TIDMTTA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
4Q19 Changevs 4Q18 2019 Changevs 2018
Oil price - Brent ($/b) 63.1 -8% 64.2 -10%
European gas price - NBP ($/Mbtu) 5.1 -42% 4.9 -38%
Adjusted net income (Group share)1
- in billions of dollars (B$) 3.17 0% 11.83 -13%
- in dollars per share 1.19 +1% 4.38 -13%
DACF1 (B$) 7.4 +21% 28.5 +9%
Cash Flow from operations (B$) 6.6 -38% 24.7 0%
Net income (Group share) of 11.3 B$ in 2019, a 2% decrease compared to 2018; or 10.1 BEUR, an increase of 4% compared to 2018
Net-debt-to-capital ratio of 20.7% at December 31, 2019
Hydrocarbon production of 3,014 kboe/d in 2019, an increase of 9% compared to 2018
Fourth quarter 2019 dividend set at 0.68 EUR/share, an increase of 6% compared to 2018
Total's Board of Directors met on February 5, 2020, to approve
the Group's 2019 financial statements. Commenting on the results,
Chairman and CEO Patrick Pouyanné said:
"The Group reported solid fourth quarter 2019 results with cash
flow (DACF) of 7.4 B$, an increase of more than 20% compared to the
fourth quarter 2018, and adjusted net income stable at 3.2 B$,
despite a lower price environment.
In 2019, the Group generated cash flow of 28.5 B$, strong growth
of 2.4 B$ compared to 2018, thanks to a positive contribution from
all segments. This performance was achieved despite the drop in oil
prices of 10% and European gas prices of 38%, or a price
environment down on average by about 20%. The Group reported solid
adjusted net operating income for the year of 11.8 B$, a decrease
of 13%, and a return on equity above 10%. The Group reduced its
organic pre-dividend breakeven to less than 25 $/b.
In the Upstream, start-ups and ramp-ups including Yamal LNG in
Russia and Ichthys in Australia, Egina in Nigeria and Kaombo in
Angola, generated strong cash flow and fueled production growth of
9% for the year, with LNG growth of nearly 50%.
The Exploration & Production segment increased cash flow to
18 B$, despite the deterioration of the environment, and the iGRP
segment, with an increase in LNG sales of nearly 60%, generated
cash flow of 3.7 B$, an increase of 80%.
The Downstream contributed stable cash flow of 6.6 B$, notably
thanks to its non-cyclical activities and despite a decrease in
refining and petrochemical margins on the order of 10%.
Net investments rose to 17.4 B$ and reflect in particular the
strategy to strengthen LNG and deep offshore, as shown by the
acquisition of Mozambique LNG and the launching of Arctic LNG 2 in
Russia and Mero 2 in Brazil. More than one-third of the net
investments were made in the iGRP segment, which leads the Group's
low-carbon ambition. Total enters the gas and renewables market in
India in partnership with Adani and will build a giant 800 MW solar
power plant in Qatar.
Total maintains a solid financial position with gearing of 16.7%
excluding capitalized leases (20.7% including). In accordance with
the decision of the Board of Directors announced on September 24,
the Group increased the 2019 final dividend by 6% to EUR0.68 per
share. Including the interim dividends, the full-year 2019 dividend
increased by 5% to EUR2.68 per share. Finally, the Group bought
back $1.75 billion of its shares in 2019 and projects 2 B$ of share
buybacks in 2020 in a 60 $/b environment."
Key figures2
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions of 2019 2018 2019vs2018
dollars,
except effective
tax
rate,earnings
per share
and number
of shares
3,879 3,673 3,885 - Adjusted net 14,554 15,997 -9%
operating
income
from business
segments
2,031 1,734 1,976 +3% Exploration & 7,509 8,547 -12%
Production*
794 574 676 +17% Integrated Gas, 2,389 2,419 -1%
Renewables
& Power*
580 952 900 -36% Refining & 3,003 3,379 -11%
Chemicals
474 413 333 +42% Marketing & 1,653 1,652 -
Services
668 521 893 -25% Contribution 2,260 3,161 -29%
of equity
affiliates
to adjusted
net income
31.8% 30.7% 38.1% Group effective 34.1% 38.7%
tax rate3
3,165 3,017 3,164 - Adjusted net 11,828 13,559 -13%
income
(Group share)
1.19 1.13 1.17 +1% Adjusted 4.38 5.05 -13%
fully-diluted
earnings
per
share (dollars)4
1.07 1.01 1.02 +5% Adjusted 3.92 4.27 -8%
fully-diluted
earnings
per
share (euros)**
2,607 2,614 2,637 -1% Fully-diluted 2,618 2,624 -
weighted-average
shares
(millions)
2,600 2,800 1,132 x2.3 Net income 11,267 11,446 -2%
(Group
share)
4,291 3,296 4,459 -4% Organic 13,397 12,427 +8%
investments5
(80) 3,422 (1,751) ns Net 4,052 3,141 +29%
acquisitions6
4,211 6,718 2,708 +56% Net investments7 17,449 15,568 +12%
6,839 6,853 5,672 +21% Operating cash 26,432 24,529 +8%
flowbefore
working capital
changes8
7,372 7,385 6,095 +21% Operating cash 28,501 26,067 +9%
flow before
working capital
changes w/o
financial
charges (DACF)9
6,599 8,206 10,640 -38% Cash flow from 24,685 24,703 -
operations
2019 data take into account the impact of the new rule IFRS16
"Leases", effective January 1, 2019.
* 4Q18 and 2018 restated; historical data for 2017 and 2018
available on www.total.com.
** Average EUR-$ exchange rate: 1.1071 in the fourth quarter
2019 and 1.1195 in 2019.
Highlights since the beginning of the fourth quarter 201910
-- Started production at giant Johan Sverdrup field in the North Sea and Iara in Brazil
-- Launched Anchor projects and engineering studies for North Platte in Gulf of Mexico
-- Agreement between NOC and Total on participation in Waha concession in Libya
-- Extended Block 17 licenses to 2045 in Angola
-- Acquired two offshore discoveries (Blocks 20-21) in Angola for potential development
-- Signed an agreement to sell interest in Brunei offshore block CA1
-- Expanded in Brazil pre-salt with new deep-offshore exploration block
-- Acquired 50% interest in Surinam Block 58 with significant Maka Central-1 discovery
-- Awarded construction of a large-scale (800 MW) solar power plant in Qatar
-- Sold to Banque des Territoires a 50% interest in a portfolio of solar and wind assets in France
-- Doubled production capacity of recycled polypropylene for auto market from Synova subsidiary
-- Alliance with Zhejiang Energy Group to develop low-sulfur maritime fuel market in China
-- Second agreement to supply CMA-CGM with LNG maritime fuel from Marseille
-- Awarded concession to install and operate up to 20,000 new EV charging points in Metropolitan Region of Amsterdam
-- Dedicated 400 M$ to Total venture capital fund to support carbon neutrality
Key figures of environment and Group production
> Environment* - liquids and gas price realizations**,
refining margins
4Q19 3Q19 4Q18 4Q19vs4Q18 2019 2018 2019vs2018
63.1 62.0 68.8 -8% Brent ($/b) 64.2 71.3 -10%
2.4 2.3 3.7 -35% Henry Hub ($/Mbtu) 2.5 3.1 -18%
5.1 3.9 8.8 -42% NBP ($/Mbtu) 4.9 7.9 -38%
5.8 4.7 9.9 -42% JKM ($/Mbtu) 5.5 9.7 -44%
59.1 58.0 59.2 - Average price of 59.8 64.3 -7%
liquids ($/b)**
3.76 3.48 5.01 -25% Average price of 3.88 4.87 -20%
gas ($/Mbtu)**
30.2 47.4 40.8 -26% Variable cost margin 34.9 38.2 -9%
- Refining
Europe, VCM ($/t)
* The indicators are shown on page 16.
