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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Totalenergies Se | LSE:0A30 | London | Ordinary Share | TOTAL ADR REPSG ONE ORD (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10,700 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 219.47B | 21.38B | 8.8647 | 7.49 | 160.08B |
TIDMTTA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
3Q19 Changevs 3Q18 9M19 Changevs 9M18 Oil price - Brent ($/b) 62.0 -18% 64.6 -10% European gas price - NBP ($/Mbtu) 3.9 -54% 4.8 -37% Adjusted net income (Group share)1 - in billions of dollars (B$) 3.02 -24% 8.66 -17% - in dollars per share 1.13 -23% 3.20 -18% DACF1 (B$) 7.4 -2% 21.1 +6% Cash Flow from operations (B$) 8.2 +43% 18.1 +29% Net income (Group share) of 2.8 B$ in 3Q19, a 29% decrease compared to 3Q18 Net-debt-to-capital ratio of 21.1% at September 30, 2019 Hydrocarbon production of 3,040 kboe/d in 3Q19, an increase of 8.4% compared to 3Q18 Ex-dividend date for third 2019 interim dividend of 0.68 EUR/share on March 30, 2020
Total's Board of Directors met on October 29, 2019, to approve the Group's third quarter 2019 financial statements. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
"The Group continues to achieve solid results despite a third quarter environment compared to a year ago that was marked by an 18% decrease in the Brent price to $62/b and gas prices that fell by about 55% in Europe and Asia.
Cash flow (DACF) was essentially stable at $7.4 billion compared to a year ago, thanks to production growth of more than 8% from cash flow accretive projects. Year-to-date cash flow from the iGRP segment increased by nearly $1 billion, driven by LNG production growth of 55% (Yamal LNG in Russia and Ichthys in Australia). Thus Total reduced its organic pre-dividend breakeven to less than $25/b.
In this context, adjusted net income was $3.02 billion in the third quarter and nearly $9 billion in the first nine months of the year. The return on equity was 10.3%.
In Exploration & Production, the Group continues to high-grade its portfolio, particularly in Norway with the start-up of Johan Sverdrup and in the United Kingdom with the ramp-up of Culzean and the sale of high-breakeven mature assets. In Exploration, the Group became operator of a new high-potential pre-salt exploration block in Brazil and participated in two discoveries in Guyana.
The Group continues its dynamic strategy of growth in natural gas to contribute to the energy transition in concrete terms with the acquisition of Anadarko's stake in Mozambique LNG, the launch of the Arctic LNG 2 project in Russia and the investment in the gas marketing partnership with conglomerate Adani in India.
It also continued to grow in low carbon electricity by adding 500 MW of new projects in France during the quarter, launching the construction of a third solar farm in Japan and joining forces with Envision to develop distributed solar projects in China.
Strong performance of the Downstream from leveraging its diversified portfolio of activities confirms the effectiveness of the integrated model. Downstream cash flow was $2 billion in the third quarter, up 14% year-on-year.
Total maintains a solid financial position with gearing of 17.2% excluding capitalized leases (21.1% including). In accordance with the decision of the Board of Directors announced on September 24, the Group is accelerating dividend growth and will distribute the third interim for 2019 in the amount of 0.68EUR per share, an increase of 6% compared to 2018. In addition, given the resilience of its cash flow, the Group bought back $1.15 billion of its shares through September and will buy back a total of $1.75 billion of its shares in 2019."
Key figures2
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of 9M19 9M18 9M19vs9M18 dollars, except effective tax rate,earnings per share and number of shares 3,673 3,589 4,548 -19% Adjusted net 10,675 12,112 -12% operating income from business segments 1,734 2,022 2,439 -29% Exploration & 5,478 6,571 -17% Production* 574 429 697 -18% Integrated Gas, 1,595 1,743 -8% Renewables & Power* 952 715 938 +1% Refining & 2,423 2,479 -2% Chemicals 413 423 474 -13% Marketing & 1,179 1,319 -11% Services 521 457 865 -40% Contribution 1,592 2,268 -30% of equity affiliates to adjusted net income 30.7% 33.0% 38.6% - Group effective 34.9% 38.9% - tax rate3 3,017 2,887 3,958 -24% Adjusted net 8,663 10,395 -17% income (Group share) 1.13 1.05 1.47 -23% Adjusted 3.20 3.88 -18% fully-diluted earnings per share (dollars)4 1.01 0.94 1.26 -20% Adjusted 2.85 3.25 -12% fully-diluted earnings per share (euros)** 2,614 2,625 2,637 -1% Fully-diluted 2,621 2,618 - weighted-average shares (millions) 2,800 2,756 3,957 -29% Net income 8,667 10,314 -16% (Group share) 3,296 3,028 2,568 +28% Organic 9,107 7,967 +14% investments5 3,422 402 3,640 -6% Net 4,131 4,893 -16% acquisitions6 6,718 3,430 6,208 +8% Net investments7 21,129 19,972 +6% 6,853 6,707 7,088 -3% Operating cash 19,593 18,857 +4% flow before working capital changes8 7,385 7,208 7,507 -2% Operating cash 21,129 19,972 +6% flow before working capital changes w/o financial charges (DACF)9 8,206 6,251 5,736 +43% Cash flow from 18,086 14,063 +29% operations
2019 data take into account the impact of the new rule IFRS16 "Leases", effective January 1, 2019.
* 3Q18 and first nine months 2018 restated; historical data for 2017 and 2018 available on www.total.com.
** Average EUR-$ exchange rate: 1.1119 in the third quarter 2019 and 1.1236 in the first nine months 2019.
Highlights since the beginning of the third quarter 201910
-- Finalized acquisition of Anadarko's stake in Mozambique LNG -- Launched Arctic LNG 2 project in Russia -- Expanded partnership with Adani to supply and market natural gas in India -- Signed agreements with Benin to develop LNG market there -- Started production at Johan Sverdrup in the North Sea -- Expanded Brazil pre-salt footprint with new deep offshore exploration license -- Inaugurated 1000th Total service station equipped with solar panels -- Launched construction of third solar farm in Japan -- Alliance with Envision in the fast-growing distributed solar energy market in China -- Acquired renewable energy company Vents d'Oc in France -- Increased ethylene production capacity by 30% at Hanwha Total Petrochemical in South Korea -- Announced creation of a digital factory to accelerate the digital transformation of the Group
Key figures of environment and Group production
> Environment* - liquids and gas price realizations**, refining margins
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18 62.0 68.9 75.2 -18% Brent ($/b) 64.6 72.1 -10% 2.3 2.5 2.9 -19% Henry Hub ($/Mbtu) 2.6 2.8 -10% 3.9 4.1 8.4 -54% NBP ($/Mbtu) 4.8 7.6 -37% 4.7 4.9 10.7 -56% JKM ($/Mbtu) 5.4 9.7 -44% 58.0 63.7 68.8 -16% Average price of 60.0 66.1 -9% liquids ($/b)** 3.5 3.8 5.1 -31% Average price of 3.93 4.83 -19% gas ($/Mbtu)** 47.4 27.6 47.2 - Variable cost margin 36.2 37.3 -3% - Refining Europe, VCM ($/t)
* The indicators are shown on page 15.
** Consolidated subsidiaries.
Production*
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18 3,040 2,957 2,804 +8% Hydrocarbon 2,981 2,742 +9% production (kboe/d) 1,441 1,407 1,431 +1% Oil (including 1,424 1,377 +3% bitumen) (kb/d) 1,599 1,549 1,373 +16% Gas (including 1,557 1,365 +14% condensates and associated NGL) (kboe/d) 3,040 2,957 2,804 +8% Hydrocarbon 2,981 2,742 +9% production (kboe/d) 1,720 1,624 1,611 +7% Liquids (kb/d) 1,658 1,558 +6% 7,399 7,477 6,557 +13% Gas (Mcf/d) 7,399 6,465 +14%
* Group production = EP production + iGRP production.
