> Downstream (Refining & Chemicals and Marketing & Services)
3Q20 9M20
vs Petroleum product sales by vs
3Q20 2Q20 3Q19 3Q19 region (kb/d) 9M20 9M19 9M19
1,475 1,449 1,999 -26% Europe 1,565 2,013 -22%
541 463 677 -20% Africa 562 695 -19%
673 861 920 -27% Americas 767 868 -12%
460 433 541 -15% Rest of world 446 564 -21%
3,149 3,208 4,136 -24% Total consolidated sales 3,340 4,141 -19%
417 366 544 -23% Includes bulk sales 427 545 -22%
1,290 1,541 1,745 -26% Includes trading 1,447 1,748 -17%
3Q20 9M20
vs Petrochemicals production* vs
3Q20 2Q20 3Q19 3Q19 (kt) 9M20 9M19 9M19
1,274 1,275 1,377 -7% Europe 3,821 4,110 -7%
513 637 648 -21% Americas 1,813 1,737 +4%
716 672 646 +11% Middle-East and Asia 2,040 1,633 +25%
* Olefins, polymers
Adjustment items to net income (Group share)
3Q20 2Q20 3Q19 In millions of dollars 9M20 9M19
Special items affecting net income
(706) (8,321) (156) (Group share) (9,361) (226)
- - - Gain (loss) on asset sales - -
(70) (20) (20) Restructuring charges (170) (53)
(293) (8,101) (160) Impairments (8,394) (217)
(343) (200) 24 Other (797) 44
After-tax inventory effect : FIFO vs.
4 (94) (71) replacement cost (1,504) 289
56 (80) 10 Effect of changes in fair value (23) (59)
(646) (8,495) (217) Total adjustments affecting net income (10,888) 4
Investments - Divestments
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
2,184 2,201 3,296 -34% Organic investments ( a ) 6,908 9,107 -24%
148 162 152 -3% capitalized exploration 445 569 -22%
increase in non-current
290 733 242 +20% loans 1,302 742 +75%
repayment of non-current
loans, excluding organic
loan repayment from equity
(330) (58) (61) ns affiliates* (505) (449) ns
change in debt from
renewable projects (Group
(11) (47) (109) ns share) (163) (109) ns
150 857 4,429 -97% Acquisitions ( b ) 2,651 5,713 -54%
422 136 1,007 -58% Asset sales ( c ) 1,100 1,582 -30%
change in debt from
renewable projects (partner
7 22 105 -93% share) 90 105 -14%
Other transactions with
non-controlling interests (
- - - ns d ) - - ns
Net investments ( a + b - c
1,912 2,922 6,718 -72% - d ) 8,459 13,238 -36%
(1) (41) (101) ns Organic loan repayment from (35) (200) ns
equity affiliates* ( e )
18 69 214 -92% Change in debt from 253 214 +18%
renewable projects financing
** ( f )
28 22 - ns Capex linked to capitalized 74 - ns
leasing contracts ( g )
1,901 2,928 6,831 -72% Cash flow used in investing 8,603 13,252 -35%
activities ( a + b - c + e +
f -g)
* 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
3Q20 9M20
vs vs
3Q20 2Q20 3Q19 3Q19 In millions of dollars 9M20 9M19 9M19
Operating cash flow
before working capital
changes w/o financials
4,281 4,143 7,269 -41% charges (DACF) 12,701 20,854 -39%
(491) (499) (532) ns Financial charges (1,502) (1,536) ns
Operating cash flow
before working capital
3,791 3,644 6,737 -44% changes ( a ) * 11,199 19,318 -42%
(Increase) decrease in
475 (65) 1,639 -71% working capital ** (223) (1,489) ns
90 (42) (69) ns Inventory effect (1,748) 457 ns
capital gain from
(4) (17) - ns renewable projects sale (64) - ns
Organic loan repayment
(1) (41) (101) ns from equity affiliates (35) (200) ns
4,351 3,479 8,206 -47% Cash flow from operations 9,129 18,086 -50%
2,184 2,201 3,296 -34% Organic investments ( b ) 6,908 9,107 -24%
Free cash flow after
organic investments, w/o
net asset sales ( a - b
1,607 1,443 3,441 -53% ) 4,291 10,211 -58%
1,912 2,922 6,718 -72% Net investments ( c ) 8,459 13,238 -36%
1,879 722 19 x98.9 Net cash flow ( a - c ) 2,740 6,080 -55%
* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of iGRP sector's contracts.
** Changes in working capital are presented excluding the mark-to-market effect of iGRP's contracts.
Gearing ratio
In millions of dollars 09/30/2020 06/30/2020 09/30/2019
Current borrowings 14,980 16,154 14,631
Net current financial assets (5,815) (6,159) (3,012)
Net financial assets classified as held
for sale 5 - -
Non-current financial debt 61,477 61,540 47,923
Non-current financial assets (3,155) (2,431) (767)
Cash and cash equivalents (30,593) (29,727) (27,454)
Net debt (a) 36,899 39,377 31,321
of which leases 7,499 7,383 6,888
Shareholders' equity - Group share 102,234 101,205 114,994
Non-controlling interests 2,177 2,334 2,319
Shareholders' equity (b) 104,411 103,539 117,313
Net-debt-to-capital ratio = a / (a + b) * 26.1% 27.6% 21.1%
Net-debt-to-capital ratio excluding leases 22.0% 23.6% 17.2%
* The net-debt-to-capital ratios include the impact of the IFRS 16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months ended September 30, 2020
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Group
Adjusted net
operating
income 2,318 3,326 1,449 1,366 7,801
Capital
employed at
09/30/2019* 41,516 88,560 11,658 7,570 147,145
Capital
employed at
09/30/2020* 43,799 78,548 11,951 8,211 140,976
ROACE 5.4% 4.0% 12.3% 17.3% 5.4%
> Twelve months ended June 30, 2020
Integrated
Gas,
In millions Renewables & Exploration & Refining & Marketing &
of dollars Power Production Chemicals Services Group
Adjusted net
operating
income 2,607 4,259 2,489 1,318 10,125
Capital
employed at
06/30/2019* 37,290 90,633 12,300 8,535 148,617
Capital
employed at
06/30/2020* 43,527 79,096 12,843 8,366 142,625
ROACE 6.5% 5.0% 19.8% 15.6% 7.0%
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the third quarter and first nine months of 2020 from the consolidated financial statements of TOTAL SE as of September 30, 2020. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.
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