** Consolidated subsidiaries.
> Production*
4Q19 3Q19 4Q18 4Q19vs4Q18 2019 2018 2019vs2018
3,113 3,040 2,876 +8% Hydrocarbon 3,014 2,775 +9%
production
(kboe/d)
1,452 1,441 1,382 +5% Oil (including 1,431 1,378 +4%
bitumen)
(kb/d)
1,661 1,599 1,493 +11% Gas (including 1,583 1,397 +13%
condensates
and
associated NGL)
(kboe/d)
3,113 3,040 2,876 +8% Hydrocarbon 3,014 2,775 +9%
production
(kboe/d)
1,714 1,720 1,589 +8% Liquids (kb/d) 1,672 1,566 +7%
7,263 7,399 6,994 +4% Gas (Mcf/d) 7,364 6,599 +12%
* Group production = EP production + iGRP production.
Hydrocarbon production was 3,113 thousand barrels of oil
equivalent (kboe/d) in the fourth quarter 2019, an increase of 8%
compared to last year, due to:
-- +13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom andJohan Sverdrup in Norway.
-- -3% due to the natural decline of the fields.
-- -2%due to maintenance and Tyra redevelopment project in Denmark.
Hydrocarbon production was 3,014 kboe/d for the year 2019, an
increase of 9% compared to 2018, due to:
-- +13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom andJohan Sverdrup in Norway.
-- -3% due to the natural decline of the fields.
-- -1% due to maintenance, notably in Nigeria, Norway and Tyra redevelopment project in Denmark.
Analysis of business segments
Exploration & Production (EP - redefined scope)
> Production
4Q19 3Q19 4Q18 4Q19vs4Q18 Hydrocarbon production 2019 2018 2019vs2018
2,489 2,501 2,408 +3% EP (kboe/d) 2,454 2,394 +3%
1,640 1,647 1,541 +6% Liquids (kb/d) 1,601 1,527 +5%
4,624 4,654 4,710 -2% Gas (Mcf/d) 4,653 4,724 -2%
> Results
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions of 2019 2018 2019vs2018
dollars,
except
effective tax rate
2,031 1,734 1,976 +3% Adjusted net 7,509 8,547 -12%
operating
income*
247 297 269 -8% including income 996 1,140 -13%
from
equity affiliates
38.0% 39.7% 41.2% Effective tax 41.5% 46.2%
rate**
2,617 2,065 2,765 -5% Organic 8,635 7,953 +9%
investments
(224) (3) (143) ns Net acquisitions 14 2,162 -99%
2,393 2,061 2,622 -9% Net investments 8,649 10,115 -14%
4,451 4,451 3,911 +14% Operating cash 18,030 17,832 +1%
flow
before working
capital changes
***
4,206 5,007 6,310 -33% Cash flow from 16,917 18,537 -9%
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:
-- 2,031 M$ in the fourth quarter 2019, an increase of 3% year-on-year driven by the increase in production.
-- 7,509 M$ for 2019, a decrease of 12% linked to lower Brent and gas prices.
Operating cash flow before working capital changes was 4.5 B$ in
the fourth quarter, an increase of 14% compared to last year, and
18.0 B$ in 2019 an increase of 1% compared to 2018. The start-up of
strong cash flow generating projects offset the impact of lower
Brent and gas prices.
Integrated Gas, Renewables & Power (iGRP)
> Production and liquefied natural gas (LNG) sales
4Q19 3Q19 4Q18 4Q19vs4Q18 Hydrocarbon production 2019 2018 2019vs2018
624 539 468 +34% iGRP (kboe/d) 560 381 +47%
74 73 48 +54% Liquids (kb/d) 71 39 +82%
2,639 2,745 2,284 +16% Gas (Mcf/d) 2,711 1,875 +45%
4Q19 3Q19 4Q18 4Q19vs4Q18 Liquefied Natural 2019 2018 2019vs2018
Gas in Mt
10.6 7.4 7.9 +35% Overall LNG sales 34.3 21.8 +57%
4.2 4.2 3.3 +28% incl. Sales from 16.3 11.1 +47%
equity
production*
9.6 5.5 6.7 +44% incl. Sales by 27.9 17.1 +63%
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 over the year was essentially linked to the
start-up of Ichthys in Australia in the third quarter 2018 and the
successive start-ups of Yamal LNG trains in Russia.
In the fourth quarter 2019, LNG sales increased by 35%
year-on-year thanks to the ramp-up of Yamal LNG and Ichthys plus
the start-up of the first Cameron LNG train in the US.
In 2019, LNG sales increased by 57% compared to 2018 for the
same reasons and also due to the acquisition of the Engie portfolio
of LNG contracts in the third quarter 2018.
> Results
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions 2019 2018 2019vs2018
of dollars
794 574 676 +17% Adjusted net 2,389 2,419 -1%
operating
income*
353 206 447 -21% including income 1,009 1,249 -19%
from
equity affiliates
684 641 614 +11% Organic 2,259 1,745 +30%
investments
(13) 3,375 (1,346) ns Net acquisitions 3,921 1,701 x2.3
671 4,015 (733) ns Net investments 6,180 3,445 +79%
1,402 848 617 x2.3 Operating cash 3,730 2,055 +81%
flow before
working capital
changes **
1,527 401 434 x3.5 Cash flow from 3,461 596 x5.8
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 more than doubled in
the fourth quarter 2019 and increased by 81% in 2019.
Adjusted net operating income was 794 M$ in the fourth quarter
2019, an increase of 17%, and 2,389 M$ in 2019, a decrease of 1%,
impacted by lower gas prices in Europe and Asia as well as higher
DD&A expenses on new projects.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions of dollars 2019 2018 2019vs2018
1,054 1,365 1,233 -15% Adjusted net operating 4,656 5,031 -7%
income*
949 569 1,039 -9% Organic investments 2,395 2,614 -8%
159 52 (264) ns Net acquisitions 118 (722) ns
1,108 622 775 +43% Net investments 2,513 1,892 +33%
1,505 1,995 1,776 -15% Operating cash 6,617 6,544 +1%
flow before
working capital
changes **
1,420 3,058 4,306 -67% Cash flow from 6,441 7,067 -9%
operations **
* 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*
4Q19 3Q19 4Q18 4Q19vs4Q18 2019 2018 2019vs2018
1,509 1,719 1,886 -20% Total refinery 1,671 1,852 -10%
throughput
(kb/d)
282 503 591 -52% France 456 610 -25%
756 757 809 -7% Rest of Europe 754 755 -
471 459 486 -3% Rest of world 462 487 -5%
71% 82% 90% Utlization 80% 88%
rate based
on crude only**
* 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 20% in the fourth quarter 2019 year-on-year, due notably to strikes in France and planned maintenance at Normandy as well as a fire that affected the distillation unit.
-- decreased by 10% in 2019 notably due to the shutdown for nearly 6 months of Grandpuits in France.
> Results
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions of dollars 2019 2018 2019vs2018
580 952 900 -36% Adjusted net operating 3,003 3,379 -11%
income*
479 354 615 -22% Organic investments 1,426 1,604 -11%
118 19 (429) ns Net acquisitions (44) (742) ns
597 374 186 x3.2 Net investments 1,382 862 +60%
789 1,373 1,276 -38% Operating cash 4,072 4,388 -7%
flow before
working capital
changes **
1,142 1,575 3,080 -63% Cash flow from 3,837 4,308 -11%
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 decreased by 36% to 580 M$ in the fourth quarter 2019 and
by 11% in 2019 to 3,003 M$, notably due to a decrease of around 10%
in refining and petrochemical margins as well as lower
throughput.
Operating cash flow before working capital changes was 789 M$ in
the fourth quarter 2019 and 4,072 M$ in 2019, a decrease of 38% and
7%, respectively, compared to 2018, for the same reasons.
