Total: Fourth Quarter and Full-year 2019 Results

Strong Cash Flow Growth in a Less Favorable Environment
Dividend increased by 5% for the year1

PARIS--()-- 

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

 

4Q19

Change
vs 4Q18

2019

Change
vs 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 B€, 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 €/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 €0.68 per share. Including the interim dividends, the full-year 2019 dividend increased by 5% to €2.68 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

4Q19
vs
4Q18

In millions of dollars, except effective tax rate,
earnings per share and number of shares

2019

2018

2019
vs
2018

3,879

3,673

3,885

-

Adjusted net operating income from business segments

14,554

15,997

-9%

2,031

1,734

1,976

+3%

Exploration & Production*

7,509

8,547

-12%

794

574

676

+17%

Integrated Gas, Renewables & Power*

2,389

2,419

-1%

580

952

900

-36%

Refining & Chemicals

3,003

3,379

-11%

474

413

333

+42%

Marketing & Services

1,653

1,652

-

668

521

893

-25%

Contribution of equity affiliates to adjusted net income

2,260

3,161

-29%

31.8%

30.7%

38.1%

 

Group effective tax rate3

34.1%

38.7%

 

3,165

3,017

3,164

-

Adjusted net income (Group share)

11,828

13,559

-13%

1.19

1.13

1.17

+1%

Adjusted fully-diluted earnings per share (dollars)4

4.38

5.05

-13%

1.07

1.01

1.02

+5%

Adjusted fully-diluted earnings per share (euros)**

3.92

4.27

-8%

2,607

2,614

2,637

-1%

Fully-diluted weighted-average shares (millions)

2,618

2,624

-

 

 

 

 

 

 

 

 

2,600

2,800

1,132

x2.3

Net income (Group share)

11,267

11,446

-2%

 

 

 

 

 

 

 

 

4,291

3,296

4,459

-4%

Organic investments5

13,397

12,427

+8%

(80)

3,422

(1,751)

ns

Net acquisitions6

4,052

3,141

+29%

4,211

6,718

2,708

+56%

Net investments7

17,449

15,568

+12%

6,839

6,853

5,672

+21%

Operating cash flow
before working capital changes8

26,432

24,529

+8%

7,372

7,385

6,095

+21%

Operating cash flow before working capital changes w/o financial charges (DACF)9

28,501

26,067

+9%

6,599

8,206

10,640

-38%

Cash flow from operations

24,685

24,703

-

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 €-$ 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

4Q19
vs
4Q18

 

2019

2018

2019
vs
2018

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 liquids ($/b)**

59.8

64.3

-7%

3.76

3.48

5.01

-25%

Average price of gas ($/Mbtu)**

3.88

4.87

-20%

 

 

 

 

 

 

 

 

30.2

47.4

40.8

-26%

Variable cost margin - Refining Europe, VCM ($/t)

34.9

38.2

-9%

* The indicators are shown on page 16.

** Consolidated subsidiaries.

> Production*

4Q19 3Q19 4Q18 4Q19
vs
4Q18

 

2019

2018

2019
vs
2018

3,113

3,040

2,876

+8%

Hydrocarbon production (kboe/d)

3,014

2,775

+9%

1,452

1,441

1,382

+5%

Oil (including bitumen) (kb/d)

1,431

1,378

+4%

1,661

1,599

1,493

+11%

Gas (including condensates and associated NGL) (kboe/d)

1,583

1,397

+13%

 

 

 

 

 

 

 

 

3,113

3,040

2,876

+8%

Hydrocarbon production (kboe/d)

3,014

2,775

+9%

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

4Q19
vs
4Q18

Hydrocarbon production

2019

2018

2019
vs
2018

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

4Q19
vs
4Q18

In millions of dollars, except effective tax rate

2019

2018

2019
vs
2018

2,031

1,734

1,976

+3%

Adjusted net operating income*

7,509

8,547

-12%

247

297

269

-8%

including income from equity affiliates

996

1,140

-13%

38.0%

39.7%

41.2%

 

Effective tax rate**

41.5%

46.2%

 

 

 

 

 

 

 

 

 

2,617

2,065

2,765

-5%

Organic investments

8,635

7,953

+9%

(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 flow before working capital changes ***

18,030

17,832

+1%

4,206

5,007

6,310

-33%

Cash flow from operations ***

16,917

18,537

-9%

* 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

4Q19
vs
4Q18

Hydrocarbon production

2019

2018

2019
vs
2018

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

4Q19
vs
4Q18

Liquefied Natural Gas in Mt

2019

2018

2019
vs
2018

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 equity production*

16.3

11.1

+47%

9.6

5.5

6.7

+44%

incl. Sales by Total from equity production and third party purchases

27.9

17.1

+63%

* 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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

794

574

676

+17%

Adjusted net operating income*

2,389

2,419

-1%

353

206

447

-21%

including income from equity affiliates

1,009

1,249

-19%

 

 

 

 

 

 

 

 

684

641

614

+11%

Organic investments

2,259

1,745

+30%

(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 flow before working capital changes **

3,730

2,055

+81%

1,527

401

434

x3.5

Cash flow from operations **

3,461

596

x5.8

* 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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