Hydrocarbon production was 3,040 thousand barrels of oil equivalent per day (kboe/d) in third quarter 2019, an increase of 8% compared to last year, due to:
-- +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria, and Culzean in the United Kingdom, -- -3% due to the natural decline of the fields, -- -1% due to maintenance, notably in Norway.
Hydrocarbon production was 2,981 thousand barrels of oil equivalent per day (kboe/d) in the first nine months 2019, an increase of 9% compared to last year, due to:
-- +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria, -- +1% due to portfolio effect, notably the integration of the Maersk Oil assets, -- -3% due to the natural decline of the fields, -- -1% due to maintenance, notably in Nigeria and Norway.
Analysis of business segments
Exploration & Production (EP - redefined scope)
> Production
3Q19 2Q19 3Q18 3Q19vs3Q18 Hydrocarbon production 9M19 9M18 9M19vs9M18 2,501 2,398 2,433 +3% EP (kboe/d) 2,442 2,389 +2% 1,647 1,551 1,575 +5% Liquids (kb/d) 1,587 1,522 +4% 4,654 4,629 4,678 -1% Gas (Mcf/d) 4,663 4,729 -1%
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of 9M19 9M18 9M19vs9M18 dollars, except effective tax rate 1,734 2,022 2,439 -29% Adjusted net 5,478 6,571 -17% operating income* 297 239 316 -6% including income 749 871 -14% from equity affiliates 39.7% 39.5% 47.5% - Effective tax 42.8% 47.5% rate** 2,065 1,995 1,605 +29% Organic 6,018 5,188 +16% investments (3) 204 373 ns Net acquisitions 239 2,305 -90% 2,061 2,199 1,978 +4% Net investments 6,256 7,493 -17% 4,451 4,882 5,200 -14% Operating cash 13,579 13,921 -2% flow before working capital changes *** 5,007 3,768 4,431 +13% Cash flow from 12,711 12,227 +4% operations ***
* 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 income was:
-- 1,734 M$ in the third quarter 2019, a decrease of 29% year-on-year, impacted notably by lower Brent and natural gas prices as well as higher DD&A expenses on new projects. -- 5,478 M$ in the first nine months 2019, a decrease of 17%, for the same reasons.
Operating cash flow before working capital changes, compared to last year, decreased by 14% in the third quarter to 4.5 B$ and by 2% in the first nine months to 13.6 B$. The start-up of highly accretive cash flow projects offset the effect of lower Brent and gas prices.
Integrated Gas, Renewables & Power (iGRP)
> Production and liquefied natural gas (LNG) sales
3Q19 2Q19 3Q18 3Q19vs3Q18 Hydrocarbon production 9M19 9M18 9M19vs9M18 (kboe/d) 539 559 371 +45% iGRP (kboe/d) 539 353 +53% 73 73 36 x2 Liquids (kb/d) 71 36 +94% 2,745 2,848 1,879 +46% Gas (Mcf/d) 2,736 1,736 +58% 3Q19 2Q19 3Q18 3Q19vs3Q18 Liquefied Natural 9M19 9M18 9M19vs9M18 Gas in Mt 7.4 8.5 6.2 +20% Overall LNG sales 23.7 13.9 +71% 4.2 4.1 2.8 +50% incl. Sales from 12.0 7.7 +55% equity production* 5.5 6.7 5.1 +8% incl. Sales by 18.3 10.5 +75% Total from equity production and third party purchases
* The Group's equity production may be sold by Total or by the joint ventures.
Production growth compared to a year ago is essentially linked to the start-up of production from the Ichthys project in Australia in the third quarter 2018 and the successive start-ups of trains at Yamal LNG in Russia.
Total LNG sales increased by 20% compared to last year for the third quarter thanks to the ramp-up of Yamal LNG and Ichthys as well as the start-up of the first train at Cameron LNG in the United States.
Total LNG sales increased by 71% in the first nine months 2019 for the same reasons as well as the acquisition of the portfolio of LNG contracts from Engie in the third quarter 2018.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18 574 429 697 -18% Adjusted net operating 1,595 1,743 -8% income* 206 195 324 -36% including income from 656 802 -18% equity affiliates 641 442 407 +57% Organic investments 1,576 1,131 +39% 3,375 159 3,341 +1% Net acquisitions 3,934 3,047 +29% 4,015 601 3,748 +7% Net investments 5,509 4,178 +32% 848 869 553 +53% Operating cash 2,327 1,438 +62% flow before working capital changes ** 401 641 (164) ns Cash flow from 1,934 162 x11,9 operations **
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Driven by strong LNG sales growth, operating cash flow before working capital changes for the iGRP segment increased by 53% in the third quarter 2019 and 62% in the first nine months 2019.
Adjusted net operating income was 574 M$ in the third quarter 2019 and 1,595 M$ in the first nine months 2019, a decrease of 18% and 8%, respectively, compared to last year, impacted by lower gas prices in Europe and Asia in particular as well as higher DD&A expenses on new projects.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18 1,719 1,595 1,953 -12% Total refinery 1,725 1,840 -6% throughput (kb/d) 503 447 654 -23% France 514 616 -17% 757 679 795 -5% Rest of Europe 753 737 +2% 459 469 504 -9% Rest of world 458 487 -6% 82% 77% 92% - Utlization 83% 87% - rate based on crude only**
* 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 throughput and utilization rates*
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
Refinery throughput volumes:
-- decreased by 12% in the third quarter 2019 year-on-year, notably as a result of the start of planned maintenance at Normandy and the partial contribution of Grandpuits in France this quarter. -- decreased by 6% in the first nine months 2019 year-on-year for the same reasons.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18 952 715 938 +1% Adjusted net operating 2,423 2,479 -2% income* 354 353 295 +20% Organic investments 947 989 -4% 19 (58) (6) ns Net acquisitions (163) (313) ns 374 295 289 +29% Net investments 785 676 +16% 1,373 806 1,174 +17% Operating cash 3,283 3,112 +5% flow before working capital changes ** 1,575 1,658 1,338 +18% Cash flow from 2,695 1,228 x2,2 operations **
* 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 increased by 1% to 952 M$ in the third quarter 2019, benefiting notably from more favorable petrochemical margins in Europe, and decreased by 2% in the first nine months 2019 to 2,423 M$.
Operating cash flow before working capital changes was 1,373 M$ in the third quarter 2019 and 3,283 M$ in the first nine months 2019, an increase of 17% and 5%, respectively, compared to 2018.
Marketing & Services
> Petroleum product sales
3Q19 2Q19 3Q18 3Q19vs3Q18 Sales in kb/d* 9M19 9M18 9M19vs9M18 1,848 1,860 1,818 +2% Total Marketing & 1,848 1,806 +2% Services sales 1,034 1,004 1,024 +1% Europe 1,017 1,006 +1% 814 856 794 +3% Rest of world 831 800 +4%
* Excludes trading and bulk refining sales
Sales of petroleum products increased by 2% in the third quarter 2019 and the first nine months 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18 413 423 474 -13% Adjusted net operating 1,179 1,319 -11% income* 215 204 245 -12% Organic investments 498 586 -15% 33 96 (69) ns Net acquisitions 121 (145) ns 248 300 176 +41% Net investments 620 441 +41% 622 626 580 +7% Operating cash 1,830 1,656 +10% flow before working capital changes ** 1,483 611 752 +97% Cash flow from 2,326 1,533 +52% operations **
* 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 413 M$ in the third quarter 2019, a decrease of 13%, and 1,179 M$ for the first nine months of 2019.
