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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TotalEnergies SE | EU:TTE | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.66 | -0.95% | 68.59 | 68.59 | 68.94 | 69.85 | 68.58 | 69.68 | 3,628,541 | 16:40:00 |
With results of more than $3 billion, Total fully benefits from rebound in hydrocarbon prices
LNG and renewables represent one-third of results
Regulatory News:
TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT):
1Q21
1Q20
Change vs 1Q20
1Q19
Change vs 1Q19
Oil price - Brent ($/b)
61.1
50.1
+22%
63.1
-3%
Average price of LNG ($/Mbtu)6.1
6.3
-4%
7.2
-16%
Variable cost margin - Refining Europe, VCM ($/t)5.3
26.3
-80%
33.0
-84%
Adjusted net income (Group share)1
- in billions of dollars (B$)
3.0
1.8
69%
2.8
+9%
- in dollars per share1.10
0.66
+68%
1.02
+8%
DACF1 (B$)
5.8
4.3
+34%
6.3
-8%
Cash Flow from operations (B$)5.6
1.3
x4,3
3.6
+54%
Net income (Group share) of 3.3 B$ in 1Q21 Net-debt-to-capital ratio of 19.5% at March 31, 2021 vs. 21.7% at December 31, 20202 Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of 7% compared to 1Q20 First 2021 interim dividend set at 0.66 €/shareThe Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group's first quarter 2021 accounts. On this occasion, Patrick Pouyanné said:
« In the first quarter, the Group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to-quarter, and its strategy to grow LNG and Renewables and Electricity.
The Group reported adjusted net income of $3 billion, above the pre-crisis first quarter of 2019, despite a less favorable environment by taking advantage of the action plans implemented during the crisis. Cash flow (DACF) increased to $5.8 billion and gearing already decreased to less than 20% in the first quarter of 2021, validating the strategy of resilience and maintaining the dividend driven by the Board of Directors during the 2020 crisis. The Board of Directors confirms the objective of anchoring the Group's gearing sustainably below 20%. The organic cash breakeven was less than $25/b in the first quarter.
The iGRP segment reported adjusted net operating income of $1 billion, the highest in its history, and generated cash flow of more than $1 billion, thanks to growing LNG sales and the positive contribution from Renewables and Electricity, which had an EBITDA of nearly $350 million. Over the past year, gross installed renewable power generation capacity grew from 3 GW to 7.8 GW, renewable power production more than doubled, net power production increased by more than 60% and the Group now has more than 5 million customers in France. With more than $2 billion invested in renewables, including the acquisition of a 20% stake in Adani Green Energy Ltd in India, in the first quarter of 2021, the Group is accelerating its transformation into a broad energy company.
With an adjusted net operating income of $2 billion, Exploration & Production fully captured the higher oil price and provided a strong cash flow contribution of $3.8 billion. Given the OPEC+ quota implementation, the Group’s production, as announced, increased slightly to 2.86 Mboe/d (0.8%). With the launch of the Lake Albert project in Uganda and Tanzania, the Group is implementing its strategy to invest in resilient low-breakeven projects that reduce the carbon intensity of its portfolio.
The improved Upstream environment contrasts with depressed European refining margins, down 80% from a year ago, reflecting weak demand for petroleum products of 13 Mb/d in the first quarter 2021 versus 15 Mb/d a year earlier. Downstream adjusted net operating income was more than $500 million, supported by strong petrochemicals performance and resilient Marketing & Services.
Strengthened by these excellent results and confident in the fundamentals of the Group, the Board of Directors decided to distribute a first interim dividend for fiscal year 2021 stable at €0.66 / share. »
Highlights3
Sustainability
Renewables and Electricity
LNG
Upstream
Downstream
Carbon Capture
Key figures from Total’s consolidated financial statements4
In millions of dollars, except effective tax rate,earnings per share and number of shares1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income from business segments3,487
1,824
2,300
+52%
3,413
+2%
Exploration & Production1,975
1,068
703
x2,8
1,722
+15%
Integrated Gas, Renewables & Power985
254
913
+8%
592
+66%
Refining & Chemicals243
170
382
-36%
756
-68%
Marketing & Services284
332
302
-6%
343
-17%
Contribution of equity affiliates to adjusted net income520
367
658
-21%
614
-15%
Group effective tax rate534.6%
14.9%
30.0%
40.5%
Adjusted net income (Group share)
3,003
1,304
1,781
+69%
2,759
+9%
Adjusted fully-diluted earnings per share (dollars)61.10
0.46
0.66
+68%
1.02
+8%
Adjusted fully-diluted earnings per share (euros)*0.91
0.39
0.60
+52%
0.90
+1%
Fully-diluted weighted-average shares (millions)2,645
2,645
2,601
+2%
2,620
+1%
Net income (Group share)
3,344
891
34
x98,4
3,111
+7%
Organic investments7
2,379
3,432
2,523
-6%
2,784
-15%
Net acquisitions81,590
1,099
1,102
+44%
306
x5,2
Net investments93,969
4,531
3,625
+9%
3,090
+28%
Operating cash flow before working capital changes**105,366
4,498
3,765
+43%
5,774
-7%
Operating cash flow before working capital changesw/o financial charges (DACF)115,750
4,933
4,277
+34%
6,277
-8%
Cash flow from operations5,598
5,674
1,299
x4,3
3,629
+54%
From 2019, data takes into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019. * Average €-$ exchange rate: 1.2048 in the first quarter 2021. ** 1Q20 and 1Q19 data restated.
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Brent ($/b)61.1
44.2
50.1
+22%
63.1
-3%
Henry Hub ($/Mbtu)2.7
2.8
1.9
+46%
2.9
-5%
NBP ($/Mbtu)6.8
5.6
3.1
x2,2
6.3
+7%
JKM ($/Mbtu)10.0
8.0
3.6
x2,8
6.6
+50%
Average price of liquids ($/b)Consolidated subsidiaries56.4
41.0
44.4
+27%
58.7
-4%
Average price of gas ($/Mbtu)Consolidated subsidiaries4.06
3.31
3.35
+21%
4.51
-10%
Average price of LNG ($/Mbtu)Consolidated subsidiaries and equity affiliates6.08
4.90
6.32
-4%
7.20
-16%
Variable cost margin - Refining Europe, VCM ($/t)
5.3
4.6
26.3
-80%
33.0
-84%
* The indicators are shown on page 19.
