Downstream, high inventory levels continue to weigh on refining margins and utilization rates. In Marketing, activity in Europe returned to 90% of its pre-crisis level since June and the Group anticipates that it will remain at a comparable level in the coming months.
The Group’s priority is to generate a level of cash flow that allows it to continue to invest in profitable projects, to preserve an attractive shareholder return and to maintain a strong balance sheet. To this end, the Group’s teams are focused on the four priorities of HSE, operational excellence, cost reduction and cash flow generation.
* * * * *
To listen to the presentation by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:30 (London time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 7891345). To listen to the replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 (917) 677 7532 in the United States (code: 7891345).
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Combined liquids and gas production by region (kboe/d) |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,032 |
|
1,097 |
|
997 |
|
+3% |
Europe and Central Asia |
1,064 |
|
993 |
|
+7% |
||
|
653 |
|
701 |
|
686 |
|
-5% |
Africa |
677 |
|
691 |
|
-2% |
||
|
641 |
|
681 |
|
703 |
|
-9% |
Middle East and North Africa |
661 |
|
695 |
|
-5% |
||
|
314 |
|
372 |
|
358 |
|
-12% |
Americas |
343 |
|
365 |
|
-6% |
||
|
206 |
|
235 |
|
214 |
|
-4% |
Asia-Pacific |
220 |
|
207 |
|
+6% |
||
|
2,846 |
|
3,086 |
|
2,957 |
|
-4% |
Total production |
2,966 |
|
2,951 |
|
- |
||
|
699 |
|
753 |
|
750 |
|
-7% |
includes equity affiliates |
726 |
|
730 |
|
- |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Liquids production by region (kb/d) |
1H20 |
|
1H19 |
|
1H20
|
||
|
381 |
|
404 |
|
328 |
|
+16% |
Europe and Central Asia |
392 |
|
340 |
|
+15% |
||
|
514 |
|
555 |
|
549 |
|
-6% |
Africa |
534 |
|
545 |
|
-2% |
||
|
494 |
|
516 |
|
546 |
|
-9% |
Middle East and North Africa |
505 |
|
534 |
|
-5% |
||
|
127 |
|
178 |
|
160 |
|
-20% |
Americas |
153 |
|
168 |
|
-9% |
||
|
37 |
|
47 |
|
41 |
|
-10% |
Asia-Pacific |
42 |
|
40 |
|
+5% |
||
|
1,553 |
|
1,699 |
|
1,624 |
|
-4% |
Total production |
1,626 |
|
1,627 |
|
- |
||
|
199 |
|
214 |
|
225 |
|
-12% |
includes equity affiliates |
207 |
|
221 |
|
-6% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Gas production by region (Mcf/d) |
1H20 |
|
1H19 |
|
1H20
|
||
|
3,506 |
|
3,734 |
|
3,639 |
|
-4% |
Europe and Central Asia |
3,620 |
|
3,532 |
|
+2% |
||
|
706 |
|
746 |
|
703 |
|
- |
Africa* |
726 |
|
749 |
|
-3% |
||
|
818 |
|
912 |
|
866 |
|
-6% |
Middle East and North Africa |
865 |
|
885 |
|
-2% |
||
|
1,047 |
|
1,092 |
|
1,107 |
|
-5% |
Americas |
1,069 |
|
1,104 |
|
-3% |
||
|
968 |
|
1,076 |
|
994 |
|
-3% |
Asia-Pacific* |
1,022 |
|
968 |
|
+6% |
||
|
7,045 |
|
7,560 |
|
7,309 |
|
-4% |
Total production* |
7,302 |
|
7,238 |
|
+1% |
||
|
2,698 |
|
2,905 |
|
2,868 |
|
-6% |
includes equity affiliates* |
2,802 |
|
2,762 |
|
+1% |
* 2Q19 and 1H19 data restated
> Downstream (Refining & Chemicals and Marketing & Services)
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Petroleum product sales by region (kb/d) |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,449 |
|
1,771 |
|
2,018 |
|
-28% |
Europe |
1,610 |
|
2,020 |
|
-20% |
||
|
463 |
|
683 |
|
751 |
|
-38% |
Africa |
573 |
|
705 |
|
-19% |
||
|
861 |
|
766 |
|
846 |
|
+2% |
Americas |
814 |
|
842 |
|
-3% |
||
|
433 |
|
444 |
|
536 |
|
-19% |
Rest of world |
439 |
|
576 |
|
-24% |
||
|
3,208 |
|
3,663 |
|
4,152 |
|
-23% |
Total consolidated sales |
3,435 |
|
4,143 |
|
-17% |
||
|
366 |
|
497 |
|
535 |
|
-32% |
Includes bulk sales |
432 |
|
546 |
|
-21% |
||
|
1,541 |
|
1,510 |
|
1,757 |
|
-12% |
Includes trading |
1,525 |
|
1,749 |
|
-13% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
Petrochemicals production* (kt) |
1H20 |
|
1H19 |
|
1H20
|
||
|
1,275 |
|
1,272 |
|
1,318 |
|
-3% |
Europe |
2,547 |
|
2,734 |
|
-7% |
||
|
637 |
|
664 |
|
475 |
|
+34% |
Americas |
1,301 |
|
1,089 |
|
+19% |
||
|
672 |
|
652 |
|
327 |
|
x2.1 |
Middle-East and Asia |
1,324 |
|
987 |
|
+34% |
* Olefins, polymers
Adjustment items to net income (Group share)
|
2Q20 |
|
1Q20 |
|
2Q19 |
In millions of dollars |
1H20 |
|
1H19 |
||
|
(8,321) |
|
(334) |
|
(56) |
Special items affecting net income (Group share) |
(8,655) |
|
(70) |
||
|
- |
|
- |
|
- |
Gain (loss) on asset sales |
- |
|
- |
||
|
(20) |
|
(80) |
|
(31) |
Restructuring charges |
(100) |
|
(33) |
||
|
(8,101) |
|
- |
|
(57) |
Impairments |
(8,101) |
|
(57) |
||
|
(200) |
|
(254) |
|
32 |
Other |
(454) |
|
20 |
||
|
(94) |
|
(1,414) |
|
(28) |
After-tax inventory effect : FIFO vs. replacement cost |
(1,508) |
|
360 |
||
|
(80) |
|
1 |
|
(47) |
Effect of changes in fair value |
(79) |
|
(69) |
||
|
|
|
|
|
|
|
|
|
|||
|
(8,495) |
|
(1,747) |
|
(131) |
Total adjustments affecting net income |
(10,242) |
|
221 |
Investments - Divestments
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
2,201 |
|
2,523 |
|
3,028 |
|
-27% |
Organic investments ( a ) |
4,724 |
|
5,811 |
|
-19% |
||
|
162 |
|
135 |
|
185 |
|
-12% |
capitalized exploration |
297 |
|
417 |
|
-29% |
||
|
733 |
|
279 |
|
370 |
|
+98% |
increase in non-current loans |
1,012 |
|
500 |
|
x2 |
||
|
(58) |
|
(117) |
|
(254) |
|
ns |
repayment of non-current loans, excluding organic loan repayment from equity affiliates* |
(175) |
|
(388) |
|
ns |
||
|
(47) |
|
(105) |
|
- |
|
ns |
change in debt from renewable projects (Group share) |
(152) |
|
- |
|
ns |
||
|
857 |
|