Marketing & Services
> Petroleum product sales
4Q19 3Q19 4Q18 4Q19vs4Q18 Sales in kb/d* 2019 2018 2019vs2018
1,835 1,848 1,786 +3% Total Marketing & 1,845 1,801 +2%
Services sales
1,033 1,034 986 +5% Europe 1,021 1,001 +2%
801 814 800 - Rest of world 824 800 +3%
* Excludes trading and bulk refining sales
Sales of petroleum products increased by 2% in 2019, thanks
notably to business development in the African and American
regions, notably Mexico and Brazil.
> Results
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions of dollars 2019 2018 2019vs2018
474 413 333 +42% Adjusted net operating 1,653 1,652 -
income*
471 215 424 +11% Organic investments 969 1,010 -4%
40 33 165 -75% Net acquisitions 162 20 x8.2
511 248 589 -13% Net investments 1,131 1,030 +10%
716 622 500 +43% Operating cash 2,546 2,156 +18%
flow before
working capital
changes **
278 1,483 1,226 -77% Cash flow from 2,604 2,759 -6%
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 474 M$ in the fourth quarter
2019, an increase of 42%, notably due to a revaluation of futures
contracts. Adjusted net operating income was 1,653 M$ in 2019.
Operating cash flow before working capital changes was 716 M$ in
the fourth quarter 2019 and 2,546 M$ in 2019, an increase of 43%
and 18%, respectively, compared to 2018.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments
was:
-- 3,879 M$ in the fourth quarter 2019, stable compared to last year, with lower Brent, natural gas prices and refining margins offset by the increase in production.
-- 14,554 M$ in 2019, down 9% compared to last year due to the decreases in Brent, natural gas prices and refining and petrochemical margins.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
-- 3,165 M$ in the fourth quarter 2019, stable compared to last year thanks to the stable adjusted net operating income of the segments.
-- 11,828 M$ in 2019, down 13% compared to last year due to the decrease in adjusted net operating income of the segments.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value11.
Total net income adjustments12 were:
-- -565 M$ in the fourth quarter 2019, including -248 M$ of impairments.
-- -561 M$ in 2019, including -465 M$ of impairments.
The limited level of 2019 impairments reflects the resilience of
the portfolio on a long-term price trajectory in line with the IEA
Sustainable Development Scenario (SDS) and which forecasts by 2050
a convergence of the oil price toward 50$2018/b.
The effective tax rate for the Group was:
-- 31.8% in the fourth quarter 2019, compared to 38.1% the same quarter last year, due to the lower tax rate for the Upstream linked to the lower hydrocarbon prices as well as for the Downstream.
-- 34.1% in 2019 compared to 38.7% in 2018 for the same reasons.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
-- $1.19 in the fourth quarter 2019, an increase of 1%, calculated on the basis of a weighted average of 2,607 million fully-diluted shares, compared to $1.17 in the fourth quarter 2018.
-- $4.38 in 2019, a decrease of 13%, calculated on the basis of a weighted average of 2,618 million fully-diluted shares, compared to $5.05 in 2018.
In the framework of the shareholder return policy announced in
February 2018, the Group has continued to buy back shares,
including:
-- the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option until it was terminated.
-- the buyback of additional shares: 11.1 million shares repurchased in the fourth quarter 2019 for 0.60 B$ and 32.7 million shares in 2019 for 1.75 B$ as part of the 5 B$ buyback program for 2018-20.
The number of fully-diluted shares was 2,603 million on December
31, 2019.
> Acquisitions - asset sales
Acquisitions were:
-- 277 M$ in the fourth quarter 2019.
-- 5,991 M$ in 2019, linked notably to the acquisition of Anadarko's interest in Mozambique LNG, the signing of the acquisition of a 10% stake in the Arctic LNG 2 projects in Russia and the acquisition of Chevron's interest in the Danish Underground Consortium in Denmark.
Asset sales were:
-- 357 M$ in the fourth quarter 2019.
-- 1,939 M$ in 2019, linked notably to the payment received with the take-over of the Toshiba LNG portfolio in the United States, 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:
-- 2,628 M$ in the fourth quarter 2019.
-- 8,983 M$ in 2019, stable compared to 2018.
> Profitability
The return on equity was 10.4% for the twelve months ended
December 31, 2019.
In millions January 1, 2019 October 1, 2018 January 1, 2018
of dollars
December 31, 2019 September 30, 2019 December 31, 2018
Adjusted net 12,090 12,104 13,964
income
Average adjusted 116,766 117,037 114,183
shareholders'
equity
Return on equity 10.4% 10.3% 12.2%
(ROE)
In millions January 1, 2019 October 1, 2018 January 1, 2018
of dollars
December 31, 2019 September 30, 2019 December 31, 2018
Adjusted net 14,073 14,094 15,691
operating
income
Average capital 143,674 146,222 133,123
employed
ROACE 9.8% 9.6% 11.8%
The return on average capital employed was 9.8% for the twelve
months ended December 31, 2019.
Total S.A. accounts
Net income for Total S.A., the parent company, was 7,039 million
euros in 2019 compared to 5,485 million euros in 2018.
2020 Sensitivities*
Change Estimated impact Estimated impact
on adjustednet oncash
operating income flow
fromoperations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids +/- 10 $/b +/- 2.9 B$ +/- 3.3 B$
price**
European gas price +/- 1 $/Mbtu +/- 0.35 B$ +/- 0.35 B$
- NBP ($/Mbtu)
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 2020.
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
The environment remains volatile, given the uncertainty about
hydrocarbon demand related to the outlook for global economic
growth and a context of geopolitical instability.
The Group has strong capacity to generate cash flow and, in a 60
$/b environment, expects to increase it by approximately 1 B$ per
year starting from 2019.
The Group will continue to implement its strategy for profitable
growth on the integrated gas and low-carbon electricity chains. LNG
sales will benefit notably in 2020 from the start-ups of Yamal LNG
train 4 as well as Cameron LNG train 3 and be more than 30
Mt/y.
Spending discipline is maintained and the Group continues its
cost reduction program with an objective of more than 5 B$ in
cumulative savings in 2020. Net investments in 2020 should be on
the order of 18 B$, and the Group will complete its 5 B$ asset sale
program over the years 2019-20 (3 B$ already announced).
Organic production growth should be more than 2% in 2020, thanks
to ramp-ups of projects started in 2019 and expected start-ups in
2020, notably Iara 2 in Brazil.
Since the start of the fourth quarter, global refining margins
are weak as a result of high product inventories and oil prices
supported by OPEC. The Downstream will continue to rely on its
diversified portfolio, notably its integrated platforms in Refining
& Chemicals as well as its non-cyclical businesses.
Taking into account the strong visibility on cash flow, the
Group will continue to increase the dividend with a guidance of
5-6% per year. It will also continue to buy back shares, with an
amount expected for 2020 of 2.0 B$ in a 60 $/b environment.
* * * * *
To listen to the presentation in English by CEO Patrick Pouyanné
and CFO Jean-Pierre Sbraire today at 10:30 (London time) please log
on to total.com or call +44 (0) 207 192 8000 in Europe or +1 866
966 1396 in the United States (code: 2072029). For a replay, please
consult the website or call +44 (0) 333 300 9785 in Europe or +1
866 331 1332 in the United States (code: 2072029).
