Total: Second Quarter and First Half 2019 Results1
Total: Second Quarter and First Half 2019 Results1
Total
Â
| Â | 2Q19 | Change vs 2Q18 |
1H19 | Change vs 1H18 |
|
| Â | Â | Â | Â | Â | |
| Adjusted net income (Group share)1Â | Â | ||||
- in billions of dollars (B$) |
2.9 |
-19% |
5.6 |
-12% |
|
- in dollars per share |
1.05 |
-20% |
2.07 |
-14% |
|
| Â | Â |
 |
 |
 |
|
| DACF1 (B$) | 7.2 |
+6% |
13.7 |
+10% |
|
| Cash Flow from operations (B$) | 6.3 |
- |
9.9 |
+19% |
|
| Â | Â | Â | Â | Â | |
| Â | Â | Â | Â | ||
| Net income (Group share) of 2.8 B$ in 2Q19, a 26% decrease compared to 2Q18 | Â | ||||
| Net-debt-to-capital ratio of 20.6% at June 30, 2019 | Â | ||||
| Hydrocarbon production of 2,957 kboe/d in 2Q19, an increase of 9% compared to 2Q18 | Â | ||||
| Ex-dividend date for second 2019 interim dividend of 0.66 €/share on January 06, 2020 |  |
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 24, 2019, to approve the Group’s second quarter 2019 financial statements. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“Markets remained volatile with Brent averaging $69/b in the second quarter, an increase of 9% compared to the previous quarter, but natural gas prices were down 36% in Europe and 26% in Asia. In this context, with a slight increase in production to 2.96 Mboe/d, adjusted net income increased by 5% compared to the previous quarter to 2.9 B$, and the return on equity remained above 11%.
Fueled by the ramp up of cash flow accretive projects, like Egina in Nigeria, Ichthys in Australia and Kaombo Norte in Angola, plus the second-quarter start-ups of Kaombo Sul in Angola and Culzean in the UK North Sea, debt-adjusted cash flow (DACF) increased by 10% compared to the previous quarter to 7.2 B$. Cash flow after organic investments increased to 3.7 B$, up 13% from the previous quarter. Thus, the organic pre-dividend breakeven is below $25/b and the organic post-dividend breakeven is below $50/b.
Exploration & Production benefited from the higher Brent with a 15% increase in operating cash flow before working capital changes.
Although gas prices fell sharply, iGRP increased its operating cash flow before working capital changes by 42% thanks to 8% production growth and a 10% increase in LNG sales. Compared to the second quarter 2018, operating cash flow before working capital changes increased by 77%, driven by a doubling of LNG sales.
In signing an agreement with Occidental to acquire Anadarko’s assets in Africa, the Group is preparing for its future and capitalizing on its strengths. In Mozambique, it leverages its expertise in LNG, in Ghana, the deep offshore and, in Algeria, its historic presence. The Group continues to grow in LNG with the signing of a sales contract with the Chinese company Guanghui, the takeover of Toshiba’s LNG portfolio and the start-up of Cameron LNG in the United States. This strategy is complemented by the divestment of high-breakeven assets, such as the recent sale of mature assets in the UK North Sea. This active portfolio management policy will continue with the sale of 5 B$ of assets over the 2019-20 period, the majority coming from Exploration & Production.
In the Downstream, adjusted net operating income was 1.1 B$, up 4% compared to the previous quarter, in an environment where refining margins fell by 16%. In addition, the Group strengthened its presence in biofuels with the start-up of the La Mède bio-refinery.
Total maintains a solid financial position with gearing of 20.6%, after taking into account the payment of two interim dividends in the quarter and the impact of the new IFRS 16 standard (2.7%). Consistent with its shareholder return policy, the Group increased the second interim dividend by 3.1% compared to last year to €0.66 per share and bought back 0.76 B$ as part of its target to buy back 1.5 B$ of share in 2019 with Brent at $60/b. The cash returned to shareholders, expressed in dollars, stands at 37% of operating cash flow before working capital changes for the first half 2019.â€
Key figures2
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
1H19 | 1H18 | 1H19 Â vs 1H18 |
3,589 |
3,413 |
4,179 |
-14% |
Adjusted net operating income from business segments | 7,002 |
7,564 |
-7% |
2,022 |
1,722 |
2,315 |
-13% |
Exploration & Production** |
3,744 |
4,132 |
-9% |
429 |
592 |
565 |
-24% |
Integrated Gas, Renewables & Power** |
1,021 |
1,046 |
-2% |
715 |
756 |
821 |
-13% |
Refining & Chemicals |
1,471 |
1,541 |
-5% |
423 |
343 |
478 |
-12% |
Marketing & Services |
766 |
845 |
-9% |
457 |
614 |
766 |
-40% |
Contribution of equity affiliates to adjusted net income | 1,071 |
1,403 |
-24% |
33.0% |
40.5% |
38.6% |
 |
Group effective tax rate3 | 36.9% |
39.2% |
 |
2,887 |
2,759 |
3,553 |
-19% |
Adjusted net income (Group share) | 5,646 |
6,437 |
-12% |
1.05 |
1.02 |
1.31 |
-20% |
Adjusted fully-diluted earnings per share (dollars)4 | 2.07 |
2.41 |
-14% |
0.94 |
0.90 |
1.10 |
-15% |
Adjusted fully-diluted earnings per share (euros)* | 1.84 |
1.99 |
-8% |
2,625 |
2,620 |
2,646 |
-1% |
Fully-diluted weighted-average shares (millions) | 2,622 |
2,608 |
+1% |
 |
 |
 |
 |
 |
 |
 |
|
2,756 |
3,111 |
3,721 |
-26% |
Net income (Group share) | 5,867 |
6,357 |
-8% |
 |
 |
 |
 |
 |
 |
 |
|
3,028 |
2,784 |
2,780 |
+9% |
Organic investments5 | 5,811 |
5,400 |
+8% |
402 |
306 |
(267) |
ns |
Net acquisitions6 | 709 |
1,252 |
-43% |
3,430 |
3,090 |
2,513 |
+36% |
Net investments7Â | 6,520 |
6,652 |
-2% |
6,707 |
6,033 |
6,399 |
+5% |
Operating cash flow before working capital changes8 |
12,740 |
11,769 |
+8% |
7,208 |
6,536 |
6,797 |
+6% |
Operating cash flow before working capital changes w/o financial charges (DACF)9 | 13,744 |
12,465 |
+10% |
6,251 |
3,629 |
6,246 |
- |
Cash flow from operations | 9,880 |
8,327 |
+19% |
2019 data take into account the impact of the new rule IFRS16 “Leasesâ€, effective January 1, 2019.
* Average €-$ exchange rate: 1.1237 in the second quarter 2019 and 1.1298 in the first half 2019.
** 2Q18 and 1H18 restated; historical data for 2017 and 2018 available onwww.total.com.
Highlights since the beginning of the second quarter 201910
- Signed agreement with Occidental to acquire the African assets of Anadarko for 8.8 B$
- Sold mature fields in the UK North Sea for 0.6 B$
- Started production at Kaombo Sul in Angola
- Started production at Culzean in the UK North Sea
- Launched the second development phase for the giant Mero field in Brazil
- Launched the third development phase of the Dunga field in Kazakhstan
- Started production at Cameron LNG in the United States
- Agreed with Toshiba to take over its LNG portfolio, including a 20-year 2.2 Mt/y tolling agreement for the third train at Freeport LNG in the United States
- Started up the biorefinery at La Mède in France
- Started up second solar plant in Japan
Key figures of environment and Group production
> Environment* – liquids and gas price realizations**, refining margins
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
 | 1H19 | 1H18 | 1H19  vs 1H18 |
68.9 |
63.1 |
74.4 |
-7% |
Brent ($/b) | 66.0 |
70.6 |
-7% |
2.5 |
2.9 |
2.8 |
-11% |
Henry Hub ($/Mbtu) | 2.7 |
2.8 |
-5% |
4.1 |
6.3 |
7.2 |
-44% |
NBP ($/Mbtu) | 5.2 |
7.2 |
-27% |
4.9 |
6.6 |
8.8 |
-44% |
JKM ($/Mbtu) | 5.8 |
9.1 |
-37% |
63.7 |
58.7 |
68.4 |
-7% |
Average price of liquids ($/b)** | 61.2 |
64.7 |
-5% |
3.82 |
4.51 |
4.62 |
-17% |
Average price of gas ($/Mbtu)** | 4.16 |
4.71 |
-12% |
 |
 |
 |
 |
 |
 |
||
27.6 |
33.0 |
33.9 |
-19% |
Variable cost margin - Refining Europe, VCM ($/t) | 30.6 |
31.7 |
-4% |
* The indicators are shown on page 14.
** Consolidated subsidiaries.
> Production*
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
 | 1H19 | 1H18 | 1H19  vs 1H18 |
2,957 |
2,946 |
2,717 |
+9% |
Hydrocarbon production (kboe/d) | 2,951 |
2,710 |
+9% |
1,407 |
1,425 |
1,400 |
+1% |
Oil (including bitumen) (kb/d) |
1,416 |
1,349 |
+5% |
1,549 |
1,521 |
1,317 |
+18% |
Gas (including condensates and associated NGL) (kboe/d) |
1,535 |
1,361 |
+13% |
 |
 |
 |
 |
 |  |
 |
 |
2,957 |
2,946 |
2,717 |
+9% |
Hydrocarbon production (kboe/d) | 2,951 |
2,710 |
+9% |
1,624 |
1,629 |
1,582 |
+3% |
Liquids (kb/d) | 1,627 |
1,532 |
+6% |
7,477 |
7,321 |
6,176 |
+21% |
Gas (Mcf/d) | 7,399 |
6,419 |
+15% |
* Group production = EP production + iGRP production.
Hydrocarbon production was 2,957 thousand barrels of oil equivalent per day (kboe/d) in second quarter 2019, an increase of 9% compared to last year, due to:
- +13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria,
- -3% due to the natural decline of the fields,
- -1% due to maintenance, notably in Nigeria.
Hydrocarbon production was 2,951 thousand barrels of oil equivalent per day (kboe/d) in first half 2019, an increase of 9% compared to last year, due to:
- +12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria,
- +1% due to portfolio effect, notably the integration of the Maersk Oil assets,
- -3% due to the natural decline of the fields,
-
-1% due to maintenance, notably in Nigeria.