1,054

1,365

1,233

-15%

Adjusted net operating income*

4,656

5,031

-7%

 

 

 

 

 

 

 

 

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 flow before working capital changes **

6,617

6,544

+1%

1,420

3,058

4,306

-67%

Cash flow from operations **

6,441

7,067

-9%

* 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

4Q19
vs
4Q18

 

2019

2018

2019
vs
2018

1,509

1,719

1,886

-20%

Total refinery throughput (kb/d)

1,671

1,852

-10%

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 rate based on crude only**

80%

88%

* 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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

580

952

900

-36%

Adjusted net operating income*

3,003

3,379

-11%

 

 

 

 

 

 

 

 

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 flow before working capital changes **

4,072

4,388

-7%

1,142

1,575

3,080

-63%

Cash flow from operations **

3,837

4,308

-11%

* 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

4Q19
vs
4Q18

Sales in kb/d*

2019

2018

2019
vs
2018

1,835

1,848

1,786

+3%

Total Marketing & Services sales

1,845

1,801

+2%

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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

474

413

333

+42%

Adjusted net operating income*

1,653

1,652

-

 

 

 

 

 

 

 

 

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 flow before working capital changes **

2,546

2,156

+18%

278

1,483

1,226

-77%

Cash flow from operations **

2,604

2,759

-6%

* 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 of dollars January 1, 2019 October 1, 2018 January 1, 2018
December 31, 2019 September 30, 2019 December 31, 2018
Adjusted net income

12,090

12,104

13,964

Average adjusted shareholders' equity

116,766

117,037

114,183

Return on equity (ROE)

10.4%

10.3%

12.2%

In millions of dollars

January 1, 2019 October 1, 2018 January 1, 2018
December 31, 2019 September 30, 2019 December 31, 2018
Adjusted net operating income

14,073

14,094

15,691

Average capital employed

143,674

146,222

133,123

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 on adjusted
net operating income
Estimated impact on
cash flow from
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.9 B$ +/- 3.3 B$
European gas price - NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.35 B$ +/- 0.35 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.5 B$ +/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

** 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

4Q19
vs
4Q18

Combined liquids and gas
production by region (kboe/d)

2019

2018

2019
vs
2018

1,102

1,004

997

+11%

Europe and Central Asia

1,023

909

+13%

703

733

661

+6%

Africa

705

670

+5%

701

720

655

+7%

Middle East and North Africa

702

666

+6%

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 affiliates

731

671

+9%

 

 

 

 

 

 

 

 

4Q19

3Q19

4Q18

4Q19
vs
4Q18

Liquids production by region (kb/d)

2019

2018

2019
vs
2018

373

367

363

+3%

Europe and Central Asia

355

334

+6%

560

583

509

+10%

Africa

558

513

+9%

560

562

503

+11%

Middle East and North Africa

548

520

+5%

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 affiliates

216

247

-13%

 

 

 

 

 

 

 

 

4Q19

3Q19

4Q18

4Q19
vs
4Q18

Gas production by region (Mcf/d)

2019

2018

2019
vs
2018

3,887

3,431

3,416

+14%

Europe and Central Asia

3,596

3,100

+16%

904

768

738

+22%

Africa

792

785

+1%

792

866

843

-6%

Middle East and North Africa

857

806

+6%

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 affiliates

2,834

2,281

+24%

> Downstream (Refining & Chemicals and Marketing & Services)

4Q19

3Q19

4Q18

4Q19
vs
4Q18

Petroleum product sales by region (kb/d)

2019

2018

2019
vs
2018

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 sales

4,110

4,153

-1%

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 income (Group share)

(892)

(1,731)

-

-

(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 : FIFO vs. replacement cost

346

(420)

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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

4,291

3,296

4,459

-4%

Organic investments ( a )

13,397

12,427

+8%

136

152

306

-56%

capitalized exploration

705

711

-1%

319

242

160

+99%

increase in non-current loans

1,061

618

+72%

(102)

(61)

(382)

ns

repayment of non-current loans, excluding organic loan repayment from equity affiliates*

(551)

(2,067)

ns

-

(109)

-

ns

change in debt from renewable projects (Group share)

(109)

-

ns

266

4,429

349

-24%

Acquisitions ( b )

5,980

7,692

-22%

357

1,007

2,101

-83%

Asset sales ( c )

1,939

5,172

-63%

-

105

-

ns

change in debt from renewable projects (partner share)

105

-

ns

(11)

-

(1)

ns

Other transactions with non-controlling interests ( d )

(11)

(622)

ns

4,211

6,718

2,708

+55%

Net investments ( a + b - c - d )

17,449

15,568

+12%

(275)

(101)

-

ns

Organic loan repayment from equity affiliates* ( e )

(475)

-

ns

-

214

-

ns

Change in debt from renewable projects financing ** ( f )

214

-

ns

3,925

6,831

2,707

+45%

Cash flow used in investing activities ( a + b - c + e + f )

17,177

14,946

+15%

* 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

4Q19
vs
4Q18

In millions of dollars

2019

2018

2019
vs
2018

7,372

7,385

6,095

+21%

Operating cash flow before working capital changes w/o financials charges (DACF)

