9 Feb 2021 11:45
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q20 | Changevs 4Q19 | 2020 | Changevs 2019 | |
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| Oil price - Brent ($/b) | 44.2 | -30% | 41.8 | -35% |
| European gas price - NBP ($/Mbtu) | 5.6 | +10% | 3.3 | -31% |
| Adjusted net income (Group share)1 |
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| - in billions of dollars (B$) | 1.30 | -59% | 4.06 | -66% |
| - in dollars per share | 0.46 | -61% | 1.43 | -67% |
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| DACF1 (B$) | 4.9 | -33% | 17.6 | -37% |
| Cash Flow from operations (B$) | 5.7 | -14% | 14.8 | -40% |
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| Net income (Group share) of 891 M$ in 4Q20 | ||||
| Net-debt-to-capital ratio of 21.7% at December 31, 2020 vs. 22.0% at September 30, 20202 | ||||
| Hydrocarbon production of 2,841 kboe/d in 4Q20, a decrease of 9% compared to 4Q19 | ||||
| Fourth quarter 2020 dividend set at 0.66 €/share | ||||
Total SE’s Board of Directors met on February 8, 2021, under the chairmanship of CEO Patrick Pouyanné to approve the Group’s 2020 financial statements. On this occasion, Patrick Pouyanné said:
“The Group’s fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories. In this context, the Group demonstrates its ability to benefit from an overall more favorable environment with adjusted net income up by more than 50% to $1.3 billion and cash flow (DACF) of $4.9 billion.
Total faced two major crises in 2020: the Covid-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter. In this particularly difficult context, the Group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio (production cost of $5.1 per boe, the lowest among its peers) and its integrated model with cash flow (DACF) generation of nearly $18 billion. It posted adjusted net income of $4.1 billion and, thanks to strong discipline on investments ($13 billion, down 26%) and costs ($1.1 billion in savings), the organic cash breakeven was $26 per barrel. Consistent with its climate ambition, the Group recorded exceptional asset impairments of $10 billion, notably on Canadian oil sands assets, most of which were recorded in its accounts at the end of June, leading to an IFRS loss for the year of $7.2 billion.
2020 represents a pivoting year for the Group’s strategy with the announcement of its ambition to get to Net Zero, together with society. The Group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions. Thus, the Group’s profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are expecting to fall from 55% to 30% of sales. To anchor this transformation, the Group will propose to its shareholders at the Annual General Meeting on May 28, 2021, changing its name to TotalEnergies. They will hence have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality.
In 2020, Total secured its investments in Renewables & Electricity ($2 billion) and accelerated the implementation of its strategy to grow renewables, adding 10 GW to its portfolio. With the acquisition at the start of 2021 of a 20% stake in Adani Green Energy Limited (AGEL), the largest solar developer in the world, and of portfolios of projects in the United States, the Group now has a portfolio of gross installed capacity, under construction and in development of 35 GW by 2025 with more than 20 GW already benefiting from long-term power purchase agreements.
Total preserves its financial strength with a gearing of 21.7% at the end of 2020. Confident in the Group’s fundamentals, the Board of Directors confirms its policy of supporting the dividend through economic cycles. Therefore, it will propose at the Annual General Meeting of Shareholders on May 28, 2021, the distribution of a final dividend of 0.66 € per share, equal to the previous three quarters, and set the dividend for 2020 at 2.64 € per share.”
Highlights3
Sustainability
Strengthened the Group’s commitment to reduce methane emissions with initiative OGMP 2.0Withdrew from the American Petroleum InstituteTotal once again selected in 2020 in the Dow Jones Sustainability IndicesRenewables and electricity
Renewables
Acquired in India a 20% minority interest in Adani Green Energy Limited (AGEL), the largest solar developer in the worldAcquired Fonroche Biogaz in France, making Total the leader in renewable gas production in FranceAgreed with 174 Power Global, a subsidiary of Hanwha, to develop a portfolio of 1.6 GW of solar and energy storage projects in the United StatesAcquired a 2.2 GW portfolio of solar and energy storage projects in TexasDeveloping the largest site in France for the production of green hydrogen based 100% on renewable electricity with EngieIssued € 3 billion of hybrid bonds dedicated to financing the strategy to grow renewablesElectricity
Acquired portfolio of 2 million residential customers and 2 CCGT with cumulative capacity of 850 MW from Energías de Portugal in SpainWon the City of Paris concession tender to operate 2,300 charge points of the Bélib’ networkAcquired Charging Solutions to become operator of 2,000 charge point network in GermanyLNG
Finalized 16.6% participation in Energia Costa Azul LNG project on the Pacific coast of MexicoDelivered first carbon neutral LNG cargo to CNOOC (China)Completed first LNG bunkering for CMA CGM in Port of RotterdamChartered four new LNG-powered Aframax vessels to reduce maritime transport emissionsUpstream
Fourth hydrocarbon discovery on Block 58 in SurinameSecond gas and condensate discovery on Block 11B/12B in South AfricaEntered new offshore exploration permit as operator in EgyptSold Group’s 10% interest in onshore OML 17 block in NigeriaCCUS
Approval from Norwegian government of final investment decision for Northern Lights CO2 sequestration project in Northern North SeaSigned with ADNOC strategic framework agreement on CO2 emission reduction and CCUS in Abu DhabiAnnounced world first sustainable packaging from captured and recycled carbon emissions by Lanzatech, Total and L’Oréal in FranceKey figures from Total’s consolidated financial statements4
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars, except effective tax rate,earnings per share and number of shares | 2020 | 2019 | 2020 vs2019 |
1,824 | 1,459 | 3,879 | -53% | Adjusted net operating income from business segments | 6,404 | 14,554 | -56% |
1,068 | 801 | 2,031 | -47% | Exploration & Production | 2,363 | 7,509 | -69% |
254 | 285 | 794 | -68% | Integrated Gas, Renewables & Power | 1,778 | 2,389 | -26% |
170 | (88) | 580 | -71% | Refining & Chemicals | 1,039 | 3,003 | -65% |
332 | 461 | 474 | -30% | Marketing & Services | 1,224 | 1,653 | -26% |
367 | 352 | 668 | -45% | Contribution of equity affiliates to adjusted net income | 1,388 | 2,260 | -39% |
14.9% | 45.7% | 31.8% |
| Group effective tax rate5 | 27.8% | 34.1% |
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1,304 | 848 | 3,165 | -59% | Adjusted net income (Group share) | 4,059 | 11,828 | -66% |
0.46 | 0.29 | 1.19 | -61% | Adjusted fully-diluted earnings per share (dollars)6 | 1.43 | 4.38 | -67% |
0.39 | 0.24 | 1.07 | -64% | Adjusted fully-diluted earnings per share (euros)* | 1.25 | 3.92 | -68% |
2,645 | 2,637 | 2,607 | +1% | Fully-diluted weighted-average shares (millions) | 2,621 | 2,618 | - |
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891 | 202 | 2,600 | -66% | Net income (Group share) | (7,242) | 11,267 | ns |
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3,432 | 2,184 | 4,291 | -20% | Organic investments7 | 10,339 | 13,397 | -23% |
1,099 | (272) | (80) | ns | Net acquisitions8 | 2,650 | 4,052 | -35% |
4,531 | 1,912 | 4,211 | +8% | Net investments9 | 12,989 | 17,449 | -26% |
4,498 | 3,791 | 6,793 | -34% | Operating cash flow before working capital changes**10 | 15,697 | 26,111 | -40% |
4,933 | 4,281 | 7,326 | -33% | Operating cash flow before working capital changesw/o financial charges (DACF)11 | 17,635 | 28,180 | -37% |
5,674 | 4,351 | 6,599 | -14% | Cash flow from operations | 14,803 | 24,685 | -40% |
Data take into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019.* Average €-$ exchange rate: 1.1929 in the fourth quarter 2020 and 1.1422 in 2020.** 4Q19 and 2019 data restated10
Key figures of environment and Group production
> Environment* – liquids and gas price realizations, refining margins
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 |
| 2020 | 2019 | 2020 vs2019 |
44.2 | 42.9 | 63.1 | -30% | Brent ($/b) | 41.8 | 64.2 | -35% |
2.8 | 2.1 | 2.4 | +15% | Henry Hub ($/Mbtu) | 2.1 | 2.5 | -16% |
5.6 | 2.9 | 5.1 | +10% | NBP ($/Mbtu) | 3.3 | 4.9 | -31% |
8.0 | 3.6 | 5.8 | +39% | JKM ($/Mbtu) | 4.4 | 5.5 | -20% |
41.0 | 39.9 | 59.1 | -31% | Average price of liquids ($/b)Consolidated subsidiaries | 37.0 | 59.8 | -38% |
3.31 | 2.52 | 3.76 | -12% | Average price of gas ($/Mbtu)Consolidated subsidiaries | 2.96 | 3.88 | -24% |
4.90 | 3.57 | 6.52 | -25% | Average price of LNG ($/Mbtu)Consolidated subsidiaries and equity affiliates | 4.83 | 6.31 | -24% |
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4.6 | -2.7 | 30.2 | -85% | Variable cost margin - Refining Europe, VCM ($/t) | 11.5 | 34.9 | -67% |
* The indicators are shown on page 16.
The average LNG sales price rebounded by 37% in the quarter compared to the previous quarter, due to the seasonality of demand and the delayed impact of higher oil prices in the third quarter 2020 on long-term LNG contracts.
