TIDMTTE 
 
 
                                              Change          Change 
                                       2Q21    vs 2Q20  1H21   vs 1H20 
Oil price - Brent ($/b)                69.0   x2.3      65.0  +62% 
Average price of LNG ($/Mbtu)          6.6    +50%      6.3   +17% 
Variable cost margin - Refining 
 Europe, VCM ($/t)                     10.2   -29%      7.6   -64% 
Adjusted net income (TotalEnergies 
share)(1) 
- in billions of dollars (B$)          3.5    x27.5     6.5   x3.4 
- in dollars per share                 1.27   x60.8     2.38  x3.5 
DACF(1) (B$)                           6.8    +63%      12.5  +49% 
Cash Flow from operations (B$)         7.6    x2.2      13.1  x2.8 
Net income (TotalEnergies share) of 
 2.2 B$ in 2Q21 
Net-debt-to-capital ratio(2) of 18.5% at June 30, 2021 vs. 19.5% at 
March 31, 2021 
Hydrocarbon production of 2,747 kboe/d in 2Q21, a decrease of 3% 
compared to 2Q20 
Second interim dividend set at 0.66 
 EUR/share 
 

The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on July 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Company's second quarter 2021 accounts. On this occasion, Patrick Pouyanné said:

 

"In the second quarter, thanks to the progressive recovery of global demand and OPEC+ discipline, TotalEnergies benefited from oil and gas markets that were 13% and 28% higher respectively quarter to quarter. In this context, TotalEnergies reported $3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment, notably thanks to the action plans implemented during the crisis.

 

TotalEnergies generated cash flow (DACF) of $6.8 billion, an increase of more than $1 billion compared to the previous quarter, and, by maintaining investment discipline, generated net cash flow of $3.2 billion this quarter, which covered the interim dividend of $2.1 billion and allowed continued debt reduction, with gearing falling to 18.5%, below the announced objective of 20%. The organic cash breakeven was below $25/b for the quarter.

 

Given the strong second quarter results, the Board of Directors decided to distribute a second interim dividend for 2021, stable at EUR 0.66/share.

 

In addition, given the high hydrocarbon prices and gearing below 20%, in the respect of the strategy of TotalEnergies and consistent with the cash flow allocation scheme presented in February 2021, the Board of Directors decided to allocate up to 40% of the additional cash flow generated above $60/b to share buybacks.

 

The iGRP segment confirmed its first quarter performance with adjusted net income and cash flow of around $900 million. Growth in Renewables and Electricity continued with more than 500 MW of gross renewable power generation capacity commissioned in the quarter and the acquisition of a stake in a 640 MW offshore wind project under construction in Taiwan.

 

Exploration and Production fully leveraged the higher Brent price and, despite lower production in the second quarter, mainly due to planned maintenance, reported increases of about 10% over the previous quarter in adjusted net operating income and cash flow to $2.2 billion and $4.3 billion, respectively.

 

Downstream delivered very good performance, thanks to the strength of its integrated model, which allowed it to benefit from very high margins in petrochemicals and the rebound of Marketing & Services results to pre-crisis results, despite depressed European refining margins. Downstream adjusted net operating income and cash flow increased by about 70% to $900 million and $1.5 billion, respectively."

 

1. Highlights(3)

 

Sustainability

   -- Total transforms and becomes TotalEnergies, with a new visual identity 
 
   -- 3rd place globally and 1st place for the sector Oil and Gas in the 
      BloombergNEF ranking on the alignment of corporate strategies with the 
      United Nations' Sustainable Development Goals 
 
   -- TotalEnergies and Chevron decide to suspend distribution of dividends 
      from gas transport company in Myanmar 
 
   -- Partnership with Novatek to reduce emissions from LNG production, develop 
      large-scale carbon capture and storage, and study carbon-free hydrogen 
      and ammonia projects 
 
   -- Partnership with GHGSat for satellite-based monitoring of methane 
      emissions at sea 
 

Renewables and Electricity

   -- Acquired 23% stake in 640 MW offshore wind project under construction in 
      Taiwan 
 
   -- Acquisition by Adani Green Energy Ltd., in which TotalEnergies has a 20% 
      stake, of a portfolio of 5 GW of renewable electricity generation 
      capacity in operation and under construction in India that will 
      contribute 1 GW to TotalEnergies' target of 35 GW in 2025 
 
   -- Signed contract with Merck & Co. for the sale of 90 GWh/y renewable 
      electricity in Spain for 10 years 
 
   -- Partnership with Amazon to supply (474 MW) renewable electricity to its 
      data centers in Europe and the United States, and to accelerate 
      TotalEnergies digital transformation 
 
   -- Sales contract for 50 GWh/y over 15 years with Air Liquide in Belgium 
 

LNG

   -- Remobilization of the Papua LNG project with a view to final investment 
      decision in 2023 
 
   -- Agreement with Novatek to acquire 10% of Arctic Transshipment LLC, which 
      will operate two LNG transshipment terminals under construction in Russia 
 
   -- Tolling agreement with GIP, for more than $750 million, for Gladstone LNG 
      infrastructure in Australia 
   -- Withdrew from the Driftwood LNG project and sold TotalEnergies' stake in 
      Tellurian Inc. 
 
   -- Signed contract with ArcelorMittal Nippon Steel for a 5-year supply of up 
      to 0.5 Mt/y of LNG in India 
 
   -- Technical collaboration agreements with Siemens Energy and Technip 
      Energies to develop low-carbon LNG technologies 
 

Upstream

   -- Started production of Zinia Phase 2, short-cycle development project on 
      Block 17 in Angola 
 
   -- Significant new discovery on the Sapakara South well in Suriname 
 
   -- Awarded two new conventional offshore exploration permits in Suriname 
      with partner Qatar Petroleum 
 
   -- Entry on Block 29 exploration permit in Angola as operator 
 
   -- Agreed to divest TotalEnergies 18% interest in the Sarsang block, in 
      Iraqi Kurdistan 
 
   -- Divested TotalEnergies' interest in Petrocedeño to PDVSA in 
      Venezuela which led to the recognition of an exceptional capital loss of 
      $1.38 billion during the quarter 
 

Downstream

   -- Started production of sustainable aviation biofuels in France and made, 
      in partnership with Air France-KLM, Groupe ADP and Airbus, the first 
      long-haul flight with sustainable air fuel (SAF) in France 
 
   -- Obtained concession for the expansion of the public charging network for 
      electric vehicles of the City of Amsterdam, with 2,200 new charging 
      points 
 
   -- Global partnership in the field of lubricants and electric mobility with 
      Peugeot, Citroën, DS Automobiles, Opel and Vauxhall 
 
   -- Partnership agreement with Uber to accelerate transition of VTC drivers 
      to electric mobility in France 
 
   -- Acquired 20% stake in Hysetco, a French company owning the world's first 
      fleet of hydrogen taxis, operated under the Hype brand, as well as 
      hydrogen charging stations 
 

2. Key figures from TotalEnergies' consolidated financial statements(4)

 
                                                       In millions of 
                                                       dollars, except 
                                                       effective tax 
                                                       rate, earnings 
                             2Q21              2Q21    per share and                            1H21 
                               vs              vs      number of                                 vs 
2Q21     1Q21     2Q20        2Q20    2Q19     2Q19    shares              1H21      1H20       1H20 
                                                       Adjusted EBITDA 
8,667    8,170    3,909      x2.2     8,550    +1%     (5)                 16,837    10,583     +59% 
                                                       Adjusted net 
                                                       operating income 
                                                       from business 
4,032    3,487    821        x4.9     3,589    +12%    segments            7,519     3,121      x2.4 
                                                       Exploration & 
2,213    1,975    (209)      ns       2,022    +9%     Production          4,188     494        x8.5 
                                                       Integrated Gas, 
                                                       Renewables & 
891      985      326        x2.7     429      x2.1    Power               1,876     1,239      +51% 
                                                       Refining & 
511      243      575        -11%     715      -29%    Chemicals           754       957        -21% 
                                                       Marketing & 
417      284      129        x3.2     423      -1%     Services            701       431        +63% 
                                                       Contribution of 
                                                       equity 
                                                       affiliates to 
                                                       adjusted net 
740      520      11         x67.3    457      +62%    income              1,260     669        +88% 
                                                       Effective tax 
34.3%    34.6%    -6.8%               33.0%            rate (6)            34.4%     24.3% 
                                                       Adjusted net 
                                                       income 
                                                       (TotalEnergies 
3,463    3,003    126        x27.5    2,887    +20%    share)              6,466     1,907      x3.4 
                                                       Adjusted 
                                                       fully-diluted 
                                                       earnings per 
                                                       share (dollars) 
1.27     1.10     0.02       x60.8    1.05     +21%    (7)                 2.38      0.68       x3.5 
                                                       Adjusted 
                                                       fully-diluted 
                                                       earnings per 
1.06     0.91     0.02       x53      0.94     +13%    share (euros)*      1.97      0.62       x3.2 
                                                       Fully-diluted 
                                                       weighted-average 
                                                       shares 
2,646    2,645    2,598      +2%      2,625    +1%     (millions)          2,644     2,598      +2% 
 
                                                       Net income 
                                                       (TotalEnergies 
2,206    3,344    (8,369)    ns       2,756    -20%    share)              5,550     (8,335)    ns 
 
                                                       Organic 
2,802    2,379    2,201      +27%     3,028    -7%     investments (8)     5,181     4,724      +10% 
                                                       Net acquisitions 
396      1,590    721        -45%     402      -2%     (9)                 1,986     1,823      +9% 
                                                       Net investments 
3,198    3,969    2,922      +9%      3,430    -7%     (10)                7,167     6,547      +9% 
 
                                                       Operating cash 
                                                       flow before 
                                                       working capital 
6,352    5,366    3,644      +74%     6,807    -7%     changes** (11)      11,718    7,409      +58% 
                                                       Operating cash 
                                                       flow before 
                                                       working capital 
                                                       changes w/o 
                                                       financial 
                                                       charges (DACF) 
6,761    5,750    4,143      +63%     7,308    -7%     (12)                12,511    8,420      +49% 
                                                       Cash flow from 
7,551    5,598    3,479      x2.2     6,251    +21%    operations          13,149    4,778      x2.8 
 

Data take into account the impact of the IFRS16 "Leases" rule, effective January 1, 2019.

* Average EUR-$ exchange rate: 1.2058 in the second quarter 2021 and 1.2053 in the first half 2021.

 

** 2Q20, 2Q19 and 1H20 data restated.

 

3. Key figures of environment, greenhouse gas emissions and production

 

3.1 Environment* -- liquids and gas price realizations, refining margins

 
                        2Q21            2Q21                                    1H21 
                         vs             vs                                       vs 
2Q21    1Q21    2Q20    2Q20    2Q19    2Q19                    1H21    1H20    1H20 
69.0    61.1    29.6    x2.3    68.9    -       Brent ($/b)     65.0    40.1    +62% 
                                                Henry Hub 
3.0     2.7     1.8     +70%    2.5     +18%    ($/Mbtu)        2.9     1.8     +57% 
8.7     6.8     1.7     x5.2    4.1     x2.1    NBP ($/Mbtu)    7.7     2.4     x3.2 
10.0    10.0    2.1     x4.7    4.9     x2      JKM ($/Mbtu)    10.0    2.9     x3.5 
                                                Average 
                                                price of 
                                                liquids 
                                                ($/b) 
                                                Consolidated 
62.9    56.4    23.4    x2.7    63.7    -1%     subsidiaries    59.7    33.8    +77% 
                                                Average 
                                                price of gas 
                                                ($/Mbtu) 
                                                Consolidated 
4.43    4.06    2.61    +69%    3.82    +16%    subsidiaries    4.23    2.99    +41% 
                                                Average 
                                                price of LNG 
                                                ($/Mbtu) 
                                                Consolidated 
                                                subsidiaries 
                                                and equity 
6.59    6.08    4.40    +50%    5.69    +16%    affiliates      6.33    5.42    +17% 
10.2    5.3     14.3    -29%    27.6    -63%    Variable        7.6     21.0    -64% 
                                                cost margin 
                                                - Refining 
                                                Europe, VCM 
                                                ($/t) 
 

* The indicators are shown on page 20

 

The average price of LNG increased by 8% in the second quarter 2021 compared to the previous quarter, benefiting from the lag effect of rising oil prices on long-term oil-linked LNG contracts and from the increase in natural gas prices for spot gas price LNG contracts.

