TIDMTTA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
3Q19 Changevs 3Q18 9M19 Changevs 9M18
Oil price - Brent ($/b) 62.0 -18% 64.6 -10%
European gas price - NBP ($/Mbtu) 3.9 -54% 4.8 -37%
Adjusted net income (Group share)1
- in billions of dollars (B$) 3.02 -24% 8.66 -17%
- in dollars per share 1.13 -23% 3.20 -18%
DACF1 (B$) 7.4 -2% 21.1 +6%
Cash Flow from operations (B$) 8.2 +43% 18.1 +29%
Net income (Group share)
of 2.8 B$ in 3Q19,
a 29% decrease compared to 3Q18
Net-debt-to-capital ratio of
21.1% at September 30, 2019
Hydrocarbon production of
3,040 kboe/d in 3Q19,
an increase of 8.4% compared to 3Q18
Ex-dividend date for third
2019 interim dividend
of 0.68 EUR/share on March 30, 2020
Total's Board of Directors met on October 29, 2019, to approve
the Group's third quarter 2019 financial statements. Commenting on
the results, Chairman and CEO Patrick Pouyanné said:
"The Group continues to achieve solid results despite a third
quarter environment compared to a year ago that was marked by an
18% decrease in the Brent price to $62/b and gas prices that fell
by about 55% in Europe and Asia.
Cash flow (DACF) was essentially stable at $7.4 billion compared
to a year ago, thanks to production growth of more than 8% from
cash flow accretive projects. Year-to-date cash flow from the iGRP
segment increased by nearly $1 billion, driven by LNG production
growth of 55% (Yamal LNG in Russia and Ichthys in Australia). Thus
Total reduced its organic pre-dividend breakeven to less than
$25/b.
In this context, adjusted net income was $3.02 billion in the
third quarter and nearly $9 billion in the first nine months of the
year. The return on equity was 10.3%.
In Exploration & Production, the Group continues to
high-grade its portfolio, particularly in Norway with the start-up
of Johan Sverdrup and in the United Kingdom with the ramp-up of
Culzean and the sale of high-breakeven mature assets. In
Exploration, the Group became operator of a new high-potential
pre-salt exploration block in Brazil and participated in two
discoveries in Guyana.
The Group continues its dynamic strategy of growth in natural
gas to contribute to the energy transition in concrete terms with
the acquisition of Anadarko's stake in Mozambique LNG, the launch
of the Arctic LNG 2 project in Russia and the investment in the gas
marketing partnership with conglomerate Adani in India.
It also continued to grow in low carbon electricity by adding
500 MW of new projects in France during the quarter, launching the
construction of a third solar farm in Japan and joining forces with
Envision to develop distributed solar projects in China.
Strong performance of the Downstream from leveraging its
diversified portfolio of activities confirms the effectiveness of
the integrated model. Downstream cash flow was $2 billion in the
third quarter, up 14% year-on-year.
Total maintains a solid financial position with gearing of 17.2%
excluding capitalized leases (21.1% including). In accordance with
the decision of the Board of Directors announced on September 24,
the Group is accelerating dividend growth and will distribute the
third interim for 2019 in the amount of 0.68EUR per share, an
increase of 6% compared to 2018. In addition, given the resilience
of its cash flow, the Group bought back $1.15 billion of its shares
through September and will buy back a total of $1.75 billion of its
shares in 2019."
Key figures2
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of 9M19 9M18 9M19vs9M18
dollars,
except effective
tax
rate,earnings
per share
and number
of shares
3,673 3,589 4,548 -19% Adjusted net 10,675 12,112 -12%
operating
income
from business
segments
1,734 2,022 2,439 -29% Exploration & 5,478 6,571 -17%
Production*
574 429 697 -18% Integrated Gas, 1,595 1,743 -8%
Renewables
& Power*
952 715 938 +1% Refining & 2,423 2,479 -2%
Chemicals
413 423 474 -13% Marketing & 1,179 1,319 -11%
Services
521 457 865 -40% Contribution 1,592 2,268 -30%
of equity
affiliates
to adjusted
net income
30.7% 33.0% 38.6% - Group effective 34.9% 38.9% -
tax rate3
3,017 2,887 3,958 -24% Adjusted net 8,663 10,395 -17%
income
(Group share)
1.13 1.05 1.47 -23% Adjusted 3.20 3.88 -18%
fully-diluted
earnings
per
share (dollars)4
1.01 0.94 1.26 -20% Adjusted 2.85 3.25 -12%
fully-diluted
earnings
per
share (euros)**
2,614 2,625 2,637 -1% Fully-diluted 2,621 2,618 -
weighted-average
shares
(millions)
2,800 2,756 3,957 -29% Net income 8,667 10,314 -16%
(Group
share)
3,296 3,028 2,568 +28% Organic 9,107 7,967 +14%
investments5
3,422 402 3,640 -6% Net 4,131 4,893 -16%
acquisitions6
6,718 3,430 6,208 +8% Net investments7 21,129 19,972 +6%
6,853 6,707 7,088 -3% Operating cash 19,593 18,857 +4%
flow
before working
capital
changes8
7,385 7,208 7,507 -2% Operating cash 21,129 19,972 +6%
flow before
working capital
changes w/o
financial
charges (DACF)9
8,206 6,251 5,736 +43% Cash flow from 18,086 14,063 +29%
operations
2019 data take into account the impact of the new rule IFRS16
"Leases", effective January 1, 2019.
* 3Q18 and first nine months 2018 restated; historical data for
2017 and 2018 available on www.total.com.
** Average EUR-$ exchange rate: 1.1119 in the third quarter 2019
and 1.1236 in the first nine months 2019.
Highlights since the beginning of the third quarter 201910
-- Finalized acquisition of Anadarko's stake in Mozambique LNG
-- Launched Arctic LNG 2 project in Russia
-- Expanded partnership with Adani to supply and market natural gas in India
-- Signed agreements with Benin to develop LNG market there
-- Started production at Johan Sverdrup in the North Sea
-- Expanded Brazil pre-salt footprint with new deep offshore exploration license
-- Inaugurated 1000th Total service station equipped with solar panels
-- Launched construction of third solar farm in Japan
-- Alliance with Envision in the fast-growing distributed solar energy market in China
-- Acquired renewable energy company Vents d'Oc in France
-- Increased ethylene production capacity by 30% at Hanwha Total Petrochemical in South Korea
-- Announced creation of a digital factory to accelerate the digital transformation of the Group
Key figures of environment and Group production
> Environment* - liquids and gas price realizations**,
refining margins
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18
62.0 68.9 75.2 -18% Brent ($/b) 64.6 72.1 -10%
2.3 2.5 2.9 -19% Henry Hub ($/Mbtu) 2.6 2.8 -10%
3.9 4.1 8.4 -54% NBP ($/Mbtu) 4.8 7.6 -37%
4.7 4.9 10.7 -56% JKM ($/Mbtu) 5.4 9.7 -44%
58.0 63.7 68.8 -16% Average price of 60.0 66.1 -9%
liquids ($/b)**
3.5 3.8 5.1 -31% Average price of 3.93 4.83 -19%
gas ($/Mbtu)**
47.4 27.6 47.2 - Variable cost margin 36.2 37.3 -3%
- Refining
Europe, VCM ($/t)
* The indicators are shown on page 15.
** Consolidated subsidiaries.
Production*
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18
3,040 2,957 2,804 +8% Hydrocarbon 2,981 2,742 +9%
production
(kboe/d)
1,441 1,407 1,431 +1% Oil (including 1,424 1,377 +3%
bitumen)
(kb/d)
1,599 1,549 1,373 +16% Gas (including 1,557 1,365 +14%
condensates
and
associated NGL)
(kboe/d)
3,040 2,957 2,804 +8% Hydrocarbon 2,981 2,742 +9%
production
(kboe/d)
1,720 1,624 1,611 +7% Liquids (kb/d) 1,658 1,558 +6%
7,399 7,477 6,557 +13% Gas (Mcf/d) 7,399 6,465 +14%
* Group production = EP production + iGRP production.
Hydrocarbon production was 3,040 thousand barrels of oil
equivalent per day (kboe/d) in third quarter 2019, an increase of
8% compared to last year, due to:
-- +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria, and Culzean in the United Kingdom,
-- -3% due to the natural decline of the fields,
-- -1% due to maintenance, notably in Norway.
Hydrocarbon production was 2,981 thousand barrels of oil
equivalent per day (kboe/d) in the first nine months 2019, an
increase of 9% compared to last year, due to:
-- +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria,
-- +1% due to portfolio effect, notably the integration of the Maersk Oil assets,
-- -3% due to the natural decline of the fields,
-- -1% due to maintenance, notably in Nigeria and Norway.
