Regulatory News:
2Q20
Change vs 2Q19
1H20
Change vs 1H19
Oil price - Brent ($/b)
29.6
-57%
40.1
-39%
European gas price - NBP ($/Mbtu)
1.7
-59%
2.4
-54%
Adjusted net income (Group share)1
- in billions of dollars (B$)
0.13
-96%
1.91
-66%
- in dollars per share
0.02
-98%
0.68
-67%
DACF1 (B$)
3.6
-49%
8.2
-41%
Cash Flow from operations (B$)
3.5
-44%
4.8
-52%
Net income (Group share) of
-8.4 B$ in 2Q20, considering the exceptional asset impairments of
8.1 B$2 Net-debt-to-capital ratio of 23.6% (excl.
leases impact) at June 30, 2020 Hydrocarbon
production of 2,846 kboe/d in 2Q20, a decrease of 4% compared to
2Q19 Second 2020 interim dividend set at 0.66
€/share
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met
on July 29, 2020, under the chairmanship of CEO Patrick Pouyanné to
approve the Group’s second quarter 2020 financial statements. On
this occasion, Patrick Pouyanné said: « During the second quarter,
the Group faced exceptional circumstances: the COVID-19 health
crisis with its impact on the global economy and the oil market
crisis with Brent falling sharply to 30 $/b on average, gas prices
dropping to historic lows and refining margins collapsing due to
weak demand. OPEC+ production restraint, however, has contributed
to the market recovery since June, with an average Brent price
above 40 $/b. The discipline with which the countries implemented
the quotas reduced the Group’s production by close to 100 kboe/d in
the second quarter to 2.85 Mboe/d, and the Group now anticipates
full-year production in the range of 2.9-2.95 Mboe/d in 2020. Due
to the significant slowdown of the European economy during the
lockdown, the Group’s retail networks observed an average decrease
in petroleum products demand on the order of 30% during the
quarter, and the utilization rate at its European refineries fell
to around 60%. However, June saw a rebound of activity in Europe to
90% of pre-crisis levels for the retail networks and 97% for its
gas and electricity marketing business. In this historically
difficult context, the Group demonstrates its resilience, reporting
$3.6 billion of cash flow, positive adjusted net income and a level
of gearing under control. These results are driven in particular by
the outperformance of trading activities, once again demonstrating
the relevance of Total’s integrated model, and by the effectiveness
of the action plan put in place from the start of the crisis,
notably the discipline on spend. Taking into account this
resilience, the Board of Directors maintains the second interim
dividend at €0.66 per share and reaffirms its sustainability in a
40 $/b Brent environment. This quarter shows once again the quality
of the Group’s portfolio with a breakeven below 25 $/b, benefiting
from the strategy to focus on assets with low production costs,
notably in the Middle East. Active portfolio management continues
with the sale of non-operated assets in Gabon and the Lindsey
refinery in the United Kingdom. In the midst of these short-term
challenges, the Group is resolutely implementing its new climate
ambition, announced on May 5, 2020 with the entry into a giant
offshore wind project in the North Sea as well as the acquisition
in Spain of a portfolio of 2.5 million residential gas and
electricity customers plus electricity generation capacity.
Investments in low-carbon electricity will be close to 2 B$ and
account for nearly 15% of Capex in 2020. In line with this
ambition, the Group reviewed the assets that could have been
qualified as “stranded assets”. The only assets concerned are the
Canadian oil sands projects and the Board of Directors has decided
to impair these assets in Canada for $7 billion2.»
Highlights3
- New Climate Ambition to achieve carbon neutrality by 2050
- Joined the “Coalition for the Energy of the Future” with 10
major partners to accelerate the energy transition of
transportation and logistics
- Joined the “Getting to Zero Coalition” to contribute to the
shipping industry’s decarbonization
- Investment decision for the Northern Lights project in Norway
for the transport and storage of CO2
- Signed the external financing agreement for the Mozambique LNG
project for $14.9 billion, the largest project financing in
Africa
- Extension of the LNG supply contract with Sonatrach for 2
Mt/y
- Agreement with SSE Renewables to acquire a 51% stake in the
1,140 MW offshore wind project in the Scottish North Sea
- Acquisition of EDP’s portfolio of 2.5 million residential
customers and two natural gas-fired combined-cycle power plants,
with a combined capacity of nearly 850 megawatts
- Started up the second FPSO on the deep-offshore Iara field in
Brazil
- Discovery of Bashrush gas field in Egypt on North El Hammad
permit
- Third discovery (Kwaskwasi) on block 58 in Surinam
- Sale of the portfolio of mature and non-operated assets in
Gabon
- Sale of the Lindsey refinery in the United Kingdom
- Creation of a 50:50 JV with IndianOil to manufacture and market
high-quality bitumen derivatives
- Adoption by the Group of statutes to become a European
Company
Key figures4
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars, except effective tax
rate,earnings per share and number of shares
1H20
1H19
1H20 vs 1H19
821
2,300
3,589
-77%
Adjusted net operating income from business segments
3,121
7,002
-55%
(209)
703
2,022
ns
Exploration & Production
494
3,744
-87%
326
913
429
-24%
Integrated Gas, Renewables & Power
1,239
1,021
+21%
575
382
715
-20%
Refining & Chemicals
957
1,471
-35%
129
302
423
-70%
Marketing & Services
431
766
-44%
11
658
457
-98%
Contribution of equity affiliates to adjusted net income
669
1,071
-38%
-6.8%
30.0%
33.0%
Group effective tax rate5
24.3%
36.9%
126
1,781
2,887
-96%
Adjusted net income (Group share)
1,907
5,646
-66%
0.02
0.66
1.05
-98%
Adjusted fully-diluted earnings per share (dollars)6
0.68
2.07
-67%
0.02
0.60
0.94
-98%
Adjusted fully-diluted earnings per share (euros)**
0.62
1.84
-66%
2,598
2,601
2,625
-1%
Fully-diluted weighted-average shares (millions)
2,598
2,622
-1%
(8,369)
34
2,756
ns
Net income (Group share)
(8,335)
5,867
ns
2,201
2,523
3,028
-27%
Organic investments7
4,724
5,811
-19%
721
1,102
402
+79%
Net acquisitions8
1,823
709
x2.6
2,922
3,625
3,430
-15%
Net investments9
6,547
6,520
-
3,148
4,016
6,707
-53%
Operating cash flowbefore working capital changes10
7,164
12,740
-44%
3,647
4,528
7,208
-49%
Operating cash flow before working capital changes w/o
financial charges (DACF)11
8,175
13,744
-41%
3,479
1,299
6,251
-44%
Cash flow from operations
4,778
9,880
-52%
From 2019, data take into account the impact of the new rule
IFRS16 “Leases”, effective January 1, 2019. * Average €-$ exchange
rate: 1.1014 in the second quarter 2020 and 1.1020 in the first
half 2020.
Key figures of environment and Group production
> Environment* –
liquids and gas price realizations, refining margins
2Q20
1Q20
2Q19
2Q20 vs 2Q19
1H20
1H19
1H20 vs 1H19
29.6
50.1
68.9
-57%
Brent ($/b)
40.1
66.0
-39%
1.8
1.9
2.5
-30%
Henry Hub ($/Mbtu)
1.8
2.7
-33%
1.7
3.1
4.1
-59%
NBP ($/Mbtu)
2.4
5.2
-54%
2.1
3.6
4.9
-57%
JKM ($/Mbtu)
2.9
5.8
-50%
23.4
44.4
63.7
-63%
Average price of liquids ($/b)Consolidated subsidiaries
33.8
61.2
-45%
2.61
3.35
3.82
-32%
Average price of gas ($/Mbtu)Consolidated subsidiaries
2.99
4.16
-28%
4.40
6.32
5.69
-23%
Average price of LNG ($/Mbtu)Consolidated subsidiaries and
equity affiliates
5.42
6.42
-16%
14.3
26.3
27.6
-48%
Variable cost margin - Refining Europe, VCM ($/t)
21.0
30.6
-31%
* The indicators are shown on page 15.
The average LNG sales price fell by 30% in the second quarter
2020 compared to the previous quarter. The share of volumes sold at
spot prices increased in the second quarter 2020 compared to the
first quarter of 2020 due to deferrals of LNG liftings by long-term
contract buyers, while the average selling price of long-term LNG
contracts LNG terms decreased by only 16% due to the delayed impact
of lower oil prices.
>
Production*
2Q20
1Q20
2Q19
2Q20 vs 2Q19
1H20
1H19
1H20 vs 1H19
2,846
3,086
2,957
-4%
Hydrocarbon production (kboe/d)
2,966
2,951
-
1,315
1,448
1,407
-7%
Oil (including bitumen) (kb/d)
1,381
1,416
-2%
1,531
1,638
1,549
-1%
Gas (including condensates and associated NGL) (kboe/d)
1,584
1,535
+3%
2,846
3,086
2,957
-4%
Hydrocarbon production (kboe/d)
2,966
2,951
-
1,553
1,699
1,624
-4%
Liquids (kb/d)
1,626
1,627
-
7,045
7,560
7,309
-4%
Gas (Mcf/d)**
7,302
7,238
+1%
* Group production = EP production + iGRP production. ** 2Q19
and 1H19 data restated
Hydrocarbon production was 2,846 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2020, a decrease
of 4% year-on-year, comprised of:
- -5% due to OPEC+ quotas, notably in the United Arab Emirates,
Nigeria, Angola and Kazakhstan, as well as voluntary reductions in
Canada and disruptions in Libya.
