Regulatory News:
TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT):
Change Change
1Q21 1Q20 vs 1Q20 1Q19 vs 1Q19
Oil price - Brent ($/b) 61.1 50.1 +22% 63.1 -3%
Average price of LNG ($/Mbtu) 6.1 6.3 -4% 7.2 -16%
Variable cost margin - Refining
Europe, VCM ($/t) 5.3 26.3 -80% 33.0 -84%
Adjusted net income (Group share)(1)
- in billions of dollars (B$) 3.0 1.8 69% 2.8 +9%
- in dollars per share 1.10 0.66 +68% 1.02 +8%
DACF(1) (B$) 5.8 4.3 +34% 6.3 -8%
Cash Flow from operations (B$) 5.6 1.3 x4,3 3.6 +54%
Net income (Group share) of 3.3 B$ in
1Q21
Net-debt-to-capital ratio of 19.5% at March 31, 2021
vs. 21.7% at December 31, 2020(2)
Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of
7% compared to 1Q20
First 2021 interim dividend set at
0.66 EUR/share
The Board of Directors of Total SE, meeting on April 28, 2021,
under the chairmanship of Chairman and Chief Executive Officer
Patrick Pouyanné, approved the Group's first quarter 2021 accounts.
On this occasion, Patrick Pouyanné said:
<< In the first quarter, the Group fully benefited from
rising oil and gas prices, up 38% and 24%, respectively
quarter-to-quarter, and its strategy to grow LNG and Renewables and
Electricity.
The Group reported adjusted net income of $3 billion, above the
pre-crisis first quarter of 2019, despite a less favorable
environment by taking advantage of the action plans implemented
during the crisis. Cash flow (DACF) increased to $5.8 billion and
gearing already decreased to less than 20% in the first quarter of
2021, validating the strategy of resilience and maintaining the
dividend driven by the Board of Directors during the 2020 crisis.
The Board of Directors confirms the objective of anchoring the
Group's gearing sustainably below 20%. The organic cash breakeven
was less than $25/b in the first quarter.
The iGRP segment reported adjusted net operating income of $1
billion, the highest in its history, and generated cash flow of
more than $1 billion, thanks to growing LNG sales and the positive
contribution from Renewables and Electricity, which had an EBITDA
of nearly $350 million. Over the past year, gross installed
renewable power generation capacity grew from 3 GW to 7.8 GW,
renewable power production more than doubled, net power production
increased by more than 60% and the Group now has more than 5
million customers in France. With more than $2 billion invested in
renewables, including the acquisition of a 20% stake in Adani Green
Energy Ltd in India, in the first quarter of 2021, the Group is
accelerating its transformation into a broad energy company.
With an adjusted net operating income of $2 billion, Exploration
& Production fully captured the higher oil price and provided a
strong cash flow contribution of $3.8 billion. Given the OPEC+
quota implementation, the Group's production, as announced,
increased slightly to 2.86 Mboe/d (0.8%). With the launch of the
Lake Albert project in Uganda and Tanzania, the Group is
implementing its strategy to invest in resilient low-breakeven
projects that reduce the carbon intensity of its portfolio.
The improved Upstream environment contrasts with depressed
European refining margins, down 80% from a year ago, reflecting
weak demand for petroleum products of 13 Mb/d in the first quarter
2021 versus 15 Mb/d a year earlier. Downstream adjusted net
operating income was more than $500 million, supported by strong
petrochemicals performance and resilient Marketing &
Services.
Strengthened by these excellent results and confident in the
fundamentals of the Group, the Board of Directors decided to
distribute a first interim dividend for fiscal year 2021 stable at
EUR0.66 / share. >>
Highlights(3)
Sustainability
-- Total's Board of Directors takes the initiative to submit a resolution on
the Company's ambition for sustainable development and energy transition
toward carbon neutrality
-- Consistent with its climate policy, the Group withdraws from the American
Petroleum Institute
-- Inauguration of L'Industreet, a campus for training young people in the
industry profession, Total's flagship action for social responsibility in
France
Renewables and Electricity
-- Acquired in India 20% of Adani Green Energy Limited (AGEL), the largest
solar developer in the world
-- Secured with Macquarie rights to seabed lease to jointly develop 1.5 GW
offshore wind project in the UK
-- Acquired 4 GW portfolio of solar and energy storage projects in the US
-- Partnered with Microsoft to support digital innovation and carbon
neutrality goals
-- Signed major green power sale agreement to Orange to develop 80 MW of
solar farms in France
-- Farmed down 50% of two renewables portfolios in France representing close
to 340 MW
LNG
-- Declaration of force majeure on Mozambique LNG project considering the
security situation in the northern Cabo Delgado
-- Signed agreements with Shenergy Group for the supply of up to 1.4 Mt/y of
LNG in China
-- Obtained supplier license for marine bunker LNG in Singapore
-- Signed technical collaboration agreement with Siemens Energy to reduce
CO2 emissions related to LNG
Upstream
-- Signed definitive agreements enabling the launch of Tilenga and
Kingfisher upstream oil projects and construction of East African Crude
Oil Pipeline in Uganda and Tanzania
-- Published societal and environmental studies relating to the Tilenga and
EACOP projects in Uganda and Tanzania
Downstream
-- Started production of sustainable aviation fuel in France at the La
Mède biorefinery and at the Oudalle facility (Seine-Maritime)
Carbon Capture
-- Investment to plant 40,000-hectare forest in Republic of Congo that will
create a carbon sink to sequester more than 10 million tons of CO2 over
20 years
-- Creation of the joint-venture development of the Northern Lights CO2
sequestration project in the northern North Sea
Key figures from Total's consolidated financial
statements(4)
In millions of dollars, except 1Q21 1Q21
effective tax rate, earnings per vs vs
share and number of shares 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income from
business segments 3,487 1,824 2,300 +52% 3,413 +2%
Exploration & Production 1,975 1,068 703 x2,8 1,722 +15%
Integrated Gas, Renewables & Power 985 254 913 +8% 592 +66%
Refining & Chemicals 243 170 382 -36% 756 -68%
Marketing & Services 284 332 302 -6% 343 -17%
Contribution of equity affiliates to
adjusted net income 520 367 658 -21% 614 -15%
Group effective tax rate(5) 34.6% 14.9% 30.0% 40.5%
Adjusted net income (Group share) 3,003 1,304 1,781 +69% 2,759 +9%
Adjusted fully-diluted earnings per
share (dollars)(6) 1.10 0.46 0.66 +68% 1.02 +8%
Adjusted fully-diluted earnings per
share (euros)* 0.91 0.39 0.60 +52% 0.90 +1%
Fully-diluted weighted-average
shares (millions) 2,645 2,645 2,601 +2% 2,620 +1%
Net income (Group share) 3,344 891 34 x98,4 3,111 +7%
Organic investments(7) 2,379 3,432 2,523 -6% 2,784 -15%
Net acquisitions(8) 1,590 1,099 1,102 +44% 306 x5,2
Net investments(9) 3,969 4,531 3,625 +9% 3,090 +28%
Operating cash flow before working
capital changes**(10) 5,366 4,498 3,765 +43% 5,774 -7%
Operating cash flow before working
capital changes w/o financial
charges (DACF)(11) 5,750 4,933 4,277 +34% 6,277 -8%
Cash flow from operations 5,598 5,674 1,299 x4,3 3,629 +54%
From 2019, data takes into account the impact of the IFRS16
"Leases" rule, effective January 1, 2019.