1,644 |
|
614 |
|
+40% |
Acquisitions ( b ) |
2,501 |
|
1,284 |
|
+95% |
||
|
136 |
|
542 |
|
212 |
|
-36% |
Asset sales ( c ) |
678 |
|
575 |
|
+18% |
||
|
22 |
|
61 |
|
- |
|
ns |
change in debt from renewable projects (partner share) |
83 |
|
- |
|
ns |
||
|
- |
|
- |
|
- |
|
ns |
Other transactions with non-controlling interests ( d ) |
- |
|
- |
|
ns |
||
|
2,922 |
|
3,625 |
|
3,430 |
|
-15% |
Net investments ( a + b - c - d ) |
6,547 |
|
6,520 |
|
- |
||
|
(41) |
|
7 |
|
(99) |
|
ns |
Organic loan repayment from equity affiliates* ( e ) |
(34) |
|
(99) |
|
ns |
||
|
69 |
|
166 |
|
- |
|
ns |
Change in debt from renewable projects financing ** ( f ) |
235 |
|
- |
|
ns |
||
|
22 |
|
24 |
|
- |
|
ns |
Capex linked to capitalized leasing contracts ( g ) |
46 |
|
- |
|
ns |
||
|
2,928 |
|
3,774 |
|
3,331 |
|
-12% |
Cash flow used in investing activities ( a + b - c + e + f -g) |
6,702 |
|
6,421 |
|
+4% |
* 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
|
2Q20 |
|
1Q20 |
|
2Q19 |
|
2Q20
|
In millions of dollars |
1H20 |
|
1H19 |
|
1H20
|
||
|
3,647 |
|
4,528 |
|
7,208 |
|
-49% |
Operating cash flow before working capital changes w/o financials charges (DACF) |
8,175 |
|
13,744 |
|
-41% |
||
|
(499) |
|
(512) |
|
(501) |
|
ns |
Financial charges |
(1,011) |
|
(1,004) |
|
ns |
||
|
3,148 |
|
4,016 |
|
6,707 |
|
-53% |
Operating cash flow before working capital changes ( a ) |
7,164 |
|
12,740 |
|
-44% |
||
|
431 |
|
(884) |
|
(317) |
|
ns |
(Increase) decrease in working capital |
(453) |
|
(3,287) |
|
ns |
||
|
(42) |
|
(1,796) |
|
(40) |
|
ns |
Inventory effect |
(1,838) |
|
526 |
|
ns |
||
|
(17) |
|
(44) |
|
- |
|
ns |
capital gain from renewable projects sale |
(61) |
|
- |
|
|
||
|
(41) |
|
7 |
|
(99) |
|
ns |
Organic loan repayment from equity affiliates |
(34) |
|
(99) |
|
ns |
||
|
3,479 |
|
1,299 |
|
6,251 |
|
-44% |
Cash flow from operations |
4,778 |
|
9,880 |
|
-52% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,201 |
|
2,523 |
|
3,028 |
|
-27% |
Organic investments ( b ) |
4,724 |
|
5,811 |
|
-19% |
||
|
947 |
|
1,493 |
|
3,679 |
|
-74% |
Free cash flow after organic investments, w/o net asset sales ( a - b ) |
2,440 |
|
6,929 |
|
-65% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,922 |
|
3,625 |
|
3,430 |
|
-15% |
Net investments ( c ) |
6,547 |
|
6,520 |
|
- |
||
|
226 |
|
391 |
|
3,277 |
|
-93% |
Net cash flow ( a - c ) |
617 |
|
6,220 |
|
-90% |
Gearing ratio*
| In millions of dollars |
06/30/2020 |
|
03/31/2020 |
|
06/30/2019 |
|
| Current borrowings |
16,154 |
|
18,521 |
|
16,221 |
|
| Net current financial assets |
(6,159) |
|
(6,412) |
|
(3,110) |
|
| Net financial assets classified as held for sale |
- |
|
- |
|
- |
|
| Non-current financial debt |
61,540 |
|
48,896 |
|
45,394 |
|
| Non-current financial assets |
(2,431) |
|
(1,133) |
|
(771) |
|
| Cash and cash equivalents |
(29,727) |
|
(21,634) |
|
(26,723) |
|
| Net debt (a) |
39,377 |
|
38,238 |
|
31,011 |
|
| of which leases |
7,383 |
|
7,309 |
|
7,015 |
|
|
|
|
|
|
|
||
| Shareholders’ equity - Group share |
101,205 |
|
112,006 |
|
116,862 |
|
| Non-controlling interests |
2,334 |
|
2,428 |
|
2,362 |
|
| Shareholders' equity (b) |
103,539 |
|
114,434 |
|
119,224 |
|
|
|
|
|
|
|
||
| Net-debt-to-capital ratio = a / (a + b) |
27.6% |
|
25.0% |
|
20.6% |
|
|
|
|
|
|
|
||
| Net-debt-to-capital ratio excluding leases |
23.6% |
|
21.3% |
|
16.8% |
* 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 June 30, 2020
| In millions of dollars | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Group | |||||
| Adjusted net operating income |
4,259 |
|
2,607 |
|
2,489 |
|
1,318 |
|
10,125 |
|
| Capital employed at 06/30/2019* |
90,633 |
|
37,290 |
|
12,300 |
|
8,535 |
|
148,617 |
|
| Capital employed at 06/30/2020* |
79,096 |
|
43,527 |
|
12,843 |
|
8,366 |
|
142,625 |
|
| ROACE |
5.0% |
|
6.5% |
|
19.8% |
|
15.6% |
|
7.0% |
> Twelve months ended March 31, 2020
| In millions of dollars | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Group | |||||
| Adjusted net operating income |
6,490 |
|
2,710 |
|
2,629 |
|
1,612 |
|
13,032 |
|
| Capital employed at 03/31/2019* |
90,051 |
|
37,235 |
|
13,153 |
|
8,255 |
|
148,463 |
|
| Capital employed at 03/31/2020* |
85,622 |
|
44,236 |
|
12,878 |
|
8,764 |
|
152,374 |
|
| ROACE |
7.4% |
|
6.7% |
|
20.2% |
|
18.9% |
|
8.7% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half of 2020 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and will be available on the Total website total.com. This press release presents the results for the second quarter and half-year 2020 from the consolidated financial statements of TOTAL SE as of June 30, 2020. It contains information that was privileged until its release. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F/A, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definition page 2
2 cf press release published on July 29, 2020
3 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 12.
5 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
6 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond
7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
8 Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 12).
9 Net investments = Organic investments + net acquisitions (see page 12).
10 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates, and effective first quarter 2020 including capital gain from renewable projects sale. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12.
11 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.