Operating cash flow before working capital changes was 622 M$ in the third quarter 2019 and 1,830 M$ in the first nine months 2019, an increase of 7% and 10%, respectively, compared to 2018.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
-- 3,673 M$ in the third quarter 2019, down 19% compared to last yeardue to lower Brent and natural gas prices. -- 10,675 M$ in the first nine months 2019, down 12% compared to last yearfor the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
-- 3,017 M$ in the third quarter 2019, down 24% compared to last year. This decrease reflects the decrease in the adjusted net operating income of the segments. -- 8,663 M$ in the first nine months 2019, down 17% compared to last year for the same reasons and the increase in the net cost of net debt compared to a year ago mainly due to the rise in U.S. dollar interest rates.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value 11.
Total net income adjustments12 were:
-- -217 M$ in the third quarter 2019. -- 4 M$ in the first nine months 2019.
The effective tax rate for the Group was:
-- 30.7% in the third quarter 2019, compared to 38.6% the same quarter last year, mainly due to the lower tax rate for Exploration & Production segment linked to the lower hydrocarbon prices. -- 34.9% in the first nine months 2019, compared to 38.9% the first nine months 2018, for the same reasons.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
-- $1.13 in the third quarter 2019, a decrease of 23%, calculated on the basis of a weighted average of 2,614 million fully-diluted shares, compared to $1.47 in the third quarter 2018. -- $3.20 in the first nine months 2019, a decrease of 18%, calculated on the basis of a weighted average of 2,621 million fully-diluted shares, compared to $3.88 in the first nine months 2018.
In the framework of the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:
-- the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option until it was terminated. -- the buyback of additional shares: 8 million shares repurchased in the third quarter 2019 for 0.40 B$ and 21.7 million shares in the first nine months 2019 for 1.15 B$ as part of the 5 B$ buyback program for 2018-20.
The number of fully-diluted shares was 2,614 million on September 30, 2019.
>Acquisitions - asset sales
Acquisitions were:
-- 4,429 M$ in the third quarter 2019, linked notably to the acquisition of Anadarko's interest in Mozambique LNG. -- 5,713 M$ in the first nine months 2019, linked notably to the elements above as well as to the signing of the acquisition of a 10% stake in the Arctic LNG 2 project in Russia and the acquisition of Chevron's interest in the Danish Underground Consortium in Denmark.
Asset sales were:
-- 1,007 M$ in the third quarter 2019, including notably the payment received with the take-over of the Toshiba LNG portfolio in the United States. -- 1,582 M$ in the first nine months 2019, linked notably to the elements above and the sale of the interest in the Wepec refinery in China, the sale of the Group's interest in the Hazira terminal in India and polystyrene activities in China.
>Net cash flow
Net cash flow13 for the Group was:
-- 135 M$ in the third quarter 2019, a decrease of 745 M$ from last year due to increased net acquisitions. -- 6,355 M$ in the first nine months 2019, an increase of 358 M$ from last year due to higher operating cash flow before working capital changes partially offset by higher net acquisitions.
>Profitability
The return on equity was 10.3% for the twelve months ended September 30, 2019.
In millions October 1, 2018 July 1, 2018 October 1, 2017 of dollars September 30, 2019 June 30, 2019 September 30, 2018 Adjusted net 12,104 13,125 13,679 income Average adjusted 117,037 117,787 114,729 shareholders' equity Return on equity 10.3% 11.1% 11.9% (ROE)
The return on average capital employed was 9.6% for the twelve months ended September 30, 2019.
In millions October 1, 2018 July 1, 2018 October 1, 2017 of dollars September 30, 2019 June 30, 2019 September 30, 2018 Adjusted net 14,094 15,087 15,295 operating income Average capital 146,222 145,247 138,242 employed ROACE 9.6% 10.4% 11.1%
Total S.A. accounts
Net income for Total S.A., the parent company, was 5,934 million euros in the first nine months 2019, compared to 4,814 million euros a year ago.
2019 Sensitivities*
2019 sensitivities* Change Estimated impact Estimated impact oncash on adjustednet flow from operations operating income Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$ Average liquids +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$ price** Variable cost +/- 10 $/t +/- 0.5 B$ +/- 0.6 B$ margin, European refining (VCM)
* 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 2019. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-EUR sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** In a 60 $/b Brent environment.
Summary and outlook
Since the start of the fourth quarter 2019, Brent has traded around 60 $/b on average. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth and in a context of geopolitical instability.
The Group maintains its cost discipline and the organic pre-dividend cash flow breakeven will remain below 30 $/b. The Group continues its cost reduction program with more than 0.5 B$ of additional savings this year to reach cumulative savings of more than 4.7 B$ by the end of 2019. It will continue its 5 B$ asset sale program over the 2019-20 period (1.6 B$ was completed at the end of September) and 2019 net investments should be less than 18 B$.
Production growth should reach 9% in 2019, thanks to ramp-ups on projects started in 2018, start-ups since the beginning of the year, including Kaombo Sul in Angola and Culzean in the UK North Sea, Johan Sverdrup in Norway, and the upcoming Iara 1 in Brazil.
The Group will continue to implement its strategy for profitable growth on the integrated gas and low carbon electricity chains, and the iGRP segment will benefit in 2020 from the start-ups of Yamal LNG train 4 as well as Cameron LNG trains 2&3.
Despite volatile European refining margins, the Downstream is well positioned to generate cash flow close to 7 B$ in 2019.
Taking into account the stronger visibility on the Group's future, the Board of Directors decided on September 23, 2019, to accelerate dividend growth for the coming years with guidance of increasing the dividend by 5-6% per year. In addition, the Group will continue to buy back shares within the framework of its 5 B$ share buyback program over the 2018-20 period at 60 $/b with the cumulative projected amount of 3.25 B$ by the end of 2019.
***
To listen to the presentation by CFO Jean-Pierre Sbraire today at 13:00 (London time) please log on to total.com or call +44 (0) 207 192 8000 in Europe or +1 631 510 7495 in the United States (code: 2076368). 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: 2076368).