* Average EUR-$ exchange rate: 1.2048 in the first quarter
2021.
** 1Q20 and 1Q19 data restated.
Key figures of environment and Group production
> Environment* -- liquids and gas price realizations,
refining margins
1Q21 1Q21
vs vs
1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Brent ($/b) 61.1 44.2 50.1 +22% 63.1 -3%
Henry Hub ($/Mbtu) 2.7 2.8 1.9 +46% 2.9 -5%
NBP ($/Mbtu) 6.8 5.6 3.1 x2,2 6.3 +7%
JKM ($/Mbtu) 10.0 8.0 3.6 x2,8 6.6 +50%
Average price of liquids ($/b)
Consolidated subsidiaries 56.4 41.0 44.4 +27% 58.7 -4%
Average price of gas ($/Mbtu)
Consolidated subsidiaries 4.06 3.31 3.35 +21% 4.51 -10%
Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity
affiliates 6.08 4.90 6.32 -4% 7.20 -16%
Variable cost margin - Refining Europe,
VCM ($/t) 5.3 4.6 26.3 -80% 33.0 -84%
* The indicators are shown on page 19.
> Production*
1Q21 1Q21
vs vs
1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Oil (including bitumen) (kb/d) 1,272 1,238 1,448 -12% 1,425 -11%
Gas (including condensates and
associated NGL) (kboe/d) 1,591 1,603 1,638 -3% 1,521 +5%
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Liquids (kb/d) 1,508 1,483 1,699 -11% 1,629 -7%
Gas (Mcf/d) 7,400 7,406 7,560 -2% 7,167 +3%
* Group production = E&P production + iGRP production
Hydrocarbon production was 2,863 thousand barrels of oil
equivalent per day (kboe/d) in the first quarter 2021, a decrease
of 7% year-on-year, comprised of:
-- -3% due to compliance with OPEC+ quotas, notably in Nigeria, the United
Arab Emirates and Kazakhstan,
-- +2% due to resumption of production in Libya,
-- +2% due to the start-up and ramp-up of projects, notably North Russkoye
in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and
Iara in Brazil,
-- -2% due to portfolio effect, notably the sales of assets in the United
Kingdom and Block CA1 in Brunei,
-- -3% due to unplanned maintenance shut-downs notably in Norway,
-- -3% due to the natural decline of fields.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and
electricity
1Q21 1Q21
vs vs
Hydrocarbon production for LNG 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
iGRP (kboe/d) 518 532 552 -6% 518 -
Liquids (kb/d) 64 65 73 -13% 66 -4%
Gas (Mcf/d) 2,476 2,549 2,611 -5% 2,460 +1%
1Q21 1Q21
vs vs
Liquefied Natural Gas in Mt 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Overall LNG sales 9.9 10.0 9.8 +1% 7.7 +28%
incl. Sales from equity production* 4.4 4.3 4.7 -7% 3.8 +15%
incl. Sales by Total from equity
production and third party
purchases 7.9 8.0 7.8 +1% 6.0 +31%
* The Group's equity production may be sold by Total or by the
joint ventures.
Despite hydrocarbon production for LNG in the first quarter of
2021, down 6% year-over-year, mainly due to the shutdown of the
Snøhvit LNG plant following a fire at the end of September 2020,
total LNG sales were stable in the first quarter of 2021.
1Q21
vs
Renewables & Electricity 1Q21 4Q20 1Q20 1Q20
Portfolio of renewable power generation gross
capacity to 2025 (GW) (1,2) 36.2 26.1 16.7 x2,2
o/w installed capacity 7.8 7.0 3.0 x2,6
o/w capacity in construction 5.1 4.1 2.2 x2,3
o/w capacity in development 23.3 15.0 11.5 x2
Gross capacity in development post-2025 (2) 4.0 2.5 0.4 x10
Gross renewables capacity with PPA (GW) (1,2) 21.2 17.5 8.3 x2,6
Portfolio of renewable power generation net capacity
to 2025 (GW) (1,2) 28.0 17.9 11.5 x2,4
o/w installed capacity 3.8 3.1 1.2 x3,1
o/w capacity in construction 3.1 2.3 0.8 x3,8
o/w capacity in development 21.1 12.5 9.5 x2,2
Net capacity in development post-2025 (2) 2.1 1.4 0.3 x6,5
Net power production (TWh) (3) 4.7 4.3 2.9 +61%
incl. Power production from renewables 1.6 1.2 0.7 x2,3
Clients power - BtB and BtC (Million) (2) 5.7 5.6 4.2 +37%
Clients gas - BtB and BtC (Million) (2) 2.7 2.7 1.7 +58%
Sales power - BtB and BtC (TWh) 16.1 13.5 14.2 +13%
Sales gas - BtB and BtC (TWh) 36.2 31.5 33.5 +8%
Proportionnal EBITDA Renewables and Electricity (M$)
(4) 344 179 250 +38%
incl. from renewables business 148 102 91 +62%
(1) Includes 20% of Adani Green Energy Ltd gross capacity
effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas
turbine (CCGT) plants.