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
4Q19 3Q19 4Q18 4Q19vs4Q18 Combined liquids 2019 2018 2019vs2018
and
gasproduction
by region (kboe/d)
1,102 1,004 997 +11% Europe and Central 1,023 909 +13%
Asia
703 733 661 +6% Africa 705 670 +5%
701 720 655 +7% Middle East and 702 666 +6%
North Africa
368 363 386 -5% Americas 365 389 -6%
239 221 176 +36% Asia-Pacific 219 141 +55%
3,113 3,040 2,876 +8% Total production 3,014 2,775 +9%
768 698 699 +10% includes equity 731 671 +9%
affiliates
4Q19 3Q19 4Q18 4Q19vs4Q18 Liquids production 2019 2018 2019vs2018
by region (kb/d)
373 367 363 +3% Europe and Central 355 334 +6%
Asia
560 583 509 +10% Africa 558 513 +9%
560 562 503 +11% Middle East and 548 520 +5%
North Africa
171 163 191 -11% Americas 168 183 -8%
50 44 22 x2.2 Asia-Pacific 44 16 x2.7
1,714 1,720 1,589 +8% Total production 1,672 1,566 +7%
212 210 231 -8% includes equity 216 247 -13%
affiliates
4Q19 3Q19 4Q18 4Q19vs4Q18 Gas production by 2019 2018 2019vs2018
region (Mcf/d)
3,887 3,431 3,416 +14% Europe and Central 3,596 3,100 +16%
Asia
904 768 738 +22% Africa 792 785 +1%
792 866 843 -6% Middle East and 857 806 +6%
North Africa
1,109 1,124 1,094 +1% Americas 1,110 1,160 -4%
571 1,210 903 -37% Asia-Pacific 1,009 748 +35%
7,263 7,399 6,994 +4% Total production 7,364 6,599 +12%
3,179 2,635 2,524 +26% includes equity 2,834 2,281 +24%
affiliates
> Downstream (Refining & Chemicals and Marketing &
Services)
4Q19 3Q19 4Q18 4Q19vs4Q18 Petroleum product 2019 2018 2019vs2018
sales
by region (kb/d)
1,993 1,999 2,062 -3% Europe 2,008 1,984 +1%
737 677 778 -5% Africa 706 736 -4%
763 920 767 - Americas 842 827 +2%
526 541 531 -1% Rest of world 555 606 -8%
4,019 4,136 4,138 -3% Total consolidated 4,110 4,153 -1%
sales
508 544 593 -14% Includes bulk sales 536 575 -7%
1,676 1,745 1,759 -5% Includes trading 1,730 1,777 -3%
Adjustment items to net income (Group share)
4Q19 3Q19 4Q18 In millions of dollars 2019 2018
(666) (156) (1,026) Special items affecting net (892) (1,731)
income (Group share)
- - (2) Gain (loss) on asset sales - (16)
(5) (20) (32) Restructuring charges (58) (138)
(248) (160) (1,259) Impairments (465) (1,595)
(413) 24 267 Other (369) 18
57 (71) (1,052) After-tax inventory effect : 346 (420)
FIFO vs. replacement cost
44 10 46 Effect of changes in fair value (15) 38
(565) (217) (2,032) Total adjustments affecting net income (561) (2,113)
Investments - Divestments
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions 2019 2018 2019vs2018
of dollars
4,291 3,296 4,459 -4% Organic 13,397 12,427 +8%
investments
( a )
136 152 306 -56% capitalized 705 711 -1%
exploration
319 242 160 +99% increase 1,061 618 +72%
in non-current
loans
(102) (61) (382) ns repayment of (551) (2,067) ns
non-current
loans, excluding
organic
loan repayment
from
equity
affiliates*
- (109) - ns change in debt (109) - ns
from renewable
projects (Group
share)
266 4,429 349 -24% Acquisitions 5,980 7,692 -22%
( b )
357 1,007 2,101 -83% Asset sales ( c ) 1,939 5,172 -63%
- 105 - ns change in debt 105 - ns
from renewable
projects (partner
share)
(11) - (1) ns Other (11) (622) ns
transactions
with
non-controlling
interests ( d )
4,211 6,718 2,708 +55% Net investments ( 17,449 15,568 +12%
a + b - c - d )
(275) (101) - ns Organic loan (475) - ns
repayment
from
equity
affiliates*
( e )
- 214 - ns Change in debt 214 - ns
from renewable
projects
financing
** ( f )
3,925 6,831 2,707 +45% Cash flow used 17,177 14,946 +15%
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
4Q19 3Q19 4Q18 4Q19vs4Q18 In millions 2019 2018 2019vs2018
of dollars
7,372 7,385 6,095 +21% Operating 28,501 26,067 +9%
cash
flow before
working
capital
changes w/o
financials
charges
(DACF)
(533) (532) (423) ns Financial (2,069) (1,538) ns
charges
6,839 6,853 5,672 +21% Operating 26,432 24,529 +8%
cash
flow
before
working
capital
changes
( a )
46 1,523 6,425 -99% (Increase) (1,718) 769 ns
decrease
in working
capital
(11) (69) (1,457) ns Inventory 446 (595) ns
effect
(275) (101) - ns Organic loan (475) - ns
repayment
from equity
affiliates
6,599 8,206 10,640 -38% Cash flow 24,685 24,703 -
from
operations
4,291 3,296 4,459 -4% Organic 13,397 12,427 +8%
investments
( b )
2,548 3,557 1,213 x2.1 Free cash 13,035 12,102 +8%
flow
after organic
investments,w/o
net asset
sales
( a - b )
4,211 6,718 2,708 +55% Net 17,449 15,568 +12%
investments
( c )
2,628 135 2,964 -11% Net cash flow 8,983 8,961 -
( a - c )
Gearing ratio*
In millions of dollars 12/31/2019 09/30/2019 12/31/2018
Current borrowings 14,819 14,631 13,306
Net current financial assets (3,505) (3,012) (3,176)
Net financial assets classified 301 - (15)
as held for sale
Non-current financial debt 47,773 47,923 40,129
Hedging instruments of (912) (767) (680)
non-current debt
Cash and cash equivalents (27,352) (27,454) (27,907)
Net debt (a) 31,124 31,321 21,657
Shareholders' equity - Group share 116,778 114,994 115,640
Non-controlling interests 2,527 2,319 2,474
Shareholders' equity (b) 119,305 117,313 118,114
Net-debt-to-capital ratio 20.7% 21.1% 15.5%
= a / (a + b)
Net-debt-to-capital ratio 16.7% 17.2% 14.3%
excluding leases
*The net-debt-to-capital ratios on December 31, 2019 and
September 30, 2019 include the impact of the new IFRS 16 rule,
effective January 1, 2019.
Return on average capital employed
> Twelve months ended December 31, 2019
In millions Exploration & Integrated Gas, Refining & Marketing & Group
of dollars Production Renewables & Chemicals Services
Power
Adjusted 7,509 2,389 3,003 1,653 14,073
net
operating
income
Capital 89,400 34,746 10,599 6,442 138,519
employed
at
12/31/2018*
Capital 88,844 41,549 12,228 8,371 148,828
employed
at
12/31/2019*
ROACE 8.4% 6.3% 26.3% 22.3% 9.8%
> Twelve months ended September 30, 2019
In millions Exploration Integrated Refining Marketing Group
of dollars &Production Gas,Renewables &Chemicals &Services
&Power
Adjusted net 7,454 2,271 3,323 1,512 14,094
operating
income
Capital employed 92,104 36,587 12,884 6,841 145,298
at 09/30/2018*
Capital employed 88,560 41,516 11,658 7,570 147,145
at 09/30/2019*
ROACE 8.3% 5.8% 27.1% 21.0% 9.6%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for 2019 from the
consolidated financial statements of TOTAL S.A. as of December 31,
2019 (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 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 2
2 Adjusted results are defined as income using replacement cost,
adjusted for special items, excluding the impact of changes for
fair value; adjustment items are on page 12.
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 bond
5 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 12).
7 Net investments = Organic investments + net acquisitions (see
page 12).
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 on page 15. The
reconciliation table for different cash flow figures is on page
13.
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 12.