> Production*
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 |
| 2020 | 2019 | 2020 vs2019 |
2,841 | 2,715 | 3,113 | -9% | Hydrocarbon production (kboe/d) | 2,871 | 3,014 | -5% |
1,238 | 1,196 | 1,452 | -15% | Oil (including bitumen) (kb/d) | 1,298 | 1,431 | -9% |
1,603 | 1,519 | 1,661 | -3% | Gas (including condensates and associated NGL) (kboe/d) | 1,573 | 1,583 | -1% |
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2,841 | 2,715 | 3,113 | -9% | Hydrocarbon production (kboe/d) | 2,871 | 3,014 | -5% |
1,483 | 1,437 | 1,714 | -13% | Liquids (kb/d) | 1,543 | 1,672 | -8% |
7,406 | 6,973 | 7,563 | -2% | Gas (Mcf/d)** | 7,246 | 7,309 | -1% |
* Group production = EP production + iGRP production.** 4Q19 and 2019 data restated
Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2020, a decrease of 9% year-on-year, comprised of:
-5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.-1% due to portfolio effect, notably linked to the sale of assets in the United Kingdom and Block CA1 in Brunei.+3% due to the start-up and ramp-up of new projects, notably North Russkoye in Russia, Tempa Rossa in Italy, Johan Sverdrup in Norway, Iara in Brazil and Culzean in the United Kingdom.-3% due to the natural decline of fields.-3% due to maintenance and unplanned outages, notably in Norway.Hydrocarbon production was 2,871 kboe/d for the year 2020, a decrease of 5% compared to the previous year, comprised of:
-5% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.+5% due to the ramp-up of recently started projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil, Tempa Rossa in Italy and North Russkoye in Russia.-3% due to the natural decline of fields.-2% due to maintenance, and unplanned outages, notably in Norway.Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Hydrocarbon production for LNG | 2020 | 2019 | 2020 vs2019 |
532 | 518 | 624 | -15% | iGRP (kboe/d) | 530 | 560 | -5% |
65 | 70 | 74 | -12% | Liquids (kb/d) | 69 | 71 | -4% |
2,549 | 2,445 | 2,939 | -13% | Gas (Mcf/d)* | 2,519 | 2,656 | -5% |
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4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Liquefied Natural Gas in Mt | 2020 | 2019 | 2020 vs2019 |
10.0 | 8.1 | 10.6 | -6% | Overall LNG sales | 38.3 | 34.3 | +12% |
4.3 | 4.3 | 4.2 | +2% | incl. Sales from equity production** | 17.6 | 16.3 | +8% |
8.0 | 6.6 | 9.6 | -17% | incl. Sales by Total from equity production and third party purchases | 31.1 | 27.9 | +12% |
* 4Q19 and 2019 data restated** The Group's equity production may be sold by Total or by the joint ventures.
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Renewables & Electricity | 2020 | 2019 | 2020 vs2019 |
7.0 | 5.1 | 3.0 | x2,4 | Gross renewables installed capacity (GW)* | 7.0 | 3.0 | x2,4 |
17.5 | 14.2 |
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| Gross renewables installed or in development capacitywith PPA (GW)* | 17.5 |
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4.3 | 4.1 | 3.5 | +20% | Net power production (TWh)** | 14.1 | 11.4 | +24% |
1.2 | 1.0 | 0.6 | +87% | incl. Power production from renewables | 4.0 | 2.0 | +97% |
5.6 | 4.4 | 4.1 | +37% | Clients power - BtB and BtC (Million)* | 5.6 | 4.1 | +37% |
2.7 | 1.7 | 1.7 | +59% | Clients gas - BtB and BtC (Million)* | 2.7 | 1.7 | +59% |
13.5 | 10.2 | 12.9 | +5% | Sales power - BtB and BtC (TWh) | 47.3 | 46.0 | +3% |
31.5 | 13.5 | 29.4 | +7% | Sales gas - BtB and BtC (TWh) | 95.8 | 95.0 | +1% |
* Capacity at end of period.** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
Hydrocarbon production for LNG in the fourth quarter decreased by 15% compared to a year ago, notably due to the shutdown of Snøhvit LNG following a fire at the end of September 2020.
Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the start-up of three trains at Cameron LNG in the United States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading activities.
Gross installed renewable power generation capacity more than doubled during the year to reach 7 GW at the end of the fourth quarter, notably thanks to the acquisition in India of 50% of a 3 GWp portfolio from the Adani Group.
The Group continues to implement its strategy to integrate along the electricity and gas chain in Europe and has increased the number of its electricity and gas customers by 1.5 million and 1 million, respectively, notably thanks to the finalization of the acquisition in the fourth quarter of a portfolio of customers from Energías de Portugal in Spain.
Net electricity production was 4.3 TWh in the fourth quarter, an increase of 20% compared to last year, notably due to the doubling of renewable electricity production and the acquisition of four CCGT (combined cycle gas turbine) power stations in France and Spain.
Sales of electricity and gas in the fourth quarter increased by 5% and 7%, respectively, compared to a year ago thanks to the growth in the number of customers.
> Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
254 | 285 | 794 | -68% | Adjusted net operating income* | 1,778 | 2,389 | -26% |
97 | 99 | 353 | -73% | including income from equity affiliates | 375 | 1,009 | -63% |
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1,007 | 450 | 684 | +47% | Organic investments | 2,720 | 2,259 | +20% |
577 | 36 | (13) | ns | Net acquisitions | 2,183 | 3,921 | -44% |
1,584 | 486 | 671 | x2,4 | Net investments | 4,903 | 6,180 | -21% |
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1,072 | 695 | 1,356 | -21% | Operating cash flow before working capital changes ** | 3,418 | 3,409 | - |
575 | 654 | 1,527 | -62% | Cash flow from operations *** | 2,129 | 3,461 | -38% |
* Detail of adjustment items shown in the business segment information annex to financial statements.** Excluding financial charges, except those related to leases. 4Q19 and 2019 data restated. (see note 10 page 3)*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $254 million in the fourth quarter 2020 compared to $794 million in the fourth quarter 2019, and $1,778 million for 2020, a decrease of 26% for the year, mainly due to the decrease in the LNG price.
Operating cash flow before working capital changes was $1,072 million in the fourth quarter, a decrease of 21% compared to a year ago, due to the decrease in the price of LNG partially offset by a positive and increasing contribution from Renewables & Electricity. For the year, operating cash flow before working capital changes was stable in 2020 compared to the previous year at $3,418 million.
Exploration & Production
> Production
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Hydrocarbon production | 2020 | 2019 | 2020 vs2019 |
2,309 | 2,197 | 2,489 | -7% | EP (kboe/d) | 2,341 | 2,454 | -5% |
1,418 | 1,367 | 1,640 | -14% | Liquids (kb/d) | 1,474 | 1,601 | -8% |
4,857 | 4,528 | 4,624 | +5% | Gas (Mcf/d) | 4,727 | 4,653 | +2% |
> Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars, except effective tax rate | 2020 | 2019 | 2020 vs2019 |
1,068 | 801 | 2,031 | -47% | Adjusted net operating income* | 2,363 | 7,509 | -69% |
222 | 268 | 247 | -10% | including income from equity affiliates | 928 | 996 | -7% |
19.8% | 32.9% | 38.0% |
| Effective tax rate** | 29.4% | 41.5% |
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1,569 | 1,266 | 2,617 | -40% | Organic investments | 5,519 | 8,635 | -36% |
548 | (309) | (224) | ns | Net acquisitions | 544 | 14 | x38,9 |
2,117 | 957 | 2,393 | -12% | Net investments | 6,063 | 8,649 | -30% |
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2,652 | 2,646 | 4,451 | -40% | Operating cash flow before working capital changes *** | 9,684 | 18,030 | -46% |
3,046 | 2,043 | 4,206 | -28% | Cash flow from operations *** | 9,922 | 16,917 | -41% |
* 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:
$1,068 million in the fourth quarter compared to $2,031 million a year ago due to the sharp drop in oil and gas prices and lower production.$2,363 million in 2020 versus $7,509 million in 2019 for the same reasons.Operating cash flow before working capital changes was $2,652 million in the fourth quarter, down 40% year-on-year, and $9,684 million in 2020, down 46%.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
502 | 373 | 1,054 | -52% | Adjusted net operating income* | 2,263 | 4,656 | -51% |
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840 | 449 | 950 | -12% | Organic investments | 2,023 | 2,395 | -16% |
80 | 2 | 158 | -49% | Net acquisitions | 32 | 118 | -73% |
920 | 451 | 1,108 | -17% | Net investments | 2,055 | 2,513 | -18% |
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1,129 | 971 | 1,505 | -25% | Operating cash flow before working capital changes ** | 4,652 | 6,617 | -30% |
2,162 | 2,060 | 1,420 | +52% | Cash flow from operations ** | 4,539 | 6,441 | -30% |
* 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
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Refinery throughput and utilization rate* | 2020 | 2019 | 2020 vs2019 |
1,262 | 1,212 | 1,509 | -16% | Total refinery throughput (kb/d) | 1,292 | 1,671 | -23% |
247 | 267 | 282 | -12% | France | 244 | 456 | -46% |
582 | 540 | 756 | -23% | Rest of Europe | 618 | 754 | -18% |
433 | 405 | 471 | -8% | Rest of world | 430 | 462 | -7% |
60% | 57% | 71% |
| Utlization rate based on crude only** | 61% | 80% |
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* Includes refineries in Africa reported in the Marketing & Services segment.** Based on distillation capacity at the beginning of the year.