(4) Group's share (% interest) of EBITDA in Renewables and
Electricity affiliates, regardless of consolidation method and
including gains on asset sales.
EBITDA: "Earnings Before Interest, Tax, Depreciation and
Amortization >>
Gross installed renewable power generation capacity grew to 7.8
GW at the end of the first quarter 2021, in line with the target of
10 GW by end-2021.
The portfolio of power capacity in operation, in construction
and in development for 2025 has more than doubled from a year ago.
It grew by 10 GW in the first quarter 2021 to 36 GW gross and 28 GW
net, including the 20% interest in Adani Green Energy Limited
(AGEL) and the acquisition of a 4 GW portfolio of solar projects in
the US.
Net electricity production was 4.7 TWh in the first quarter
2021, an increase of 61% year-over-year, notably due to doubling
production from renewable sources and the acquisition of four CCGT
in France and Spain in the fourth quarter 2020.
Sales of electricity and gas in the first quarter 2021 increased
by 13% and 8%, respectively, compared to the first quarter 2020
thanks to the growth in the number of customers.
The Group's share of EBITDA for the Renewables and Electricity
activity was $344 million in the first quarter 2021, an increase of
38% year-on-year, driven by the growth in electricity production,
mainly from renewables, and the number of gas and electricity
customers.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 985 254 913 +8% 592 +66%
including income from equity
affiliates 264 97 248 +6% 255 +4%
Organic investments 753 1,007 646 +17% 493 +53%
Net acquisitions 1,893 577 1,137 +66% 400 x4,7
Net investments 2,646 1,584 1,783 +48% 893 x3
Operating cash flow before working
capital changes ** 1,059 1,072 601 +76% 351 x3
Cash flow from operations *** 780 575 (489) ns 892 -13%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial expenses, except those related to lease
contracts, excluding the impact of contracts recognized at fair
value for the sector and including capital gains on the sale of
renewable projects. 1Q20 and 1Q19 data restated (see note 10 on
page 3).
*** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the iGRP segment was $985
million in the first quarter, a new record high. The year-on-year
increase of 8%, despite the lower price of LNG, reflects the
growing contribution of the Renewables and Electricity activity and
good performance of trading.
Operating cash flow before working capital changes was $1,059
million in the first quarter 2021, an increase of 76% compared to
the first quarter 2020, for the same reasons.
Exploration & Production
> Production
1Q21 1Q21
vs vs
Hydrocarbon production 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
EP (kboe/d) 2,345 2,309 2,534 -7% 2,428 -3%
Liquids (kb/d) 1,444 1,418 1,626 -11% 1,563 -8%
Gas (Mcf/d) 4,924 4,857 4,949 -1% 4,707 +5%
> Results
1Q21 1Q21
In millions of dollars, except vs vs
effective tax rate 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 1,975 1,068 703 x2,8 1,722 +15%
including income from equity
affiliates 270 222 390 -31% 213 +27%
Effective tax rate** 41.0% 19.8% 59.6% 48.6%
Organic investments 1,279 1,569 1,572 -19% 1,958 -35%
Net acquisitions (202) 548 (6) ns 38 ns
Net investments 1,077 2,117 1,566 -31% 1,996 -46%
Operating cash flow before working
capital changes *** 3,824 2,652 2,576 +48% 4,246 -10%
Cash flow from operations *** 3,736 3,046 3,923 -5% 3,936 -5%
* 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.
Adjusted net operating income for the Exploration &
Production segment was $1,975 million in the first quarter 2021,
nearly triple the first quarter 2020, due to the sharp rebound in
oil and gas prices.
Operating cash flow before working capital changes increased by
48% year-over-year to $3,824 million in the first quarter 2021 for
the same reasons.
Downstream (Refining & Chemicals and Marketing &
Services)
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 527 502 684 -23% 1,099 -52%
Organic investments 335 840 277 +21% 319 +5%
Net acquisitions (103) 80 (30) ns (131) ns
Net investments 232 920 247 -6% 188 +23%
Operating cash flow before working
capital changes ** 872 1,129 1,064 -18% 1,686 -48%
Cash flow from operations ** 1,661 2,162 (1,582) ns (306) ns
* 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 and petrochemicals throughput and utilization
rates
1Q21 1Q21
Refinery throughput and utilization vs vs
rate* 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Total refinery throughput (kb/d) 1,147 1,262 1,444 -21% 1,862 -38%
France 114 247 255 -55% 592 -81%
Rest of Europe 660 582 756 -13% 823 -20%
Rest of world 373 433 433 -14% 447 -17%
Utlization rate based on crude
only** 58% 60% 69% 89%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the year,
excluding Grandpuits from 2021, definitively shut down first
quarter 2021.
1Q21 1Q21
Petrochemicals production and vs vs
utilization rate 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Monomers* (kt) 1,405 1,486 1,386 +1% 1,393 +1%
Polymers (kt) 1,165 1,291 1,202 -3% 1,297 -10%
Vapocracker utilization rate** 87% 90% 83% 87%
* Olefins.
** Based on olefins production from steamcrackers and their
treatment capacity at the start of the year.