12 Details shown on page 12 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
Fourth quarter and full-year 2019 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT
OF INCOME
TOTAL
(unaudited)
(M$)(a) 4th quarter2019 3rd quarter2019 4th quarter2018
Sales 49,280 48,589 52,495
Excise taxes (5,895) (6,051) (6,183)
Revenues from sales 43,385 42,538 46,312
Purchases, net (28,212) (27,898) (33,420)
of inventory
variation
Other operating (7,090) (6,362) (6,913)
expenses
Exploration costs (231) (96) (201)
Depreciation, depletion (4,431) (4,173) (4,362)
and impairment of
tangible assets and
mineral interests
Other income 428 167 482
Other expense (235) (559) (315)
Financial interest (606) (598) (529)
on debt
Financial income 51 - (30)
and expense
from cash & cash
equivalents
Cost of net debt (555) (598) (559)
Other financial income 143 163 269
Other financial expense (203) (178) (185)
Net income (loss) from 502 1,381 665
equity affiliates
Income taxes (852) (1,540) (593)
Consolidated net income 2,649 2,845 1,180
Group share 2,600 2,800 1,132
Non-controlling 49 45 48
interests
Earnings per share ($) 0.98 1.05 0.40
Fully-diluted earnings 0.97 1.04 0.40
per share ($)
(a) Except for per
share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) 4th quarter2019 3rd quarter2019 4th quarter2018
Consolidated net income 2,649 2,845 1,180
Other comprehensive income
Actuarial gains and losses (138) 5 (112)
Change in fair value 16 19 (3)
of investments
in equity instruments
Tax effect 40 (1) 44
Currency translation 2,461 (3,520) (881)
adjustment generated
by the parent company
Items not potentially 2,379 (3,497) (952)
reclassifiable
to profit and loss
Currency translation (654) 1,207 52
adjustment
Cash flow hedge (24) (202) (285)
Variation of foreign (49) (4) (14)
currency
basis spread
Share of other 82 73 (266)
comprehensive
income
of equity affiliates,
net amount
Other 1 (6) (1)
Tax effect 26 69 98
Items potentially (618) 1,137 (416)
reclassifiable
to profit and loss
Total other comprehensive 1,761 (2,360) (1,368)
income (net amount)
Comprehensive income 4,410 485 (188)
Group share 4,319 462 (221)
Non-controlling interests 91 23 33
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(M$)(a) Year2019(unaudited) Year2018
Sales 200,316 209,363
Excise taxes (24,067) (25,257)
Revenues from sales 176,249 184,106
Purchases, net of inventory variation (116,221) (125,816)
Other operating expenses (27,255) (27,484)
Exploration costs (785) (797)
Depreciation, depletion and impairment of (15,731) (13,992)
tangible assets and mineral interests
Other income 1,163 1,838
Other expense (1,192) (1,273)
Financial interest on debt (2,333) (1,933)
Financial income and expense (19) (188)
from cash & cash equivalents
Cost of net debt (2,352) (2,121)
Other financial income 792 1,120
Other financial expense (764) (685)
Net income (loss) from equity affiliates 3,406 3,170
Income taxes (5,872) (6,516)
Consolidated net income 11,438 11,550
Group share 11,267 11,446
Non-controlling interests 171 104
Earnings per share ($) 4.20 4.27
Fully-diluted earnings per share ($) 4.17 4.24
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
TOTAL
(M$) Year2019(unaudited) Year2018
Consolidated net income 11,438 11,550
Other comprehensive income
Actuarial gains and losses (192) (12)
Change in fair value of investments 142 -
in equity instruments
Tax effect 53 13
Currency translation adjustment generated (1,533) (4,022)
by the parent company
Items not potentially reclassifiable (1,530) (4,021)
to profit and loss
Currency translation adjustment 740 1,113
Cash flow hedge (599) 25
Variation of foreign currency 1 (80)
basis spread
Share of other comprehensive income 408 (540)
of equity affiliates, net amount
Other (3) (5)
Tax effect 202 14
Items potentially reclassifiable 749 527
to profit and loss
Total other comprehensive (781) (3,494)
income (net amount)
Comprehensive income 10,657 8,056
Group share 10,418 8,021
Non-controlling interests 239 35
CONSOLIDATED
BALANCE
SHEET
TOTAL
(unaudited)
(M$) December 31,2019(unaudited) September 30,2019(unaudited) December 312018
ASSETS
Non-current
assets
Intangible 33,178 31,539 28,922
assets,
net
Property, 116,408 116,900 113,324
plant
and
equipment,
net
Equity 27,122 27,172 23,444
affiliates
:
investments
and loans
Other 1,778 1,738 1,421
investments
Non-current 912 767 680
financial
assets
Deferred 6,216 5,689 6,663
income
taxes
Other 2,415 2,264 2,509
non-current
assets
Total 188,029 186,069 176,963
non-current
assets
Current
assets
Inventories, 17,132 16,226 14,880
net
Accounts 18,488 18,568 17,270
receivable,
net
Other 17,013 14,925 14,724
current
assets
Current 3,992 3,781 3,654
financial
assets
Cash and 27,352 27,454 27,907
cash
equivalents
Assets 1,288 418 1,364
classified
as held
for
sale
Total 85,265 81,372 79,799
current
assets
Total 273,294 267,441 256,762
assets
LIABILITIES
&
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common 8,123 8,300 8,227
shares
Paid-in 121,170 123,805 120,569
surplus
and
retained
earnings
Currency (11,503) (13,297) (11,313)
translation
adjustment
Treasury (1,012) (3,814) (1,843)
shares
Total 116,778 114,994 115,640
shareholders'
equity
- Group
share
Non-controlling 2,527 2,319 2,474
interests
Total 119,305 117,313 118,114
shareholders'
equity
Non-current
liabilities
Deferred 11,858 11,333 11,490
income
taxes
Employee 3,501 3,273 3,363
benefits
Provisions 20,613 20,903 21,432
and other
non-current
liabilities
Non-current 47,773 47,923 40,129
financial
debt
Total 83,745 83,432 76,414
non-current
liabilities
Current
liabilities
Accounts 28,394 26,237 26,134
payable
Other 25,749 24,728 22,246
creditors
and
accrued
liabilities
Current 14,819 14,631 13,306
borrowings
Other 487 769 478
current
financial
liabilities
Liabilities 795 331 70
directly
associated
with the
assets
classified
as held
for
sale
Total 70,244 66,696 62,234
current
liabilities
Total 273,294 267,441 256,762
liabilities
&
shareholders'
equity
CONSOLIDATED STATEMENT
OF CASH FLOW
TOTAL
(unaudited)
(M$) 4th quarter2019 3rd quarter2019 4th quarter2018
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 2,649 2,845 1,180
Depreciation, depletion, 4,624 4,242 4,553
amortization
and impairment
Non-current liabilities, (672) 235 (1,356)
valuation
allowances and
deferred taxes
(Gains) losses (176) (74) (390)
on disposals
of assets
Undistributed affiliates' 267 (876) 147
equity earnings
(Increase) decrease 46 1,523 6,425
in working capital
Other changes, net (139) 311 81
Cash flow from operating 6,599 8,206 10,640
activities
CASH FLOW USED
IN INVESTING
ACTIVITIES
Intangible assets (4,015) (2,210) (4,550)
and property,
plant and equipment
additions
Acquisitions of (155) (4,385) 49
subsidiaries,
net of cash acquired
Investments in equity (170) (258) (529)
affiliates
and other securities
Increase in non-current (319) (242) (160)
loans
Total expenditures (4,659) (7,095) (5,190)
Proceeds from disposals 301 63 1,321
of intangible assets
and property, plant
and equipment
Proceeds from disposals 13 (1) 27
of subsidiaries,
net of cash sold
Proceeds from 43 40 753
disposals of
non-current investments
Repayment of non-current 377 162 382
loans
Total divestments 734 264 2,483
Cash flow used (3,925) (6,831) (2,707)
in investing
activities
CASH FLOW USED
IN FINANCING