28,501

26,067

+9%

(533)

(532)

(423)

ns

Financial charges

(2,069)

(1,538)

ns

6,839

6,853

5,672

+21%

Operating cash flow before working capital changes ( a )

26,432

24,529

+8%

46

1,523

6,425

-99%

(Increase) decrease in working capital

(1,718)

769

ns

(11)

(69)

(1,457)

ns

Inventory effect

446

(595)

ns

(275)

(101)

-

ns

Organic loan repayment from equity affiliates

(475)

-

ns

6,599

8,206

10,640

-38%

Cash flow from operations

24,685

24,703

-

 

 

 

 

 

 

 

 

4,291

3,296

4,459

-4%

Organic investments ( b )

13,397

12,427

+8%

2,548

3,557

1,213

x2.1

Free cash flow after organic investments,
w/o net asset sales ( a - b )

13,035

12,102

+8%

 

 

 

 

 

 

 

 

4,211

6,718

2,708

+55%

Net investments ( c )

17,449

15,568

+12%

2,628

135

2,964

-11%

Net cash flow ( a - c )

8,983

8,961

-

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 as held for sale

301

-

(15)

Non-current financial debt

47,773

47,923

40,129

Hedging instruments of non-current debt

(912)

(767)

(680)

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 = a / (a + b)

20.7%

21.1%

15.5%

 

 

 

 

Net-debt-to-capital ratio excluding leases

16.7%

17.2%

14.3%

*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 of dollars

Exploration &
Production
Integrated Gas,
Renewables &
Power
Refining &
Chemicals
Marketing &
Services
Group

Adjusted net operating income

7,509

2,389

3,003

1,653

 

14,073

Capital employed at 12/31/2018*

89,400

34,746

10,599

6,442

 

138,519

Capital employed at 12/31/2019*

88,844

41,549

12,228

8,371

 

148,828

ROACE

8.4%

6.3%

26.3%

22.3%

 

9.8%

> Twelve months ended September 30, 2019

In millions of dollars

Exploration &
Production

Integrated Gas,
Renewables &
Power

Refining &
Chemicals

Marketing &
Services

 

Group

Adjusted net operating income

7,454

2,271

3,323

1,512

 

14,094

Capital employed at 09/30/2018*

92,104

36,587

12,884

6,841

 

145,298

Capital employed at 09/30/2019*

88,560

41,516

11,658

7,570

 

147,145

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 (€-$) 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 quarter
2019
3rd quarter
2019
4th quarter
2018
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 of inventory variation

(28,212)

(27,898)

(33,420)

Other operating expenses

(7,090)

(6,362)

(6,913)

Exploration costs

(231)

(96)

(201)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,431)

(4,173)

(4,362)

Other income

428

167

482

Other expense

(235)

(559)

(315)

 
Financial interest on debt

(606)

(598)

(529)

Financial income and expense from cash & cash equivalents

51

-

(30)

Cost of net debt

(555)

(598)

(559)

 
Other financial income

143

163

269

Other financial expense

(203)

(178)

(185)

 
Net income (loss) from equity affiliates

502

1,381

665

 
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 interests

49

45

48

Earnings per share ($)

0.98

1.05

0.40

Fully-diluted earnings per share ($)

0.97

1.04

0.40

(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 
(M$) 4th quarter
2019
3rd quarter
2019
4th quarter
2018
Consolidated net income

2,649

2,845

1,180

Other comprehensive income
 
Actuarial gains and losses

(138)

5

(112)

Change in fair value of investments in equity instruments

16

19

(3)

Tax effect

40

(1)

44

Currency translation adjustment generated by the parent company

2,461

(3,520)

(881)

Items not potentially reclassifiable to profit and loss

2,379

(3,497)

(952)

Currency translation adjustment

(654)

1,207

52

Cash flow hedge

(24)

(202)

(285)

Variation of foreign currency basis spread

(49)

(4)

(14)

Share of other comprehensive income of equity affiliates, net amount

82

73

(266)

Other

1

(6)

(1)

Tax effect

26

69

98

Items potentially reclassifiable to profit and loss

(618)

1,137

(416)

Total other comprehensive income (net amount)

1,761

(2,360)

(1,368)

 
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) Year
2019
(unaudited)
Year
2018
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 tangible assets and mineral interests

(15,731)

(13,992)

Other income

1,163

1,838

Other expense

(1,192)

(1,273)

 
Financial interest on debt

(2,333)

(1,933)

Financial income and expense from cash & cash equivalents

(19)

(188)

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$) Year
2019
(unaudited)
Year
2018
Consolidated net income

11,438

11,550

 
Other comprehensive income
 
Actuarial gains and losses

(192)

(12)

Change in fair value of investments in equity instruments

142

-

Tax effect

53

13

Currency translation adjustment generated by the parent company

(1,533)

(4,022)

Items not potentially reclassifiable to profit and loss

(1,530)

(4,021)

Currency translation adjustment

740

1,113

Cash flow hedge

(599)

25

Variation of foreign currency basis spread

1

(80)

Share of other comprehensive income of equity affiliates, net amount

408

(540)

Other

(3)