12 Adjustment items shown on page 12.
13 Details shown on page 12 and in the appendix to the financial statements.
14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
Total financial statements
________________________________
Second quarter and first half 2020 consolidated accounts, IFRS
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
||||
|
TOTAL |
|
|
|
|
|
|
|
(unaudited) |
||||||
|
|
|
2nd quarter |
|
1st quarter |
|
2nd quarter |
|
(M$)(a) |
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
Sales |
25,730 |
|
43,870 |
|
51,242 |
|
|
Excise taxes |
(4,168) |
|
(5,293) |
|
(6,040) |
|
|
|
Revenues from sales |
21,562 |
|
38,577 |
|
45,202 |
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
(12,025) |
|
(28,068) |
|
(30,390) |
|
|
Other operating expenses |
(6,321) |
|
(6,944) |
|
(7,078) |
|
|
Exploration costs |
(114) |
|
(140) |
|
(170) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(11,593) |
|
(3,635) |
|
(3,661) |
|
|
Other income |
362 |
|
580 |
|
321 |
|
|
Other expense |
(108) |
|
(420) |
|
(189) |
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
(530) |
|
(569) |
|
(568) |
|
|
Financial income and expense from cash & cash equivalents |
50 |
|
(155) |
|
(42) |
|
|
|
Cost of net debt |
(480) |
|
(724) |
|
(610) |
|
|
|
|
|
|
|
|
|
Other financial income |
419 |
|
188 |
|
326 |
|
|
Other financial expense |
(161) |
|
(181) |
|
(188) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
(447) |
|
732 |
|
812 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
484 |
|
37 |
|
(1,571) |
|
|
Consolidated net income |
(8,422) |
|
2 |
|
2,804 |
|
|
Group share |
(8,369) |
|
34 |
|
2,756 |
|
|
Non-controlling interests |
(53) |
|
(32) |
|
48 |
|
|
Earnings per share ($) |
(3.27) |
|
(0.01) |
|
1.01 |
|
|
Fully-diluted earnings per share ($) |
(3.27) |
|
(0.01) |
|
1.00 |
|
|
(a) Except for per share amounts. |
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|
|
|||
|
TOTAL |
|
|
|
|
|
|
(unaudited) |
|||||
|
|
2nd quarter |
|
1st quarter |
|
2nd quarter |
|
(M$) |
2020 |
|
2020 |
|
2019 |
|
Consolidated net income |
(8,422) |
|
2 |
|
2,804 |
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
(356) |
|
133 |
|
(223) |
|
Change in fair value of investments in equity instruments |
90 |
|
(164) |
|
74 |
|
Tax effect |
101 |
|
(15) |
|
59 |
|
Currency translation adjustment generated by the parent company |
1,780 |
|
(1,976) |
|
1,057 |
|
Items not potentially reclassifiable to profit and loss |
1,615 |
|
(2,022) |
|
967 |
|
Currency translation adjustment |
(919) |
|
(21) |
|
(619) |
|
Cash flow hedge |
231 |
|
(1,524) |
|
(246) |
|
Variation of foreign currency basis spread |
14 |
|
56 |
|
43 |
|
Share of other comprehensive income of equity affiliates, net amount |
296 |
|
(1,223) |
|
(135) |
|
Other |
- |
|
3 |
|
1 |
|
Tax effect |
(78) |
|
445 |
|
69 |
|
Items potentially reclassifiable to profit and loss |
(456) |
|
(2,264) |
|
(887) |
|
Total other comprehensive income (net amount) |
1,159 |
|
(4,286) |
|
80 |
|
|
|
|
|
|
|
|
Comprehensive income |
(7,263) |
|
(4,284) |
|
2,884 |
|
Group share |
(7,253) |
|
(4,171) |
|
2,797 |
|
Non-controlling interests |
(10) |
|
(113) |
|
87 |
|
CONSOLIDATED STATEMENT OF INCOME |
||||
|
TOTAL |
|
|
|
|
|
(unaudited) |
|
|
||
|
|
|
1st half |
|
1st half |
|
(M$) (a) |
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Sales |
69,600 |
|
102,447 |
|
|
Excise taxes |
(9,461) |
|
(12,121) |
|
|
|
Revenues from sales |
60,139 |
|
90,326 |
|
|
|
|
|
|
|
Purchases, net of inventory variation |
(40,093) |
|
(60,111) |
|
|
Other operating expenses |
(13,265) |
|
(13,803) |
|
|
Exploration costs |
(254) |
|
(458) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(15,228) |
|
(7,127) |
|
|
Other income |
942 |
|
568 |
|
|
Other expense |
(528) |
|
(398) |
|
|
|
|
|
|
|
|
Financial interest on debt |
(1,099) |
|
(1,129) |
|
|
Financial income and expense from cash & cash equivalents |
(105) |
|
(70) |
|
|
|
Cost of net debt |
(1,204) |
|
(1,199) |
|
|
|
|
|
|
|
Other financial income |
607 |
|
486 |
|
|
Other financial expense |
(342) |
|
(383) |
|
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
285 |
|
1,523 |
|
|
|
|
|
|
|
|
Income taxes |
521 |
|
(3,480) |
|
|
Consolidated net income |
(8,420) |
|
5,944 |
|
|
Group share |
(8,335) |
|
5,867 |
|
|
Non-controlling interests |
(85) |
|
77 |
|
|
Earnings per share ($) |
(3.29) |
|
2.17 |
|
|
Fully-diluted earnings per share ($) |
(3.29) |
|
2.16 |
|
|
(a) Except for per share amounts. |
|
|
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||
|
TOTAL |
|
|
|
|
(unaudited) |
|||
|
|
1st half |
|
1st half |
|
(M$) |
2020 |
|
2019 |
|
Consolidated net income |
(8,420) |
|
5,944 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
(223) |
|
(59) |
|
Change in fair value of investments in equity instruments |
(74) |
|
107 |
|
Tax effect |
86 |
|
14 |
|
Currency translation adjustment generated by the parent company |
(196) |
|
(474) |
|
Items not potentially reclassifiable to profit and loss |
(407) |
|
(412) |
|
Currency translation adjustment |
(940) |
|
187 |
|
Cash flow hedge |
(1,293) |
|
(373) |
|
Variation of foreign currency basis spread |
70 |
|
54 |
|
Share of other comprehensive income of equity affiliates, net amount |
(927) |
|
253 |
|
Other |
3 |
|
2 |
|
Tax effect |
367 |
|
107 |
|
Items potentially reclassifiable to profit and loss |
(2,720) |
|
230 |
|
Total other comprehensive income (net amount) |
(3,127) |
|
(182) |
|
|
|
|
|
|
Comprehensive income |
(11,547) |
|
5,762 |
|
Group share |
(11,424) |
|
5,637 |
|
Non-controlling interests |
(123) |
|
125 |
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
June 30,
|
|
(M$) |
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Intangible assets, net |
33,114 |
|
32,823 |
|
33,178 |
|
29,229 |
|
Property, plant and equipment, net |
104,925 |
|
113,254 |
|
116,408 |
|
118,063 |
|
Equity affiliates : investments and loans |
27,470 |
|
26,998 |
|
27,122 |
|
26,473 |
|
Other investments |
1,627 |
|
1,660 |
|
1,778 |
|
1,660 |
|
Non-current financial assets |
2,431 |
|
1,133 |
|
912 |
|
771 |
|
Deferred income taxes |
7,257 |
|
6,694 |
|
6,216 |
|
6,022 |
|
Other non-current assets |
2,539 |
|
2,537 |
|
2,415 |
|
2,306 |
|
Total non-current assets |
179,363 |
|
185,099 |
|
188,029 |
|
184,524 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Inventories, net |
12,688 |
|
11,556 |
|
17,132 |
|
16,410 |
|
Accounts receivable, net |
13,481 |
|
18,029 |
|
18,488 |
|
20,349 |
|
Other current assets |
17,155 |
|
19,429 |
|
17,013 |
|
15,958 |
|
Current financial assets |
6,570 |
|
7,016 |
|
3,992 |
|
3,536 |
|
Cash and cash equivalents |
29,727 |
|
21,634 |
|
27,352 |
|
26,723 |
|
Assets classified as held for sale |
421 |
|
421 |
|
1,288 |
|
- |
|