ACTIVITIES
Issuance (repayment)
of shares:
- Parent company 1 1 -
shareholders
- Treasury shares (620) (420) (1,744)
Dividends paid:
- Parent company (1,876) - (705)
shareholders
- Non-controlling (1) (21) (4)
interests
Net issuance (repayment) - - -
of perpetual
subordinated notes
Payments on perpetual (56) - (59)
subordinated notes
Other transactions with 160 - (1)
non-controlling
interests
Net issuance (repayment) 84 4,466 931
of non-current debt
Increase (decrease) in (1,131) (3,209) (2,994)
current borrowings
Increase (decrease) in (168) (310) (242)
current financial
assets and liabilities
Cash flow from (used in) (3,607) 507 (4,818)
financing activities
Net increase (decrease) (933) 1,882 3,115
in
cash and cash equivalents
Effect of exchange rates 831 (1,151) (460)
Cash and cash equivalents 27,454 26,723 25,252
at
the beginning of
the period
Cash and cash equivalents 27,352 27,454 27,907
at the end of the period
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(M$) Year2019(unaudited) Year2018
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 11,438 11,550
Depreciation, depletion, amortization 16,401 14,584
and impairment
Non-current liabilities, valuation (58) (887)
allowances and deferred taxes
(Gains) losses on disposals of assets (614) (930)
Undistributed affiliates' equity earnings (1,083) (826)
(Increase) decrease in working capital (1,718) 769
Other changes, net 319 443
Cash flow from operating activities 24,685 24,703
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, (11,810) (17,080)
plant and equipment additions
Acquisitions of subsidiaries, (4,748) (3,379)
net of cash acquired
Investments in equity affiliates (1,618) (1,108)
and other securities
Increase in non-current loans (1,061) (618)
Total expenditures (19,237) (22,185)
Proceeds from disposals of intangible assets 527 3,716
and property, plant and equipment
Proceeds from disposals of subsidiaries, 158 12
net of cash sold
Proceeds from disposals of 349 1,444
non-current investments
Repayment of non-current loans 1,026 2,067
Total divestments 2,060 7,239
Cash flow used in investing activities (17,177) (14,946)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 452 498
- Treasury shares (2,810) (4,328)
Dividends paid:
- Parent company shareholders (6,641) (4,913)
- Non-controlling interests (115) (97)
Net issuance (repayment) of perpetual - -
subordinated notes
Payments on perpetual subordinated notes (371) (325)
Other transactions with non-controlling 10 (622)
interests
Net issuance (repayment) of non-current debt 8,131 649
Increase (decrease) in current borrowings (5,829) (3,990)
Increase (decrease) in current financial (536) (797)
assets and liabilities
Cash flow from (used in) financing activities (7,709) (13,925)
Net increase (decrease) in (201) (4,168)
cash and cash equivalents
Effect of exchange rates (354) (1,110)
Cash and cash equivalents at 27,907 33,185
the beginning of the period
Cash and cash equivalents 27,352 27,907
at the end of the period
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(Unaudited: Year 2019)
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, 2018 2,528,989,616 7,882 112,040 (7,908) (8,376,756) (458) 111,556 2,481 114,037
Net income 2018 - - 11,446 - - - 11,446 104 11,550
Other comprehensive Income - - (20) (3,405) - - (3,425) (69) (3,494)
Comprehensive Income - - 11,426 (3,405) - - 8,021 35 8,056
Dividend - - (7,881) - - - (7,881) (97) (7,978)
Issuance of common shares 156,203,090 476 8,366 - - - 8,842 - 8,842
Purchase of treasury shares - - - - (72,766,481) (4,328) (4,328) - (4,328)
Sale of treasury shares(1) - - (240) - 4,079,257 240 - - -
Share-based payments - - 294 - - - 294 - 294
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 - - (315) - - - (315) - (315)
Other operations with non-controlling interests - - (517) - - - (517) (99) (616)
Other items - - (32) - - - (32) 154 122
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 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
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019(M$)
Non-Group 1,563 4,292 22,040 21,379 6 - 49,280
sales
Intersegment 8,266 993 7,739 203 47 (17,248) -
sales
Excise - - (765) (5,130) - - (5,895)
taxes
Revenues 9,829 5,285 29,014 16,452 53 (17,248) 43,385
from
sales
Operating (4,156) (4,471) (28,084) (15,714) (356) 17,248 (35,533)
expenses
Depreciation, (3,307) (488) (351) (263) (22) - (4,431)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 2,366 326 579 475 (325) - 3,421
income
Net income 166 391 57 15 6 - 635
(loss)
from
equity
affiliates
and
other
items
Tax on net (893) 104 (3) (100) (39) - (931)
operating
income
Net 1,639 821 633 390 (358) - 3,125
operating
income
Net cost (476)
of
net debt
Non-controlling (49)
interests
Net income 2,600
-
group
share
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019
(adjustments)
(a) (M$)
Non-Group - 10 - - - - 10
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - 10 - - - - 10
from
sales
Operating (45) (87) 44 (102) (112) - (302)
expenses
Depreciation, (525) (136) (9) - - - (670)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (570) (213) 35 (102) (112) - (962)
income
(b)
Net income (22) (38) (13) (23) - - (96)
(loss)
from
equity
affiliates
and
other
items
Tax on net 200 278 31 41 (73) - 477
operating
income
Net (392) 27 53 (84) (185) - (581)
operating
income (b)
Net cost (3)
of
net debt
Non-controlling 19
interests
Net income (565)
-
group
share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes
in
fair
value.(b)
Of
which
inventory
valuation
effect
On - - 85 (96) -
operating
income
On - - 117 (60) -
net
operating
income
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019
(adjusted)(M$)
Non-Group 1,563 4,282 22,040 21,379 6 - 49,270
sales
Intersegment 8,266 993 7,739 203 47 (17,248) -
sales
Excise - - (765) (5,130) - - (5,895)
taxes
Revenues 9,829 5,275 29,014 16,452 53 (17,248) 43,375
from
sales
Operating (4,111) (4,384) (28,128) (15,612) (244) 17,248 (35,231)
expenses
Depreciation, (2,782) (352) (342) (263) (22) - (3,761)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 2,936 539 544 577 (213) - 4,383
operating
income
Net income 188 429 70 38 6 - 731
(loss)
from
equity
affiliates
and
other
items
Tax on net (1,093) (174) (34) (141) 34 - (1,408)
operating
income
Adjusted 2,031 794 580 474 (173) - 3,706
net
operating
income
Net cost (473)
of
net debt
Non-controlling (68)
interests
Adjusted 3,165
net
income
- group
share
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019(M$)
Total 2,633 747 664 571 44 - 4,659
expenditures
Total 256 342 69 62 5 - 734
divestments
Cash flow 4,206 1,527 1,142 278 (554) - 6,599
from
operating
activities
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
3rd Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019(M$)
Non-Group 1,631 3,667 21,338 21,951 2 - 48,589
sales
Intersegment 7,761 573 8,341 155 15 (16,845) -
sales
Excise - - (713) (5,338) - - (6,051)
taxes
Revenues 9,392 4,240 28,966 16,768 17 (16,845) 42,538
from
sales
Operating (3,999) (3,558) (27,518) (15,963) (163) 16,845 (34,356)
expenses
Depreciation, (3,136) (361) (413) (247) (16) - (4,173)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 2,257 321 1,035 558 (162) - 4,009
income
Net income 77 898 5 (15) 9 - 974
(loss)
from
equity
affiliates
and
