Regulatory News:
Change Change
2Q20 vs 2Q19 1H20 vs 1H19
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$) 0.13 -96% 1.91 -66%
- in dollars per share 0.02 -98% 0.68 -67%
DACF(1) (B$) 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
EUR/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 EUR0.66 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 billion(2)
.>>
Highlights(3)
-- 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 figures(4)
In millions of
dollars, except
effective tax
rate, earnings
2Q20 per share and 1H20
vs number of vs
2Q20 1Q20 2Q19 2Q19 shares 1H20 1H19 1H19
Adjusted net
operating income
from business
821 2,300 3,589 -77% segments 3,121 7,002 -55%
Exploration &
(209) 703 2,022 ns Production 494 3,744 -87%
Integrated Gas,
Renewables &
326 913 429 -24% Power 1,239 1,021 +21%
Refining &
575 382 715 -20% Chemicals 957 1,471 -35%
Marketing &
129 302 423 -70% Services 431 766 -44%
Contribution of
equity
affiliates to
adjusted net
11 658 457 -98% income 669 1,071 -38%
Group effective
-6.8% 30.0% 33.0% tax rate(5) 24.3% 36.9%
Adjusted net
income (Group
126 1,781 2,887 -96% share) 1,907 5,646 -66%
Adjusted
fully-diluted
earnings per
share
0.02 0.66 1.05 -98% (dollars)(6) 0.68 2.07 -67%
Adjusted
fully-diluted
earnings per
0.02 0.60 0.94 -98% share (euros)** 0.62 1.84 -66%
Fully-diluted
weighted-average
shares
2,598 2,601 2,625 -1% (millions) 2,598 2,622 -1%
Net income
(8,369) 34 2,756 ns (Group share) (8,335) 5,867 ns
Organic
2,201 2,523 3,028 -27% investments(7) 4,724 5,811 -19%
Net
721 1,102 402 +79% acquisitions(8) 1,823 709 x2.6
Net
2,922 3,625 3,430 -15% investments(9) 6,547 6,520 -
Operating cash
flow before
working capital
3,148 4,016 6,707 -53% changes(10) 7,164 12,740 -44%
Operating cash
flow before
working capital
changes w/o
financial
charges
3,647 4,528 7,208 -49% (DACF)(11) 8,175 13,744 -41%
Cash flow from
3,479 1,299 6,251 -44% 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 EUR-$ 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 1H20
vs vs
2Q20 1Q20 2Q19 2Q19 1H20 1H19 1H19
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%
Average price of
liquids ($/b)
Consolidated
23.4 44.4 63.7 -63% subsidiaries 33.8 61.2 -45%
Average price of gas
($/Mbtu)
Consolidated
2.61 3.35 3.82 -32% subsidiaries 2.99 4.16 -28%
Average price of LNG
($/Mbtu)
Consolidated
subsidiaries and
4.40 6.32 5.69 -23% equity affiliates 5.42 6.42 -16%
14.3 26.3 27.6 -48% Variable cost margin 21.0 30.6 -31%
- Refining Europe,
VCM ($/t)
* 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 1H20
vs vs
2Q20 1Q20 2Q19 2Q19 1H20 1H19 1H19
Hydrocarbon production
2,846 3,086 2,957 -4% (kboe/d) 2,966 2,951 -
Oil (including
1,315 1,448 1,407 -7% bitumen) (kb/d) 1,381 1,416 -2%
Gas (including
condensates and
associated NGL)
1,531 1,638 1,549 -1% (kboe/d) 1,584 1,535 +3%
Hydrocarbon production
2,846 3,086 2,957 -4% (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 Hydrocarbon 1H20
vs production for vs
2Q20 1Q20 2Q19 2Q19 LNG 1H20 1H19 1H19
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 Liquefied 1H20
vs Natural Gas in vs
2Q20 1Q20 2Q19 2Q19 Mt 1H20 1H19 1H19
Overall LNG
10.4 9.8 8.5 +22% sales 20.2 16.3 +24%
incl. Sales
from equity
4.3 4.7 4.1 +7% production** 9.0 7.8 +15%
incl. Sales by
Total from
equity
production and
third party
8.7 7.8 6.7 +29% 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 1H20
vs Low carbon vs
2Q20 1Q20 2Q19 2Q19 electricity 1H20 1H19 1H19
Gross renewables
installed capacity
5.1 3.0 2.6 +97% (GW)* 5.1 2.6 +97%
Net low carbon power