Total current assets |
80,042 |
|
78,085 |
|
85,265 |
|
82,976 |
|
Total assets |
259,405 |
|
263,184 |
|
273,294 |
|
267,500 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Common shares |
8,159 |
|
8,123 |
|
8,123 |
|
8,301 |
|
Paid-in surplus and retained earnings |
107,934 |
|
119,935 |
|
121,170 |
|
123,351 |
|
Currency translation adjustment |
(13,265) |
|
(14,431) |
|
(11,503) |
|
(11,177) |
|
Treasury shares |
(1,623) |
|
(1,621) |
|
(1,012) |
|
(3,613) |
|
Total shareholders' equity - Group share |
101,205 |
|
112,006 |
|
116,778 |
|
116,862 |
|
Non-controlling interests |
2,334 |
|
2,428 |
|
2,527 |
|
2,362 |
|
Total shareholders' equity |
103,539 |
|
114,434 |
|
119,305 |
|
119,224 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Deferred income taxes |
10,346 |
|
10,462 |
|
11,858 |
|
11,486 |
|
Employee benefits |
3,612 |
|
3,260 |
|
3,501 |
|
3,375 |
|
Provisions and other non-current liabilities |
19,487 |
|
19,452 |
|
20,613 |
|
21,629 |
|
Non-current financial debt |
61,540 |
|
48,896 |
|
47,773 |
|
45,394 |
|
Total non-current liabilities |
94,985 |
|
82,070 |
|
83,745 |
|
81,884 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
19,198 |
|
22,123 |
|
28,394 |
|
27,059 |
|
Other creditors and accrued liabilities |
24,790 |
|
25,102 |
|
25,749 |
|
22,686 |
|
Current borrowings |
16,154 |
|
18,521 |
|
14,819 |
|
16,221 |
|
Other current financial liabilities |
411 |
|
604 |
|
487 |
|
426 |
|
Liabilities directly associated with the assets classified as held for sale |
328 |
|
330 |
|
795 |
|
- |
|
Total current liabilities |
60,881 |
|
66,680 |
|
70,244 |
|
66,392 |
|
Total liabilities & shareholders' equity |
259,405 |
|
263,184 |
|
273,294 |
|
267,500 |
|
CONSOLIDATED STATEMENT OF CASH FLOW |
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
(unaudited) |
|||||
|
|
2nd quarter |
|
1st quarter |
|
2nd quarter |
|
(M$) |
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
(8,422) |
|
2 |
|
2,804 |
|
Depreciation, depletion, amortization and impairment |
11,701 |
|
3,730 |
|
3,819 |
|
Non-current liabilities, valuation allowances and deferred taxes |
(796) |
|
(661) |
|
239 |
|
(Gains) losses on disposals of assets |
(131) |
|
(209) |
|
(191) |
|
Undistributed affiliates' equity earnings |
978 |
|
(587) |
|
(168) |
|
(Increase) decrease in working capital |
431 |
|
(884) |
|
(317) |
|
Other changes, net |
(282) |
|
(92) |
|
65 |
|
Cash flow from operating activities |
3,479 |
|
1,299 |
|
6,251 |
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
(2,409) |
|
(2,364) |
|
(2,881) |
|
Acquisitions of subsidiaries, net of cash acquired |
- |
|
(188) |
|
(208) |
|
Investments in equity affiliates and other securities |
(136) |
|
(1,534) |
|
(437) |
|
Increase in non-current loans |
(733) |
|
(295) |
|
(370) |
|
Total expenditures |
(3,278) |
|
(4,381) |
|
(3,896) |
|
Proceeds from disposals of intangible assets and property, plant and equipment |
219 |
|
44 |
|
155 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
12 |
|
142 |
|
(1) |
|
Proceeds from disposals of non-current investments |
20 |
|
295 |
|
58 |
|
Repayment of non-current loans |
99 |
|
126 |
|
353 |
|
Total divestments |
350 |
|
607 |
|
565 |
|
Cash flow used in investing activities |
(2,928) |
|
(3,774) |
|
(3,331) |
|
|
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
- Parent company shareholders |
374 |
|
- |
|
449 |
|
- Treasury shares |
(2) |
|
(609) |
|
(1,279) |
|
Dividends paid: |
|
|
|
|
|
|
- Parent company shareholders |
(1,928) |
|
(1,882) |
|
(2,935) |
|
- Non-controlling interests |
(76) |
|
- |
|
(93) |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
|
- |
|
- |
|
Payments on perpetual subordinated notes |
(134) |
|
(97) |
|
(175) |
|
Other transactions with non-controlling interests |
(22) |
|
(48) |
|
- |
|
Net issuance (repayment) of non-current debt |
15,430 |
|
42 |
|
2,331 |
|
Increase (decrease) in current borrowings |
(6,604) |
|
2,785 |
|
37 |
|
Increase (decrease) in current financial assets and liabilities |
449 |
|
(2,995) |
|
(164) |
|
Cash flow from (used in) financing activities |
7,487 |
|
(2,804) |
|
(1,829) |
|
Net increase (decrease) in cash and cash equivalents |
8,038 |
|
(5,279) |
|
1,091 |
|
Effect of exchange rates |
55 |
|
(439) |
|
200 |
|
Cash and cash equivalents at the beginning of the period |
21,634 |
|
27,352 |
|
25,432 |
|
Cash and cash equivalents at the end of the period |
29,727 |
|
21,634 |
|
26,723 |
|
CONSOLIDATED STATEMENT OF CASH FLOW |
|
|
|
|
TOTAL |
|
|
|
|
(unaudited) |
|||
|
|
1st half |
|
1st half |
|
(M$) |
2020 |
|
2019 |
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Consolidated net income |
(8,420) |
|
5,944 |
|
Depreciation, depletion, amortization and impairment |
15,431 |
|
7,535 |
|
Non-current liabilities, valuation allowances and deferred taxes |
(1,457) |
|
379 |
|
(Gains) losses on disposals of assets |
(340) |
|
(364) |
|
Undistributed affiliates' equity earnings |
391 |
|
(474) |
|
(Increase) decrease in working capital |
(453) |
|
(3,287) |
|
Other changes, net |
(374) |
|
147 |
|
Cash flow from operating activities |
4,778 |
|
9,880 |
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
(4,773) |
|
(5,585) |
|
Acquisitions of subsidiaries, net of cash acquired |
(188) |
|
(208) |
|
Investments in equity affiliates and other securities |
(1,670) |
|
(1,190) |
|
Increase in non-current loans |
(1,028) |
|
(500) |
|
Total expenditures |
(7,659) |
|
(7,483) |
|
Proceeds from disposals of intangible assets and property, plant and equipment |
263 |
|
163 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
154 |
|
146 |
|
Proceeds from disposals of non-current investments |
315 |
|
266 |
|
Repayment of non-current loans |
225 |
|
487 |
|
Total divestments |
957 |
|
1,062 |
|
Cash flow used in investing activities |
(6,702) |
|
(6,421) |
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
- Parent company shareholders |
374 |
|
450 |
|
- Treasury shares |
(611) |
|
(1,770) |
|
Dividends paid: |
|
|
|
|
- Parent company shareholders |
(3,810) |
|
(4,765) |
|
- Non-controlling interests |
(76) |
|
(93) |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
|
- |
|
Payments on perpetual subordinated notes |
(231) |
|
(315) |
|
Other transactions with non-controlling interests |
(70) |
|
(150) |
|
Net issuance (repayment) of non-current debt |
15,472 |
|
3,581 |
|
Increase (decrease) in current borrowings |
(3,819) |
|
(1,489) |
|
Increase (decrease) in current financial assets and liabilities |
(2,546) |
|
(58) |
|
Cash flow from (used in) financing activities |
4,683 |
|
(4,609) |
|
Net increase (decrease) in cash and cash equivalents |
2,759 |
|
(1,150) |
|
Effect of exchange rates |
(384) |
|
(34) |
|
Cash and cash equivalents at the beginning of the period |