> Production*
1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Hydrocarbon production (kboe/d)2,863
2,841
3,086
-7%
2,946
-3%
Oil (including bitumen) (kb/d)1,272
1,238
1,448
-12%
1,425
-11%
Gas (including condensates and associated NGL) (kboe/d)1,591
1,603
1,638
-3%
1,521
+5%
Hydrocarbon production (kboe/d)
2,863
2,841
3,086
-7%
2,946
-3%
Liquids (kb/d)1,508
1,483
1,699
-11%
1,629
-7%
Gas (Mcf/d)7,400
7,406
7,560
-2%
7,167
+3%
* Group production = E&P production + iGRP production
Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2021, a decrease of 7% year-on-year, comprised of:
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
Hydrocarbon production for LNG1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 iGRP (kboe/d)518
532
552
-6%
518
-
Liquids (kb/d)64
65
73
-13%
66
-4%
Gas (Mcf/d)2,476
2,549
2,611
-5%
2,460
+1%
Liquefied Natural Gas in Mt
1Q21
4Q20
1Q20
1Q21 vs 1Q20
1Q19
1Q21 vs 1Q19
Overall LNG sales9.9
10.0
9.8
+1%
7.7
+28%
incl. Sales from equity production*4.4
4.3
4.7
-7%
3.8
+15%
incl. Sales by Total from equity production and third party purchases7.9
8.0
7.8
+1%
6.0
+31%
* The Group’s equity production may be sold by Total or by the joint ventures.
Despite hydrocarbon production for LNG in the first quarter of 2021, down 6% year-over-year, mainly due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020, total LNG sales were stable in the first quarter of 2021.
Renewables & Electricity1Q21
4Q20
1Q20
1Q21vs1Q20 Portfolio of renewable power generation gross capacity to 2025 (GW) 1,236.2
26.1
16.7
x2,2
o/w installed capacity7.8
7.0
3.0
x2,6
o/w capacity in construction5.1
4.1
2.2
x2,3
o/w capacity in development23.3
15.0
11.5
x2
Gross capacity in development post-2025 24.0
2.5
0.4
x10
Gross renewables capacity with PPA (GW) 1,221.2
17.5
8.3
x2,6
Portfolio of renewable power generation net capacity to 2025 (GW) 1,228.0
17.9
11.5
x2,4
o/w installed capacity3.8
3.1
1.2
x3,1
o/w capacity in construction3.1
2.3
0.8
x3,8
o/w capacity in development21.1
12.5
9.5
x2,2
Net capacity in development post-2025 22.1
1.4
0.3
x6,5
Net power production (TWh) 34.7
4.3
2.9
+61%
incl. Power production from renewables1.6
1.2
0.7
x2,3
Clients power - BtB and BtC (Million) 25.7
5.6
4.2
+37%
Clients gas - BtB and BtC (Million) 22.7
2.7
1.7
+58%
Sales power - BtB and BtC (TWh)16.1
13.5
14.2
+13%
Sales gas - BtB and BtC (TWh)36.2
31.5
33.5
+8%
Proportionnal EBITDA Renewables and Electricity (M$) 4
344
179
250
+38%
incl. from renewables business148
102
91
+62%
1Includes 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 Group’s share (% interest) of EBITDA in Renewables and Electricity affiliates, regardless of consolidation method and including gains on asset sales. EBITDA: “Earnings Before Interest, Tax, Depreciation and Amortization »
Gross installed renewable power generation capacity grew to 7.8 GW at the end of the first quarter 2021, in line with the target of 10 GW by end-2021.
The portfolio of power capacity in operation, in construction and in development for 2025 has more than doubled from a year ago. It grew by 10 GW in the first quarter 2021 to 36 GW gross and 28 GW net, including the 20% interest in Adani Green Energy Limited (AGEL) and the acquisition of a 4 GW portfolio of solar projects in the US.
Net electricity production was 4.7 TWh in the first quarter 2021, an increase of 61% year-over-year, notably due to doubling production from renewable sources and the acquisition of four CCGT in France and Spain in the fourth quarter 2020.
Sales of electricity and gas in the first quarter 2021 increased by 13% and 8%, respectively, compared to the first quarter 2020 thanks to the growth in the number of customers.
The Group’s share of EBITDA for the Renewables and Electricity activity was $344 million in the first quarter 2021, an increase of 38% year-on-year, driven by the growth in electricity production, mainly from renewables, and the number of gas and electricity customers.
> Results
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income*985
254
913
+8%
592
+66%
including income from equity affiliates264
97
248
+6%
255
+4%
Organic investments
753
1,007
646
+17%
493
+53%
Net acquisitions1,893
577
1,137
+66%
400
x4,7
Net investments2,646
1,584
1,783
+48%
893
x3
Operating cash flow before working capital changes **
1,059
1,072
601
+76%
351
x3
Cash flow from operations ***780
575
(489)
ns
892
-13%
* 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. 1Q20 and 1Q19 data restated (see note 10 on page 3). *** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $985 million in the first quarter, a new record high. The year-on-year increase of 8%, despite the lower price of LNG, reflects the growing contribution of the Renewables and Electricity activity and good performance of trading.
Operating cash flow before working capital changes was $1,059 million in the first quarter 2021, an increase of 76% compared to the first quarter 2020, for the same reasons.
Exploration & Production
> Production
Hydrocarbon production1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 EP (kboe/d)2,345
2,309
2,534
-7%
2,428
-3%
Liquids (kb/d)1,444
1,418
1,626
-11%
1,563
-8%
Gas (Mcf/d)4,924
4,857
4,949
-1%
4,707
+5%
> Results
In millions of dollars, except effective tax rate1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income*1,975
1,068
703
x2,8
1,722
+15%
including income from equity affiliates270
222
390
-31%
213
+27%
Effective tax rate**41.0%
19.8%
59.6%
48.6%
Organic investments
1,279
1,569
1,572
-19%
1,958
-35%
Net acquisitions(202)
548
(6)
ns
38
ns
Net investments1,077
2,117
1,566
-31%
1,996
-46%
Operating cash flow before working capital changes ***
3,824
2,652
2,576
+48%
4,246
-10%
Cash flow from operations ***3,736
3,046
3,923
-5%
3,936
-5%
* 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 the Exploration & Production segment was $1,975 million in the first quarter 2021, nearly triple the first quarter 2020, due to the sharp rebound in oil and gas prices.