 

3.2 Greenhouse gas emissions(13)

 
                                                                2020 
                                                                 (excluding 
2Q21    1Q21    GHG emissions (MtCO(2) e)               2020     Covid effect) 
                Scope 1+2 from operated oil & gas 
7       8       facilities (14)                         35.8    39 
77      81      Scope 3 (15)                            350     400 
45      50      Scope 1+2+3 in Europe (16)              212     239 
 

3.3 Production*

 
                           2Q21             2Q21                                                1H21 
                            vs              vs                                                   vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    Hydrocarbon production    1H21     1H20     1H20 
                                                    Hydrocarbon production 
2,747    2,863    2,846    -3%     2,957    -7%     (kboe/d)                  2,805    2,966    -5% 
                                                    Oil (including 
1,258    1,272    1,315    -4%     1,407    -11%    bitumen) (kb/d)           1,265    1,381    -8% 
                                                    Gas (including 
                                                    condensates and 
                                                    associated NGL) 
1,489    1,591    1,531    -3%     1,549    -4%     (kboe/d)                  1,540    1,584    -3% 
 
                                                    Hydrocarbon production 
2,747    2,863    2,846    -3%     2,957    -7%     (kboe/d)                  2,805    2,966    -5% 
1,464    1,508    1,553    -6%     1,624    -10%    Liquids (kb/d)            1,486    1,626    -9% 
7,017    7,400    7,045    -       7,309    -4%     Gas (Mcf/d)               7,208    7,302    -1% 
 

* Company production = E&P production + iGRP production

 

Hydrocarbon production was 2,747 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2021, a decrease of 3% year-on-year, comprised of:

   -- +2% due to the start-up and ramp-up of projects, 
 
   -- -2% due to the price effect, 
 
   -- -3% due to the natural decline of the fields. 
 

Hydrocarbon production was 2,747 kboe/d in the second quarter 2021, down 4% from the first quarter 2021, due to major maintenance shutdowns.

 

Hydrocarbon production was 2,805 kboe/d in the first half 2021, a decrease of 5%, comprised of:

   -- +2% due to the start-up and ramp-up of projects, including North Russkoye 
      in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and 
      Iara in Brazil, 
 
   -- -1% portfolio effect, notably asset sales in the United Kingdom and Block 
      CA1 in Brunei, 
 
   -- -2% due to planned maintenance and unplanned outages, notably in the 
      United Kingdom, Australia, Norway and Nigeria, 
 
   -- -1% due to the price effect, 
 
   -- -3% due to the natural decline of the fields. 
 

4. Analysis of business segments

 

4.1 Integrated Gas, Renewables & Power (iGRP)

 

4.1.1 Production and sales of Liquefied natural gas (LNG) and electricity

 
Hydrocarbon                           2Q21         2Q21  Hydrocarbon                  1H21 
production for                         vs          vs    production                    vs 
LNG              2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  for LNG        1H21   1H20   1H20 
iGRP (kboe/d)    502    518    520    -3%   559    -10%  iGRP (kboe/d)  510    536    -5% 
                                                         Liquids 
Liquids (kb/d)   52     64     66     -21%  73     -29%  (kb/d)         58     69     -17% 
Gas (Mcf/d)      2,464  2,476  2,471  -     2,680  -8%   Gas (Mcf/d)    2,470  2,541  -3% 
 
Liquefied                             2Q21         2Q21  Liquefied                    1H21 
Natural Gas in                         vs          vs    Natural Gas                   vs 
Mt               2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  in Mt          1H21   1H20   1H20 
Overall LNG                                              Overall LNG 
 sales           10.5   9.9    10.4   +1%   8.5    +23%  sales          20.4   20.2   +1% 
incl. Sales                                              incl. Sales 
 from equity                                             from equity 
 production*     4.2    4.4    4.3    -4%   4.1    +3%   production*    8.5    9.0    -5% 
incl. Sales by   8.8    7.9    8.7    +1%   6.7    +31%  incl. Sales    16.7   16.5   +1% 
 TotalEnergies                                           by 
 from equity                                             TotalEnergies 
 production and                                          from equity 
 third party                                             production 
 purchases                                               and third 
                                                         party 
                                                         purchases 
 

* The Company's equity production may be sold by TotalEnergies or by the joint ventures

 

Hydrocarbon production for LNG decreased year-on-year by 3% and 5% respectively in the second quarter 2021 and first half 2021, notably due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020 and the planned maintenance shutdown in the second quarter 2021 on Ichthys LNG's liquefaction trains in Australia.

 

Total LNG sales were stable year-on-year in the second quarter 2021 and the first half 2021.

 
                        2Q21                                             1H21 
                          vs     Renewables &                              vs 
2Q21    1Q21    2Q20     2Q20    Electricity             1H21    1H20     1H20 
                                 Portfolio of 
                                 renewable power 
                                 generation gross 
                                 capacity (GW) 
41.7    40.2    20.4    x2       (1),(2)                 41.7    20.4    x2 
                                 o/w installed 
8.3     7.8     5.1     +63%     capacity                8.3     5.1     +63% 
                                 o/w capacity in 
5.4     5.1     2.9     +89%     construction            5.4     2.9     +89% 
                                 o/w capacity in 
28.0    27.3    12.4    x2.3     development             28.0    12.4    x2.3 
                                 Gross renewables 
                                 capacity with PPA 
22.6    21.2    11.2    x2       (GW) (1),(2)            22.6    11.2    x2 
                                 Portfolio of 
                                 renewable power 
                                 generation net 
                                 capacity (GW) 
30.7    30.1    13.6    x2.3     (1),(2)                 30.7    13.6    x2.3 
                                 o/w installed 
4.0     3.8     2.3     +76%     capacity                4.0     2.3     +76% 
                                 o/w capacity in 
3.1     3.1     1.1     x3       construction            3.1     1.1     x3 
                                 o/w capacity in 
23.6    23.3    10.3    x2.3     development             23.6    10.3    x2.3 
                                 Net power production 
5.1     4.7     2.9     +73%     (TWh) (3)               9.8     5.9     +67% 
                                 incl. Power 
                                 production from 
1.7     1.6     1.1     +47%     renewables              3.2     1.8     +79% 
                                 Clients power - BtB 
                                 and BtC (Million) 
5.8     5.7     4.2     +38%     (2)                     5.8     4.2     +38% 
                                 Clients gas - BtB 
                                 and BtC (Million) 
2.7     2.7     1.7     +58%     (2)                     2.7     1.7     +58% 
                                 Sales power - BtB 
12.7    16.1    9.4     +35%     and BtC (TWh)           28.8    23.6    +22% 
                                 Sales gas - BtB and 
20.6    36.2    17.3    +19%     BtC (TWh)               56.8    50.9    +12% 
 
                                 Proportionnal 
                                 adjusted EBITDA 
                                 Renewables and 
                                 Electricity (M$) 
291     344     91      x3.2     (4)                     635     340     +87% 
                                 incl. from 
62      148     92      -32%     renewables business     210     184     +14% 
 

(1) Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021.

(2) End of period data.

(3) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

 

(4) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables and Electricity affiliates, regardless of consolidation method.

 

Gross installed capacity of renewable electricity generation grew to 8.3 GW at the end of the second quarter 2021.

 

Net electricity production was 5.1 TWh in the second quarter 2021, an increase of 73% year-on-year, notably due to strong growth in renewable electricity generation and the acquisition of four CCGT plants in France and Spain in the fourth quarter of 2020.

 

Electricity and gas sales, seasonally lower in the second quarter, increased by 35% and 19% respectively in the second quarter 2021 compared to last year thanks to the growing number of customers, with TotalEnergies notably surpassing the 5 million customer mark (B2C and B2B) in France.

 

TotalEnergies' share of the EBITDA of the Renewables and Electricity activities was $291 million in the second quarter 2021, more than tripling over one year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.

 

4.1.2 Results

 
                                    2Q21        2Q21                              1H21 
In millions                          vs         vs    In millions                  vs 
of dollars      2Q21  1Q21   2Q20   2Q20  2Q19  2Q19  of dollars    1H21   1H20   1H20 
Adjusted net                                          Adjusted net 
 operating                                            operating 
 income*        891   985    326    x2.7  429   x2.1  income*       1,876  1,239  +51% 
including                                             including 
 income from                                          income from 
 equity                                               equity 
 affiliates     356   264    (69)   ns    195   +83%  affiliates    620    179    x3.5 
 
Organic                                               Organic 
 investments    759   753    618    +23%  442   +72%  investments   1,512  1,264  +20% 
Net                                                   Net 
 acquisitions   166   1,893  433    -62%  159   +4%   acquisitions  2,059  1,570  +31% 
Net                                                   Net 
 investments    925   2,646  1,051  -12%  601   +54%  investments   3,571  2,834  +26% 
 
Operating                                             Operating 
cash flow                                             cash flow 
before                                                before 
working                                               working 
capital                                               capital 
changes **      904   1,059  1,051  -14%  969   -7%   changes **    1,963  1,652  +19% 
                                                      Cash flow 
Cash flow from                                        from 
 operations                                           operations 
 ***            567   780    1,389  -59%  641   -12%  ***           1,347  900    +50% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial expenses, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects. 2Q20, 2Q19 and 1H20 data restated (see note 11 on page 3).

 

*** Excluding financial charges, except those related to leases.

 

Adjusted net operating income for the iGRP sector was:

   -- $891 million in the second quarter 2021, more than doubling over the year, 
      thanks to higher LNG prices and the growing contribution from Renewables 
      and Electricity, 
 
   -- $1,876 million in the first half 2021, an increase of 51% year-on-year 
      for the same reasons as well as good performance by the trading 
      activities in the first quarter 2021. 
 

Operating cash flow before working capital changes:

   -- Decreased 14% year-on-year to $904 million in the second quarter 2021, as 
      the second quarter of 2020 benefited from excellent performance of 
      trading activities in a context of high market volatility, 
 
   -- Increased 19% year-on-year to $1,963 million in the first half 2021, in 
      line with the rise in LNG prices and the growing contribution of 
      Renewables and Electricity. 
 

4.2 Exploration & Production

 

4.2.1 Production

 
                                    2Q21         2Q21                             1H21 
Hydrocarbon                          vs          vs    Hydrocarbon                 vs 
production     2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  production   1H21   1H20   1H20 
EP (kboe/d)    2,245  2,345  2,326  -3%   2,398  -6%   EP (kboe/d)  2,295  2,430  -6% 
Liquids                                                Liquids 
 (kb/d)        1,412  1,444  1,487  -5%   1,551  -9%   (kb/d)       1,428  1,557  -8% 
Gas (Mcf/d)    4,553  4,924  4,574  -     4,629  -2%   Gas (Mcf/d)  4,738  4,761  - 
 

4.2.2 Results

 
In millions                                             In millions 
of dollars,                                             of dollars, 
except                               2Q21         2Q21  except                      1H21 
effective tax                         vs          vs    effective                    vs 
rate            2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  tax rate      1H21   1H20   1H20 
Adjusted net                                            Adjusted net 
 operating                                              operating 
 income*        2,213  1,975  (209)  ns    2,022  +9%   income*       4,188  494    x8.5 
including                                               including 
 income from                                            income from 
 equity                                                 equity 
 affiliates     279    270    48     x5.8  239    +17%  affiliates    549    438    +25% 
Effective tax                                           Effective 
 rate**         38.2%  41.0%  56.6%        39.5%        tax rate**    39.5%  69.6% 
 
Organic                                                 Organic 
 investments    1,559  1,279  1,112  +40%  1,995  -22%  investments   2,838  2,684  +6% 
Net                                                     Net 
 acquisitions   231    (202)  311    -26%  204    +13%  acquisitions  29     305    -90% 
Net                                                     Net 
 investments    1,790  1,077  1,423  +26%  2,199  -19%  investments   2,867  2,989  -4% 
 
Operating                                               Operating 
cash flow                                               cash flow 
before                                                  before 
working                                                 working 
capital                                                 capital 
changes ***     4,262  3,824  1,810  x2.4  4,882  -13%  changes ***   8,086  4,386  +84% 
                                                        Cash flow 
Cash flow from                                          from 
 operations                                             operations 
 ***            4,835  3,736  910    x5.3  3,768  +28%  ***           8,571  4,833  +77% 
 

* 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.

 

Adjusted net operating income for Exploration & Production was:

   -- $2,213 million in the second quarter 2021 compared to a loss of $209 
      million in the second quarter 2020, thanks to the sharp rebound in oil 
      and gas prices, 
 
   -- $4,188 million in the first half 2021, more than eight times higher in 
      the first half 2020, for the same reasons. 
 

Operating cash flow before working capital changes was $4,262 million in the second quarter 2021 compared to $1,810 million a year earlier and increased by 84% to $8,086 million in the first half 2021, in line with higher oil and gas prices.