(5)

Tax effect

202

14

Items potentially reclassifiable to profit and loss

749

527

Total other comprehensive income (net amount)

(781)

(3,494)

 
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 31
2018

 
ASSETS
 
Non-current assets
Intangible assets, net

33,178

31,539

28,922

Property, plant and equipment, net

116,408

116,900

113,324

Equity affiliates : investments and loans

27,122

27,172

23,444

Other investments

1,778

1,738

1,421

Non-current financial assets

912

767

680

Deferred income taxes

6,216

5,689

6,663

Other non-current assets

2,415

2,264

2,509

Total non-current assets

188,029

186,069

176,963

 
Current assets
Inventories, net

17,132

16,226

14,880

Accounts receivable, net

18,488

18,568

17,270

Other current assets

17,013

14,925

14,724

Current financial assets

3,992

3,781

3,654

Cash and cash equivalents

27,352

27,454

27,907

Assets classified as held for sale

1,288

418

1,364

Total current assets

85,265

81,372

79,799

Total assets

273,294

267,441

256,762

 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares

8,123

8,300

8,227

Paid-in surplus and retained earnings

121,170

123,805

120,569

Currency translation adjustment

(11,503)

(13,297)

(11,313)

Treasury shares

(1,012)

(3,814)

(1,843)

Total shareholders' equity - Group share

116,778

114,994

115,640

Non-controlling interests

2,527

2,319

2,474

Total shareholders' equity

119,305

117,313

118,114

 
Non-current liabilities
Deferred income taxes

11,858

11,333

11,490

Employee benefits

3,501

3,273

3,363

Provisions and other non-current liabilities

20,613

20,903

21,432

Non-current financial debt

47,773

47,923

40,129

Total non-current liabilities

83,745

83,432

76,414

 
Current liabilities
Accounts payable

28,394

26,237

26,134

Other creditors and accrued liabilities

25,749

24,728

22,246

Current borrowings

14,819

14,631

13,306

Other current financial liabilities

487

769

478

Liabilities directly associated with the assets classified as held for sale

795

331

70

Total current liabilities

70,244

66,696

62,234

Total liabilities & shareholders' equity

273,294

267,441

256,762

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M$) 4th quarter
2019
3rd quarter
2019
4th quarter
2018
 
CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income

2,649

2,845

1,180

Depreciation, depletion, amortization and impairment

4,624

4,242

4,553

Non-current liabilities, valuation allowances and deferred taxes

(672)

235

(1,356)

(Gains) losses on disposals of assets

(176)

(74)

(390)

Undistributed affiliates' equity earnings

267

(876)

147

(Increase) decrease in working capital

46

1,523

6,425

Other changes, net

(139)

311

81

Cash flow from operating activities

6,599

8,206

10,640

 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions

(4,015)

(2,210)

(4,550)

Acquisitions of subsidiaries, net of cash acquired

(155)

(4,385)

49

Investments in equity affiliates and other securities

(170)

(258)

(529)

Increase in non-current loans

(319)

(242)

(160)

Total expenditures

(4,659)

(7,095)

(5,190)

Proceeds from disposals of intangible assets and property, plant and equipment

301

63

1,321

Proceeds from disposals of subsidiaries, net of cash sold

13

(1)

27

Proceeds from disposals of non-current investments

43

40

753

Repayment of non-current loans

377

162

382

Total divestments

734

264

2,483

Cash flow used in investing activities

(3,925)

(6,831)

(2,707)

 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders

1

1

-

- Treasury shares

(620)

(420)

(1,744)

Dividends paid:
- Parent company shareholders

(1,876)

-

(705)

- Non-controlling interests

(1)

(21)

(4)

Net issuance (repayment) of perpetual subordinated notes

-

-

-

Payments on perpetual subordinated notes

(56)

-

(59)

Other transactions with non-controlling interests

160

-

(1)

Net issuance (repayment) of non-current debt

84

4,466

931

Increase (decrease) in current borrowings

(1,131)

(3,209)

(2,994)

Increase (decrease) in current financial assets and liabilities

(168)

(310)

(242)

Cash flow from (used in) financing activities

(3,607)

507

(4,818)

Net increase (decrease) in cash and cash equivalents

(933)

1,882

3,115

Effect of exchange rates

831

(1,151)

(460)

Cash and cash equivalents at the beginning of the period

27,454

26,723

25,252

Cash and cash equivalents at the end of the period

27,352

27,454

27,907

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
 
(M$) Year
2019
(unaudited)
Year
2018
 
CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income

11,438

11,550

Depreciation, depletion, amortization and impairment

16,401

14,584

Non-current liabilities, valuation allowances and deferred taxes

(58)

(887)

(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, plant and equipment additions

(11,810)

(17,080)

Acquisitions of subsidiaries, net of cash acquired

(4,748)

(3,379)

Investments in equity affiliates and other securities

(1,618)

(1,108)

Increase in non-current loans

(1,061)

(618)

Total expenditures

(19,237)

(22,185)

Proceeds from disposals of intangible assets and property, plant and equipment

527

3,716

Proceeds from disposals of subsidiaries, net of cash sold

158

12

Proceeds from disposals of non-current investments

349

1,444

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 interests

10

(622)