2.9 2.9 2.4 +23% production (TWh)** 5.9 5.0 +16%
Clients gas and
power - BtB and BtC
5.9 5.9 5.5 +7% (Million)* 5.9 5.5 +7%
Sales gas and power
26.7 47.8 27.4 -3% - 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 1H20
vs In millions of vs
2Q20 1Q20 2Q19 2Q19 dollars 1H20 1H19 1H19
Adjusted net
operating
326 913 429 -24% income* 1,239 1,021 +21%
including income
from equity
(69) 248 195 ns affiliates 179 450 -60%
Organic
618 646 442 +40% 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%
Operating cash
flow before
working capital
555 852 869 -36% changes ** 1,407 1,479 -5%
Cash flow from
1,389 (489) 641 x2.2 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 1H20
vs Hydrocarbon vs
2Q20 1Q20 2Q19 2Q19 production 1H20 1H19 1H19
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
In millions of
2Q20 dollars, except 1H20
vs effective tax vs
2Q20 1Q20 2Q19 2Q19 rate 1H20 1H19 1H19
Adjusted net
operating
(209) 703 2,022 ns income* 494 3,744 -87%
including
income from
equity
48 390 239 -80% affiliates 438 452 -3%
Effective tax
56.6% 59.6% 39.5% rate** 69.6% 44.0%
Organic
1,112 1,572 1,995 -44% investments 2,684 3,953 -32%
Net
311 (6) 204 +52% acquisitions 305 242 +26%
1,423 1,566 2,199 -35% Net investments 2,989 4,195 -29%
Operating cash
flow before
working capital
1,810 2,576 4,882 -63% changes *** 4,386 9,128 -52%
Cash flow from
910 3,923 3,768 -76% 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 1H20
vs In millions vs
2Q20 1Q20 2Q19 2Q19 of dollars 1H20 1H19 1H19
Adjusted net
operating
704 684 1,138 -38% income* 1,388 2,237 -38%
Organic
457 277 557 -18% investments 734 876 -16%
Net
(20) (30) 38 ns acquisitions (50) (93) ns
Net
437 247 595 -27% investments 684 783 -13%
Operating
cash flow
before
working
capital
1,488 1,064 1,432 +4% changes ** 2,552 3,118 -18%
Cash flow
from
operations
1,899 (1,582) 2,269 -16% ** 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
Refinery
2Q20 throughput and 1H20
vs utilization vs
2Q20 1Q20 2Q19 2Q19 rate* 1H20 1H19 1H19
Total refinery
throughput
1,249 1,444 1,595 -22% (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%
Utlization rate
based on crude
59% 69% 77% only** 64% 83%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the
year.
Petrochemicals
2Q20 production and 1H20
vs utilization vs
2Q20 1Q20 2Q19 2Q19 rate 1H20 1H19 1H19
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%
Vapocracker
utilization
84% 83% 64% 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 1H20
vs In millions vs
2Q20 1Q20 2Q19 2Q19 of dollars 1H20 1H19 1H19
Adjusted net
operating
575 382 715 -20% income* 957 1,471 -35%
Organic
302 168 353 -14% investments 470 593 -21%
Net
(15) (36) (58) ns acquisitions (51) (182) ns
Net
287 132 295 -3% investments 419 411 +2%
Operating
cash flow
before
working
capital
996 674 806 +24% changes ** 1,670 1,910 -13%
Cash flow
from
operations
1,080 (1,183) 1,658 -35% ** (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 1H20
vs vs
2Q20 1Q20 2Q19 2Q19 Sales in kb/d* 1H20 1H19 1H19
Total Marketing
& Services
1,301 1,656 1,860 -30% 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 1H20
vs In millions of vs
2Q20 1Q20 2Q19 2Q19 dollars 1H20 1H19 1H19
Adjusted net
129 302 423 -70% operating income* 431 766 -44%
Organic
155 109 204 -24% investments 264 283 -7%
(5) 6 96 ns Net acquisitions 1 89 -99%
150 115 300 -50% Net investments 265 372 -29%
Operating cash
flow before
working capital
492 390 626 -21% changes ** 882 1,208 -27%
Cash flow from
819 (399) 611 +34% 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
value(12) .