- -1% due to gas demand in the context of the pandemic.
- +1% due to lower prices.
- +4% due to the start-up and ramp-up of new projects, notably
Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in
Brazil and Tempa Rossa in Italy.
- -3% due to the natural decline of fields.
Analysis of business
segments
Integrated Gas, Renewables & Power (iGRP)
> Liquefied
natural gas (LNG) production and sales and low carbon
electricity
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Hydrocarbon production for LNG
1H20
1H19
1H20 vs 1H19
520
552
559
-7%
iGRP (kboe/d)
536
538
-
66
73
73
-10%
Liquids (kb/d)
69
70
-
2,471
2,611
2,680
-8%
Gas (Mcf/d)*
2,541
2,570
-1%
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Liquefied Natural Gas in Mt
1H20
1H19
1H20 vs 1H19
10.4
9.8
8.5
+22%
Overall LNG sales
20.2
16.3
+24%
4.3
4.7
4.1
+7%
incl. Sales from equity production**
9.0
7.8
+15%
8.7
7.8
6.7
+29%
incl. Sales by Total from equity production and third party
purchases
16.5
12.7
+30%
* 2Q19 and 1H19 data restated ** The Group's equity production
may be sold by Total or by the joint ventures.
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Low carbon electricity
1H20
1H19
1H20 vs 1H19
5.1
3.0
2.6
+97%
Gross renewables installed capacity (GW)*
5.1
2.6
+97%
2.9
2.9
2.4
+23%
Net low carbon power production (TWh)**
5.9
5.0
+16%
5.9
5.9
5.5
+7%
Clients gas and power - BtB and BtC (Million)*
5.9
5.5
+7%
26.7
47.8
27.4
-3%
Sales gas and power - BtB and BtC (TWh)
74.5
75.3
-1%
* Capacity at end of period. ** Solar, wind, biogas,
hydroelectric and CCGT plants.
Hydrocarbon production for LNG was stable in the first half
compared to last year.
Total LNG sales increased by 22% in the second quarter compared
to last year, notably due to an increase in trading activities. For
the first half, total sales increased by 24% year-on-year for the
same reason and thanks to the ramp-up of Yamal LNG and Ichthys plus
the start-up of the first two Cameron LNG trains in the US.
Gross installed renewable power generation capacity rose to 5.1
GW in the second quarter, a strong 97% increase year-on-year,
notably thanks to the acquisition in India of 50% of a portfolio of
more than 2 GW from the Adani Group.
The Group continues to implement its strategy to integrate along
the gas and electricity chain in Europe and has seen the number of
its gas and electricity customers grow during the quarter to 5.9
million, a 7% increase compared to a year ago. Sales of gas and
electricity decreased by 3%, impacted by lower demand linked to the
lockdown in Europe.
> Results
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
326
913
429
-24%
Adjusted net operating income*
1,239
1,021
+21%
(69)
248
195
ns
including income from equity affiliates
179
450
-60%
618
646
442
+40%
Organic investments
1,264
935
+35%
433
1,137
159
x2.7
Net acquisitions
1,570
559
x2.8
1,051
1,783
601
+75%
Net investments
2,834
1,494
+90%
555
852
869
-36%
Operating cash flow before working capital changes **
1,407
1,479
-5%
1,389
(489)
641
x2.2
Cash flow from operations **
900
1,533
-41%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $326
million in the second quarter 2020, down 24% year-on-year and
operating cash flow before working capital changes decreased by 36%
in the same period to $555 million. The results are mainly due to
the sharp drop in gas prices compared to the second quarter
2019.
In the first half 2020, adjusted net operating income for the
iGRP segment was $1,239 million, an increase of 21% compared to
last year, notably due to the strong 24% growth in LNG sales.
Exploration & Production
>
Production
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Hydrocarbon production
1H20
1H19
1H20 vs 1H19
2,326
2,534
2,398
-3%
EP (kboe/d)
2,430
2,413
+1%
1,487
1,626
1,551
-4%
Liquids (kb/d)
1,557
1,557
-
4,574
4,949
4,629
-1%
Gas (Mcf/d)
4,761
4,668
+2%
> Results
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars, except effective tax rate
1H20
1H19
1H20 vs 1H19
(209)
703
2,022
ns
Adjusted net operating income*
494
3,744
-87%
48
390
239
-80%
including income from equity affiliates
438
452
-3%
56.6%
59.6%
39.5%
Effective tax rate**
69.6%
44.0%
1,112
1,572
1,995
-44%
Organic investments
2,684
3,953
-32%
311
(6)
204
+52%
Net acquisitions
305
242
+26%
1,423
1,566
2,199
-35%
Net investments
2,989
4,195
-29%
1,810
2,576
4,882
-63%
Operating cash flow before working capital changes ***
4,386
9,128
-52%
910
3,923
3,768
-76%
Cash flow from operations ***
4,833
7,704
-37%
* Details on adjustment items are shown in the business segment
information annex to financial statements. ** Tax on adjusted net
operating income / (adjusted net operating income - income from
equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income). ***
Excluding financial charges, except those related to leases.
Exploration & Production adjusted net operating loss was
$209 million in the second quarter compared to adjusted net
operating income of $2,022 million a year ago due to the sharp drop
in oil and gas prices and lower production. Operating cash flow
before working capital changes was $1,810 million in the second
quarter compared to $4,882 million a year earlier for the same
reasons.
Exploration & Production adjusted net operating income fell
to $494 million in the first half 2020 from $3,744 million in the
first half 2019 due to the sharp drop in oil and gas prices.
Operating cash flow before working capital changes was $4,386
million compared to $9,128 million in the first half 2019.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
704
684
1,138
-38%
Adjusted net operating income*
1,388
2,237
-38%
457
277
557
-18%
Organic investments
734
876
-16%
(20)
(30)
38
ns
Net acquisitions
(50)
(93)
ns
437
247
595
-27%
Net investments
684
783
-13%
1,488
1,064
1,432
+4%
Operating cash flow before working capital changes **
2,552
3,118
-18%
1,899
(1,582)
2,269
-16%
Cash flow from operations **
317
1,963
-84%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Refining & Chemicals
> Refinery and
petrochemicals throughput and utilization rates
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Refinery throughput and utilization rate*
1H20
1H19
1H20 vs 1H19
1,249
1,444
1,595
-22%
Total refinery throughput (kb/d)
1,347
1,729
-22%
205
255
447
-54%
France
230
520
-56%
595
756
679
-12%
Rest of Europe
676
751
-10%
449
433
469
-4%
Rest of world
441
458
-4%
59%
69%
77%
Utlization rate based on crude only**
64%
83%
* Includes refineries in Africa reported in the Marketing &
Services segment. ** Based on distillation capacity at the
beginning of the year.
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Petrochemicals production and utilization rate
1H20
1H19
1H20 vs 1H19
1,391
1,386
993
+40%
Monomers* (kt)
2,778
2,386
+16%
1,193
1,202
1,127
+6%
Polymers (kt)
2,395
2,424
-1%
84%
83%
64%
Vapocracker utilization rate**
83%
75%
* Olefins. ** Based on olefins production from steamcrackers and
their treatment capacity at the start of the year.
Refinery throughput volumes decreased by 22% in the second
quarter and in the first half of 2020 year-on-year, mainly due to
prolonging the planned shutdown at Feyzin in France, the decision
to not restart Grandpuits after a major turnaround given the drop
in demand and the shutdown of the distillation unit at the Normandy
platform following an incident at the end of 2019.
Monomer production was:
- Up by a strong 40% in the second quarter compared to a year
ago. In the second quarter 2019, it was 993 kt due to planned
maintenance on the steamcrackers at Daesan in South Korea and Port
Arthur in the United States.
- Up 16% in the first half for the same reasons.
Polymer production was:
- Up 6% in the second quarter 2020 compared to a year ago. It was
1,127 kt in the second quarter 2019 due to planned maintenance of
the steamcracker upstream of the polymer units at Daesan in South
Korea.
- Stable in the first half for the same reasons and taking into
account the closure of the polystyrene site at El Prat in Spain and
the planned maintenance at the Qatofin platform in Qatar in the
first quarter 2020.
> Results
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
575
382
715
-20%
Adjusted net operating income*
957
1,471
-35%
302
168
353
-14%
Organic investments
470
593
-21%
(15)
(36)
(58)
ns
Net acquisitions
(51)
(182)
ns
287
132
295
-3%
Net investments
419
411
+2%
996
674
806
+24%
Operating cash flow before working capital changes **
1,670
1,910
-13%
1,080
(1,183)
1,658
-35%
Cash flow from operations **
(103)
1,120
ns
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Refining & Chemicals adjusted net operating income decreased
by 20% to $575 million in the second quarter 2020 compared to a
year ago. The decrease was notably due to an even more severely
degraded refining margin environment in the second quarter and low
plant utilization of 59%, partially offset by resilient
petrochemical margins and outperformance of the trading
activities.