Net issuance (repayment) of non-current debt

8,131

649

Increase (decrease) in current borrowings

(5,829)

(3,990)

Increase (decrease) in current financial assets and liabilities

(536)

(797)

Cash flow from (used in) financing activities

(7,709)

(13,925)

Net increase (decrease) in cash and cash equivalents

(201)

(4,168)

Effect of exchange rates

(354)

(1,110)

Cash and cash equivalents at the beginning of the period

27,907

33,185

Cash and cash equivalents at the end of the period

27,352

27,907

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(Unaudited: Year 2019)
Common shares issued Paid-in
surplus and
retained
earnings
Currency
translation
adjustment
Treasury shares Shareholders'
equity -
Group share
Non-
controlling
interests
Total
shareholders'
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 quarter 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

1,563

4,292

22,040

21,379

6

-

49,280

Intersegment sales

8,266

993

7,739

203

47

(17,248)

-

Excise taxes

-

-

(765)

(5,130)

-

-

(5,895)

Revenues from sales

9,829

5,285

29,014

16,452

53

(17,248)

43,385

Operating expenses

(4,156)

(4,471)

(28,084)

(15,714)

(356)

17,248

(35,533)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,307)

(488)

(351)

(263)

(22)

-

(4,431)

Operating income

2,366

326

579

475

(325)

-

3,421

Net income (loss) from equity affiliates and other items

166

391

57

15

6

-

635

Tax on net operating income

(893)

104

(3)

(100)

(39)

-

(931)

Net operating income

1,639

821

633

390

(358)

-

3,125

Net cost of net debt

(476)

Non-controlling interests

(49)

Net income - group share

2,600

 
4th quarter 2019 (adjustments) (a)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

-

10

-

-

-

-

10

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

10

-

-

-

-

10

Operating expenses

(45)

(87)

44

(102)

(112)

-

(302)

Depreciation, depletion and impairment of tangible assets and mineral interests

(525)

(136)

(9)

-

-

-

(670)

Operating income (b)

(570)

(213)

35

(102)

(112)

-

(962)

Net income (loss) from equity affiliates and other items

(22)

(38)

(13)

(23)

-

-

(96)

Tax on net operating income

200

278

31

41

(73)

-

477

Net operating income (b)

(392)

27

53

(84)

(185)

-

(581)

Net cost of net debt

(3)

Non-controlling interests

19

Net income - group share

(565)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income

-

-

85

(96)

-

On net operating income

-

-

117

(60)

-

 
4th quarter 2019 (adjusted)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

1,563

4,282

22,040

21,379

6

-

49,270

Intersegment sales

8,266

993

7,739

203

47

(17,248)

-

Excise taxes

-

-

(765)

(5,130)

-

-

(5,895)

Revenues from sales

9,829

5,275

29,014

16,452

53

(17,248)

43,375

Operating expenses

(4,111)

(4,384)

(28,128)

(15,612)

(244)

17,248

(35,231)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,782)

(352)

(342)

(263)

(22)

-

(3,761)

Adjusted operating income

2,936

539

544

577

(213)

-

4,383

Net income (loss) from equity affiliates and other items

188

429

70

38

6

-

731

Tax on net operating income

(1,093)

(174)

(34)

(141)

34

-

(1,408)

Adjusted net operating income

2,031

794

580

474

(173)

-

3,706

Net cost of net debt

(473)

Non-controlling interests

(68)

Adjusted net income - group share

3,165

 
 
 
4th quarter 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

2,633

747

664

571

44

-

4,659

Total divestments

256

342

69

62

5

-

734

Cash flow from operating activities

4,206

1,527

1,142

278

(554)

-

6,599

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
3rd quarter 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

1,631

3,667

21,338

21,951

2

-

48,589

Intersegment sales

7,761

573

8,341

155

15

(16,845)

-

Excise taxes

-

-

(713)

(5,338)

-

-

(6,051)

Revenues from sales

9,392

4,240

28,966

16,768

17

(16,845)

42,538

Operating expenses

(3,999)

(3,558)

(27,518)

(15,963)

(163)

16,845

(34,356)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,136)

(361)

(413)

(247)

(16)

-

(4,173)

Operating income

2,257

321

1,035

558

(162)

-

4,009

Net income (loss) from equity affiliates and other items

77

898

5

(15)

9

-

974

Tax on net operating income

(1,094)

(222)

(221)

(164)

70

-

(1,631)

Net operating income

1,240

997

819

379

(83)

-

3,352

Net cost of net debt

(507)

Non-controlling interests

(45)

Net income - group share

2,800

 
3rd quarter 2019 (adjustments) (a)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

-

12

-

-

-

-

12

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

12

-

-

-

-

12

Operating expenses

(100)

(41)

(96)

22

-

-

(215)

Depreciation, depletion and impairment of tangible assets and mineral interests

(153)

(9)

(22)

(2)

-

-

(186)

Operating income (b)

(253)

(38)

(118)

20

-

-

(389)

Net income (loss) from equity affiliates and other items

(90)

599

(23)

(53)

-

-

433

Tax on net operating income

(151)