Total net income adjustments(13) 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 flow(14) 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 EUR4,710
million in the first half 2020 compared to EUR6,282 million a year
ago.
2020 Sensitivities*
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids
price** +/- 10 $/b +/- 2.9 B$ +/- 3.3 B$
European gas price
- NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.35 B$ +/- 0.35 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.5 B$ +/- 0.6 B$
* Sensitivities are revised once per year upon publication of
the previous year's fourth quarter results. Sensitivities are
estimates based on assumptions about the Group's portfolio in 2020.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 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)
Combined
liquids and gas
2Q20 production by 1H20
vs region vs
2Q20 1Q20 2Q19 2Q19 (kboe/d) 1H20 1H19 1H19
Europe and
1,032 1,097 997 +3% Central Asia 1,064 993 +7%
653 701 686 -5% Africa 677 691 -2%
Middle East and
641 681 703 -9% North Africa 661 695 -5%
314 372 358 -12% Americas 343 365 -6%
206 235 214 -4% Asia-Pacific 220 207 +6%
Total
2,846 3,086 2,957 -4% production 2,966 2,951 -
includes equity
699 753 750 -7% affiliates 726 730 -
2Q20 Liquids 1H20
vs production by vs
2Q20 1Q20 2Q19 2Q19 region (kb/d) 1H20 1H19 1H19
Europe and
381 404 328 +16% Central Asia 392 340 +15%
514 555 549 -6% Africa 534 545 -2%
Middle East and
494 516 546 -9% North Africa 505 534 -5%
127 178 160 -20% Americas 153 168 -9%
37 47 41 -10% Asia-Pacific 42 40 +5%
Total
1,553 1,699 1,624 -4% production 1,626 1,627 -
includes equity
199 214 225 -12% affiliates 207 221 -6%
2Q20 Gas production 1H20
vs by region vs
2Q20 1Q20 2Q19 2Q19 (Mcf/d) 1H20 1H19 1H19
Europe and
3,506 3,734 3,639 -4% Central Asia 3,620 3,532 +2%
706 746 703 - Africa* 726 749 -3%
Middle East and
818 912 866 -6% 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%
Total
7,045 7,560 7,309 -4% production* 7,302 7,238 +1%
includes equity
2,698 2,905 2,868 -6% affiliates* 2,802 2,762 +1%
* 2Q19 and 1H19 data restated
> Downstream (Refining & Chemicals and Marketing &
Services)
Petroleum
2Q20 product sales 1H20
vs by region vs
2Q20 1Q20 2Q19 2Q19 (kb/d) 1H20 1H19 1H19
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%
Total
consolidated
3,208 3,663 4,152 -23% sales 3,435 4,143 -17%
Includes bulk
366 497 535 -32% sales 432 546 -21%
Includes
1,541 1,510 1,757 -12% trading 1,525 1,749 -13%
2Q20 Petrochemicals 1H20
vs production* vs
2Q20 1Q20 2Q19 2Q19 (kt) 1H20 1H19 1H19
1,275 1,272 1,318 -3% Europe 2,547 2,734 -7%
637 664 475 +34% Americas 1,301 1,089 +19%
Middle-East and
672 652 327 x2.1 Asia 1,324 987 +34%
* Olefins, polymers
Adjustment items to net income (Group share)
2Q20 1Q20 2Q19 In millions of dollars 1H20 1H19
Special items affecting net
(8,321) (334) (56) 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
After-tax inventory effect
: FIFO vs. replacement
(94) (1,414) (28) cost (1,508) 360
Effect of changes in fair
(80) 1 (47) value (79) (69)
Total adjustments affecting
(8,495) (1,747) (131) net income (10,242) 221
Investments - Divestments
2Q20 1H20
vs In millions of vs