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Petrochemicals production and utilization rate | 2020 | 2019 | 2020 vs2019 |
1,486 | 1,255 | 1,431 | +4% | Monomers* (kt) | 5,519 | 5,219 | +6% |
1,291 | 1,248 | 1,169 | +10% | Polymers (kt) | 4,934 | 4,862 | +1% |
90% | 75% | 92% | Vapocracker utilization rate** | 83% | 83% |
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* Olefins.** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
Refinery throughput volumes:
Decreased by 16% in the fourth quarter 2020 compared to the previous year, mainly due to high inventories of refined products and the drop in demand which notably led to the economic shutdown of the Donges refinery.Decreased by 23% in 2020 year-on-year for the same reasons as well as the prolonged shutdown of the distillation unit at the Normandy platform following the incident that occurred at the end of 2019.Monomer production:
Increased 4% in the fourth quarter 2020 year-on-year to 1,486 ktIncreased 6% in 2020 year-on-year, supported by demand, and notably as a result of 2019 planned maintenance on the steamcracker at Daesan in South Korea.Polymer production:
Increased by 10% in the fourth quarter 2020 year-on-year to 1,291 kt, supported by demand, and due to planned maintenance in the fourth quarter 2019.Stable in 2020 compared to 2019> Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
170 | (88) | 580 | -71% | Adjusted net operating income* | 1,039 | 3,003 | -65% |
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448 | 291 | 479 | -6% | Organic investments | 1,209 | 1,426 | -15% |
(2) | (1) | 118 | ns | Net acquisitions | (54) | (44) | ns |
446 | 290 | 597 | -25% | Net investments | 1,155 | 1,382 | -16% |
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560 | 242 | 789 | -29% | Operating cash flow before working capital changes ** | 2,472 | 4,072 | -39% |
1,514 | 1,027 | 1,142 | +33% | Cash flow from operations ** | 2,438 | 3,837 | -36% |
* Detail of adjustment items shown in the business segment information annex to financial statements.** Excluding financial charges, except those related to leases.
Refining & Chemicals adjusted net operating income was:
Down year-on-year to $170 million in the fourth quarter 2020. The decrease was due to depressed refining margins resulting from weak demand, notably for distillates as a result of reduced air traffic.Down 65% year-on-year to $1,039 million in 2020, due to refining margin deterioration, partially offset by resilient petrochemical margins and outperformance of the trading activities.Operating cash flow before working capital changes fell to $560 million in the fourth quarter 2020, down 29% compared to a year ago, and to $2,472 million in 2020, down by 39%.
Marketing & Services
> Petroleum product sales
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Sales in kb/d* | 2020 | 2019 | 2020 vs2019 |
1,509 | 1,442 | 1,835 | -18% | Total Marketing & Services sales | 1,477 | 1,845 | -20% |
828 | 819 | 1,033 | -20% | Europe | 823 | 1,021 | -19% |
681 | 623 | 801 | -15% | Rest of world | 654 | 824 | -21% |
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 18% in the fourth quarter compared to a year ago and by 20% in 2020 compared to 2019, in response to the significant slowdown in global activity related to the Covid-19 pandemic. Aviation and marine activities remain severely affected in this context; however, the decline in retail sales was mitigated by network growth in Angola, Saudi Arabia, Brazil and Mexico.
> Results
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
332 | 461 | 474 | -30% | Adjusted net operating income* | 1,224 | 1,653 | -26% |
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392 | 158 | 471 | -17% | Organic investments | 814 | 969 | -16% |
82 | 3 | 40 | x2,1 | Net acquisitions | 86 | 162 | -47% |
474 | 161 | 511 | -7% | Net investments | 900 | 1,131 | -20% |
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569 | 729 | 716 | -21% | Operating cash flow before working capital changes ** | 2,180 | 2,546 | -14% |
648 | 1,033 | 278 | x2,3 | Cash flow from operations ** | 2,101 | 2,604 | -19% |
* 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 $332 million in the fourth quarter 2020, a decrease of 30% compared to a year ago, essentially due to lower volumes and a revaluation of futures contracts in the fourth quarter 2019. Adjusted net operating income was $1,224 million for the year 2020.
Operating cash flow before working capital changes was $569 million in the fourth quarter 2020 and $2,180 million for the full year, decreases of 21% and 14%, respectively, compared to the previous year.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
$1,824 million in the fourth quarter 2020, a decrease of 53% compared to a year ago, due to lower Brent prices, natural gas prices and refining margins.$6,404 million in 2020, a decrease of 56% year-on-year for the same reasons.> Adjusted net income (Group share)
Adjusted net income (Group share) was:
$1,304 million in the fourth quarter 2020, compared to $3,165 million in the fourth quarter 2019, due to lower Brent prices, natural gas prices and refining margins.$4,059 million in 2020, a decrease of 66% year-on-year, for the same reasons.Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value12.
Total net income adjustments13 were
-$413 million in the fourth quarter 2020, including close to $200 million related to the conversion of the Grandpuits refinery in France.-$11,301 million in 2020, including $8.5 billion of impairments, notably on oil sands assets in Canada.> Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
$0.46 in the fourth quarter 2020, calculated based on a weighted average of 2,645 million fully-diluted shares, compared to $1.19 in the same period last year.$1.43 in 2020, calculated based on a weighted average of 2,621 million fully-diluted shares, compared to $4.38 in 2019.The number of fully-diluted shares was 2,647 million on December 31, 2020.
> Acquisitions - asset sales
Finalized acquisitions were:
$1,538 million in the fourth quarter 2020, comprised notably of the acquisition of Tullow’s entire interest in the Lake Albert project in Uganda, and the acquisition of CCGT assets and of a portfolio of customers from Energías de Portugal in Spain.$4.2 billion in 2020, comprised of the items mentioned above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the finalization of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second bonus tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.Finalized asset sales were:
$439 million in the fourth quarter 2020, comprised notably of the sale of Enphase shares by SunPower and the sale of the Group’s corporate offices in Brussels.$1.5 billion in 2020, comprised notably ofthe sale mentioned above, as well as notably the sale of non-strategic assets in the UK North Sea, closing the sale of Block CA1 in Brunei, the sale of the Group’s interest in the Fos Cavaou regasification terminal in France, and the sale of 50% of a portfolio of solar and wind assets from Total Quadran in France.> Net cash flow
Net cash flow14 for the Group was:
-$33 million in the fourth quarter 2020 compared to $2,582 million in the fourth quarter 2019, due to a decrease in operating cash flow before working capital changes from $6,793 million to $4,498 million and stable net investments of $4,531 million versus $4,211 million.$2.7 billion in 2020 compared to $8.7 billion in 2019, due to the decrease of $10.4 billion in operating cash flow before working capital changes, partially offset by a reduction in net investments of $4.5 billion.> Profitability
| In millions of dollars | January 1, 2020 | October 1, 2019 | January 1, 2019 | |||
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||
| Adjusted net income | 4,067 | 5,960 | 12,090 | |||
| Average adjusted shareholders' equity | 110,643 | 108,885 | 116,766 | |||
| Return on equity (ROE) | 3.7% | 5.5% | 10.4% | |||
The return on equity was 3.7% for the twelve months ended December 31, 2020.
| In millions of dollars | January 1, 2020 | October 1, 2019 | January 1, 2019 | |||
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||
| Adjusted net operating income | 5,806 | 7,801 | 14,073 | |||
| Average capital employed | 145,723 | 144,060 | 143,674 | |||
| ROACE | 4.0% | 5.4% | 9.8% | |||
The return on average capital employed was 4.0% for the twelve months ended December 31, 2020.
Total SE accounts
Net income for Total SE, the parent company, was €7,238 million in 2020 compared to €7,039 million a year ago.
2021 Sensitivities*
Change | Estimated impact on adjustednet operating income | Estimated impact oncash flow 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 16.** In a 50 $/b Brent environment.
Summary and outlook
Supported by OPEC+ quota compliance, oil prices have remained above 50 $/b since the beginning of 2021. However, the oil environment remains uncertain and dependent on the recovery of global demand, still affected by the Covid-19 pandemic.
In a context of disciplined OPEC+ quota implementation, the Group anticipates 2021 production will be stable compared to 2020, benefiting from the resumption of production in Libya.
The Group continues its profitable growth in LNG with sales expected to increase by 10% in 2021 compared to 2020, notably due to the ramp-up of Cameron LNG.
European refining margins remain fragile, with low demand for jet fuel weighing on the recovery of distillates. However, thanks to the resilience of Marketing & Services, the Group expects Downstream to contribute more than $5 billion of cash flow in 2021, assuming refining margins of 25 $/t.
Faced with uncertainties in the environment, net investments are projected at $12 billion in 2021, while preserving the flexibility to mobilize additional investments should the oil and gas environment strengthen. After reducing operating costs by $1.1 billion in 2020 compared to 2019, the Group maintains strong discipline on spending and targets additional savings of $0.5 billion in 2021.
The Group’s teams are fully committed to the four priorities of HSE, operational excellence, cost reduction and cash flow generation.
The Group maintains its priorities for cash flow allocation: investing in profitable projects to implement the Group’s transformation strategy, support the dividend and maintain a strong balance sheet.
Already in 2021, in renewables, the Group has announced more than 10 GW of additional projects through the acquisition of a 20% stake in Adani Green Energy Limited (AGEL), the world’s leading solar developer, a partnership with Hanwha in the United States with a 1.6 GW portfolio, and the acquisition of a 2.2 GW portfolio of projects in Texas. Total will allocate in 2021 more than 20% of its net investments to Renewables and Electricity.
* * * * *
To listen to the presentation in English with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 14:00 (Paris time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 3971718).