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
3Q19 2Q19 3Q18 3Q19vs3Q18 Combined liquids 9M19 9M18 9M19vs9M18 and gasproduction by region (kboe/d) 1,004 997 910 +10% Europe and Central 997 879 +13% Asia 733 686 676 +8% Africa 705 674 +5% 720 703 687 +5% Middle East and 703 669 +5% North Africa 363 358 399 -9% Americas 364 390 -7% 221 214 132 +68% Asia-Pacific 212 129 +64% 3,040 2,957 2,804 +8% Total production 2,981 2,742 +9% 698 750 645 +8% includes equity 719 661 +9% affiliates 3Q19 2Q19 3Q18 3Q19vs3Q18 Liquids production 9M19 9M18 9M19vs9M18 by region (kb/d) 367 328 341 +8% Europe and Central 349 324 +8% Asia 583 549 528 +10% Africa 558 514 +8% 562 546 538 +4% Middle East and 543 526 +3% North Africa 163 160 186 -12% Americas 167 180 -8% 44 41 18 x2,4 Asia-Pacific 41 14 x3 1,720 1,624 1,611 +7% Total production 1,658 1,558 +6% 210 225 221 -5% includes equity 217 252 -14% affiliates 3Q19 2Q19 3Q18 3Q19vs3Q18 Gas production by 9M19 9M18 9M19vs9M18 region (Mcf/d) 3,431 3,639 3,069 +12% Europe and Central 3,498 2,993 +17% Asia 768 703 776 -1% Africa 754 801 -6% 866 866 830 +4% Middle East and 879 793 +11% North Africa 1,124 1,107 1,198 -6% Americas 1,111 1,183 -6% 1,210 1,162 684 +77% Asia-Pacific 1,157 695 +66% 7,399 7,477 6,557 +13% Total production 7,399 6,465 +14% 2,635 2,868 2,313 +14% includes equity 2,718 2,199 +24% affiliates
>Downstream (Refining & Chemicals and Marketing & Services)
3Q19 2Q19 3Q18 3Q19vs3Q18 Petroleum product 9M19 9M18 9M19vs9M18 sales by region (kb/d) 1,999 2,018 2,030 -2% Europe 2,013 1,958 +3% 677 751 760 -11% Africa 695 722 -4% 920 846 979 -6% Americas 868 847 +2% 541 536 569 -5% Rest of world 564 631 -11% 4,136 4,152 4,338 -5% Total consolidated 4,141 4,158 - sales 544 535 581 -6% Includes bulk sales 545 569 -4% 1,745 1,757 1,939 -10% Includes trading 1,748 1,783 -2%
Adjustment items to net income (Group share)
3Q19 2Q19 3Q18 In millions of dollars 9M19 9M18 (156) (56) (152) Special items affecting net (226) (705) income (Group share) - - 89 Gain (loss) on asset sales - (14) (20) (31) (39) Restructuring charges (53) (106) (160) (57) (88) Impairments (217) (336) 24 32 (114) Other 44 (249) (71) (28) 160 After-tax inventory effect : 289 632 FIFO vs. replacement cost 10 (47) (9) Effect of changes in fair value (59) (8) (217) (131) (1) Total adjustments affecting net income 4 (81)
Investments - Divestments
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions 9M19 9M18 9M19vs9M18 of dollars 3,296 3,028 2,568 +28% Organic 9,107 7,967 +14% investments ( a ) 152 185 156 -3% capitalized 569 405 +41% exploration 242 370 147 +65% increase 742 458 +62% in non-current loans (61) (254) (688) ns repayment of (449) (1,685) ns non-current loans, excluding organic loan repayment from equity affiliates* (109) - - ns change in debt (109) - ns from renewable projects (Group share) 4,429 614 3,228 +37% Acquisitions 5,713 7,343 -22% ( b ) 1,007 212 209 x4,8 Asset sales ( c ) 1,582 3,071 -48% 105 - - ns change in debt 105 - ns from renewable projects (partner share) - - (621) ns Other - (621) ns transactions with non-controlling interests ( d ) 6,718 3,430 6,208 +8% Net investments ( 13,238 12,860 +3% a + b - c - d ) (101) (99) - ns Organic loan (200) - ns repayment from equity affiliates* ( e ) 214 - - ns Change in debt 214 - ns from renewable projects ** ( f ) 6,831 3,331 5,587 +22% Cash flow used 13,252 12,239 +8% in investing activities ( a + b - c + e + f )
* 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
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions 9M19 9M18 9M19vs9M18 of dollars 7,385 7,208 7,507 -2% Operating 21,129 19,972 +6% cash flow before working capital changes w/o financials charges (DACF) (532) (501) (419) ns Financial (1,536) (1,115) ns charges 6,853 6,707 7,088 -3% Operating 19,593 18,857 +4% cash flow before working capital changes ( a ) 1,523 (317) (1,578) ns (Increase) (1,764) (5,656) ns decrease in working capital (69) (40) 226 ns Inventory 457 862 -47% effect (101) (99) - ns Organic loan (200) - ns repayment from equity affiliates 8,206 6,251 5,736 +43% Cash flow 18,086 14,063 +29% from operations 3,296 3,028 2,568 +28% Organic 9,107 7,967 +14% investments ( b ) 3,557 3,679 4,520 -21% Free cash 10,486 10,890 -4% flow after organic investments,w/o net asset sales ( a - b ) 6,718 3,430 6,208 +8% Net 13,238 12,860 +3% investments ( c ) 135 3,277 880 -85% Net cash flow 6,355 5,997 +6% ( a - c )
Gearing ratio*
In millions of dollars 09/30/2019 06/30/2019 09/30/2018 Current borrowings 14,631 16,221 15,180 Net current financial assets (3,012) (3,110) (2,884) Net financial assets classified - - (14) as held for sale Non-current financial debt 47,923 45,394 41,088 Hedging instruments of (767) (771) (1,129) non-current debt Cash and cash equivalents (27,454) (26,723) (25,252) Net debt (a) 31,321 31,011 26,989 Shareholders' equity - Group share 114,994 116,862 118,193 Non-controlling interests 2,319 2,362 2,430 Shareholders' equity (b) 117,313 119,224 120,623 Net-debt-to-capital ratio 21.1% 20.6% 18.3% = a / (a + b) Net-debt-to-capital ratio 17.2% 16.7% 17.3% excluding leases
*The net-debt-to-capital ratios on September 30, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months ended September 30, 2019
In millions Exploration & Integrated Gas, Refining & Marketing & Group of dollars Production Renewables & Chemicals Services Power Adjusted 7,454 2,271 3,323 1,512 14,094 net operating income Capital 92,104 36,587 12,884 6,841 145,298 employed at 09/30/2018* Capital 88,560 41,516 11,658 7,570 147,145 employed at 09/30/2019* ROACE 8.3% 5.8% 27.1% 21.0% 9.6%
> Twelve months ended June 30, 2019
In millions Exploration & Integrated Gas, Refining & Marketing & Group of dollars Production Renewables & Chemicals Services Power Adjusted 8,159 2,394 3,309 1,573 15,087 net operating income Capital 92,296 30,861 12,939 7,040 141,878 employed at 06/30/2018* Capital 90,633 37,290 12,300 8,535 148,617 employed at 06/30/2019* ROACE 8.9% 7.0% 26.2% 20.2% 10.4%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the third quarter and first nine months of 2019 from the consolidated financial statements of TOTAL S.A. as of September 30, 2019). The limited review procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com
This document may contain forward-looking information on the Group (including objectives and trends), as well as 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, strategy and plans of TOTAL.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, changes in regulations including environmental and climate, currency fluctuations, as well as economic and political developments and changes in business conditions. 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 Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and 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.
Furthermore, 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.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (EUR-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors - The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as "potential reserves" or "resources", that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F/A, File 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.