Â
Analysis of business segments
Exploration & Production (EP – redefined scope)
> Production
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
Hydrocarbon production | 1H19 | 1H18 | 1H19 Â vs 1H18 |
2,398 |
2,428 |
2,375 |
+1% |
EP (kboe/d) | 2,413 |
2,367 |
+2% |
1,551 |
1,563 |
1,544 |
- |
Liquids (kb/d) |
1,557 |
1,495 |
+4% |
4,629 |
4,707 |
4,536 |
+2% |
Gas (Mcf/d) |
4,668 |
4,755 |
-2% |
> Results
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars, except effective tax rate | 1H19 | 1H18 | 1H19 Â vs 1H18 |
2,022 |
1,722 |
2,315 |
-13% |
Adjusted net operating income* | 3,744 |
4,132 |
-9% |
239 |
213 |
327 |
-27% |
including income from equity affiliates |
452 |
555 |
-19% |
39.5% |
48.6% |
46.6% |
 |
Effective tax rate** | 44.0% |
47.5% |
 |
 |
 |
 |
 |
 |
 |
 |
|
1,995 |
1,958 |
1,785 |
+12% |
Organic investments | 3,953 |
3,583 |
+10% |
204 |
38 |
361 |
-44% |
Net acquisitions | 242 |
1,932 |
-87% |
2,199 |
1,996 |
2,146 |
+2% |
Net investments | 4,195 |
5,515 |
-24% |
 |
 |
 |
 |
 |  |
 |
 |
4,882 |
4,246 |
4,800 |
+2% |
Operating cash flow before working capital changes *** | 9,128 |
8,721 |
+5% |
3,768 |
3,936 |
4,474 |
-16% |
Cash flow from operations *** | 7,704 |
7,796 |
-1% |
* 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:
- 2,022 M$ in the second quarter 2019, a decrease of 13% year-on-year, reflecting lower Brent and natural gas prices.
- 3,744 M$ in the first half 2019, a decrease of 9%, for the same reasons as well as the higher exploration expenses in the first quarter 2019.
Operating cash flow before working capital changes, compared to last year, increased by 2% in the second quarter to 4.9 B$ and by 5% in the first half to 9.1 B$, driven by the start-up of strong cash generating fields. Exploration & Production generated cash flow after organic investments of 2.9 B$ in the second quarter of 2019 and 5.2 B$ in the first half 2019.
Integrated Gas, Renewables & Power (iGRP)
> Production and liquefied natural gas (LNG) sales
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
Hydrocarbon production (kboe/d) | 1H19 | 1H18 | 1H19 Â vs 1H18 |
559 |
518 |
342 |
+63% |
iGRP (kboe/d) | 538 |
343 |
+57% |
73 |
66 |
38 |
+92% |
Liquids (kb/d) |
70 |
37 |
+87% |
2,848 |
2,614 |
1,640 |
+74% |
Gas (Mcf/d) |
2,731 |
1,664 |
+64% |
 |
 |
 |
 |
 |
 |
 |
|
2Q19 |
1Q19 |
2Q18 |
2Q19
|
Liquefied Natural Gas in Mt | 1H19 |
1H18 |
1H19
|
8.5 |
7.7 |
3.9 |
x2.2 |
Overall LNG sales | 16.2 |
7.7 |
x2.1 |
4.1 |
3.8 |
2.5 |
+65% |
incl. Sales from equity production* |
7.9 |
5.0 |
+59% |
6.7 |
6.0 |
2.7 |
x2.5 |
incl. Sales by Total from equity production and third party purchases |
12.7 |
5.4 |
x2.4 |
* The Group's equity production may be sold by Total or by the joint ventures.
Total LNG sales more than doubled compared to last year for the second quarter and first half 2019 thanks to the start-up of Yamal LNG trains 2 and 3 in Russia, Ichthys LNG in Australia, the first Cameron LNG train in the United States, and the acquisition of the portfolio of LNG contracts from Engie in 2018.
The growth in condensate production compared to last year is essentially due to the start-up of condensate production from Ichthys in Australia in the third quarter 2018.
> Results
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
429 |
592 |
565 |
-24% |
Adjusted net operating income* | 1,021 |
1,046 |
-2% |
195 |
255 |
250 |
-22% |
including income from equity affiliates |
450 |
478 |
-6% |
 |
 |
 |
 |
 |  |
 |
 |
442 |
493 |
388 |
+14% |
Organic investments | 935 |
724 |
+29% |
159 |
400 |
(380) |
ns |
Net acquisitions | 559 |
(294) |
ns |
601 |
893 |
8 |
x75.1 |
Net investments | 1,494 |
430 |
x3.5 |
 |
 |
 |
 |
 |  |
 |
 |
869 |
610 |
492 |
+77% |
Operating cash flow before working capital changes ** | 1,479 |
885 |
+67% |
641 |
892 |
258 |
x2.5 |
Cash flow from operations ** | 1,533 |
326 |
x4.7 |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Operating cash flow before working capital changes for the iGRP segment increased by 77% in the second quarter 2019 and 67% in the first half 2019, thanks notably to the ramp-ups of Ichthys in Australia and Yamal LNG in Russia as well as the doubling of total LNG sales.
Adjusted net operating income was 429 M$ in the second quarter 2019 and 1,021 M$ in the first half 2019, a decrease of 24% and 2%, respectively, compared to last year, impacted by lower gas prices in Europe and Asia in particular and the amortization of new projects.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
1,138 |
1,099 |
1,299 |
-12% |
Adjusted net operating income* | 2,237 |
2,386 |
-6% |
 |
 |
 |
 |
 |
 |
 |
|
557 |
319 |
591 |
-6% |
Organic investments | 876 |
1,036 |
-15% |
38 |
(131) |
(246) |
ns |
Net acquisitions | (93) |
(384) |
ns |
595 |
188 |
345 |
+72% |
Net investments | 783 |
652 |
+20% |
 |
 |
 |
 |
 |  |
 |
 |
1,432 |
1,686 |
1,664 |
-14% |
Operating cash flow before working capital changes ** | 3,118 |
3,014 |
+3% |
2,269 |
(306) |
1,840 |
+23% |
Cash flow from operations ** | 1,963 |
671 |
x2.9 |
* 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*
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
 | 1H19 | 1H18 | 1H19  vs 1H18 |
1,595 |
1,862 |
1,734 |
-8% |
Total refinery throughput (kb/d) | 1,729 |
1,783 |
-3% |
447 |
592 |
569 |
-21% |
France |
520 |
597 |
-13% |
679 |
823 |
670 |
+1% |
Rest of Europe |
751 |
708 |
+6% |
469 |
447 |
495 |
-5% |
Rest of world |
458 |
479 |
-4% |
77% |
89% |
83% |
 |
Utlization rate based on crude only** | 83% |
85% |
 |
* 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 8% in the second quarter 2019 year-on-year, notably as a result of the shutdown at Grandpuit in France and the lower throughput at Leuna in Germany linked to contaminated crude from Russia.
- decreased by 3% in the first half 2019 year-on-year for the same reasons.
> Results
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
715 |
756 |
821 |
-13% |
Adjusted net operating income* | 1,471 |
1,541 |
-5% |
 |
 |
 |
 |
 |
 |
 |
|
353 |
240 |
386 |
-9% |
Organic investments | 593 |
694 |
-15% |
(58) |
(124) |
(306) |
ns |
Net acquisitions | (182) |
(307) |
ns |
295 |
116 |
80 |
x3.7 |
Net investments | 411 |
387 |
+6% |
 |
 |
 |
 |
 |  |
 |
 |
806 |
1,104 |
1,018 |
-21% |
Operating cash flow before working capital changes ** | 1,910 |
1,938 |
-1% |
1,658 |
(538) |
999 |
+66% |
Cash flow from operations ** | 1,120 |
(110) |
ns |
* 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 13% year-on-year to 715 M$ in the second quarter 2019 and by 5% in the first half 2019 to 1,471 M$, notably due to the decrease in European refining variable cost margin (VCM) of 19% and 4%, respectively, as well as lower throughput volume.
Operating cash flow before working capital changes was stable in the first half 2019 compared to the first half 2018.
Marketing & Services
> Petroleum product sales
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
Sales in kb/d* | 1H19 | 1H18 | 1H19 Â vs 1H18 |
1,860 |
1,836 |
1,799 |
+3% |
Total Marketing & Services sales | 1,848 |
1,800 |
+3% |
1,004 |
1,012 |
1,001 |
- |
Europe |
1,008 |
997 |
+1% |
856 |
824 |
798 |
+7% |
Rest of world |
840 |
803 |
+5% |
* Excludes trading and bulk refining sales
Sales of petroleum products increased by 3% in the second quarter 2019 and the first half 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil.
> Results
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
423 |
343 |
478 |
-12% |
Adjusted net operating income* | 766 |
845 |
-9% |
 |
 |
 |
 |
 |
 |
 |
|
204 |
80 |
205 |
-1% |
Organic investments | 283 |
342 |
-17% |
96 |
(8) |
60 |
+61% |
Net acquisitions | 89 |
(77) |
ns |
300 |
72 |
265 |
+13% |
Net investments | 372 |
265 |
+40% |
 |
 |
 |
 |
 |  |
 |
 |
626 |
582 |
646 |
-3% |
Operating cash flow before working capital changes ** | 1,208 |
1,076 |
+12% |
611 |
232 |
841 |
-27% |
Cash flow from operations ** | 843 |
781 |
+8% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases
Adjusted net operating income was 423 M$ in the second quarter 2019 and 766 M$ in the first half 2019, down 12% and 9% year-on-year.
Operating cash flow before working capital changes increased by 12% in the first half 2019 compared to the first half 2018.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
- 3,589 M$ in the second quarter 2019, down 14% compared to last year due to lower Brent and natural gas prices.
- 7,002 M$ in the first half 2019, down 7% compared to last year for the same reasons.
> Adjusted net income (Group share)
Adjusted net income (Group share) was:
- 2,887 M$ in the second quarter 2019, down 19% compared to last year. This decrease reflects the decrease in the net operating income of the segments and the increase in the net cost of net debt compared to a year ago mainly due to the rise in U.S. dollar interest rates.
- 5,646 M$ in the first half 2019, down 12% compared to last year for the same reasons.
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:
- -131 M$ in the second quarter 2019.
- 221 M$ in the first half 2019.
The effective tax rate for the Group was:
- 33.0% in the second quarter 2019, compared to 38.6% the same quarter last year.
- 36.9% in the first half 2019, compared to 39.2% the first half 2018.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was:
- $1.05 in the second quarter 2019, a decrease of 20%, calculated on the basis of a weighted average of 2,625 million fully-diluted shares, compared to $1.31 in the second quarter 2018.
- $2.07 in the first half 2019, a decrease of 14%, calculated on the basis of a weighted average of 2,622 million fully-diluted shares, compared to $2.41 in the first half 2018.
In the context of the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:
- the buyback of shares issued in 2019 under the scrip dividend option (not renewed at the 2019 General Assembly) to cancel any dilution related to the exercise of this option: 14.9 million shares repurchased in the second quarter 2019 and 16.1 million shares in the first half 2019
- the buyback of additional shares: 7.5 million shares repurchased in the second quarter 2019 for 0.41 B$ and 13.7 million shares in the first half 2019 for 0.76 B$ as part of the 5 B$ buyback program for 2018-20
The number of fully-diluted shares was 2,619 million on June 30, 2019.
> Asset sales – acquisitions
Asset sales were:
- 212 M$ in the second quarter 2019, linked notably to the sale of the interest in the Wepec refinery in China.
- 575 M$ in the first half 2019, linked notably to the sale of the interest in the Wepec refinery in China and the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China.