Operating cash flow before working capital changes increased by 48% year-over-year to $3,824 million in the first quarter 2021 for the same reasons.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income*527
502
684
-23%
1,099
-52%
Organic investments
335
840
277
+21%
319
+5%
Net acquisitions(103)
80
(30)
ns
(131)
ns
Net investments232
920
247
-6%
188
+23%
Operating cash flow before working capital changes **
872
1,129
1,064
-18%
1,686
-48%
Cash flow from operations **1,661
2,162
(1,582)
ns
(306)
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
> Refinery and petrochemicals throughput and utilization rates
Refinery throughput and utilization rate*1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Total refinery throughput (kb/d)1,147
1,262
1,444
-21%
1,862
-38%
France114
247
255
-55%
592
-81%
Rest of Europe660
582
756
-13%
823
-20%
Rest of world373
433
433
-14%
447
-17%
Utlization rate based on crude only**58%
60%
69%
89%
* Includes refineries in Africa reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year, excluding Grandpuits from 2021, definitively shut down first quarter 2021.
Petrochemicals production and utilization rate1Q21
4Q20
1Q20
1Q21 vs 1Q20
1Q19
1Q21 vs 1Q19
Monomers* (kt)1,405
1,486
1,386
+1%
1,393
+1%
Polymers (kt)1,165
1,291
1,202
-3%
1,297
-10%
Vapocracker utilization rate**87%
90%
83%
87%
* Olefins. ** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
Refinery throughput volumes fell by 21% in the first quarter 2021 compared to a year ago due to the voluntary economic shutdown of the Donges refinery given the low margins, the shutdown of the Grandpuits refinery before its conversion to a zero-oil platform and the sale of the Lindsey refinery in the United Kingdom. The temporary shutdown of the Port Arthur platform in the US due to Storm Uri also contributed to the decline.
Production of monomers and polymers was stable compared to a year ago. The effect of strong demand was partially offset by the temporary shutdown of facilities in the US due to Storm Uri in Texas.
> Results
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income*243
170
382
-36%
756
-68%
Organic investments
222
448
168
+32%
240
-8%
Net acquisitions(57)
(2)
(36)
ns
(124)
ns
Net investments165
446
132
+25%
116
+42%
Operating cash flow before working capital changes **
394
560
674
-42%
1,104
-64%
Cash flow from operations **996
1,514
(1,183)
ns
(538)
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 fell by 36% year-on-year to $243 million in the first quarter 2021. The drop was driven by European refining margins, which are still very poor, due to high oil prices and weak demand, particularly for distillates, due to reduced aviation activity.
Operating cash flow before working capital changes fell by 42% year-on-year to $394 million in the first quarter 2021 for the same reasons.
Cash flow from operations increased by $2,179 million to $996 million in the first quarter 2021 notably due to the decrease in working capital in the first quarter 2021, despite the low first quarter 2020 inventory values that reflected the sharp drop in oil prices.
Marketing & Services
> Petroleum product sales
Sales in kb/d*1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Total Marketing & Services sales1,442
1,509
1,656
-13%
1,836
-21%
Europe776
828
906
-14%
1,012
-23%
Rest of world666
681
750
-11%
824
-19%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 13% year-over-year because of the Covid-19 pandemic-related lockdowns and the 50% drop in aviation activity.
> Results
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Adjusted net operating income*284
332
302
-6%
343
-17%
Organic investments
113
392
109
+4%
80
+41%
Net acquisitions(46)
82
6
ns
(8)
ns
Net investments67
474
115
-42%
72
-7%
Operating cash flow before working capital changes **
478
569
390
+23%
582
-18%
Cash flow from operations **665
648
(399)
ns
232
x2,9
* 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 $284 million in the first quarter 2021, a decrease of 6% compared to a year ago, mainly due to lower worldwide sales volumes for the reasons indicated above.
Operating cash flow before working capital changes was $478 million in the first quarter 2021, an increase of 23%, notably due to the negative impact in the first quarter 2020 of the revaluation of futures contracts.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was $3,487 million in the first quarter 2021, an increase of 52% year-on-year due to the increase in oil and gas prices.
> Adjusted net income (Group share)
Adjusted net income (Group share) was $3,003 million in the first quarter 2021 compared to $1,781 million in the first quarter 2020, an increase of 69%, due to the increase in oil and gas prices.
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 $341 million in the first quarter 2021, comprised of a positive stock effect of close to $700 million, restructuring charges related to voluntary departures in France and Belgium and an impairment related to end of the Qatargas 1 contract.
The effective tax rate for the Group was 34.6% in the first quarter 2021 versus 30% in the first quarter 2020.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was $1.10 in the first quarter 2021, calculated based on 2,645 million weighted-average shares, versus $0.66 in the first quarter 2020.
> Acquisitions - asset sales
Acquisitions were $2,208 million in the first quarter 2021 and include notably the acquisition for $2 billion of a 20% interest in the renewable energy project developer in India, Adani Green Energy Limited.
Asset sales were $618 million in the first quarter 2021 and include notably the 50% farm down in France of a portfolio of renewable projects with total capacity of 285 MW (100%), the sale of a 10% interest in the onshore OML 17 block in Nigeria, a price supplement to the sale of Block CA1 in Brunei and the disposal of the Lindsey refinery in the United Kingdom.
> Net cash flow
Net cash flow14 for the Group was $1,397 million in the first quarter 2021 compared to $140 million in the first quarter 2020, which takes into account the increase in operating cash flow before changes in working capital to $5,366 million from $3,765 million and stable net investments of $3,969 million in the first quarter 2021 compared to $3,625 million a year ago.
> Profitability
The return on equity was 4.9% for the twelve months ended March 31, 2021.