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1 Definition on page 22 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 11.3 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).4 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 bond5 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.6 Net acquisitions = acquisitions - assets sales - other transactions with non-controlling interests (see page 11).7 Net investments = Organic investments + net acquisitions (see page 11).8 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. The inventory valuation effect is explained onpage 14. The reconciliation table for different cash flow figures is on page 12.9 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.11 Adjustment items shown on page 11.12 Details shown on page 11 and in the annex to the financial statements.13 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
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Total financial statements
Third quarter and nine months 2019 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME TOTAL (unaudited) 3rd quarter2019 2nd quarter 2019 3rd quarter 2018 (M$)(a) Sales 48,589 51,242 54,717 Excise (6,051) (6,040) (6,317) taxes Revenues from 42,538 45,202 48,400 sales Purchases, net (27,898) (30,390) (32,351) of inventory variation Other operating (6,362) (7,078) (6,873) expenses Exploration (96) (170) (234) costs Depreciation, (4,173) (3,661) (3,279) depletion and impairment of tangible assets and mineral interests Other 167 321 581 income Other (559) (189) (355) expense Financial interest (598) (568) (536) on debt Financial income - (42) (63) and expense from cash & cash equivalents Cost of net (598) (610) (599) debt Other financial 163 326 290 income Other financial (178) (188) (171) expense Net income (loss) 1,381 812 918 from equity affiliates Income (1,540) (1,571) (2,240) taxes Consolidated 2,845 2,804 4,087 net income Group 2,800 2,756 3,957 share Non-controlling 45 48 130 interests Earnings per 1.05 1.01 1.48 share ($) Fully-diluted 1.04 1.00 1.47 earnings per share ($) (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL (unaudited) 3rd quarter 2019 2nd quarter 2019 3rd quarter 2018 (M$) Consolidated 2,845 2,804 4,087 net income Other comprehensive income Actuarial gains 5 (223) 33 and losses Change in fair value 19 74 (2) of investments in equity instruments Tax effect (1) 59 (13) Currency translation (3,520) 1,057 (511) adjustment generated by the parent company Items not potentially (3,497) 967 (493) reclassifiable to profit and loss Currency translation 1,207 (619) 93 adjustment Cash flow hedge (202) (246) 55 Variation of foreign (4) 43 (39) currency basis spread Share of other 73 (135) (142) comprehensive income of equity affiliates, net amount Other (6) 1 (2) Tax effect 69 69 (9) Items potentially 1,137 (887) (44) reclassifiable to profit and loss Total (2,360) 80 (537) other comprehensive income (net amount) Comprehensive income 485 2,884 3,550 Group share 462 2,797 3,436 Non-controlling 23 87 114 interests CONSOLIDATED STATEMENT OF INCOME TOTAL (unaudited) 9months 2019 9months 2018 (M$)(a) Sales 151,036 156,868 Excise (18,172) (19,074) taxes Revenues from 132,864 137,794 sales Purchases, net of inventory (88,009) (92,396) variation Other operating (20,165) (20,571) expenses Exploration (554) (596) costs Depreciation, depletion and impairment of (11,300) (9,630) tangible assets and mineral interests Other 735 1,356 income Other (957) (958) expense Financial interest (1,727) (1,404) on debt Financial income and expense (70) (158) from cash & cash equivalents Cost of net (1,797) (1,562) debt Other financial 649 851 income Other financial (561) (500) expense Net income (loss) from 2,904 2,505 equity affiliates Income (5,020) (5,923) taxes Consolidated 8,789 10,370 net income Group 8,667 10,314 share Non-controlling 122 56 interests Earnings per 3.22 3.87 share ($) Fully-diluted earnings 3.20 3.85 per share ($) (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL (unaudited) 9months 2019 9months 2018 (M$) Consolidated net income 8,789 10,370 Other comprehensive income Actuarial gains and losses (54) 100 Change in fair value of investments 126 3 in equity instruments Tax effect 13 (31) Currency translation adjustment generated (3,994) (3,141) by the parent company Items not potentially reclassifiable (3,909) (3,069) to profit and loss Currency translation adjustment 1,394 1,061 Cash flow hedge (575) 310 Variation of foreign currency basis spread 50 (66) Share of other comprehensive income 326 (274) of equity affiliates, net amount Other (4) (4) Tax effect 176 (84) Items potentially reclassifiable 1,367 943 to profit and loss Total other comprehensive income (net amount) (2,542) (2,126) Comprehensive income 6,247 8,244 Group share 6,099 8,242 Non-controlling interests 148 2 CONSOLIDATED BALANCE SHEET TOTAL September30, 2019 June 30,2019 December 31,2018 September 30,2018 (M$) (unaudited) (unaudited) (unaudited) ASSETS Non-current assets Intangible 31,539 29,229 28,922 27,356 assets, net Property, 116,900 118,063 113,324 115,136 plant and equipment, net Equity 27,172 26,473 23,444 23,402 affiliates : investments and loans Other 1,738 1,660 1,421 1,602 investments Non-current 767 771 680 1,129 financial assets Deferred 5,689 6,022 6,663 5,186 income taxes Other 2,264 2,306 2,509 3,167 non-current assets Total 186,069 184,524 176,963 176,978 non-current assets Current assets Inventories, 16,226 16,410 14,880 19,689 net Accounts 18,568 20,349 17,270 20,010 receivable, net Other 14,925 15,958 14,724 18,613 current assets Current 3,781 3,536 3,654 3,553 financial assets Cash and 27,454 26,723 27,907 25,252 cash equivalents Assets 418 - 1,364 207 classified as held for sale Total 81,372 82,976 79,799 87,324 current assets Total 267,441 267,500 256,762 264,302 assets LIABILITIES & SHAREHOLDERS' EQUITY Shareholders' equity Common 8,300 8,301 8,227 8,304 shares Paid-in 123,805 123,351 120,569 123,167 surplus and retained earnings Currency (13,297) (11,177) (11,313) (10,321) translation adjustment Treasury (3,814) (3,613) (1,843) (2,957) shares Total 114,994 116,862 115,640 118,193 shareholders' equity - Group share Non-controlling 2,319 2,362 2,474 2,430 interests Total 117,313 119,224 118,114 120,623 shareholders' equity Non-current liabilities Deferred 11,333 11,486 11,490 12,138 income taxes Employee 3,273 3,375 3,363 3,308 benefits Provisions 20,903 21,629 21,432 18,740 and other non-current liabilities Non-current 47,923 45,394 40,129 41,088 financial debt Total 83,432 81,884 76,414 75,274 non-current liabilities Current liabilities Accounts 26,237 27,059 26,134 28,100 payable Other 24,728 22,686 22,246 24,429 creditors and accrued liabilities Current 14,631 16,221 13,306 15,180 borrowings Other 769 426 478 669 current financial liabilities
Liabilities 331 - 70 27 directly associated with the assets classified as held for sale Total 66,696 66,392 62,234 68,405 current liabilities Total 267,441 267,500 256,762 264,302 liabilities & shareholders' equity CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (unaudited) 3rd quarter 2019 2nd quarter 2019 3rd quarter 2018 (M$) CASH FLOW FROM OPERATING ACTIVITIES Consolidated 2,845 2,804 4,087 net income Depreciation, 4,242 3,819 3,477 depletion, amortization and impairment Non-current 235 239 320 liabilities, valuation allowances and deferred taxes (Gains) losses (74) (191) (267) on disposals of assets Undistributed (876) (168) (416) affiliates' equity earnings (Increase) decrease 1,523 (317) (1,578) in working capital Other changes, net 311 65 113 Cash flow from 8,206 6,251 5,736 operating activities CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets (2,210) (2,881) (3,352) and property, plant and equipment additions Acquisitions of (4,385) (208) (2,714) subsidiaries, net of cash acquired Investments (258) (437) (271) in equity affiliates and other securities Increase (242) (370) (147) in non-current loans Total expenditures (7,095) (3,896) (6,484) Proceeds from 63 155 113 disposals of intangible assets and property, plant