 

4.3 Downstream (Refining & Chemicals and Marketing & Services)

 

4.3.1 Results

 
                                     2Q21         2Q21                              1H21 
In millions                           vs          vs    In millions                   vs 
of dollars      2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  of dollars    1H21   1H20    1H20 
Adjusted net                                            Adjusted net 
 operating                                              operating 
 income*        928    527    704    +32%  1,138  -18%  income*       1,455  1,388  +5% 
 
Organic                                                 Organic 
 investments    468    335    457    +2%   557    -16%  investments   803    734    +9% 
Net                                                     Net 
 acquisitions   (1)    (103)  (20)   ns    38     ns    acquisitions  (104)  (50)   ns 
Net                                                     Net 
 investments    467    232    437    +7%   595    -22%  investments   699    684    +2% 
 
Operating                                               Operating 
cash flow                                               cash flow 
before                                                  before 
working                                                 working 
capital                                                 capital 
changes **      1,460  872    1,488  -2%   1,432  +2%   changes **    2,332  2,552  -9% 
                                                        Cash flow 
Cash flow from                                          from 
 operations                                             operations 
 **             2,669  1,661  1,899  +41%  2,269  +18%  **            4,330  317    x13.7 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

 

** Excluding financial charges, except those related to leases.

 

4.4 Refining & Chemicals

 

4.4.1 Refinery and petrochemicals throughput and utilization rates

 
Refinery                                               Refinery 
throughput                                             throughput 
and                                 2Q21         2Q21  and                        1H21 
utilization                          vs          vs    utilization                 vs 
rate*          2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  rate*        1H21   1H20   1H20 
Total                                                  Total 
 refinery                                              refinery 
 throughput                                            throughput 
 (kb/d)        1,070  1,147  1,249  -14%  1,595  -33%  (kb/d)       1,109  1,347  -18% 
France         148    114    205    -28%  447    -67%  France       131    230    -43% 
Rest of                                                Rest of 
 Europe        495    660    595    -17%  679    -27%  Europe       578    676    -14% 
                                                       Rest of 
Rest of world  427    373    449    -5%   469    -9%   world        400    441    -9% 
Utlization                                             Utlization 
 rate based                                            rate based 
 on crude                                              on crude 
 only**        58%    58%    59%          77%          only**       58%    64% 
 

* Includes refineries in Africa reported in the Marketing & Services segment.

 

** Based on distillation capacity at the beginning of the year, excluding Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.

 
Petrochemicals                                            Petrochemicals 
production and                         2Q21         2Q21  production and                1H21 
utilization                             vs          vs    utilization                    vs 
rate              2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  rate            1H21   1H20   1H20 
Monomers* (kt)    1,424  1,405  1,391  +2%   993    +43%  Monomers* (kt)  2,829  2,778  +2% 
Polymers  (kt)    1,212  1,165  1,193  +2%   1,127  +8%   Polymers  (kt)  2,377  2,395  -1% 
Vapocracker                                               Vapocracker 
 utilization                                              utilization 
 rate**           88%    87%    84%          64%          rate**          88%    83% 
 

* Olefins.

 

** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

 

Refinery throughput:

   -- Decreased 14% in the second quarter 2021 compared to a year ago, mainly 
      due to the prolonged voluntary economic shutdown of the Donges refinery 
      given the low European margins, the planned major shutdown of the Leuna 
      refinery in Germany, the shutdown of the Grandpuits refinery in the first 
      quarter 2021 for its conversion to a zero-oil platform, and the sale of 
      the Lindsey refinery in the United Kingdom. The decrease was partially 
      offset by the restart of the Feyzin refinery, in France, and the 
      distillation unit at the Normandy platform, following a fire at the end 
      of 2019, 
 
   -- Decreased 18% in the first half 2021 compared to the previous year for 
      the same reasons. 
 

Monomer production increased slightly in the second quarter 2021 compared to a year ago thanks to the restart of the Feyzin refinery, in France, after a major shutdown in 2020.

 

Polymer production also increased slightly in the second quarter 2021 compared to a year ago, despite the major shutdown in the second quarter 2021 of the Feluy plant in Belgium.

 

4.4.2 Results

 
                                    2Q21         2Q21                              1H21 
In millions                          vs          vs    In millions                  vs 
of dollars      2Q21   1Q21  2Q20   2Q20  2Q19   2Q19  of dollars    1H21   1H20   1H20 
Adjusted net                                           Adjusted net 
 operating                                             operating 
 income*        511    243   575    -11%  715    -29%  income*       754    957    -21% 
 
Organic                                                Organic 
 investments    279    222   302    -8%   353    -21%  investments   501    470    +7% 
Net                                                    Net 
 acquisitions   2      (57)  (15)   ns    (58)   ns    acquisitions  (55)   (51)   ns 
Net                                                    Net 
 investments    281    165   287    -2%   295    -5%   investments   446    419    +6% 
 
Operating                                              Operating 
cash flow                                              cash flow 
before                                                 before 
working                                                working 
capital                                                capital 
changes **      753    394   996    -24%  806    -7%   changes **    1,147  1,670  -31% 
                                                       Cash flow 
Cash flow from                                         from 
 operations                                            operations 
 **             2,232  996   1,080  x2.1  1,658  +35%  **            3,228  (103)  ns 
 

* 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 Refining-Chemicals segment:

   -- Decreased 11% year-on-year to $511 million in the second quarter 2021, 
      due to still-depressed European refining margins that reflect the 
      recovery in oil prices and the continued weak product demand, notably for 
      distillates, linked to the reduced air transport, and to the 
      outperformance of trading activities in the second quarter 2020. The 
      second quarter 2021 results nevertheless benefited from the very good 
      performance of petrochemicals, 
 
   -- Decreased 21% year-on-year to $754 million in the first half of 2021, for 
      the same reasons. 
 

Operating cash flow before working capital changes decreased by 24% year-on-year to 753 M$ in the second quarter 2021 and by 31% to 1,147 M$ in the first half 2021.

 

Cash flow from operations increased to $2,232 million in the second quarter 2021 from $1,080 million in the second quarter 2020, mainly due to a decrease in working capital requirements and a positive stock effect.

 

4.5 Marketing & Services

 

4.5.1 Petroleum product sales

 
                                  2Q21         2Q21                           1H21 
Sales in                           vs          vs    Sales in                  vs 
kb/d*        2Q21   1Q21   2Q20   2Q20  2Q19   2Q19  kb/d*      1H21   1H20   1H20 
                                                     Total 
Total                                                Marketing 
 Marketing                                           & 
 & Services                                          Services 
 sales       1,473  1,442  1,301  +13%  1,860  -21%  sales      1,458  1,478  -1% 
Europe       791    776    740    +7%   1,004  -21%  Europe     783    823    -5% 
Rest of                                              Rest of 
 world       682    666    561    +22%  856    -20%  world      674    656    +3% 
 

* Excludes trading and bulk refining sales

 

Petroleum product sales volumes increased year-on-year by 13% in the second quarter 2021, thanks to the improving health situation and global economic rebound. The increase driven mainly by a recovery in the retail network sales.

 

4.5.2 Results

 
                                  2Q21        2Q21                             1H21 
In millions                        vs         vs    In millions                 vs 
of dollars      2Q21  1Q21  2Q20  2Q20  2Q19  2Q19  of dollars    1H21   1H20  1H20 
Adjusted net                                        Adjusted net 
 operating                                          operating 
 income*        417   284   129   x3.2  423   -1%   income*       701    431   +63% 
 
Organic                                             Organic 
 investments    189   113   155   +22%  204   -7%   investments   302    264   +14% 
Net                                                 Net 
 acquisitions   (3)   (46)  (5)   ns    96    ns    acquisitions  (49)   1     ns 
Net                                                 Net 
 investments    186   67    150   +24%  300   -38%  investments   253    265   -5% 
 
Operating                                           Operating 
cash flow                                           cash flow 
before                                              before 
working                                             working 
capital                                             capital 
changes **      707   478   492   +44%  626   +13%  changes **    1,185  882   +34% 
                                                    Cash flow 
Cash flow from                                      from 
 operations                                         operations 
 **             437   665   819   -47%  611   -28%  **            1,102  420   x2.6 
 

* 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 $417 million in the second quarter 2021 compared to $129 million a year earlier. This increase was mainly related to the increase in global sales volumes in a context of rising margins.

 

Operating cash flow before working capital changes was $707 million in the second quarter 2021 and $1,185 million in the first half.

 

5. TotalEnergies results

 

5.1 Adjusted net operating income from business segments

 

Adjusted net operating income for the sectors was:

   -- $4,032 million in the second quarter 2021, compared to $821 million in 
      the second quarter 2020, due to higher oil and gas prices, 
 
   -- $7,519 million in the first half 2021, compared to $3,121 million a year 
      earlier, for the same reasons. 
 

5.2 Adjusted net income (TotalEnergies share)

 

Adjusted net income (TotalEnergies share) was:

   -- $3,463 million in the second quarter 2021 compared to $126 million a year 
      earlier, due to the increase in oil and gas prices, 
 
   -- $6,466 million in the first half 2021 compared to $1,907 million a year 
      earlier, for the same reasons. 
 

Adjusted net income excludes the after-tax inventory effect, special items and impact of changes in fair value(17) .

 

Total net income adjustments(18) were $(1,257) million in the second quarter 2021, mainly comprised of the effect of the sale of TotalEnergies' participation in Petrocedeño to PDVSA in Venezuela for an amount of $(1,379) million, a $375 million positive inventory effect and restructuring charges related to voluntary departures in France and Belgium.

 

The effective tax rate for TotalEnergies was 34.3% in the second quarter 2021, compared to -6.8% in the second quarter 2020. This negative tax rate in 2020 was due to the adjusted net operating loss in Exploration & Production, which has a high tax rate, and was not offset by the positive, less taxed, results from Downstream activities.

 

5.3 Adjusted earnings per share

 

Adjusted fully-diluted earnings per share was:

   -- $1.27 in the second quarter 2021, calculated based on 2,646 million 
      weighted-average diluted shares, compared to $0.02 a year earlier, 
 
   -- $2.38 in the first half 2021, calculated based on 2,644 million 
      weighted-average diluted shares, compared to $0.68 a year earlier. 
 

As of June 30, 2021, the number of fully-diluted shares was 2,654 million.

 

5.4 Acquisitions - asset sales

 

Acquisitions were:

   -- $662 million in the second quarter 2021 and included notably the 23% 
      stake in a 640 MW offshore wind project in Taiwan, the Fonroche Biogas in 
      France, and Repsol's interest in the Tin Fouyé Tabankort II field in 
      Algeria, 
 
   -- $2,870 million in the first half 2021, including the above items as well 
      as the acquisition, for $2 billion, of a 20% interest in the renewable 
      projects developer in India, Adani Green Energy Limited. 
 

Asset sales were:

   -- $266 million in the second quarter 2021 and included notably the sale of 
      TotalEnergies' interest in the TBG pipeline in Brazil, the sale of shares 
      in Clean Energy Fuels Corp, and the sale of its interest in Tellurian 
      Inc. in the United States, 
 
   -- $884 million in the first half 2021, including the above items as well as 
      the sale in France of a 50% interest in a portfolio of renewable projects 
      with a total capacity of 285 MW (100%), the sale of the 10% interest in 
      onshore block OML 17 in Nigeria, a price supplement relating to the sale 
      of Block CA1 in Brunei and the sale of the Lindsey refinery in the United 
      Kingdom. 
 

5.5 Net cash flow

 

TotalEnergies' net cash flow(19) was:

   -- $3,154 million in the second quarter 2021 compared to $722 million a year 
      earlier, which takes into account the $2.7 billion increase in operating 
      cash flow before changes in working capital and the slight increase of 
      $276 million in net investments to $3,198 million in the second quarter 
      2021, 
 
   -- $4,551 million in the first half 2021 compared to $862 million a year 
      earlier, which takes into account the $4.3 billion increase in operating 
      cash flow before changes in working capital, partially offset by a $620 
      million increase in net investments to $7,167 million in the first half 
      2021. 
 

5.6 Profitability

 

The return on equity was 8.4% for the twelve months ended June 30, 2021.

 
In millions of 
dollars               July 1, 2020   April 1, 2020   July 1, 2019 
                      June 30, 2021  March 31, 2021  June 30, 2020 
Adjusted net income   8,786          5,330           8,214 
Average adjusted 
 shareholders' 
 equity               105,066        109,135         109,448 
Return on equity 
 (ROE)                8.4%           4.9%            7.5% 
 

The return on average capital employed was 7.2% for the twelve months ended June 30, 2021.

 
In millions of 
dollars               July 1, 2020   April 1, 2020   July 1, 2019 
                      June 30, 2021  March 31, 2021  June 30, 2020 
Adjusted net 
 operating income     10,252         6,915           10,125 
Average capital 
 employed             142,172        148,777         145,621 
ROACE                 7.2%           4.6%            7.0% 
 

6. TotalEnergies SE accounts

 

Net income for TotalEnergies SE, the parent company, was EUR4,568 million in the first half 2021 compared to EUR4,710 in the first half 2020.