Refinery throughput volumes fell by 21% in the first quarter
2021 compared to a year ago due to the voluntary economic shutdown
of the Donges refinery given the low margins, the shutdown of the
Grandpuits refinery before its conversion to a zero-oil platform
and the sale of the Lindsey refinery in the United Kingdom. The
temporary shutdown of the Port Arthur platform in the US due to
Storm Uri also contributed to the decline.
Production of monomers and polymers was stable compared to a
year ago. The effect of strong demand was partially offset by the
temporary shutdown of facilities in the US due to Storm Uri in
Texas.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 243 170 382 -36% 756 -68%
Organic investments 222 448 168 +32% 240 -8%
Net acquisitions (57) (2) (36) ns (124) ns
Net investments 165 446 132 +25% 116 +42%
Operating cash flow before working
capital changes ** 394 560 674 -42% 1,104 -64%
Cash flow from operations ** 996 1,514 (1,183) ns (538) 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 fell by 36% year-on-year to $243 million in the first
quarter 2021. The drop was driven by European refining margins,
which are still very poor, due to high oil prices and weak demand,
particularly for distillates, due to reduced aviation activity.
Operating cash flow before working capital changes fell by 42%
year-on-year to $394 million in the first quarter 2021 for the same
reasons.
Cash flow from operations increased by $2,179 million to $996
million in the first quarter 2021 notably due to the decrease in
working capital in the first quarter 2021, despite the low first
quarter 2020 inventory values that reflected the sharp drop in oil
prices.
Marketing & Services
> Petroleum product sales
1Q21 1Q21
vs vs
Sales in kb/d* 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Total Marketing & Services sales 1,442 1,509 1,656 -13% 1,836 -21%
Europe 776 828 906 -14% 1,012 -23%
Rest of world 666 681 750 -11% 824 -19%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 13% year-over-year
because of the Covid-19 pandemic-related lockdowns and the 50% drop
in aviation activity.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 284 332 302 -6% 343 -17%
Organic investments 113 392 109 +4% 80 +41%
Net acquisitions (46) 82 6 ns (8) ns
Net investments 67 474 115 -42% 72 -7%
Operating cash flow before working
capital changes ** 478 569 390 +23% 582 -18%
Cash flow from operations ** 665 648 (399) ns 232 x2,9
* 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 $284 million in the first
quarter 2021, a decrease of 6% compared to a year ago, mainly due
to lower worldwide sales volumes for the reasons indicated
above.
Operating cash flow before working capital changes was $478
million in the first quarter 2021, an increase of 23%, notably due
to the negative impact in the first quarter 2020 of the revaluation
of futures contracts.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was
$3,487 million in the first quarter 2021, an increase of 52%
year-on-year due to the increase in oil and gas prices.
> Adjusted net income (Group share)
Adjusted net income (Group share) was $3,003 million in the
first quarter 2021 compared to $1,781 million in the first quarter
2020, an increase of 69%, due to the increase in oil and gas
prices.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of effects of changes in fair
value(12) .
Total net income adjustments(13) were $341 million in the first
quarter 2021, comprised of a positive stock effect of close to $700
million, restructuring charges related to voluntary departures in
France and Belgium and an impairment related to end of the Qatargas
1 contract.
The effective tax rate for the Group was 34.6% in the first
quarter 2021 versus 30% in the first quarter 2020.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was $1.10 in the first
quarter 2021, calculated based on 2,645 million weighted-average
shares, versus $0.66 in the first quarter 2020.
> Acquisitions - asset sales
Acquisitions were $2,208 million in the first quarter 2021 and
include notably the acquisition for $2 billion of a 20% interest in
the renewable energy project developer in India, Adani Green Energy
Limited.
Asset sales were $618 million in the first quarter 2021 and
include notably the 50% farm down in France of a portfolio of
renewable projects with total capacity of 285 MW (100%), the sale
of a 10% interest in the onshore OML 17 block in Nigeria, a price
supplement to the sale of Block CA1 in Brunei and the disposal of
the Lindsey refinery in the United Kingdom.
> Net cash flow
Net cash flow(14) for the Group was $1,397 million in the first
quarter 2021 compared to $140 million in the first quarter 2020,
which takes into account the increase in operating cash flow before
changes in working capital to $5,366 million from $3,765 million
and stable net investments of $3,969 million in the first quarter
2021 compared to $3,625 million a year ago.
> Profitability
The return on equity was 4.9% for the twelve months ended March
31, 2021.
In millions of
dollars April 1, 2020 January 1, 2020 April 1, 2019
March 31, 2021 December 31, 2020 March 31, 2020
Adjusted net income 5,330 4,067 11,079
Average adjusted
shareholders'
equity 109,135 110,643 113,607
Return on equity
(ROE) 4.9% 3.7% 9.8%
The return on average capital employed was 4.6% for the twelve
months ended March 31, 2021.
In millions of
dollars April 1, 2020 January 1, 2020 April 1, 2019
March 31, 2021 December 31, 2020 March 31, 2020
Adjusted net
operating income 6,915 5,806 13,032
Average capital
employed 148,777 145,723 150,418
ROACE 4.6% 4.0% 8.7%
Total SE accounts
Net income for Total SE, the parent company, was EUR1,472
million in the first quarter 2021 compared to EUR1,718 in the first
quarter 2020.
2021 Sensitivities*
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
Average liquids
price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price
- NBP ($/Mbtu) +/- 1 $/Mbtu +/- 0.3 B$ +/- 0.25 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 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 2021.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 19.
** In a 50 $/b Brent environment.
Summary and outlook
Supported by the OPEC+ active policy to reduce inventories by
adapting supply to demand, the oil price has remained above $60/b
since the beginning of February 2021. However, the oil environment
remains volatile and dependent on the global demand recovery, still
affected by the Covid-19 pandemic.
The Group maintains its expectation for stable hydrocarbon
production in 2021 compared to 2020, benefiting from the resumption
of production in Libya.