and equipment Proceeds from (1) (1) (11) disposals of subsidiaries, net of cash sold Proceeds from 40 58 107 disposals of non-current investments Repayment of 162 353 688 non-current loans Total divestments 264 565 897 Cash flow used (6,831) (3,331) (5,587) in investing activities CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company 1 449 16 shareholders - Treasury shares (420) (1,279) (844) Dividends paid: - Parent company - (2,935) - shareholders - Non-controlling (21) (93) (9) interests Net issuance - - - (repayment) of perpetual subordinated notes Payments on - (175) - perpetual subordinated notes Other transactions - - (621) with non-controlling interests Net issuance 4,466 2,331 2,146 (repayment) of non-current debt Increase (decrease) (3,209) 37 (1,965) in current borrowings Increase (decrease) (310) (164) 69 in current financial assets and liabilities Cash flow from 507 (1,829) (1,208) (used in) financing activities Net increase 1,882 1,091 (1,059) (decrease) in cash and cash equivalents Effect of exchange (1,151) 200 (164) rates Cash and cash 26,723 25,432 26,475 equivalents at the beginning of the period Cash and cash 27,454 26,723 25,252 equivalents at the end of the period CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (unaudited) 9months 2019 9months 2018 (M$) CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 8,789 10,370 Depreciation, depletion, amortization 11,777 10,031 and impairment Non-current liabilities, valuation 614 469 allowances and deferred taxes (Gains) losses on disposals of assets (438) (540) Undistributed affiliates' equity earnings (1,350) (973) (Increase) decrease in working capital (1,764) (5,656) Other changes, net 458 362 Cash flow from operating activities 18,086 14,063 CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, (7,795) (12,530) plant and equipment additions Acquisitions of subsidiaries, (4,593) (3,428) net of cash acquired Investments in equity affiliates (1,448) (579) and other securities Increase in non-current loans (742) (458) Total expenditures (14,578) (16,995) Proceeds from disposals of intangible assets 226 2,395 and property, plant and equipment Proceeds from disposals of subsidiaries, 145 (15) net of cash sold Proceeds from disposals of 306 691 non-current investments Repayment of non-current loans 649 1,685 Total divestments 1,326 4,756 Cash flow used in investing activities (13,252) (12,239) CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company shareholders 451 498 - Treasury shares (2,190) (2,584) Dividends paid: - Parent company shareholders (4,765) (4,208) - Non-controlling interests (114) (93) Net issuance (repayment) of perpetual - - subordinated notes Payments on perpetual subordinated notes (315) (266) Other transactions with non-controlling (150) (621) interests Net issuance (repayment) of non-current debt 8,047 (282) Increase (decrease) in current borrowings (4,698) (996) Increase (decrease) in current financial (368) (555) assets and liabilities Cash flow from (used in) financing activities (4,102) (9,107) Net increase (decrease) in 732 (7,283) cash and cash equivalents Effect of exchange rates (1,185) (650) Cash and cash equivalents at 27,907 33,185 the beginning of the period Cash and cash equivalents 27,454 25,252 at the end of the period CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY TOTAL (unaudited) Common shares issued Paid-insurplus andretainedearnings Currencytranslationadjustment Treasury shares Shareholders'equity - GroupShare Noncontrollinginterests Totalshareholders'equity (M$) Number Amount Number Amount As of January 1, 2018 2,528,989,616 7,882 112,040 (7,908) (8,376,756) (458) 111,556 2,481 114,037 Net income of the first nine months 2018 - - 10,314 - - - 10,314 56 10,370 Other comprehensive income - - 341 (2,413) - - (2,072) (54) (2,126) Comprehensive Income - - 10,655 (2,413) - - 8,242 2 8,244 Dividend - - (6,078) - - - (6,078) (93) (6,171) Issuance of common shares 137,393,893 422 7,265 - - - 7,687 - 7,687 Purchase of treasury shares - - - - (45,047,172) (2,740) (2,740) - (2,740) Sale of treasury shares(a) - - (241) - 4,079,257 241 - - - Share-based payments - - 246 - - - 246 - 246 Share cancellation - - - - - - - - - Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (239) - - - (239) - (239) Other operations with - - (455) - - - (455) (57) (512) non-controlling interests Other items - - (26) - - - (26) 97 71 As of September 30, 2018 2,666,383,509 8,304 123,167 (10,321) (49,344,671) (2,957) 118,193 2,430 120,623 Net income of the fourth quarter 2018 - - 1,132 - - - 1,132 48 1,180 Other comprehensive income - - (361) (992) - - (1,353) (15) (1,368) Comprehensive Income - - 771 (992) - - (221) 33 (188) Dividend - - (1,803) - - - (1,803) (4) (1,807) Issuance of common shares 18,809,197 54 1,101 - - - 1,155 - 1,155 Purchase of treasury shares - - - - (27,719,309) (1,588) (1,588) - (1,588) Sale of treasury shares(a) - - 1 - - (1) - - - Share-based payments - - 48 - - - 48 - 48 Share cancellation (44,590,699) (131) (2,572) - 44,590,699 2,703 - - - Net issuance (repayment) of perpetual subordinated notes - - - - - - - - - Payments on perpetual subordinated notes - - (76) - - - (76) - (76) Other operations with - - (62) - - - (62) (42) (104) non-controlling interests Other items - - (6) - - - (6) 57 51 As of December 31, 2018 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 nine months 2019 - - 8,667 - - - 8,667 122 8,789 Other comprehensive income - - (584) (1,984) - - (2,568) 26 (2,542) Comprehensive income - - 8,083 (1,984) - - 6,099 148 6,247 Dividend - - (5,781) - - - (5,781) (114) (5,895) Issuance of common shares 26,388,503 73 1,269 - - - 1,342 - 1,342 Purchase of treasury shares - - - - (40,871,207) (2,189) (2,189) - (2,189) Sale of treasury shares(a) - - (218) - 4,278,158 218 - - - Share-based payments - - 157 - - - 157 - 157 Share cancellation - - - - - - - - - Net issuance (repayment) of perpetual subordinated notes - - (4) - - - (4) - (4) Payments on perpetual subordinated notes - - (280) - - - (280) - (280) Other operations with - - - - - - - (150) (150) non-controlling interests Other items - - 10 - - - 10 (39) (29) As of September 30, 2019 2,666,990,510 8,300 123,805 (13,297) (69,066,330) (3,814) 114,994 2,319 117,313 (a)Treasury shares related to the restricted stock grants. INFORMATIONS BY BUSINESS SEGMENT TOTAL (unaudited) 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Non-Group 1,631 3,667 21,338 21,951 2 - 48,589 sales Intersegment 7,761 573 8,341 155 15 (16,845) - sales Excise - - (713) (5,338) - - (6,051) taxes Revenues 9,392 4,240 28,966 16,768 17 (16,845) 42,538 from sales Operating (3,999) (3,558) (27,518) (15,963) (163) 16,845 (34,356) expenses Depreciation, (3,136) (361) (413) (247) (16) - (4,173) depletion and impairment of tangibleassets and mineral interests Operating 2,257 321 1,035 558 (162) - 4,009 income Net income 77 898 5 (15) 9 - 974 (loss) from equity affiliates and other items Tax on net (1,094) (222) (221) (164) 70 - (1,631) operating income Net 1,240 997 819 379 (83) - 3,352 operating income