In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019 March 31, 2021 December 31, 2020 March 31, 2020 Adjusted net income5,330
4,067
11,079
Average adjusted shareholders' equity109,135
110,643
113,607
Return on equity (ROE)4.9%
3.7%
9.8%
The return on average capital employed was 4.6% for the twelve months ended March 31, 2021.
In millions of dollars April 1, 2020 January 1, 2020 April 1, 2019 March 31, 2021 December 31, 2020 March 31, 2020 Adjusted net operating income6,915
5,806
13,032
Average capital employed148,777
145,723
150,418
ROACE4.6%
4.0%
8.7%
Total SE accounts
Net income for Total SE, the parent company, was €1,472 million in the first quarter 2021 compared to €1,718 in the first quarter 2020.
2021 Sensitivities*
Change Estimated impact on adjustednet operating income Estimated impact on cashflow from operations Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$ Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$ European gas price - NBP ($/Mbtu) +/- 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 the Group’s portfolio in 2021. 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 19. ** In a 50 $/b Brent environment.
Summary and outlook
Supported by the OPEC+ active policy to reduce inventories by adapting supply to demand, the oil price has remained above $60/b since the beginning of February 2021. However, the oil environment remains volatile and dependent on the global demand recovery, still affected by the Covid-19 pandemic.
The Group maintains its expectation for stable hydrocarbon production in 2021 compared to 2020, benefiting from the resumption of production in Libya.
Total anticipates that the increase in the oil price observed in the first quarter will have a positive impact on its average LNG selling price over the next six months, given the lag effect on pricing formulas.
Given the high level of distillate inventories, European refining margins remain fragile.
Faced with uncertainties in the environment, the Group maintains spending discipline with an operating cost savings target of $0.5 billion in 2021 and production costs close to $5/boe. Net investments are expected to be between $12-13 billion in 2021, half to maintain the Group's activities and half for growth. Nearly 50% of these growth investments will be allocated to renewables and electricity.
The Group's teams are fully committed to the four priorities of HSE including the objectives in terms of CO2 emission reductions, operational excellence, cost reduction and cash flow generation.
In a 2021 hydrocarbon price environment maintained at the level of the first quarter (Brent at $60/b, European gas at $6/Mbtu), and with European refining margins at $10-15/t, the Group would expect to generate cash flow (DACF) on the order of $24 billion and a return on capital employed of close to 10%.
The Group confirms its priorities in terms of cash flow allocation: investing in profitable projects to implement its strategy to transform the Group into a broad-energy company, supporting the dividend through economic cycles, and maintaining a solid balance sheet with a minimum long-term “A” rating, by deleveraging to anchor the net debt-to-capital ratio sustainably below 20%.
* * * * *
To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:30 (Paris time) please log on to total.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in the United States (code: 3046396).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
Combined liquids and gasproduction by region (kboe/d)1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Europe and Central Asia1,050
1,059
1,097
-4%
990
+6%
Africa551
566
701
-21%
697
-21%
Middle East and North Africa651
598
681
-4%
686
-5%
Americas376
382
372
+1%
373
+1%
Asia-Pacific235
236
235
-
201
+17%
Total production2,863
2,841
3,086
-7%
2,946
-3%
includes equity affiliates729
727
753
-3%
709
+3%
Liquids production by region (kb/d)1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Europe and Central Asia374
378
404
-7%
352
+6%
Africa415
427
555
-25%
540
-23%
Middle East and North Africa499
454
516
-3%
522
-4%
Americas179
181
178
+1%
177
+1%
Asia-Pacific41
43
47
-13%
39
+5%
Total production1,508
1,483
1,699
-11%
1,629
-7%
includes equity affiliates201
200
214
-6%
217
-7%
Gas production by region (Mcf/d)1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Europe and Central Asia3,636
3,666
3,734
-3%
3,426
+6%
Africa693
701
746
-7%
795
-13%
Middle East and North Africa843
809
912
-8%
905
-7%
Americas1,100
1,126
1,092
+1%
1,101
-
Asia-Pacific1,128
1,104
1,076
+5%
940
+20%
Total production7,400
7,406
7,560
-2%
7,167
+3%
includes equity affiliates2,855
2,851
2,905
-2%
2,656
+8%
> Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d)1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Europe1,488
1,651
1,771
-16%
2,022
-26%
Africa667
628
683
-2%
658
+1%
Americas772
794
766
+1%
839
-8%
Rest of world495
547
444
+11%
616
-20%
Total consolidated sales3,422
3,619
3,663
-7%
4,135
-17%
Includes bulk sales331
458
497
-33%
557
-41%
Includes trading1,648
1,652
1,510
+9%
1,742
-5%
Petrochemicals production* (kt)1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Europe1,346