Total anticipates that the increase in the oil price observed in
the first quarter will have a positive impact on its average LNG
selling price over the next six months, given the lag effect on
pricing formulas.
Given the high level of distillate inventories, European
refining margins remain fragile.
Faced with uncertainties in the environment, the Group maintains
spending discipline with an operating cost savings target of $0.5
billion in 2021 and production costs close to $5/boe. Net
investments are expected to be between $12-13 billion in 2021, half
to maintain the Group's activities and half for growth. Nearly 50%
of these growth investments will be allocated to renewables and
electricity.
The Group's teams are fully committed to the four priorities of
HSE including the objectives in terms of CO(2) emission reductions,
operational excellence, cost reduction and cash flow
generation.
In a 2021 hydrocarbon price environment maintained at the level
of the first quarter (Brent at $60/b, European gas at $6/Mbtu), and
with European refining margins at $10-15/t, the Group would expect
to generate cash flow (DACF) on the order of $24 billion and a
return on capital employed of close to 10%.
The Group confirms its priorities in terms of cash flow
allocation: investing in profitable projects to implement its
strategy to transform the Group into a broad-energy company,
supporting the dividend through economic cycles, and maintaining a
solid balance sheet with a minimum long-term "A" rating, by
deleveraging to anchor the net debt-to-capital ratio sustainably
below 20%.
* * * * *
To listen to the conference call with CFO Jean-Pierre Sbraire
today at 13:30 (Paris time) please log on to total.com or call +44
(0) 203 009 5709 in Europe or +1 646 787 1226 in the United States
(code: 3046396).
The conference replay will be available on total.com after the
event.
* * * * *
Operating information by segment
> Group production (Exploration & Production + iGRP)
1Q21 1Q21
Combined liquids and gas vs vs
production by region (kboe/d) 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Europe and Central Asia 1,050 1,059 1,097 -4% 990 +6%
Africa 551 566 701 -21% 697 -21%
Middle East and North Africa 651 598 681 -4% 686 -5%
Americas 376 382 372 +1% 373 +1%
Asia-Pacific 235 236 235 - 201 +17%
Total production 2,863 2,841 3,086 -7% 2,946 -3%
includes equity affiliates 729 727 753 -3% 709 +3%
1Q21 1Q21
vs vs
Liquids production by region (kb/d) 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Europe and Central Asia 374 378 404 -7% 352 +6%
Africa 415 427 555 -25% 540 -23%
Middle East and North Africa 499 454 516 -3% 522 -4%
Americas 179 181 178 +1% 177 +1%
Asia-Pacific 41 43 47 -13% 39 +5%
Total production 1,508 1,483 1,699 -11% 1,629 -7%
includes equity affiliates 201 200 214 -6% 217 -7%
1Q21 1Q21
vs vs
Gas production by region (Mcf/d) 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Europe and Central Asia 3,636 3,666 3,734 -3% 3,426 +6%
Africa 693 701 746 -7% 795 -13%
Middle East and North Africa 843 809 912 -8% 905 -7%
Americas 1,100 1,126 1,092 +1% 1,101 -
Asia-Pacific 1,128 1,104 1,076 +5% 940 +20%
Total production 7,400 7,406 7,560 -2% 7,167 +3%
includes equity affiliates 2,855 2,851 2,905 -2% 2,656 +8%
> Downstream (Refining & Chemicals and Marketing &
Services)
1Q21 1Q21
Petroleum product sales by region vs vs
(kb/d) 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Europe 1,488 1,651 1,771 -16% 2,022 -26%
Africa 667 628 683 -2% 658 +1%
Americas 772 794 766 +1% 839 -8%
Rest of world 495 547 444 +11% 616 -20%
Total consolidated sales 3,422 3,619 3,663 -7% 4,135 -17%
Includes bulk sales 331 458 497 -33% 557 -41%
Includes trading 1,648 1,652 1,510 +9% 1,742 -5%
1Q21 1Q21
vs vs
Petrochemicals production* (kt) 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Europe 1,346 1,381 1,272 6% 1,416 -5%
Americas 510 662 664 -23% 614 -17%
Middle East and Asia 714 735 652 +9% 660 +8%
* Olefins, polymers
> Renewables
1Q21 4Q20
Installed
power
generation
gross
capacity (GW) Onshore Onshore
(1,2) Solar Wind Other Total Solar Wind Other Total
France 0.4 0.5 0.1 1.0 0.4 0.5 0.1 1.0
Rest of
Europe 0.1 0.8 0.1 1.0 0.1 0.8 0.1 1.0
Africa 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1
Middle East 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3
North America 0.8 0.0 0.0 0.8 0.6 0.0 0.0 0.6
South America 0.2 0.1 0.0 0.3 0.2 0.1 0.0 0.2
India 3.4 0.1 0.0 3.5 3.3 0.0 0.0 3.3
Asia-Pacific 0.7 0.0 0.0 0.7 0.5 0.0 0.0 0.5
Total 6.1 1.5 0.1 7.8 5.6 1.3 0.1 7.0
1Q21 4Q20
Power
generation
gross
capacity from
renewables in
construction
to 2025 (GW) Onshore Offshore Onshore Offshore
(1,2) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.3 0.0 0.0 0.1 0.4 0.3 0.0 0.0 0.0 0.3
Rest of
Europe 0.1 0.3 1.1 0.0 1.5 0.1 0.3 1.1 0.0 1.5
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.8 0.0 0.0 0.0 0.8 0.8 0.0 0.0 0.0 0.8
North America 0.3 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.1
South America 0.2 0.2 0.0 0.0 0.3 0.2 0.3 0.0 0.0 0.4
India 0.9 0.4 0.0 0.0 1.3 0.5 0.0 0.0 0.0 0.5
Asia-Pacific 0.4 0.0 0.0 0.0 0.5 0.5 0.0 0.0 0.0 0.5
Total 2.9 0.9 1.1 0.1 5.1 2.3 0.6 1.1 0.1 4.1
1Q21 4Q20
Power
generation
gross
capacity from
renewables in
development
to 2025 (GW) Onshore Offshore Onshore Offshore
(1,2) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 3.2 1.0 0.0 0.0 4.2 3.5 1.0 0.0 0.1 4.6
Rest of
Europe 5.2 0.3 0.4 0.0 5.9 5.1 0.3 0.4 0.0 5.7
Africa 0.1 0.1 0.0 0.0 0.2 0.1 0.1 0.0 0.0 0.2
Middle East 0.2 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.1
North America 3.4 0.2 0.0 0.7 4.2 0.6 0.3 0.0 0.0 0.9
South America 0.8 0.8 0.0 0.0 1.6 0.5 0.3 0.0 0.0 0.9
India 6.2 0.1 0.0 0.0 6.2 1.6 0.0 0.0 0.0 1.6
Asia-Pacific 0.8 0.0 0.0 0.0 0.8 0.9 0.0 0.0 0.0 0.9
Total 19.8 2.5 0.4 0.7 23.3 12.5 2.0 0.4 0.1 15.0
(1) Includes 20% of gross capacity of Adani Green Energy Ltd
effective first quarter 2021.