(138)

8

(1)

-

-

(282)

Net operating income (b)

(494)

423

(133)

(34)

-

-

(238)

Net cost of net debt

(4)

Non-controlling interests

25

Net income - group share

(217)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income

-

-

(94)

25

-

On net operating income

-

-

(90)

19

-

 
3rd quarter 2019 (adjusted)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

1,631

3,655

21,338

21,951

2

-

48,577

Intersegment sales

7,761

573

8,341

155

15

(16,845)

-

Excise taxes

-

-

(713)

(5,338)

-

-

(6,051)

Revenues from sales

9,392

4,228

28,966

16,768

17

(16,845)

42,526

Operating expenses

(3,899)

(3,517)

(27,422)

(15,985)

(163)

16,845

(34,141)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,983)

(352)

(391)

(245)

(16)

-

(3,987)

Adjusted operating income

2,510

359

1,153

538

(162)

-

4,398

Net income (loss) from equity affiliates and other items

167

299

28

38

9

-

541

Tax on net operating income

(943)

(84)

(229)

(163)

70

-

(1,349)

Adjusted net operating income

1,734

574

952

413

(83)

-

3,590

Net cost of net debt

(503)

Non-controlling interests

(70)

Adjusted net income - group share

3,017

 
 
 
3rd quarter 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

2,077

4,331

386

276

25

-

7,095

Total divestments

23

192

14

30

5

-

264

Cash flow from operating activities

5,007

401

1,575

1,483

(260)

-

8,206

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
4th quarter 2018
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

2,119

3,781

23,365

23,226

4

-

52,495

Intersegment sales

7,659

662

8,786

246

18

(17,371)

-

Excise taxes

-

-

(822)

(5,361)

-

-

(6,183)

Revenues from sales

9,778

4,443

31,329

18,111

22

(17,371)

46,312

Operating expenses

(4,540)

(3,896)

(31,552)

(17,671)

(246)

17,371

(40,534)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,046)

(807)

(311)

(187)

(11)

-

(4,362)

Operating income

2,192

(260)

(534)

253

(235)

-

1,416

Net income (loss) from equity affiliates and other items

339

399

144

5

29

-

916

Tax on net operating income

(798)

(79)

230

(69)

48

-

(668)

Net operating income

1,733

60

(160)

189

(158)

-

1,664

Net cost of net debt

(484)

Non-controlling interests

(48)

Net income - group share

1,132

 
4th quarter 2018 (adjustments) (a)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

-

43

-

-

-

-

43

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

43

-

-

-

-

43

Operating expenses

1

(72)

(1,323)

(197)

-

-

(1,591)

Depreciation, depletion and impairment of tangible assets and mineral interests

(642)

(580)

(2)

-

-

-

(1,224)

Operating income (b)

(641)

(609)

(1,325)

(197)

-

-

(2,772)

Net income (loss) from equity affiliates and other items

-

(207)

(150)

(5)

-

-

(362)

Tax on net operating income

398

200

415

58

-

-

1,071

Net operating income (b)

(243)

(616)

(1,060)

(144)

-

-

(2,063)

Net cost of net debt

(4)

Non-controlling interests

35

Net income - group share

(2,032)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income

-

-

(1,299)

(158)

-

On net operating income

-

-

(963)

(113)

-

 
4th quarter 2018 (adjusted)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

2,119

3,738

23,365

23,226

4

-

52,452

Intersegment sales

7,659

662

8,786

246

18

(17,371)

-

Excise taxes

-

-

(822)

(5,361)

-

-

(6,183)

Revenues from sales

9,778

4,400

31,329

18,111

22

(17,371)

46,269

Operating expenses

(4,541)

(3,824)

(30,229)

(17,474)

(246)

17,371

(38,943)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,404)

(227)

(309)

(187)

(11)

-

(3,138)

Adjusted operating income

2,833

349

791

450

(235)

-

4,188

Net income (loss) from equity affiliates and other items

339

606

294

10

29

-

1,278

Tax on net operating income

(1,196)

(279)

(185)

(127)

48

-

(1,739)

Adjusted net operating income

1,976

676

900

333

(158)

-

3,727

Net cost of net debt

(480)

Non-controlling interests

(83)

Adjusted net income - group share

3,164

 
 
 
4th quarter 2018
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

3,160

685

668

627

50

-

5,190

Total divestments

538

1,419

482

38

6

-

2,483

Cash flow from operating activities

6,310

434

3,080

1,226

(410)

-

10,640

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
Year 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

7,261

18,167

87,598

87,280

10

-

200,316

Intersegment sales

31,329

2,825

32,390

659

125

(67,328)

-

Excise taxes

-

-

(3,015)

(21,052)

-

-

(24,067)

Revenues from sales

38,590

20,992

116,973

66,887

135

(67,328)

176,249

Operating expenses

(16,389)

(18,316)

(112,104)

(63,855)

(925)

67,328

(144,261)

Depreciation, depletion and impairment of tangible assets and mineral interests

(11,659)

(1,492)

(1,527)

(980)

(73)

-

(15,731)

Operating income

10,542

1,184

3,342

2,052

(863)