1,381
1,272
6%
1,416
-5%
Americas510
662
664
-23%
614
-17%
Middle East and Asia714
735
652
+9%
660
+8%
* Olefins, polymers
> Renewables
1Q21
4Q20
Installed power generation gross capacity (GW) 1,2 Solar Onshore Wind Other Total Solar Onshore Wind Other Total France0.4
0.5
0.1
1.0
0.4
0.5
0.1
1.0
Rest of Europe0.1
0.8
0.1
1.0
0.1
0.8
0.1
1.0
Africa0.1
0.0
0.0
0.1
0.1
0.0
0.0
0.1
Middle East0.3
0.0
0.0
0.3
0.3
0.0
0.0
0.3
North America0.8
0.0
0.0
0.8
0.6
0.0
0.0
0.6
South America0.2
0.1
0.0
0.3
0.2
0.1
0.0
0.2
India3.4
0.1
0.0
3.5
3.3
0.0
0.0
3.3
Asia-Pacific0.7
0.0
0.0
0.7
0.5
0.0
0.0
0.5
Total6.1
1.5
0.1
7.8
5.6
1.3
0.1
7.0
1Q21
4Q20
Power generation gross capacity from renewables in construction to 2025(GW) 1,2 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France0.3
0.0
0.0
0.1
0.4
0.3
0.0
0.0
0.0
0.3
Rest of Europe0.1
0.3
1.1
0.0
1.5
0.1
0.3
1.1
0.0
1.5
Africa0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Middle East0.8
0.0
0.0
0.0
0.8
0.8
0.0
0.0
0.0
0.8
North America0.3
0.0
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.1
South America0.2
0.2
0.0
0.0
0.3
0.2
0.3
0.0
0.0
0.4
India0.9
0.4
0.0
0.0
1.3
0.5
0.0
0.0
0.0
0.5
Asia-Pacific0.4
0.0
0.0
0.0
0.5
0.5
0.0
0.0
0.0
0.5
Total2.9
0.9
1.1
0.1
5.1
2.3
0.6
1.1
0.1
4.1
1Q21
4Q20
Power generation gross capacity from renewables in development to 2025(GW) 1,2 Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France3.2
1.0
0.0
0.0
4.2
3.5
1.0
0.0
0.1
4.6
Rest of Europe5.2
0.3
0.4
0.0
5.9
5.1
0.3
0.4
0.0
5.7
Africa0.1
0.1
0.0
0.0
0.2
0.1
0.1
0.0
0.0
0.2
Middle East0.2
0.0
0.0
0.0
0.2
0.1
0.0
0.0
0.0
0.1
North America3.4
0.2
0.0
0.7
4.2
0.6
0.3
0.0
0.0
0.9
South America0.8
0.8
0.0
0.0
1.6
0.5
0.3
0.0
0.0
0.9
India6.2
0.1
0.0
0.0
6.2
1.6
0.0
0.0
0.0
1.6
Asia-Pacific0.8
0.0
0.0
0.0
0.8
0.9
0.0
0.0
0.0
0.9
Total19.8
2.5
0.4
0.7
23.3
12.5
2.0
0.4
0.1
15.0
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 31 March 2021 (GW) Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total Europe0.6
1.3
1.9
0.3
0.3
0.8
1.4
3.8
0.3
X
4.2
Asia4.4
X
4.5
2.2
0.4
-
2.6
4.0
X
-
4.0
North America0.8
X
0.8
X
X
-
0.2
0.3
X
-
0.3
Rest of World0.3
X
0.5
X
X
-
0.4
0.2
X
-
0.3
total6.0
1.5
7.6
2.8
0.9
0.8
4.5
8.3
0.6
X
8.9
In operation In construction In development PPA average price at 31 march 2021($/MWh) Solar Onshore Wind Total Solar Onshore Wind Offshore Wind Total Solar Onshore Wind Offshore Wind Total Europe242
123
159
68
94
61
68
44
72
X
49
Asia88
X
87
46
49
-
47
40
X
-
40
North America156
X
159
X
X
-
57
32
X
-
54
Rest of World105
X
105
X
X
-
45
89
X
-
123
total113
115
113
48
66
61
55
42
87
X
46
Adjustment items to net income (Group share)
In millions of dollars1Q21
4Q20
1Q20
1Q19
Special items affecting net income (Group share)(342)
(683)
(334)
(14)
Gain (loss) on asset sales-
104
-
-
Restructuring charges(161)
(194)
(80)
(2)
Impairments(144)
(71)
-
-
Other(37)
(522)
(254)
(12)
After-tax inventory effect : FIFO vs. replacement cost689
224
(1,414)
388
Effect of changes in fair value(6)
46
1
(22)
Total adjustments affecting net income
341
(413)
(1,747)
352
Investments - Divestments
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Organic investments ( a )2,379
3,432
2,523
-6%
2,784
-15%
capitalized exploration243
214
135
+80%
232
+5%
increase in non-current loans292
355
279
+5%
130
x2,2
repayment of non-current loans,excluding organic loan repayment from equity affiliates(96)
(212)
(117)
ns
(134)
ns
change in debt from renewable projects (Group share)(167)
(46)
(105)
ns
-
ns
Acquisitions ( b )2,208
1,538
1,644
+34%
669
x3,3
Asset sales ( c )618
439
542
+14%
363
+70%
change in debt from renewable projects (partner share)100
15
61
64%
-
ns
Other transactions with non-controlling interests ( d )-
-
-
ns
-
ns
Net investments ( a + b - c - d )3,969
4,531
3,625
+9%
3,090
+28%
Organic loan repayment from equity affiliates ( e )(30)
(77)
7
ns
-
ns
Change in debt from renewable projects financing * ( f )267
61
166
+61%
-
ns
Capex linked to capitalized leasing contracts ( g )22
39
24
-8%
-
ns
Cash flow used in investing activities ( a + b - c + e + f -g)4,184
4,476
3,774
+11%
3,090
+35%
* Change in debt from renewable projects (Group share and partner share).
Cash flow
In millions of dollars1Q21
4Q20
1Q20
1Q21vs1Q201Q19
1Q21vs1Q19 Operating cash flow before working capital changes w/o financials charges (DACF)5,750
4,933
4,277
+34%
6,277
-8%
Financial charges(384)
(436)
(512)
ns
(503)
ns
Operating cash flow before working capital changes ( a ) *5,366
4,498
3,765
+43%
5,774
-7%
(Increase) decrease in working capital **(555)
976
(633)
ns
(2,711)
ns
Inventory effect883
308
(1,796)
ns
566
+56%
capital gain from renewable projects sale(66)
(32)
(44)
ns
-
ns
Organic loan repayment from equity affiliates(30)
(77)
7
ns
-
ns
Cash flow from operations5,598
5,674
1,299
x4,3
3,629
+54%
Organic investments ( b )
2,379
3,432
2,523
-6%
2,784
-15%
Free cash flow after organic investments,w/o net asset sales ( a - b )2,987
1,066
1,242
x2,4
3,249
-8%
Net investments ( c )
3,969
4,531
3,625
+9%
3,090
+28%
Net cash flow ( a - c )1,397
(33)
140
x10
2,943
-53%
* 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.