Acquisitions were:
- 614 M$ in the second quarter 2019, linked notably to the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark, the joint development with Saudi Aramco of a network of service stations in Saudi Arabia, the alliance with the Adani group in the natural gas and retail fuel network in India and the capital increase in Total Eren for its acquisition of Novenergia.
- 1,284 M$ in the first half 2019, linked notably to the elements above as well as to the signing of the acquisition of a 10% stake in the Arctic LNG 2 project in Russia.
> Net cash flow
Net cash flow13 for the Group was:
- 3,277 M$ in the second quarter 2019, a 16% decrease compared to last year due to an increase in net acquisitions.
- 6,220 M$ in the first half 2019, a 22% increase compared to last year due to higher operating cash flow before working capital changes and lower net acquisitions.
> Profitability
The return on equity was 11.1% for the twelve months ended June 30, 2019, an increase compared to the same period last year.
| In millions of dollars | July 1, 2018 | April 1, 2018 | July 1, 2017 | |||
| June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||
| Adjusted net income | 13,125 |
13,810 |
12,299 |
|||
| Average adjusted shareholders' equity | 117,787 |
118,094 |
113,251 |
|||
| Return on equity (ROE) | 11.1% |
11.7% |
10.9% |
|||
The return on average capital employed was 10.4% for the twelve months ended June 30, 2019, an increase compared to the same period last year.
| In millions of dollars | July 1, 2018 | April 1, 2018 | July 1, 2017 | |||
| June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||
| Adjusted net operating income | 15,087 |
15,697 |
13,748 |
|||
| Average capital employed | 145,247 |
146,210 |
136,355 |
|||
| ROACE | 10.4% |
10.7% |
10.1% |
|||
Total S.A. accounts
Net income for Total S.A., the parent company, was 6,282 million euros in the first half 2019, compared to 4,079 million euros a year ago.
2019 Sensitivities*
| Â | 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 $/b |
+/- 2.7 B$ |
+/- 3.2 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 2019. 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
Since the start of the third quarter 2019, Brent has traded above $60/b in a context of renewed OPEC+ quotas and uncertainties about the evolution of production in Libya, Venezuela and Iran. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth.
The Group maintains its spending discipline in 2019 with an organic investment target of around 14 B$ and an average production cost of $5.5/boe. The organic pre-dividend cash flow breakeven will remain below $30/b.
Production growth should exceed 9% in 2019, thanks to the ramp-up of projects started in 2018 and the start-ups in the first half 2019 of Kaombo Sul in Angola and Culzean in the UK North Sea, as well as the upcoming Johan Sverdrup in Norway and Iara 1 in Brazil. The Group will continue to take advantage of the favorable cost environment to sanction new projects, notably Arctic LNG 2 and Lapa 3.
At the start of the third quarter, European refining margins, while still volatile, increased, and the Downstream should benefit from restarting the Grandpuit refinery in France and the Leuna refinery in Germany.
In this context, the Group is continuing to implement its shareholder return policy. The dividend in euro will be increased by 3.1% in 2019 representing a total increase of 6.5% since 2017, in line with the target increase of 10% over the period 2018-2020. Total will buy back 1.5 B$ of shares in 2019 at $60/b as part of its 5 B$ share buyback program over the 2018-2020 period.
* * * * *
To listen to the presentation by CEO Patrick Pouyanné, CFO Patrick de La Chevardière and Deputy CFO Jean-Pierre Sbraire today at 13:00 (London time) please log on to total.com or call +44 (0) 207 192 8000 in Europe or +1 631 510 7495 in the United States (code: 6785179). To listen to the replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 917 677 7532 in the United States (code: 6785179).
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
Combined liquids and gas production by region (kboe/d) |
1H19 | 1H18 | 1H19 Â vs 1H18 |
997 |
990 |
842 |
+18% |
Europe and Central Asia | 993 |
864 |
+15% |
686 |
697 |
672 |
+2% |
Africa | 691 |
673 |
+3% |
703 |
686 |
681 |
+3% |
Middle East and North Africa | 695 |
660 |
+5% |
358 |
373 |
401 |
-11% |
Americas | 365 |
386 |
-5% |
214 |
201 |
121 |
+76% |
Asia-Pacific | 207 |
128 |
+62% |
2,957 |
2,946 |
2,717 |
+9% |
Total production | 2,951 |
2,710 |
+9% |
750 |
709 |
616 |
+22% |
includes equity affiliates |
730 |
670 |
+9% |
 |
 |
 |
 |
 |
 |
 |
|
2Q19 |
1Q19 |
2Q18 |
2Q19
|
Liquids production by region (kb/d) | 1H19 |
1H18 |
1H19
|
328 |
352 |
332 |
-1% |
Europe and Central Asia | 340 |
315 |
+8% |
549 |
540 |
511 |
+7% |
Africa | 545 |
507 |
+7% |
546 |
522 |
539 |
+1% |
Middle East and North Africa | 534 |
520 |
+3% |
160 |
177 |
190 |
-16% |
Americas | 168 |
177 |
-5% |
41 |
39 |
11 |
x3.8 |
Asia-Pacific | 40 |
12 |
x3.4 |
1,624 |
1,629 |
1,582 |
+3% |
Total production | 1,627 |
1,532 |
+6% |
225 |
217 |
233 |
-3% |
includes equity affiliates |
221 |
268 |
-18% |
 |
 |
 |
 |
 |
 |
 |
|
2Q19 |
1Q19 |
2Q18 |
2Q19
|
Gas production by region (Mcf/d) | 1H19 |
1H18 |
1H19
|
3,639 |
3,426 |
2,754 |
+32% |
Europe and Central Asia | 3,532 |
2,954 |
+20% |
703 |
792 |
772 |
-9% |
Africa | 748 |
815 |
-8% |
866 |
905 |
787 |
+10% |
Middle East and North Africa | 885 |
774 |
+14% |
1,107 |
1,101 |
1,192 |
-7% |
Americas | 1,104 |
1,175 |
-6% |
1,162 |
1,097 |
671 |
+73% |
Asia-Pacific | 1,130 |
701 |
+61% |
7,477 |
7,321 |
6,176 |
+21% |
Total production | 7,399 |
6,419 |
+15% |
2,868 |
2,653 |
2,026 |
+42% |
includes equity affiliates |
2,761 |
2,141 |
+29% |
> Downstream (Refining & Chemicals and Marketing & Services)
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
Petroleum product sales by region (kb/d) | 1H19 | 1H18 | 1H19 Â vs 1H18 |
2,018 |
2,022 |
1,942 |
+4% |
Europe | 2,020 |
1,922 |
+5% |
751 |
658 |
652 |
+15% |
Africa | 705 |
703 |
- |
846 |
839 |
802 |
+6% |
Americas | 842 |
781 |
+8% |
536 |
616 |
644 |
-17% |
Rest of world | 576 |
662 |
-13% |
4,152 |
4,135 |
4,040 |
+3% |
Total consolidated sales | 4,143 |
4,068 |
+2% |
535 |
557 |
556 |
-4% |
Includes bulk sales |
546 |
563 |
-3% |
1,757 |
1,742 |
1,685 |
+4% |
Includes trading |
1,749 |
1,705 |
+3% |
Adjustment items to net income (Group share)
| 2Q19 | 1Q19 | 2Q18 | In millions of dollars | 1H19 | 1H18 |
(56) |
(14) |
(358) |
Special items affecting net income (Group share) | (70) |
(553) |
- |
- |
(2) |
Gain (loss) on asset sales |
- |
(103) |
(31) |
(2) |
(46) |
Restructuring charges |
(33) |
(67) |
(57) |
- |
(236) |
Impairments |
(57) |
(248) |
32 |
(12) |
(74) |
Other |
20 |
(135) |
(28) |
388 |
517 |
After-tax inventory effect : FIFO vs. replacement cost | 360 |
472 |
(47) |
(22) |
9 |
Effect of changes in fair value | (69) |
1 |
 |
 |
 |
 |  |
 |
(131) |
352 |
168 |
Total adjustments affecting net income | 221 |
(80) |
Investments - Divestments
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
3,028 |
2,784 |
2,780 |
+9% |
Organic investments ( a ) | 5,811 |
5,400 |
+8% |
185 |
232 |
137 |
+35% |
capitalized exploration |
417 |
248 |
+68% |
370 |
130 |
140 |
x2.6 |
increase in non-current loans |
500 |
311 |
+61% |
(254) |
(134) |
(581) |
ns |
repayment of non-current loans, excluding organic loan repayment from equity affiliates* |
(388) |
(997) |
ns |
614 |
669 |
426 |
+44% |
Acquisitions ( b ) | 1,284 |
4,114 |
-69% |
212 |
363 |
693 |
-69% |
Asset sales ( c ) | 575 |
2,862 |
-80% |
- |
- |
- |
ns |
Other transactions with non-controlling interests (d) | - |
- |
ns |
3,430 |
3,090 |
2,513 |
+36% |
Net investments ( a + b - c - d ) | 6,520 |
6,652 |
-2% |
(99) |
 |
 |
ns |
Organic loan repayment from equity affiliates* ( e ) | (99) |
 |
ns |
3,331 |
3,090 |
2,513 |
+33% |
Cash flow used in investing activities ( a + b - c + e ) | 6,421 |
6,652 |
-3% |
* 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.
Cash flow
| 2Q19 | 1Q19 | 2Q18 | 2Q19 Â vs 2Q18 |
In millions of dollars | 1H19 | 1H18 | 1H19 Â vs 1H18 |
7,208 |
6,536 |
6,797 |
+6% |
Operating cash flow before working capital changes w/o financials charges (DACF) | 13,744 |
12,465 |
+10% |
(501) |
(503) |
(398) |
ns |
Financial charges |
(1,004) |
(696) |
ns |
6,707 |
6,033 |
6,399 |
+5% |
Operating cash flow before working capital changes ( a ) | 12,740 |
11,769 |
+8% |
(317) |
(2,970) |
(856) |
ns |
(Increase) decrease in working capital |
(3,287) |
(4,078) |
ns |
(40) |
566 |
703 |
ns |
Inventory effect |
526 |
636 |
-17% |
(99) |
 |
 |
 |
Organic loan repayment from equity affiliates |
(99) |
 |
 |
6,251 |
3,629 |
6,246 |
- |
Cash flow from operations | 9,880 |
8,327 |
+19% |
 |
 |
 |
 |
 |
 |
 |
|
3,028 |
2,784 |
2,780 |
+9% |
Organic investments ( b ) | 5,811 |
5,400 |
+8% |
3,679 |
3,249 |
3,619 |
+2% |
Free cash flow after organic investments, w/o net asset sales ( a - b ) |
6,929 |
6,369 |
+9% |
 |
 |
 |
 |
 |
 |
 |
|
3,430 |
3,090 |
2,513 |
+36% |
Net investments ( c ) | 6,520 |
6,652 |
-2% |
3,277 |
2,943 |
3,886 |
-16% |
Net cash flow ( a - c ) | 6,220 |
5,117 |
+22% |
Gearing ratio*
| In millions of dollars | 06/30/2019 | 03/31/2019 | 06/30/2018 |
| Current borrowings | 16,221 |
13,906 |
15,659 |
| Net current financial assets | (3,110) |
(2,722) |
(2,806) |
| Net financial assets classified as held for sale | - |
227 |
- |
| Non-current financial debt | 45,394 |
44,396 |
38,362 |
| Hedging instruments of non-current debt | (771) |
(637) |
(967) |
| Cash and cash equivalents | (26,723) |
(25,432) |
(26,475) |
| Net debt (a) | 31,011 |
29,738 |
23,773 |
 |
 |
 |
|
| Shareholders’ equity - Group share | 116,862 |
117,993 |
117,975 |
| Non-controlling interests | 2,362 |
2,365 |
2,288 |
| Shareholders' equity (b) | 119,224 |
120,358 |
120,263 |
| Â | Â |
 |
 |
| Net-debt-to-capital ratio = a / (a + b) | 20.6% |
19.8% |
16.5% |
*The net-debt-to-capital ratios on March 31, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.