27,352 |
|
27,907 |
|
Cash and cash equivalents at the end of the period |
29,727 |
|
26,723 |
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
||||||||||||
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
||||||||||||
|
|
Common shares issued |
Paid-in
|
Currency
|
|
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 of the first half 2019 |
- |
- |
5,867 |
- |
|
- |
- |
|
5,867 |
77 |
|
5,944 |
|
Other comprehensive income |
- |
- |
(366) |
136 |
|
- |
- |
|
(230) |
48 |
|
(182) |
|
Comprehensive Income |
- |
- |
5,501 |
136 |
|
- |
- |
|
5,637 |
125 |
|
5,762 |
|
Dividend |
- |
- |
(3,875) |
- |
|
- |
- |
|
(3,875) |
(93) |
|
(3,968) |
|
Issuance of common shares |
26,281,753 |
74 |
1,271 |
- |
|
- |
- |
|
1,345 |
- |
|
1,345 |
|
Purchase of treasury shares |
- |
- |
- |
- |
|
(32,331,446) |
(1,770) |
|
(1,770) |
- |
|
(1,770) |
|
Sale of treasury shares(a) |
- |
- |
- |
- |
|
4,010 |
- |
|
- |
- |
|
- |
|
Share-based payments |
- |
- |
103 |
- |
|
- |
- |
|
103 |
- |
|
103 |
|
Share cancellation |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(5) |
- |
|
- |
- |
|
(5) |
- |
|
(5) |
|
Payments on perpetual subordinated notes |
- |
- |
(207) |
- |
|
- |
- |
|
(207) |
- |
|
(207) |
|
Other operations with non-controlling interests |
- |
- |
- |
- |
|
- |
- |
|
- |
(150) |
|
(150) |
|
Other items |
- |
- |
(6) |
- |
|
- |
- |
|
(6) |
6 |
|
- |
|
As of June 30, 2019 |
2,666,883,760 |
8,301 |
123,351 |
(11,177) |
|
(64,800,717) |
(3,613) |
|
116,862 |
2,362 |
|
119,224 |
|
Net income of the second half 2019 |
- |
- |
5,400 |
- |
|
- |
- |
|
5,400 |
94 |
|
5,494 |
|
Other comprehensive income |
- |
- |
(293) |
(326) |
|
- |
- |
|
(619) |
20 |
|
(599) |
|
Comprehensive Income |
- |
- |
5,107 |
(326) |
|
- |
- |
|
4,781 |
114 |
|
4,895 |
|
Dividend |
- |
- |
(3,855) |
- |
|
- |
- |
|
(3,855) |
(22) |
|
(3,877) |
|
Issuance of common shares |
106,750 |
- |
(6) |
- |
|
- |
- |
|
(6) |
- |
|
(6) |
|
Purchase of treasury shares |
- |
- |
- |
- |
|
(20,057,890) |
(1,040) |
|
(1,040) |
- |
|
(1,040) |
|
Sale of treasury shares(a) |
- |
- |
(219) |
- |
|
4,274,938 |
219 |
|
- |
- |
|
- |
|
Share-based payments |
- |
- |
104 |
- |
|
- |
- |
|
104 |
- |
|
104 |
|
Share cancellation |
(65,109,435) |
(178) |
(3,244) |
- |
|
65,109,435 |
3,422 |
|
- |
- |
|
- |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
1 |
- |
|
- |
- |
|
1 |
- |
|
1 |
|
Payments on perpetual subordinated notes |
- |
- |
(146) |
- |
|
- |
- |
|
(146) |
- |
|
(146) |
|
Other operations with non-controlling interests |
- |
- |
55 |
- |
|
- |
- |
|
55 |
108 |
|
163 |
|
Other items |
- |
- |
22 |
- |
|
- |
- |
|
22 |
(35) |
|
(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 of the first half 2020 |
- |
- |
(8,335) |
- |
|
- |
- |
|
(8,335) |
(85) |
|
(8,420) |
|
Other comprehensive income |
- |
- |
(1,327) |
(1,762) |
|
- |
- |
|
(3,089) |
(38) |
|
(3,127) |
|
Comprehensive income |
- |
- |
(9,662) |
(1,762) |
|
- |
- |
|
(11,424) |
(123) |
|
(11,547) |
|
Dividend |
- |
- |
(3,799) |
- |
|
- |
- |
|
(3,799) |
(76) |
|
(3,875) |
|
Issuance of common shares |
13,179,262 |
36 |
338 |
- |
|
- |
- |
|
374 |
- |
|
374 |
|
Purchase of treasury shares |
- |
- |
- |
- |
|
(13,236,044) |
(611) |
|
(611) |
- |
|
(611) |
|
Sale of treasury shares(a) |
- |
- |
- |
- |
|
3,680 |
- |
|
- |
- |
|
- |
|
Share-based payments |
- |
- |
96 |
- |
|
- |
- |
|
96 |
- |
|
96 |
|
Share cancellation |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|
Payments on perpetual subordinated notes |
- |
- |
(143) |
- |
|
- |
- |
|
(143) |
- |
|
(143) |
|
Other operations with non-controlling interests |
- |
- |
(63) |
- |
|
- |
- |
|
(63) |
(7) |
|
(70) |
|
Other items |
- |
- |
(3) |
- |
|
- |
- |
|
(3) |
13 |
|
10 |
|
As of June 30, 2020 |
2,615,060,337 |
8,159 |
107,934 |
(13,265) |
|
(28,706,598) |
(1,623) |
|
101,205 |
2,334 |
|
103,539 |
|
(a) Treasury shares related to the restricted stock grants. |
|
|
|
|
|
|||||||
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
||
|
2nd quarter 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
992 |
3,313 |
9,433 |
11,986 |
6 |
- |
25,730 |
|
|
Intersegment sales |
3,097 |
301 |
2,956 |
107 |
31 |
(6,492) |
- |
|
|
Excise taxes |
- |
- |
(469) |
(3,699) |
- |
- |
(4,168) |
|
|
Revenues from sales |
4,089 |
3,614 |
11,920 |
8,394 |
37 |
(6,492) |
21,562 |
|
|
Operating expenses |
(2,405) |
(3,406) |
(10,895) |
(7,931) |
(315) |
6,492 |
(18,460) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(9,667) |
(1,282) |
(393) |
(229) |
(22) |
- |
(11,593) |
|
|
Operating income |
(7,983) |
(1,074) |
632 |
234 |
(300) |
- |
(8,491) |
|
|
Net income (loss) from equity affiliates and other items |
17 |
21 |
(35) |
22 |
40 |
- |
65 |
|
|
Tax on net operating income |
398 |
322 |
(132) |
(127) |
(26) |
- |
435 |
|
|
Net operating income |
(7,568) |
(731) |
465 |
129 |
(286) |
- |
(7,991) |
|
|
Net cost of net debt |
|
|
|
|
|
|
(431) |
|
|
Non-controlling interests |
|
|
|
|
|
|
53 |
|
|
Net income - group share |
|
|
|
|
|
|
(8,369) |
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2020 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
- |
(18) |
- |
- |
- |
- |
(18) |
|
|
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
|
|
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
|
|
Revenues from sales |
- |
(18) |
- |
- |
- |
- |
(18) |
|
|
Operating expenses |
(27) |
(199) |
(48) |
5 |
(36) |
- |
(305) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,338) |
(953) |
- |
- |
- |
- |
(8,291) |
|
|
Operating income (b) |
(7,365) |
(1,170) |
(48) |
5 |
(36) |
- |
(8,614) |
|
|
Net income (loss) from equity affiliates and other items |
(57) |
(217) |
(63) |
(5) |
- |
- |
(342) |
|
|
Tax on net operating income |
63 |
330 |
1 |
- |
12 |
- |
406 |
|
|
Net operating income (b) |
(7,359) |
(1,057) |
(110) |
- |
(24) |
- |
(8,550) |
|
|
Net cost of net debt |
|
|
|
|
|
|
33 |
|
|
Non-controlling interests |
|
|
|
|
|
|
22 |
|
|
Net income - group share |
|
|
|
|
|
|
(8,495) |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||
|
(b) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
- On operating income |
- |
- |
(26) |
(16) |
- |
|
|
|
|
- On net operating income |
- |
- |
(86) |
(9) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2020 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
992 |
3,331 |
9,433 |
11,986 |
6 |
- |
25,748 |
|
|
Intersegment sales |
3,097 |
301 |
2,956 |
107 |
31 |
(6,492) |
- |
|
|
Excise taxes |
- |
- |
(469) |
(3,699) |
- |
- |
(4,168) |
|
|
Revenues from sales |
4,089 |
3,632 |
11,920 |
8,394 |
37 |
(6,492) |
21,580 |
|
|
Operating expenses |
(2,378) |
(3,207) |
(10,847) |
(7,936) |
(279) |
6,492 |
(18,155) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,329) |
(329) |