Gearing ratio
In millions of dollars 03/31/2021 31/12/2020 03/31/2020 03/31/2019 Current borrowings *19,279
15,893
17,361
12,998
Other current financial liabilities351
203
604
651
Current financial assets *(4,492)
(4,519)
(6,870)
(3,373)
Net financial assets classified as held for sale-
313
-
227
Non-current financial debt *44,842
52,467
42,461
38,264
Non-current financial assets *(2,669)
(3,762)
(993)
(587)
Cash and cash equivalents(30,285)
(31,268)
(21,634)
(25,432)
Net debt (a)27,026
29,327
30,929
22,748
Shareholders’ equity - Group share
109,295
103,702
112,006
117,993
Non-controlling interests2,390
2,383
2,428
2,365
Shareholders' equity (b)111,685
106,085
114,434
120,358
Net-debt-to-capital ratio = a / (a+b)
19.5%
21.7%
21.3%
15.9%
Leases (c)
7,747
7,812
7,309
6,991
Net-debt-to-capital ratio including leases (a+c) / (a+b+c)23.7%
25.9%
25.0%
19.8%
* Excludes leases receivables and leases debts.
Return on average capital employed
> Twelve months ended March 31, 2021
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income1,850
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
ROACE4.0%
4.4%
7.7%
14.2%
4.6%
> Twelve months ended December 31, 2020
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income1,778
2,363
1,039
1,224
5,806
Capital employed at 12/31/2019*41,549
88,844
12,228
8,371
148,828
Capital employed at 12/31/2020*45,611
78,928
11,375
8,793
142,617
ROACE4.1%
2.8%
8.8%
14.3%
4.0%
> Twelve months ended March 31, 2020
In millions of dollars Integrated Gas, Renewables & Power Exploration & Production Refining & Chemicals Marketing & Services Group Adjusted net operating income2,710
6,490
2,629
1,612
13,032
Capital employed at 03/31/2019*37,235
90,051
13,153
8,255
148,463
Capital employed at 03/31/2020*44,236
85,622
12,878
8,764
152,374
ROACE6.7%
7.4%
20.2%
18.9%
8.7%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the first quarter of 2021 from the consolidated financial statements of TOTAL SE as of March 31, 2021. 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, areas of improvement 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, 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 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. The information on risk factors that could have a significant adverse effect on the Group’s business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TOTAL 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 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, 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 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 (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TOTAL, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Total financial statements
First quarter 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)(a)
2021
2020
2020
Sales
43,737
37,943
43,870
Excise taxes
(5,104)
(5,595)
(5,293)
Revenues from sales
38,633
32,348
38,577
Purchases, net of inventory variation
(23,398)
(20,508)
(28,068)
Other operating expenses
(6,880)
(6,663)
(6,944)
Exploration costs
(167)
(338)
(140)
Depreciation, depletion and impairment of tangible assets and mineral interests
(3,325)
(3,543)
(3,635)
Other income
358
838
580
Other expense
(659)
(697)
(420)
Financial interest on debt
(466)
(501)
(569)
Financial income and expense from cash & cash equivalents
95
53
(155)
Cost of net debt
(371)
(448)
(724)
Other financial income
109
173
188
Other financial expense
(130)
(183)
(181)
Net income (loss) from equity affiliates
881
73
732
Income taxes
(1,639)
(149)
37
Consolidated net income
3,412
903
2
Group share
3,344
891
34
Non-controlling interests
68
12
(32)
Earnings per share ($)
1.24
0.31
(0.01)
Fully-diluted earnings per share ($)
1.23
0.31
(0.01)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)
2021
2020
2020
Consolidated net income
3,412
903
2
Other comprehensive income
Actuarial gains and losses
-
17
133
Change in fair value of investments in equity instruments
12
386
(164)
Tax effect
(12)
(21)
(15)
Currency translation adjustment generated by the parent company
(4,173)
4,074
(1,976)
Items not potentially reclassifiable to profit and loss
(4,173)
4,456
(2,022)
Currency translation adjustment
2,523
(1,875)
(21)
Cash flow hedge
504
617
(1,524)
Variation of foreign currency basis spread
-
(7)
56
Share of other comprehensive income of equity affiliates, net amount
469
(100)
(1,223)
Other
1
(4)
3
Tax effect
(157)
(180)
445
Items potentially reclassifiable to profit and loss
3,340
(1,549)
(2,264)
Total other comprehensive income (net amount)
(833)
2,907
(4,286)
Comprehensive income
2,579
3,810
(4,284)
Group share
2,542
3,576
(4,171)
Non-controlling interests
37
234
(113)
CONSOLIDATED BALANCE SHEET
TOTAL
March 31, 2021
December 31, 2020
March 31, 2020
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
33,239
33,528
32,823
Property, plant and equipment, net
106,859
108,335
113,254
Equity affiliates: investments and loans
30,727
27,976
26,998
Other investments
2,062
2,007
1,660
Non-current financial assets
3,700
4,781
1,133
Deferred income taxes
6,619
7,016
6,694
Other non-current assets
2,638
2,810
2,537
Total non-current assets
185,844
186,453
185,099
Current assets
Inventories, net
16,192
14,730
11,556
Accounts receivable, net
17,532
14,068
18,029
Other current assets
14,304
13,428
19,429
Current financial assets
4,605
4,630
7,016
Cash and cash equivalents
30,285
31,268
21,634
Assets classified as held for sale
396
1,555
421
Total current assets
83,314
79,679
78,085
Total assets
269,158
266,132
263,184
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares
8,193
8,267
8,123
Paid-in surplus and retained earnings
112,676
107,078
119,935
Currency translation adjustment
(11,566)
(10,256)
(14,431)
Treasury shares
(8)
(1,387)
(1,621)
Total shareholders' equity - Group share
109,295
103,702
112,006
Non-controlling interests
2,390
2,383
2,428
Total shareholders' equity
111,685
106,085
114,434
Non-current liabilities
Deferred income taxes
10,387
10,326
10,462
Employee benefits
3,644
3,917
3,260
Provisions and other non-current liabilities
20,893
20,925
19,452
Non-current financial debt
52,541
60,203
48,896
Total non-current liabilities
87,465
95,371
82,070
Current liabilities
Accounts payable
26,959
23,574
22,123
Other creditors and accrued liabilities
22,066
22,465
25,102
Current borrowings
20,471
17,099
18,521
Other current financial liabilities
351
203
604
Liabilities directly associated with the assets classified as held for sale
161
1,335
330
Total current liabilities
70,008
64,676
66,680
Total liabilities & shareholders' equity
269,158
266,132
263,184
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)
2021
2020
2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income
3,412
903
2
Depreciation, depletion, amortization and impairment
3,473
3,796
3,730
Non-current liabilities, valuation allowances and deferred taxes
121
(237)
(661)
(Gains) losses on disposals of assets
(285)
(260)
(209)
Undistributed affiliates' equity earnings
(573)
379
(587)
(Increase) decrease in working capital
(819)
1,342
(884)
Other changes, net
269
(249)
(92)
Cash flow from operating activities
5,598
5,674
1,299
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(2,410)
(3,834)
(2,364)
Acquisitions of subsidiaries, net of cash acquired
-
(778)
(188)
Investments in equity affiliates and other securities
(2,126)
(221)
(1,534)
Increase in non-current loans
(300)
(355)
(295)
Total expenditures
(4,836)
(5,188)
(4,381)
Proceeds from disposals of intangible assets and property, plant and equipment
226
114
44
Proceeds from disposals of subsidiaries, net of cash sold
229
124
142
Proceeds from disposals of non-current investments
63
186
295
Repayment of non-current loans
134
288
126
Total divestments
652
712
607
Cash flow used in investing activities
(4,184)
(4,476)
(3,774)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
-
-
-
- Treasury shares
(165)
-
(609)
Dividends paid:
- Parent company shareholders
(2,090)
(2,053)
(1,882)
- Non-controlling interests
(10)
(5)
-
Net issuance (repayment) of perpetual subordinated notes
3,248
-
-
Payments on perpetual subordinated notes
(87)
(62)
(97)
Other transactions with non-controlling interests
(55)
(59)
(48)
Net issuance (repayment) of non-current debt
(890)
104
42
Increase (decrease) in current borrowings
(1,662)
(339)
2,785
Increase (decrease) in current financial assets and liabilities
(148)
1,212
(2,995)
Cash flow from (used in) financing activities
(1,859)
(1,202)
(2,804)
Net increase (decrease) in cash and cash equivalents
(445)
(4)
(5,279)
Effect of exchange rates
(538)
679
(439)
Cash and cash equivalents at the beginning of the period
31,268
30,593
27,352
Cash and cash equivalents at the end of the period
30,285
31,268
21,634
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, 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 quarter 2020
-
-
34
-
-
-
34
(32)
2
Other comprehensive income
-
-
(1,277)
(2,928)
-
-
(4,205)
(81)
(4,286)
Comprehensive Income
-
-
(1,243)
(2,928)
-
-
(4,171)
(113)
(4,284)
Dividend
-
-
-
-
-
-
-
-
-
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(13,236,044)
(609)
(609)
-
(609)
Sale of treasury shares(a)
-
-
-
-
3,030
-
-
-
-
Share-based payments
-
-
31
-
-
-
31
-
31
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of perpetual subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated notes
-
-
(72)
-
-
-
(72)
-
(72)
Other operations with
non-controlling interests
-
-
(44)
-
-
-
(44)
(4)
(48)
Other items
-
-
93
-
-
-
93
18
111
As of March 31, 2020
2,601,881,075
8,123
119,935
(14,431)
(28,707,248)
(1,621)
112,006
2,428
114,434
Net income from April 1 to December 31, 2020
-
-
(7,276)
-
-
-
(7,276)
(62)
(7,338)
Other comprehensive income
-
-
956
4,179
-
-
5,135
381
5,516
Comprehensive Income
-
-
(6,320)
4,179
-
-
(2,141)
319
(1,822)
Dividend
-
-
(7,899)
-
-
-
(7,899)
(234)
(8,133)
Issuance of common shares
51,242,950
144
1,470
-
-
-
1,614
-
1,614
Purchase of treasury shares
-
-
-
-
-
(2)
(2)
-
(2)
Sale of treasury shares(a)
-
-
(236)
-
4,314,545
236
-
-
-
Share-based payments
-
-
157
-
-
-
157
-
157
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of perpetual subordinated notes
-
-
331
-
-
-
331
-
331
Payments on perpetual subordinated notes
-
-
(236)
-
-
-
(236)
-
(236)
Other operations with
non-controlling interests
-
-
(17)
(4)
-
-
(21)
(113)
(134)
Other items
-
-
(107)
-
-
-
(107)
(17)
(124)
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 quarter 2021
-
-
3,344
-
-
-
3,344
68
3,412
Other comprehensive income
-
-
502
(1,304)
-
-
(802)
(31)
(833)
Comprehensive Income
-
-
3,846
(1,304)
-
-
2,542
37
2,579
Dividend
-
-
-
-
-
-
-
(10)
(10)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(3,636,351)
(165)
(165)
-
(165)
Sale of treasury shares(a)
-
-
(216)
-
4,569,755
216
-
-
-
Share-based payments
-
-
14
-
-
-
14
-
14
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
-
-
(90)
-
-
-
(90)
-
(90)
Other operations with
non-controlling interests
-
-
27
(6)
-
-
21
(21)
-
Other items
-
-
17
-
-
-
17
1
18
As of March 31, 2021
2,629,839,616
8,193
112,676
(11,566)
(174,890)
(8)
109,295
2,390
111,685
(a)Treasury shares related to the restricted stock grants.