Analysis of business segments
Exploration & Production (EP - redefined scope)
> Production
3Q19 2Q19 3Q18 3Q19vs3Q18 Hydrocarbon production 9M19 9M18 9M19vs9M18
2,501 2,398 2,433 +3% EP (kboe/d) 2,442 2,389 +2%
1,647 1,551 1,575 +5% Liquids (kb/d) 1,587 1,522 +4%
4,654 4,629 4,678 -1% Gas (Mcf/d) 4,663 4,729 -1%
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of 9M19 9M18 9M19vs9M18
dollars,
except
effective tax rate
1,734 2,022 2,439 -29% Adjusted net 5,478 6,571 -17%
operating
income*
297 239 316 -6% including income 749 871 -14%
from
equity affiliates
39.7% 39.5% 47.5% - Effective tax 42.8% 47.5%
rate**
2,065 1,995 1,605 +29% Organic 6,018 5,188 +16%
investments
(3) 204 373 ns Net acquisitions 239 2,305 -90%
2,061 2,199 1,978 +4% Net investments 6,256 7,493 -17%
4,451 4,882 5,200 -14% Operating cash 13,579 13,921 -2%
flow
before working
capital changes
***
5,007 3,768 4,431 +13% Cash flow from 12,711 12,227 +4%
operations ***
* Details on adjustment items are shown in the business segment
information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net
operating income - income from equity affiliates - dividends
received from investments - impairment of goodwill + tax on
adjusted net operating income).
*** Excluding financial charges, except those related to
leases.
Exploration & Production adjusted net operating income
was:
-- 1,734 M$ in the third quarter 2019, a decrease of 29% year-on-year, impacted notably by lower Brent and natural gas prices as well as higher DD&A expenses on new projects.
-- 5,478 M$ in the first nine months 2019, a decrease of 17%, for the same reasons.
Operating cash flow before working capital changes, compared to
last year, decreased by 14% in the third quarter to 4.5 B$ and by
2% in the first nine months to 13.6 B$. The start-up of highly
accretive cash flow projects offset the effect of lower Brent and
gas prices.
Integrated Gas, Renewables & Power (iGRP)
> Production and liquefied natural gas (LNG) sales
3Q19 2Q19 3Q18 3Q19vs3Q18 Hydrocarbon production 9M19 9M18 9M19vs9M18
(kboe/d)
539 559 371 +45% iGRP (kboe/d) 539 353 +53%
73 73 36 x2 Liquids (kb/d) 71 36 +94%
2,745 2,848 1,879 +46% Gas (Mcf/d) 2,736 1,736 +58%
3Q19 2Q19 3Q18 3Q19vs3Q18 Liquefied Natural 9M19 9M18 9M19vs9M18
Gas in Mt
7.4 8.5 6.2 +20% Overall LNG sales 23.7 13.9 +71%
4.2 4.1 2.8 +50% incl. Sales from 12.0 7.7 +55%
equity
production*
5.5 6.7 5.1 +8% incl. Sales by 18.3 10.5 +75%
Total from
equity production
and third party
purchases
* The Group's equity production may be sold by Total or by the
joint ventures.
Production growth compared to a year ago is essentially linked
to the start-up of production from the Ichthys project in Australia
in the third quarter 2018 and the successive start-ups of trains at
Yamal LNG in Russia.
Total LNG sales increased by 20% compared to last year for the
third quarter thanks to the ramp-up of Yamal LNG and Ichthys as
well as the start-up of the first train at Cameron LNG in the
United States.
Total LNG sales increased by 71% in the first nine months 2019
for the same reasons as well as the acquisition of the portfolio of
LNG contracts from Engie in the third quarter 2018.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18
574 429 697 -18% Adjusted net operating 1,595 1,743 -8%
income*
206 195 324 -36% including income from 656 802 -18%
equity affiliates
641 442 407 +57% Organic investments 1,576 1,131 +39%
3,375 159 3,341 +1% Net acquisitions 3,934 3,047 +29%
4,015 601 3,748 +7% Net investments 5,509 4,178 +32%
848 869 553 +53% Operating cash 2,327 1,438 +62%
flow before
working capital
changes **
401 641 (164) ns Cash flow from 1,934 162 x11,9
operations **
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Driven by strong LNG sales growth, operating cash flow before
working capital changes for the iGRP segment increased by 53% in
the third quarter 2019 and 62% in the first nine months 2019.
Adjusted net operating income was 574 M$ in the third quarter
2019 and 1,595 M$ in the first nine months 2019, a decrease of 18%
and 8%, respectively, compared to last year, impacted by lower gas
prices in Europe and Asia in particular as well as higher DD&A
expenses on new projects.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 9M19 9M18 9M19vs9M18
1,719 1,595 1,953 -12% Total refinery 1,725 1,840 -6%
throughput
(kb/d)
503 447 654 -23% France 514 616 -17%
757 679 795 -5% Rest of Europe 753 737 +2%
459 469 504 -9% Rest of world 458 487 -6%
82% 77% 92% - Utlization 83% 87% -
rate based
on crude only**
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Refining & Chemicals
> Refinery throughput and utilization rates*
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the
year.
Refinery throughput volumes:
-- decreased by 12% in the third quarter 2019 year-on-year, notably as a result of the start of planned maintenance at Normandy and the partial contribution of Grandpuits in France this quarter.
-- decreased by 6% in the first nine months 2019 year-on-year for the same reasons.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18
952 715 938 +1% Adjusted net operating 2,423 2,479 -2%
income*
354 353 295 +20% Organic investments 947 989 -4%
19 (58) (6) ns Net acquisitions (163) (313) ns
374 295 289 +29% Net investments 785 676 +16%
1,373 806 1,174 +17% Operating cash 3,283 3,112 +5%
flow before
working capital
changes **
1,575 1,658 1,338 +18% Cash flow from 2,695 1,228 x2,2
operations **
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the Refining & Chemicals
segment increased by 1% to 952 M$ in the third quarter 2019,
benefiting notably from more favorable petrochemical margins in
Europe, and decreased by 2% in the first nine months 2019 to 2,423
M$.
Operating cash flow before working capital changes was 1,373 M$
in the third quarter 2019 and 3,283 M$ in the first nine months
2019, an increase of 17% and 5%, respectively, compared to
2018.
Marketing & Services
> Petroleum product sales
3Q19 2Q19 3Q18 3Q19vs3Q18 Sales in kb/d* 9M19 9M18 9M19vs9M18
1,848 1,860 1,818 +2% Total Marketing & 1,848 1,806 +2%
Services sales
1,034 1,004 1,024 +1% Europe 1,017 1,006 +1%
814 856 794 +3% Rest of world 831 800 +4%
* Excludes trading and bulk refining sales
Sales of petroleum products increased by 2% in the third quarter
2019 and the first nine months 2019, due to the development of
activities in the African and American regions, notably Mexico and
Brazil.
> Results
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions of dollars 9M19 9M18 9M19vs9M18
413 423 474 -13% Adjusted net operating 1,179 1,319 -11%
income*
215 204 245 -12% Organic investments 498 586 -15%
33 96 (69) ns Net acquisitions 121 (145) ns
248 300 176 +41% Net investments 620 441 +41%
622 626 580 +7% Operating cash 1,830 1,656 +10%
flow before
working capital
changes **
1,483 611 752 +97% Cash flow from 2,326 1,533 +52%
operations **
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases
Adjusted net operating income was 413 M$ in the third quarter
2019, a decrease of 13%, and 1,179 M$ for the first nine months of
2019.
Operating cash flow before working capital changes was 622 M$ in
the third quarter 2019 and 1,830 M$ in the first nine months 2019,
an increase of 7% and 10%, respectively, compared to 2018.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments
was:
-- 3,673 M$ in the third quarter 2019, down 19% compared to last yeardue to lower Brent and natural gas prices.
-- 10,675 M$ in the first nine months 2019, down 12% compared to last yearfor the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
-- 3,017 M$ in the third quarter 2019, down 24% compared to last year. This decrease reflects the decrease in the adjusted net operating income of the segments.
-- 8,663 M$ in the first nine months 2019, down 17% compared to last year for the same reasons and the increase in the net cost of net debt compared to a year ago mainly due to the rise in U.S. dollar interest rates.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair value
11.
Total net income adjustments12 were:
-- -217 M$ in the third quarter 2019.
-- 4 M$ in the first nine months 2019.