other
items
Tax on net (1,094) (222) (221) (164) 70 - (1,631)
operating
income
Net 1,240 997 819 379 (83) - 3,352
operating
income
Net cost (507)
of
net debt
Non-controlling (45)
interests
Net income 2,800
-
group
share
3rd Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019
(adjustments)
(a) (M$)
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 (4)
of
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
On - - (94) 25 -
operating
income
On - - (90) 19 -
net
operating
income
3rd Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019
(adjusted)(M$)
Non-Group 1,631 3,655 21,338 21,951 2 - 48,577
sales
Intersegment 7,761 573 8,341 155 15 (16,845) -
sales
Excise - - (713) (5,338) - - (6,051)
taxes
Revenues 9,392 4,228 28,966 16,768 17 (16,845) 42,526
from
sales
Operating (3,899) (3,517) (27,422) (15,985) (163) 16,845 (34,141)
expenses
Depreciation, (2,983) (352) (391) (245) (16) - (3,987)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 2,510 359 1,153 538 (162) - 4,398
operating
income
Net income 167 299 28 38 9 - 541
(loss)
from
equity
affiliates
and
other
items
Tax on net (943) (84) (229) (163) 70 - (1,349)
operating
income
Adjusted 1,734 574 952 413 (83) - 3,590
net
operating
income
Net cost (503)
of
net debt
Non-controlling (70)
interests
Adjusted 3,017
net
income
- group
share
3rd Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2019(M$)
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
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2018(M$)
Non-Group 2,119 3,781 23,365 23,226 4 - 52,495
sales
Intersegment 7,659 662 8,786 246 18 (17,371) -
sales
Excise - - (822) (5,361) - - (6,183)
taxes
Revenues 9,778 4,443 31,329 18,111 22 (17,371) 46,312
from
sales
Operating (4,540) (3,896) (31,552) (17,671) (246) 17,371 (40,534)
expenses
Depreciation, (3,046) (807) (311) (187) (11) - (4,362)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 2,192 (260) (534) 253 (235) - 1,416
income
Net income 339 399 144 5 29 - 916
(loss)
from
equity
affiliates
and
other
items
Tax on net (798) (79) 230 (69) 48 - (668)
operating
income
Net 1,733 60 (160) 189 (158) - 1,664
operating
income
Net cost (484)
of
net debt
Non-controlling (48)
interests
Net income 1,132
-
group
share
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2018
(adjustments)
(a) (M$)
Non-Group - 43 - - - - 43
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - 43 - - - - 43
from
sales
Operating 1 (72) (1,323) (197) - - (1,591)
expenses
Depreciation, (642) (580) (2) - - - (1,224)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (641) (609) (1,325) (197) - - (2,772)
income
(b)
Net income - (207) (150) (5) - - (362)
(loss)
from
equity
affiliates
and
other
items
Tax on net 398 200 415 58 - - 1,071
operating
income
Net (243) (616) (1,060) (144) - - (2,063)
operating
income (b)
Net cost (4)
of
net debt
Non-controlling 35
interests
Net income (2,032)
-
group
share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes
in
fair
value.(b)
Of
which
inventory
valuation
effect
On - - (1,299) (158) -
operating
income
On - - (963) (113) -
net
operating
income
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2018
(adjusted)(M$)
Non-Group 2,119 3,738 23,365 23,226 4 - 52,452
sales
Intersegment 7,659 662 8,786 246 18 (17,371) -
sales
Excise - - (822) (5,361) - - (6,183)
taxes
Revenues 9,778 4,400 31,329 18,111 22 (17,371) 46,269
from
sales
Operating (4,541) (3,824) (30,229) (17,474) (246) 17,371 (38,943)
expenses
Depreciation, (2,404) (227) (309) (187) (11) - (3,138)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 2,833 349 791 450 (235) - 4,188
operating
income
Net income 339 606 294 10 29 - 1,278
(loss)
from
equity
affiliates
and
other
items
Tax on net (1,196) (279) (185) (127) 48 - (1,739)
operating
income
Adjusted 1,976 676 900 333 (158) - 3,727
net
operating
income
Net cost (480)
of
net debt
Non-controlling (83)
interests
Adjusted 3,164
net
income
- group
share
4th Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
quarter
2018(M$)
Total 3,160 685 668 627 50 - 5,190
expenditures
Total 538 1,419 482 38 6 - 2,483
divestments
Cash flow 6,310 434 3,080 1,226 (410) - 10,640
from
operating
activities
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2019(M$)
Non-Group 7,261 18,167 87,598 87,280 10 - 200,316
sales
Intersegment 31,329 2,825 32,390 659 125 (67,328) -
sales
Excise - - (3,015) (21,052) - - (24,067)
taxes
Revenues 38,590 20,992 116,973 66,887 135 (67,328) 176,249
from
sales
Operating (16,389) (18,316) (112,104) (63,855) (925) 67,328 (144,261)
expenses
Depreciation, (11,659) (1,492) (1,527) (980) (73) - (15,731)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 10,542 1,184 3,342 2,052 (863) - 16,257
income
Net income 610 2,330 322 101 42 - 3,405
(loss)
from
equity
affiliates
and
other
items
Tax on net (4,572) (741) (470) (598) 155 - (6,226)
operating
income
Net 6,580 2,773 3,194 1,555 (666) - 13,436
operating
income
Net cost (1,998)
of
net debt
Non-controlling (171)
interests
Net income 11,267
-
group
share
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2019
(adjustments)
(a) (M$)
Non-Group - (64) - - - - (64)
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - (64) - - - - (64)
from
sales
Operating (145) (240) 397 (40) (112) - (140)
expenses
Depreciation, (721) (156) (41) (2) - - (920)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (866) (460) 356 (42) (112) - (1,124)
income
(b)
Net income (112) 974 (83) (83) - - 696
(loss)
from
equity
affiliates
and
other
items
Tax on net 49 (130) (82) 27 (73) - (209)
operating
income
Net (929) 384 191 (98) (185) - (637)
operating
income (b)
Net cost - - - - - - (15)
of
net debt
Non-controlling - - - - - - 91
interests
Net income - - - - - - (561)
-
group
share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes
in
fair
value.(b)
Of
which
inventory
valuation
effect
On - - 477 (31) -
operating
income
On - - 371 (14) -
net
operating
income
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2019
(adjusted)(M$)
Non-Group 7,261 18,231 87,598 87,280 10 - 200,380
sales
Intersegment 31,329 2,825 32,390 659 125 (67,328) -
sales
Excise - - (3,015) (21,052) - - (24,067)
taxes
Revenues 38,590 21,056 116,973 66,887 135 (67,328) 176,313
from
sales
Operating (16,244) (18,076) (112,501) (63,815) (813) 67,328 (144,121)
expenses
Depreciation, (10,938) (1,336) (1,486) (978) (73) - (14,811)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 11,408 1,644 2,986 2,094 (751) - 17,381
operating
income
Net income 722 1,356 405 184 42 - 2,709
(loss)
from
equity
affiliates
and
other
items
Tax on net (4,621) (611) (388) (625) 228 - (6,017)
operating
income
Adjusted 7,509 2,389 3,003 1,653 (481) - 14,073
net
operating
income
Net cost (1,983)
of
net debt
Non-controlling (262)
interests
Adjusted 11,828
net
income
- group
share
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2019(M$)
Total 8,992 7,053 1,698 1,374 120 - 19,237
expenditures
Total 368 1,108 322 249 13 - 2,060
divestments
Cash flow 16,917 3,461 3,837 2,604 (2,134) - 24,685
from
operating
activities
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2018(M$)
Non-Group 9,889 17,236 92,025 90,206 7 - 209,363
sales
Intersegment 30,337 2,198 35,462 979 64 (69,040) -
sales
Excise - - (3,359) (21,898) - - (25,257)
taxes
Revenues 40,226 19,434 124,128 69,287 71 (69,040) 184,106