Return on average capital employed
> Twelve months ended June 30, 2019
| In millions of dollars | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Group | |
| Adjusted net operating income | 8,159 |
2,394 |
3,309 |
1,573 |
 |
15,087 |
| Capital employed at 06/30/2018* | 92,296 |
30,861 |
12,939 |
7,040 |
 |
141,878 |
| Capital employed at 06/30/2019* | 90,633 |
37,290 |
12,300 |
8,535 |
 |
148,617 |
| ROACE | 8.9% |
7.0% |
26.2% |
20.2% |
 |
10.4% |
> Twelve months ended March 31, 2019
| In millions of dollars | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Group | |
| Adjusted net operating income | 8,452 |
2,530 |
3,415 |
1,628 |
 |
15,697 |
| Capital employed at 03/31/2018* | 93,276 |
30,996 |
13,428 |
7,409 |
 |
143,957 |
| Capital employed at 03/31/2019* | 90,051 |
37,235 |
13,153 |
8,255 |
 |
148,463 |
| ROACE | 9.2% |
7.4% |
25.7% |
20.8% |
 |
10.7% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half of 2019 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and is available on the Total website total.com.
This press release presents the results for the second quarter and half-year 2019 from the consolidated financial statements of TOTAL S.A. as of June 30, 2019). The limited review procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
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 filed with the United States Securities and Exchange Commission (“SECâ€).
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 (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves†or “resourcesâ€, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Total financial statements
Second quarter and first half 2019 consolidated accounts, IFRS
Â
CONSOLIDATED STATEMENT OF INCOME |
 |
 |
||||
TOTAL |
 |
 |
 |
 |
 |
|
(unaudited) |
||||||
 |
 |
2nd quarter |
 |
1st quarter |
 |
2nd quarter |
(M$)(a) |
2019 |
 |
2019 |
 |
2018 |
|
 |
 |
 |
 |
 |
 |
 |
Sales |
51,242 |
 |
51,205 |
 |
52,540 |
|
Excise taxes |
(6,040) |
 |
(6,081) |
 |
(6,438) |
|
 |
Revenues from sales |
45,202 |
 |
45,124 |
 |
46,102 |
 |
 |
 |
 |
 |
 |
 |
Purchases, net of inventory variation |
(30,390) |
 |
(29,721) |
 |
(30,599) |
|
Other operating expenses |
(7,078) |
 |
(6,725) |
 |
(6,761) |
|
Exploration costs |
(170) |
 |
(288) |
 |
(158) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,661) |
 |
(3,466) |
 |
(3,435) |
|
Other income |
321 |
 |
247 |
 |
252 |
|
Other expense |
(189) |
 |
(209) |
 |
(413) |
|
 |
 |
 |
 |
 |
 |
 |
Financial interest on debt |
(568) |
 |
(561) |
 |
(478) |
|
Financial income and expense from cash & cash equivalents |
(42) |
 |
(28) |
 |
(54) |
|
 |
Cost of net debt |
(610) |
 |
(589) |
 |
(532) |
 |
 |
 |
 |
 |
 |
 |
Other financial income |
326 |
 |
160 |
 |
321 |
|
Other financial expense |
(188) |
 |
(195) |
 |
(159) |
|
 |
 |
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
812 |
 |
711 |
 |
1,103 |
|
 |
 |
 |
 |
 |
 |
 |
Income taxes |
(1,571) |
 |
(1,909) |
 |
(2,087) |
|
Consolidated net income |
2,804 |
 |
3,140 |
 |
3,634 |
|
Group share |
2,756 |
 |
3,111 |
 |
3,721 |
|
Non-controlling interests |
48 |
 |
29 |
 |
(87) |
|
Earnings per share ($) |
1.01 |
 |
1.17 |
 |
1.38 |
|
Fully-diluted earnings per share ($) |
1.00 |
 |
1.16 |
 |
1.38 |
|
(a) Except for per share amounts. |
 |
 |
 |
 |
 |
|
Â
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
 |
 |
|||
TOTAL |
 |
 |
 |
 |
 |
(unaudited) |
|||||
 |
2nd quarter |
 |
1st quarter |
 |
2nd quarter |
(M$) |
2019 |
 |
2019 |
 |
2018 |
Consolidated net income |
2,804 |
 |
3,140 |
 |
3,634 |
 |
 |
 |
 |
 |
 |
Other comprehensive income |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Actuarial gains and losses |
(223) |
 |
164 |
 |
42 |
Change in fair value of investments in equity instruments |
74 |
 |
33 |
 |
(2) |
Tax effect |
59 |
 |
(45) |
 |
(20) |
Currency translation adjustment generated by the parent company |
1,057 |
 |
(1,531) |
 |
(4,761) |
Items not potentially reclassifiable to profit and loss |
967 |
 |
(1,379) |
 |
(4,741) |
Currency translation adjustment |
(619) |
 |
806 |
 |
1,330 |
Cash flow hedge |
(246) |
 |
(127) |
 |
77 |
Variation of foreign currency basis spread |
43 |
 |
11 |
 |
2 |
Share of other comprehensive income of equity affiliates, net amount |
(135) |
 |
388 |
 |
36 |
Other |
1 |
 |
1 |
 |
(2) |
Tax effect |
69 |
 |
38 |
 |
(27) |
Items potentially reclassifiable to profit and loss |
(887) |
 |
1,117 |
 |
1,416 |
Total other comprehensive income (net amount) |
80 |
 |
(262) |
 |
(3,325) |
 |
 |
 |
 |
 |
 |
Comprehensive income |
2,884 |
 |
2,878 |
 |
309 |
Group share |
2,797 |
 |
2,840 |
 |
450 |
Non-controlling interests |
87 |
 |
38 |
 |
(141) |
CONSOLIDATED STATEMENT OF INCOME |
||||
TOTAL |
 |
 |
 |
|
(unaudited) |
 |
 |
||
 |
 |
1st half |
 |
1st half |
(M$)(a) |
2019 |
 |
2018 |
|
 |
 |
 |
 |
 |
Sales |
102,447 |
 |
102,151 |
|
Excise taxes |
(12,121) |
 |
(12,757) |
|
 |
Revenues from sales |
90,326 |
 |
89,394 |
 |
 |
 |
 |
 |
Purchases, net of inventory variation |
(60,111) |
 |
(60,045) |
|
Other operating expenses |
(13,803) |
 |
(13,698) |
|
Exploration costs |
(458) |
 |
(362) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,127) |
 |
(6,351) |
|
Other income |
568 |
 |
775 |
|
Other expense |
(398) |
 |
(603) |
|
 |
 |
 |
 |
 |
Financial interest on debt |
(1,129) |
 |
(868) |
|
Financial income and expense from cash & cash equivalents |
(70) |
 |
(95) |
|
 |
Cost of net debt |
(1,199) |
 |
(963) |
 |
 |
 |
 |
 |
Other financial income |
486 |
 |
561 |
|
Other financial expense |
(383) |
 |
(329) |
|
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
1,523 |
 |
1,587 |
|
 |
 |
 |
 |
 |
Income taxes |
(3,480) |
 |
(3,683) |
|
Consolidated net income |
5,944 |
 |
6,283 |
|
Group share |
5,867 |
 |
6,357 |
|
Non-controlling interests |
77 |
 |
(74) |
|
Earnings per share ($) |
2.17 |
 |
2.39 |
|
Fully-diluted earnings per share ($) |
2.16 |
 |
2.38 |
|
(a) Except for per share amounts. |
 |
 |
 |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||
TOTAL |
 |
 |
 |
(unaudited) |
|||
 |
1st half |
 |
1st half |
(M$) |
2019 |
 |
2018 |
Consolidated net income |
5,944 |
 |
6,283 |
 |
 |
 |
 |
Other comprehensive income |
 |
 |
 |
 |
 |
 |
 |
Actuarial gains and losses |
(59) |
 |
67 |
Change in fair value of investments in equity instruments |
107 |
 |
5 |
Tax effect |
14 |
 |
(18) |
Currency translation adjustment generated by the parent company |
(474) |
 |
(2,630) |
Items not potentially reclassifiable to profit and loss |
(412) |
 |
(2,576) |
Currency translation adjustment |
187 |
 |
968 |
Cash flow hedge |
(373) |
 |
255 |
Variation of foreign currency basis spread |
54 |
 |
(27) |
Share of other comprehensive income of equity affiliates, net amount |
253 |
 |
(132) |
Other |
2 |
 |
(2) |
Tax effect |
107 |
 |
(75) |
Items potentially reclassifiable to profit and loss |
230 |
 |
987 |
Total other comprehensive income (net amount) |
(182) |
 |
(1,589) |
 |
 |
 |
 |
Comprehensive income |
5,762 |
 |
4,694 |
Group share |
5,637 |
 |
4,806 |
Non-controlling interests |
125 |
 |
(112) |
CONSOLIDATED BALANCE SHEET |
 |
 |
 |
 |
 |
 |
 |
TOTAL |
 |
 |
 |
 |
 |
 |
 |
 |
June 30,
|
 |
March 31,
|
 |
December 31,
|
 |
June 30,
|
(M$) |
(unaudited) |
 |
(unaudited) |
 |
 |
 |
(unaudited) |
 |
 |
 |
 |
 |
 |
 |
 |
ASSETS |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Non-current assets |
 |
 |
 |
 |
 |
 |
 |
Intangible assets, net |
29,229 |
 |
28,727 |
 |
28,922 |
 |
24,562 |
Property, plant and equipment, net |
118,063 |
 |
117,881 |
 |
113,324 |
 |
114,047 |
Equity affiliates : investments and loans |
26,473 |
 |
25,996 |
 |
23,444 |
 |
22,443 |
Other investments |
1,660 |
 |
1,468 |
 |
1,421 |
 |
1,396 |
Non-current financial assets |
771 |
 |
637 |
 |
680 |
 |
967 |
Deferred income taxes |
6,022 |
 |
6,246 |
 |
6,663 |
 |
5,348 |
Other non-current assets |
2,306 |
 |
2,156 |
 |
2,509 |
 |
3,384 |
Total non-current assets |
184,524 |
 |
183,111 |
 |
176,963 |
 |
172,147 |
 |
 |
 |
 |
 |
 |
 |
 |
Current assets |
 |
 |
 |
 |
 |
 |
 |
Inventories, net |
16,410 |
 |
17,075 |
 |
14,880 |
 |
18,392 |
Accounts receivable, net |
20,349 |
 |
19,321 |
 |
17,270 |
 |
16,974 |
Other current assets |
15,958 |
 |
16,237 |
 |
14,724 |
 |
14,408 |
Current financial assets |
3,536 |
 |
3,373 |
 |
3,654 |
 |
3,609 |
Cash and cash equivalents |
26,723 |
 |
25,432 |
 |
27,907 |
 |
26,475 |
Assets classified as held for sale |
- |
 |
314 |
 |
1,364 |
 |
- |
Total current assets |
82,976 |
 |
81,752 |
 |
79,799 |
 |
79,858 |
Total assets |
267,500 |
 |
264,863 |
 |
256,762 |
 |
252,005 |
 |
 |
 |
 |
 |
 |
 |
 |
LIABILITIES & SHAREHOLDERS' EQUITY |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Shareholders' equity |
 |
 |
 |
 |
 |
 |
 |
Common shares |
8,301 |
 |
8,231 |
 |
8,227 |
 |
8,305 |
Paid-in surplus and retained earnings |
123,351 |
 |