(2) End-of-period data.
In operation In construction In development
Gross
renewables
capacity
covered by
PPA at 31
March 2021 Onshore Onshore Offshore Onshore Offshore
(GW) Solar Wind Total Solar Wind Wind Total Solar Wind Wind Total
Europe 0.6 1.3 1.9 0.3 0.3 0.8 1.4 3.8 0.3 X 4.2
Asia 4.4 X 4.5 2.2 0.4 - 2.6 4.0 X - 4.0
North
America 0.8 X 0.8 X X - 0.2 0.3 X - 0.3
Rest of
World 0.3 X 0.5 X X - 0.4 0.2 X - 0.3
total 6.0 1.5 7.6 2.8 0.9 0.8 4.5 8.3 0.6 X 8.9
In operation In construction In development
PPA
average
price at
31 march
2021 Onshore Onshore Offshore Onshore Offshore
($/MWh) Solar Wind Total Solar Wind Wind Total Solar Wind Wind Total
Europe 242 123 159 68 94 61 68 44 72 X 49
Asia 88 X 87 46 49 - 47 40 X - 40
North
America 156 X 159 X X - 57 32 X - 54
Rest of
World 105 X 105 X X - 45 89 X - 123
total 113 115 113 48 66 61 55 42 87 X 46
Adjustment items to net income (Group share)
In millions of dollars 1Q21 4Q20 1Q20 1Q19
Special items affecting net income (Group share) (342) (683) (334) (14)
Gain (loss) on asset sales - 104 - -
Restructuring charges (161) (194) (80) (2)
Impairments (144) (71) - -
Other (37) (522) (254) (12)
After-tax inventory effect : FIFO vs. replacement
cost 689 224 (1,414) 388
Effect of changes in fair value (6) 46 1 (22)
Total adjustments affecting net income 341 (413) (1,747) 352
Investments - Divestments
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Organic investments ( a ) 2,379 3,432 2,523 -6% 2,784 -15%
capitalized exploration 243 214 135 +80% 232 +5%
increase in non-current loans 292 355 279 +5% 130 x2,2
repayment of non-current loans,
excluding organic loan repayment
from equity affiliates (96) (212) (117) ns (134) ns
change in debt from renewable
projects (Group share) (167) (46) (105) ns - ns
Acquisitions ( b ) 2,208 1,538 1,644 +34% 669 x3,3
Asset sales ( c ) 618 439 542 +14% 363 +70%
change in debt from renewable
projects (partner share) 100 15 61 64% - ns
Other transactions with
non-controlling interests ( d ) - - - ns - ns
Net investments ( a + b - c - d ) 3,969 4,531 3,625 +9% 3,090 +28%
Organic loan repayment from equity
affiliates ( e ) (30) (77) 7 ns - ns
Change in debt from renewable
projects financing * ( f ) 267 61 166 +61% - ns
Capex linked to capitalized leasing
contracts ( g ) 22 39 24 -8% - ns
Cash flow used in investing
activities ( a + b - c + e + f -g) 4,184 4,476 3,774 +11% 3,090 +35%
* Change in debt from renewable projects (Group share and
partner share).
Cash flow
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Operating cash flow before
working capital changes w/o
financials charges (DACF) 5,750 4,933 4,277 +34% 6,277 -8%
Financial charges (384) (436) (512) ns (503) ns
Operating cash flow before
working capital changes ( a )
* 5,366 4,498 3,765 +43% 5,774 -7%
(Increase) decrease in working
capital ** (555) 976 (633) ns (2,711) ns
Inventory effect 883 308 (1,796) ns 566 +56%
capital gain from renewable
projects sale (66) (32) (44) ns - ns
Organic loan repayment from
equity affiliates (30) (77) 7 ns - ns
Cash flow from operations 5,598 5,674 1,299 x4,3 3,629 +54%
Organic investments ( b ) 2,379 3,432 2,523 -6% 2,784 -15%
Free cash flow after organic
investments, w/o net asset
sales ( a - b ) 2,987 1,066 1,242 x2,4 3,249 -8%
Net investments ( c ) 3,969 4,531 3,625 +9% 3,090 +28%
Net cash flow ( a - c ) 1,397 (33) 140 x10 2,943 -53%
* Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP's contracts and including capital gain from renewable projects
sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair
valuation of iGRP sector's contracts.
** Changes in working capital are presented excluding the
mark-to-market effect of iGRP's contracts.