 

7. 2021 Sensitivities*

 
                                      Estimated impact 
                                      on adjusted net   Estimated impact 
                                      operating         on cash flow 
                    Change            income            from operations 
                    +/- 0.1 $ per 
Dollar              EUR               -/+ 0.1 B$        0 B$ 
Average liquids 
 price**            +/- 10 $/b        +/- 2.7 B$        +/- 3.2 B$ 
European gas price 
 - NBP              +/- 1 $/Mbtu      +/- 0.3 B$        +/- 0.25 B$ 
Variable cost 
 margin, European 
 refining (VCM)     +/- 10 $/t        +/- 0.4 B$        +/- 0.5 B$ 
 

* Sensitivities are revised once per year upon publication of the previous year's fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies' portfolio in 2021. 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 20.

 

** In a 50 $/b Brent environment.

 

8. Summary and outlook

 

In a context of rebounding global demand for petroleum products, OPEC+ quotas in the first half 2021 contributed to a rapid drawdown of crude oil inventories, which fell below the average of the past five years. The price of oil has remained above $60/b since the beginning of February 2021 and broke through $70/b at the end of June. Recent OPEC+ decisions reinforce its collective discipline to adapt supply step by step to the growth in demand.

 

Given the outlook for OPEC+ quotas in the second half 2021, TotalEnergies anticipates its full-year 2021 hydrocarbon production to be around 2.85 Mboe/d. The start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

 

TotalEnergies anticipates that the higher oil prices observed in the first half 2021 will have a positive impact on its average realized price of LNG for the coming six months, given the lag effect on price formulas. It is expected to be more than $7.5/Mbtu in the third quarter 2021. In addition, gas markets in Asia and Europe are benefiting from the strong growth in demand linked to the global economic recovery.

 

TotalEnergies maintains discipline on expenses, with net investments expected to be between $12-13 billion in 2021, with half dedicated to future growth. For those growth investments, 50% will be dedicated to renewables and electricity.

 

In an environment of hydrocarbon prices that would remain in the second half of the year at the level of the first half ($65/b for Brent, $8/Mbtu for gas in Europe) and European refining margins of $10-15/t, TotalEnergies expects cash flow generation (DACF) of more than $25 billion in 2021 and a return on capital employed of more than 10%.

 

In this favorable context, the Company confirms its priorities in terms of cash flow allocation: invest in profitable projects to implement TotalEnergies' transformation strategy to a broad energy company, support the dividend through economic cycles, maintain a solid balance sheet and a minimum "A" long-term debt rating by sustainably anchoring the Company's gearing below 20%, and share additional revenues with its shareholders through share buybacks in the event of high prices.

 

* * * *

To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 15:00 (Paris time) please log on to totalenergies.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in the United States (code: 3586957).

 

The conference replay will be available on totalenergies.com after the event.

 

* * * *

 

9. Operating information by segment

 

9.1 Company's production (Exploration & Production + iGRP)

 
                                                    Combined 
                                                    liquids and 
                                                    gas 
                           2Q21             2Q21    production                        1H21 
                            vs              vs      by region                          vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    (kboe/d)        1H21     1H20     1H20 
                                                    Europe and 
                                                    Central 
985      1,050    1,032    -4%     997      -1%     Asia            1,018    1,064    -4% 
533      551      653      -18%    686      -22%    Africa          542      677      -20% 
                                                    Middle East 
                                                    and North 
654      651      641      +2%     703      -7%     Africa          652      661      -1% 
378      376      314      +20%    358      +6%     Americas        377      343      +10% 
197      235      206      -4%     214      -8%     Asia-Pacific    216      220      -2% 
                                                    Total 
2,747    2,863    2,846    -3%     2,957    -7%     production      2,805    2,966    -5% 
                                                    includes 
                                                    equity 
750      729      699      +7%     750      -       affiliates      740      726      +2% 
 
                                                    Liquids 
                           2Q21             2Q21    production                        1H21 
                            vs              vs      by region                          vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    (kb/d)          1H21     1H20     1H20 
                                                    Europe and 
                                                    Central 
351      374      381      -8%     328      +7%     Asia            363      392      -8% 
399      415      514      -22%    549      -27%    Africa          407      534      -24% 
                                                    Middle East 
                                                    and North 
502      499      494      +2%     546      -8%     Africa          500      505      -1% 
183      179      127      +44%    160      +15%    Americas        181      153      +19% 
29       41       37       -21%    41       -29%    Asia-Pacific    35       42       -17% 
                                                    Total 
1,464    1,508    1,553    -6%     1,624    -10%    production      1,486    1,626    -9% 
                                                    includes 
                                                    equity 
213      201      199      +7%     225      -5%     affiliates      207      207      - 
 
                                                    Gas 
                           2Q21             2Q21    production                        1H21 
                            vs              vs      by region                          vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    (Mcf/d)         1H21     1H20     1H20 
                                                    Europe and 
                                                    Central 
3,411    3,636    3,506    -3%     3,639    -6%     Asia            3,523    3,620    -3% 
680      693      706      -4%     703      -3%     Africa          686      726      -6% 
                                                    Middle East 
                                                    and North 
847      843      818      +3%     866      -2%     Africa          845      865      -2% 
1,095    1,100    1,047    +5%     1,107    -1%     Americas        1,098    1,069    +3% 
984      1,128    968      +2%     994      -1%     Asia-Pacific    1,056    1,022    +3% 
                                                    Total 
7,017    7,400    7,045    -       7,309    -4%     production      7,208    7,302    -1% 
                                                    includes 
                                                    equity 
2,895    2,855    2,698    +7%     2,868    +1%     affiliates      2,875    2,802    +3% 
 

9.2 Downstream (Refining & Chemicals and Marketing & Services)

 
                                                    Petroleum 
                                                    product 
                           2Q21             2Q21    sales by                          1H21 
                            vs              vs      region                             vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    (kb/d)          1H21     1H20     1H20 
1,521    1,558    1,449    +5%     2,018    -25%    Europe*         1,540    1,610    -4% 
663      667      463      +43%    751      -12%    Africa          665      573      +16% 
799      772      861      -7%     846      -6%     Americas        785      814      -3% 
                                                    Rest of 
492      495      433      +13%    536      -8%     world           493      439      +12% 
                                                    Total 
                                                    consolidated 
3,475    3,492    3,208    +8%     4,152    -16%    sales           3,483    3,435    +1% 
                                                    Includes 
334      402      366      -9%     535      -38%    bulk sales*     368      432      -15% 
                                                    Includes 
1,668    1,648    1,541    +8%     1,757    -5%     trading         1,658    1,525    +9% 
 

* 1Q21 data adjusted

 
                           2Q21             2Q21    Petrochemicals                      1H21 
                            vs              vs      production*                          vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    (kt)              1H21     1H20     1H20 
1,166    1,346    1,275    -9%     1,318    -11%    Europe            2,512    2,547    -1% 
725      510      637      +14%    475      +53%    Americas          1,235    1,301    -5% 
                                                    Middle East 
744      714      672      +11%    327      x2.3    and Asia          1,459    1,324    +10% 
 

* Olefins, polymers

 

9.3 Renewables

 
                2Q21                                    1Q21 
Installed 
power 
generation 
gross 
capacity (GW)          Onshore  Offshore                       Onshore  Offshore 
(1),(2)         Solar  Wind     Wind      Other  Total  Solar  Wind     Wind      Other  Total 
France          0.5    0.5      0.0       0.1    1.0    0.4    0.5      0.0       0.1    1.0 
Rest of Europe  0.1    1.0      0.0       0.1    1.1    0.1    0.8      0.0       0.1    1.0 
Africa          0.1    0.0      0.0       0.0    0.1    0.1    0.0      0.0       0.0    0.1 
Middle East     0.3    0.0      0.0       0.0    0.3    0.3    0.0      0.0       0.0    0.3 
North America   0.8    0.0      0.0       0.0    0.9    0.8    0.0      0.0       0.0    0.8 
South America   0.4    0.1      0.0       0.0    0.5    0.2    0.1      0.0       0.0    0.3 
India           3.5    0.1      0.0       0.0    3.6    3.4    0.1      0.0       0.0    3.5 
Asia-Pacific    0.7    0.0      0.0       0.0    0.7    0.7    0.0      0.0       0.0    0.7 
Total           6.4    1.8      0.0       0.1    8.3    6.1    1.5      0.0       0.1    7.8 
 
                2Q21                                    1Q21 
Power 
generation 
gross 
capacity from 
renewables in 
construction           Onshore  Offshore                       Onshore  Offshore 
(GW) (1),(2)    Solar  Wind     Wind      Other  Total  Solar  Wind     Wind      Other  Total 
France          0.3    0.1      0.0       0.1    0.5    0.3    0.0      0.0       0.1    0.4 
Rest of Europe  0.1    0.1      1.1       0.0    1.3    0.1    0.3      1.1       0.0    1.5 
Africa          0.0    0.0      0.0       0.0    0.0    0.0    0.0      0.0       0.0    0.0 
Middle East     0.8    0.0      0.0       0.0    0.8    0.8    0.0      0.0       0.0    0.8 
North America   0.3    0.0      0.0       0.0    0.3    0.3    0.0      0.0       0.0    0.3 
South America   0.0    0.2      0.0       0.0    0.2    0.2    0.2      0.0       0.0    0.3 
India           0.9    0.2      0.0       0.0    1.1    0.9    0.4      0.0       0.0    1.3 
Asia-Pacific    0.5    0.0      0.6       0.0    1.1    0.4    0.0      0.0       0.0    0.5 
Total           2.8    0.6      1.8       0.1    5.4    2.9    0.9      1.1       0.1    5.1 
 
                2Q21                                    1Q21 
Power 
generation 
gross 
capacity from 
renewables in 
development            Onshore  Offshore                       Onshore  Offshore 
(GW) (1),(2)    Solar  Wind     Wind      Other  Total  Solar  Wind     Wind      Other  Total 
France          3.2    0.8      0.0       0.0    4.0    3.2    1.0      0.0       0.0    4.2 
Rest of Europe  5.3    0.3      2.3       0.0    7.9    5.2    0.3      2.3       0.0    7.8 
Africa          0.4    0.1      0.0       0.2    0.6    0.1    0.1      0.0       0.0    0.2 
Middle East     0.1    0.0      0.0       0.0    0.1    0.2    0.0      0.0       0.0    0.2 
North America   3.5    0.2      0.0       0.7    4.3    3.4    0.2      0.0       0.7    4.2 
South America   0.6    1.0      0.0       0.0    1.7    0.8    0.8      0.0       0.0    1.6 
India           6.2    0.1      0.0       0.0    6.3    6.2    0.1      0.0       0.0    6.2 
Asia-Pacific    1.1    0.0      2.1       0.0    3.2    0.8    0.0      2.1       0.0    2.9 
Total           20.3   2.5      4.4       0.8    28.0   19.8   2.5      4.4       0.7    27.3 
 

(1) Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021.

 

(2) End-of-period data.