from
sales
Operating (17,532) (17,679) (120,393) (66,737) (796) 69,040 (154,097)
expenses
Depreciation, (10,192) (1,827) (1,222) (709) (42) - (13,992)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating 12,502 (72) 2,513 1,841 (767) - 16,017
income
Net income 1,365 1,639 782 307 77 - 4,170
(loss)
from
equity
affiliates
and
other
items
Tax on net (5,770) (471) (445) (532) 375 - (6,843)
operating
income
Net 8,097 1,096 2,850 1,616 (315) - 13,344
operating
income
Net cost (1,794)
of
net debt
Non-controlling (104)
interests
Net income 11,446
-
group
share
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2018
(adjustments)
(a) (M$)
Non-Group - 56 - - - - 56
sales
Intersegment - - - - - - -
sales
Excise - - - - - - -
taxes
Revenues - 56 - - - - 56
from
sales
Operating (199) (237) (616) (45) (9) - (1,106)
expenses
Depreciation, (707) (1,065) (2) - - - (1,774)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Operating (906) (1,246) (618) (45) (9) - (2,824)
income
(b)
Net income (128) (247) (116) (5) - - (496)
(loss)
from
equity
affiliates
and
other
items
Tax on net 584 170 205 14 - - 973
operating
income
Net (450) (1,323) (529) (36) (9) - (2,347)
operating
income (b)
Net cost (67)
of
net debt
Non-controlling 301
interests
Net income (2,113)
-
group
share
(a)
Adjustments
include
special
items,
inventory
valuation
effect and
the
effect of
changes
in
fair
value.(b)
Of
which
inventory
valuation
effect
On - - (589) (6) -
operating
income
On - - (413) (5) -
net
operating
income
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2018
(adjusted)(M$)
Non-Group 9,889 17,180 92,025 90,206 7 - 209,307
sales
Intersegment 30,337 2,198 35,462 979 64 (69,040) -
sales
Excise - - (3,359) (21,898) - - (25,257)
taxes
Revenues 40,226 19,378 124,128 69,287 71 (69,040) 184,050
from
sales
Operating (17,333) (17,442) (119,777) (66,692) (787) 69,040 (152,991)
expenses
Depreciation, (9,485) (762) (1,220) (709) (42) - (12,218)
depletion
and
impairment
of
tangible
assets
and
mineral
interests
Adjusted 13,408 1,174 3,131 1,886 (758) - 18,841
operating
income
Net income 1,493 1,886 898 312 77 - 4,666
(loss)
from
equity
affiliates
and
other
items
Tax on net (6,354) (641) (650) (546) 375 - (7,816)
operating
income
Adjusted 8,547 2,419 3,379 1,652 (306) - 15,691
net
operating
income
Net cost (1,727)
of
net debt
Non-controlling (405)
interests
Adjusted 13,559
net
income
- group
share
Year Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
2018(M$)
Total 13,789 5,032 1,781 1,458 125 - 22,185
expenditures
Total 3,674 2,209 919 428 9 - 7,239
divestments
Cash flow 18,537 596 4,308 2,759 (1,497) - 24,703
from
operating
activities
(1) Treasury shares related to the restricted stock grants.
BUSINESS
SEGMENT
INFORMATION
TOTAL
(unaudited)
4th quarter Adjusted Adjustments (a) Consolidated statement of income
2019(M$)
Sales 49,270 10 49,280
Excise taxes (5,895) - (5,895)
Revenues from 43,375 10 43,385
sales
Purchases, net (28,126) (86) (28,212)
of inventory
variation
Other operating (6,874) (216) (7,090)
expenses
Exploration (231) - (231)
costs
Depreciation, (3,761) (670) (4,431)
depletion
and impairment
of
tangible assets
and
mineral
interests
Other income 256 172 428
Other expense (133) (102) (235)
Financial (603) (3) (606)
interest
on debt
Financial 51 - 51
income
and expense
from cash
& cash
equivalents
Cost of net (552) (3) (555)
debt
Other financial 143 - 143
income
Other financial (203) - (203)
expense
Net income 668 (166) 502
(loss)
from
equity
affiliates
Income taxes (1,329) 477 (852)
Consolidated 3,233 (584) 2,649
net income
Group share 3,165 (565) 2,600
Non-controlling 68 (19) 49
interests
(a) Adjustments
include
special
items,
inventory
valuation
effect and the
effect of
changes in fair
value.
4th quarter Adjusted Adjustments (a) Consolidated statement of income
2018(M$)
Sales 52,452 43 52,495
Excise taxes (6,183) - (6,183)
Revenues from 46,269 43 46,312
sales
Purchases, net (31,944) (1,476) (33,420)
of inventory
variation
Other operating (6,798) (115) (6,913)
expenses
Exploration (201) - (201)
costs
Depreciation, (3,138) (1,224) (4,362)
depletion
and impairment
of
tangible assets
and
mineral
interests
Other income 425 57 482
Other expense (124) (191) (315)
Financial (525) (4) (529)
interest
on debt
Financial (30) - (30)
income
and expense
from cash
& cash
equivalents
Cost of net (555) (4) (559)
debt
Other financial 269 - 269
income
Other financial (185) - (185)
expense
Net income 893 (228) 665
(loss)
from
equity
affiliates
Income taxes (1,664) 1,071 (593)
Consolidated 3,247 (2,067) 1,180
net income
Group share 3,164 (2,032) 1,132
Non-controlling 83 (35) 48
interests
(a) Adjustments
include
special
items,
inventory
valuation
effect and the
effect of
changes in fair
value.
BUSINESS
SEGMENT
INFORMATION
TOTAL
Year Adjusted Adjustments (a) Consolidated statement of income
2019(M$)(unaudited)
Sales 200,380 (64) 200,316
Excise taxes (24,067) - (24,067)
Revenues from 176,313 (64) 176,249
sales
Purchases, net (116,464) 243 (116,221)
of inventory
variation
Other (26,872) (383) (27,255)
operating
expenses
Exploration (785) - (785)
costs
Depreciation, (14,811) (920) (15,731)
depletion
and impairment
of
tangible assets
and
mineral
interests
Other income 876 287 1,163
Other expense (455) (737) (1,192)
Financial (2,318) (15) (2,333)
interest
on debt
Financial (19) - (19)
income
and expense
from cash
& cash
equivalents
Cost of net (2,337) (15) (2,352)
debt
Other 792 - 792
financial
income
Other (764) - (764)
financial
expense
Net income 2,260 1,146 3,406
(loss)
from
equity
affiliates
Income taxes (5,663) (209) (5,872)
Consolidated 12,090 (652) 11,438
net income
Group share 11,828 (561) 11,267
Non-controlling 262 (91) 171
interests
(a)
Adjustments
include
special
items,
inventory
valuation
effect and the
effect of
changes in
fair
value.
Year 2018(M$) Adjusted Adjustments (a) Consolidated statement of income
Sales 209,307 56 209,363
Excise taxes (25,257) - (25,257)
Revenues from 184,050 56 184,106
sales
Purchases, net (125,134) (682) (125,816)
of inventory
variation
Other (27,060) (424) (27,484)
operating
expenses
Exploration (797) - (797)
costs
Depreciation, (12,218) (1,774) (13,992)
depletion
and impairment
of
tangible assets
and
mineral
interests
Other income 1,518 320 1,838
Other expense (448) (825) (1,273)
Financial (1,866) (67) (1,933)
interest
on debt
Financial (188) - (188)
income
and expense
from cash
& cash
equivalents
Cost of net (2,054) (67) (2,121)
debt
Other 1,120 - 1,120
financial
income
Other (685) - (685)
financial
expense
Net income 3,161 9 3,170
(loss)
from
equity
affiliates
Income taxes (7,489) 973 (6,516)
Consolidated 13,964 (2,414) 11,550
net income
Group share 13,559 (2,113) 11,446
Non-controlling 405 (301) 104
interests
(a)
Adjustments
include
special
items,
inventory
valuation
effect and the
effect of
changes in
fair
value.
Total Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPressInvestors Relations: +44 (0) 207 719 7962 l
ir@total.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200206005562/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 06, 2020 08:58 ET (13:58 GMT)
Totalenergies (LSE:0A30)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Totalenergies (LSE:0A30)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