Net cost of (507) net debt Non-controlling (45) interests Net income 2,800 - group share 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjustments)(a) (M$) Non-Group - 12 - - - - 12 sales Intersegment - - - - - - - sales Excise - - - - - - - taxes Revenues - 12 - - - - 12 from sales Operating (100) (41) (96) 22 - - (215) expenses Depreciation, (153) (9) (22) (2) - - (186) depletion and impairment of tangible assets and mineral interests Operating (253) (38) (118) 20 - - (389) income (b) Net income (90) 599 (23) (53) - - 433 (loss) from equity affiliates and other items Tax on net (151) (138) 8 (1) - - (282) operating income Net (494) 423 (133) (34) - - (238) operating income (b) Net cost of (4) net debt Non-controlling 25 interests Net income (217) - group share (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - - - (94) 25 - On operating income - - - (90) 19 - On net operating income 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjusted) (M$) Non-Group 1,631 3,655 21,338 21,951 2 - 48,577 sales Intersegment 7,761 573 8,341 155 15 (16,845) - sales Excise - - (713) (5,338) - - (6,051) taxes Revenues 9,392 4,228 28,966 16,768 17 (16,845) 42,526 from sales Operating (3,899) (3,517) (27,422) (15,985) (163) 16,845 (34,141) expenses Depreciation, (2,983) (352) (391) (245) (16) - (3,987) depletion and impairment of tangible assets and mineral interests Adjusted 2,510 359 1,153 538 (162) - 4,398 operating income Net income 167 299 28 38 9 - 541 (loss) from equity affiliates and other items Tax on net (943) (84) (229) (163) 70 - (1,349) operating income Adjusted 1,734 574 952 413 (83) - 3,590 net operating income Net cost of (503) net debt Non-controlling (70) interests Adjusted 3,017 net income - group share 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Total 2,077 4,331 386 276 25 7,095 expenditures Total 23 192 14 30 5 264 divestments Cash flow 5,007 401 1,575 1,483 (260) 8,206 from operating activities - INFORMATIONS BY BUSINESS SEGMENT TOTAL (unaudited) 2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Non-Group 2,273 3,789 22,509 22,671 - - 51,242 sales Intersegment 7,586 632 8,293 139 36 (16,686) - sales Excise - - (761) (5,279) - - (6,040) taxes Revenues 9,859 4,421 30,041 17,531 36 (16,686) 45,202 from sales Operating (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638) expenses Depreciation, (2,687) (328) (389) (237) (20) - (3,661) depletion and impairment of tangible assets and mineral interests Operating 2,967 215 484 450 (213) - 3,903 income Net income 173 661 111 111 26 - 1,082 (loss) from equity affiliates and other items Tax on net (1,161) (450) 46 (170) 64 - (1,671) operating income Net 1,979 426 641 391 (123) - 3,314 operating income Net cost of (510) net debt Non-controlling (48) interests Net income 2,756 - group share 2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjustments)(a) (M$) Non-Group - (59) - - - - (59) sales Intersegment - - - - - - - sales Excise - - - - - - - taxes Revenues - (59) - - - - (59) from sales Operating - (54) (43) (34) - - (131) expenses Depreciation, (43) (11) (10) - - - (64) depletion and impairment of tangible assets and mineral interests Operating (43) (124) (53) (34) - - (254) income (b) Net income - 407 (49) (7) - - 351 (loss) from equity affiliates and other items Tax on net - (286) 28 9 - - (249) operating income Net (43) (3) (74) (32) - - (152)
operating income (b) Net cost of (4) net debt Non-controlling 25 interests Net income (131) - group share (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - - - (6) (34) - On operating income - - - (1) (25) - On net operating income 2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjusted) (M$) Non-Group 2,273 3,848 22,509 22,671 - - 51,301 sales Intersegment 7,586 632 8,293 139 36 (16,686) - sales Excise - - (761) (5,279) - - (6,040) taxes Revenues 9,859 4,480 30,041 17,531 36 (16,686) 45,261 from sales Operating (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507) expenses Depreciation, (2,644) (317) (379) (237) (20) - (3,597) depletion and impairment of tangible assets and mineral interests Adjusted 3,010 339 537 484 (213) - 4,157 operating income Net income 173 254 160 118 26 - 731 (loss) from equity affiliates and other items Tax on net (1,161) (164) 18 (179) 64 - (1,422) operating income Adjusted 2,022 429 715 423 (123) - 3,466 net operating income Net cost of (506) net debt Non-controlling (73) interests Adjusted 2,887 net income - group share 2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Total 2,257 857 363 383 36 3,896 expenditures Total 60 349 70 85 1 565 divestments Cash flow 3,768 641 1,658 611 (427) 6,251 from operating activities INFORMATIONS BY BUSINESS SEGMENT TOTAL (unaudited) 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (M$) Non-Group 2,433 5,568 23,572 23,144 - - 54,717 sales Intersegment 8,255 575 9,280 242 12 (18,364) - sales Excise - - (823) (5,494) - - (6,317) taxes Revenues 10,688 6,143 32,029 17,892 12 (18,364) 48,400 from sales Operating (4,271) (5,660) (30,593) (17,147) (151) 18,364 (39,458) expenses Depreciation, (2,585) (213) (294) (176) (11) - (3,279) depletion and impairment of tangible assets and mineral interests Operating 3,832 270 1,142 569 (150) - 5,663 income Net income 449 445 221 109 39 - 1,263 (loss) from equity affiliates and other items Tax on net (1,853) (155) (292) (166) 146 - (2,320) operating income Net 2,428 560 1,071 512 35 - 4,606 operating income Net cost of (519) net debt Non-controlling (130) interests Net income 3,957 - group share 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (adjustments)(a) (M$) Non-Group - - - - - - - sales Intersegment - - - - - - - sales Excise - - - - - - - taxes Revenues - - - - - - - from sales Operating (50) (64) 176 47 - - 109 expenses Depreciation, (65) (39) - - - - (104) depletion and impairment of tangible assets and mineral interests Operating (115) (103) 176 47 - - 5 income (b) Net income 39 (25) 9 - - - 23 (loss) from equity affiliates and other items Tax on net 65 (9) (52) (9) - - (5) operating income Net (11) (137) 133 38 - - 23 operating income (b) Net cost of (44) net debt Non-controlling 20 interests Net income (1) - group share (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - - - 179 47 - On operating income - - - 135 38 - On net operating income 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (adjusted) (M$) Non-Group 2,433 5,568 23,572 23,144 - - 54,717 sales Intersegment 8,255 575 9,280 242 12 (18,364) - sales Excise - - (823) (5,494) - - (6,317) taxes Revenues 10,688 6,143 32,029 17,892 12 (18,364) 48,400 from sales Operating (4,221) (5,596) (30,769) (17,194) (151) 18,364 (39,567) expenses Depreciation, (2,520) (174) (294) (176) (11) - (3,175) depletion and impairment of tangible assets and mineral interests Adjusted 3,947 373 966 522 (150) - 5,658 operating income
Net income 410 470 212 109 39 - 1,240 (loss) from equity affiliates and other items Tax on net (1,918) (146) (240) (157) 146 - (2,315) operating income Adjusted 2,439 697 938 474 35 - 4,583 net operating income Net cost of (475) net debt Non-controlling (150) interests Adjusted 3,958 net income - group share 3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (M$) Total 2,472 3,325 377 293 17 6,484 expenditures Total 494 198 88 117 - 897 divestments Cash flow 4,431 (164) 1,338 752 (621) 5,736 from operating activities INFORMATIONS BY BUSINESS SEGMENT TOTAL (unaudited) 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Non-Group 5,698 13,875 65,558 65,901 4 - 151,036 sales Intersegment 23,063 1,832 24,651 456 78 (50,080) - sales Excise - - (2,250) (15,922) - - (18,172) taxes Revenues 28,761 15,707 87,959 50,435 82 (50,080) 132,864 from sales Operating (12,233) (13,845) (84,020) (48,141) (569) 50,080 (108,728) expenses Depreciation, (8,352) (1,004) (1,176) (717) (51) - (11,300) depletion and impairment of tangible assets and mineral interests Operating 8,176 858 2,763 1,577 (538) - 12,836 income Net income 444 1,939 265 86 36 - 2,770 (loss) from equity affiliates and other items Tax on net (3,679) (845) (467) (498) 194 - (5,295) operating income Net 4,941 1,952 2,561 1,165 (308) - 10,311 operating income Net cost of (1,522) net debt Non-controlling (122) interests Net income 8,667 - group share 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjustments)(a) (M$) Non-Group - (74) - - - - (74) sales Intersegment - - - - - - - sales Excise - - - - - - - taxes Revenues - (74) - - - - (74) from sales Operating (100) (153) 353 62 - - 162 expenses Depreciation, (196) (20) (32) (2) - - (250) depletion and impairment of tangible assets and mineral interests Operating (296) (247) 321 60 - - (162) income (b) Net income (90) 1,012 (70) (60) - - 792 (loss) from equity affiliates and other items Tax on net (151) (408) (113) (14) - - (686) operating income Net (537) 357 138 (14) - - (56) operating income (b) Net cost of (12) net debt Non-controlling 72 interests Net income 4 - group share (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - - - 392 65 - On operating income - - - 254 46 - On net operating