 
              In operation                  In construction                         In development 
Gross 
renewables 
capacity 
covered by 
PPA at 
06/30/2021           Onshore                       Onshore  Offshore                       Onshore  Offshore 
(GW)          Solar  Wind     Other  Total  Solar  Wind     Wind      Other  Total  Solar  Wind     Wind      Other  Total 
Europe        0.6    1.5      X      2.2    0.3    X        0.8       X      1.4    4.0    0.3      X         X      4.3 
Asia          4.5    X        X      4.6    2.2    0.3      0.6       -      3.1    3.9    X        -         -      4.0 
North 
 America      0.8    X        X      0.8    0.3    X        -         X      0.3    0.3    X        -         X      0.4 
Rest of 
 World        0.5    X        X      0.7    X      X        -         X      X      0.4    X        -         X      0.7 
Total         6.3    1.8      X      8.2    2.8    0.6      1.4       X      5.0    8.6    0.5      X         0.2    9.3 
 
              In operation                  In construction                         In development 
PPA average 
price at 
06/30/2021           Onshore                       Onshore  Offshore                       Onshore  Offshore 
($/MWh)       Solar  Wind     Other  Total  Solar  Wind     Wind      Other  Total  Solar  Wind     Wind      Other  Total 
Europe        239    120      X      154    68     X        61        X      64     42     73       X         X      46 
Asia          85     X        X      84     47     56       187       -      77     40     X        -         -      40 
North 
 America      155    X        X      158    26     X        -         X      31     31     X        -         X      49 
Rest of 
 World        82     X        X      82     X      X        -         X      X      97     X        -         X      97 
Total         107    112      X      108    48     66       106       X      70     43     79       X         145    45 
 

10. Adjustment items to net income (TotalEnergies share)

 
                                        In millions of 
2Q21       1Q21     2Q20       2Q19     dollars            1H21       1H20 
                                        Special items 
                                        affecting net 
                                        income 
                                        (TotalEnergies 
(1,588)    (342)    (8,321)    (56)     share)             (1,930)    (8,655) 
                                        Gain (loss) on 
(1,379)    -        -          -        asset sales*       (1,379)    - 
                                        Restructuring 
(110)      (161)    (20)       (31)     charges            (271)      (100) 
(49)       (144)    (8,101)    (57)     Impairments        (193)      (8,101) 
(50)       (37)     (200)      32       Other              (87)       (454) 
                                        After-tax 
                                        inventory 
                                        effect : FIFO 
                                        vs. replacement 
375        689      (94)       (28)     cost               1,064      (1,508) 
                                        Effect of 
                                        changes in fair 
(44)       (6)      (80)       (47)     value              (50)       (79) 
                                        Total 
                                        adjustments 
                                        affecting net 
(1,257)    341      (8,495)    (131)    income             (916)      (10,242) 
 

* including $(1,379) million related to the effect of the sale of TotalEnergies' participation in Petrocedeño to PDVSA in Venezuela

 

11. Reconciliation of adjusted EBITDA with consolidated financial statements

 

11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

 
                             2Q21              2Q21                                            1H21 
                               vs              vs      In millions of                           vs 
2Q21     1Q21     2Q20        2Q20    2Q19     2Q19    dollars            1H21      1H20       1H20 
                                                       Net income - 
                                                       TotalEnergies 
2,206    3,344    (8,369)    ns       2,756    -20%    share              5,550     (8,335)    ns 
                                                       Less: 
                                                       adjustment 
                                                       items to net 
                                                       income 
                                                       (TotalEnergies 
1,257    (341)    8,495      -85%     131      x9.6    share)             916       10,242     -91% 
                                                       Adjusted net 
                                                       income - 
                                                       TotalEnergies 
3,463    3,003    126        x27.5    2,887    +20%    share              6,466     1,907      x3.4 
                                                       Adjusted items 
                                                       Add: 
                                                       non-controlling 
88       59       (31)       ns       73       +21%    interests          147       (13)       ns 
                                                       Add: income 
1,485    1,446    (95)       ns       1,322    +12%    taxes              2,931     490        x6 
                                                       Add: 
                                                       depreciation, 
                                                       depletion and 
                                                       impairment of 
                                                       tangible assets 
                                                       and mineral 
3,105    3,180    3,302      -6%      3,597    -14%    interests          6,285     6,937      -9% 
                                                       Add: 
                                                       amortization 
                                                       and impairment 
                                                       of intangible 
94       103      77         +22%     65       +45%    assets             197       155        +27% 
                                                       Add: financial 
                                                       interest on 
501      466      527        -5%      564      -11%    debt               967       1,094      -12% 
                                                       Less: financial 
                                                       income and 
                                                       expense from 
                                                       cash & cash 
(69)     (87)     3          ns       42       ns      equivalents        (156)     13         ns 
8,667    8,170    3,909      x2.2     8,550    +1%     Adjusted EBITDA    16,837    10,583     +59% 
 

11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)

 
                                    2Q21                 2Q21                                               1H21 
                                      vs                 vs      In millions of                              vs 
2Q21        1Q21        2Q20         2Q20    2Q19        2Q19    dollars            1H21        1H20        1H20 
                                                                 Adjusted items 
                                                                 Revenues from 
41,642      38,668      21,580      +93%     45,261      -8%     sales              80,310      60,155      +34% 
                                                                 Purchases, net 
                                                                 of inventory 
(27,108)    (24,289)    (11,842)    ns       (30,295)    ns      variation          (51,397)    (37,949)    ns 
                                                                 Other operating 
(6,708)     (6,868)     (6,199)     ns       (7,042)     ns      expenses           (13,576)    (12,985)    ns 
                                                                 Exploration 
(123)       (167)       (114)       ns       (170)       ns      costs              (290)       (254)       ns 
138         416         240         -43%     253         -45%    Other income       554         820         -32% 
                                                                 Other expense, 
                                                                 excluding 
                                                                 amortization 
                                                                 and impairment 
                                                                 of intangible 
(48)        (89)        (26)        ns       (52)        ns      assets             (137)       (139)       ns 
                                                                 Other financial 
265         109         419         -37%     326         -19%    income             374         607         -38% 
                                                                 Other financial 
(131)       (130)       (160)       ns       (188)       ns      expense            (261)       (341)       ns 
                                                                 Net income 
                                                                 (loss) from 
                                                                 equity 
740         520         11          x67.3    457         +62%    affiliates         1,260       669         +88% 
8,667       8,170       3,909       x2.2     8,550       +1%     Adjusted EBITDA    16,837      10,583      +59% 
                                                                 Adjusted items 
                                                                 Less: 
                                                                 depreciation, 
                                                                 depletion and 
                                                                 impairment of 
                                                                 tangible assets 
                                                                 and mineral 
(3,105)     (3,180)     (3,302)     ns       (3,597)     ns      interests          (6,285)     (6,937)     ns 
                                                                 Less: 
                                                                 amortization of 
                                                                 intangible 
(94)        (103)       (77)        ns       (65)        ns      assets             (197)       (155)       ns 
                                                                 Less: financial 
                                                                 interest on 
(501)       (466)       (527)       ns       (564)       ns      debt               (967)       (1,094)     ns 
                                                                 Add: financial 
                                                                 income and 
                                                                 expense from 
                                                                 cash & cash 
69          87          (3)         ns       (42)        ns      equivalents        156         (13)        ns 
                                                                 Less: income 
(1,485)     (1,446)     95          ns       (1,322)     ns      taxes              (2,931)     (490)       ns 
                                                                 Less: 
                                                                 non-controlling 
(88)        (59)        31          ns       (73)        ns      interests          (147)       13          ns 
                                                                 Add: adjustment 
                                                                 - TotalEnergies 
(1,257)     341         (8,495)     ns       (131)       ns      share              (916)       (10,242)    ns 
                                                                 Net income - 
                                                                 TotalEnergies 
2,206       3,344       (8,369)     ns       2,756       -20%    share              5,550       (8,335)     ns 
 

12. Investments - Divestments

 
                           2Q21             2Q21                                         1H21 
                            vs              vs      In millions of                        vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    dollars            1H21     1H20     1H20 
                                                    Organic 
                                                    investments ( a 
2,802    2,379    2,201    +27%    3,028    -7%     )                  5,181    4,724    +10% 
                                                    Capitalized 
245      243      162      +52%    185      +33%    exploration        488      297      +64% 
                                                    Increase in 
                                                    non-current 
380      292      733      -48%    370      +3%     loans              672      1,012    -34% 
                                                    Repayment of 
                                                    non-current 
                                                    loans, 
                                                    excluding 
                                                    organic loan 
                                                    repayment from 
                                                    equity 
(89)     (96)     (58)     ns      (254)    ns      affiliates         (185)    (175)    ns 
                                                    Change in debt 
                                                    from renewable 
                                                    projects 
                                                    (TotalEnergies 
(4)      (167)    (47)     ns      -        ns      share)             (171)    (152)    ns 
                                                    Acquisitions ( 
662      2,208    857      -23%    614      +8%     b )                2,870    2,501    +15% 
                                                    Asset sales ( c 
266      618      136      +95%    212      +25%    )                  884      678      +30% 
                                                    Change in debt 
                                                    from renewable 
                                                    projects 
                                                    (partner 
5        100      22       -77%    -        ns      share)             105      83       +27% 
                                                    Other 
                                                    transactions 
                                                    with 
                                                    non-controlling 
                                                    interests ( d 
-        -        -        ns      -        ns      )                  -        -        ns 
                                                    Net investments 
                                                    ( a + b - c - d 
3,198    3,969    2,922    +9%     3,430    -7%     )                  7,167    6,547    +9% 
(78)     (30)     (41)     ns      (99)     ns      Organic loan       (108)    (34)     ns 
                                                    repayment from 
                                                    equity 
                                                    affiliates ( e 
                                                    ) 
9        267      69       -87%    -        ns      Change in debt     276      235      +17% 
                                                    from renewable 
                                                    projects 
                                                    financing * ( f 
                                                    ) 
25       22       22       +14%    -        ns      Capex linked to    47       46       +2% 
                                                    capitalized 
                                                    leasing 
                                                    contracts ( g 
                                                    ) 
3,104    4,184    2,928    +6%     3,331    -7%     Cash flow used     7,288    6,702    +9% 
                                                    in investing 
                                                    activities ( a 
                                                    + b - c + e + f 
                                                    - g ) 
 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

13. Cash-flow

 
                           2Q21             2Q21                                         1H21 
                            vs              vs      In millions                           vs 
2Q21     1Q21     2Q20     2Q20    2Q19     2Q19    of dollars      1H21      1H20       1H20 
                                                    Operating 
                                                    cash flow 
                                                    before 
                                                    working 
                                                    capital 
                                                    changes w/o 
                                                    financials 
                                                    charges 
6,761    5,750    4,143    +63%    7,308    -7%     (DACF)          12,511    8,420      +49% 
                                                    Financial 
(409)    (384)    (499)    ns      (501)    ns      charges         (793)     (1,011)    ns 
                                                    Operating 
                                                    cash flow 
                                                    before 
                                                    working 
                                                    capital 
                                                    changes ( a 
6,352    5,366    3,644    +74%    6,807    -7%     ) *             11,718    7,409      +58% 
                                                    (Increase) 
                                                    decrease in 
                                                    working 
814      (555)    (65)     ns      (417)    ns      capital **      259       (698)      ns 
                                                    Inventory 
463      883      (42)     ns      (40)     ns      effect          1,346     (1,838)    ns 
                                                    capital gain 
                                                    from 
                                                    renewable 
                                                    projects 
(0)      (66)     (17)     ns      -        ns      sale            (66)      (61)       ns 
                                                    Organic loan 
                                                    repayment 
                                                    from equity 
(78)     (30)     (41)     ns      (99)     ns      affiliates      (108)     (34)       ns 
                                                    Cash flow 
                                                    from 
7,551    5,598    3,479    x2.2    6,251    +21%    operations      13,149    4,778      x2.8 
 
                                                    Organic 
                                                    investments 
2,802    2,379    2,201    +27%    3,028    -7%     ( b )           5,181     4,724      +10% 
                                                    Free cash 
                                                    flow after 
                                                    organic 
                                                    investments, 
                                                    w/o net 
                                                    asset sales 
3,550    2,987    1,443    x2.5    3,779    -6%     ( a - b )       6,537     2,685      x2.4 
 
                                                    Net 
                                                    investments 
3,198    3,969    2,922    +9%     3,430    -7%     ( c )           7,167     6,547      +9% 
                                                    Net cash 
                                                    flow ( a - c 
3,154    1,397    722      x4.4    3,377    -7%     )               4,551     862        x5.3 
 

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale (effective first quarter 2020). Historical data have been restated to cancel the impact of fair valuation of iGRP sector's contracts.