Gearing ratio
In millions of dollars 03/31/2021 31/12/2020 03/31/2020 03/31/2019
Current borrowings * 19,279 15,893 17,361 12,998
Other current financial
liabilities 351 203 604 651
Current financial assets * (4,492) (4,519) (6,870) (3,373)
Net financial assets
classified as held for sale - 313 - 227
Non-current financial debt * 44,842 52,467 42,461 38,264
Non-current financial assets * (2,669) (3,762) (993) (587)
Cash and cash equivalents (30,285) (31,268) (21,634) (25,432)
Net debt (a) 27,026 29,327 30,929 22,748
Shareholders' equity - Group
share 109,295 103,702 112,006 117,993
Non-controlling interests 2,390 2,383 2,428 2,365
Shareholders' equity (b) 111,685 106,085 114,434 120,358
Net-debt-to-capital ratio = a
/ (a+b) 19.5% 21.7% 21.3% 15.9%
Leases (c) 7,747 7,812 7,309 6,991
Net-debt-to-capital ratio
including leases (a+c) /
(a+b+c) 23.7% 25.9% 25.0% 19.8%
* Excludes leases receivables and leases debts.
Return on average capital employed
> Twelve months ended March 31, 2021
Integrated
Gas, Exploration
In millions Renewables & Refining & Marketing &
of dollars & Power Production Chemicals Services Group
Adjusted net
operating
income 1,850 3,635 900 1,206 6,915
Capital
employed at
03/31/2020* 44,236 85,622 12,878 8,764 152,374
Capital
employed at
03/31/2021* 48,423 78,170 10,403 8,198 145,180
ROACE 4.0% 4.4% 7.7% 14.2% 4.6%
> Twelve months ended December 31, 2020
Integrated
Gas, Exploration
In millions Renewables & Refining & Marketing &
of dollars & Power Production Chemicals Services Group
Adjusted net
operating
income 1,778 2,363 1,039 1,224 5,806
Capital
employed at
12/31/2019* 41,549 88,844 12,228 8,371 148,828
Capital
employed at
12/31/2020* 45,611 78,928 11,375 8,793 142,617
ROACE 4.1% 2.8% 8.8% 14.3% 4.0%
> Twelve months ended March 31, 2020
Integrated
Gas, Exploration
In millions Renewables & Refining & Marketing &
of dollars & Power Production Chemicals Services Group
Adjusted net
operating
income 2,710 6,490 2,629 1,612 13,032
Capital
employed at
03/31/2019* 37,235 90,051 13,153 8,255 148,463
Capital
employed at
03/31/2020* 44,236 85,622 12,878 8,764 152,374
ROACE 6.7% 7.4% 20.2% 18.9% 8.7%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the first quarter of
2021 from the consolidated financial statements of TOTAL SE as of
March 31, 2021. The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the Total website
total.com.
This document may contain 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 activities and industrial strategy of TOTAL.
This document may also contain statements regarding the
perspectives, objectives, areas of improvement and goals of the
Group, including with respect to climate change and carbon
neutrality (net zero emissions). An ambition expresses an outcome
desired by the Group, it being specified that the means to be
deployed do not depend solely on TOTAL. These forward-looking
statements may generally be identified by the use of the future or
conditional tense or forward-looking words such as "envisions",
"intends", "anticipates", "believes", "considers", "plans",
"expects", "thinks", "targets", "aims" or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by the Group as of the date of this document.
These forward-looking statements are not historical data and
should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to
be inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences, or pandemics such as the COVID-19 pandemic.
Additionally, 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. The information on
risk factors that could have a significant adverse effect on the
Group's business, financial condition, including its operating
income and cash flow, reputation, outlook or the value of financial
instruments issued by TOTAL is provided in the most recent version
of the Universal Registration Document which is filed by the
Company with the French Autorité des Marchés Financiers and the
annual report on Form 20-F 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, operating cash flow before
working capital changes, the shareholder rate of return. 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.
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.
Furthermore, TOTAL enters into derivative instruments to risk
manage certain operational contracts or assets. Under IFRS, these
derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (EUR-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors -- The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as "potential reserves" or "resources",
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in the Form 20-F of TOTAL, File Ndeg 1-10888,
available from us at 2, place Jean Millier -- Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our
website total.com. You can also obtain this form from the SEC by
calling 1-800-SEC-0330 or on the SEC's website sec.gov.
Total financial statements
First quarter 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$)(a) 2021 2020 2020
Sales 43,737 37,943 43,870
Excise taxes (5,104) (5,595) (5,293)
Revenues from sales 38,633 32,348 38,577
Purchases, net of inventory
variation (23,398) (20,508) (28,068)
Other operating expenses (6,880) (6,663) (6,944)
Exploration costs (167) (338) (140)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (3,325) (3,543) (3,635)
Other income 358 838 580
Other expense (659) (697) (420)
Financial interest on debt (466) (501) (569)
Financial income and
expense from cash & cash
equivalents 95 53 (155)
Cost of net debt (371) (448) (724)
Other financial income 109 173 188
Other financial expense (130) (183) (181)
Net income (loss) from
equity affiliates 881 73 732
Income taxes (1,639) (149) 37
Consolidated net income 3,412 903 2
Group share 3,344 891 34
Non-controlling interests 68 12 (32)
Earnings per share ($) 1.24 0.31 (0.01)
Fully-diluted earnings per
share ($) 1.23 0.31 (0.01)
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2021 2020 2020
Consolidated net income 3,412 903 2
Other comprehensive income
Actuarial gains and losses - 17 133
Change in fair value of
investments in equity
instruments 12 386 (164)