-

16,257

Net income (loss) from equity affiliates and other items

610

2,330

322

101

42

-

3,405

Tax on net operating income

(4,572)

(741)

(470)

(598)

155

-

(6,226)

Net operating income

6,580

2,773

3,194

1,555

(666)

-

13,436

Net cost of net debt

(1,998)

Non-controlling interests

(171)

Net income - group share

11,267

 
Year 2019 (adjustments) (a)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

-

(64)

-

-

-

-

(64)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(64)

-

-

-

-

(64)

Operating expenses

(145)

(240)

397

(40)

(112)

-

(140)

Depreciation, depletion and impairment of tangible assets and mineral interests

(721)

(156)

(41)

(2)

-

-

(920)

Operating income (b)

(866)

(460)

356

(42)

(112)

-

(1,124)

Net income (loss) from equity affiliates and other items

(112)

974

(83)

(83)

-

-

696

Tax on net operating income

49

(130)

(82)

27

(73)

-

(209)

Net operating income (b)

(929)

384

191

(98)

(185)

-

(637)

Net cost of net debt

-

-

-

-

-

-

(15)

Non-controlling interests

-

-

-

-

-

-

91

Net income - group share

-

-

-

-

-

-

(561)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income

-

-

477

(31)

-

On net operating income

-

-

371

(14)

-

 
Year 2019 (adjusted)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

7,261

18,231

87,598

87,280

10

-

200,380

Intersegment sales

31,329

2,825

32,390

659

125

(67,328)

-

Excise taxes

-

-

(3,015)

(21,052)

-

-

(24,067)

Revenues from sales

38,590

21,056

116,973

66,887

135

(67,328)

176,313

Operating expenses

(16,244)

(18,076)

(112,501)

(63,815)

(813)

67,328

(144,121)

Depreciation, depletion and impairment of tangible assets and mineral interests

(10,938)

(1,336)

(1,486)

(978)

(73)

-

(14,811)

Adjusted operating income

11,408

1,644

2,986

2,094

(751)

-

17,381

Net income (loss) from equity affiliates and other items

722

1,356

405

184

42

-

2,709

Tax on net operating income

(4,621)

(611)

(388)

(625)

228

-

(6,017)

Adjusted net operating income

7,509

2,389

3,003

1,653

(481)

-

14,073

Net cost of net debt

(1,983)

Non-controlling interests

(262)

Adjusted net income - group share

11,828

 
 
 
Year 2019
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

8,992

7,053

1,698

1,374

120

-

19,237

Total divestments

368

1,108

322

249

13

-

2,060

Cash flow from operating activities

16,917

3,461

3,837

2,604

(2,134)

-

24,685

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
 
 
Year 2018
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

9,889

17,236

92,025

90,206

7

-

209,363

Intersegment sales

30,337

2,198

35,462

979

64

(69,040)

-

Excise taxes

-

-

(3,359)

(21,898)

-

-

(25,257)

Revenues from sales

40,226

19,434

124,128

69,287

71

(69,040)

184,106

Operating expenses

(17,532)

(17,679)

(120,393)

(66,737)

(796)

69,040

(154,097)

Depreciation, depletion and impairment of tangible assets and mineral interests

(10,192)

(1,827)

(1,222)

(709)

(42)

-

(13,992)

Operating income

12,502

(72)

2,513

1,841

(767)

-

16,017

Net income (loss) from equity affiliates and other items

1,365

1,639

782

307

77

-

4,170

Tax on net operating income

(5,770)

(471)

(445)

(532)

375

-

(6,843)

Net operating income

8,097

1,096

2,850

1,616

(315)

-

13,344

Net cost of net debt

(1,794)

Non-controlling interests

(104)

Net income - group share

11,446

 
Year 2018 (adjustments) (a)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

-

56

-

-

-

-

56

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

56

-

-

-

-

56

Operating expenses

(199)

(237)

(616)

(45)

(9)

-

(1,106)

Depreciation, depletion and impairment of tangible assets and mineral interests

(707)

(1,065)

(2)

-

-

-

(1,774)

Operating income (b)

(906)

(1,246)

(618)

(45)

(9)

-

(2,824)

Net income (loss) from equity affiliates and other items

(128)

(247)

(116)

(5)

-

-

(496)

Tax on net operating income

584

170

205

14

-

-

973

Net operating income (b)

(450)

(1,323)

(529)

(36)

(9)

-

(2,347)

Net cost of net debt

(67)

Non-controlling interests

301

Net income - group share

(2,113)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income

-

-

(589)

(6)

-

On net operating income

-

-

(413)

(5)

-

 
Year 2018 (adjusted)
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Non-Group sales

9,889

17,180

92,025

90,206

7

-

209,307

Intersegment sales

30,337

2,198

35,462

979

64

(69,040)

-

Excise taxes

-

-

(3,359)

(21,898)

-

-

(25,257)

Revenues from sales

40,226

19,378

124,128

69,287

71

(69,040)

184,050

Operating expenses

(17,333)

(17,442)

(119,777)

(66,692)

(787)

69,040

(152,991)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,485)

(762)

(1,220)

(709)

(42)

-

(12,218)