The effective tax rate for the Group was:
-- 30.7% in the third quarter 2019, compared to 38.6% the same quarter last year, mainly due to the lower tax rate for Exploration & Production segment linked to the lower hydrocarbon prices.
-- 34.9% in the first nine months 2019, compared to 38.9% the first nine months 2018, for the same reasons.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
-- $1.13 in the third quarter 2019, a decrease of 23%, calculated on the basis of a weighted average of 2,614 million fully-diluted shares, compared to $1.47 in the third quarter 2018.
-- $3.20 in the first nine months 2019, a decrease of 18%, calculated on the basis of a weighted average of 2,621 million fully-diluted shares, compared to $3.88 in the first nine months 2018.
In the framework of the shareholder return policy announced in
February 2018, the Group has continued to buy back shares,
including:
-- the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option until it was terminated.
-- the buyback of additional shares: 8 million shares repurchased in the third quarter 2019 for 0.40 B$ and 21.7 million shares in the first nine months 2019 for 1.15 B$ as part of the 5 B$ buyback program for 2018-20.
The number of fully-diluted shares was 2,614 million on
September 30, 2019.
>Acquisitions - asset sales
Acquisitions were:
-- 4,429 M$ in the third quarter 2019, linked notably to the acquisition of Anadarko's interest in Mozambique LNG.
-- 5,713 M$ in the first nine months 2019, linked notably to the elements above as well as to the signing of the acquisition of a 10% stake in the Arctic LNG 2 project in Russia and the acquisition of Chevron's interest in the Danish Underground Consortium in Denmark.
Asset sales were:
-- 1,007 M$ in the third quarter 2019, including notably the payment received with the take-over of the Toshiba LNG portfolio in the United States.
-- 1,582 M$ in the first nine months 2019, linked notably to the elements above and the sale of the interest in the Wepec refinery in China, the sale of the Group's interest in the Hazira terminal in India and polystyrene activities in China.
>Net cash flow
Net cash flow13 for the Group was:
-- 135 M$ in the third quarter 2019, a decrease of 745 M$ from last year due to increased net acquisitions.
-- 6,355 M$ in the first nine months 2019, an increase of 358 M$ from last year due to higher operating cash flow before working capital changes partially offset by higher net acquisitions.
>Profitability
The return on equity was 10.3% for the twelve months ended
September 30, 2019.
In millions October 1, 2018 July 1, 2018 October 1, 2017
of dollars
September 30, 2019 June 30, 2019 September 30, 2018
Adjusted net 12,104 13,125 13,679
income
Average adjusted 117,037 117,787 114,729
shareholders'
equity
Return on equity 10.3% 11.1% 11.9%
(ROE)
The return on average capital employed was 9.6% for the twelve
months ended September 30, 2019.
In millions October 1, 2018 July 1, 2018 October 1, 2017
of dollars
September 30, 2019 June 30, 2019 September 30, 2018
Adjusted net 14,094 15,087 15,295
operating
income
Average capital 146,222 145,247 138,242
employed
ROACE 9.6% 10.4% 11.1%
Total S.A. accounts
Net income for Total S.A., the parent company, was 5,934 million
euros in the first nine months 2019, compared to 4,814 million
euros a year ago.
2019 Sensitivities*
2019
sensitivities*
Change Estimated impact Estimated impact oncash
on adjustednet flow from operations
operating income
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
price**
Variable cost +/- 10 $/t +/- 0.5 B$ +/- 0.6 B$
margin,
European
refining (VCM)
* Sensitivities are revised once per year upon publication of
the previous year's fourth quarter results. Sensitivities are
estimates based on assumptions about the Group's portfolio in 2019.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals.
** In a 60 $/b Brent environment.
Summary and outlook
Since the start of the fourth quarter 2019, Brent has traded
around 60 $/b on average. The environment remains volatile, with
uncertainty about hydrocarbon demand growth related to the outlook
for global economic growth and in a context of geopolitical
instability.
The Group maintains its cost discipline and the organic
pre-dividend cash flow breakeven will remain below 30 $/b. The
Group continues its cost reduction program with more than 0.5 B$ of
additional savings this year to reach cumulative savings of more
than 4.7 B$ by the end of 2019. It will continue its 5 B$ asset
sale program over the 2019-20 period (1.6 B$ was completed at the
end of September) and 2019 net investments should be less than 18
B$.
Production growth should reach 9% in 2019, thanks to ramp-ups on
projects started in 2018, start-ups since the beginning of the
year, including Kaombo Sul in Angola and Culzean in the UK North
Sea, Johan Sverdrup in Norway, and the upcoming Iara 1 in
Brazil.
The Group will continue to implement its strategy for profitable
growth on the integrated gas and low carbon electricity chains, and
the iGRP segment will benefit in 2020 from the start-ups of Yamal
LNG train 4 as well as Cameron LNG trains 2&3.
Despite volatile European refining margins, the Downstream is
well positioned to generate cash flow close to 7 B$ in 2019.
Taking into account the stronger visibility on the Group's
future, the Board of Directors decided on September 23, 2019, to
accelerate dividend growth for the coming years with guidance of
increasing the dividend by 5-6% per year. In addition, the Group
will continue to buy back shares within the framework of its 5 B$
share buyback program over the 2018-20 period at 60 $/b with the
cumulative projected amount of 3.25 B$ by the end of 2019.
***
To listen to the presentation by CFO Jean-Pierre Sbraire today
at 13:00 (London time) please log on to total.com or call +44 (0)
207 192 8000 in Europe or +1 631 510 7495 in the United States
(code: 2076368). To listen to the replay, please consult the
website or call +44 (0) 333 300 9785 in Europe or +1 917 677 7532
in the United States (code: 2076368).
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
3Q19 2Q19 3Q18 3Q19vs3Q18 Combined liquids 9M19 9M18 9M19vs9M18
and
gasproduction
by region (kboe/d)
1,004 997 910 +10% Europe and Central 997 879 +13%
Asia
733 686 676 +8% Africa 705 674 +5%
720 703 687 +5% Middle East and 703 669 +5%
North Africa
363 358 399 -9% Americas 364 390 -7%
221 214 132 +68% Asia-Pacific 212 129 +64%
3,040 2,957 2,804 +8% Total production 2,981 2,742 +9%
698 750 645 +8% includes equity 719 661 +9%
affiliates
3Q19 2Q19 3Q18 3Q19vs3Q18 Liquids production 9M19 9M18 9M19vs9M18
by region (kb/d)
367 328 341 +8% Europe and Central 349 324 +8%
Asia
583 549 528 +10% Africa 558 514 +8%
562 546 538 +4% Middle East and 543 526 +3%
North Africa
163 160 186 -12% Americas 167 180 -8%
44 41 18 x2,4 Asia-Pacific 41 14 x3
1,720 1,624 1,611 +7% Total production 1,658 1,558 +6%
210 225 221 -5% includes equity 217 252 -14%
affiliates
3Q19 2Q19 3Q18 3Q19vs3Q18 Gas production by 9M19 9M18 9M19vs9M18
region (Mcf/d)
3,431 3,639 3,069 +12% Europe and Central 3,498 2,993 +17%
Asia
768 703 776 -1% Africa 754 801 -6%
866 866 830 +4% Middle East and 879 793 +11%
North Africa
1,124 1,107 1,198 -6% Americas 1,111 1,183 -6%
1,210 1,162 684 +77% Asia-Pacific 1,157 695 +66%
7,399 7,477 6,557 +13% Total production 7,399 6,465 +14%
2,635 2,868 2,313 +14% includes equity 2,718 2,199 +24%
affiliates
>Downstream (Refining & Chemicals and Marketing &
Services)
3Q19 2Q19 3Q18 3Q19vs3Q18 Petroleum product 9M19 9M18 9M19vs9M18
sales
by region (kb/d)
1,999 2,018 2,030 -2% Europe 2,013 1,958 +3%
677 751 760 -11% Africa 695 722 -4%
920 846 979 -6% Americas 868 847 +2%
541 536 569 -5% Rest of world 564 631 -11%
4,136 4,152 4,338 -5% Total consolidated 4,141 4,158 -
sales
544 535 581 -6% Includes bulk sales 545 569 -4%
1,745 1,757 1,939 -10% Includes trading 1,748 1,783 -2%
Adjustment items to net income (Group share)
3Q19 2Q19 3Q18 In millions of dollars 9M19 9M18
(156) (56) (152) Special items affecting net (226) (705)
income (Group share)
- - 89 Gain (loss) on asset sales - (14)
(20) (31) (39) Restructuring charges (53) (106)
(160) (57) (88) Impairments (217) (336)
24 32 (114) Other 44 (249)
(71) (28) 160 After-tax inventory effect : 289 632
FIFO vs. replacement cost
10 (47) (9) Effect of changes in fair value (59) (8)
(217) (131) (1) Total adjustments affecting net income 4 (81)
Investments - Divestments
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions 9M19 9M18 9M19vs9M18
of dollars
3,296 3,028 2,568 +28% Organic 9,107 7,967 +14%
investments
( a )
152 185 156 -3% capitalized 569 405 +41%
exploration
242 370 147 +65% increase 742 458 +62%
in non-current
loans
(61) (254) (688) ns repayment of (449) (1,685) ns
non-current
loans, excluding
organic
loan repayment
from
equity
affiliates*
(109) - - ns change in debt (109) - ns
from renewable
projects (Group
share)
4,429 614 3,228 +37% Acquisitions 5,713 7,343 -22%
( b )
1,007 212 209 x4,8 Asset sales ( c ) 1,582 3,071 -48%
105 - - ns change in debt 105 - ns
from renewable
projects (partner
share)
- - (621) ns Other - (621) ns
transactions
with
non-controlling
interests ( d )
6,718 3,430 6,208 +8% Net investments ( 13,238 12,860 +3%
a + b - c - d )
(101) (99) - ns Organic loan (200) - ns
repayment
from
equity
affiliates*
( e )
214 - - ns Change in debt 214 - ns
from renewable
projects ** ( f )
6,831 3,331 5,587 +22% Cash flow used 13,252 12,239 +8%
in investing
activities
( a + b - c
+ e + f )
* Effective second quarter 2019, organic loan repayments from
equity affiliates are defined as loan repayments from equity
affiliates coming from their cash flow from operations.