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
1st quarter 2021
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,514
5,502
19,201
17,513
7
-
43,737
Intersegment sales
6,578
811
5,521
78
29
(13,017)
-
Excise taxes
-
-
(405)
(4,699)
-
-
(5,104)
Revenues from sales
8,092
6,313
24,317
12,892
36
(13,017)
38,633
Operating expenses
(3,068)
(5,218)
(22,933)
(12,076)
(167)
13,017
(30,445)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,183)
(471)
(391)
(255)
(25)
-
(3,325)
Operating income
2,841
624
993
561
(156)
-
4,863
Net income (loss) from equity affiliates and other items
270
263
88
(34)
(28)
-
559
Tax on net operating income
(1,180)
(101)
(280)
(176)
38
-
(1,699)
Net operating income
1,931
786
801
351
(146)
-
3,723
Net cost of net debt
(311)
Non-controlling interests
(68)
Net income - group share
3,344
1st quarter 2021 (adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group 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 - group 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
-
1st quarter 2021 (adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,514
5,537
19,201
17,513
7
-
43,772
Intersegment sales
6,578
811
5,521
78
29
(13,017)
-
Excise taxes
-
-
(405)
(4,699)
-
-
(5,104)
Revenues from sales
8,092
6,348
24,317
12,892
36
(13,017)
38,668
Operating expenses
(3,068)
(5,210)
(23,678)
(12,218)
(167)
13,017
(31,324)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,183)
(326)
(391)
(255)
(25)
-
(3,180)
Adjusted operating income
2,841
812
248
419
(156)
-
4,164
Net income (loss) from equity affiliates and other items
316
312
82
1
12
-
723
Tax on net operating income
(1,182)
(139)
(87)
(136)
36
-
(1,508)
Adjusted net operating income
1,975
985
243
284
(108)
-
3,379
Net cost of net debt
(317)
Non-controlling interests
(59)
Adjusted net income - group share
3,003
1st quarter 2021
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
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
TOTAL
(unaudited)
4th quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,257
5,231
15,052
16,393
10
-
37,943
Intersegment sales
5,574
628
4,160
98
140
(10,600)
-
Excise taxes
-
-
(628)
(4,967)
-
-
(5,595)
Revenues from sales
6,831
5,859
18,584
11,524
150
(10,600)
32,348
Operating expenses
(3,489)
(5,569)
(17,989)
(10,776)
(286)
10,600
(27,509)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,500)
(354)
(412)
(241)
(36)
-
(3,543)
Operating income
842
(64)
183
507
(172)
-
1,296
Net income (loss) from equity affiliates and other items
6
149
(54)
(9)
112
-
204
Tax on net operating income
91
7
(93)
(169)
(72)
-
(236)
Net operating income
939
92
36
329
(132)
-
1,264
Net cost of net debt
(361)
Non-controlling interests
(12)
Net income - group share
891
4th quarter 2020 (adjustments)(a)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
-
3
-
-
-
-
3
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
-
3
-
-
-
-
3
Operating expenses
(49)
(56)
133
17
31
-
76
Depreciation, depletion and impairment of tangible assets and mineral interests
(355)
-
(16)
-
-
-
(371)
Operating income (b)
(404)
(53)
117
17
31
-
(292)
Net income (loss) from equity affiliates and other items
(25)
(26)
(191)
(13)
107
-
(148)
Tax on net operating income
300
(83)
(60)
(7)
(157)
-
(7)
Net operating income (b)
(129)
(162)
(134)
(3)
(19)
-
(447)
Net cost of net debt
10
Non-controlling interests
24
Net income - group share
(413)
(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
-
-
265
43
-
- On net operating income
-
-
192
32
-
4th quarter 2020 (adjusted)
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Non-Group sales
1,257
5,228
15,052
16,393
10
-
37,940
Intersegment sales
5,574
628
4,160
98
140
(10,600)
-
Excise taxes
-
-
(628)
(4,967)
-
-
(5,595)
Revenues from sales
6,831
5,856
18,584
11,524
150
(10,600)
32,345
Operating expenses
(3,440)
(5,513)
(18,122)
(10,793)
(317)
10,600
(27,585)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,145)
(354)
(396)
(241)
(36)
-
(3,172)
Adjusted operating income
1,246
(11)
66
490
(203)
-
1,588
Net income (loss) from equity affiliates and other items
31
175
137
4
5
-
352
Tax on net operating income
(209)
90
(33)
(162)
85
-
(229)
Adjusted net operating income
1,068
254
170
332
(113)
-
1,711
Net cost of net debt
(371)
Non-controlling interests
(36)
Adjusted net income - group share
1,304
4th quarter 2020
Exploration
&
Production
Integrated Gas,
Renewables
& Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,226
1,895
475
533
59
5,188
Total divestments
132
339
31
61
149
712
Cash flow from operating activities
3,046
575
1,514
648
(109)
5,674
INFORMATION 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
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
Consolidated
1st quarter 2021
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
43,772
(35)
43,737
Excise taxes
(5,104)
-
(5,104)
Revenues from sales
38,668
(35)
38,633
Purchases net of inventory variation
(24,289)
891
(23,398)
Other operating expenses
(6,868)
(12)
(6,880)
Exploration costs
(167)
-
(167)
Depreciation, depletion and impairment of tangible assets and mineral interests
(3,180)
(145)
(3,325)
Other income
416
(58)
358
Other expense
(192)
(467)
(659)
Financial interest on debt
(466)
-
(466)
Financial income and expense from cash & cash equivalents
87
8
95
Cost of net debt
(379)
8
(371)
Other financial income
109
-
109
Other financial expense
(130)
-
(130)
Net income (loss) from equity affiliates
520
361
881
Income taxes
(1,446)
(193)
(1,639)
Consolidated net income
3,062
350
3,412
Group share
3,003
341
3,344
Non-controlling interests
59
9
68
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Consolidated
1st quarter 2020
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
43,868
2
43,870
Excise taxes
(5,293)
-
(5,293)
Revenues from sales
38,575
2
38,577
Purchases net of inventory variation
(26,107)
(1,961)
(28,068)
Other operating expenses
(6,786)
(158)
(6,944)
Exploration costs
(140)
-
(140)
Depreciation, depletion and impairment of tangible assets and mineral interests
(3,635)
-
(3,635)
Other income
580
-
580
Other expense
(191)
(229)
(420)
Financial interest on debt
(567)
(2)
(569)
Financial income and expense from cash & cash equivalents
(10)
(145)
(155)
Cost of net debt
(577)
(147)
(724)
Other financial income
188
-
188
Other financial expense
(181)
-
(181)
Net income (loss) from equity affiliates
658
74
732
Income taxes
(585)
622
37
Consolidated net income
1,799
(1,797)
2
Group share
1,781
(1,747)
34
Non-controlling interests
18
(50)
(32)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
1 Definition page 3. 2 Excluding leases. 3 Certain transitions 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 15. 5 Group 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). 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 15). 9 Net investments = organic investments + net acquisitions (see page 15). 10 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 18. The reconciliation table for different cash flow figures is on page 16. 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 18. 13 Details shown on page 15 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).
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