The conference replay will be available on total.com after the event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Combined liquids and gasproduction by region (kboe/d) | 2020 | 2019 | 2020 vs2019 |
1,059 | 969 | 1,102 | -4% | Europe and Central Asia | 1,039 | 1,023 | +2% |
566 | 598 | 703 | -19% | Africa | 629 | 705 | -11% |
598 | 576 | 701 | -15% | Middle East and North Africa | 624 | 702 | -11% |
382 | 343 | 368 | +4% | Americas | 353 | 365 | -3% |
236 | 229 | 239 | -1% | Asia-Pacific | 226 | 219 | +3% |
2,841 | 2,715 | 3,113 | -9% | Total production | 2,871 | 3,014 | -5% |
727 | 667 | 768 | -5% | includes equity affiliates | 712 | 731 | -3% |
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4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Liquids production by region (kb/d) | 2020 | 2019 | 2020 vs2019 |
378 | 359 | 373 | +1% | Europe and Central Asia | 380 | 355 | +7% |
427 | 458 | 560 | -24% | Africa | 488 | 558 | -13% |
454 | 432 | 560 | -19% | Middle East and North Africa | 474 | 548 | -13% |
181 | 144 | 171 | +6% | Americas | 158 | 168 | -6% |
43 | 44 | 50 | -13% | Asia-Pacific | 43 | 44 | -2% |
1,483 | 1,437 | 1,714 | -13% | Total production | 1,543 | 1,672 | -8% |
200 | 197 | 212 | -6% | includes equity affiliates | 202 | 216 | -6% |
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4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Gas production by region (Mcf/d) | 2020 | 2019 | 2020 vs2019 |
3,666 | 3,284 | 3,887 | -6% | Europe and Central Asia | 3,547 | 3,596 | -1% |
701 | 713 | 686 | +2% | Africa* | 717 | 737 | -3% |
809 | 801 | 792 | +2% | Middle East and North Africa | 835 | 857 | -3% |
1,126 | 1,115 | 1,109 | +2% | Americas | 1,095 | 1,110 | -1% |
1,104 | 1,060 | 1,089 | +1% | Asia-Pacific* | 1,052 | 1,009 | +4% |
7,406 | 6,973 | 7,563 | -2% | Total production* | 7,246 | 7,309 | -1% |
2,851 | 2,540 | 2,961 | -4% | includes equity affiliates* | 2,748 | 2,780 | -1% |
* 4Q19 and 2019 data restated
> Downstream (Refining & Chemicals and Marketing & Services)
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Petroleum product sales by region (kb/d) | 2020 | 2019 | 2020 vs2019 |
1,651 | 1,475 | 1,993 | -17% | Europe | 1,586 | 2,008 | -21% |
628 | 541 | 737 | -15% | Africa | 579 | 706 | -18% |
794 | 673 | 763 | +4% | Americas | 773 | 842 | -8% |
547 | 460 | 526 | +4% | Rest of world | 471 | 555 | -15% |
3,619 | 3,149 | 4,019 | -10% | Total consolidated sales | 3,410 | 4,110 | -17% |
458 | 417 | 508 | -10% | Includes bulk sales | 434 | 536 | -19% |
1,652 | 1,290 | 1,676 | -1% | Includes trading | 1,498 | 1,730 | -13% |
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4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | Petrochemicals production* (kt) | 2,020 | 2019 | 2020 vs2019 |
1,381 | 1,274 | 1,253 | 10% | Europe | 5,202 | 5,364 | -3% |
662 | 513 | 630 | +5% | Americas | 2,475 | 2,367 | +5% |
735 | 716 | 717 | +2% | Middle-East and Asia | 2,775 | 2,350 | +18% |
* Olefins, polymers
Adjustment items to net income (Group share)
Investments - Divestments
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
3,432 | 2,184 | 4,291 | -20% | Organic investments ( a ) | 10,339 | 13,397 | -23% |
214 | 148 | 136 | +58% | capitalized exploration | 659 | 705 | -6% |
355 | 290 | 319 | +11% | increase in non-current loans | 1,657 | 1,061 | +56% |
(212) | (330) | (102) | ns | repayment of non-current loans,excluding organic loan repayment from equity affiliates* | (717) | (551) | ns |
(46) | (11) | - | ns | change in debt from renewable projects (Group share) | (209) | (109) | ns |
1,538 | 150 | 266 | x5,8 | Acquisitions ( b ) | 4,189 | 5,980 | -30% |
439 | 422 | 357 | +23% | Asset sales ( c ) | 1,539 | 1,939 | -21% |
15 | 7 | - | ns | change in debt from renewable projects (partner share) | 105 | 105 | - |
- | - | (11) | ns | Other transactions with non-controlling interests ( d ) | - | (11) | ns |
4,531 | 1,912 | 4,211 | +8% | Net investments ( a + b - c - d ) | 12,989 | 17,449 | -26% |
(77) | (1) | (275) | ns | Organic loan repayment from equity affiliates* ( e ) | (111) | (475) | ns |
61 | 18 | - | ns | Change in debt from renewable projects financing ** ( f ) | 314 | 214 | +47% |
39 | 28 | - | ns | Capex linked to capitalized leasing contracts ( g ) | 113 | - | ns |
4,476 | 1,901 | 3,925 | +14% | Cash flow used in investing activities ( a + b - c + e + f -g) | 13,079 | 17,177 | -24% |
* 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
4Q20 | 3Q20 | 4Q19 | 4Q20 vs4Q19 | In millions of dollars | 2020 | 2019 | 2020 vs2019 |
4,933 | 4,281 | 7,326 | -33% | Operating cash flow before working capital changesw/o financials charges (DACF) | 17,635 | 28,180 | -37% |
(436) | (491) | (533) | ns | Financial charges | (1,938) | (2,069) | ns |
4,498 | 3,791 | 6,793 | -34% | Operating cash flow before working capital changes ( a ) * | 15,697 | 26,111 | -40% |
976 | 475 | 92 | x10,6 | (Increase) decrease in working capital ** | 753 | (1,397) | ns |
308 | 90 | (11) | ns | Inventory effect | (1,440) | 446 | ns |
(32) | (4) | - | ns | capital gain from renewable projects sale | (96) | - | ns |
(77) | (1) | (275) | ns | Organic loan repayment from equity affiliates | (111) | (475) | ns |
5,674 | 4,351 | 6,599 | -14% | Cash flow from operations | 14,803 | 24,685 | -40% |
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3,432 | 2,184 | 4,291 | -20% | Organic investments ( b ) | 10,339 | 13,397 | -23% |
1,066 | 1,607 | 2,502 | -57% | Free cash flow after organic investments,w/o net asset sales ( a - b ) | 5,358 | 12,714 | -58% |
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4,531 | 1,912 | 4,211 | +8% | Net investments ( c ) | 12,989 | 17,449 | -26% |
(33) | 1,879 | 2,582 | ns | Net cash flow ( a - c ) | 2,708 | 8,662 | -69% |
* 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 | 12/31/2020 | 09/30/2020 | 12/31/2019 |
| Current borrowings | 17,099 | 14,980 | 14,819 |
| Net current financial assets | (4,427) | (5,815) | (3,505) |
| Net financial assets classified as held for sale | 313 | 5 | 301 |
| Non-current financial debt | 60,203 | 61,477 | 47,773 |
| Non-current financial assets | (4,781) | (3,155) | (912) |
| Cash and cash equivalents | (31,268) | (30,593) | (27,352) |
| Net debt (a) | 37,139 | 36,899 | 31,124 |
| of which leases | 7,812 | 7,499 | 7,156 |
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| Shareholders’ equity - Group share | 103,702 | 102,234 | 116,778 |
| Non-controlling interests | 2,383 | 2,177 | 2,527 |
| Shareholders' equity (b) | 106,085 | 104,411 | 119,305 |
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| Net-debt-to-capital ratio = a / (a + b) * | 25.9% | 26.1% | 20.7% |
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| Net-debt-to-capital ratio excluding leases | 21.7% | 22.0% | 16.7% |
* The net-debt-to-capital ratios include the impact of the IFRS 16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months ended December 31, 2020
| In millions of dollars | Integrated Gas,Renewables & Power | Exploration &Production | Refining &Chemicals | Marketing &Services |
| Group |
| Adjusted net operating income | 1,778 | 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 |
| ROACE | 4.1% | 2.8% | 8.8% | 14.3% |
| 4.0% |
> Twelve months ended September 30, 2020
| In millions of dollars | Integrated Gas,Renewables & Power | Exploration &Production | Refining &Chemicals | Marketing &Services |
| Group |
| Adjusted net operating income | 2,318 | 3,326 | 1,449 | 1,366 |
| 7,801 |
| Capital employed at 09/30/2019* | 41,516 | 88,560 | 11,658 | 7,570 |
| 147,145 |
| Capital employed at 09/30/2020* | 43,799 | 78,548 | 11,951 | 8,211 |
| 140,976 |
| ROACE | 5.4% | 4.0% | 12.3% | 17.3% |
| 5.4% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the full-year 2020 from the consolidated financial statements of TOTAL SE as of December 31, 2020 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the Total website total.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F/A, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
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1 Definition page 3.2 Excluding leases.3 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 13.5 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 bond7 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 13).9 Net investments = organic investments + net acquisitions (see page 13).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 15. The reconciliation table for different cash flow figures is on page 13.11 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.12 Adjustment items shown on page 15.13 Details shown on page 13 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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Total financial statements______________________
Fourth quarter and full-year 2020 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOMETOTAL(unaudited)