Operating cash flow before working capital changes was $996
million in the second quarter of 2020, up 24% year-on-year for the
reasons above as well as the receipt in the second quarter of the
dividend from HTC.
In the first half 2020, Refining & Chemicals adjusted net
operating income was $1 billion, down 35% compared to a year ago,
and operating cash flow before working capital changes decreased by
13% to $1.7 billion. This decrease was notably linked to the
degraded refining margin environment in the first half and to the
weak plant utilization rate of 64%, partially offset by resilient
petrochemical margins and very good performance of the trading
activities.
Marketing & Services
> Petroleum
product sales
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Sales in kb/d*
1H20
1H19
1H20 vs 1H19
1,301
1,656
1,860
-30%
Total Marketing & Services sales
1,478
1,848
-20%
740
906
1,004
-26%
Europe
823
1,008
-18%
561
750
856
-34%
Rest of world
656
840
-22%
* Excludes trading and bulk refining sales
Petroleum product sales volumes fell by 30% in the quarter and
by 20% in the first half year-on-year notably due to the impact of
the lockdown on demand.
> Results
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
129
302
423
-70%
Adjusted net operating income*
431
766
-44%
155
109
204
-24%
Organic investments
264
283
-7%
(5)
6
96
ns
Net acquisitions
1
89
-99%
150
115
300
-50%
Net investments
265
372
-29%
492
390
626
-21%
Operating cash flow before working capital changes **
882
1,208
-27%
819
(399)
611
+34%
Cash flow from operations **
420
843
-50%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases
Adjusted net operating income was $129 million in the second
quarter 2020, a drop of 70% due to the decrease in volumes. It
decreased by 44% in the first half compared to last year for the
same reason.
Operating cash flow before working capital changes was $492
million in the second quarter 2020 and $882 million in the first
half.
Group results
> Adjusted net
operating income from business segments
Adjusted net operating income from the business segments
was:
- $821 million in the second quarter 2020, a decrease of 77%
compared to a year ago due to lower Brent prices, natural gas
prices and refining margins as well as the impact of the Covid-19
crisis on demand.
- $3,121 million in the first half 2020, a decrease of 55%
year-on-year for the same reasons.
> Adjusted net
income (Group share)
Adjusted net income (Group share) was:
- $126 million in the second quarter 2020, compared to $2,887
million a year ago due to lower Brent prices, natural gas prices
and refining margins as well as the impact of the Covid-19 crisis
on demand.
- $1,907 million in the first half 2020 for the same
reasons.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value12.
Total net income adjustments13 were -$8,495 million in the
second quarter 2020, including -$8,101 million for impairments.
The effective tax rate for the Group was -6.8% in the second
quarter 2020, compared to 30% in the previous quarter. The negative
rate is explained by the adjusted net operating loss in Exploration
& Production, which has a high tax rate, and was not offset by
the positive results in the Downstream, which has a lower tax
rate.
> Adjusted
fully-diluted earnings per share
Adjusted earnings per share was:
- $0.02 in the second quarter 2020, calculated on the basis of a
weighted average of 2,598 million fully-diluted shares, compared to
$1.05 in the same period last year.
- $0.68 in the first half 2020, calculated on the basis of a
weighted average of 2,598 million fully-diluted shares, compared to
$2.07 in the same period last year.
The number of fully-diluted shares was 2,605 million on June 30,
2020.
> Acquisitions -
asset sales
Acquisitions were:
- $857 million in the second quarter 2020, comprised notably of
finalizing the acquisition in India of 50% of a portfolio of
installed solar activities from Adani Green Energy Limited as well
as the acquisition of interests in Blocks 20 and 21 in Angola.
- $2.5 billion in the first half 2020, comprised of the elements
above as well as the finalization of the acquisition of 37.4% of
Adani Gas Limited in India and the payment for a second tranche
linked to taking the 10% stake in the Arctic LNG 2 project in
Russia.
Asset sales were:
- $136 million in the second quarter 2020.
- $678 million in the first half 2020, comprised notably of the
sales of Block CA1 in Brunei, the Group’s interest in the Fos
Cavaou regasification terminal in France, and 50% of a portfolio of
solar and wind assets from Total Quadran in France.
> Net cash
flow
Net cash flow14 for the Group was:
- $226 million in the second quarter 2020 compared to $3.3
billion a year ago due to the decrease in operating cash flow
before working capital changes in the context of sharply lower oil
and gas prices. It remains positive thanks to the decrease in net
investments.
- $0.6 billion in the first half 2020 compared to $6.2 billion
year-on-year due to the decrease in operating cash flow before
working capital changes of $5.6 billion in the context of sharply
lower oil and gas prices.
>
Profitability
The return on equity was 7.5% for the twelve months ended June
30, 2020.
In millions of dollars July 1, 2019 April 1, 2019 July 1,
2018 June 30, 2020 March 31, 2020 June 30, 2019 Adjusted net income
8,214
11,079
13,125
Average adjusted shareholders' equity
109,448
113,607
117,787
Return on equity (ROE)
7.5%
9.8%
11.1%
The return on average capital employed was 7% for the twelve
months ended June 30, 2020.
In millions of dollars July 1, 2019 April 1, 2019 July 1,
2018 June 30, 2020 March 31, 2020 June 30, 2019 Adjusted net
operating income
10,125
13,032
15,087
Average capital employed
145,621
150,418
145,247
ROACE
7.0%
8.7%
10.4%
Total SE accounts
Net income for Total SE, the parent company, was €4,710 million
in the first half 2020 compared to €6,282 million a year ago.
2020 Sensitivities*
Change Estimated impact onadjustednet
operating income Estimated impact oncash flow
fromoperations Dollar +/- 0.1 $ per € -/+ 0.1 B$
~0 B$
Average liquids price** +/- 10 $/b +/- 2.9 B$ +/- 3.3
B$
European gas price - NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.35
B$ +/- 0.35 B$
Variable cost margin, European refining (VCM)
+/- 10 $/t +/- 0.5 B$ +/- 0.6 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about the Group’s portfolio in 2020.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-€
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 15. ** In a 60 $/b Brent environment.
Summary and outlook
Oil prices strengthened since the beginning of June, reaching
around 40 $/b, benefiting from strong compliance with the OPEC+
quotas and the decline of hydrocarbon production in the United
States and Canada as well as a recovery in demand.
The oil environment, however, remains volatile, given the
uncertainty around the extent and speed of the global economic
recovery post-Covid-19.
The Group demonstrates discipline in the implementation of its
2020 action plan:
- Net investments below $14 billion, -
Savings of $1 billion on operating costs compared to 2019.
Total will continue to profitably grow in low carbon
electricity, particularly in renewables, with close to $2 billion
of investments in 2020.
In LNG, Total anticipates significant deferred liftings in the
third quarter and expects the decline in oil prices observed in the
second quarter to have an impact on long-term LNG contract prices
in the second half of the year.
Considering the implementation of the OPEC+ quotas and the
situation in Libya, the Group now expects 2020 production to be
between 2.9 Mboe/d and 2.95 Mboe/d, with a low point in the third
quarter during the summer season. The ramp up of Iara’s second FPSO
in Brazil will contribute to production growth in the last part of
the year. In the Downstream, high inventory levels continue to
weigh on refining margins and utilization rates. In Marketing,
activity in Europe returned to 90% of its pre-crisis level since
June and the Group anticipates that it will remain at a comparable
level in the coming months.
The Group’s priority is to generate a level of cash flow that
allows it to continue to invest in profitable projects, to preserve
an attractive shareholder return and to maintain a strong balance
sheet. To this end, the Group’s teams are focused on the four
priorities of HSE, operational excellence, cost reduction and cash
flow generation.
* * * * *
To listen to the presentation by CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 12:30 (London time) please log on to
total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167
in the United States (code: 7891345). To listen to the replay,
please consult the website or call +44 (0) 333 300 9785 in Europe
or +1 (917) 677 7532 in the United States (code: 7891345).