(393) |
(229) |
(22) |
- |
(3,302) |
|
|
Adjusted operating income |
(618) |
96 |
680 |
229 |
(264) |
- |
123 |
|
|
Net income (loss) from equity affiliates and other items |
74 |
238 |
28 |
27 |
40 |
- |
407 |
|
|
Tax on net operating income |
335 |
(8) |
(133) |
(127) |
(38) |
- |
29 |
|
|
Adjusted net operating income |
(209) |
326 |
575 |
129 |
(262) |
- |
559 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(464) |
|
|
Non-controlling interests |
|
|
|
|
|
|
31 |
|
|
Adjusted net income - group share |
|
|
|
|
|
|
126 |
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Total expenditures |
1,606 |
1,170 |
307 |
174 |
21 |
|
3,278 |
|
|
Total divestments |
204 |
89 |
22 |
26 |
9 |
|
350 |
|
|
Cash flow from operating activities |
910 |
1,389 |
1,080 |
819 |
(719) |
|
3,479 |
|
NFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
||
|
1st quarter 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
1,582 |
5,090 |
18,523 |
18,675 |
- |
- |
43,870 |
|
|
Intersegment sales |
5,564 |
594 |
6,095 |
89 |
28 |
(12,370) |
- |
|
|
Excise taxes |
- |
- |
(650) |
(4,643) |
- |
- |
(5,293) |
|
|
Revenues from sales |
7,146 |
5,684 |
23,968 |
14,121 |
28 |
(12,370) |
38,577 |
|
|
Operating expenses |
(3,643) |
(4,992) |
(24,841) |
(13,799) |
(247) |
12,370 |
(35,152) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,644) |
(334) |
(395) |
(244) |
(18) |
- |
(3,635) |
|
|
Operating income |
859 |
358 |
(1,268) |
78 |
(237) |
- |
(210) |
|
|
Net income (loss) from equity affiliates and other items |
423 |
399 |
(57) |
10 |
124 |
- |
899 |
|
|
Tax on net operating income |
(454) |
8 |
335 |
(32) |
28 |
- |
(115) |
|
|
Net operating income |
828 |
765 |
(990) |
56 |
(85) |
- |
574 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(572) |
|
|
Non-controlling interests |
|
|
|
|
|
|
32 |
|
|
Net income - group share |
|
|
|
|
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2020 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
- |
2 |
- |
- |
- |
- |
2 |
|
|
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
|
|
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
|
|
Revenues from sales |
- |
2 |
- |
- |
- |
- |
2 |
|
|
Operating expenses |
(10) |
(119) |
(1,589) |
(346) |
(55) |
- |
(2,119) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
- |
- |
- |
- |
- |
- |
- |
|
|
Operating income (b) |
(10) |
(117) |
(1,589) |
(346) |
(55) |
- |
(2,117) |
|
|
Net income (loss) from equity affiliates and other items |
128 |
(75) |
(208) |
- |
- |
- |
(155) |
|
|
Tax on net operating income |
7 |
44 |
425 |
100 |
- |
- |
576 |
|
|
Net operating income (b) |
125 |
(148) |
(1,372) |
(246) |
(55) |
- |
(1,696) |
|
|
Net cost of net debt |
|
|
|
|
|
|
(101) |
|
|
Non-controlling interests |
|
|
|
|
|
|
50 |
|
|
Net income - group share |
|
|
|
|
|
|
(1,747) |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
- |
- |
(1,578) |
(218) |
- |
|
|
|
|
- On net operating income |
- |
- |
(1,285) |
(154) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2020 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
1,582 |
5,088 |
18,523 |
18,675 |
- |
- |
43,868 |
|
|
Intersegment sales |
5,564 |
594 |
6,095 |
89 |
28 |
(12,370) |
- |
|
|
Excise taxes |
- |
- |
(650) |
(4,643) |
- |
- |
(5,293) |
|
|
Revenues from sales |
7,146 |
5,682 |
23,968 |
14,121 |
28 |
(12,370) |
38,575 |
|
|
Operating expenses |
(3,633) |
(4,873) |
(23,252) |
(13,453) |
(192) |
12,370 |
(33,033) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,644) |
(334) |
(395) |
(244) |
(18) |
- |
(3,635) |
|
|
Adjusted operating income |
869 |
475 |
321 |
424 |
(182) |
- |
1,907 |
|
|
Net income (loss) from equity affiliates and other items |
295 |
474 |
151 |
10 |
124 |
- |
1,054 |
|
|
Tax on net operating income |
(461) |
(36) |
(90) |
(132) |
28 |
- |
(691) |
|
|
Adjusted net operating income |
703 |
913 |
382 |
302 |
(30) |
- |
2,270 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(471) |
|
|
Non-controlling interests |
|
|
|
|
|
|
(18) |
|
|
Adjusted net income - group share |
|
|
|
|
|
|
1,781 |
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Total expenditures |
1,659 |
2,291 |
226 |
160 |
45 |
|
4,381 |
|
|
Total divestments |
121 |
344 |
79 |
46 |
17 |
|
607 |
|
|
Cash flow from operating activities |
3,923 |
(489) |
(1,183) |
(399) |
(553) |
|
1,299 |
|
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
||
|
2nd quarter 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
2,273 |
3,789 |
22,509 |
22,671 |
- |
- |
51,242 |
|
|
Intersegment sales |
7,586 |
632 |
8,293 |
139 |
36 |
(16,686) |
- |
|
|
Excise taxes |
- |
- |
(761) |
(5,279) |
- |
- |
(6,040) |
|
|
Revenues from sales |
9,859 |
4,421 |
30,041 |
17,531 |
36 |
(16,686) |
45,202 |
|
|
Operating expenses |
(4,205) |
(3,878) |
(29,168) |
(16,844) |
(229) |
16,686 |
(37,638) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,687) |
(328) |
(389) |
(237) |
(20) |
- |
(3,661) |
|
|
Operating income |
2,967 |
215 |
484 |
450 |
(213) |
- |
3,903 |
|
|
Net income (loss) from equity affiliates and other items |
173 |
661 |
111 |
111 |
26 |
- |
1,082 |
|
|
Tax on net operating income |
(1,161) |
(450) |
46 |
(170) |
64 |
- |
(1,671) |
|
|
Net operating income |
1,979 |
426 |
641 |
391 |
(123) |
- |
3,314 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(510) |
|
|
Non-controlling interests |
|
|
|
|
|
|
(48) |
|
|
Net income - group share |
|
|
|
|
|
|
2,756 |
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2019 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
- |
(59) |
- |
- |
- |
- |
(59) |
|
|
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
|
|
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
|
|
Revenues from sales |
- |
(59) |
- |
- |
- |
- |
(59) |
|
|
Operating expenses |
- |
(54) |
(43) |
(34) |
- |
- |
(131) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(43) |
(11) |
(10) |
- |
- |
- |
(64) |
|
|
Operating income (b) |
(43) |
(124) |
(53) |
(34) |
- |
- |
(254) |
|
|
Net income (loss) from equity affiliates and other items |
- |
407 |
(49) |
(7) |
- |
- |
351 |
|
|
Tax on net operating income |
- |
(286) |
28 |
9 |
- |
- |
(249) |
|
|
Net operating income (b) |
(43) |
(3) |
(74) |
(32) |
- |
- |
(152) |
|
|
Net cost of net debt |
|
|
|
|
|
|
(4) |
|
|
Non-controlling interests |
|
|
|
|
|
|
25 |
|
|
Net income - group share |
|
|
|
|
|
|
(131) |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
- |
- |
(6) |
(34) |
- |
|
|
|
|
- On net operating income |
- |
- |
(1) |
(25) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2019 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
2,273 |
3,848 |
22,509 |
22,671 |
- |
- |
51,301 |
|
|
Intersegment sales |
7,586 |
632 |
8,293 |
139 |
36 |
(16,686) |
- |
|
|
Excise taxes |
- |
- |
(761) |
(5,279) |
- |