 

** Changes in working capital are presented excluding the mark-to-market effect of iGRP's contracts.

 

14. Gearing ratio

 
In millions of 
dollars                 06/30/2021  03/31/2021  06/30/2020  06/30/2019 
Current borrowings *    15,795      19,279      14,894      15,290 
Other current 
 financial 
 liabilities            322         351         411         426 
Current financial 
 assets *               (4,326)     (4,492)     (6,383)     (3,536) 
Net financial assets 
classified as held 
for sale                -           -           -           - 
Non-current financial 
 debt *                 44,687      44,842      54,214      39,260 
Non-current financial 
 assets *               (2,726)     (2,669)     (1,415)     (721) 
Cash and cash 
 equivalents            (28,643)    (30,285)    (29,727)    (26,723) 
Net debt (a)            25,109      27,026      31,994      23,996 
 
Shareholders' equity - 
 TotalEnergies share    108,096     109,295     101,205     116,862 
Non-controlling 
 interests              2,480       2,390       2,334       2,362 
Shareholders' equity 
 (b)                    110,576     111,685     103,539     119,224 
 
Net-debt-to-capital 
 ratio = a / (a+b)      18.5%       19.5%       23.6%       16.8% 
 
Leases (c)              7,702       7,747       7,383       7,015 
Net-debt-to-capital 
 ratio including 
 leases (a+c) / 
 (a+b+c)                22.9%       23.7%       27.6%       20.6% 
 

* Excludes leases receivables and leases debts

 

15. Return on average capital employed

 

Twelve months ended June 30, 2021

 
               Integrated 
               Gas,        Exploration  Refining   Marketing 
In millions    Renewables  &            &          & 
of dollars     & Power     Production   Chemicals  Services   Company 
Adjusted net 
 operating 
 income        2,415       6,057        836        1,494      10,252 
Capital 
 employed at 
 06/30/2020*   43,527      79,096       12,843     8,366      142,625 
Capital 
 employed at 
 06/30/2021*   49,831      76,013       9,285      8,439      141,720 
ROACE          5.2%        7.8%         7.6%       17.8%      7.2% 
 

Twelve months ended March 31, 2021

 
               Integrated 
               Gas,        Exploration  Refining   Marketing 
In millions    Renewables  &            &          & 
of dollars     & Power     Production   Chemicals  Services   Company 
Adjusted net 
 operating 
 income        1,850       3,635        900        1,206      6,915 
Capital 
 employed at 
 03/31/2020*   44,236      85,622       12,878     8,764      152,374 
Capital 
 employed at 
 03/31/2021*   48,423      78,170       10,403     8,198      145,180 
ROACE          4.0%        4.4%         7.7%       14.2%      4.6% 
 

Twelve months ended June 30, 2020

 
               Integrated 
               Gas,        Exploration  Refining   Marketing 
In millions    Renewables  &            &          & 
of dollars     & Power     Production   Chemicals  Services   Company 
Adjusted net 
 operating 
 income        2,607       4,259        2,489      1,318      10,125 
Capital 
 employed at 
 06/30/2019*   37,290      90,633       12,300     8,535      148,617 
Capital 
 employed at 
 06/30/2020*   43,527      79,096       12,843     8,366      142,625 
ROACE          6.5%        5.0%         19.8%      15.6%      7.0% 
 

* At replacement cost (excluding after-tax inventory effect).

 

Disclaimer:

 

The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. The terms "TotalEnergies", "TotalEnergies company" and "Company" used in this document are generic and used for convenience to designate TotalEnergies SE and the entities included in its scope of consolidation. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or their employees.

 

This document does not constitute the Financial Report for the first half of 2021, which will be separately published, in accordance with article L. 451-1-2-III of the French Code monétaire et financier, and available on the website totalenergies.com. This press release presents the results for the second quarter of 2021 and half-year 2021 from the consolidated financial statements of TotalEnergies SE as of June 30, 2021. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.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 TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. 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 TotalEnergies 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, or pandemics such as the COVID-19 pandemic. 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 TotalEnergies 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. The information on risk factors that could have a significant adverse effect on TotalEnergies' business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F 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 TotalEnergies. 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, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.

 

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 TotalEnergies' 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.

 

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies' internal economic performance. IFRS precludes recognition of this fair value effect.

 

Furthermore, TotalEnergies 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 the Form 20-F of TotalEnergies, 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 totalenergies.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 3.

(2) Excluding leases.

(3) Certain transactions referred to in the highlights are subject to approval by authorities or to 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 16.

(5) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e. all operating income and contribution of equity affiliates to net income.

(6) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income -- income from equity affiliates -- dividends received from investments -- impairment of goodwill + tax on adjusted net operating income).

(7) 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

(8) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

(9) Net acquisitions = acquisitions -- assets sales -- other transactions with non-controlling interests (see page 17).

(10) Net investments = organic investments + net acquisitions (see page 17).

(11) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale (effective first quarter 2020). The inventory valuation effect is explained on page 19. The reconciliation table for different cash flow figures is on page 17.

(12) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges

(13) The six greenhouse gases in the Kyoto protocol, namely CO(2) , CH(4) , N(2) O, HFCs, PFCs and SF(6) , with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF(6) are virtually absent from the Company's emissions or are considered as non-material, and are therefore not counted.

(14) Scope 1+2 GHG emissions of operated oil & gas facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company's 2020 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H(2) ). They do not include facilities for power generation from renewable sources or natural gas, such as combined cycle natural gas power plants (CCGT) and sites with GHG emissions and activities of less than 30 kt CO(2) e/year

(15) Scope 3 GHG emissions are defined as the indirect emissions of greenhouse gases related to the use by customers of energy products sold for end-use, i.e. combustion of the products to obtain energy. A stoichiometric emission (oxidation of molecules to carbon dioxide) factor is applied to these sales to obtain an emission volume. The Company usually follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. Only item 11 of Scope 3 (use of sold products), which is the most significant, is reported.

(16) Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2 GHG emissions of facilities operated by the Company and indirect GHG emissions related to the use by customers of energy products sold for end-use (Scope 3) in the EU, Norway, United Kingdom and Switzerland.

(17) Adjustment items shown on page 19.

(18) Details shown on page 16 and in the appendix to the financial statements.

 

(19) Net cash flow = cash flow - net investments (including other transactions with non-controlling interest).

 

TotalEnergies financial statements

 

___________________________

 

Second quarter and first half 2021 consolidated accounts, IFRS

 
 
CONSOLIDATED STATEMENT OF INCOME 
TotalEnergies 
(unaudited) 
                           2(nd) quarter  1(st) quarter  2(nd) quarter 
(M$)(a)                    2021           2021           2020 
 
Sales                      47,049         43,737         25,730 
Excise taxes               (5,416)        (5,104)        (4,168) 
 Revenues from sales       41,633         38,633         21,562 
 
Purchases, net of 
 inventory variation       (26,719)       (23,398)       (12,025) 
Other operating expenses   (6,717)        (6,880)        (6,321) 
Exploration costs          (123)          (167)          (114) 
Depreciation, depletion 
 and impairment of 
 tangible assets and 
 mineral interests         (3,121)        (3,325)        (11,593) 
Other income               223            358            362 
Other expense              (298)          (659)          (108) 
 
Financial interest on 
 debt                      (501)          (466)          (530) 
Financial income and 
 expense from cash & 
 cash equivalents          77             95             50 
 Cost of net debt          (424)          (371)          (480) 
 
Other financial income     265            109            419 
Other financial expense    (131)          (130)          (161) 
 
Net income (loss) from 
 equity affiliates         (680)          881            (447) 
 
Income taxes               (1,609)        (1,639)        484 
Consolidated net income    2,299          3,412          (8,422) 
TotalEnergies share        2,206          3,344          (8,369) 
Non-controlling 
 interests                 93             68             (53) 
Earnings per share ($)     0.80           1.24           (3.27) 
Fully-diluted earnings 
 per share ($)             0.80           1.23           (3.27) 
(a) Except for per share 
 amounts. 
 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
TotalEnergies 
(unaudited) 
                             2(nd) quarter  1(st) quarter  2(nd) quarter 
(M$)                         2021           2021           2020 
Consolidated net income      2,299          3,412          (8,422) 
 
Other comprehensive income 
 
Actuarial gains and losses   449            -              (356) 
Change in fair value of 
 investments in equity 
 instruments                 56             12             90 
Tax effect                   (142)          (12)           101 
Currency translation 
 adjustment generated by 
 the parent company          1,239          (4,173)        1,780 
Items not potentially 
 reclassifiable to profit 
 and loss                    1,602          (4,173)        1,615 
Currency translation 
 adjustment                  (746)          2,523          (919) 
Cash flow hedge              (424)          504            231 
Variation of foreign 
 currency basis spread       (4)            -              14 
share of other 
 comprehensive income of 
 equity affiliates, net 
 amount                      (18)           469            296 
Other                        (1)            1              - 
Tax effect                   100            (157)          (78) 
Items potentially 
 reclassifiable to profit 
 and loss                    (1,093)        3,340          (456) 
Total other comprehensive 
 income (net amount)         509            (833)          1,159 
 
Comprehensive income         2,808          2,579          (7,263) 
TotalEnergies share          2,670          2,542          (7,253) 
Non-controlling interests    138            37             (10) 
 
 
 
CONSOLIDATED STATEMENT OF INCOME 
TotalEnergies 
(unaudited) 
                                                  1(st) half  1(st) half 
(M$)(a)                                           2021        2020 
 
Sales                                             90,786      69,600 
Excise taxes                                      (10,520)    (9,461) 
 Revenues from sales                              80,266      60,139 
 
Purchases, net of inventory variation             (50,117)    (40,093) 
Other operating expenses                          (13,597)    (13,265) 
Exploration costs                                 (290)       (254) 
Depreciation, depletion and impairment of 
 tangible assets and mineral interests            (6,446)     (15,228) 
Other income                                      581         942 
Other expense                                     (957)       (528) 
 
Financial interest on debt                        (967)       (1,099) 
Financial income and expense from cash & cash 
 equivalents                                      172         (105) 
 Cost of net debt                                 (795)       (1,204) 
 
Other financial income                            374         607 
Other financial expense                           (261)       (342) 
 
Net income (loss) from equity affiliates          201         285 
 
Income taxes                                      (3,248)     521 
Consolidated net income                           5,711       (8,420) 
TotalEnergies share                               5,550       (8,335) 
Non-controlling interests                         161         (85) 
Earnings per share ($)                            2.04        (3.29) 
Fully-diluted earnings per share ($)              2.03        (3.29) 
(a) Except for per share amounts. 
 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
TotalEnergies 
(unaudited) 
                                                    1(st) half  1(st) half 
(M$)                                                2021        2020 
Consolidated net income                             5,711       (8,420) 
 
Other comprehensive income 
 
Actuarial gains and losses                          449         (223) 
Change in fair value of investments in equity 
 instruments                                        68          (74) 
Tax effect                                          (154)       86 
Currency translation adjustment generated by the 
 parent company                                     (2,934)     (196) 
Items not potentially reclassifiable to profit and 
 loss                                               (2,571)     (407) 
Currency translation adjustment                     1,777       (940) 
Cash flow hedge                                     80          (1,293) 
Variation of foreign currency basis spread          (4)         70 
share of other comprehensive income of equity 
 affiliates, net amount                             451         (927) 
Other                                               -           3 
Tax effect                                          (57)        367 
Items potentially reclassifiable to profit and 
 loss                                               2,247       (2,720) 
Total other comprehensive income (net amount)       (324)       (3,127) 
 
Comprehensive income                                5,387       (11,547) 
TotalEnergies share                                 5,212       (11,424) 
Non-controlling interests                           175         (123) 
 
 
 
CONSOLIDATED 
BALANCE SHEET 
TotalEnergies 
                   June 30,     March 31,    December 31,  June 30, 
                         2021         2021       2020            2020 
(M$)               (unaudited)  (unaudited)                (unaudited) 
 
ASSETS 
 
Non-current 
assets 
Intangible 
 assets, net       33,359       33,239       33,528        33,114 
Property, plant 
 and equipment, 
 net               106,791      106,859      108,335       104,925 
Equity affiliates 
 : investments 
 and loans         29,712       30,727       27,976        27,470 
Other investments  2,247        2,062        2,007         1,627 
Non-current 
 financial 
 assets            3,778        3,700        4,781         2,431 
Deferred income 
 taxes             6,578        6,619        7,016         7,257 
Other non-current 
 assets            2,800        2,638        2,810         2,539 
Total non-current 
 assets            185,265      185,844      186,453       179,363 
 
Current assets 
Inventories, net   19,162       16,192       14,730        12,688 
Accounts 
 receivable, net   17,192       17,532       14,068        13,481 
Other current 
 assets            17,585       14,304       13,428        17,155 
Current financial 
 assets            4,404        4,605        4,630         6,570 
Cash and cash 
 equivalents       28,643       30,285       31,268        29,727 
Assets classified 
 as held for 
 sale              456          396          1,555         421 
Total current 
 assets            87,442       83,314       79,679        80,042 
Total assets       272,707      269,158      266,132       259,405 
 
LIABILITIES & 
SHAREHOLDERS' 
EQUITY 
 
Shareholders' 
equity 
Common shares      8,224        8,193        8,267         8,159 
Paid-in surplus 
 and retained 
 earnings          110,967      112,676      107,078       107,934 
Currency 
 translation 
 adjustment        (11,087)     (11,566)     (10,256)      (13,265) 
Treasury shares    (8)          (8)          (1,387)       (1,623) 
Total 
 shareholders' 
 equity - 
 TotalEnergies 
 share             108,096      109,295      103,702       101,205 
Non-controlling 
 interests         2,480        2,390        2,383         2,334 
Total 
 shareholders' 
 equity            110,576      111,685      106,085       103,539 
 
Non-current 
liabilities 
Deferred income 
 taxes             10,596       10,387       10,326        10,346 
Employee benefits  3,305        3,644        3,917         3,612 
Provisions and 
 other 
 non-current 
 liabilities       20,716       20,893       20,925        19,487 
Non-current 
 financial debt    52,331       52,541       60,203        61,540 
Total non-current 
 liabilities       86,948       87,465       95,371        94,985 
 