| (M$) (a) | 4th quarter2020 | 3rd quarter2020 | 4th quarter2019 |
| Sales | 37,943 | 33,142 | 49,280 |
| Excise taxes | (5,595) | (5,925) | (5,895) |
| Revenues from sales | 32,348 | 27,217 | 43,385 |
| Purchases, net of inventory variation | (20,508) | (16,885) | (28,212) |
| Other operating expenses | (6,663) | (5,610) | (7,090) |
| Exploration costs | (338) | (139) | (231) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,543) | (3,493) | (4,431) |
| Other income | 838 | 457 | 428 |
| Other expense | (697) | (281) | (235) |
| Financial interest on debt | (501) | (547) | (606) |
| Financial income and expense from cash & cash equivalents | 53 | 89 | 51 |
| Cost of net debt | (448) | (458) | (555) |
| Other financial income | 173 | 134 | 143 |
| Other financial expense | (183) | (165) | (203) |
| Net income (loss) from equity affiliates | 73 | 94 | 502 |
| Income taxes | (149) | (690) | (852) |
| Consolidated net income | 903 | 181 | 2,649 |
| Group share | 891 | 202 | 2,600 |
| Non-controlling interests | 12 | (21) | 49 |
| Earnings per share ($) | 0.31 | 0.04 | 0.98 |
| Fully-diluted earnings per share ($) | 0.31 | 0.04 | 0.97 |
| (a) Except for per share amounts. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMETOTAL (unaudited)
| (M$) | 4th quarter2020 | 3rd quarter2020 | 4th quarter2019 |
| Consolidated net income | 903 | 181 | 2,649 |
| Other comprehensive income | |||
| Actuarial gains and losses | 17 | (6) | (138) |
| Change in fair value of investments in equity instruments | 386 | 221 | 16 |
| Tax effect | (21) | - | 40 |
| Currency translation adjustment generated by the parent company | 4,074 | 3,663 | 2,461 |
| Items not potentially reclassifiable to profit and loss | 4,456 | 3,878 | 2,379 |
| Currency translation adjustment | (1,875) | (1,830) | (654) |
| Cash flow hedge | 617 | 363 | (24) |
| Variation of foreign currency basis spread | (7) | (35) | (49) |
| Share of other comprehensive income of equity affiliates, net amount | (100) | (804) | 82 |
| Other | (4) | (7) | 1 |
| Tax effect | (180) | (115) | 26 |
| Items potentially reclassifiable to profit and loss | (1,549) | (2,428) | (618) |
| Total other comprehensive income (net amount) | 2,907 | 1,450 | 1,761 |
| Comprehensive income | 3,810 | 1,631 | 4,410 |
| Group share | 3,576 | 1,536 | 4,319 |
| Non-controlling interests | 234 | 95 | 91 |
CONSOLIDATED STATEMENT OF INCOMETOTAL
| (M$) (a) | Year2020(unaudited) | Year2019 |
| Sales | 140,685 | 200,316 |
| Excise taxes | (20,981) | (24,067) |
| Revenues from sales | 119,704 | 176,249 |
| Purchases, net of inventory variation | (77,486) | (116,221) |
| Other operating expenses | (25,538) | (27,255) |
| Exploration costs | (731) | (785) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (22,264) | (15,731) |
| Other income | 2,237 | 1,163 |
| Other expense | (1,506) | (1,192) |
| Financial interest on debt | (2,147) | (2,333) |
| Financial income and expense from cash & cash equivalents | 37 | (19) |
| Cost of net debt | (2,110) | (2,352) |
| Other financial income | 914 | 792 |
| Other financial expense | (690) | (764) |
| Net income (loss) from equity affiliates | 452 | 3,406 |
| Income taxes | (318) | (5,872) |
| Consolidated net income | (7,336) | 11,438 |
| Group share | (7,242) | 11,267 |
| Non-controlling interests | (94) | 171 |
| Earnings per share ($) | (2.90) | 4.20 |
| Fully-diluted earnings per share ($) | (2.90) | 4.17 |
| (a) Except for per share amounts. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMETOTAL
| (M$) | Year2020(unaudited) | Year2019 |
| Consolidated net income | (7,336) | 11,438 |
| Other comprehensive income | ||
| Actuarial gains and losses | (212) | (192) |
| Change in fair value of investments in equity instruments | 533 | 142 |
| Tax effect | 65 | 53 |
| Currency translation adjustment generated by the parent company | 7,541 | (1,533) |
| Items not potentially reclassifiable to profit and loss | 7,927 | (1,530) |
| Currency translation adjustment | (4,645) | 740 |
| Cash flow hedge | (313) | (599) |
| Variation of foreign currency basis spread | 28 | 1 |
| Share of other comprehensive income of equity affiliates, net amount | (1,831) | 408 |
| Other | (8) | (3) |
| Tax effect | 72 | 202 |
| Items potentially reclassifiable to profit and loss | (6,697) | 749 |
| Total other comprehensive income (net amount) | 1,230 | (781) |
| Comprehensive income | (6,106) | 10,657 |
| Group share | (6,312) | 10,418 |
| Non-controlling interests | 206 | 239 |
CONSOLIDATED BALANCE SHEETTOTAL
| (M$) | December 31,2020(unaudited) | September 30,2020(unaudited) | December 31,2019 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets, net | 33,528 | 33,145 | 33,178 |
| Property, plant and equipment, net | 108,335 | 104,355 | 116,408 |
| Equity affiliates : investments and loans | 27,976 | 27,386 | 27,122 |
| Other investments | 2,007 | 1,822 | 1,778 |
| Non-current financial assets | 4,781 | 3,155 | 912 |
| Deferred income taxes | 7,016 | 6,952 | 6,216 |
| Other non-current assets | 2,810 | 2,570 | 2,415 |
| Total non-current assets | 186,453 | 179,385 | 188,029 |
| Current assets | |||
| Inventories, net | 14,730 | 12,373 | 17,132 |
| Accounts receivable, net | 14,068 | 12,893 | 18,488 |
| Other current assets | 13,428 | 14,637 | 17,013 |
| Current financial assets | 4,630 | 6,011 | 3,992 |
| Cash and cash equivalents | 31,268 | 30,593 | 27,352 |
| Assets classified as held for sale | 1,555 | 1,090 | 1,288 |
| Total current assets | 79,679 | 77,597 | 85,265 |
| Total assets | 266,132 | 256,982 | 273,294 |
| LIABILITIES & SHAREHOLDERS' EQUITY | |||
| Shareholders' equity | |||
| Common shares | 8,267 | 8,267 | 8,123 |
| Paid-in surplus and retained earnings | 107,078 | 107,632 | 121,170 |
| Currency translation adjustment | (10,256) | (12,275) | (11,503) |
| Treasury shares | (1,387) | (1,390) | (1,012) |
| Total shareholders' equity - Group share | 103,702 | 102,234 | 116,778 |
| Non-controlling interests | 2,383 | 2,177 | 2,527 |
| Total shareholders' equity | 106,085 | 104,411 | 119,305 |
| Non-current liabilities | |||
| Deferred income taxes | 10,326 | 10,367 | 11,858 |
| Employee benefits | 3,917 | 3,719 | 3,501 |
| Provisions and other non-current liabilities | 20,925 | 19,351 | 20,613 |
| Non-current financial debt | 60,203 | 61,477 | 47,773 |
| Total non-current liabilities | 95,371 | 94,914 | 83,745 |
| Current liabilities | |||
| Accounts payable | 23,574 | 18,880 | 28,394 |
| Other creditors and accrued liabilities | 22,465 | 22,806 | 25,749 |
| Current borrowings | 17,099 | 14,980 | 14,819 |
| Other current financial liabilities | 203 | 196 | 487 |
| Liabilities directly associated with the assets classified as held for sale | 1,335 | 795 | 795 |
| Total current liabilities | 64,676 | 57,657 | 70,244 |
| Total liabilities & shareholders' equity | 266,132 | 256,982 | 273,294 |
CONSOLIDATED STATEMENT OF CASH FLOWTOTAL(unaudited)
| (M$) | 4th quarter2020 | 3rd quarter2020 | 4th quarter2019 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 903 | 181 | 2,649 |
| Depreciation, depletion, amortization and impairment | 3,796 | 3,634 | 4,624 |
| Non-current liabilities, valuation allowances and deferred taxes | (237) | (88) | (672) |
| (Gains) losses on disposals of assets | (260) | (309) | (176) |
| Undistributed affiliates' equity earnings | 379 | 178 | 267 |
| (Increase) decrease in working capital | 1,342 | 980 | 46 |
| Other changes, net | (249) | (225) | (139) |
| Cash flow from operating activities | 5,674 | 4,351 | 6,599 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (3,834) | (2,157) | (4,015) |
| Acquisitions of subsidiaries, net of cash acquired | (778) | - | (155) |
| Investments in equity affiliates and other securities | (221) | (229) | (170) |
| Increase in non-current loans | (355) | (301) | (319) |
| Total expenditures | (5,188) | (2,687) | (4,659) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 114 | 363 | 301 |
| Proceeds from disposals of subsidiaries, net of cash sold | 124 | 4 | 13 |
| Proceeds from disposals of non-current investments | 186 | 77 | 43 |
| Repayment of non-current loans | 288 | 342 | 377 |
| Total divestments | 712 | 786 | 734 |
| Cash flow used in investing activities | (4,476) | (1,901) | (3,925) |
| CASH FLOW USED IN FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: | |||
| - Parent company shareholders | - | - | 1 |
| - Treasury shares | - | - | (620) |
| Dividends paid: | |||
| - Parent company shareholders | (2,053) | (825) | (1,876) |
| - Non-controlling interests | (5) | (103) | (1) |
| Net issuance (repayment) of perpetual subordinated notes | - | 331 | - |
| Payments on perpetual subordinated notes | (62) | (22) | (56) |
| Other transactions with non-controlling interests | (59) | (75) | 160 |