- |
(6,040) |
|
|
Revenues from sales |
9,859 |
4,480 |
30,041 |
17,531 |
36 |
(16,686) |
45,261 |
|
|
Operating expenses |
(4,205) |
(3,824) |
(29,125) |
(16,810) |
(229) |
16,686 |
(37,507) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,644) |
(317) |
(379) |
(237) |
(20) |
- |
(3,597) |
|
|
Adjusted operating income |
3,010 |
339 |
537 |
484 |
(213) |
- |
4,157 |
|
|
Net income (loss) from equity affiliates and other items |
173 |
254 |
160 |
118 |
26 |
- |
731 |
|
|
Tax on net operating income |
(1,161) |
(164) |
18 |
(179) |
64 |
- |
(1,422) |
|
|
Adjusted net operating income |
2,022 |
429 |
715 |
423 |
(123) |
- |
3,466 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(506) |
|
|
Non-controlling interests |
|
|
|
|
|
|
(73) |
|
|
Adjusted net income - group share |
|
|
|
|
|
|
2,887 |
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Total expenditures |
2,257 |
857 |
363 |
383 |
36 |
|
3,896 |
|
|
Total divestments |
60 |
349 |
70 |
85 |
1 |
|
565 |
|
|
Cash flow from operating activities |
3,768 |
641 |
1,658 |
611 |
(427) |
|
6,251 |
|
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
||
|
1sthalf 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
2,574 |
8,403 |
27,956 |
30,661 |
6 |
- |
69,600 |
|
|
Intersegment sales |
8,661 |
895 |
9,051 |
196 |
59 |
(18,862) |
- |
|
|
Excise taxes |
- |
- |
(1,119) |
(8,342) |
- |
- |
(9,461) |
|
|
Revenues from sales |
11,235 |
9,298 |
35,888 |
22,515 |
65 |
(18,862) |
60,139 |
|
|
Operating expenses |
(6,048) |
(8,398) |
(35,736) |
(21,730) |
(562) |
18,862 |
(53,612) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(12,311) |
(1,616) |
(788) |
(473) |
(40) |
- |
(15,228) |
|
|
Operating income |
(7,124) |
(716) |
(636) |
312 |
(537) |
- |
(8,701) |
|
|
Net income (loss) from equity affiliates and other items |
440 |
420 |
(92) |
32 |
164 |
- |
964 |
|
|
Tax on net operating income |
(56) |
330 |
203 |
(159) |
2 |
- |
320 |
|
|
Net operating income |
(6,740) |
34 |
(525) |
185 |
(371) |
- |
(7,417) |
|
|
Net cost of net debt |
|
|
|
|
|
|
(1,003) |
|
|
Non-controlling interests |
|
|
|
|
|
|
85 |
|
|
Net income - group share |
|
|
|
|
|
|
(8,335) |
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2020 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
- |
(16) |
- |
- |
- |
- |
(16) |
|
|
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
|
|
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
|
|
Revenues from sales |
- |
(16) |
- |
- |
- |
- |
(16) |
|
|
Operating expenses |
(37) |
(318) |
(1,637) |
(341) |
(91) |
- |
(2,424) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,338) |
(953) |
- |
- |
- |
- |
(8,291) |
|
|
Operating income (b) |
(7,375) |
(1,287) |
(1,637) |
(341) |
(91) |
- |
(10,731) |
|
|
Net income (loss) from equity affiliates and other items |
71 |
(292) |
(271) |
(5) |
- |
- |
(497) |
|
|
Tax on net operating income |
70 |
374 |
426 |
100 |
12 |
- |
982 |
|
|
Net operating income (b) |
(7,234) |
(1,205) |
(1,482) |
(246) |
(79) |
- |
(10,246) |
|
|
Net cost of net debt |
|
|
|
|
|
|
(68) |
|
|
Non-controlling interests |
|
|
|
|
|
|
72 |
|
|
Net income - group share |
|
|
|
|
|
|
(10,242) |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
- |
- |
(1,604) |
(234) |
- |
|
|
|
|
- On net operating income |
- |
- |
(1,371) |
(163) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2020 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
2,574 |
8,419 |
27,956 |
30,661 |
6 |
- |
69,616 |
|
|
Intersegment sales |
8,661 |
895 |
9,051 |
196 |
59 |
(18,862) |
- |
|
|
Excise taxes |
- |
- |
(1,119) |
(8,342) |
- |
- |
(9,461) |
|
|
Revenues from sales |
11,235 |
9,314 |
35,888 |
22,515 |
65 |
(18,862) |
60,155 |
|
|
Operating expenses |
(6,011) |
(8,080) |
(34,099) |
(21,389) |
(471) |
18,862 |
(51,188) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(4,973) |
(663) |
(788) |
(473) |
(40) |
- |
(6,937) |
|
|
Adjusted operating income |
251 |
571 |
1,001 |
653 |
(446) |
- |
2,030 |
|
|
Net income (loss) from equity affiliates and other items |
369 |
712 |
179 |
37 |
164 |
- |
1,461 |
|
|
Tax on net operating income |
(126) |
(44) |
(223) |
(259) |
(10) |
- |
(662) |
|
|
Adjusted net operating income |
494 |
1,239 |
957 |
431 |
(292) |
- |
2,829 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(935) |
|
|
Non-controlling interests |
|
|
|
|
|
|
13 |
|
|
Adjusted net income - group share |
|
|
|
|
|
|
1,907 |
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2020 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Total expenditures |
3,265 |
3,461 |
533 |
334 |
66 |
|
7,659 |
|
|
Total divestments |
325 |
433 |
101 |
72 |
26 |
|
957 |
|
|
Cash flow from operating activities |
4,833 |
900 |
(103) |
420 |
(1,272) |
|
4,778 |
|
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
||
|
1sthalf 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
4,067 |
10,208 |
44,220 |
43,950 |
2 |
- |
102,447 |
|
|
Intersegment sales |
15,302 |
1,259 |
16,310 |
301 |
63 |
(33,235) |
- |
|
|
Excise taxes |
- |
- |
(1,537) |
(10,584) |
- |
- |
(12,121) |
|
|
Revenues from sales |
19,369 |
11,467 |
58,993 |
33,667 |
65 |
(33,235) |
90,326 |
|
|
Operating expenses |
(8,234) |
(10,287) |
(56,502) |
(32,178) |
(406) |
33,235 |
(74,372) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,216) |
(643) |
(763) |
(470) |
(35) |
- |
(7,127) |
|
|
Operating income |
5,919 |
537 |
1,728 |
1,019 |
(376) |
- |
8,827 |
|
|
Net income (loss) from equity affiliates and other items |
367 |
1,041 |
260 |
101 |
27 |
- |
1,796 |
|
|
Tax on net operating income |
(2,585) |
(623) |
(246) |
(334) |
124 |
- |
(3,664) |
|
|
Net operating income |
3,701 |
955 |
1,742 |
786 |
(225) |
- |
6,959 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(1,015) |
|
|
Non-controlling interests |
|
|
|
|
|
|
(77) |
|
|
Net income - group share |
|
|
|
|
|
|
5,867 |
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2019 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
- |
(86) |
- |
- |
- |
- |
(86) |
|
|
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
|
|
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
|
|
Revenues from sales |
- |
(86) |
- |
- |
- |
- |
(86) |
|
|
Operating expenses |
- |
(112) |
449 |
40 |
- |
- |
377 |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(43) |
(11) |
(10) |
- |
- |
- |
(64) |
|
|
Operating income (b) |
(43) |
(209) |
439 |
40 |
- |
- |
227 |
|
|
Net income (loss) from equity affiliates and other items |
- |
413 |
(47) |
(7) |
- |
- |
359 |
|
|
Tax on net operating income |
- |
(270) |
(121) |
(13) |
- |
- |
(404) |
|
|
Net operating income (b) |
(43) |
(66) |
271 |
20 |
- |
- |
182 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(8) |
|
|
Non-controlling interests |
|
|
|
|
|
|
47 |
|
|
Net income - group share |