* * * * *
Operating information by segment
> Group
production (Exploration & Production + iGRP)
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Combined liquids and gasproduction by region (kboe/d)
1H20
1H19
1H20 vs 1H19
1,032
1,097
997
+3%
Europe and Central Asia
1,064
993
+7%
653
701
686
-5%
Africa
677
691
-2%
641
681
703
-9%
Middle East and North Africa
661
695
-5%
314
372
358
-12%
Americas
343
365
-6%
206
235
214
-4%
Asia-Pacific
220
207
+6%
2,846
3,086
2,957
-4%
Total production
2,966
2,951
-
699
753
750
-7%
includes equity affiliates
726
730
-
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Liquids production by region (kb/d)
1H20
1H19
1H20 vs 1H19
381
404
328
+16%
Europe and Central Asia
392
340
+15%
514
555
549
-6%
Africa
534
545
-2%
494
516
546
-9%
Middle East and North Africa
505
534
-5%
127
178
160
-20%
Americas
153
168
-9%
37
47
41
-10%
Asia-Pacific
42
40
+5%
1,553
1,699
1,624
-4%
Total production
1,626
1,627
-
199
214
225
-12%
includes equity affiliates
207
221
-6%
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Gas production by region (Mcf/d)
1H20
1H19
1H20 vs 1H19
3,506
3,734
3,639
-4%
Europe and Central Asia
3,620
3,532
+2%
706
746
703
-
Africa*
726
749
-3%
818
912
866
-6%
Middle East and North Africa
865
885
-2%
1,047
1,092
1,107
-5%
Americas
1,069
1,104
-3%
968
1,076
994
-3%
Asia-Pacific*
1,022
968
+6%
7,045
7,560
7,309
-4%
Total production*
7,302
7,238
+1%
2,698
2,905
2,868
-6%
includes equity affiliates*
2,802
2,762
+1%
* 2Q19 and 1H19 data restated
> Downstream
(Refining & Chemicals and Marketing & Services)
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Petroleum product sales by region (kb/d)
1H20
1H19
1H20 vs 1H19
1,449
1,771
2,018
-28%
Europe
1,610
2,020
-20%
463
683
751
-38%
Africa
573
705
-19%
861
766
846
+2%
Americas
814
842
-3%
433
444
536
-19%
Rest of world
439
576
-24%
3,208
3,663
4,152
-23%
Total consolidated sales
3,435
4,143
-17%
366
497
535
-32%
Includes bulk sales
432
546
-21%
1,541
1,510
1,757
-12%
Includes trading
1,525
1,749
-13%
2Q20
1Q20
2Q19
2Q20 vs 2Q19
Petrochemicals production* (kt)
1H20
1H19
1H20 vs 1H19
1,275
1,272
1,318
-3%
Europe
2,547
2,734
-7%
637
664
475
+34%
Americas
1,301
1,089
+19%
672
652
327
x2.1
Middle-East and Asia
1,324
987
+34%
* Olefins, polymers
Adjustment items to net income (Group share)
2Q20
1Q20
2Q19
In millions of dollars
1H20
1H19
(8,321)
(334)
(56)
Special items affecting net income (Group share)
(8,655)
(70)
-
-
-
Gain (loss) on asset sales
-
-
(20)
(80)
(31)
Restructuring charges
(100)
(33)
(8,101)
-
(57)
Impairments
(8,101)
(57)
(200)
(254)
32
Other
(454)
20
(94)
(1,414)
(28)
After-tax inventory effect : FIFO vs. replacement cost
(1,508)
360
(80)
1
(47)
Effect of changes in fair value
(79)
(69)
(8,495)
(1,747)
(131)
Total adjustments affecting net income
(10,242)
221
Investments - Divestments
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
2,201
2,523
3,028
-27%
Organic investments ( a )
4,724
5,811
-19%
162
135
185
-12%
capitalized exploration
297
417
-29%
733
279
370
+98%
increase in non-current loans
1,012
500
x2
(58)
(117)
(254)
ns
repayment of non-current loans, excluding organic loan
repayment from equity affiliates*
(175)
(388)
ns
(47)
(105)
-
ns
change in debt from renewable projects (Group share)
(152)
-
ns
857
1,644
614
+40%
Acquisitions ( b )
2,501
1,284
+95%
136
542
212
-36%
Asset sales ( c )
678
575
+18%
22
61
-
ns
change in debt from renewable projects (partner
share)
83
-
ns
-
-
-
ns
Other transactions with non-controlling interests ( d )
-
-
ns
2,922
3,625
3,430
-15%
Net investments ( a + b - c - d )
6,547
6,520
-
(41)
7
(99)
ns
Organic loan repayment from equity affiliates* ( e )
(34)
(99)
ns
69
166
-
ns
Change in debt from renewable projects financing ** ( f )
235
-
ns
22
24
-
ns
Capex linked to capitalized leasing contracts ( g )
46
-
ns
2,928
3,774
3,331
-12%
Cash flow used in investing activities ( a + b - c + e +
f -g)
6,702
6,421
+4%
* Effective second quarter 2019, organic loan repayments from
equity affiliates are defined as loan repayments from equity
affiliates coming from their cash flow from operations. ** Change
in debt from renewable projects (Group share and partner
share).
Cash flow
2Q20
1Q20
2Q19
2Q20 vs 2Q19
In millions of dollars
1H20
1H19
1H20 vs 1H19
3,647
4,528
7,208
-49%
Operating cash flow before working capital changes w/o
financials charges (DACF)
8,175
13,744
-41%
(499)
(512)
(501)
ns
Financial charges
(1,011)
(1,004)
ns
3,148
4,016
6,707
-53%
Operating cash flow before working capital changes ( a
)
7,164
12,740
-44%
431
(884)
(317)
ns
(Increase) decrease in working capital
(453)
(3,287)
ns
(42)
(1,796)
(40)
ns
Inventory effect
(1,838)
526
ns
(17)
(44)
-
ns
capital gain from renewable projects sale
(61)
-
(41)
7
(99)
ns
Organic loan repayment from equity affiliates
(34)
(99)
ns
3,479
1,299
6,251
-44%
Cash flow from operations
4,778
9,880
-52%
2,201
2,523
3,028
-27%
Organic investments ( b )
4,724
5,811
-19%
947
1,493
3,679
-74%
Free cash flow after organic investments,w/o net asset
sales ( a - b )
2,440
6,929
-65%
2,922
3,625
3,430
-15%
Net investments ( c )
6,547
6,520
-
226
391
3,277
-93%
Net cash flow ( a - c )
617
6,220
-90%
Gearing ratio*
In millions of dollars
06/30/2020
03/31/2020
06/30/2019
Current borrowings
16,154
18,521
16,221
Net current financial assets
(6,159)
(6,412)
(3,110)
Net financial assets classified as held for sale
-
-
-
Non-current financial debt
61,540
48,896
45,394
Non-current financial assets
(2,431)
(1,133)
(771)
Cash and cash equivalents
(29,727)
(21,634)
(26,723)
Net debt (a)
39,377
38,238
31,011
of which leases
7,383
7,309
7,015
Shareholders’ equity - Group share
101,205
112,006
116,862
Non-controlling interests
2,334
2,428
2,362
Shareholders' equity (b)
103,539
114,434
119,224
Net-debt-to-capital ratio = a / (a + b)
27.6%
25.0%
20.6%
Net-debt-to-capital ratio excluding leases
23.6%
21.3%
16.8%
*The net-debt-to-capital ratios include the impact of the
new IFRS 16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months
ended June 30, 2020
In millions of dollars Exploration &Production
Integrated Gas,Renewables &Power Refining
&Chemicals Marketing &Services Group Adjusted net
operating income
4,259
2,607
2,489
1,318
10,125
Capital employed at 06/30/2019*
90,633
37,290
12,300
8,535
148,617
Capital employed at 06/30/2020*
79,096
43,527
12,843
8,366
142,625
ROACE
5.0%
6.5%
19.8%
15.6%
7.0%
> Twelve months
ended March 31, 2020
In millions of dollars Exploration &Production
Integrated Gas,Renewables &Power Refining
&Chemicals Marketing &Services Group Adjusted net
operating income
6,490
2,710
2,629
1,612
13,032
Capital employed at 03/31/2019*
90,051
37,235
13,153
8,255
148,463
Capital employed at 03/31/2020*
85,622
44,236
12,878
8,764
152,374
ROACE
7.4%
6.7%
20.2%
18.9%
8.7%
* At replacement cost (excluding after-tax inventory
effect).
This document does not constitute the Financial Report for the
first half of 2020 which will be separately published, in
accordance with article L. 451-1-2 III of the French Code monétaire
et financier, and will be available on the Total website total.com.
This press release presents the results for the second quarter and
half-year 2020 from the consolidated financial statements of TOTAL
SE as of June 30, 2020. It contains information that was privileged
until its release. The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the Total website
total.com. This document may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, notably with respect to
the financial condition, results of operations, business activities
and industrial strategy of TOTAL. This document may also contain
statements regarding the perspectives, objectives and goals of the
Group, including with respect to climate change and carbon
neutrality (net zero emissions). An ambition expresses an outcome
desired by the Group, it being specified that the means to be
deployed do not depend solely on TOTAL. These forward-looking
statements may generally be identified by the use of the future or
conditional tense or forward-looking words such as “envisions”,
“intends”, “anticipates”, “believes”, “considers”, “plans”,
“expects”, “thinks”, “targets”, “aims” or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by the Group as of the date of this document. These
forward-looking statements are not historical data and should not
be interpreted as assurances that the perspectives, objectives or
goals announced will be achieved. They may prove to be inaccurate
in the future, and may evolve or be modified with a significant
difference between the actual results and those initially
estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due
to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences including those due to epidemics such as
Covid-19. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value
of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the Group’s
business, financial condition, including its operating income and
cash flow, reputation or outlook is provided in the most recent
version of the Universal Registration Document which is filed by
the Company with the French Autorité des Marchés Financiers and the
annual report on Form 20-F/A filed with the United States
Securities and Exchange Commission (“SEC”). Financial information
by business segment is reported in accordance with the internal
reporting system and shows internal segment information that is
used to manage and measure the performance of TOTAL. In addition to
IFRS measures, certain alternative performance indicators are
presented, such as performance indicators excluding the adjustment
items described below (adjusted operating income, adjusted net
operating income, adjusted net income), return on equity (ROE),
return on average capital employed (ROACE), gearing ratio and
operating cash flow before working capital changes. These
indicators are meant to facilitate the analysis of the financial
performance of TOTAL and the comparison of income between periods.