2Q20 1Q20 2Q19 2Q19 dollars 1H20 1H19 1H19
Organic
investments ( a
2,201 2,523 3,028 -27% ) 4,724 5,811 -19%
capitalized
162 135 185 -12% exploration 297 417 -29%
increase in
non-current
733 279 370 +98% loans 1,012 500 x2
repayment of
non-current
loans,
excluding
organic loan
repayment from
equity
(58) (117) (254) ns affiliates* (175) (388) ns
change in debt
from renewable
projects (Group
(47) (105) - ns share) (152) - ns
Acquisitions (
857 1,644 614 +40% b ) 2,501 1,284 +95%
Asset sales ( c
136 542 212 -36% ) 678 575 +18%
change in debt
from renewable
projects
(partner
22 61 - ns share) 83 - ns
Other
transactions
with
non-controlling
interests ( d
- - - ns ) - - ns
Net investments
( a + b - c - d
2,922 3,625 3,430 -15% ) 6,547 6,520 -
(41) 7 (99) ns Organic loan (34) (99) ns
repayment from
equity
affiliates* ( e
)
69 166 - ns Change in debt 235 - ns
from renewable
projects
financing ** (
f )
22 24 - ns Capex linked to 46 - ns
capitalized
leasing
contracts ( g
)
2,928 3,774 3,331 -12% Cash flow used 6,702 6,421 +4%
in investing
activities ( a
+ b - c + e + f
-g)
* Effective second quarter 2019, organic loan repayments from
equity affiliates are defined as loan repayments from equity
affiliates coming from their cash flow from operations.
** Change in debt from renewable projects (Group share and
partner share).
Cash flow
2Q20 1H20
vs In millions vs
2Q20 1Q20 2Q19 2Q19 of dollars 1H20 1H19 1H19
Operating
cash flow
before
working
capital
changes w/o
financials
charges
3,647 4,528 7,208 -49% (DACF) 8,175 13,744 -41%
Financial
(499) (512) (501) ns charges (1,011) (1,004) ns
Operating
cash flow
before
working
capital
changes ( a
3,148 4,016 6,707 -53% ) 7,164 12,740 -44%
(Increase)
decrease in
working
431 (884) (317) ns capital (453) (3,287) ns
Inventory
(42) (1,796) (40) ns effect (1,838) 526 ns
capital gain
from
renewable
projects
(17) (44) - ns sale (61) -
Organic loan
repayment
from equity
(41) 7 (99) ns affiliates (34) (99) ns
Cash flow
from
3,479 1,299 6,251 -44% operations 4,778 9,880 -52%
Organic
investments
2,201 2,523 3,028 -27% ( b ) 4,724 5,811 -19%
Free cash
flow after
organic
investments,
w/o net
asset sales
947 1,493 3,679 -74% ( a - b ) 2,440 6,929 -65%
Net
investments
2,922 3,625 3,430 -15% ( c ) 6,547 6,520 -
Net cash
flow ( a - c
226 391 3,277 -93% ) 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
Integrated
Exploration Gas, Refining Marketing
In millions & Renewables & &
of dollars Production & Power Chemicals 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
Integrated
Exploration Gas, Refining Marketing
In millions & Renewables & &
of dollars Production & Power Chemicals 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 (EUR-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors -- The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as "potential reserves" or "resources",
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 20-F/A, File Ndeg 1-10888, available
from us at 2, place Jean Millier -- Arche Nord Coupole/Regnault -
92078 Paris-La Défense Cedex, France, or at our website total.com.
You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC's website sec.gov.