123,702 |
 |
120,569 |
 |
121,896 |
Currency translation adjustment |
(11,177) |
 |
(11,606) |
 |
(11,313) |
 |
(9,764) |
Treasury shares |
(3,613) |
 |
(2,334) |
 |
(1,843) |
 |
(2,462) |
Total shareholders' equity - Group share |
116,862 |
 |
117,993 |
 |
115,640 |
 |
117,975 |
Non-controlling interests |
2,362 |
 |
2,365 |
 |
2,474 |
 |
2,288 |
Total shareholders' equity |
119,224 |
 |
120,358 |
 |
118,114 |
 |
120,263 |
 |
 |
 |
 |
 |
 |
 |
 |
Non-current liabilities |
 |
 |
 |
 |
 |
 |
 |
Deferred income taxes |
11,486 |
 |
11,339 |
 |
11,490 |
 |
11,969 |
Employee benefits |
3,375 |
 |
3,150 |
 |
3,363 |
 |
3,329 |
Provisions and other non-current liabilities |
21,629 |
 |
21,020 |
 |
21,432 |
 |
18,807 |
Non-current financial debt |
45,394 |
 |
44,396 |
 |
40,129 |
 |
38,362 |
Total non-current liabilities |
81,884 |
 |
79,905 |
 |
76,414 |
 |
72,467 |
 |
 |
 |
 |
 |
 |
 |
 |
Current liabilities |
 |
 |
 |
 |
 |
 |
 |
Accounts payable |
27,059 |
 |
26,416 |
 |
26,134 |
 |
25,021 |
Other creditors and accrued liabilities |
22,686 |
 |
23,361 |
 |
22,246 |
 |
17,792 |
Current borrowings |
16,221 |
 |
13,906 |
 |
13,306 |
 |
15,659 |
Other current financial liabilities |
426 |
 |
651 |
 |
478 |
 |
803 |
Liabilities directly associated with the assets classified as held for sale |
- |
 |
266 |
 |
70 |
 |
- |
Total current liabilities |
66,392 |
 |
64,600 |
 |
62,234 |
 |
59,275 |
Total liabilities & shareholders' equity |
267,500 |
 |
264,863 |
 |
256,762 |
 |
252,005 |
CONSOLIDATED STATEMENT OF CASH FLOW |
 |
 |
 |
 |
 |
TOTAL |
 |
 |
 |
 |
 |
(unaudited) |
|||||
 |
2nd quarter |
 |
1st quarter |
 |
2nd quarter |
(M$) |
2019 |
 |
2019 |
 |
2018 |
 |
 |
 |
 |
 |
 |
CASH FLOW FROM OPERATING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Consolidated net income |
2,804 |
 |
3,140 |
 |
3,634 |
Depreciation, depletion, amortization and impairment |
3,819 |
 |
3,716 |
 |
3,508 |
Non-current liabilities, valuation allowances and deferred taxes |
239 |
 |
140 |
 |
35 |
(Gains) losses on disposals of assets |
(191) |
 |
(173) |
 |
(148) |
Undistributed affiliates' equity earnings |
(168) |
 |
(306) |
 |
(298) |
(Increase) decrease in working capital |
(317) |
 |
(2,970) |
 |
(856) |
Other changes, net |
65 |
 |
82 |
 |
371 |
Cash flow from operating activities |
6,251 |
 |
3,629 |
 |
6,246 |
 |
 |
 |
 |
 |
 |
CASH FLOW USED IN INVESTING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Intangible assets and property, plant and equipment additions |
(2,881) |
 |
(2,704) |
 |
(3,513) |
Acquisitions of subsidiaries, net of cash acquired |
(208) |
 |
- |
 |
12 |
Investments in equity affiliates and other securities |
(437) |
 |
(753) |
 |
(146) |
Increase in non-current loans |
(370) |
 |
(130) |
 |
(140) |
Total expenditures |
(3,896) |
 |
(3,587) |
 |
(3,787) |
Proceeds from disposals of intangible assets and property, plant and equipment |
155 |
 |
8 |
 |
304 |
Proceeds from disposals of subsidiaries, net of cash sold |
(1) |
 |
147 |
 |
(7) |
Proceeds from disposals of non-current investments |
58 |
 |
208 |
 |
396 |
Repayment of non-current loans |
353 |
 |
134 |
 |
581 |
Total divestments |
565 |
 |
497 |
 |
1,274 |
Cash flow used in investing activities |
(3,331) |
 |
(3,090) |
 |
(2,513) |
 |
 |
 |
 |
 |
 |
CASH FLOW USED IN FINANCING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Issuance (repayment) of shares: |
 |
 |
 |
 |
 |
  - Parent company shareholders |
449 |
 |
1 |
 |
473 |
  - Treasury shares |
(1,279) |
 |
(491) |
 |
(1,182) |
Dividends paid: |
 |
 |
 |
 |
 |
  - Parent company shareholders |
(2,935) |
 |
(1,830) |
 |
(2,692) |
  - Non-controlling interests |
(93) |
 |
- |
 |
(72) |
Net issuance (repayment) of perpetual subordinated notes |
- |
 |
- |
 |
- |
Payments on perpetual subordinated notes |
(175) |
 |
(140) |
 |
(116) |
Other transactions with non-controlling interests |
- |
 |
(150) |
 |
- |
Net issuance (repayment) of non-current debt |
2,331 |
 |
1,250 |
 |
52 |
Increase (decrease) in current borrowings |
37 |
 |
(1,526) |
 |
(738) |
Increase (decrease) in current financial assets and liabilities |
(164) |
 |
106 |
 |
(1,779) |
Cash flow used in financing activities |
(1,829) |
 |
(2,780) |
 |
(6,054) |
Net increase (decrease) in cash and cash equivalents |
1,091 |
 |
(2,241) |
 |
(2,321) |
Effect of exchange rates |
200 |
 |
(234) |
 |
(1,296) |
Cash and cash equivalents at the beginning of the period |
25,432 |
 |
27,907 |
 |
30,092 |
Cash and cash equivalents at the end of the period |
26,723 |
 |
25,432 |
 |
26,475 |
CONSOLIDATED STATEMENT OF CASH FLOW |
 |
 |
 |
TOTAL |
 |
 |
 |
(unaudited) |
|||
 |
1st half |
 |
1st half |
(M$) |
2019 |
 |
2018 |
 |
 |
 |
 |
CASH FLOW FROM OPERATING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
Consolidated net income |
5,944 |
 |
6,283 |
Depreciation, depletion, amortization and impairment |
7,535 |
 |
6,554 |
Non-current liabilities, valuation allowances and deferred taxes |
379 |
 |
149 |
(Gains) losses on disposals of assets |
(364) |
 |
(273) |
Undistributed affiliates' equity earnings |
(474) |
 |
(557) |
(Increase) decrease in working capital |
(3,287) |
 |
(4,078) |
Other changes, net |
147 |
 |
249 |
Cash flow from operating activities |
9,880 |
 |
8,327 |
 |
 |
 |
 |
CASH FLOW USED IN INVESTING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
Intangible assets and property, plant and equipment additions |
(5,585) |
 |
(9,178) |
Acquisitions of subsidiaries, net of cash acquired |
(208) |
 |
(714) |
Investments in equity affiliates and other securities |
(1,190) |
 |
(308) |
Increase in non-current loans |
(500) |
 |
(311) |
Total expenditures |
(7,483) |
 |
(10,511) |
Proceeds from disposals of intangible assets and property, plant and equipment |
163 |
 |
2,282 |
Proceeds from disposals of subsidiaries, net of cash sold |
146 |
 |
(4) |
Proceeds from disposals of non-current investments |
266 |
 |
584 |
Repayment of non-current loans |
487 |
 |
997 |
Total divestments |
1,062 |
 |
3,859 |
Cash flow used in investing activities |
(6,421) |
 |
(6,652) |
 |
 |
 |
 |
CASH FLOW USED IN FINANCING ACTIVITIES |
 |
 |
 |
 |
 |
 |
 |
Issuance (repayment) of shares: |
 |
 |
 |
  - Parent company shareholders |
450 |
 |
482 |
  - Treasury shares |
(1,770) |
 |
(1,740) |
Dividends paid: |
 |
 |
 |
  - Parent company shareholders |
(4,765) |
 |
(4,208) |
  - Non-controlling interests |
(93) |
 |
(84) |
Net issuance (repayment) of perpetual subordinated notes |
- |
 |
- |
Payments on perpetual subordinated notes |
(315) |
 |
(266) |
Other transactions with non-controlling interests |
(150) |
 |
- |
Net issuance (repayment) of non-current debt |
3,581 |
 |
(2,428) |
Increase (decrease) in current borrowings |
(1,489) |
 |
969 |
Increase (decrease) in current financial assets and liabilities |
(58) |
 |
(624) |
Cash flow used in financing activities |
(4,609) |
 |
(7,899) |
Net increase (decrease) in cash and cash equivalents |
(1,150) |
 |
(6,224) |
Effect of exchange rates |
(34) |
 |
(486) |
Cash and cash equivalents at the beginning of the period |
27,907 |
 |
33,185 |
Cash and cash equivalents at the end of the period |
26,723 |
 |
26,475 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
||||||||||||
TOTAL |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
(unaudited) |
||||||||||||
 |
Common shares issued |
Paid-in
|
Currency
|
 |
Treasury shares |
 |
Shareholders'
|
Non-
|
 |
Total
|
||
 (M$) |
Number |
Amount |
 |
Number |
Amount |
 |
 |
|||||
As of January 1, 2018 |
2,528,989,616 |
7,882 |
112,040 |
(7,908) |
 |
(8,376,756) |
(458) |
 |
111,556 |
2,481 |
 |
114,037 |
 Net income of the first half 2018 |
- |
- |
6,357 |
- |
 |
- |
- |
 |
6,357 |
(74) |
 |
6,283 |
 Other comprehensive income |
- |
- |
305 |
(1,856) |
 |
- |
- |
 |
(1,551) |
(38) |
 |
(1,589) |
 Comprehensive income |
- |
- |
6,662 |
(1,856) |
 |
- |
- |
 |
4,806 |
(112) |
 |
4,694 |
 Dividend |
- |
- |
(4,070) |
- |
 |
- |
- |
 |
(4,070) |
(84) |
 |
(4,154) |
 Issuance of common shares |
136,887,716 |
423 |
7,270 |
- |
 |
- |
- |
 |
7,693 |
- |
 |
7,693 |
 Purchase of treasury shares |
- |
- |
- |
- |
 |
(33,056,514) |
(2,004) |
 |
(2,004) |
- |
 |
(2,004) |
 Sale of treasury shares(a) |
- |
- |
- |
- |
 |
3,450 |
- |
 |
- |
- |
 |
- |
 Share-based payments |
- |
- |
192 |
- |
 |
- |
- |
 |
192 |
- |
 |
192 |
 Share cancellation |
- |
- |
- |
- |
 |
- |
- |
 |
- |
- |
 |
- |
 Net issuance (repayment) of perpetual subordinated notes |
- |
- |
- |
- |
 |
- |
- |
 |
- |
- |
 |
- |
 Payments on perpetual subordinated notes |
- |
- |
(161) |
- |
 |
- |
- |
 |
(161) |
- |
 |
(161) |
 Other operations with  non-controlling interests |
- |
- |
(4) |
- |
 |
- |
- |
 |
(4) |
4 |
 |
- |
 Other items |
- |
- |
(33) |
- |
 |
- |
- |
 |
(33) |
(1) |
 |
(34) |
As of June 30, 2018 |
2,665,877,332 |
8,305 |
121,896 |
(9,764) |
 |