They allow investors to track the measures used internally to
manage and measure the performance of the Group. These adjustment
items include: (i) Special items Due
to their unusual nature or particular significance, certain
transactions qualified as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However,
in certain instances, transactions such as restructuring costs or
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect The
adjusted results of the Refining & Chemicals and Marketing
& Services segments are presented according to the replacement
cost method. This method is used to assess the segments’
performance and facilitate the comparability of the segments’
performance with those of its competitors. In the replacement cost
method, which approximates the LIFO (Last-In, First-Out) method,
the variation of inventory values in the statement of income is,
depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or
the average prices of the period rather than the historical value.
The inventory valuation effect is the difference between the
results according to the FIFO (First-In, First-Out) and the
replacement cost.
(iii) Effect of changes in fair
value The effect of changes in fair value presented as an
adjustment item reflects, for some transactions, differences
between internal measures of performance used by TOTAL’s management
and the accounting for these transactions under IFRS. IFRS requires
that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of
economic exposure through derivative transactions, internal
indicators used to measure performance include valuations of
trading inventories based on forward prices. TOTAL, in its trading
activities, enters into storage contracts, whose future effects are
recorded at fair value in Group’s internal economic performance.
IFRS precludes recognition of this fair value effect. Furthermore,
TOTAL enters into derivative instruments to risk manage certain
operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational
transactions are recorded as they occur. Internal indicators defer
the fair value on derivatives to match with the transaction
occurrence. The adjusted results (adjusted operating income,
adjusted net operating income, adjusted net income) are defined as
replacement cost results, adjusted for special items, excluding the
effect of changes in fair value. Euro amounts presented for the
fully adjusted-diluted earnings per share represent dollar amounts
converted at the average euro-dollar (€-$) exchange rate for the
applicable period and are not the result of financial statements
prepared in euros. Cautionary Note to U.S. Investors – The SEC
permits oil and gas companies, in their filings with the SEC, to
separately disclose proved, probable and possible reserves that a
company has determined in accordance with SEC rules. We may use
certain terms in this press release, such as “potential reserves”
or “resources”, that the SEC’s guidelines strictly prohibit us from
including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in our Form 20-F/A, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our
website total.com. You can also obtain this form from the SEC by
calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definition page 2 2 cf press release published on July 29,
2020 3 Certain transactions referred to in the highlights are
subject to approval by authorities or to other conditions as per
the agreements. 4 Adjusted results are defined as income using
replacement cost, adjusted for special items, excluding the impact
of changes for fair value; adjustment items are on page 12. 5 Tax
on adjusted net operating income / (adjusted net operating income –
income from equity affiliates – dividends received from investments
– impairment of goodwill + tax on adjusted net operating income). 6
In accordance with IFRS rules, adjusted fully-diluted earnings per
share is calculated from the adjusted net income less the interest
on the perpetual subordinated bond 7 Organic investments = net
investments excluding acquisitions, asset sales and other
operations with non-controlling interests. 8 Net acquisitions =
acquisitions – assets sales – other transactions with
non-controlling interests (see page 12). 9 Net investments =
Organic investments + net acquisitions (see page 12). 10 Operating
cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at
replacement cost, and effective second quarter 2019 including
organic loan repayments from equity affiliates, and effective first
quarter 2020 including capital gain from renewable projects sale.
The inventory valuation effect is explained on page 14. The
reconciliation table for different cash flow figures is on page 12.
11 DACF = debt adjusted cash flow, is defined as operating cash
flow before working capital changes and financial charges. 12
Adjustment items shown on page 12. 13 Details shown on page 12 and
in the appendix to the financial statements. 14 Net cash flow =
operating cash flow before working capital changes - net
investments (including other transactions with non-controlling
interests).
Total financial statements
________________________________
Second quarter and first half 2020
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF
INCOME
TOTAL
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)(a)
2020
2020
2019
Sales
25,730
43,870
51,242
Excise taxes
(4,168)
(5,293)
(6,040)
Revenues from sales
21,562
38,577
45,202
Purchases, net of inventory variation
(12,025)
(28,068)
(30,390)
Other operating expenses
(6,321)
(6,944)
(7,078)
Exploration costs
(114)
(140)
(170)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(11,593)
(3,635)
(3,661)
Other income
362
580
321
Other expense
(108)
(420)
(189)
Financial interest on debt
(530)
(569)
(568)
Financial income and expense from cash
& cash equivalents
50
(155)
(42)
Cost of net debt
(480)
(724)
(610)
Other financial income
419
188
326
Other financial expense
(161)
(181)
(188)
Net income (loss) from equity
affiliates
(447)
732
812
Income taxes
484
37
(1,571)
Consolidated net income
(8,422)
2
2,804
Group share
(8,369)
34
2,756
Non-controlling interests
(53)
(32)
48
Earnings per share ($)
(3.27)
(0.01)
1.01
Fully-diluted earnings per share ($)
(3.27)
(0.01)
1.00
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TOTAL
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2020
2020
2019
Consolidated net income
(8,422)
2
2,804
Other comprehensive income
Actuarial gains and losses
(356)
133
(223)
Change in fair value of investments in
equity instruments
90
(164)
74
Tax effect
101
(15)
59
Currency translation adjustment generated
by the parent company
1,780
(1,976)
1,057
Items not potentially reclassifiable to
profit and loss
1,615
(2,022)
967
Currency translation adjustment
(919)
(21)
(619)
Cash flow hedge
231
(1,524)
(246)
Variation of foreign currency basis
spread
14
56
43
Share of other comprehensive income of
equity affiliates, net amount
296
(1,223)
(135)
Other
-
3
1
Tax effect
(78)
445
69
Items potentially reclassifiable to
profit and loss
(456)
(2,264)
(887)
Total other comprehensive income (net
amount)
1,159
(4,286)
80
Comprehensive income
(7,263)
(4,284)
2,884
Group share
(7,253)
(4,171)
2,797
Non-controlling interests
(10)
(113)
87
CONSOLIDATED STATEMENT OF
INCOME
TOTAL
(unaudited)
1st half
1st half
(M$)(a)
2020
2019
Sales
69,600
102,447
Excise taxes
(9,461)
(12,121)
Revenues from sales
60,139
90,326
Purchases, net of inventory variation
(40,093)
(60,111)
Other operating expenses
(13,265)
(13,803)
Exploration costs
(254)
(458)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(15,228)
(7,127)
Other income
942
568
Other expense
(528)
(398)
Financial interest on debt
(1,099)
(1,129)
Financial income and expense from cash
& cash equivalents
(105)
(70)
Cost of net debt
(1,204)
(1,199)
Other financial income
607
486
Other financial expense
(342)
(383)
Net income (loss) from equity
affiliates
285
1,523
Income taxes
521
(3,480)
Consolidated net income
(8,420)
5,944
Group share
(8,335)
5,867
Non-controlling interests
(85)
77
Earnings per share ($)
(3.29)
2.17
Fully-diluted earnings per share ($)
(3.29)
2.16
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TOTAL
(unaudited)
1st half
1st half
(M$)
2020
2019
Consolidated net income
(8,420)
5,944
Other comprehensive income
Actuarial gains and losses
(223)
(59)
Change in fair value of investments in
equity instruments
(74)
107
Tax effect
86
14
Currency translation adjustment generated
by the parent company
(196)
(474)
Items not potentially reclassifiable to
profit and loss
(407)
(412)
Currency translation adjustment
(940)
187
Cash flow hedge
(1,293)
(373)
Variation of foreign currency basis
spread
70
54
Share of other comprehensive income of
equity affiliates, net amount
(927)
253
Other
3
2
Tax effect
367
107
Items potentially reclassifiable to
profit and loss
(2,720)
230
Total other comprehensive income (net
amount)
(3,127)
(182)
Comprehensive income
(11,547)
5,762
Group share
(11,424)
5,637
Non-controlling interests
(123)
125
CONSOLIDATED BALANCE SHEET
TOTAL
June 30, 2020
March 31, 2020
December 31, 2019
June 30, 2019
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