Adjusted operating income

13,408

1,174

3,131

1,886

(758)

-

18,841

Net income (loss) from equity affiliates and other items

1,493

1,886

898

312

77

-

4,666

Tax on net operating income

(6,354)

(641)

(650)

(546)

375

-

(7,816)

Adjusted net operating income

8,547

2,419

3,379

1,652

(306)

-

15,691

Net cost of net debt

(1,727)

Non-controlling interests

(405)

Adjusted net income - group share

13,559

 
 
 
Year 2018
(M$)
Exploration & Production Integrated Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

13,789

5,032

1,781

1,458

125

-

22,185

Total divestments

3,674

2,209

919

428

9

-

7,239

Cash flow from operating activities

18,537

596

4,308

2,759

(1,497)

-

24,703

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
4th quarter 2019
(M$)
Adjusted Adjustments (a) Consolidated statement of income
Sales

49,270

10

49,280

Excise taxes

(5,895)

-

(5,895)

Revenues from sales

43,375

10

43,385

 
Purchases, net of inventory variation

(28,126)

(86)

(28,212)

Other operating expenses

(6,874)

(216)

(7,090)

Exploration costs

(231)

-

(231)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,761)

(670)

(4,431)

Other income

256

172

428

Other expense

(133)

(102)

(235)

Financial interest on debt

(603)

(3)

(606)

Financial income and expense from cash & cash equivalents

51

-

51

Cost of net debt

(552)

(3)

(555)

 
Other financial income

143

-

143

Other financial expense

(203)

-

(203)

 
Net income (loss) from equity affiliates

668

(166)

502

 
Income taxes

(1,329)

477

(852)

Consolidated net income

3,233

(584)

2,649

Group share

3,165

(565)

2,600

Non-controlling interests

68

(19)

49

 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2018
(M$)
Adjusted Adjustments (a) Consolidated statement of income
Sales

52,452

43

52,495

Excise taxes

(6,183)

-

(6,183)

Revenues from sales

46,269

43

46,312

 
Purchases, net of inventory variation

(31,944)

(1,476)

(33,420)

Other operating expenses

(6,798)

(115)

(6,913)

Exploration costs

(201)

-

(201)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,138)

(1,224)

(4,362)

Other income

425

57

482

Other expense

(124)

(191)

(315)

 
Financial interest on debt

(525)

(4)

(529)

Financial income and expense from cash & cash equivalents

(30)

-

(30)

Cost of net debt

(555)

(4)

(559)

 
Other financial income

269

-

269

Other financial expense

(185)

-

(185)

 
Net income (loss) from equity affiliates

893

(228)

665

 
Income taxes

(1,664)

1,071

(593)

Consolidated net income

3,247

(2,067)

1,180

Group share

3,164

(2,032)

1,132

Non-controlling interests

83

(35)

48

 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
BUSINESS SEGMENT INFORMATION
TOTAL
 
 
Year 2019
(M$)
(unaudited)
Adjusted Adjustments (a) Consolidated statement of income
Sales

200,380

(64)

200,316

Excise taxes

(24,067)

-

(24,067)

Revenues from sales

176,313

(64)

176,249

 
Purchases, net of inventory variation

(116,464)

243

(116,221)

Other operating expenses

(26,872)

(383)

(27,255)

Exploration costs

(785)

-

(785)

Depreciation, depletion and impairment of tangible assets and mineral interests

(14,811)

(920)

(15,731)

Other income

876

287

1,163

Other expense

(455)

(737)

(1,192)

 
Financial interest on debt

(2,318)

(15)

(2,333)

Financial income and expense from cash & cash equivalents

(19)

-

(19)

Cost of net debt

(2,337)

(15)

(2,352)

 
Other financial income

792

-

792

Other financial expense

(764)

-

(764)

 
Net income (loss) from equity affiliates

2,260

1,146

3,406

 
Income taxes

(5,663)

(209)

(5,872)

Consolidated net income

12,090

(652)

11,438

Group share

11,828

(561)

11,267

Non-controlling interests

262

(91)

171

 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2018
(M$)
Adjusted Adjustments (a) Consolidated statement of income
Sales

209,307

56

209,363

Excise taxes

(25,257)

-

(25,257)

Revenues from sales

184,050

56

184,106

 
Purchases, net of inventory variation

(125,134)

(682)

(125,816)

Other operating expenses

(27,060)

(424)

(27,484)

Exploration costs

(797)

-

(797)

Depreciation, depletion and impairment of tangible assets and mineral interests

(12,218)

(1,774)

(13,992)

Other income

1,518

320

1,838

Other expense

(448)

(825)

(1,273)

 
Financial interest on debt

(1,866)

(67)

(1,933)

Financial income and expense from cash & cash equivalents

(188)

-

(188)

Cost of net debt

(2,054)

(67)

(2,121)

 
Other financial income

1,120

-

1,120

Other financial expense

(685)

-

(685)

 
Net income (loss) from equity affiliates

3,161

9

3,170

 
Income taxes

(7,489)

973

(6,516)

Consolidated net income

13,964

(2,414)

11,550

Group share

13,559

(2,113)

11,446

Non-controlling interests

405

(301)

104

 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Total
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