Current 
liabilities 
Accounts payable   29,752       26,959       23,574        19,198 
Other creditors 
 and accrued 
 liabilities       27,836       22,066       22,465        24,790 
Current 
 borrowings        16,983       20,471       17,099        16,154 
Other current 
 financial 
 liabilities       322          351          203           411 
Liabilities 
 directly 
 associated with 
 the assets 
 classified as 
 held for sale     290          161          1,335         328 
Total current 
 liabilities       75,183       70,008       64,676        60,881 
Total liabilities 
 & shareholders' 
 equity            272,707      269,158      266,132       259,405 
 
 
 
CONSOLIDATED STATEMENT OF 
CASH FLOW 
TotalEnergies 
(unaudited) 
                             2(nd) quarter  1(st) quarter  2(nd) quarter 
(M$)                         2021           2021           2020 
 
CASH FLOW FROM OPERATING 
ACTIVITIES 
 
Consolidated net income      2,299          3,412          (8,422) 
Depreciation, depletion, 
 amortization and 
 impairment                  3,287          3,473          11,701 
Non-current liabilities, 
 valuation allowances and 
 deferred taxes              210            121            (796) 
(Gains) losses on disposals 
 of assets                   (85)           (285)          (131) 
Undistributed affiliates' 
 equity earnings             1,255          (573)          978 
(Increase) decrease in 
 working capital             669            (819)          431 
Other changes, net           (84)           269            (282) 
Cash flow from operating 
 activities                  7,551          5,598          3,479 
 
CASH FLOW USED IN 
INVESTING ACTIVITIES 
 
Intangible assets and 
 property, plant and 
 equipment additions         (2,675)        (2,410)        (2,409) 
Acquisitions of 
 subsidiaries, net of cash 
 acquired                    (170)          -              - 
Investments in equity 
 affiliates and other 
 securities                  (307)          (2,126)        (136) 
Increase in non-current 
 loans                       (380)          (300)          (733) 
Total expenditures           (3,532)        (4,836)        (3,278) 
Proceeds from disposals of 
 intangible assets and 
 property, plant and 
 equipment                   45             226            219 
Proceeds from disposals of 
 subsidiaries, net of cash 
 sold                        -              229            12 
Proceeds from disposals of 
 non-current investments     216            63             20 
Repayment of non-current 
 loans                       167            134            99 
Total divestments            428            652            350 
Cash flow used in investing 
 activities                  (3,104)        (4,184)        (2,928) 
 
CASH FLOW USED IN 
FINANCING ACTIVITIES 
 
Issuance (repayment) of 
shares: 
   - Parent company 
 shareholders                381            -              374 
   - Treasury shares         -              (165)          (2) 
Dividends paid: 
   - Parent company 
 shareholders                (2,094)        (2,090)        (1,928) 
   - Non-controlling 
 interests                   (53)           (10)           (76) 
Net issuance (repayment) of 
 perpetual subordinated 
 notes                       -              3,248          - 
Payments on perpetual 
 subordinated notes          (147)          (87)           (134) 
Other transactions with 
 non-controlling interests   -              (55)           (22) 
Net issuance (repayment) of 
 non-current debt            51             (890)          15,430 
Increase (decrease) in 
 current borrowings          (4,369)        (1,662)        (6,604) 
Increase (decrease) in 
 current financial assets 
 and liabilities             (67)           (148)          449 
Cash flow from (used in) 
 financing activities        (6,298)        (1,859)        7,487 
Net increase (decrease) in 
 cash and cash equivalents   (1,851)        (445)          8,038 
Effect of exchange rates     209            (538)          55 
Cash and cash equivalents 
 at the beginning of the 
 period                      30,285         31,268         21,634 
Cash and cash equivalents 
 at the end of the period    28,643         30,285         29,727 
 
 
 
CONSOLIDATED STATEMENT OF CASH FLOW 
TotalEnergies 
(unaudited) 
                                                    1(st) half  1(st) half 
(M$)                                                2021        2020 
 
CASH FLOW FROM OPERATING ACTIVITIES 
 
Consolidated net income                             5,711       (8,420) 
Depreciation, depletion, amortization and 
 impairment                                         6,760       15,431 
Non-current liabilities, valuation allowances and 
 deferred taxes                                     331         (1,457) 
(Gains) losses on disposals of assets               (370)       (340) 
Undistributed affiliates' equity earnings           682         391 
(Increase) decrease in working capital              (150)       (453) 
Other changes, net                                  185         (374) 
Cash flow from operating activities                 13,149      4,778 
 
CASH FLOW USED IN INVESTING ACTIVITIES 
 
Intangible assets and property, plant and 
 equipment additions                                (5,085)     (4,773) 
Acquisitions of subsidiaries, net of cash acquired  (170)       (188) 
Investments in equity affiliates and other 
 securities                                         (2,433)     (1,670) 
Increase in non-current loans                       (680)       (1,028) 
Total expenditures                                  (8,368)     (7,659) 
Proceeds from disposals of intangible assets and 
 property, plant and equipment                      271         263 
Proceeds from disposals of subsidiaries, net of 
 cash sold                                          229         154 
Proceeds from disposals of non-current investments  279         315 
Repayment of non-current loans                      301         225 
Total divestments                                   1,080       957 
Cash flow used in investing activities              (7,288)     (6,702) 
 
CASH FLOW USED IN FINANCING ACTIVITIES 
 
Issuance (repayment) of shares: 
   - Parent company shareholders                    381         374 
   - Treasury shares                                (165)       (611) 
Dividends paid: 
   - Parent company shareholders                    (4,184)     (3,810) 
   - Non-controlling interests                      (63)        (76) 
Net issuance (repayment) of perpetual subordinated 
 notes                                              3,248       - 
Payments on perpetual subordinated notes            (234)       (231) 
Other transactions with non-controlling interests   (55)        (70) 
Net issuance (repayment) of non-current debt        (839)       15,472 
Increase (decrease) in current borrowings           (6,031)     (3,819) 
Increase (decrease) in current financial assets 
 and liabilities                                    (215)       (2,546) 
Cash flow from (used in) financing activities       (8,157)     4,683 
Net increase (decrease) in cash and cash 
 equivalents                                        (2,296)     2,759 
Effect of exchange rates                            (329)       (384) 
Cash and cash equivalents at the beginning of the 
 period                                             31,268      27,352 
Cash and cash equivalents at the end of the period  28,643      29,727 
 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 
TotalEnergies 
(unaudited) 
                                           Paid-in 
                                           surplus                                       Shareholders' 
                                           and       Currency                            equity -       Non-         Total 
                                           retained  translation                         TotalEnergies  controlling  shareholders' 
                    Common shares issued   earnings  adjustment   Treasury shares        Share          interests    equity 
(M$)                Number         Amount                         Number        Amount 
As of January 1, 
 2020               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 
Net income of the 
 second half 2020   -              -       1,093     -            -             -        1,093          (9)          1,084 
Other 
 comprehensive 
 income             -              -       1,006     3,013        -             -        4,019          338          4,357 
Comprehensive 
 Income             -              -       2,099     3,013        -             -        5,112          329          5,441 
Dividend            -              -       (4,100)   -            -             -        (4,100)        (158)        (4,258) 
Issuance of common 
 shares             38,063,688     108     1,132     -            -             -        1,240          -            1,240 
Purchase of 
treasury shares     -              -       -         -            -             -        -              -            - 
Sale of treasury 
 shares(a)          -              -       (236)     -            4,313,895     236      -              -            - 
Share-based 
 payments           -              -       92        -            -             -        92             -            92 
Share 
cancellation        -              -       -         -            -             -        -              -            - 
Net issuance 
 (repayment) of 
 perpetual 
 subordinated 
 notes              -              -       331       -            -             -        331            -            331 
Payments on 
 perpetual 
 subordinated 
 notes              -              -       (165)     -            -             -        (165)          -            (165) 
Other operations 
 with 
  non-controlling 
 interests          -              -       2         (4)          -             -        (2)            (110)        (112) 
Other items         -              -       (11)      -            -             -        (11)           (12)         (23) 
As of December 31, 
 2020               2,653,124,025  8,267   107,078   (10,256)     (24,392,703)  (1,387)  103,702        2,383        106,085 
Net income of the 
 first half 2021    -              -       5,550     -            -             -        5,550          161          5,711 
Other 
 comprehensive 
 income             -              -       485       (823)        -             -        (338)          14           (324) 
Comprehensive 
 Income             -              -       6,035     (823)        -             -        5,212          175          5,387 
Dividend            -              -       (4,189)   -            -             -        (4,189)        (63)         (4,252) 
Issuance of common 
 shares             10,589,713     31      350       -            -             -        381            -            381 
Purchase of 
 treasury shares    -              -       -         -            (3,636,351)   (165)    (165)          -            (165) 
Sale of treasury 
 shares(a)          -              -       (216)     -            4,570,220     216      -              -            - 
Share-based 
 payments           -              -       61        -            -             -        61             -            61 
Share cancellation  (23,284,409)   (74)    (1,254)   -            23,284,409    1,328    -              -            - 
Net issuance 
 (repayment) of 
 perpetual 
 subordinated 
 notes              -              -       3,254     -            -             -        3,254          -            3,254 
Payments on 
 perpetual 
 subordinated 
 notes              -              -       (184)     -            -             -        (184)          -            (184) 
Other operations 
 with 
  non-controlling 
 interests          -              -       26        (6)          -             -        20             (20)         - 
Other items         -              -       6         (2)          -             -        4              5            9 
As of June 30, 
 2021               2,640,429,329  8,224   110,967   (11,087)     (174,425)     (8)      108,096        2,480        110,576 
(a) Treasury shares related to the performance share grants. 
 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 
 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
2(nd) quarter        &           Renewables   &           & 
2021                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      1,743        5,086        20,853     19,367     -          -             47,049 
Intersegment sales  7,855        744          6,369      108        39         (15,115)      - 
Excise taxes        -            -            (225)      (5,191)    -          -             (5,416) 
Revenues from 
 sales              9,598        5,830        26,997     14,284     39         (15,115)      41,633 
Operating expenses  (4,284)      (5,103)      (25,646)   (13,434)   (207)      15,115        (33,559) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (2,134)      (291)        (396)      (271)      (29)       -             (3,121) 
Operating income    3,180        436          955        579        (197)      -             4,953 
Net income (loss) 
 from equity 
 affiliates and 
 other items        (1,243)      419          123        57         23         -             (621) 
Tax on net 
 operating income   (1,195)      (56)         (281)      (176)      16         -             (1,692) 
Net operating 
 income             742          799          797        460        (158)      -             2,640 
Net cost of net 
 debt                                                                                        (341) 
Non-controlling 
 interests                                                                                   (93) 
Net income - 
 TotalEnergies 
 share                                                                                       2,206 
 
                                 Integrated 
2(nd) quarter       Exploration  Gas,         Refining   Marketing 
2021                 &           Renewables   &           & 
(adjustments)(a)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      -            (9)          -          -          -          -             (9) 
Intersegment 
sales               -            -            -          -          -          -             - 
Excise taxes        -            -            -          -          -          -             - 
Revenues from 
 sales              -            (9)          -          -          -          -             (9) 
Operating expenses  (23)         (54)         386        71         -          -             380 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          -            (3)          (13)       -          -          -             (16) 
Operating income 
 (b)                (23)         (66)         373        71         -          -             355 
Net income (loss) 
 from equity 
 affiliates and 
 other items        (1,436)      (47)         22         (8)        (22)       -             (1,491) 
Tax on net 
 operating income   (12)         21           (109)      (20)       -          -             (120) 
Net operating 
 income (b)         (1,471)      (92)         286        43         (22)       -             (1,256) 
Net cost of net 
 debt                                                                                        4 
Non-controlling 
 interests                                                                                   (5) 
Net income - 
 TotalEnergies 
 share                                                                                       (1,257) 
 