|
|
|
|
|
|
221 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
- |
- |
486 |
40 |
- |
|
|
|
|
- On net operating income |
- |
- |
344 |
27 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2019 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Non-Group sales |
4,067 |
10,294 |
44,220 |
43,950 |
2 |
- |
102,533 |
|
|
Intersegment sales |
15,302 |
1,259 |
16,310 |
301 |
63 |
(33,235) |
- |
|
|
Excise taxes |
- |
- |
(1,537) |
(10,584) |
- |
- |
(12,121) |
|
|
Revenues from sales |
19,369 |
11,553 |
58,993 |
33,667 |
65 |
(33,235) |
90,412 |
|
|
Operating expenses |
(8,234) |
(10,175) |
(56,951) |
(32,218) |
(406) |
33,235 |
(74,749) |
|
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,173) |
(632) |
(753) |
(470) |
(35) |
- |
(7,063) |
|
|
Adjusted operating income |
5,962 |
746 |
1,289 |
979 |
(376) |
- |
8,600 |
|
|
Net income (loss) from equity affiliates and other items |
367 |
628 |
307 |
108 |
27 |
- |
1,437 |
|
|
Tax on net operating income |
(2,585) |
(353) |
(125) |
(321) |
124 |
- |
(3,260) |
|
|
Adjusted net operating income |
3,744 |
1,021 |
1,471 |
766 |
(225) |
- |
6,777 |
|
|
Net cost of net debt |
|
|
|
|
|
|
(1,007) |
|
|
Non-controlling interests |
|
|
|
|
|
|
(124) |
|
|
Adjusted net income - group share |
|
|
|
|
|
|
5,646 |
|
|
|
|
|
|
|
|
|
|
|
|
1sthalf 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
|
(M$) |
||||||||
|
Total expenditures |
4,282 |
1,975 |
648 |
527 |
51 |
|
7,483 |
|
|
Total divestments |
89 |
574 |
239 |
157 |
3 |
|
1,062 |
|
|
Cash flow from operating activities |
7,704 |
1,533 |
1,120 |
843 |
(1,320) |
|
9,880 |
|
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
|
|
|
|
|
|
Consolidated |
|
2nd quarter 2020 |
|
|
|
|
statement |
|
(M$) |
Adjusted |
|
Adjustments(a) |
|
of income |
|
Sales |
25,748 |
|
(18) |
|
25,730 |
|
Excise taxes |
(4,168) |
|
- |
|
(4,168) |
|
Revenues from sales |
21,580 |
|
(18) |
|
21,562 |
|
|
|
|
|
|
|
|
Purchases net of inventory variation |
(11,842) |
|
(183) |
|
(12,025) |
|
Other operating expenses |
(6,199) |
|
(122) |
|
(6,321) |
|
Exploration costs |
(114) |
|
- |
|
(114) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,302) |
|
(8,291) |
|
(11,593) |
|
Other income |
240 |
|
122 |
|
362 |
|
Other expense |
(103) |
|
(5) |
|
(108) |
|
|
|
|
|
|
|
|
Financial interest on debt |
(527) |
|
(3) |
|
(530) |
|
Financial income and expense from cash & cash equivalents |
(3) |
|
53 |
|
50 |
|
Cost of net debt |
(530) |
|
50 |
|
(480) |
|
|
|
|
|
|
|
|
Other financial income |
419 |
|
- |
|
419 |
|
Other financial expense |
(160) |
|
(1) |
|
(161) |
|
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
11 |
|
(458) |
|
(447) |
|
|
|
|
|
|
|
|
Income taxes |
95 |
|
389 |
|
484 |
|
Consolidated net income |
95 |
|
(8,517) |
|
(8,422) |
|
Group share |
126 |
|
(8,495) |
|
(8,369) |
|
Non-controlling interests |
(31) |
|
(22) |
|
(53) |
|
|
|
|
|
|
|
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
2nd quarter 2019 |
|
|
|
|
statement |
|
(M$) |
Adjusted |
|
Adjustments(a) |
|
of income |
|
Sales |
51,301 |
|
(59) |
|
51,242 |
|
Excise taxes |
(6,040) |
|
- |
|
(6,040) |
|
Revenues from sales |
45,261 |
|
(59) |
|
45,202 |
|
|
|
|
|
|
|
|
Purchases net of inventory variation |
(30,295) |
|
(95) |
|
(30,390) |
|
Other operating expenses |
(7,042) |
|
(36) |
|
(7,078) |
|
Exploration costs |
(170) |
|
- |
|
(170) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,597) |
|
(64) |
|
(3,661) |
|
Other income |
253 |
|
68 |
|
321 |
|
Other expense |
(117) |
|
(72) |
|
(189) |
|
|
|
|
|
|
|
|
Financial interest on debt |
(564) |
|
(4) |
|
(568) |
|
Financial income and expense from cash & cash equivalents |
(42) |
|
- |
|
(42) |
|
Cost of net debt |
(606) |
|
(4) |
|
(610) |
|
|
|
|
|
|
|
|
Other financial income |
326 |
|
- |
|
326 |
|
Other financial expense |
(188) |
|
- |
|
(188) |
|
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
457 |
|
355 |
|
812 |
|
|
|
|
|
|
|
|
Income taxes |
(1,322) |
|
(249) |
|
(1,571) |
|
Consolidated net income |
2,960 |
|
(156) |
|
2,804 |
|
Group share |
2,887 |
|
(131) |
|
2,756 |
|
Non-controlling interests |
73 |
|
(25) |
|
48 |
|
|
|
|
|
|
|
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
|
|
|
|
|
Consolidated |
|
1sthalf 2020 |
|
|
|
statement of |
|
(M$) |
Adjusted |
|
Adjustments(a) |
income |
|
Sales |
69,616 |
|
(16) |
69,600 |
|
Excise taxes |
(9,461) |
|
- |
(9,461) |
|
Revenues from sales |
60,155 |
|
(16) |
60,139 |
|
|
|
|
|
|
|
Purchases net of inventory variation |
(37,949) |
|
(2,144) |
(40,093) |
|
Other operating expenses |
(12,985) |
|
(280) |
(13,265) |
|
Exploration costs |
(254) |
|
- |
(254) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,937) |
|
(8,291) |
(15,228) |
|
Other income |
820 |
|
122 |
942 |
|
Other expense |
(294) |
|
(234) |
(528) |
|
|
|
|
|
|
|
Financial interest on debt |
(1,094) |
|
(5) |
(1,099) |
|
Financial income and expense from cash & cash equivalents |
(13) |
|
(92) |
(105) |
|
Cost of net debt |
(1,107) |
|
(97) |
(1,204) |
|
|
|
|
|
|
|
Other financial income |
607 |
|
- |
607 |
|
Other financial expense |
(341) |
|
(1) |
(342) |
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
669 |
|
(384) |
285 |
|
|
|
|
|
|
|
Income taxes |
(490) |
|
1,011 |
521 |
|
Consolidated net income |
1,894 |
|
(10,314) |
(8,420) |
|
Group share |
1,907 |
|
(10,242) |
(8,335) |
|
Non-controlling interests |
(13) |
|
(72) |
(85) |
|
|
|
|
|
|
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
1sthalf 2019 |
|
|
|
statement of |
|
(M$) |
Adjusted |
|
Adjustments(a) |
income |
|
Sales |
102,533 |
|
(86) |
102,447 |
|
Excise taxes |
(12,121) |
|
- |
(12,121) |
|
Revenues from sales |
90,412 |
|
(86) |
90,326 |
|
|
|
|
|
|
|
Purchases net of inventory variation |
(60,533) |
|
422 |
(60,111) |
|
Other operating expenses |
(13,758) |
|
(45) |
(13,803) |
|
Exploration costs |
(458) |
|
- |
(458) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,063) |
|
(64) |
(7,127) |
|
Other income |
453 |
|
115 |
568 |
|
Other expense |
(190) |
|
(208) |
(398) |
|
|
|
|
|
|
|
Financial interest on debt |
(1,121) |
|
(8) |
(1,129) |
|
Financial income and expense from cash & cash equivalents |
(70) |
|
- |
(70) |
|
Cost of net debt |
(1,191) |
|
(8) |
(1,199) |
|
|
|
|
|
|
|
Other financial income |
486 |
|
- |
486 |
|
Other financial expense |
(383) |
|
- |
(383) |
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
1,071 |
|
452 |
1,523 |
|
|
|
|
|
|
|
Income taxes |
(3,076) |
|
(404) |
(3,480) |
|
Consolidated net income |
5,770 |
|
174 |
5,944 |
|
Group share |
5,646 |
|
221 |
5,867 |
|
Non-controlling interests |
124 |
|
(47) |
77 |
|
|
|
|
|
|
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||
Total
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