** Change in debt from renewable projects (Group share and
partner share).
Cash flow
3Q19 2Q19 3Q18 3Q19vs3Q18 In millions 9M19 9M18 9M19vs9M18
of dollars
7,385 7,208 7,507 -2% Operating 21,129 19,972 +6%
cash
flow before
working
capital
changes w/o
financials
charges
(DACF)
(532) (501) (419) ns Financial (1,536) (1,115) ns
charges
6,853 6,707 7,088 -3% Operating 19,593 18,857 +4%
cash
flow
before
working
capital
changes
( a )
1,523 (317) (1,578) ns (Increase) (1,764) (5,656) ns
decrease
in working
capital
(69) (40) 226 ns Inventory 457 862 -47%
effect
(101) (99) - ns Organic loan (200) - ns
repayment
from equity
affiliates
8,206 6,251 5,736 +43% Cash flow 18,086 14,063 +29%
from
operations
3,296 3,028 2,568 +28% Organic 9,107 7,967 +14%
investments
( b )
3,557 3,679 4,520 -21% Free cash 10,486 10,890 -4%
flow
after organic
investments,w/o
net asset
sales
( a - b )
6,718 3,430 6,208 +8% Net 13,238 12,860 +3%
investments
( c )
135 3,277 880 -85% Net cash flow 6,355 5,997 +6%
( a - c )
Gearing ratio*
In millions of dollars 09/30/2019 06/30/2019 09/30/2018
Current borrowings 14,631 16,221 15,180
Net current financial assets (3,012) (3,110) (2,884)
Net financial assets classified - - (14)
as held for sale
Non-current financial debt 47,923 45,394 41,088
Hedging instruments of (767) (771) (1,129)
non-current debt
Cash and cash equivalents (27,454) (26,723) (25,252)
Net debt (a) 31,321 31,011 26,989
Shareholders' equity - Group share 114,994 116,862 118,193
Non-controlling interests 2,319 2,362 2,430
Shareholders' equity (b) 117,313 119,224 120,623
Net-debt-to-capital ratio 21.1% 20.6% 18.3%
= a / (a + b)
Net-debt-to-capital ratio 17.2% 16.7% 17.3%
excluding leases
*The net-debt-to-capital ratios on September 30, 2019 and June
30, 2019 include the impact of the new IFRS 16 rule, effective
January 1, 2019.
Return on average capital employed
> Twelve months ended September 30, 2019
In millions Exploration & Integrated Gas, Refining & Marketing & Group
of dollars Production Renewables & Chemicals Services
Power
Adjusted 7,454 2,271 3,323 1,512 14,094
net
operating
income
Capital 92,104 36,587 12,884 6,841 145,298
employed
at
09/30/2018*
Capital 88,560 41,516 11,658 7,570 147,145
employed
at
09/30/2019*
ROACE 8.3% 5.8% 27.1% 21.0% 9.6%
> Twelve months ended June 30, 2019
In millions Exploration & Integrated Gas, Refining & Marketing & Group
of dollars Production Renewables & Chemicals Services
Power
Adjusted 8,159 2,394 3,309 1,573 15,087
net
operating
income
Capital 92,296 30,861 12,939 7,040 141,878
employed
at
06/30/2018*
Capital 90,633 37,290 12,300 8,535 148,617
employed
at
06/30/2019*
ROACE 8.9% 7.0% 26.2% 20.2% 10.4%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the third quarter
and first nine months of 2019 from the consolidated financial
statements of TOTAL S.A. as of September 30, 2019). The limited
review procedures by the Statutory Auditors are underway. The notes
to these consolidated financial statements (unaudited) are
available on the TOTAL website total.com
This document may contain forward-looking information on the
Group (including objectives and trends), as well as forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, notably with respect to the financial
condition, results of operations, business, strategy and plans of
TOTAL.
Such forward-looking information and statements included in this
document are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment.
They may prove to be inaccurate in the future, and are subject to a
number of risk factors that could lead to a significant difference
between actual results and those anticipated, the price of
petroleum products, the ability to realize cost reductions and
operating efficiencies without unduly disrupting business
operations, changes in regulations including environmental and
climate, currency fluctuations, as well as economic and political
developments and changes in business conditions. Certain financial
information is based on estimates particularly in the assessment of
the recoverable value of assets and potential impairments of assets
relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the Group's
business, financial condition, including its operating income and
cash flow, reputation or outlook is provided in the most recent
Registration Document, the French language version of which is
filed by the Company with the French Autorité des Marchés
Financiers and annual report on Form 20-F/A filed with the United
States Securities and Exchange Commission ("SEC").
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TOTAL. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio and operating cash flow
before working capital changes. These indicators are meant to
facilitate the analysis of the financial performance of TOTAL and
the comparison of income between periods. They allow investors to
track the measures used internally to manage and measure the
performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualified as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However,
in certain instances, transactions such as restructuring costs or
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and
Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the
segments' performance and facilitate the comparability of the
segments' performance with those of its competitors.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) method, the variation of inventory values in
the statement of income is, depending on the nature of the
inventory, determined using either the month-end price
differentials between one period and another or the average prices
of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to
the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for some transactions, differences between internal
measures of performance used by TOTAL's management and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into
storage contracts, whose future effects are recorded at fair value
in Group's internal economic performance. IFRS precludes
recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (EUR-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors - The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as "potential reserves" or "resources",
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in our Form 20-F/A, File N° 1-10888, available from
us at 2, place Jean Millier - Arche Nord Coupole/Regnault - 92078
Paris-La Défense Cedex, France, or at our website total.com. You
can also obtain this form from the SEC by calling 1-800-SEC-0330 or
on the SEC's website sec.gov.
----------
1 Definition on page 22 Adjusted results are defined as income
using replacement cost, adjusted for special items, excluding the
impact of changes for fair value; adjustment items are on page 11.3
Tax on adjusted net operating income / (adjusted net operating
income - income from equity affiliates - dividends received from
investments - impairment of goodwill + tax on adjusted net
operating income).4 In accordance with IFRS rules, adjusted
fully-diluted earnings per share is calculated from the adjusted
net income less the interest on the perpetual subordinated bond5
Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.6 Net
acquisitions = acquisitions - assets sales - other transactions
with non-controlling interests (see page 11).7 Net investments =
Organic investments + net acquisitions (see page 11).8 Operating
cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at
replacement cost, and effective second quarter 2019 including
organic loan repayments from equity affiliates. The inventory
valuation effect is explained onpage 14. The reconciliation table
for different cash flow figures is on page 12.9 DACF = debt
adjusted cash flow, is defined as operating cash flow before
working capital changes and financial charges.10 Certain
transactions referred to in the highlights are subject to approval
by authorities or to other conditions as per the agreements.11
Adjustment items shown on page 11.12 Details shown on page 11 and
in the annex to the financial statements.13 Net cash flow =
operating cash flow before working capital changes - net
investments (including other transactions with non-controlling
interests).