(41,429,820) |
(2,462) |
 |
117,975 |
2,288 |
 |
120,263 |
 Net income of the second half 2018 |
- |
- |
5,089 |
- |
 |
- |
- |
 |
5,089 |
178 |
 |
5,267 |
 Other comprehensive income |
- |
- |
(325) |
(1,549) |
 |
- |
- |
 |
(1,874) |
(31) |
 |
(1,905) |
 Comprehensive income |
- |
- |
4,764 |
(1,549) |
 |
- |
- |
 |
3,215 |
147 |
 |
3,362 |
 Dividend |
- |
- |
(3,811) |
- |
 |
- |
- |
 |
(3,811) |
(13) |
 |
(3,824) |
 Issuance of common shares |
19,315,374 |
53 |
1,096 |
- |
 |
- |
- |
 |
1,149 |
- |
 |
1,149 |
 Purchase of treasury shares |
- |
- |
- |
- |
 |
(39,709,967) |
(2,324) |
 |
(2,324) |
- |
 |
(2,324) |
 Sale of treasury shares(a) |
- |
- |
(240) |
- |
 |
4,075,807 |
240 |
 |
- |
- |
 |
- |
 Share-based payments |
- |
- |
102 |
- |
 |
- |
- |
 |
102 |
- |
 |
102 |
 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 |
- |
- |
(154) |
- |
 |
- |
- |
 |
(154) |
- |
 |
(154) |
 Other operations with  non-controlling interests |
- |
- |
(513) |
- |
 |
- |
- |
 |
(513) |
(103) |
 |
(616) |
 Other items |
- |
- |
1 |
- |
 |
- |
- |
 |
1 |
155 |
 |
156 |
As of December 31, 2018 |
2,640,602,007 |
8,227 |
120,569 |
(11,313) |
 |
(32,473,281) |
(1,843) |
 |
115,640 |
2,474 |
 |
118,114 |
 Net income of the first half 2019 |
- |
- |
5,867 |
- |
 |
- |
- |
 |
5,867 |
77 |
 |
5,944 |
 Other comprehensive income |
- |
- |
(366) |
136 |
 |
- |
- |
 |
(230) |
48 |
 |
(182) |
 Comprehensive income |
- |
- |
5,501 |
136 |
 |
- |
- |
 |
5,637 |
125 |
 |
5,762 |
 Dividend |
- |
- |
(3,875) |
- |
 |
- |
- |
 |
(3,875) |
(93) |
 |
(3,968) |
 Issuance of common shares |
26,281,753 |
74 |
1,271 |
- |
 |
- |
- |
 |
1,345 |
- |
 |
1,345 |
 Purchase of treasury shares |
- |
- |
- |
- |
 |
(32,331,446) |
(1,770) |
 |
(1,770) |
- |
 |
(1,770) |
 Sale of treasury shares(a) |
- |
- |
- |
- |
 |
4,010 |
- |
 |
- |
- |
 |
- |
 Share-based payments |
- |
- |
103 |
- |
 |
- |
- |
 |
103 |
- |
 |
103 |
 Share cancellation |
- |
- |
- |
- |
 |
- |
- |
 |
- |
- |
 |
- |
 Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(5) |
- |
 |
- |
- |
 |
(5) |
- |
 |
(5) |
 Payments on perpetual subordinated notes |
- |
- |
(207) |
- |
 |
- |
- |
 |
(207) |
- |
 |
(207) |
 Other operations with  non-controlling interests |
- |
- |
- |
- |
 |
- |
- |
 |
- |
(150) |
 |
(150) |
 Other items |
- |
- |
(6) |
- |
 |
- |
- |
 |
(6) |
6 |
 |
- |
As of June 30, 2019 |
2,666,883,760 |
8,301 |
123,351 |
(11,177) |
 |
(64,800,717) |
(3,613) |
 |
116,862 |
2,362 |
 |
119,224 |
(a)Treasury shares related to the restricted stock grants. |
 |
 |
 |
 |
 |
|||||||
INFORMATIONS BY BUSINESS SEGMENT
TOTAL
(unaudited)
| Â 2nd quarter 2019 | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
2,273 |
3,789 |
22,509 |
22,671 |
- |
- |
51,242 |
Intersegment sales |
7,586 |
632 |
8,293 |
139 |
36 |
(16,686) |
- |
Excise taxes |
- |
- |
(761) |
(5,279) |
- |
- |
(6,040) |
Revenues from sales |
9,859 |
4,421 |
30,041 |
17,531 |
36 |
(16,686) |
45,202 |
Operating expenses |
(4,205) |
(3,878) |
(29,168) |
(16,844) |
(229) |
16,686 |
(37,638) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,687) |
(328) |
(389) |
(237) |
(20) |
- |
(3,661) |
 Operating income |
2,967 |
215 |
484 |
450 |
(213) |
- |
3,903 |
Net income (loss) from equity affiliates and other items |
173 |
661 |
111 |
111 |
26 |
- |
1,082 |
Tax on net operating income |
(1,161) |
(450) |
46 |
(170) |
64 |
- |
(1,671) |
 Net operating income |
1,979 |
426 |
641 |
391 |
(123) |
- |
3,314 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(510) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(48) |
Net income - group share |
 |
 |
 |
 |
 |
 |
2,756 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2019 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
- |
(59) |
- |
- |
- |
- |
(59) |
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
Revenues from sales |
- |
(59) |
- |
- |
- |
- |
(59) |
Operating expenses |
- |
(54) |
(43) |
(34) |
- |
- |
(131) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(43) |
(11) |
(10) |
- |
- |
- |
(64) |
 Operating income  (b) |
(43) |
(124) |
(53) |
(34) |
- |
- |
(254) |
Net income (loss) from equity affiliates and other items |
- |
407 |
(49) |
(7) |
- |
- |
351 |
Tax on net operating income |
- |
(286) |
28 |
9 |
- |
- |
(249) |
 Net operating income  (b) |
(43) |
(3) |
(74) |
(32) |
- |
- |
(152) |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(4) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
25 |
Net income - group share |
 |
 |
 |
 |
 |
 |
(131) |
 |
 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
 |
       - On operating income |
- |
- |
(6) |
(34) |
- |
 |
 |
       - On net operating income |
- |
- |
(1) |
(25) |
- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2019 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
2,273 |
3,848 |
22,509 |
22,671 |
- |
- |
51,301 |
Intersegment sales |
7,586 |
632 |
8,293 |
139 |
36 |
(16,686) |
- |
Excise taxes |
- |
- |
(761) |
(5,279) |
- |
- |
(6,040) |
Revenues from sales |
9,859 |
4,480 |
30,041 |
17,531 |
36 |
(16,686) |
45,261 |
Operating expenses |
(4,205) |
(3,824) |
(29,125) |
(16,810) |
(229) |
16,686 |
(37,507) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,644) |
(317) |
(379) |
(237) |
(20) |
- |
(3,597) |
 Adjusted operating income |
3,010 |
339 |
537 |
484 |
(213) |
- |
4,157 |
Net income (loss) from equity affiliates and other items |
173 |
254 |
160 |
118 |
26 |
- |
731 |
Tax on net operating income |
(1,161) |
(164) |
18 |
(179) |
64 |
- |
(1,422) |
 Adjusted net operating income |
2,022 |
429 |
715 |
423 |
(123) |
- |
3,466 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(506) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(73) |
Adjusted net income - group share |
 |
 |
 |
 |
 |
 |
2,887 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Total expenditures |
2,257 |
857 |
363 |
383 |
36 |
 |
3,896 |
Total divestments |
60 |
349 |
70 |
85 |
1 |
 |
565 |
 Cash flow from operating activities |
3,768 |
641 |
1,658 |
611 |
(427) |
 |
6,251 |
 |
 |
 |
 |
 |
 |
 |
 |
INFORMATIONS BY BUSINESS SEGMENT
TOTAL
(unaudited)
| Â 1st quarter 2019 | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
1,794 |
6,419 |
21,711 |
21,279 |
2 |
- |
51,205 |
Intersegment sales |
7,716 |
627 |
8,017 |
162 |
27 |
(16,549) |
- |
Excise taxes |
- |
- |
(776) |
(5,305) |
- |
- |
(6,081) |
Revenues from sales |
9,510 |
7,046 |
28,952 |
16,136 |
29 |
(16,549) |
45,124 |
Operating expenses |
(4,029) |
(6,409) |
(27,334) |
(15,334) |
(177) |
16,549 |
(36,734) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,529) |
(315) |
(374) |
(233) |
(15) |
- |
(3,466) |
 Operating income |
2,952 |
322 |
1,244 |
569 |
(163) |
- |
4,924 |
Net income (loss) from equity affiliates and other items |
194 |
380 |
149 |
(10) |
1 |
- |
714 |
Tax on net operating income |
(1,424) |
(173) |
(292) |
(164) |
60 |
- |
(1,993) |
 Net operating income |
1,722 |
529 |
1,101 |
395 |
(102) |
- |
3,645 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(505) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(29) |
Net income - group share |
 |
 |
 |
 |
 |
 |
3,111 |
 |
 |
 |
 |
 |
 |
 |
 |
 1st quarter 2019 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
- |
(27) |
- |
- |
- |
- |
(27) |
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
Revenues from sales |
- |
(27) |
- |
- |
- |
- |
(27) |
Operating expenses |
- |
(58) |
492 |
74 |
- |
- |
508 |
Depreciation, depletion and impairment of tangible assets and mineral interests |
- |
- |
- |
- |
- |
- |
- |
 Operating income  (b) |
- |
(85) |
492 |
74 |
- |
- |
481 |
Net income (loss) from equity affiliates and other items |
- |
6 |
2 |
- |
- |
- |
8 |
Tax on net operating income |
- |
16 |
(149) |
(22) |
- |
- |
(155) |
 Net operating income  (b) |
- |
(63) |
345 |
52 |
- |
- |
334 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(4) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
22 |
Net income - group share |
 |
 |
 |
 |
 |
 |
352 |
 |
 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
 |
       - On operating income |
- |
- |
492 |
74 |
- |
 |
 |
       - On net operating income |
- |
- |
345 |
52 |
- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 1st quarter 2019 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
1,794 |
6,446 |
21,711 |
21,279 |
2 |
- |
51,232 |
Intersegment sales |
7,716 |
627 |
8,017 |
162 |
27 |
(16,549) |
- |
Excise taxes |
- |
- |
(776) |
(5,305) |
- |
- |
(6,081) |
Revenues from sales |
9,510 |
7,073 |
28,952 |
16,136 |
29 |
(16,549) |
45,151 |
Operating expenses |
(4,029) |
(6,351) |
(27,826) |
(15,408) |
(177) |
16,549 |
(37,242) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,529) |
(315) |
(374) |
(233) |
(15) |
- |
(3,466) |
 Adjusted operating income |
2,952 |
407 |
752 |
495 |
(163) |
- |
4,443 |
Net income (loss) from equity affiliates and other items |