(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)
2(nd) quarter 1(st) quarter 2(nd) 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 ($) (3.27) (0.01) 1.00
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 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)
1(st) half 1(st) 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 ($) (3.29) 2.16
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
1(st) half 1(st) half
(M$) 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,
2020 2020 2019 2019
(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)
2(nd) quarter 1(st) quarter 2(nd) 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)
1(st) half 1(st) 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)
Paid-in
surplus
and Currency Shareholders' Non- Total
retained translation equity - controlling shareholders'
Common shares issued earnings adjustment Treasury shares Group Share interests equity
(M$) Number Amount Number Amount
As of January 1,
2019 2,640,602,007 8,227 120,569 (11,313) (32,473,281) (1,843) 115,640 2,474 118,114
Net income of the
first 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)
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 992 3,313 9,433 11,986 6 - 25,730
Intersegment
sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from
sales 4,089 3,614 11,920 8,394 37 (6,492) 21,562
Operating
expenses (2,405) (3,406) (10,895) (7,931) (315) 6,492 (18,460)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (9,667) (1,282) (393) (229) (22) - (11,593)
Operating income (7,983) (1,074) 632 234 (300) - (8,491)
Net income (loss)
from equity
affiliates and
other items 17 21 (35) 22 40 - 65
Tax on net
operating
income 398 322 (132) (127) (26) - 435
Net operating
income (7,568) (731) 465 129 (286) - (7,991)
Net cost of net
debt (431)
Non-controlling
interests 53
Net income -
group share (8,369)
Integrated
2(nd) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - (18) - - - - (18)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - (18) - - - - (18)
Operating
expenses (27) (199) (48) 5 (36) - (305)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (7,338) (953) - - - - (8,291)
Operating income
(b) (7,365) (1,170) (48) 5 (36) - (8,614)
Net income (loss)
from equity
affiliates and
other items (57) (217) (63) (5) - - (342)
Tax on net
operating
income 63 330 1 - 12 - 406
Net operating
income (b) (7,359) (1,057) (110) - (24) - (8,550)
Net cost of net
debt 33
Non-controlling
interests 22
Net income -
group share (8,495)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - (26) (16) -
- On net
operating
income - - (86) (9) -
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 992 3,331 9,433 11,986 6 - 25,748
Intersegment
sales 3,097 301 2,956 107 31 (6,492) -
Excise taxes - - (469) (3,699) - - (4,168)
Revenues from
sales 4,089 3,632 11,920 8,394 37 (6,492) 21,580
Operating
expenses (2,378) (3,207) (10,847) (7,936) (279) 6,492 (18,155)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,329) (329) (393) (229) (22) - (3,302)
Adjusted
operating
income (618) 96 680 229 (264) - 123
Net income (loss)
from equity
affiliates and
other items 74 238 28 27 40 - 407
Tax on net
operating
income 335 (8) (133) (127) (38) - 29
Adjusted net
operating
income (209) 326 575 129 (262) - 559
Net cost of net
debt (464)
Non-controlling
interests 31
Adjusted net
income - group
share 126
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,606 1,170 307 174 21 3,278
Total divestments 204 89 22 26 9 350
Cash flow from
operating
activities 910 1,389 1,080 819 (719) 3,479
NFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,582 5,090 18,523 18,675 - - 43,870
Intersegment
sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from
sales 7,146 5,684 23,968 14,121 28 (12,370) 38,577
Operating
expenses (3,643) (4,992) (24,841) (13,799) (247) 12,370 (35,152)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,644) (334) (395) (244) (18) - (3,635)
Operating income 859 358 (1,268) 78 (237) - (210)
Net income (loss)
from equity
affiliates and
other items 423 399 (57) 10 124 - 899
Tax on net
operating
income (454) 8 335 (32) 28 - (115)
Net operating
income 828 765 (990) 56 (85) - 574
Net cost of net
debt (572)
Non-controlling
interests 32
Net income -
group share 34
Integrated
1(st) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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) -
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,582 5,088 18,523 18,675 - - 43,868
Intersegment
sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from
sales 7,146 5,682 23,968 14,121 28 (12,370) 38,575
Operating
expenses (3,633) (4,873) (23,252) (13,453) (192) 12,370 (33,033)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,644) (334) (395) (244) (18) - (3,635)
Adjusted
operating
income 869 475 321 424 (182) - 1,907
Net income (loss)
from equity
affiliates and
other items 295 474 151 10 124 - 1,054
Tax on net
operating
income (461) (36) (90) (132) 28 - (691)
Adjusted net
operating
income 703 913 382 302 (30) - 2,270
Net cost of net
debt (471)
Non-controlling
interests (18)
Adjusted net
income - group
share 1,781
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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)
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 2,273 3,789 22,509 22,671 - - 51,242
Intersegment
sales 7,586 632 8,293 139 36 (16,686) -
Excise taxes - - (761) (5,279) - - (6,040)
Revenues from
sales 9,859 4,421 30,041 17,531 36 (16,686) 45,202
Operating
expenses (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,687) (328) (389) (237) (20) - (3,661)
Operating income 2,967 215 484 450 (213) - 3,903
Net income (loss)
from equity
affiliates and
other items 173 661 111 111 26 - 1,082
Tax on net
operating
income (1,161) (450) 46 (170) 64 - (1,671)
Net operating
income 1,979 426 641 391 (123) - 3,314
Net cost of net
debt (510)
Non-controlling
interests (48)
Net income -
group share 2,756
Integrated
2(nd) quarter Exploration Gas, Refining Marketing
2019 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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) -
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2019 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 2,273 3,848 22,509 22,671 - - 51,301
Intersegment
sales 7,586 632 8,293 139 36 (16,686) -
Excise taxes - - (761) (5,279) - - (6,040)
Revenues from
sales 9,859 4,480 30,041 17,531 36 (16,686) 45,261
Operating
expenses (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,644) (317) (379) (237) (20) - (3,597)
Adjusted
operating
income 3,010 339 537 484 (213) - 4,157
Net income (loss)
from equity
affiliates and
other items 173 254 160 118 26 - 731
Tax on net
operating
income (1,161) (164) 18 (179) 64 - (1,422)
Adjusted net
operating
income 2,022 429 715 423 (123) - 3,466
Net cost of net
debt (506)
Non-controlling
interests (73)
Adjusted net
income - group
share 2,887
Integrated
Exploration Gas, Refining Marketing
2(nd) quarter & Renewables & &
2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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)
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
1(st) half 2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 2,574 8,403 27,956 30,661 6 - 69,600
Intersegment
sales 8,661 895 9,051 196 59 (18,862) -
Excise taxes - - (1,119) (8,342) - - (9,461)
Revenues from
sales 11,235 9,298 35,888 22,515 65 (18,862) 60,139
Operating
expenses (6,048) (8,398) (35,736) (21,730) (562) 18,862 (53,612)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (12,311) (1,616) (788) (473) (40) - (15,228)
Operating income (7,124) (716) (636) 312 (537) - (8,701)
Net income (loss)
from equity
affiliates and
other items 440 420 (92) 32 164 - 964
Tax on net
operating
income (56) 330 203 (159) 2 - 320
Net operating
income (6,740) 34 (525) 185 (371) - (7,417)
Net cost of net
debt (1,003)
Non-controlling
interests 85
Net income -
group share (8,335)
Integrated
Exploration Gas, Refining Marketing
1(st) half 2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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) -
Integrated
Exploration Gas, Refining Marketing
1(st) half 2020 & Renewables & &
(adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 2,574 8,419 27,956 30,661 6 - 69,616
Intersegment
sales 8,661 895 9,051 196 59 (18,862) -
Excise taxes - - (1,119) (8,342) - - (9,461)
Revenues from
sales 11,235 9,314 35,888 22,515 65 (18,862) 60,155
Operating
expenses (6,011) (8,080) (34,099) (21,389) (471) 18,862 (51,188)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (4,973) (663) (788) (473) (40) - (6,937)
Adjusted
operating
income 251 571 1,001 653 (446) - 2,030
Net income (loss)
from equity
affiliates and
other items 369 712 179 37 164 - 1,461
Tax on net
operating
income (126) (44) (223) (259) (10) - (662)
Adjusted net
operating
income 494 1,239 957 431 (292) - 2,829
Net cost of net
debt (935)
Non-controlling
interests 13
Adjusted net
income - group
share 1,907