33,114
32,823
33,178
29,229
Property, plant and equipment, net
104,925
113,254
116,408
118,063
Equity affiliates : investments and
loans
27,470
26,998
27,122
26,473
Other investments
1,627
1,660
1,778
1,660
Non-current financial assets
2,431
1,133
912
771
Deferred income taxes
7,257
6,694
6,216
6,022
Other non-current assets
2,539
2,537
2,415
2,306
Total non-current assets
179,363
185,099
188,029
184,524
Current assets
Inventories, net
12,688
11,556
17,132
16,410
Accounts receivable, net
13,481
18,029
18,488
20,349
Other current assets
17,155
19,429
17,013
15,958
Current financial assets
6,570
7,016
3,992
3,536
Cash and cash equivalents
29,727
21,634
27,352
26,723
Assets classified as held for sale
421
421
1,288
-
Total current assets
80,042
78,085
85,265
82,976
Total assets
259,405
263,184
273,294
267,500
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
8,159
8,123
8,123
8,301
Paid-in surplus and retained earnings
107,934
119,935
121,170
123,351
Currency translation adjustment
(13,265)
(14,431)
(11,503)
(11,177)
Treasury shares
(1,623)
(1,621)
(1,012)
(3,613)
Total shareholders' equity - Group
share
101,205
112,006
116,778
116,862
Non-controlling interests
2,334
2,428
2,527
2,362
Total shareholders' equity
103,539
114,434
119,305
119,224
Non-current liabilities
Deferred income taxes
10,346
10,462
11,858
11,486
Employee benefits
3,612
3,260
3,501
3,375
Provisions and other non-current
liabilities
19,487
19,452
20,613
21,629
Non-current financial debt
61,540
48,896
47,773
45,394
Total non-current liabilities
94,985
82,070
83,745
81,884
Current liabilities
Accounts payable
19,198
22,123
28,394
27,059
Other creditors and accrued
liabilities
24,790
25,102
25,749
22,686
Current borrowings
16,154
18,521
14,819
16,221
Other current financial liabilities
411
604
487
426
Liabilities directly associated with the
assets classified as held for sale
328
330
795
-
Total current liabilities
60,881
66,680
70,244
66,392
Total liabilities & shareholders'
equity
259,405
263,184
273,294
267,500
CONSOLIDATED STATEMENT OF CASH
FLOW
TOTAL
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2020
2020
2019
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
(8,422)
2
2,804
Depreciation, depletion, amortization and
impairment
11,701
3,730
3,819
Non-current liabilities, valuation
allowances and deferred taxes
(796)
(661)
239
(Gains) losses on disposals of assets
(131)
(209)
(191)
Undistributed affiliates' equity
earnings
978
(587)
(168)
(Increase) decrease in working capital
431
(884)
(317)
Other changes, net
(282)
(92)
65
Cash flow from operating
activities
3,479
1,299
6,251
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(2,409)
(2,364)
(2,881)
Acquisitions of subsidiaries, net of cash
acquired
-
(188)
(208)
Investments in equity affiliates and other
securities
(136)
(1,534)
(437)
Increase in non-current loans
(733)
(295)
(370)
Total expenditures
(3,278)
(4,381)
(3,896)
Proceeds from disposals of intangible
assets and property, plant and equipment
219
44
155
Proceeds from disposals of subsidiaries,
net of cash sold
12
142
(1)
Proceeds from disposals of non-current
investments
20
295
58
Repayment of non-current loans
99
126
353
Total divestments
350
607
565
Cash flow used in investing
activities
(2,928)
(3,774)
(3,331)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
374
-
449
- Treasury shares
(2)
(609)
(1,279)
Dividends paid:
- Parent company
shareholders
(1,928)
(1,882)
(2,935)
- Non-controlling
interests
(76)
-
(93)
Net issuance (repayment) of perpetual
subordinated notes
-
-
-
Payments on perpetual subordinated
notes
(134)
(97)
(175)
Other transactions with non-controlling
interests
(22)
(48)
-
Net issuance (repayment) of non-current
debt
15,430
42
2,331
Increase (decrease) in current
borrowings
(6,604)
2,785
37
Increase (decrease) in current financial
assets and liabilities
449
(2,995)
(164)
Cash flow from (used in) financing
activities
7,487
(2,804)
(1,829)
Net increase (decrease) in cash and
cash equivalents
8,038
(5,279)
1,091
Effect of exchange rates
55
(439)
200
Cash and cash equivalents at the beginning
of the period
21,634
27,352
25,432
Cash and cash equivalents at the end of
the period
29,727
21,634
26,723
CONSOLIDATED STATEMENT OF CASH
FLOW
TOTAL
(unaudited)
1st half
1st half
(M$)
2020
2019
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
(8,420)
5,944
Depreciation, depletion, amortization and
impairment
15,431
7,535
Non-current liabilities, valuation
allowances and deferred taxes
(1,457)
379
(Gains) losses on disposals of assets
(340)
(364)
Undistributed affiliates' equity
earnings
391
(474)
(Increase) decrease in working capital
(453)
(3,287)
Other changes, net
(374)
147
Cash flow from operating
activities
4,778
9,880
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(4,773)
(5,585)
Acquisitions of subsidiaries, net of cash
acquired
(188)
(208)
Investments in equity affiliates and other
securities
(1,670)
(1,190)
Increase in non-current loans
(1,028)
(500)
Total expenditures
(7,659)
(7,483)
Proceeds from disposals of intangible
assets and property, plant and equipment
263
163
Proceeds from disposals of subsidiaries,
net of cash sold
154
146
Proceeds from disposals of non-current
investments
315
266
Repayment of non-current loans
225
487
Total divestments
957
1,062
Cash flow used in investing
activities
(6,702)
(6,421)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
374
450
- Treasury shares
(611)
(1,770)
Dividends paid:
- Parent company
shareholders
(3,810)
(4,765)
- Non-controlling
interests
(76)
(93)
Net issuance (repayment) of perpetual
subordinated notes
-
-
Payments on perpetual subordinated
notes
(231)
(315)
Other transactions with non-controlling
interests
(70)
(150)
Net issuance (repayment) of non-current
debt
15,472
3,581
Increase (decrease) in current
borrowings
(3,819)
(1,489)
Increase (decrease) in current financial
assets and liabilities
(2,546)
(58)
Cash flow from (used in) financing
activities
4,683
(4,609)
Net increase (decrease) in cash and
cash equivalents
2,759
(1,150)
Effect of exchange rates
(384)
(34)
Cash and cash equivalents at the beginning
of the period
27,352
27,907
Cash and cash equivalents at the end of
the period
29,727
26,723
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Common shares issued
Paid-in surplus and retained
earnings
Currency translation
adjustment
Treasury shares
Shareholders' equity -
Group Share
Non- controlling
interests
Total shareholders'
equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2019
2,640,602,007
8,227
120,569
(11,313)
(32,473,281)
(1,843)
115,640
2,474
118,114
Net income of the first half
2019
-
-
5,867
-
-
-
5,867
77
5,944
Other comprehensive income
-
-
(366)
136
-
-
(230)
48
(182)
Comprehensive Income
-
-
5,501
136
-
-
5,637
125
5,762
Dividend
-
-
(3,875)
-
-
-
(3,875)
(93)
(3,968)
Issuance of common shares
26,281,753
74
1,271
-
-
-
1,345
-
1,345
Purchase of treasury shares
-
-
-
-
(32,331,446)
(1,770)
(1,770)
-
(1,770)
Sale of treasury shares(a)
-
-
-
-
4,010
-
-
-
-
Share-based payments
-
-
103
-
-
-
103
-
103
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
(5)
-
-
-
(5)
-
(5)
Payments on perpetual subordinated
notes
-
-
(207)
-
-
-
(207)
-
(207)
Other operations with
non-controlling interests
-
-
-
-
-
-
-
(150)
(150)
Other items
-
-
(6)
-
-
-
(6)
6
-
As of June 30, 2019
2,666,883,760
8,301
123,351
(11,177)
(64,800,717)
(3,613)
116,862
2,362
119,224
Net income of the second half
2019
-
-
5,400
-
-
-
5,400
94
5,494
Other comprehensive income
-
-
(293)
(326)
-
-
(619)
20
(599)
Comprehensive Income
-
-
5,107
(326)
-
-
4,781
114
4,895
Dividend
-
-
(3,855)
-
-
-
(3,855)
(22)
(3,877)
Issuance of common shares
106,750
-
(6)
-
-
-
(6)
-
(6)
Purchase of treasury shares
-
-
-
-
(20,057,890)
(1,040)
(1,040)
-
(1,040)
Sale of treasury shares(a)
-
-
(219)
-
4,274,938
219
-
-
-
Share-based payments
-
-
104
-
-
-
104
-
104
Share cancellation
(65,109,435)
(178)
(3,244)
-
65,109,435
3,422
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
1
-
-
-
1
-
1
Payments on perpetual subordinated
notes
-
-
(146)
-
-
-
(146)
-
(146)
Other operations with
non-controlling interests
-
-
55
-
-
-
55
108
163
Other items
-
-
22
-
-
-
22
(35)
(13)
As of December 31, 2019
2,601,881,075
8,123
121,170
(11,503)
(15,474,234)
(1,012)
116,778
2,527
119,305
Net income of the first half
2020
-
-
(8,335)
-
-
-
(8,335)
(85)
(8,420)
Other comprehensive income
-
-
(1,327)
(1,762)
-
-
(3,089)
(38)
(3,127)
Comprehensive income
-
-
(9,662)
(1,762)
-
-
(11,424)
(123)
(11,547)
Dividend
-
-
(3,799)
-
-
-
(3,799)
(76)
(3,875)
Issuance of common shares
13,179,262
36
338
-
-
-
374
-
374
Purchase of treasury shares
-
-
-
-
(13,236,044)
(611)
(611)
-
(611)
Sale of treasury shares(a)
-
-
-
-
3,680
-
-
-
-
Share-based payments
-
-
96
-
-
-
96
-
96
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(143)
-
-
-
(143)
-
(143)
Other operations with
non-controlling interests
-
-
(63)
-
-
-
(63)
(7)
(70)
Other items
-
-
(3)
-
-
-
(3)
13
10
As of June 30, 2020
2,615,060,337
8,159
107,934
(13,265)
(28,706,598)
(1,623)
101,205
2,334
103,539
(a)Treasury shares related to the
restricted stock grants.