194 |
374 |
147 |
(10) |
1 |
- |
706 |
Tax on net operating income |
(1,424) |
(189) |
(143) |
(142) |
60 |
- |
(1,838) |
 Adjusted net operating income |
1,722 |
592 |
756 |
343 |
(102) |
- |
3,311 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(501) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(51) |
Adjusted net income - group share |
 |
 |
 |
 |
 |
 |
2,759 |
 |
 |
 |
 |
 |
 |
 |
 |
 1st quarter 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Total expenditures |
2,025 |
1,118 |
285 |
144 |
15 |
 |
3,587 |
Total divestments |
29 |
225 |
169 |
72 |
2 |
 |
497 |
 Cash flow from operating activities |
3,936 |
892 |
(538) |
232 |
(893) |
 |
3,629 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|||||||
INFORMATIONS BY BUSINESS SEGMENT
TOTAL
(unaudited)
| Â 2nd quarter 2018 | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
3,119 |
3,547 |
23,349 |
22,528 |
(3) |
- |
52,540 |
Intersegment sales |
7,646 |
469 |
9,440 |
293 |
(63) |
(17,785) |
- |
Excise taxes |
- |
- |
(867) |
(5,571) |
- |
- |
(6,438) |
Revenues from sales |
10,765 |
4,016 |
31,922 |
17,250 |
(66) |
(17,785) |
46,102 |
Operating expenses |
(4,791) |
(3,605) |
(30,369) |
(16,416) |
(122) |
17,785 |
(37,518) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,345) |
(603) |
(304) |
(172) |
(11) |
- |
(3,435) |
 Operating income |
3,629 |
(192) |
1,249 |
662 |
(199) |
- |
5,149 |
Net income (loss) from equity affiliates and other items |
256 |
441 |
289 |
107 |
11 |
- |
1,104 |
Tax on net operating income |
(1,687) |
(104) |
(279) |
(194) |
85 |
- |
(2,179) |
 Net operating income |
2,198 |
145 |
1,259 |
575 |
(103) |
- |
4,074 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(440) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
87 |
Net income - group share |
 |
 |
 |
 |
 |
 |
3,721 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2018 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
- |
24 |
- |
- |
- |
- |
24 |
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
Revenues from sales |
- |
24 |
- |
- |
- |
- |
24 |
Operating expenses |
(97) |
(9) |
569 |
134 |
- |
- |
597 |
Depreciation, depletion and impairment of tangible assets and mineral interests |
- |
(424) |
- |
- |
- |
- |
(424) |
 Operating income  (b) |
(97) |
(409) |
569 |
134 |
- |
- |
197 |
Net income (loss) from equity affiliates and other items |
(66) |
(4) |
46 |
1 |
- |
- |
(23) |
Tax on net operating income |
46 |
(7) |
(177) |
(38) |
- |
- |
(176) |
 Net operating income  (b) |
(117) |
(420) |
438 |
97 |
- |
- |
(2) |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(9) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
179 |
Net income - group share |
 |
 |
 |
 |
 |
 |
168 |
 |
 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
 |
       - On operating income |
- |
- |
569 |
134 |
- |
 |
 |
       - On net operating income |
- |
- |
438 |
97 |
- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2018 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
3,119 |
3,523 |
23,349 |
22,528 |
(3) |
- |
52,516 |
Intersegment sales |
7,646 |
469 |
9,440 |
293 |
(63) |
(17,785) |
- |
Excise taxes |
- |
- |
(867) |
(5,571) |
- |
- |
(6,438) |
Revenues from sales |
10,765 |
3,992 |
31,922 |
17,250 |
(66) |
(17,785) |
46,078 |
Operating expenses |
(4,694) |
(3,596) |
(30,938) |
(16,550) |
(122) |
17,785 |
(38,115) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,345) |
(179) |
(304) |
(172) |
(11) |
- |
(3,011) |
 Adjusted operating income |
3,726 |
217 |
680 |
528 |
(199) |
- |
4,952 |
Net income (loss) from equity affiliates and other items |
322 |
445 |
243 |
106 |
11 |
- |
1,127 |
Tax on net operating income |
(1,733) |
(97) |
(102) |
(156) |
85 |
- |
(2,003) |
 Adjusted net operating income |
2,315 |
565 |
821 |
478 |
(103) |
- |
4,076 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(431) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(92) |
Adjusted net income - group share |
 |
 |
 |
 |
 |
 |
3,553 |
 |
 |
 |
 |
 |
 |
 |
 |
 2nd quarter 2018 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Total expenditures |
2,612 |
447 |
404 |
310 |
14 |
 |
3,787 |
Total divestments |
466 |
439 |
324 |
45 |
- |
 |
1,274 |
 Cash flow from operating activities |
4,474 |
258 |
999 |
841 |
(326) |
 |
6,246 |
 |
 |
 |
 |
 |
 |
 |
 |
INFORMATIONS BY BUSINESS SEGMENT
TOTAL
(unaudited)
| Â 1sthalf 2019 | Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
4,067 |
10,208 |
44,220 |
43,950 |
2 |
- |
102,447 |
Intersegment sales |
15,302 |
1,259 |
16,310 |
301 |
63 |
(33,235) |
- |
Excise taxes |
- |
- |
(1,537) |
(10,584) |
- |
- |
(12,121) |
Revenues from sales |
19,369 |
11,467 |
58,993 |
33,667 |
65 |
(33,235) |
90,326 |
Operating expenses |
(8,234) |
(10,287) |
(56,502) |
(32,178) |
(406) |
33,235 |
(74,372) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,216) |
(643) |
(763) |
(470) |
(35) |
- |
(7,127) |
 Operating income |
5,919 |
537 |
1,728 |
1,019 |
(376) |
- |
8,827 |
Net income (loss) from equity affiliates and other items |
367 |
1,041 |
260 |
101 |
27 |
- |
1,796 |
Tax on net operating income |
(2,585) |
(623) |
(246) |
(334) |
124 |
- |
(3,664) |
 Net operating income |
3,701 |
955 |
1,742 |
786 |
(225) |
- |
6,959 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(1,015) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(77) |
Net income - group share |
 |
 |
 |
 |
 |
 |
5,867 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2019 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
- |
(86) |
- |
- |
- |
- |
(86) |
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
Revenues from sales |
- |
(86) |
- |
- |
- |
- |
(86) |
Operating expenses |
- |
(112) |
449 |
40 |
- |
- |
377 |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(43) |
(11) |
(10) |
- |
- |
- |
(64) |
 Operating income  (b) |
(43) |
(209) |
439 |
40 |
- |
- |
227 |
Net income (loss) from equity affiliates and other items |
- |
413 |
(47) |
(7) |
- |
- |
359 |
Tax on net operating income |
- |
(270) |
(121) |
(13) |
- |
- |
(404) |
 Net operating income  (b) |
(43) |
(66) |
271 |
20 |
- |
- |
182 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(8) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
47 |
Net income - group share |
 |
 |
 |
 |
 |
 |
221 |
 |
 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
 |
       - On operating income |
- |
- |
486 |
40 |
- |
 |
 |
       - On net operating income |
- |
- |
344 |
27 |
- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2019 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
4,067 |
10,294 |
44,220 |
43,950 |
2 |
- |
102,533 |
Intersegment sales |
15,302 |
1,259 |
16,310 |
301 |
63 |
(33,235) |
- |
Excise taxes |
- |
- |
(1,537) |
(10,584) |
- |
- |
(12,121) |
Revenues from sales |
19,369 |
11,553 |
58,993 |
33,667 |
65 |
(33,235) |
90,412 |
Operating expenses |
(8,234) |
(10,175) |
(56,951) |
(32,218) |
(406) |
33,235 |
(74,749) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,173) |
(632) |
(753) |
(470) |
(35) |
- |
(7,063) |
 Adjusted operating income |
5,962 |
746 |
1,289 |
979 |
(376) |
- |
8,600 |
Net income (loss) from equity affiliates and other items |
367 |
628 |
307 |
108 |
27 |
- |
1,437 |
Tax on net operating income |
(2,585) |
(353) |
(125) |
(321) |
124 |
- |
(3,260) |
 Adjusted net operating income |
3,744 |
1,021 |
1,471 |
766 |
(225) |
- |
6,777 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(1,007) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(124) |
Adjusted net income - group share |
 |
 |
 |
 |
 |
 |
5,646 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2019 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Total expenditures |
4,282 |
1,975 |
648 |
527 |
51 |
 |
7,483 |
Total divestments |
89 |
574 |
239 |
157 |
3 |
 |
1,062 |
 Cash flow from operating activities |
7,704 |
1,533 |
1,120 |
843 |
(1,320) |
 |
9,880 |
 |
 |
 |
 |
 |
 |
 |
 |
TOTAL
(unaudited)
| Â | Â |
 |
 |
 |
 |
 |
 |
 1sthalf 2018 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
5,337 |
7,887 |
45,088 |
43,836 |
3 |
- |
102,151 |
Intersegment sales |
14,423 |
961 |
17,396 |
491 |
34 |
(33,305) |
- |
Excise taxes |
- |
- |
(1,714) |
(11,043) |
- |
- |
(12,757) |
Revenues from sales |
19,760 |
8,848 |
60,770 |
33,284 |
37 |
(33,305) |
89,394 |
Operating expenses |
(8,721) |
(8,123) |
(58,248) |
(31,919) |
(399) |
33,305 |
(74,105) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(4,561) |
(807) |
(617) |
(346) |
(20) |
- |
(6,351) |
 Operating income |
6,478 |
(82) |
1,905 |
1,019 |
(382) |
- |
8,938 |
Net income (loss) from equity affiliates and other items |
577 |
795 |
417 |
193 |
9 |
- |
1,991 |
Tax on net operating income |
(3,119) |
(237) |
(383) |
(297) |
181 |
- |
(3,855) |
 Net operating income |
3,936 |
476 |
1,939 |
915 |
(192) |
- |
