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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