INFORMATION BY BUSINESS SEGMENT TOTAL (unaudited)
2nd quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
992
3,313
9,433
11,986
6
-
25,730
Intersegment sales
3,097
301
2,956
107
31
(6,492)
-
Excise taxes
-
-
(469)
(3,699)
-
-
(4,168)
Revenues from sales
4,089
3,614
11,920
8,394
37
(6,492)
21,562
Operating expenses
(2,405)
(3,406)
(10,895)
(7,931)
(315)
6,492
(18,460)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(9,667)
(1,282)
(393)
(229)
(22)
-
(11,593)
Operating income
(7,983)
(1,074)
632
234
(300)
-
(8,491)
Net income (loss) from equity affiliates
and other items
17
21
(35)
22
40
-
65
Tax on net operating income
398
322
(132)
(127)
(26)
-
435
Net operating income
(7,568)
(731)
465
129
(286)
-
(7,991)
Net cost of net debt
(431)
Non-controlling interests
53
Net income - group share
(8,369)
2nd quarter 2020
(adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
(18)
-
-
-
-
(18)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
(18)
-
-
-
-
(18)
Operating expenses
(27)
(199)
(48)
5
(36)
-
(305)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(7,338)
(953)
-
-
-
-
(8,291)
Operating income
(b)
(7,365)
(1,170)
(48)
5
(36)
-
(8,614)
Net income (loss) from equity affiliates
and other items
(57)
(217)
(63)
(5)
-
-
(342)
Tax on net operating income
63
330
1
-
12
-
406
Net operating income
(b)
(7,359)
(1,057)
(110)
-
(24)
-
(8,550)
Net cost of net debt
33
Non-controlling interests
22
Net income - group share
(8,495)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
(26)
(16)
-
- On net operating income
-
-
(86)
(9)
-
2nd quarter 2020
(adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
992
3,331
9,433
11,986
6
-
25,748
Intersegment sales
3,097
301
2,956
107
31
(6,492)
-
Excise taxes
-
-
(469)
(3,699)
-
-
(4,168)
Revenues from sales
4,089
3,632
11,920
8,394
37
(6,492)
21,580
Operating expenses
(2,378)
(3,207)
(10,847)
(7,936)
(279)
6,492
(18,155)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,329)
(329)
(393)
(229)
(22)
-
(3,302)
Adjusted operating income
(618)
96
680
229
(264)
-
123
Net income (loss) from equity affiliates
and other items
74
238
28
27
40
-
407
Tax on net operating income
335
(8)
(133)
(127)
(38)
-
29
Adjusted net operating
income
(209)
326
575
129
(262)
-
559
Net cost of net debt
(464)
Non-controlling interests
31
Adjusted net income - group
share
126
2nd quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
1,606
1,170
307
174
21
3,278
Total divestments
204
89
22
26
9
350
Cash flow from operating
activities
910
1,389
1,080
819
(719)
3,479
NFORMATION BY BUSINESS SEGMENT TOTAL (unaudited)
1st quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,582
5,090
18,523
18,675
-
-
43,870
Intersegment sales
5,564
594
6,095
89
28
(12,370)
-
Excise taxes
-
-
(650)
(4,643)
-
-
(5,293)
Revenues from sales
7,146
5,684
23,968
14,121
28
(12,370)
38,577
Operating expenses
(3,643)
(4,992)
(24,841)
(13,799)
(247)
12,370
(35,152)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,644)
(334)
(395)
(244)
(18)
-
(3,635)
Operating income
859
358
(1,268)
78
(237)
-
(210)
Net income (loss) from equity affiliates
and other items
423
399
(57)
10
124
-
899
Tax on net operating income
(454)
8
335
(32)
28
-
(115)
Net operating income
828
765
(990)
56
(85)
-
574
Net cost of net debt
(572)
Non-controlling interests
32
Net income - group share
34
1st quarter 2020
(adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
2
-
-
-
-
2
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
2
-
-
-
-
2
Operating expenses
(10)
(119)
(1,589)
(346)
(55)
-
(2,119)
Depreciation, depletion and impairment of
tangible assets and mineral interests
-
-
-
-
-
-
-
Operating income
(b)
(10)
(117)
(1,589)
(346)
(55)
-
(2,117)
Net income (loss) from equity affiliates
and other items
128
(75)
(208)
-
-
-
(155)
Tax on net operating income
7
44
425
100
-
-
576
Net operating income
(b)
125
(148)
(1,372)
(246)
(55)
-
(1,696)
Net cost of net debt
(101)
Non-controlling interests
50
Net income - group share
(1,747)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
(1,578)
(218)
-
- On net operating income
-
-
(1,285)
(154)
-
1st quarter 2020
(adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,582
5,088
18,523
18,675
-
-
43,868
Intersegment sales
5,564
594
6,095
89
28
(12,370)
-
Excise taxes
-
-
(650)
(4,643)
-
-
(5,293)
Revenues from sales
7,146
5,682
23,968
14,121
28
(12,370)
38,575
Operating expenses
(3,633)
(4,873)
(23,252)
(13,453)
(192)
12,370
(33,033)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,644)
(334)
(395)
(244)
(18)
-
(3,635)
Adjusted operating income
869
475
321
424
(182)
-
1,907
Net income (loss) from equity affiliates
and other items
295
474
151
10
124
-
1,054
Tax on net operating income
(461)
(36)
(90)
(132)
28
-
(691)
Adjusted net operating
income
703
913
382
302
(30)
-
2,270
Net cost of net debt
(471)
Non-controlling interests
(18)
Adjusted net income - group
share
1,781
1st quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
1,659
2,291
226
160
45
4,381
Total divestments
121
344
79
46
17
607
Cash flow from operating
activities
3,923
(489)
(1,183)
(399)
(553)
1,299
INFORMATION BY BUSINESS SEGMENT TOTAL (unaudited)
2nd quarter 2019
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
2,273
3,789
22,509
22,671
-
-
51,242
Intersegment sales
7,586
632
8,293
139
36
(16,686)
-
Excise taxes
-
-
(761)
(5,279)
-
-
(6,040)
Revenues from sales
9,859
4,421
30,041
17,531
36
(16,686)
45,202
Operating expenses
(4,205)
(3,878)
(29,168)
(16,844)
(229)
16,686
(37,638)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,687)
(328)
(389)
(237)
(20)
-
(3,661)
Operating income
2,967
215
484
450
(213)
-
3,903
Net income (loss) from equity affiliates
and other items
173
661
111
111
26
-
1,082
Tax on net operating income
(1,161)
(450)
46
(170)
64
-
(1,671)
Net operating income
1,979
426
641
391
(123)
-
3,314
Net cost of net debt
(510)
Non-controlling interests
(48)
Net income - group share
2,756
2nd quarter 2019
(adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
(59)
-
-
-
-
(59)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
(59)
-
-
-
-
(59)
Operating expenses
-
(54)
(43)
(34)
-
-
(131)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(43)
(11)
(10)
-
-
-
(64)
Operating income
(b)
(43)
(124)
(53)
(34)
-
-
(254)
Net income (loss) from equity affiliates
and other items
-
407
(49)
(7)
-
-
351
Tax on net operating income
-
(286)
28
9
-
-
(249)
Net operating income
(b)
(43)
(3)
(74)
(32)
-
-
(152)
Net cost of net debt
(4)
Non-controlling interests
25
Net income - group share
(131)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
(6)
(34)
-
- On net operating income
-
-
(1)
(25)
-
2nd quarter 2019
(adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
2,273
3,848
22,509
22,671
-
-
51,301
Intersegment sales
7,586
632
8,293
139
36
(16,686)
-
Excise taxes
-
-
(761)
(5,279)
-
-
(6,040)
Revenues from sales
9,859
4,480
30,041
17,531
36
(16,686)
45,261
Operating expenses
(4,205)
(3,824)
(29,125)
(16,810)
(229)
16,686
(37,507)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,644)
(317)
(379)
(237)
(20)
-
(3,597)
Adjusted operating income
3,010
339
537
484
(213)
-
4,157
Net income (loss) from equity affiliates
and other items
173
254
160
118
26
-
731
Tax on net operating income
(1,161)
(164)
18
(179)
64
-
(1,422)
Adjusted net operating
income
2,022
429
715
423
(123)
-
3,466
Net cost of net debt
(506)
Non-controlling interests
(73)
Adjusted net income - group
share
2,887
2nd quarter 2019
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,257
857
363
383
36
3,896
Total divestments
60
349
70
85
1
565
Cash flow from operating
activities
3,768
641
1,658
611
(427)
6,251
INFORMATION BY BUSINESS SEGMENT TOTAL (unaudited)
1sthalf 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
2,574
8,403
27,956
30,661
6
-
69,600
Intersegment sales
8,661
895
9,051
196
59
(18,862)
-
Excise taxes
-
-
(1,119)
(8,342)
-
-
(9,461)
Revenues from sales
11,235
9,298
35,888
22,515
65
(18,862)
60,139
Operating expenses
(6,048)
(8,398)
(35,736)
(21,730)
(562)
18,862
(53,612)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(12,311)
(1,616)
(788)
(473)
(40)
-
(15,228)
Operating income
(7,124)
(716)
(636)
312
(537)
-
(8,701)
Net income (loss) from equity affiliates
and other items
440
420
(92)
32
164
-
964
Tax on net operating income
(56)
330
203
(159)
2
-
320
Net operating income
(6,740)
34
(525)
185
(371)
-
(7,417)
Net cost of net debt