| Net issuance (repayment) of non-current debt | 104 | 224 | 84 |
| Increase (decrease) in current borrowings | (339) | (2,343) | (1,131) |
| Increase (decrease) in current financial assets and liabilities | 1,212 | 730 | (168) |
| Cash flow from (used in) financing activities | (1,202) | (2,083) | (3,607) |
| Net increase (decrease) in cash and cash equivalents | (4) | 367 | (933) |
| Effect of exchange rates | 679 | 499 | 831 |
| Cash and cash equivalents at the beginning of the period | 30,593 | 29,727 | 27,454 |
| Cash and cash equivalents at the end of the period | 31,268 | 30,593 | 27,352 |
CONSOLIDATED STATEMENT OF CASH FLOWTOTAL
| (M$) | Year2020(unaudited) | Year2019 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated net income | (7,336) | 11,438 |
| Depreciation, depletion, amortization and impairment | 22,861 | 16,401 |
| Non-current liabilities, valuation allowances and deferred taxes | (1,782) | (58) |
| (Gains) losses on disposals of assets | (909) | (614) |
| Undistributed affiliates' equity earnings | 948 | (1,083) |
| (Increase) decrease in working capital | 1,869 | (1,718) |
| Other changes, net | (848) | 319 |
| Cash flow from operating activities | 14,803 | 24,685 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||
| Intangible assets and property, plant and equipment additions | (10,764) | (11,810) |
| Acquisitions of subsidiaries, net of cash acquired | (966) | (4,748) |
| Investments in equity affiliates and other securities | (2,120) | (1,618) |
| Increase in non-current loans | (1,684) | (1,061) |
| Total expenditures | (15,534) | (19,237) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 740 | 527 |
| Proceeds from disposals of subsidiaries, net of cash sold | 282 | 158 |
| Proceeds from disposals of non-current investments | 578 | 349 |
| Repayment of non-current loans | 855 | 1,026 |
| Total divestments | 2,455 | 2,060 |
| Cash flow used in investing activities | (13,079) | (17,177) |
| CASH FLOW USED IN FINANCING ACTIVITIES | ||
| Issuance (repayment) of shares: | ||
| - Parent company shareholders | 374 | 452 |
| - Treasury shares | (611) | (2,810) |
| Dividends paid: | ||
| - Parent company shareholders | (6,688) | (6,641) |
| - Non-controlling interests | (184) | (115) |
| Net issuance (repayment) of perpetual subordinated notes | 331 | - |
| Payments on perpetual subordinated notes | (315) | (371) |
| Other transactions with non-controlling interests | (204) | 10 |
| Net issuance (repayment) of non-current debt | 15,800 | 8,131 |
| Increase (decrease) in current borrowings | (6,501) | (5,829) |
| Increase (decrease) in current financial assets and liabilities | (604) | (536) |
| Cash flow from (used in) financing activities | 1,398 | (7,709) |
| Net increase (decrease) in cash and cash equivalents | 3,122 | (201) |
| Effect of exchange rates | 794 | (354) |
| Cash and cash equivalents at the beginning of the period | 27,352 | 27,907 |
| Cash and cash equivalents at the end of the period | 31,268 | 27,352 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITYTOTAL (Unaudited: Year 2020)
| Common shares issued | Paid-insurplus andretainedearnings | Currencytranslationadjustment | Treasury shares | Shareholders' equity -Group share | Non-controllinginterests | Totalshareholders'equity | |||
| (M$) | Number | Amount | Number | Amount | |||||
| As of January 1, 2019 | 2,640,602,007 | 8,227 | 120,569 | (11,313) | (32,473,281) | (1,843) | 115,640 | 2,474 | 118,114 |
| Net income 2019 | - | - | 11,267 | - | - | - | 11,267 | 171 | 11,438 |
| Other comprehensive Income | - | - | (659) | (190) | - | - | (849) | 68 | (781) |
| Comprehensive Income | - | - | 10,608 | (190) | - | - | 10,418 | 239 | 10,657 |
| Dividend | - | - | (7,730) | - | - | - | (7,730) | (115) | (7,845) |
| Issuance of common shares | 26,388,503 | 74 | 1,265 | - | - | - | 1,339 | - | 1,339 |
| Purchase of treasury shares | - | - | - | - | (52,389,336) | (2,810) | (2,810) | - | (2,810) |
| Sale of treasury shares (1) | - | - | (219) | - | 4,278,948 | 219 | - | - | - |
| Share-based payments | - | - | 207 | - | - | - | 207 | - | 207 |
| Share cancellation | (65,109,435) | (178) | (3,244) | - | 65,109,435 | 3,422 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (4) | - | - | - | (4) | - | (4) |
| Payments on perpetual subordinated notes | - | - | (353) | - | - | - | (353) | - | (353) |
| Other operations with non-controlling interests | - | - | 55 | - | - | - | 55 | (42) | 13 |
| Other items | - | - | 16 | - | - | - | 16 | (29) | (13) |
| As of December 31, 2019 | 2,601,881,075 | 8,123 | 121,170 | (11,503) | (15,474,234) | (1,012) | 116,778 | 2,527 | 119,305 |
| Net income 2020 | - | - | (7,242) | - | - | - | (7,242) | (94) | (7,336) |
| Other comprehensive Income | - | - | (321) | 1,251 | - | - | 930 | 300 | 1,230 |
| Comprehensive Income | - | - | (7,563) | 1,251 | - | - | (6,312) | 206 | (6,106) |
| 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 | - | - | - | - | (13,236,044) | (611) | (611) | - | (611) |
| Sale of treasury shares (1) | - | - | (236) | - | 4,317,575 | 236 | - | - | - |
| Share-based payments | - | - | 188 | - | - | - | 188 | - | 188 |
| Share cancellation | - | - | - | - | - | - | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | 331 | - | - | - | 331 | - | 331 |
| Payments on perpetual subordinated notes | - | - | (308) | - | - | - | (308) | - | (308) |
| Other operations with non-controlling interests | - | - | (61) | (4) | - | - | (65) | (117) | (182) |
| Other items | - | - | (14) | - | - | - | (14) | 1 | (13) |
| 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 |
| (1) Treasury shares related to the restricted stock grants. | |||||||||
BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
| 4th quarter 2020(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,257 | 5,231 | 15,052 | 16,393 | 10 | - | 37,943 |
| Intersegment sales | 5,574 | 628 | 4,160 | 98 | 140 | (10,600) | - |
| Excise taxes | - | - | (628) | (4,967) | - | - | (5,595) |
| Revenues from sales | 6,831 | 5,859 | 18,584 | 11,524 | 150 | (10,600) | 32,348 |
| Operating expenses | (3,489) | (5,569) | (17,989) | (10,776) | (286) | 10,600 | (27,509) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,500) | (354) | (412) | (241) | (36) | - | (3,543) |
| Operating income | 842 | (64) | 183 | 507 | (172) | - | 1,296 |
| Net income (loss) from equity affiliates and other items | 6 | 149 | (54) | (9) | 112 | - | 204 |
| Tax on net operating income | 91 | 7 | (93) | (169) | (72) | - | (236) |
| Net operating income | 939 | 92 | 36 | 329 | (132) | - | 1,264 |
| Net cost of net debt | (361) | ||||||
| Non-controlling interests | (12) | ||||||
| Net income - group share | 891 | ||||||
| 4th quarter 2020 (adjustments) (a) (M$) | Exploration&Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| 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)(M$) | Exploration&Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,257 | 5,228 | 15,052 | 16,393 | 10 | - | 37,940 |
| Intersegment sales | 5,574 | 628 | 4,160 | 98 | 140 | (10,600) | - |
| Excise taxes | - | - | (628) | (4,967) | - | - | (5,595) |
| Revenues from sales | 6,831 | 5,856 | 18,584 | 11,524 | 150 | (10,600) | 32,345 |
| Operating expenses | (3,440) | (5,513) | (18,122) | (10,793) | (317) | 10,600 | (27,585) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,145) | (354) | (396) | (241) | (36) | - | (3,172) |
| Adjusted operating income | 1,246 | (11) | 66 | 490 | (203) | - | 1,588 |
| Net income (loss) from equity affiliates and other items | 31 | 175 | 137 | 4 | 5 | - | 352 |
| Tax on net operating income | (209) | 90 | (33) | (162) | 85 | - | (229) |
| Adjusted net operating income | 1,068 | 254 | 170 | 332 | (113) | - | 1,711 |
| Net cost of net debt | (371) | ||||||
| Non-controlling interests | (36) | ||||||
| Adjusted net income - group share | 1,304 | ||||||
| 4th quarter 2020(M$) | Exploration&Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| 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 |
BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
| 3rd quarter 2020(M$) | Exploration&Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,142 | 1,995 | 13,607 | 16,397 | 1 | - | 33,142 |
| Intersegment sales | 4,248 | 480 | 4,167 | 63 | 24 | (8,982) | - |
| Excise taxes | - | - | (658) | (5,267) | - | - | (5,925) |
| Revenues from sales | 5,390 | 2,475 | 17,116 | 11,193 | 25 | (8,982) | 27,217 |
| Operating expenses | (2,435) | (1,880) | (16,799) | (10,301) | (201) | 8,982 | (22,634) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,187) | (342) | (678) | (270) | (16) | - | (3,493) |
| Operating income | 768 | 253 | (361) | 622 | (192) | - | 1,090 |
| Net income (loss) from equity affiliates and other items | 251 | 225 | (247) | 14 | (4) | - | 239 |
| Tax on net operating income | (243) | (266) | (51) | (187) | 3 | - | (744) |