________________________________
Total financial statements
Third quarter and nine months 2019 consolidated accounts,
IFRS
CONSOLIDATED
STATEMENT
OF INCOME
TOTAL
(unaudited)
3rd quarter2019 2nd quarter 2019 3rd quarter 2018
(M$)(a)
Sales 48,589 51,242 54,717
Excise (6,051) (6,040) (6,317)
taxes
Revenues from 42,538 45,202 48,400
sales
Purchases, net (27,898) (30,390) (32,351)
of inventory
variation
Other operating (6,362) (7,078) (6,873)
expenses
Exploration (96) (170) (234)
costs
Depreciation, (4,173) (3,661) (3,279)
depletion
and impairment of
tangible assets
and
mineral interests
Other 167 321 581
income
Other (559) (189) (355)
expense
Financial interest (598) (568) (536)
on debt
Financial income - (42) (63)
and expense
from cash & cash
equivalents
Cost of net (598) (610) (599)
debt
Other financial 163 326 290
income
Other financial (178) (188) (171)
expense
Net income (loss) 1,381 812 918
from
equity affiliates
Income (1,540) (1,571) (2,240)
taxes
Consolidated 2,845 2,804 4,087
net income
Group 2,800 2,756 3,957
share
Non-controlling 45 48 130
interests
Earnings per 1.05 1.01 1.48
share ($)
Fully-diluted 1.04 1.00 1.47
earnings
per share ($)
(a) Except for per
share amounts.
CONSOLIDATED
STATEMENT OF
COMPREHENSIVE INCOME
TOTAL
(unaudited)
3rd quarter 2019 2nd quarter 2019 3rd quarter 2018
(M$)
Consolidated 2,845 2,804 4,087
net income
Other comprehensive
income
Actuarial gains 5 (223) 33
and losses
Change in fair value 19 74 (2)
of investments
in equity instruments
Tax effect (1) 59 (13)
Currency translation (3,520) 1,057 (511)
adjustment generated
by the parent company
Items not potentially (3,497) 967 (493)
reclassifiable
to profit and loss
Currency translation 1,207 (619) 93
adjustment
Cash flow hedge (202) (246) 55
Variation of foreign (4) 43 (39)
currency
basis spread
Share of other 73 (135) (142)
comprehensive
income
of equity affiliates,
net amount
Other (6) 1 (2)
Tax effect 69 69 (9)
Items potentially 1,137 (887) (44)
reclassifiable
to profit and loss
Total (2,360) 80 (537)
other comprehensive
income (net amount)
Comprehensive income 485 2,884 3,550
Group share 462 2,797 3,436
Non-controlling 23 87 114
interests
CONSOLIDATED STATEMENT
OF INCOME
TOTAL
(unaudited)
9months 2019 9months 2018
(M$)(a)
Sales 151,036 156,868
Excise (18,172) (19,074)
taxes
Revenues from 132,864 137,794
sales
Purchases, net of inventory (88,009) (92,396)
variation
Other operating (20,165) (20,571)
expenses
Exploration (554) (596)
costs
Depreciation, depletion and impairment of (11,300) (9,630)
tangible assets and mineral interests
Other 735 1,356
income
Other (957) (958)
expense
Financial interest (1,727) (1,404)
on debt
Financial income and expense (70) (158)
from cash & cash equivalents
Cost of net (1,797) (1,562)
debt
Other financial 649 851
income
Other financial (561) (500)
expense
Net income (loss) from 2,904 2,505
equity affiliates
Income (5,020) (5,923)
taxes
Consolidated 8,789 10,370
net income
Group 8,667 10,314
share
Non-controlling 122 56
interests
Earnings per 3.22 3.87
share ($)
Fully-diluted earnings 3.20 3.85
per share ($)
(a) Except for per
share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
9months 2019 9months 2018
(M$)
Consolidated net income 8,789 10,370
Other comprehensive income
Actuarial gains and losses (54) 100
Change in fair value of investments 126 3
in equity instruments
Tax effect 13 (31)
Currency translation adjustment generated (3,994) (3,141)
by the parent company
Items not potentially reclassifiable (3,909) (3,069)
to profit and loss
Currency translation adjustment 1,394 1,061
Cash flow hedge (575) 310
Variation of foreign currency basis spread 50 (66)
Share of other comprehensive income 326 (274)
of equity affiliates, net amount
Other (4) (4)
Tax effect 176 (84)
Items potentially reclassifiable 1,367 943
to profit and loss
Total other comprehensive income (net amount) (2,542) (2,126)
Comprehensive income 6,247 8,244
Group share 6,099 8,242
Non-controlling interests 148 2
CONSOLIDATED
BALANCE
SHEET
TOTAL
September30, 2019 June 30,2019 December 31,2018 September 30,2018
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current
assets
Intangible 31,539 29,229 28,922 27,356
assets,
net
Property, 116,900 118,063 113,324 115,136
plant
and
equipment,
net
Equity 27,172 26,473 23,444 23,402
affiliates
:
investments
and loans
Other 1,738 1,660 1,421 1,602
investments
Non-current 767 771 680 1,129
financial
assets
Deferred 5,689 6,022 6,663 5,186
income
taxes
Other 2,264 2,306 2,509 3,167
non-current
assets
Total 186,069 184,524 176,963 176,978
non-current
assets
Current
assets
Inventories, 16,226 16,410 14,880 19,689
net
Accounts 18,568 20,349 17,270 20,010
receivable,
net
Other 14,925 15,958 14,724 18,613
current
assets
Current 3,781 3,536 3,654 3,553
financial
assets
Cash and 27,454 26,723 27,907 25,252
cash
equivalents
Assets 418 - 1,364 207
classified
as held
for
sale
Total 81,372 82,976 79,799 87,324
current
assets
Total 267,441 267,500 256,762 264,302
assets
LIABILITIES
&
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common 8,300 8,301 8,227 8,304
shares
Paid-in 123,805 123,351 120,569 123,167
surplus
and
retained
earnings
Currency (13,297) (11,177) (11,313) (10,321)
translation
adjustment
Treasury (3,814) (3,613) (1,843) (2,957)
shares
Total 114,994 116,862 115,640 118,193
shareholders'
equity
- Group
share
Non-controlling 2,319 2,362 2,474 2,430
interests
Total 117,313 119,224 118,114 120,623
shareholders'
equity
Non-current
liabilities
Deferred 11,333 11,486 11,490 12,138
income
taxes
Employee 3,273 3,375 3,363 3,308
benefits
Provisions 20,903 21,629 21,432 18,740
and other
non-current
liabilities
Non-current 47,923 45,394 40,129 41,088
financial
debt
Total 83,432 81,884 76,414 75,274
non-current
liabilities
Current
liabilities
Accounts 26,237 27,059 26,134 28,100
payable
Other 24,728 22,686 22,246 24,429
creditors
and
accrued
liabilities
Current 14,631 16,221 13,306 15,180
borrowings
Other 769 426 478 669
current
financial
liabilities
Liabilities 331 - 70 27
directly
associated
with the
assets
classified
as held
for
sale
Total 66,696 66,392 62,234 68,405
current
liabilities
Total 267,441 267,500 256,762 264,302
liabilities
&
shareholders'
equity
CONSOLIDATED
STATEMENT
OF CASH FLOW
TOTAL
(unaudited)
3rd quarter 2019 2nd quarter 2019 3rd quarter 2018
(M$)
CASH FLOW FROM
OPERATING
ACTIVITIES
Consolidated 2,845 2,804 4,087
net income
Depreciation, 4,242 3,819 3,477
depletion,
amortization
and impairment
Non-current 235 239 320
liabilities,
valuation
allowances and
deferred taxes
(Gains) losses (74) (191) (267)
on disposals
of assets
Undistributed (876) (168) (416)
affiliates'
equity earnings
(Increase) decrease 1,523 (317) (1,578)
in working capital
Other changes, net 311 65 113
Cash flow from 8,206 6,251 5,736
operating
activities
CASH FLOW USED
IN INVESTING
ACTIVITIES
Intangible assets (2,210) (2,881) (3,352)
and property,
plant and equipment
additions
Acquisitions of (4,385) (208) (2,714)
subsidiaries,
net of cash acquired
Investments (258) (437) (271)
in equity
affiliates
and other securities
Increase (242) (370) (147)
in non-current
loans
Total expenditures (7,095) (3,896) (6,484)
Proceeds from 63 155 113
disposals
of intangible assets
and property, plant
and equipment
Proceeds from (1) (1) (11)
disposals
of subsidiaries,
net of cash sold
Proceeds from 40 58 107
disposals of
non-current
investments
Repayment of 162 353 688
non-current
loans
Total divestments 264 565 897
Cash flow used (6,831) (3,331) (5,587)
in investing
