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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total SE    FP   FR0000120271

TOTAL SE

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Total: Third Quarter 2020 Results -5-

10/30/2020 | 07:56am EST

> 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.

(MORE TO FOLLOW) Dow Jones Newswires

10-30-20 0855ET

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -1.16% 532.29 Delayed Quote.1.74%
KT CORPORATION -0.21% 24100 End-of-day quote.0.42%
S&P AFRICA 40 INDEX -1.63% 173.09 Delayed Quote.1.71%
TOTAL SE -1.87% 37.095 Real-time Quote.5.09%
WTI -3.09% 52.11 Delayed Quote.9.44%
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More news
Financials (USD)
Sales 2020 125 B - -
Net income 2020 -6 864 M - -
Net Debt 2020 39 325 M - -
P/E ratio 2020 -16,8x
Yield 2020 6,98%
Capitalization 118 B 118 B -
EV / Sales 2020 1,26x
EV / Sales 2021 1,09x
Nbr of Employees 107 776
Free-Float 91,2%
Chart TOTAL SE
Duration : Period :
Total SE Technical Analysis Chart | FP | FR0000120271 | MarketScreener
Technical analysis trends TOTAL SE
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 51,24 $
Last Close Price 44,79 $
Spread / Highest target 35,6%
Spread / Average Target 14,4%
Spread / Lowest Target -34,2%
EPS Revisions
Managers and Directors
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TOTAL SE5.09%117 897
SAUDI ARABIAN OIL COMPANY0.00%1 864 628
ROYAL DUTCH SHELL PLC14.89%157 572
PETROCHINA COMPANY LIMITED7.50%115 339
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-0.78%74 112
GAZPROM6.26%73 721