| Net operating income | 776 | 212 | (659) | 449 | (193) | - | 585 |
| Net cost of net debt | (404) | ||||||
| Non-controlling interests | 21 | ||||||
| Net income - group share | 202 | ||||||
| 3rd quarter 2020 (adjustments) (a) (M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | - | 33 | - | - | - | - | 33 |
| Intersegment sales | - | - | - | - | - | - | - |
| Excise taxes | - | - | - | - | - | - | - |
| Revenues from sales | - | 33 | - | - | - | - | 33 |
| Operating expenses | (51) | (49) | (48) | (6) | - | - | (154) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | - | - | (290) | - | - | - | (290) |
| Operating income (b) | (51) | (16) | (338) | (6) | - | - | (411) |
| Net income (loss) from equity affiliates and other items | 8 | (64) | (215) | (6) | - | - | (277) |
| Tax on net operating income | 18 | 7 | (18) | - | - | - | 7 |
| Net operating income (b) | (25) | (73) | (571) | (12) | - | - | (681) |
| Net cost of net debt | 29 | ||||||
| Non-controlling interests | 6 | ||||||
| Net income - group share | (646) | ||||||
| (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 | - | - | 95 | (5) | - | ||
| On net operating income | - | - | 14 | (6) | - | ||
| 3rd quarter 2020 (adjusted)(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,142 | 1,962 | 13,607 | 16,397 | 1 | - | 33,109 |
| Intersegment sales | 4,248 | 480 | 4,167 | 63 | 24 | (8,982) | - |
| Excise taxes | - | - | (658) | (5,267) | - | - | (5,925) |
| Revenues from sales | 5,390 | 2,442 | 17,116 | 11,193 | 25 | (8,982) | 27,184 |
| Operating expenses | (2,384) | (1,831) | (16,751) | (10,295) | (201) | 8,982 | (22,480) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,187) | (342) | (388) | (270) | (16) | - | (3,203) |
| Adjusted operating income | 819 | 269 | (23) | 628 | (192) | - | 1,501 |
| Net income (loss) from equity affiliates and other items | 243 | 289 | (32) | 20 | (4) | - | 516 |
| Tax on net operating income | (261) | (273) | (33) | (187) | 3 | - | (751) |
| Adjusted net operating income | 801 | 285 | (88) | 461 | (193) | - | 1,266 |
| Net cost of net debt | (433) | ||||||
| Non-controlling interests | 15 | ||||||
| Adjusted net income - group share | 848 | ||||||
| 3rd quarter 2020(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Total expenditures | 1,291 | 874 | 317 | 185 | 20 | - | 2,687 |
| Total divestments | 362 | 380 | 17 | 25 | 2 | - | 786 |
| Cash flow from operating activities | 2,043 | 654 | 1,027 | 1,033 | (406) | - | 4,351 |
BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
| 4th quarter 2019(M$) | Exploration &Production | Integrated Gas, Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,563 | 4,292 | 22,040 | 21,379 | 6 | - | 49,280 |
| Intersegment sales | 8,266 | 993 | 7,739 | 203 | 47 | (17,248) | - |
| Excise taxes | - | - | (765) | (5,130) | - | - | (5,895) |
| Revenues from sales | 9,829 | 5,285 | 29,014 | 16,452 | 53 | (17,248) | 43,385 |
| Operating expenses | (4,156) | (4,471) | (28,084) | (15,714) | (356) | 17,248 | (35,533) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,307) | (488) | (351) | (263) | (22) | - | (4,431) |
| Operating income | 2,366 | 326 | 579 | 475 | (325) | - | 3,421 |
| Net income (loss) from equity affiliates and other items | 166 | 391 | 57 | 15 | 6 | - | 635 |
| Tax on net operating income | (893) | 104 | (3) | (100) | (39) | - | (931) |
| Net operating income | 1,639 | 821 | 633 | 390 | (358) | - | 3,125 |
| Net cost of net debt | (476) | ||||||
| Non-controlling interests | (49) | ||||||
| Net income - group share | 2,600 | ||||||
| 4th quarter 2019 (adjustments) (a) (M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | - | 10 | - | - | - | - | 10 |
| Intersegment sales | - | - | - | - | - | - | - |
| Excise taxes | - | - | - | - | - | - | - |
| Revenues from sales | - | 10 | - | - | - | - | 10 |
| Operating expenses | (45) | (87) | 44 | (102) | (112) | - | (302) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (525) | (136) | (9) | - | - | - | (670) |
| Operating income (b) | (570) | (213) | 35 | (102) | (112) | - | (962) |
| Net income (loss) from equity affiliates and other items | (22) | (38) | (13) | (23) | - | - | (96) |
| Tax on net operating income | 200 | 278 | 31 | 41 | (73) | - | 477 |
| Net operating income (b) | (392) | 27 | 53 | (84) | (185) | - | (581) |
| Net cost of net debt | (3) | ||||||
| Non-controlling interests | 19 | ||||||
| Net income - group share | (565) | ||||||
| (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 | - | - | 85 | (96) | - | ||
| On net operating income | - | - | 117 | (60) | - | ||
| 4th quarter 2019 (adjusted)(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 1,563 | 4,282 | 22,040 | 21,379 | 6 | - | 49,270 |
| Intersegment sales | 8,266 | 993 | 7,739 | 203 | 47 | (17,248) | - |
| Excise taxes | - | - | (765) | (5,130) | - | - | (5,895) |
| Revenues from sales | 9,829 | 5,275 | 29,014 | 16,452 | 53 | (17,248) | 43,375 |
| Operating expenses | (4,111) | (4,384) | (28,128) | (15,612) | (244) | 17,248 | (35,231) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,782) | (352) | (342) | (263) | (22) | - | (3,761) |
| Adjusted operating income | 2,936 | 539 | 544 | 577 | (213) | - | 4,383 |
| Net income (loss) from equity affiliates and other items | 188 | 429 | 70 | 38 | 6 | - | 731 |
| Tax on net operating income | (1,093) | (174) | (34) | (141) | 34 | - | (1,408) |
| Adjusted net operating income | 2,031 | 794 | 580 | 474 | (173) | - | 3,706 |
| Net cost of net debt | (473) | ||||||
| Non-controlling interests | (68) | ||||||
| Adjusted net income - group share | 3,165 | ||||||
| 4th quarter 2019(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Total expenditures | 2,633 | 747 | 664 | 571 | 44 | - | 4,659 |
| Total divestments | 256 | 342 | 69 | 62 | 5 | - | 734 |
| Cash flow from operating activities | 4,206 | 1,527 | 1,142 | 278 | (554) | - | 6,599 |
BUSINESS SEGMENT INFORMATIONTOTAL(unaudited)
| Year 2020(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 4,973 | 15,629 | 56,615 | 63,451 | 17 | - | 140,685 |
| Intersegment sales | 18,483 | 2,003 | 17,378 | 357 | 223 | (38,444) | - |
| Excise taxes | - | - | (2,405) | (18,576) | - | - | (20,981) |
| Revenues from sales | 23,456 | 17,632 | 71,588 | 45,232 | 240 | (38,444) | 119,704 |
| Operating expenses | (11,972) | (15,847) | (70,524) | (42,807) | (1,049) | 38,444 | (103,755) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (16,998) | (2,312) | (1,878) | (984) | (92) | - | (22,264) |
| Operating income | (5,514) | (527) | (814) | 1,441 | (901) | - | (6,315) |
| Net income (loss) from equity affiliates and other items | 697 | 794 | (393) | 37 | 272 | - | 1,407 |
| Tax on net operating income | (208) | 71 | 59 | (515) | (67) | - | (660) |
| Net operating income | (5,025) | 338 | (1,148) | 963 | (696) | - | (5,568) |
| Net cost of net debt | (1,768) | ||||||
| Non-controlling interests | 94 | ||||||
| Net income - group share | (7,242) | ||||||
| Year 2020 (adjustments) (a) (M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | - | 20 | - | - | - | - | 20 |
| Intersegment sales | - | - | - | - | - | - | - |
| Excise taxes | - | - | - | - | - | - | - |
| Revenues from sales | - | 20 | - | - | - | - | 20 |
| Operating expenses | (137) | (423) | (1,552) | (330) | (60) | - | (2,502) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,693) | (953) | (306) | - | - | - | (8,952) |
| Operating income (b) | (7,830) | (1,356) | (1,858) | (330) | (60) | - | (11,434) |
| Net income (loss) from equity affiliates and other items | 54 | (382) | (677) | (24) | 107 | - | (922) |
| Tax on net operating income | 388 | 298 | 348 | 93 | (145) | - | 982 |
| Net operating income (b) | (7,388) | (1,440) | (2,187) | (261) | (98) | - | (11,374) |
| Net cost of net debt | - | - | - | - | - | - | (29) |
| Non-controlling interests | - | - | - | - | - | - | 102 |
| Net income - group share | - | - | - | - | - | - | (11,301) |
| (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 | - | - | (1,244) | (196) | - | ||
| On net operating income | - | - | (1,165) | (137) | - | ||
| Year 2020 (adjusted)(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 4,973 | 15,609 | 56,615 | 63,451 | 17 | - | 140,665 |
| Intersegment sales | 18,483 | 2,003 | 17,378 | 357 | 223 | (38,444) | - |
| Excise taxes | - | - | (2,405) | (18,576) | - | - | (20,981) |
| Revenues from sales | 23,456 | 17,612 | 71,588 | 45,232 | 240 | (38,444) | 119,684 |
| Operating expenses | (11,835) | (15,424) | (68,972) | (42,477) | (989) | 38,444 | (101,253) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (9,305) | (1,359) | (1,572) | (984) | (92) | - | (13,312) |
| Adjusted operating income | 2,316 | 829 | 1,044 | 1,771 | (841) | - | 5,119 |
| Net income (loss) from equity affiliates and other items | 643 | 1,176 | 284 | 61 | 165 | - | 2,329 |