income 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (adjusted) (M$) Non-Group 5,698 13,949 65,558 65,901 4 - 151,110 sales Intersegment 23,063 1,832 24,651 456 78 (50,080) - sales Excise - - (2,250) (15,922) - - (18,172) taxes Revenues 28,761 15,781 87,959 50,435 82 (50,080) 132,938 from sales Operating (12,133) (13,692) (84,373) (48,203) (569) 50,080 (108,890) expenses Depreciation, (8,156) (984) (1,144) (715) (51) - (11,050) depletion and impairment of tangible assets and mineral interests Adjusted 8,472 1,105 2,442 1,517 (538) - 12,998 operating income Net income 534 927 335 146 36 - 1,978 (loss) from equity affiliates and other items Tax on net (3,528) (437) (354) (484) 194 - (4,609) operating income Adjusted 5,478 1,595 2,423 1,179 (308) - 10,367 net operating income Net cost of (1,510) net debt Non-controlling (194) interests Adjusted 8,663 net income - group share 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2019 (M$) Total 6,359 6,306 1,034 803 76 14,578 expenditures Total 112 766 253 187 8 1,326 divestments Cash flow 12,711 1,934 2,695 2,326 (1,580) 18,086 from operating activities INFORMATIONS BY BUSINESS SEGMENT TOTAL (unaudited) 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (M$) Non-Group 7,770 13,455 68,660 66,980 3 - 156,868 sales Intersegment 22,678 1,536 26,676 733 46 (51,669) - sales
Excise - - (2,537) (16,537) - - (19,074) taxes Revenues 30,448 14,991 92,799 51,176 49 (51,669) 137,794 from sales Operating (12,992) (13,783) (88,841) (49,066) (550) 51,669 (113,563) expenses Depreciation, (7,146) (1,020) (911) (522) (31) - (9,630) depletion and impairment of tangible assets and mineral interests Operating 10,310 188 3,047 1,588 (532) - 14,601 income Net income 1,026 1,240 638 302 48 - 3,254 (loss) from equity affiliates and other items Tax on net (4,972) (392) (675) (463) 327 - (6,175) operating income Net 6,364 1,036 3,010 1,427 (157) - 11,680 operating income Net cost of (1,310) net debt Non-controlling (56) interests Net income 10,314 - group share 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (adjustments)(a) (M$) Non-Group - 13 - - - - 13 sales Intersegment - - - - - - - sales Excise - - - - - - - taxes Revenues - 13 - - - - 13 from sales Operating (200) (165) 707 152 (9) - 485 expenses Depreciation, (65) (485) - - - - (550) depletion and impairment of tangible assets and mineral interests Operating (265) (637) 707 152 (9) - (52) income (b) Net income (128) (40) 34 - - - (134) (loss) from equity affiliates and other items Tax on net 186 (30) (210) (44) - - (98) operating income Net (207) (707) 531 108 (9) - (284) operating income (b) Net cost of (63) net debt Non-controlling 266 interests Net income (81) - group share (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - - - 710 152 - On operating income - - - 550 108 - On net operating income 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (adjusted) (M$) Non-Group 7,770 13,442 68,660 66,980 3 - 156,855 sales Intersegment 22,678 1,536 26,676 733 46 (51,669) - sales Excise - - (2,537) (16,537) - - (19,074) taxes Revenues 30,448 14,978 92,799 51,176 49 (51,669) 137,781 from sales Operating (12,792) (13,618) (89,548) (49,218) (541) 51,669 (114,048) expenses Depreciation, (7,081) (535) (911) (522) (31) - (9,080) depletion and impairment of tangible assets and mineral interests Adjusted 10,575 825 2,340 1,436 (523) - 14,653 operating income Net income 1,154 1,280 604 302 48 - 3,388 (loss) from equity affiliates and other items Tax on net (5,158) (362) (465) (419) 327 - (6,077) operating income Adjusted 6,571 1,743 2,479 1,319 (148) - 11,964 net operating income Net cost of (1,247) net debt Non-controlling (322) interests Adjusted 10,395 net income - group share 9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total 2018 (M$) Total 10,629 4,347 1,113 831 75 16,995 expenditures Total 3,136 790 437 390 3 4,756 divestments Cash flow 12,227 162 1,228 1,533 (1,087) 14,063 from operating activities Reconciliation of the information by business segment with Consolidated Financial Statements TOTAL (unaudited) 3rd quarter 2019(M$) Adjusted Adjustments(a) Consolidated statementof income Sales 48,577 12 48,589 Excise taxes (6,051) - (6,051) Revenues from sales 42,526 12 42,538 Purchases net of inventory variation (27,805) (93) (27,898) Other operating expenses (6,240) (122) (6,362) Exploration costs (96) - (96) Depreciation, depletion and impairment of tangible assets and mineral interests (3,987) (186) (4,173) Other income 167 - 167 Other expense (132) (427) (559) Financial interest on debt (594) (4) (598) Financial income and expense from cash & cash equivalents - - - Cost of net debt (594) (4) (598) Other financial income 163 - 163 Other financial expense (178) - (178) Net income (loss) from equity affiliates 521 860 1,381 Income taxes (1,258) (282) (1,540) Consolidated net income 3,087 (242) 2,845 Group share 3,017 (217) 2,800 Non-controlling interests 70 (25) 45 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. 3rd quarter 2018(M$) Adjusted Adjustments(a) Consolidated statementof income
Sales 54,717 - 54,717 Excise taxes (6,317) - (6,317) Revenues from sales 48,400 - 48,400 Purchases net of inventory variation (32,567) 216 (32,351) Other operating expenses (6,766) (107) (6,873) Exploration costs (234) - (234) Depreciation, depletion and impairment of tangible assets and mineral interests (3,175) (104) (3,279) Other income 465 116 581 Other expense (209) (146) (355) Financial interest on debt (492) (44) (536) Financial income and expense from cash & cash equivalents (63) - (63) Cost of net debt (555) (44) (599) Other financial income 290 - 290 Other financial expense (171) - (171) Net income (loss) from equity affiliates 865 53 918 Income taxes (2,235) (5) (2,240) Consolidated net income 4,108 (21) 4,087 Group share 3,958 (1) 3,957 Non-controlling interests 150 (20) 130 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Reconciliation of the information by business segment with Consolidated Financial Statements TOTAL (unaudited) Consolidated statement ofincome 9months 2019(M$) Adjusted Adjustments(a) Sales 151,110 (74) 151,036 Excise taxes (18,172) - (18,172) Revenues from sales 132,938 (74) 132,864 Purchases net of inventory variation (88,338) 329 (88,009) Other operating expenses (19,998) (167) (20,165) Exploration costs (554) - (554) Depreciation, depletion and impairment of tangible assets and mineral interests (11,050) (250) (11,300) Other income 620 115 735 Other expense (322) (635) (957) Financial interest on debt (1,715) (12) (1,727) Financial income and expense from cash & cash equivalents (70) - (70) Cost of net debt (1,785) (12) (1,797) Other financial income 649 - 649 Other financial expense (561) - (561) Net income (loss) from equity affiliates 1,592 1,312 2,904 Income taxes (4,334) (686) (5,020) Consolidated net income 8,857 (68) 8,789 Group share 8,663 4 8,667 Non-controlling interests 194 (72) 122 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidatedstatement of income 9months 2018(M$) Adjusted Adjustments(a) Sales 156,855 13 156,868 Excise taxes (19,074) - (19,074) Revenues from sales 137,781 13 137,794 Purchases net of inventory variation (93,190) 794 (92,396) Other operating expenses (20,262) (309) (20,571) Exploration costs (596) - (596) Depreciation, depletion and impairment of tangible assets and mineral interests (9,080) (550) (9,630) Other income 1,093 263 1,356 Other expense (324) (634) (958) Financial interest on debt (1,341) (63) (1,404) Financial income and expense from cash & cash equivalents (158) - (158) Cost of net debt (1,499) (63) (1,562) Other financial income 851 - 851 Other financial expense (500) - (500) Net income (loss) from equity affiliates 2,268 237 2,505 Income taxes (5,825) (98) (5,923) Consolidated net income 10,717 (347) 10,370 Group share 10,395 (81) 10,314 Non-controlling interests 322 (266) 56 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
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October 30, 2019 08:50 ET (12:50 GMT)
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