(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   -            -            394        69         - 
        - On net 
 operating income   -            -            331        50         - 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
2(nd) quarter        &           Renewables   &           & 
2021 (adjusted)      Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      1,743        5,095        20,853     19,367     -          -             47,058 
Intersegment sales  7,855        744          6,369      108        39         (15,115)      - 
Excise taxes        -            -            (225)      (5,191)    -          -             (5,416) 
Revenues from 
 sales              9,598        5,839        26,997     14,284     39         (15,115)      41,642 
Operating expenses  (4,261)      (5,049)      (26,032)   (13,505)   (207)      15,115        (33,939) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (2,134)      (288)        (383)      (271)      (29)       -             (3,105) 
Adjusted operating 
 income             3,203        502          582        508        (197)      -             4,598 
Net income (loss) 
 from equity 
 affiliates and 
 other items        193          466          101        65         45         -             870 
Tax on net 
 operating income   (1,183)      (77)         (172)      (156)      16         -             (1,572) 
Adjusted net 
 operating income   2,213        891          511        417        (136)      -             3,896 
Net cost of net 
 debt                                                                                        (345) 
Non-controlling 
 interests                                                                                   (88) 
Adjusted net 
 income - 
 TotalEnergies 
 share                                                                                       3,463 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
2(nd) quarter        &           Renewables   &           & 
2021                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total expenditures  1,830        1,167        291        222        22                       3,532 
Total divestments   63           310          13         36         6                        428 
Cash flow from 
 operating 
 activities         4,835        567          2,232      437        (520)                    7,551 
 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 
 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) quarter        &           Renewables   &           & 
2021                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      1,514        5,502        19,201     17,513     7          -             43,737 
Intersegment sales  6,578        811          5,521      78         29         (13,017)      - 
Excise taxes        -            -            (405)      (4,699)    -          -             (5,104) 
Revenues from 
 sales              8,092        6,313        24,317     12,892     36         (13,017)      38,633 
Operating expenses  (3,068)      (5,218)      (22,933)   (12,076)   (167)      13,017        (30,445) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (2,183)      (471)        (391)      (255)      (25)       -             (3,325) 
Operating income    2,841        624          993        561        (156)      -             4,863 
Net income (loss) 
 from equity 
 affiliates and 
 other items        270          263          88         (34)       (28)       -             559 
Tax on net 
 operating income   (1,180)      (101)        (280)      (176)      38         -             (1,699) 
Net operating 
 income             1,931        786          801        351        (146)      -             3,723 
Net cost of net 
 debt                                                                                        (311) 
Non-controlling 
 interests                                                                                   (68) 
Net income - 
 TotalEnergies 
 share                                                                                       3,344 
 
                                 Integrated 
1(st) quarter       Exploration  Gas,         Refining   Marketing 
2021                 &           Renewables   &           & 
(adjustments)(a)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      -            (35)         -          -          -          -             (35) 
Intersegment 
sales               -            -            -          -          -          -             - 
Excise taxes        -            -            -          -          -          -             - 
Revenues from 
 sales              -            (35)         -          -          -          -             (35) 
Operating expenses  -            (8)          745        142        -          -             879 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          -            (145)        -          -          -          -             (145) 
Operating income 
 (b)                -            (188)        745        142        -          -             699 
Net income (loss) 
 from equity 
 affiliates and 
 other items        (46)         (49)         6          (35)       (40)       -             (164) 
Tax on net 
 operating income   2            38           (193)      (40)       2          -             (191) 
Net operating 
 income (b)         (44)         (199)        558        67         (38)       -             344 
Net cost of net 
 debt                                                                                        6 
Non-controlling 
 interests                                                                                   (9) 
Net income - 
 TotalEnergies 
 share                                                                                       341 
 
(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   -            -            746        137        - 
        - On net 
 operating income   -            -            606        98         - 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) quarter        &           Renewables   &           & 
2021 (adjusted)      Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      1,514        5,537        19,201     17,513     7          -             43,772 
Intersegment sales  6,578        811          5,521      78         29         (13,017)      - 
Excise taxes        -            -            (405)      (4,699)    -          -             (5,104) 
Revenues from 
 sales              8,092        6,348        24,317     12,892     36         (13,017)      38,668 
Operating expenses  (3,068)      (5,210)      (23,678)   (12,218)   (167)      13,017        (31,324) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (2,183)      (326)        (391)      (255)      (25)       -             (3,180) 
Adjusted operating 
 income             2,841        812          248        419        (156)      -             4,164 
Net income (loss) 
 from equity 
 affiliates and 
 other items        316          312          82         1          12         -             723 
Tax on net 
 operating income   (1,182)      (139)        (87)       (136)      36         -             (1,508) 
Adjusted net 
 operating income   1,975        985          243        284        (108)      -             3,379 
Net cost of net 
 debt                                                                                        (317) 
Non-controlling 
 interests                                                                                   (59) 
Adjusted net 
 income - 
 TotalEnergies 
 share                                                                                       3,003 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) quarter        &           Renewables   &           & 
2021                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total expenditures  1,365        3,020        287        138        26                       4,836 
Total divestments   311          142          116        71         12                       652 
Cash flow from 
 operating 
 activities         3,736        780          996        665        (579)                    5,598 
 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 
 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
2(nd) quarter        &           Renewables   &           & 
2020                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External 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 - 
 TotalEnergies 
 share                                                                                       (8,369) 
 
                                 Integrated 
2(nd) quarter       Exploration  Gas,         Refining   Marketing 
2020                 &           Renewables   &           & 
(adjustments)(a)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External 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 - 
 TotalEnergies 
 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$) 
External 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 - 
 TotalEnergies 
 share                                                                                       126 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
2(nd) quarter        &           Renewables   &           & 
2020                 Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total expenditures  1,606        1,170        307        174        21                       3,278 
Total divestments   204          89           22         26         9                        350 
Cash flow from 
 operating 
 activities         910          1,389        1,080      819        (719)                    3,479 
 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 
 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
                     &           Renewables   &           & 
1(st) half 2021      Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      3,257        10,588       40,054     36,880     7          -             90,786 
Intersegment sales  14,433       1,555        11,890     186        68         (28,132)      - 
Excise taxes        -            -            (630)      (9,890)    -          -             (10,520) 
Revenues from 
 sales              17,690       12,143       51,314     27,176     75         (28,132)      80,266 
Operating expenses  (7,352)      (10,321)     (48,579)   (25,510)   (374)      28,132        (64,004) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (4,317)      (762)        (787)      (526)      (54)       -             (6,446) 
Operating income    6,021        1,060        1,948      1,140      (353)      -             9,816 
Net income (loss) 
 from equity 
 affiliates and 
 other items        (973)        682          211        23         (5)        -             (62) 
Tax on net 
 operating income   (2,375)      (157)        (561)      (352)      54         -             (3,391) 
Net operating 
 income             2,673        1,585        1,598      811        (304)      -             6,363 
Net cost of net 
 debt                                                                                        (652) 
Non-controlling 
 interests                                                                                   (161) 
Net income - 
 TotalEnergies 
 share                                                                                       5,550 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) half 2021      &           Renewables   &           & 
(adjustments)(a)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      -            (44)         -          -          -          -             (44) 
Intersegment 
sales               -            -            -          -          -          -             - 
Excise taxes        -            -            -          -          -          -             - 
Revenues from 
 sales              -            (44)         -          -          -          -             (44) 
Operating expenses  (23)         (62)         1,131      213        -          -             1,259 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          -            (148)        (13)       -          -          -             (161) 
Operating income 
 (b)                (23)         (254)        1,118      213        -          -             1,054 
Net income (loss) 
 from equity 
 affiliates and 
 other items        (1,482)      (96)         28         (43)       (62)       -             (1,655) 
Tax on net 
 operating income   (10)         59           (302)      (60)       2          -             (311) 
Net operating 
 income (b)         (1,515)      (291)        844        110        (60)       -             (912) 
Net cost of net 
 debt                                                                                        10 
Non-controlling 
 interests                                                                                   (14) 
Net income - 
 TotalEnergies 
 share                                                                                       (916) 
 
(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   -            -            1,140      206        - 
        - On net 
 operating income   -            -            937        148        - 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) half 2021      &           Renewables   &           & 
(adjusted)           Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External sales      3,257        10,632       40,054     36,880     7          -             90,830 
Intersegment sales  14,433       1,555        11,890     186        68         (28,132)      - 
Excise taxes        -            -            (630)      (9,890)    -          -             (10,520) 
Revenues from 
 sales              17,690       12,187       51,314     27,176     75         (28,132)      80,310 
Operating expenses  (7,329)      (10,259)     (49,710)   (25,723)   (374)      28,132        (65,263) 
Depreciation, 
 depletion and 
 impairment of 
 tangible assets 
 and mineral 
 interests          (4,317)      (614)        (774)      (526)      (54)       -             (6,285) 
Adjusted operating 
 income             6,044        1,314        830        927        (353)      -             8,762 
Net income (loss) 
 from equity 
 affiliates and 
 other items        509          778          183        66         57         -             1,593 
Tax on net 
 operating income   (2,365)      (216)        (259)      (292)      52         -             (3,080) 
Adjusted net 
 operating income   4,188        1,876        754        701        (244)      -             7,275 
Net cost of net 
 debt                                                                                        (662) 
Non-controlling 
 interests                                                                                   (147) 
Adjusted net 
 income - 
 TotalEnergies 
 share                                                                                       6,466 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
                     &           Renewables   &           & 
1(st) half 2021      Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
Total expenditures  3,195        4,187        578        360        48                       8,368 
Total divestments   374          452          129        107        18                       1,080 
Cash flow from 
 operating 
 activities         8,571        1,347        3,228      1,102      (1,099)                  13,149 
 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 
 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
                     &           Renewables   &           & 
1(st) half 2020      Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External 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 - 
 TotalEnergies 
 share                                                                                       (8,335) 
 
                                 Integrated 
                    Exploration  Gas,         Refining   Marketing 
1(st) half 2020      &           Renewables   &           & 
(adjustments)(a)     Production  & Power      Chemicals   Services  Corporate  Intercompany  Total 
(M$) 
External 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 - 
 TotalEnergies 
 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$) 
External 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 - 
 TotalEnergies 
 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 
 

Reconciliation of the information by business segment with Consolidated Financial Statements

 

TotalEnergies

 

(unaudited)

 
                                                            Consolidated 
2(nd) quarter 2021                                          statement 
(M$)                              Adjusted  Adjustments(a)   of income 
Sales                             47,058    (9)             47,049 
Excise taxes                      (5,416)   -               (5,416) 
      Revenues from sales         41,642    (9)             41,633 
 
Purchases net of inventory 
 variation                        (27,108)  389             (26,719) 
Other operating expenses          (6,708)   (9)             (6,717) 
Exploration costs                 (123)     -               (123) 
Depreciation, depletion and 
 impairment of tangible assets 
 and mineral interests            (3,105)   (16)            (3,121) 
Other income                      138       85              223 
Other expense                     (142)     (156)           (298) 
 
Financial interest on debt        (501)     -               (501) 
Financial income and expense 
 from cash & cash equivalents     69        8               77 
      Cost of net debt            (432)     8               (424) 
 
Other financial income            265       -               265 
Other financial expense           (131)     -               (131) 
 
Net income (loss) from equity 
 affiliates                       740       (1,420)         (680) 
 
Income taxes                      (1,485)   (124)           (1,609) 
Consolidated net income           3,551     (1,252)         2,299 
TotalEnergies share               3,463     (1,257)         2,206 
Non-controlling interests         88        5               93 
 
(a) Adjustments include special items, inventory valuation effect and 
the effect of changes in fair value. 
 
                                                            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) 
TotalEnergies 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. 
 

Reconciliation of the information by business segment with Consolidated Financial Statements

 

TotalEnergies

 

(unaudited)

 
                                                            Consolidated 
1(st) half 2021                                             statement of 
(M$)                              Adjusted  Adjustments(a)  income 
Sales                             90,830    (44)            90,786 
Excise taxes                      (10,520)  -               (10,520) 
      Revenues from sales         80,310    (44)            80,266 
 
Purchases net of inventory 
 variation                        (51,397)  1,280           (50,117) 
Other operating expenses          (13,576)  (21)            (13,597) 
Exploration costs                 (290)     -               (290) 
Depreciation, depletion and 
 impairment of tangible assets 
 and mineral interests            (6,285)   (161)           (6,446) 
Other income                      554       27              581 
Other expense                     (334)     (623)           (957) 
 
Financial interest on debt        (967)     -               (967) 
Financial income and expense 
 from cash & cash equivalents     156       16              172 
      Cost of net debt            (811)     16              (795) 
 
Other financial income            374       -               374 
Other financial expense           (261)     -               (261) 
 
Net income (loss) from equity 
 affiliates                       1,260     (1,059)         201 
 
Income taxes                      (2,931)   (317)           (3,248) 
Consolidated net income           6,613     (902)           5,711 
TotalEnergies share               6,466     (916)           5,550 
Non-controlling interests         147       14              161 
 
(a) Adjustments include special items, inventory valuation effect and 
the effect of changes in fair value. 
 
                                                            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) 
TotalEnergies 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. 
 

TotalEnergies contacts

Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPress

 

Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005627/en/

 
    CONTACT: 

TotalEnergies SE

 
    SOURCE: TotalEnergies SE 
Copyright Business Wire 2021 
 

(END) Dow Jones Newswires

July 29, 2021 08:21 ET (12:21 GMT)

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