activities
CASH FLOW USED
IN FINANCING
ACTIVITIES
Issuance (repayment)
of shares:
- Parent company 1 449 16
shareholders
- Treasury shares (420) (1,279) (844)
Dividends paid:
- Parent company - (2,935) -
shareholders
- Non-controlling (21) (93) (9)
interests
Net issuance - - -
(repayment)
of perpetual
subordinated notes
Payments on - (175) -
perpetual
subordinated notes
Other transactions - - (621)
with
non-controlling
interests
Net issuance 4,466 2,331 2,146
(repayment)
of non-current debt
Increase (decrease) (3,209) 37 (1,965)
in
current borrowings
Increase (decrease) (310) (164) 69
in
current financial
assets
and liabilities
Cash flow from 507 (1,829) (1,208)
(used in)
financing activities
Net increase 1,882 1,091 (1,059)
(decrease)
in
cash and cash
equivalents
Effect of exchange (1,151) 200 (164)
rates
Cash and cash 26,723 25,432 26,475
equivalents
at
the beginning of
the period
Cash and cash 27,454 26,723 25,252
equivalents
at the end of
the period
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
9months 2019 9months 2018
(M$)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 8,789 10,370
Depreciation, depletion, amortization 11,777 10,031
and impairment
Non-current liabilities, valuation 614 469
allowances and deferred taxes
(Gains) losses on disposals of assets (438) (540)
Undistributed affiliates' equity earnings (1,350) (973)
(Increase) decrease in working capital (1,764) (5,656)
Other changes, net 458 362
Cash flow from operating activities 18,086 14,063
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, (7,795) (12,530)
plant and equipment additions
Acquisitions of subsidiaries, (4,593) (3,428)
net of cash acquired
Investments in equity affiliates (1,448) (579)
and other securities
Increase in non-current loans (742) (458)
Total expenditures (14,578) (16,995)
Proceeds from disposals of intangible assets 226 2,395
and property, plant and equipment
Proceeds from disposals of subsidiaries, 145 (15)
net of cash sold
Proceeds from disposals of 306 691
non-current investments
Repayment of non-current loans 649 1,685
Total divestments 1,326 4,756
Cash flow used in investing activities (13,252) (12,239)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 451 498
- Treasury shares (2,190) (2,584)
Dividends paid:
- Parent company shareholders (4,765) (4,208)
- Non-controlling interests (114) (93)
Net issuance (repayment) of perpetual - -
subordinated notes
Payments on perpetual subordinated notes (315) (266)
Other transactions with non-controlling (150) (621)
interests
Net issuance (repayment) of non-current debt 8,047 (282)
Increase (decrease) in current borrowings (4,698) (996)
Increase (decrease) in current financial (368) (555)
assets and liabilities
Cash flow from (used in) financing activities (4,102) (9,107)
Net increase (decrease) in 732 (7,283)
cash and cash equivalents
Effect of exchange rates (1,185) (650)
Cash and cash equivalents at 27,907 33,185
the beginning of the period
Cash and cash equivalents 27,454 25,252
at the end of the period
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Common shares issued Paid-insurplus andretainedearnings Currencytranslationadjustment Treasury shares Shareholders'equity - GroupShare Noncontrollinginterests Totalshareholders'equity
(M$) Number Amount Number Amount
As of January 1, 2018 2,528,989,616 7,882 112,040 (7,908) (8,376,756) (458) 111,556 2,481 114,037
Net income of the first nine months 2018 - - 10,314 - - - 10,314 56 10,370
Other comprehensive income - - 341 (2,413) - - (2,072) (54) (2,126)
Comprehensive Income - - 10,655 (2,413) - - 8,242 2 8,244
Dividend - - (6,078) - - - (6,078) (93) (6,171)
Issuance of common shares 137,393,893 422 7,265 - - - 7,687 - 7,687
Purchase of treasury shares - - - - (45,047,172) (2,740) (2,740) - (2,740)
Sale of treasury shares(a) - - (241) - 4,079,257 241 - - -
Share-based payments - - 246 - - - 246 - 246
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (239) - - - (239) - (239)
Other operations with - - (455) - - - (455) (57) (512)
non-controlling interests
Other items - - (26) - - - (26) 97 71
As of September 30, 2018 2,666,383,509 8,304 123,167 (10,321) (49,344,671) (2,957) 118,193 2,430 120,623
Net income of the fourth quarter 2018 - - 1,132 - - - 1,132 48 1,180
Other comprehensive income - - (361) (992) - - (1,353) (15) (1,368)
Comprehensive Income - - 771 (992) - - (221) 33 (188)
Dividend - - (1,803) - - - (1,803) (4) (1,807)
Issuance of common shares 18,809,197 54 1,101 - - - 1,155 - 1,155
Purchase of treasury shares - - - - (27,719,309) (1,588) (1,588) - (1,588)
Sale of treasury shares(a) - - 1 - - (1) - - -
Share-based payments - - 48 - - - 48 - 48
Share cancellation (44,590,699) (131) (2,572) - 44,590,699 2,703 - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (76) - - - (76) - (76)
Other operations with - - (62) - - - (62) (42) (104)
non-controlling interests
Other items - - (6) - - - (6) 57 51
As of December 31, 2018 2,640,602,007 8,227 120,569 (11,313) (32,473,281) (1,843) 115,640 2,474 118,114
Net income of the first nine months 2019 - - 8,667 - - - 8,667 122 8,789
Other comprehensive income - - (584) (1,984) - - (2,568) 26 (2,542)
Comprehensive income - - 8,083 (1,984) - - 6,099 148 6,247
Dividend - - (5,781) - - - (5,781) (114) (5,895)
Issuance of common shares 26,388,503 73 1,269 - - - 1,342 - 1,342
Purchase of treasury shares - - - - (40,871,207) (2,189) (2,189) - (2,189)
Sale of treasury shares(a) - - (218) - 4,278,158 218 - - -
Share-based payments - - 157 - - - 157 - 157
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - (4) - - - (4) - (4)
Payments on perpetual subordinated notes - - (280) - - - (280) - (280)
Other operations with - - - - - - - (150) (150)
non-controlling interests
Other items - - 10 - - - 10 (39) (29)
As of September 30, 2019 2,666,990,510 8,300 123,805 (13,297) (69,066,330) (3,814) 114,994 2,319 117,313
(a)Treasury shares related to the restricted stock grants.
INFORMATIONS
BY BUSINESS
SEGMENT
TOTAL
(unaudited)
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Non-Group 1,631 3,667 21,338 21,951 2 - 48,589
sales
Intersegment 7,761 573 8,341 155 15 (16,845) -
sales
Excise - - (713) (5,338) - - (6,051)
taxes
Revenues 9,392 4,240 28,966 16,768 17 (16,845) 42,538
from
sales
Operating (3,999) (3,558) (27,518) (15,963) (163) 16,845 (34,356)
expenses
Depreciation, (3,136) (361) (413) (247) (16) - (4,173)
depletion
and
impairment
of
tangibleassets
and
mineral
interests
Operating 2,257 321 1,035 558 (162) - 4,009
income
Net income 77 898 5 (15) 9 - 974
(loss)
from equity
affiliates
and
other items
Tax on net (1,094) (222) (221) (164) 70 - (1,631)
operating
income
Net 1,240 997 819 379 (83) - 3,352
operating
income
Net cost of (507)
net debt
Non-controlling (45)
interests
Net income 2,800
-
group share
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjustments)(a)
(M$)
Non-Group - 12 - - - - 12
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - 12 - - - - 12
from
sales
Operating (100) (41) (96) 22 - - (215)
expenses
Depreciation, (153) (9) (22) (2) - - (186)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (253) (38) (118) 20 - - (389)
income
(b)
Net income (90) 599 (23) (53) - - 433
(loss)
from equity
affiliates
and
other items
Tax on net (151) (138) 8 (1) - - (282)
operating
income
Net (494) 423 (133) (34) - - (238)
operating
income (b)
Net cost of (4)
net debt
Non-controlling 25
interests
Net income (217)
-
group share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes in
fair
value.