(1,003)
Non-controlling interests
85
Net income - group share
(8,335)
1sthalf 2020
(adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
(16)
-
-
-
-
(16)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
(16)
-
-
-
-
(16)
Operating expenses
(37)
(318)
(1,637)
(341)
(91)
-
(2,424)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(7,338)
(953)
-
-
-
-
(8,291)
Operating income
(b)
(7,375)
(1,287)
(1,637)
(341)
(91)
-
(10,731)
Net income (loss) from equity affiliates
and other items
71
(292)
(271)
(5)
-
-
(497)
Tax on net operating income
70
374
426
100
12
-
982
Net operating income
(b)
(7,234)
(1,205)
(1,482)
(246)
(79)
-
(10,246)
Net cost of net debt
(68)
Non-controlling interests
72
Net income - group share
(10,242)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
(1,604)
(234)
-
- On net operating income
-
-
(1,371)
(163)
-
1sthalf 2020 (adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
2,574
8,419
27,956
30,661
6
-
69,616
Intersegment sales
8,661
895
9,051
196
59
(18,862)
-
Excise taxes
-
-
(1,119)
(8,342)
-
-
(9,461)
Revenues from sales
11,235
9,314
35,888
22,515
65
(18,862)
60,155
Operating expenses
(6,011)
(8,080)
(34,099)
(21,389)
(471)
18,862
(51,188)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,973)
(663)
(788)
(473)
(40)
-
(6,937)
Adjusted operating income
251
571
1,001
653
(446)
-
2,030
Net income (loss) from equity affiliates
and other items
369
712
179
37
164
-
1,461
Tax on net operating income
(126)
(44)
(223)
(259)
(10)
-
(662)
Adjusted net operating
income
494
1,239
957
431
(292)
-
2,829
Net cost of net debt
(935)
Non-controlling interests
13
Adjusted net income - group
share
1,907
1sthalf 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
3,265
3,461
533
334
66
7,659
Total divestments
325
433
101
72
26
957
Cash flow from operating
activities
4,833
900
(103)
420
(1,272)
4,778
INFORMATION BY BUSINESS SEGMENT TOTAL (unaudited)
1sthalf 2019
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
4,067
10,208
44,220
43,950
2
-
102,447
Intersegment sales
15,302
1,259
16,310
301
63
(33,235)
-
Excise taxes
-
-
(1,537)
(10,584)
-
-
(12,121)
Revenues from sales
19,369
11,467
58,993
33,667
65
(33,235)
90,326
Operating expenses
(8,234)
(10,287)
(56,502)
(32,178)
(406)
33,235
(74,372)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(5,216)
(643)
(763)
(470)
(35)
-
(7,127)
Operating income
5,919
537
1,728
1,019
(376)
-
8,827
Net income (loss) from equity affiliates
and other items
367
1,041
260
101
27
-
1,796
Tax on net operating income
(2,585)
(623)
(246)
(334)
124
-
(3,664)
Net operating income
3,701
955
1,742
786
(225)
-
6,959
Net cost of net debt
(1,015)
Non-controlling interests
(77)
Net income - group share
5,867
1sthalf 2019
(adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
(86)
-
-
-
-
(86)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
(86)
-
-
-
-
(86)
Operating expenses
-
(112)
449
40
-
-
377
Depreciation, depletion and impairment of
tangible assets and mineral interests
(43)
(11)
(10)
-
-
-
(64)
Operating income
(b)
(43)
(209)
439
40
-
-
227
Net income (loss) from equity affiliates
and other items
-
413
(47)
(7)
-
-
359
Tax on net operating income
-
(270)
(121)
(13)
-
-
(404)
Net operating income
(b)
(43)
(66)
271
20
-
-
182
Net cost of net debt
(8)
Non-controlling interests
47
Net income - group share
221
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
486
40
-
- On net operating income
-
-
344
27
-
1sthalf 2019 (adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
4,067
10,294
44,220
43,950
2
-
102,533
Intersegment sales
15,302
1,259
16,310
301
63
(33,235)
-
Excise taxes
-
-
(1,537)
(10,584)
-
-
(12,121)
Revenues from sales
19,369
11,553
58,993
33,667
65
(33,235)
90,412
Operating expenses
(8,234)
(10,175)
(56,951)
(32,218)
(406)
33,235
(74,749)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(5,173)
(632)
(753)
(470)
(35)
-
(7,063)
Adjusted operating income
5,962
746
1,289
979
(376)
-
8,600
Net income (loss) from equity affiliates
and other items
367
628
307
108
27
-
1,437
Tax on net operating income
(2,585)
(353)
(125)
(321)
124
-
(3,260)
Adjusted net operating
income
3,744
1,021
1,471
766
(225)
-
6,777
Net cost of net debt
(1,007)
Non-controlling interests
(124)
Adjusted net income - group
share
5,646
1sthalf 2019
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,282
1,975
648
527
51
7,483
Total divestments
89
574
239
157
3
1,062
Cash flow from operating
activities
7,704
1,533
1,120
843
(1,320)
9,880
Reconciliation of the information by business segment with
Consolidated Financial Statements TOTAL (unaudited)
Consolidated
2nd quarter 2020
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
25,748
(18)
25,730
Excise taxes
(4,168)
-
(4,168)
Revenues
from sales
21,580
(18)
21,562
Purchases net of inventory variation
(11,842)
(183)
(12,025)
Other operating expenses
(6,199)
(122)
(6,321)
Exploration costs
(114)
-
(114)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,302)
(8,291)
(11,593)
Other income
240
122
362
Other expense
(103)
(5)
(108)
Financial interest on debt
(527)
(3)
(530)
Financial income and expense from cash
& cash equivalents
(3)
53
50
Cost of net
debt
(530)
50
(480)
Other financial income
419
-
419
Other financial expense
(160)
(1)
(161)
Net income (loss) from equity
affiliates
11
(458)
(447)
Income taxes
95
389
484
Consolidated net income
95
(8,517)
(8,422)
Group share
126
(8,495)
(8,369)
Non-controlling interests
(31)
(22)
(53)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
2nd quarter 2019
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
51,301
(59)
51,242
Excise taxes
(6,040)
-
(6,040)
Revenues
from sales
45,261
(59)
45,202
Purchases net of inventory variation
(30,295)
(95)
(30,390)
Other operating expenses
(7,042)
(36)
(7,078)
Exploration costs
(170)
-
(170)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,597)
(64)
(3,661)
Other income
253
68
321
Other expense
(117)
(72)
(189)
Financial interest on debt
(564)
(4)
(568)
Financial income and expense from cash
& cash equivalents
(42)
-
(42)
Cost of net
debt
(606)
(4)
(610)
Other financial income
326
-
326
Other financial expense
(188)
-
(188)
Net income (loss) from equity
affiliates
457
355
812
Income taxes
(1,322)
(249)
(1,571)
Consolidated net income
2,960
(156)
2,804
Group share
2,887
(131)
2,756
Non-controlling interests
73
(25)
48
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Reconciliation of the information by business segment with
Consolidated Financial Statements TOTAL (unaudited)
Consolidated
1sthalf 2020
statement of
(M$)
Adjusted
Adjustments(a)
income
Sales
69,616
(16)
69,600
Excise taxes
(9,461)
-
(9,461)
Revenues
from sales
60,155
(16)
60,139
Purchases net of inventory variation
(37,949)
(2,144)
(40,093)
Other operating expenses
(12,985)
(280)
(13,265)
Exploration costs
(254)
-
(254)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,937)
(8,291)
(15,228)
Other income
820
122
942
Other expense
(294)
(234)
(528)
Financial interest on debt
(1,094)
(5)
(1,099)
Financial income and expense from cash
& cash equivalents
(13)
(92)
(105)
Cost of net
debt
(1,107)
(97)
(1,204)
Other financial income
607
-
607
Other financial expense
(341)
(1)
(342)
Net income (loss) from equity
affiliates
669
(384)
285
Income taxes
(490)
1,011
521
Consolidated net income
1,894
(10,314)
(8,420)
Group share
1,907
(10,242)
(8,335)
Non-controlling interests
(13)
(72)
(85)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
1sthalf 2019
statement of
(M$)
Adjusted
Adjustments(a)
income
Sales
102,533
(86)
102,447
Excise taxes
(12,121)
-
(12,121)
Revenues
from sales
90,412
(86)
90,326
Purchases net of inventory variation
(60,533)
422
(60,111)
Other operating expenses
(13,758)
(45)
(13,803)
Exploration costs
(458)
-
(458)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(7,063)
(64)
(7,127)
Other income
453
115
568
Other expense
(190)
(208)
(398)
Financial interest on debt
(1,121)
(8)
(1,129)
Financial income and expense from cash
& cash equivalents
(70)
-
(70)
Cost of net
debt
(1,191)
(8)
(1,199)
Other financial income
486
-
486
Other financial expense
(383)
-
(383)
Net income (loss) from equity
affiliates
1,071
452
1,523
Income taxes
(3,076)
(404)
(3,480)
Consolidated net income
5,770
174
5,944
Group share
5,646
221
5,867
Non-controlling interests
124
(47)
77
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
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