7,074 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(791) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
74 |
Net income - group share |
 |
 |
 |
 |
 |
 |
6,357 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2018 (adjustments)(a) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
- |
13 |
- |
- |
- |
- |
13 |
Intersegment sales |
- |
- |
- |
- |
- |
- |
- |
Excise taxes |
- |
- |
- |
- |
- |
- |
- |
Revenues from sales |
- |
13 |
- |
- |
- |
- |
13 |
Operating expenses |
(150) |
(101) |
531 |
105 |
(9) |
- |
376 |
Depreciation, depletion and impairment of tangible assets and mineral interests |
- |
(446) |
- |
- |
- |
- |
(446) |
 Operating income  (b) |
(150) |
(534) |
531 |
105 |
(9) |
- |
(57) |
Net income (loss) from equity affiliates and other items |
(167) |
(15) |
25 |
- |
- |
- |
(157) |
Tax on net operating income |
121 |
(21) |
(158) |
(35) |
- |
- |
(93) |
 Net operating income  (b) |
(196) |
(570) |
398 |
70 |
(9) |
- |
(307) |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(19) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
246 |
Net income - group share |
 |
 |
 |
 |
 |
 |
(80) |
 |
 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
 |
       - On operating income |
- |
- |
531 |
105 |
- |
 |
 |
       - On net operating income |
- |
- |
415 |
70 |
- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2018 (adjusted) |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Non-Group sales |
5,337 |
7,874 |
45,088 |
43,836 |
3 |
- |
102,138 |
Intersegment sales |
14,423 |
961 |
17,396 |
491 |
34 |
(33,305) |
- |
Excise taxes |
- |
- |
(1,714) |
(11,043) |
- |
- |
(12,757) |
Revenues from sales |
19,760 |
8,835 |
60,770 |
33,284 |
37 |
(33,305) |
89,381 |
Operating expenses |
(8,571) |
(8,022) |
(58,779) |
(32,024) |
(390) |
33,305 |
(74,481) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(4,561) |
(361) |
(617) |
(346) |
(20) |
- |
(5,905) |
 Adjusted operating income |
6,628 |
452 |
1,374 |
914 |
(373) |
- |
8,995 |
Net income (loss) from equity affiliates and other items |
744 |
810 |
392 |
193 |
9 |
- |
2,148 |
Tax on net operating income |
(3,240) |
(216) |
(225) |
(262) |
181 |
- |
(3,762) |
 Adjusted net operating income |
4,132 |
1,046 |
1,541 |
845 |
(183) |
- |
7,381 |
Net cost of net debt |
 |
 |
 |
 |
 |
 |
(772) |
Non-controlling interests |
 |
 |
 |
 |
 |
 |
(172) |
Adjusted net income - group share |
 |
 |
 |
 |
 |
 |
6,437 |
 |
 |
 |
 |
 |
 |
 |
 |
 1sthalf 2018 |
Exploration & Production |
Integrated Gas, Renewables & Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
(M$) |
|||||||
Total expenditures |
8,157 |
1,022 |
736 |
538 |
58 |
 |
10,511 |
Total divestments |
2,642 |
592 |
349 |
273 |
3 |
 |
3,859 |
 Cash flow from operating activities |
7,796 |
326 |
(110) |
781 |
(466) |
 |
8,327 |
 |
 |
 |
 |
 |
 |
 |
 |
- |
|||||||
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
 |
 |
 |
 |
 |
Consolidated |
2nd quarter 2019 |
 |
 |
 |
 |
statement |
(M$) |
Adjusted |
 |
Adjustments(a) |
 |
 of income |
Sales |
51,301 |
 |
(59) |
 |
51,242 |
Excise taxes |
(6,040) |
 |
- |
 |
(6,040) |
     Revenues from sales |
45,261 |
 |
(59) |
 |
45,202 |
 |
 |
 |
 |
 |
 |
Purchases net of inventory variation |
(30,295) |
 |
(95) |
 |
(30,390) |
Other operating expenses |
(7,042) |
 |
(36) |
 |
(7,078) |
Exploration costs |
(170) |
 |
- |
 |
(170) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,597) |
 |
(64) |
 |
(3,661) |
Other income |
253 |
 |
68 |
 |
321 |
Other expense |
(117) |
 |
(72) |
 |
(189) |
 |
 |
 |
 |
 |
 |
Financial interest on debt |
(564) |
 |
(4) |
 |
(568) |
Financial income and expense from cash & cash equivalents |
(42) |
 |
- |
 |
(42) |
     Cost of net debt |
(606) |
 |
(4) |
 |
(610) |
 |
 |
 |
 |
 |
 |
Other financial income |
326 |
 |
- |
 |
326 |
Other financial expense |
(188) |
 |
- |
 |
(188) |
 |
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
457 |
 |
355 |
 |
812 |
 |
 |
 |
 |
 |
 |
Income taxes |
(1,322) |
 |
(249) |
 |
(1,571) |
Consolidated net income |
2,960 |
 |
(156) |
 |
2,804 |
Group share |
2,887 |
 |
(131) |
 |
2,756 |
Non-controlling interests |
73 |
 |
(25) |
 |
48 |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Consolidated |
2nd quarter 2018 |
 |
 |
 |
 |
statement |
(M$) |
Adjusted |
 |
Adjustments(a) |
 |
 of income |
Sales |
52,516 |
 |
24 |
 |
52,540 |
Excise taxes |
(6,438) |
 |
- |
 |
(6,438) |
     Revenues from sales |
46,078 |
 |
24 |
 |
46,102 |
 |
 |
 |
 |
 |
 |
Purchases net of inventory variation |
(31,263) |
 |
664 |
 |
(30,599) |
Other operating expenses |
(6,694) |
 |
(67) |
 |
(6,761) |
Exploration costs |
(158) |
 |
- |
 |
(158) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,011) |
 |
(424) |
 |
(3,435) |
Other income |
254 |
 |
(2) |
 |
252 |
Other expense |
(55) |
 |
(358) |
 |
(413) |
 |
 |
 |
 |
 |
 |
Financial interest on debt |
(469) |
 |
(9) |
 |
(478) |
Financial income and expense from cash & cash equivalents |
(54) |
 |
- |
 |
(54) |
     Cost of net debt |
(523) |
 |
(9) |
 |
(532) |
 |
 |
 |
 |
 |
 |
Other financial income |
321 |
 |
- |
 |
321 |
Other financial expense |
(159) |
 |
- |
 |
(159) |
 |
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
766 |
 |
337 |
 |
1,103 |
 |
 |
 |
 |
 |
 |
Income taxes |
(1,911) |
 |
(176) |
 |
(2,087) |
Consolidated net income |
3,645 |
 |
(11) |
 |
3,634 |
Group share |
3,553 |
 |
168 |
 |
3,721 |
Non-controlling interests |
92 |
 |
(179) |
 |
(87) |
 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||
Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)
 |
 |
 |
Consolidated |
|
1sthalf 2019 |
 |
 |
 |
statement of |
(M$) |
Adjusted |
 |
Adjustments(a) |
income |
Sales |
102,533 |
 |
(86) |
102,447 |
Excise taxes |
(12,121) |
 |
- |
(12,121) |
     Revenues from sales |
90,412 |
 |
(86) |
90,326 |
 |
 |
 |
 |
 |
Purchases net of inventory variation |
(60,533) |
 |
422 |
(60,111) |
Other operating expenses |
(13,758) |
 |
(45) |
(13,803) |
Exploration costs |
(458) |
 |
- |
(458) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,063) |
 |
(64) |
(7,127) |
Other income |
453 |
 |
115 |
568 |
Other expense |
(190) |
 |
(208) |
(398) |
 |
 |
 |
 |
 |
Financial interest on debt |
(1,121) |
 |
(8) |
(1,129) |
Financial income and expense from cash & cash equivalents |
(70) |
 |
- |
(70) |
     Cost of net debt |
(1,191) |
 |
(8) |
(1,199) |
 |
 |
 |
 |
 |
Other financial income |
486 |
 |
- |
486 |
Other financial expense |
(383) |
 |
- |
(383) |
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
1,071 |
 |
452 |
1,523 |
 |
 |
 |
 |
 |
Income taxes |
(3,076) |
 |
(404) |
(3,480) |
Consolidated net income |
5,770 |
 |
174 |
5,944 |
Group share |
5,646 |
 |
221 |
5,867 |
Non-controlling interests |
124 |
 |
(47) |
77 |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
Consolidated |
1sthalf 2018 |
 |
 |
 |
statement of |
(M$) |
Adjusted |
 |
Adjustments(a) |
income |
Sales |
102,138 |
 |
13 |
102,151 |
Excise taxes |
(12,757) |
 |
- |
(12,757) |
     Revenues from sales |
89,381 |
 |
13 |
89,394 |
 |
 |
 |
 |
 |
Purchases net of inventory variation |
(60,623) |
 |
578 |
(60,045) |
Other operating expenses |
(13,496) |
 |
(202) |
(13,698) |
Exploration costs |
(362) |
 |
- |
(362) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,905) |
 |
(446) |
(6,351) |
Other income |
628 |
 |
147 |
775 |
Other expense |
(115) |
 |
(488) |
(603) |
 |
 |
 |
 |
 |
Financial interest on debt |
(849) |
 |
(19) |
(868) |
Financial income and expense from cash & cash equivalents |
(95) |
 |
- |
(95) |
     Cost of net debt |
(944) |
 |
(19) |
(963) |
 |
 |
 |
 |
 |
Other financial income |
561 |
 |
- |
561 |
Other financial expense |
(329) |
 |
- |
(329) |
 |
 |
 |
 |
 |
Net income (loss) from equity affiliates |
1,403 |
 |
184 |
1,587 |
 |
 |
 |
 |
 |
Income taxes |
(3,590) |
 |
(93) |
(3,683) |
Consolidated net income |
6,609 |
 |
(326) |
6,283 |
Group share |
6,437 |
 |
(80) |
6,357 |
Non-controlling interests |
172 |
 |
(246) |
(74) |
 |
 |
 |
 |
 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||
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 11.
3 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
4 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated 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 11).
7 Net investments = Organic investments + net acquisitions (see page 11).
8 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates. The inventory valuation effect is explained on page 13. The reconciliation table for different cash flow figures is on page 11.
9 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.
10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
11 Adjustment items shown on page 11.
12 Details shown on page 11 and in the annex to the financial statements.
13 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
Total
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