(b) Of
which
inventory
valuation
effect
- - - (94) 25 -
On operating
income
- - - (90) 19 -
On
net operating
income
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjusted)
(M$)
Non-Group 1,631 3,655 21,338 21,951 2 - 48,577
sales
Intersegment 7,761 573 8,341 155 15 (16,845) -
sales
Excise - - (713) (5,338) - - (6,051)
taxes
Revenues 9,392 4,228 28,966 16,768 17 (16,845) 42,526
from
sales
Operating (3,899) (3,517) (27,422) (15,985) (163) 16,845 (34,141)
expenses
Depreciation, (2,983) (352) (391) (245) (16) - (3,987)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 2,510 359 1,153 538 (162) - 4,398
operating
income
Net income 167 299 28 38 9 - 541
(loss)
from equity
affiliates
and
other items
Tax on net (943) (84) (229) (163) 70 - (1,349)
operating
income
Adjusted 1,734 574 952 413 (83) - 3,590
net
operating
income
Net cost of (503)
net debt
Non-controlling (70)
interests
Adjusted 3,017
net
income
- group
share
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Total 2,077 4,331 386 276 25 7,095
expenditures
Total 23 192 14 30 5 264
divestments
Cash flow 5,007 401 1,575 1,483 (260) 8,206
from
operating
activities
-
INFORMATIONS
BY BUSINESS
SEGMENT
TOTAL
(unaudited)
2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Non-Group 2,273 3,789 22,509 22,671 - - 51,242
sales
Intersegment 7,586 632 8,293 139 36 (16,686) -
sales
Excise - - (761) (5,279) - - (6,040)
taxes
Revenues 9,859 4,421 30,041 17,531 36 (16,686) 45,202
from
sales
Operating (4,205) (3,878) (29,168) (16,844) (229) 16,686 (37,638)
expenses
Depreciation, (2,687) (328) (389) (237) (20) - (3,661)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 2,967 215 484 450 (213) - 3,903
income
Net income 173 661 111 111 26 - 1,082
(loss)
from equity
affiliates
and
other items
Tax on net (1,161) (450) 46 (170) 64 - (1,671)
operating
income
Net 1,979 426 641 391 (123) - 3,314
operating
income
Net cost of (510)
net debt
Non-controlling (48)
interests
Net income 2,756
-
group share
2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjustments)(a)
(M$)
Non-Group - (59) - - - - (59)
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - (59) - - - - (59)
from
sales
Operating - (54) (43) (34) - - (131)
expenses
Depreciation, (43) (11) (10) - - - (64)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (43) (124) (53) (34) - - (254)
income
(b)
Net income - 407 (49) (7) - - 351
(loss)
from equity
affiliates
and
other items
Tax on net - (286) 28 9 - - (249)
operating
income
Net (43) (3) (74) (32) - - (152)
operating
income (b)
Net cost of (4)
net debt
Non-controlling 25
interests
Net income (131)
-
group share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes in
fair
value.
(b) Of
which
inventory
valuation
effect
- - - (6) (34) -
On operating
income
- - - (1) (25) -
On
net operating
income
2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjusted)
(M$)
Non-Group 2,273 3,848 22,509 22,671 - - 51,301
sales
Intersegment 7,586 632 8,293 139 36 (16,686) -
sales
Excise - - (761) (5,279) - - (6,040)
taxes
Revenues 9,859 4,480 30,041 17,531 36 (16,686) 45,261
from
sales
Operating (4,205) (3,824) (29,125) (16,810) (229) 16,686 (37,507)
expenses
Depreciation, (2,644) (317) (379) (237) (20) - (3,597)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 3,010 339 537 484 (213) - 4,157
operating
income
Net income 173 254 160 118 26 - 731
(loss)
from equity
affiliates
and
other items
Tax on net (1,161) (164) 18 (179) 64 - (1,422)
operating
income
Adjusted 2,022 429 715 423 (123) - 3,466
net
operating
income
Net cost of (506)
net debt
Non-controlling (73)
interests
Adjusted 2,887
net
income
- group
share
2nd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Total 2,257 857 363 383 36 3,896
expenditures
Total 60 349 70 85 1 565
divestments
Cash flow 3,768 641 1,658 611 (427) 6,251
from
operating
activities
INFORMATIONS
BY BUSINESS
SEGMENT
TOTAL
(unaudited)
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(M$)
Non-Group 2,433 5,568 23,572 23,144 - - 54,717
sales
Intersegment 8,255 575 9,280 242 12 (18,364) -
sales
Excise - - (823) (5,494) - - (6,317)
taxes
Revenues 10,688 6,143 32,029 17,892 12 (18,364) 48,400
from
sales
Operating (4,271) (5,660) (30,593) (17,147) (151) 18,364 (39,458)
expenses
Depreciation, (2,585) (213) (294) (176) (11) - (3,279)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 3,832 270 1,142 569 (150) - 5,663
income
Net income 449 445 221 109 39 - 1,263
(loss)
from equity
affiliates
and
other items
Tax on net (1,853) (155) (292) (166) 146 - (2,320)
operating
income
Net 2,428 560 1,071 512 35 - 4,606
operating
income
Net cost of (519)
net debt
Non-controlling (130)
interests
Net income 3,957
-
group share
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(adjustments)(a)
(M$)
Non-Group - - - - - - -
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - - - - - - -
from
sales
Operating (50) (64) 176 47 - - 109
expenses
Depreciation, (65) (39) - - - - (104)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (115) (103) 176 47 - - 5
income
(b)
Net income 39 (25) 9 - - - 23
(loss)
from equity
affiliates
and
other items
Tax on net 65 (9) (52) (9) - - (5)
operating
income
Net (11) (137) 133 38 - - 23
operating
income (b)
Net cost of (44)
net debt
Non-controlling 20
interests
Net income (1)
-
group share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes in
fair
value.
(b) Of
which
inventory
valuation
effect
- - - 179 47 -
On operating
income
- - - 135 38 -
On
net operating
income
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(adjusted)
(M$)
Non-Group 2,433 5,568 23,572 23,144 - - 54,717
sales
Intersegment 8,255 575 9,280 242 12 (18,364) -
sales
Excise - - (823) (5,494) - - (6,317)
taxes
Revenues 10,688 6,143 32,029 17,892 12 (18,364) 48,400
from
sales
Operating (4,221) (5,596) (30,769) (17,194) (151) 18,364 (39,567)
expenses
Depreciation, (2,520) (174) (294) (176) (11) - (3,175)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 3,947 373 966 522 (150) - 5,658
operating
income
Net income 410 470 212 109 39 - 1,240
(loss)
from equity
affiliates
and
other items
Tax on net (1,918) (146) (240) (157) 146 - (2,315)
operating
income
Adjusted 2,439 697 938 474 35 - 4,583
net
operating
income
Net cost of (475)
net debt
Non-controlling (150)
interests
Adjusted 3,958
net
income
- group
share
3rd quarter Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(M$)
Total 2,472 3,325 377 293 17 6,484
expenditures
Total 494 198 88 117 - 897
divestments
Cash flow 4,431 (164) 1,338 752 (621) 5,736
from
operating
activities
INFORMATIONS
BY BUSINESS
SEGMENT
TOTAL
(unaudited)
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Non-Group 5,698 13,875 65,558 65,901 4 - 151,036
sales
Intersegment 23,063 1,832 24,651 456 78 (50,080) -
sales
Excise - - (2,250) (15,922) - - (18,172)
taxes
Revenues 28,761 15,707 87,959 50,435 82 (50,080) 132,864
from
sales
Operating (12,233) (13,845) (84,020) (48,141) (569) 50,080 (108,728)
expenses
Depreciation, (8,352) (1,004) (1,176) (717) (51) - (11,300)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 8,176 858 2,763 1,577 (538) - 12,836
income
Net income 444 1,939 265 86 36 - 2,770
(loss)
from equity
affiliates
and
other items
Tax on net (3,679) (845) (467) (498) 194 - (5,295)
operating
income
Net 4,941 1,952 2,561 1,165 (308) - 10,311
operating
income
Net cost of (1,522)
net debt
Non-controlling (122)
interests
Net income 8,667
-
group share
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjustments)(a)
(M$)
Non-Group - (74) - - - - (74)
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - (74) - - - - (74)
from
sales
Operating (100) (153) 353 62 - - 162
expenses
Depreciation, (196) (20) (32) (2) - - (250)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (296) (247) 321 60 - - (162)
income
(b)
Net income (90) 1,012 (70) (60) - - 792
(loss)
from equity
affiliates
and
other items
Tax on net (151) (408) (113) (14) - - (686)
operating
income
Net (537) 357 138 (14) - - (56)
operating
income (b)
Net cost of (12)
net debt
Non-controlling 72
interests
Net income 4
-
group share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes in
fair
value.