| Tax on net operating income | (596) | (227) | (289) | (608) | 78 | - | (1,642) |
| Adjusted net operating income | 2,363 | 1,778 | 1,039 | 1,224 | (598) | - | 5,806 |
| Net cost of net debt | (1,739) | ||||||
| Non-controlling interests | (8) | ||||||
| Adjusted net income - group share | 4,059 | ||||||
| Year 2020(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Total expenditures | 6,782 | 6,230 | 1,325 | 1,052 | 145 | - | 15,534 |
| Total divestments | 819 | 1,152 | 149 | 158 | 177 | - | 2,455 |
| Cash flow from operating activities | 9,922 | 2,129 | 2,438 | 2,101 | (1,787) | - | 14,803 |
BUSINESS SEGMENT INFORMATIONTOTAL
| Year 2019(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 7,261 | 18,167 | 87,598 | 87,280 | 10 | - | 200,316 |
| Intersegment sales | 31,329 | 2,825 | 32,390 | 659 | 125 | (67,328) | - |
| Excise taxes | - | - | (3,015) | (21,052) | - | - | (24,067) |
| Revenues from sales | 38,590 | 20,992 | 116,973 | 66,887 | 135 | (67,328) | 176,249 |
| Operating expenses | (16,389) | (18,316) | (112,104) | (63,855) | (925) | 67,328 | (144,261) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (11,659) | (1,492) | (1,527) | (980) | (73) | - | (15,731) |
| Operating income | 10,542 | 1,184 | 3,342 | 2,052 | (863) | - | 16,257 |
| Net income (loss) from equity affiliates and other items | 610 | 2,330 | 322 | 101 | 42 | - | 3,405 |
| Tax on net operating income | (4,572) | (741) | (470) | (598) | 155 | - | (6,226) |
| Net operating income | 6,580 | 2,773 | 3,194 | 1,555 | (666) | - | 13,436 |
| Net cost of net debt | (1,998) | ||||||
| Non-controlling interests | (171) | ||||||
| Net income - group share | 11,267 | ||||||
| Year 2019 (adjustments) (a) (M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | - | (64) | - | - | - | - | (64) |
| Intersegment sales | - | - | - | - | - | - | - |
| Excise taxes | - | - | - | - | - | - | - |
| Revenues from sales | - | (64) | - | - | - | - | (64) |
| Operating expenses | (145) | (240) | 397 | (40) | (112) | - | (140) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (721) | (156) | (41) | (2) | - | - | (920) |
| Operating income (b) | (866) | (460) | 356 | (42) | (112) | - | (1,124) |
| Net income (loss) from equity affiliates and other items | (112) | 974 | (83) | (83) | - | - | 696 |
| Tax on net operating income | 49 | (130) | (82) | 27 | (73) | - | (209) |
| Net operating income (b) | (929) | 384 | 191 | (98) | (185) | - | (637) |
| Net cost of net debt | (15) | ||||||
| Non-controlling interests | 91 | ||||||
| Net income - group share | (561) | ||||||
| (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 | - | - | 477 | (31) | - | ||
| On net operating income | - | - | 371 | (14) | - | ||
| Year 2019 (adjusted)(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining & Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Non-Group sales | 7,261 | 18,231 | 87,598 | 87,280 | 10 | - | 200,380 |
| Intersegment sales | 31,329 | 2,825 | 32,390 | 659 | 125 | (67,328) | - |
| Excise taxes | - | - | (3,015) | (21,052) | - | - | (24,067) |
| Revenues from sales | 38,590 | 21,056 | 116,973 | 66,887 | 135 | (67,328) | 176,313 |
| Operating expenses | (16,244) | (18,076) | (112,501) | (63,815) | (813) | 67,328 | (144,121) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (10,938) | (1,336) | (1,486) | (978) | (73) | - | (14,811) |
| Adjusted operating income | 11,408 | 1,644 | 2,986 | 2,094 | (751) | - | 17,381 |
| Net income (loss) from equity affiliates and other items | 722 | 1,356 | 405 | 184 | 42 | - | 2,709 |
| Tax on net operating income | (4,621) | (611) | (388) | (625) | 228 | - | (6,017) |
| Adjusted net operating income | 7,509 | 2,389 | 3,003 | 1,653 | (481) | - | 14,073 |
| Net cost of net debt | (1,983) | ||||||
| Non-controlling interests | (262) | ||||||
| Adjusted net income - group share | 11,828 | ||||||
| Year 2019(M$) | Exploration &Production | Integrated Gas,Renewables &Power | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total |
| Total expenditures | 8,992 | 7,053 | 1,698 | 1,374 | 120 | - | 19,237 |
| Total divestments | 368 | 1,108 | 322 | 249 | 13 | - | 2,060 |
| Cash flow from operating activities | 16,917 | 3,461 | 3,837 | 2,604 | (2,134) | - | 24,685 |
Reconciliation of the information by business segment with consolidated financial statementsTOTAL(unaudited)
| 4th quarter 2020(M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income |
| Sales | 37,940 | 3 | 37,943 |
| Excise taxes | (5,595) | - | (5,595) |
| Revenues from sales | 32,345 | 3 | 32,348 |
| Purchases, net of inventory variation | (20,781) | 273 | (20,508) |
| Other operating expenses | (6,466) | (197) | (6,663) |
| Exploration costs | (338) | - | (338) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,172) | (371) | (3,543) |
| Other income | 275 | 563 | 838 |
| Other expense | (280) | (417) | (697) |
| Financial interest on debt | (497) | (4) | (501) |
| Financial income and expense from cash & cash equivalents | 32 | 21 | 53 |
| Cost of net debt | (465) | 17 | (448) |
| Other financial income | 173 | - | 173 |
| Other financial expense | (183) | - | (183) |
| Net income (loss) from equity affiliates | 367 | (294) | 73 |
| Income taxes | (135) | (14) | (149) |
| Consolidated net income | 1,340 | (437) | 903 |
| Group share | 1,304 | (413) | 891 |
| Non-controlling interests | 36 | (24) | 12 |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | |||
| 4th quarter 2019(M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income |
| Sales | 49,270 | 10 | 49,280 |
| Excise taxes | (5,895) | - | (5,895) |
| Revenues from sales | 43,375 | 10 | 43,385 |
| Purchases, net of inventory variation | (28,126) | (86) | (28,212) |
| Other operating expenses | (6,874) | (216) | (7,090) |
| Exploration costs | (231) | - | (231) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,761) | (670) | (4,431) |
| Other income | 256 | 172 | 428 |
| Other expense | (133) | (102) | (235) |
| Financial interest on debt | (603) | (3) | (606) |
| Financial income and expense from cash & cash equivalents | 51 | - | 51 |
| Cost of net debt | (552) | (3) | (555) |
| Other financial income | 143 | - | 143 |
| Other financial expense | (203) | - | (203) |
| Net income (loss) from equity affiliates | 668 | (166) | 502 |
| Income taxes | (1,329) | 477 | (852) |
| Consolidated net income | 3,233 | (584) | 2,649 |
| Group share | 3,165 | (565) | 2,600 |
| Non-controlling interests | 68 | (19) | 49 |
| (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 statementsTOTAL
| Year 2020(M$)(unaudited) | Adjusted | Adjustments (a) | Consolidatedstatement of income |
| Sales | 140,665 | 20 | 140,685 |
| Excise taxes | (20,981) | - | (20,981) |
| Revenues from sales | 119,684 | 20 | 119,704 |
| Purchases, net of inventory variation | (75,672) | (1,814) | (77,486) |
| Other operating expenses | (24,850) | (688) | (25,538) |
| Exploration costs | (731) | - | (731) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (13,312) | (8,952) | (22,264) |
| Other income | 1,405 | 832 | 2,237 |
| Other expense | (689) | (817) | (1,506) |
| Financial interest on debt | (2,140) | (7) | (2,147) |
| Financial income and expense from cash & cash equivalents | 68 | (31) | 37 |
| Cost of net debt | (2,072) | (38) | (2,110) |
| Other financial income | 914 | - | 914 |
| Other financial expense | (689) | (1) | (690) |
| Net income (loss) from equity affiliates | 1,388 | (936) | 452 |
| Income taxes | (1,309) | 991 | (318) |
| Consolidated net income | 4,067 | (11,403) | (7,336) |
| Group share | 4,059 | (11,301) | (7,242) |
| Non-controlling interests | 8 | (102) | (94) |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | |||
| Year 2019(M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income |
| Sales | 200,380 | (64) | 200,316 |
| Excise taxes | (24,067) | - | (24,067) |
| Revenues from sales | 176,313 | (64) | 176,249 |
| Purchases, net of inventory variation | (116,464) | 243 | (116,221) |
| Other operating expenses | (26,872) | (383) | (27,255) |
| Exploration costs | (785) | - | (785) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (14,811) | (920) | (15,731) |
| Other income | 876 | 287 | 1,163 |
| Other expense | (455) | (737) | (1,192) |
| Financial interest on debt | (2,318) | (15) | (2,333) |
| Financial income and expense from cash & cash equivalents | (19) | - | (19) |
| Cost of net debt | (2,337) | (15) | (2,352) |
| Other financial income | 792 | - | 792 |
| Other financial expense | (764) | - | (764) |
| Net income (loss) from equity affiliates | 2,260 | 1,146 | 3,406 |
| Income taxes | (5,663) | (209) | (5,872) |
| Consolidated net income | 12,090 | (652) | 11,438 |
| Group share | 11,828 | (561) | 11,267 |
| Non-controlling interests | 262 | (91) | 171 |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | |||
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