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
1(st) half 2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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)
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
1(st) half 2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 4,067 10,208 44,220 43,950 2 - 102,447
Intersegment
sales 15,302 1,259 16,310 301 63 (33,235) -
Excise taxes - - (1,537) (10,584) - - (12,121)
Revenues from
sales 19,369 11,467 58,993 33,667 65 (33,235) 90,326
Operating
expenses (8,234) (10,287) (56,502) (32,178) (406) 33,235 (74,372)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (5,216) (643) (763) (470) (35) - (7,127)
Operating income 5,919 537 1,728 1,019 (376) - 8,827
Net income (loss)
from equity
affiliates and
other items 367 1,041 260 101 27 - 1,796
Tax on net
operating
income (2,585) (623) (246) (334) 124 - (3,664)
Net operating
income 3,701 955 1,742 786 (225) - 6,959
Net cost of net
debt (1,015)
Non-controlling
interests (77)
Net income -
group share 5,867
Integrated
Exploration Gas, Refining Marketing
1(st) half 2019 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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 -
Integrated
Exploration Gas, Refining Marketing
1(st) half 2019 & Renewables & &
(adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 4,067 10,294 44,220 43,950 2 - 102,533
Intersegment
sales 15,302 1,259 16,310 301 63 (33,235) -
Excise taxes - - (1,537) (10,584) - - (12,121)
Revenues from
sales 19,369 11,553 58,993 33,667 65 (33,235) 90,412
Operating
expenses (8,234) (10,175) (56,951) (32,218) (406) 33,235 (74,749)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (5,173) (632) (753) (470) (35) - (7,063)
Adjusted
operating
income 5,962 746 1,289 979 (376) - 8,600
Net income (loss)
from equity
affiliates and
other items 367 628 307 108 27 - 1,437
Tax on net
operating
income (2,585) (353) (125) (321) 124 - (3,260)
Adjusted net
operating
income 3,744 1,021 1,471 766 (225) - 6,777
Net cost of net
debt (1,007)
Non-controlling
interests (124)
Adjusted net
income - group
share 5,646
Integrated
Exploration Gas, Refining Marketing
& Renewables & &
1(st) half 2019 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
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
2(nd) quarter 2020 statement
(M$) Adjusted Adjustments(a) of income
Sales 25,748 (18) 25,730
Excise taxes (4,168) - (4,168)
Revenues from sales 21,580 (18) 21,562
Purchases net of inventory
variation (11,842) (183) (12,025)
Other operating expenses (6,199) (122) (6,321)
Exploration costs (114) - (114)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (3,302) (8,291) (11,593)
Other income 240 122 362
Other expense (103) (5) (108)
Financial interest on debt (527) (3) (530)
Financial income and expense from
cash & cash equivalents (3) 53 50
Cost of net debt (530) 50 (480)
Other financial income 419 - 419
Other financial expense (160) (1) (161)
Net income (loss) from equity
affiliates 11 (458) (447)
Income taxes 95 389 484
Consolidated net income 95 (8,517) (8,422)
Group share 126 (8,495) (8,369)
Non-controlling interests (31) (22) (53)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
2(nd) quarter 2019 statement
(M$) 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
1(st) half 2020 statement of
(M$) Adjusted Adjustments(a) income
Sales 69,616 (16) 69,600
Excise taxes (9,461) - (9,461)
Revenues from sales 60,155 (16) 60,139
Purchases net of inventory variation (37,949) (2,144) (40,093)
Other operating expenses (12,985) (280) (13,265)
Exploration costs (254) - (254)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (6,937) (8,291) (15,228)
Other income 820 122 942
Other expense (294) (234) (528)
Financial interest on debt (1,094) (5) (1,099)
Financial income and expense from
cash & cash equivalents (13) (92) (105)
Cost of net debt (1,107) (97) (1,204)
Other financial income 607 - 607
Other financial expense (341) (1) (342)
Net income (loss) from equity
affiliates 669 (384) 285
Income taxes (490) 1,011 521
Consolidated net income 1,894 (10,314) (8,420)
Group share 1,907 (10,242) (8,335)
Non-controlling interests (13) (72) (85)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st) half 2019 statement of
(M$) 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.
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Copyright Business Wire 2020
(END) Dow Jones Newswires
July 30, 2020 08:30 ET (12:30 GMT)
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