(b) Of
which
inventory
valuation
effect
- - - 392 65 -
On operating
income
- - - 254 46 -
On
net operating
income
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(adjusted)
(M$)
Non-Group 5,698 13,949 65,558 65,901 4 - 151,110
sales
Intersegment 23,063 1,832 24,651 456 78 (50,080) -
sales
Excise - - (2,250) (15,922) - - (18,172)
taxes
Revenues 28,761 15,781 87,959 50,435 82 (50,080) 132,938
from
sales
Operating (12,133) (13,692) (84,373) (48,203) (569) 50,080 (108,890)
expenses
Depreciation, (8,156) (984) (1,144) (715) (51) - (11,050)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 8,472 1,105 2,442 1,517 (538) - 12,998
operating
income
Net income 534 927 335 146 36 - 1,978
(loss)
from equity
affiliates
and
other items
Tax on net (3,528) (437) (354) (484) 194 - (4,609)
operating
income
Adjusted 5,478 1,595 2,423 1,179 (308) - 10,367
net
operating
income
Net cost of (1,510)
net debt
Non-controlling (194)
interests
Adjusted 8,663
net
income
- group
share
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2019
(M$)
Total 6,359 6,306 1,034 803 76 14,578
expenditures
Total 112 766 253 187 8 1,326
divestments
Cash flow 12,711 1,934 2,695 2,326 (1,580) 18,086
from
operating
activities
INFORMATIONS
BY BUSINESS
SEGMENT
TOTAL
(unaudited)
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(M$)
Non-Group 7,770 13,455 68,660 66,980 3 - 156,868
sales
Intersegment 22,678 1,536 26,676 733 46 (51,669) -
sales
Excise - - (2,537) (16,537) - - (19,074)
taxes
Revenues 30,448 14,991 92,799 51,176 49 (51,669) 137,794
from
sales
Operating (12,992) (13,783) (88,841) (49,066) (550) 51,669 (113,563)
expenses
Depreciation, (7,146) (1,020) (911) (522) (31) - (9,630)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 10,310 188 3,047 1,588 (532) - 14,601
income
Net income 1,026 1,240 638 302 48 - 3,254
(loss)
from equity
affiliates
and
other items
Tax on net (4,972) (392) (675) (463) 327 - (6,175)
operating
income
Net 6,364 1,036 3,010 1,427 (157) - 11,680
operating
income
Net cost of (1,310)
net debt
Non-controlling (56)
interests
Net income 10,314
-
group share
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(adjustments)(a)
(M$)
Non-Group - 13 - - - - 13
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - 13 - - - - 13
from
sales
Operating (200) (165) 707 152 (9) - 485
expenses
Depreciation, (65) (485) - - - - (550)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (265) (637) 707 152 (9) - (52)
income
(b)
Net income (128) (40) 34 - - - (134)
(loss)
from equity
affiliates
and
other items
Tax on net 186 (30) (210) (44) - - (98)
operating
income
Net (207) (707) 531 108 (9) - (284)
operating
income (b)
Net cost of (63)
net debt
Non-controlling 266
interests
Net income (81)
-
group share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes in
fair
value.
(b) Of
which
inventory
valuation
effect
- - - 710 152 -
On operating
income
- - - 550 108 -
On
net operating
income
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(adjusted)
(M$)
Non-Group 7,770 13,442 68,660 66,980 3 - 156,855
sales
Intersegment 22,678 1,536 26,676 733 46 (51,669) -
sales
Excise - - (2,537) (16,537) - - (19,074)
taxes
Revenues 30,448 14,978 92,799 51,176 49 (51,669) 137,781
from
sales
Operating (12,792) (13,618) (89,548) (49,218) (541) 51,669 (114,048)
expenses
Depreciation, (7,081) (535) (911) (522) (31) - (9,080)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 10,575 825 2,340 1,436 (523) - 14,653
operating
income
Net income 1,154 1,280 604 302 48 - 3,388
(loss)
from equity
affiliates
and
other items
Tax on net (5,158) (362) (465) (419) 327 - (6,077)
operating
income
Adjusted 6,571 1,743 2,479 1,319 (148) - 11,964
net
operating
income
Net cost of (1,247)
net debt
Non-controlling (322)
interests
Adjusted 10,395
net
income
- group
share
9months Exploration&Production Integrated Gas,Renewables& Power Refining&Chemicals Marketing&Services Corporate Intercompany Total
2018
(M$)
Total 10,629 4,347 1,113 831 75 16,995
expenditures
Total 3,136 790 437 390 3 4,756
divestments
Cash flow 12,227 162 1,228 1,533 (1,087) 14,063
from
operating
activities
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
3rd quarter 2019(M$) Adjusted Adjustments(a) Consolidated statementof income
Sales 48,577 12 48,589
Excise taxes (6,051) - (6,051)
Revenues from sales 42,526 12 42,538
Purchases net of inventory variation (27,805) (93) (27,898)
Other operating expenses (6,240) (122) (6,362)
Exploration costs (96) - (96)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,987) (186) (4,173)
Other income 167 - 167
Other expense (132) (427) (559)
Financial interest on debt (594) (4) (598)
Financial income and expense from cash & cash equivalents - - -
Cost of net debt (594) (4) (598)
Other financial income 163 - 163
Other financial expense (178) - (178)
Net income (loss) from equity affiliates 521 860 1,381
Income taxes (1,258) (282) (1,540)
Consolidated net income 3,087 (242) 2,845
Group share 3,017 (217) 2,800
Non-controlling interests 70 (25) 45
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
3rd quarter 2018(M$) Adjusted Adjustments(a) Consolidated statementof income
Sales 54,717 - 54,717
Excise taxes (6,317) - (6,317)
Revenues from sales 48,400 - 48,400
Purchases net of inventory variation (32,567) 216 (32,351)
Other operating expenses (6,766) (107) (6,873)
Exploration costs (234) - (234)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,175) (104) (3,279)
Other income 465 116 581
Other expense (209) (146) (355)
Financial interest on debt (492) (44) (536)
Financial income and expense from cash & cash equivalents (63) - (63)
Cost of net debt (555) (44) (599)
Other financial income 290 - 290
Other financial expense (171) - (171)
Net income (loss) from equity affiliates 865 53 918
Income taxes (2,235) (5) (2,240)
Consolidated net income 4,108 (21) 4,087
Group share 3,958 (1) 3,957
Non-controlling interests 150 (20) 130
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
Consolidated
statement ofincome
9months 2019(M$) Adjusted Adjustments(a)
Sales 151,110 (74) 151,036
Excise taxes (18,172) - (18,172)
Revenues from sales 132,938 (74) 132,864
Purchases net of inventory variation (88,338) 329 (88,009)
Other operating expenses (19,998) (167) (20,165)
Exploration costs (554) - (554)
Depreciation, depletion and impairment of tangible assets and mineral interests (11,050) (250) (11,300)
Other income 620 115 735
Other expense (322) (635) (957)
Financial interest on debt (1,715) (12) (1,727)
Financial income and expense from cash & cash equivalents (70) - (70)
Cost of net debt (1,785) (12) (1,797)
Other financial income 649 - 649
Other financial expense (561) - (561)
Net income (loss) from equity affiliates 1,592 1,312 2,904
Income taxes (4,334) (686) (5,020)
Consolidated net income 8,857 (68) 8,789
Group share 8,663 4 8,667
Non-controlling interests 194 (72) 122
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Consolidatedstatement of income
9months 2018(M$) Adjusted Adjustments(a)
Sales 156,855 13 156,868
Excise taxes (19,074) - (19,074)
Revenues from sales 137,781 13 137,794
Purchases net of inventory variation (93,190) 794 (92,396)
Other operating expenses (20,262) (309) (20,571)
Exploration costs (596) - (596)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,080) (550) (9,630)
Other income 1,093 263 1,356
Other expense (324) (634) (958)
Financial interest on debt (1,341) (63) (1,404)
Financial income and expense from cash & cash equivalents (158) - (158)
Cost of net debt (1,499) (63) (1,562)
Other financial income 851 - 851
Other financial expense (500) - (500)
Net income (loss) from equity affiliates 2,268 237 2,505
Income taxes (5,825) (98) (5,923)
Consolidated net income 10,717 (347) 10,370
Group share 10,395 (81) 10,314
Non-controlling interests 322 (266) 56
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
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(END) Dow Jones Newswires
October 30, 2019 08:50 ET (12:50 GMT)
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