Tax effect (12) (21) (15)
Currency translation
adjustment generated by the
parent company (4,173) 4,074 (1,976)
Items not potentially
reclassifiable to profit and
loss (4,173) 4,456 (2,022)
Currency translation
adjustment 2,523 (1,875) (21)
Cash flow hedge 504 617 (1,524)
Variation of foreign currency
basis spread - (7) 56
Share of other comprehensive
income of equity affiliates,
net amount 469 (100) (1,223)
Other 1 (4) 3
Tax effect (157) (180) 445
Items potentially
reclassifiable to profit and
loss 3,340 (1,549) (2,264)
Total other comprehensive
income (net amount) (833) 2,907 (4,286)
Comprehensive income 2,579 3,810 (4,284)
Group share 2,542 3,576 (4,171)
Non-controlling interests 37 234 (113)
CONSOLIDATED BALANCE
SHEET
TOTAL
March 31, 2021 December 31, 2020 March 31, 2020
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,239 33,528 32,823
Property, plant and
equipment, net 106,859 108,335 113,254
Equity affiliates:
investments and loans 30,727 27,976 26,998
Other investments 2,062 2,007 1,660
Non-current financial
assets 3,700 4,781 1,133
Deferred income taxes 6,619 7,016 6,694
Other non-current
assets 2,638 2,810 2,537
Total non-current
assets 185,844 186,453 185,099
Current assets
Inventories, net 16,192 14,730 11,556
Accounts receivable,
net 17,532 14,068 18,029
Other current assets 14,304 13,428 19,429
Current financial
assets 4,605 4,630 7,016
Cash and cash
equivalents 30,285 31,268 21,634
Assets classified as
held for sale 396 1,555 421
Total current assets 83,314 79,679 78,085
Total assets 269,158 266,132 263,184
LIABILITIES &
SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,193 8,267 8,123
Paid-in surplus and
retained earnings 112,676 107,078 119,935
Currency translation
adjustment (11,566) (10,256) (14,431)
Treasury shares (8) (1,387) (1,621)
Total shareholders'
equity - Group share 109,295 103,702 112,006
Non-controlling
interests 2,390 2,383 2,428
Total shareholders'
equity 111,685 106,085 114,434
Non-current liabilities
Deferred income taxes 10,387 10,326 10,462
Employee benefits 3,644 3,917 3,260
Provisions and other
non-current
liabilities 20,893 20,925 19,452
Non-current financial
debt 52,541 60,203 48,896
Total non-current
liabilities 87,465 95,371 82,070
Current liabilities
Accounts payable 26,959 23,574 22,123
Other creditors and
accrued liabilities 22,066 22,465 25,102
Current borrowings 20,471 17,099 18,521
Other current financial
liabilities 351 203 604
Liabilities directly
associated with the
assets classified as
held for sale 161 1,335 330
Total current
liabilities 70,008 64,676 66,680
Total liabilities &
shareholders' equity 269,158 266,132 263,184
CONSOLIDATED STATEMENT OF
CASH FLOW
TOTAL
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2021 2020 2020
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 3,412 903 2
Depreciation, depletion,
amortization and impairment 3,473 3,796 3,730
Non-current liabilities,
valuation allowances and
deferred taxes 121 (237) (661)
(Gains) losses on disposals
of assets (285) (260) (209)
Undistributed affiliates'
equity earnings (573) 379 (587)
(Increase) decrease in
working capital (819) 1,342 (884)
Other changes, net 269 (249) (92)
Cash flow from operating
activities 5,598 5,674 1,299
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and
property, plant and
equipment additions (2,410) (3,834) (2,364)
Acquisitions of subsidiaries,
net of cash acquired - (778) (188)
Investments in equity
affiliates and other
securities (2,126) (221) (1,534)
Increase in non-current loans (300) (355) (295)
Total expenditures (4,836) (5,188) (4,381)
Proceeds from disposals of
intangible assets and
property, plant and
equipment 226 114 44
Proceeds from disposals of
subsidiaries, net of cash
sold 229 124 142
Proceeds from disposals of
non-current investments 63 186 295
Repayment of non-current
loans 134 288 126
Total divestments 652 712 607
Cash flow used in investing
activities (4,184) (4,476) (3,774)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of
shares:
- Parent company shareholders - - -
- Treasury shares (165) - (609)
Dividends paid:
- Parent company shareholders (2,090) (2,053) (1,882)
- Non-controlling interests (10) (5) -
Net issuance (repayment) of
perpetual subordinated
notes 3,248 - -
Payments on perpetual
subordinated notes (87) (62) (97)
Other transactions with
non-controlling interests (55) (59) (48)
Net issuance (repayment) of
non-current debt (890) 104 42
Increase (decrease) in
current borrowings (1,662) (339) 2,785
Increase (decrease) in
current financial assets and
liabilities (148) 1,212 (2,995)
Cash flow from (used in)
financing activities (1,859) (1,202) (2,804)
Net increase (decrease) in
cash and cash equivalents (445) (4) (5,279)
Effect of exchange rates (538) 679 (439)
Cash and cash equivalents at
the beginning of the period 31,268 30,593 27,352
Cash and cash equivalents at
the end of the period 30,285 31,268 21,634
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Paid-in
surplus
and Currency Shareholders' Total
retained translation equity - Non-controlling shareholders'
Common shares issued earnings adjustment Treasury shares Group Share interests equity
(M$) Number Amount Number Amount
As of January 1,
2020 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
Net income of
the first
quarter 2020 - - 34 - - - 34 (32) 2
Other
comprehensive
income - - (1,277) (2,928) - - (4,205) (81) (4,286)
Comprehensive
Income - - (1,243) (2,928) - - (4,171) (113) (4,284)
Dividend - - - - - - - - -
Issuance of
common shares - - - - - - - - -
Purchase of
treasury
shares - - - - (13,236,044) (609) (609) - (609)
Sale of treasury
shares(a) - - - - 3,030 - - - -
Share-based
payments - - 31 - - - 31 - 31
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - - - - - - - -
Payments on
perpetual
subordinated
notes - - (72) - - - (72) - (72)
Other operations
with
non-controlling
interests - - (44) - - - (44) (4) (48)
Other items - - 93 - - - 93 18 111
As of March 31,
2020 2,601,881,075 8,123 119,935 (14,431) (28,707,248) (1,621) 112,006 2,428 114,434
Net income from
April 1 to
December 31,
2020 - - (7,276) - - - (7,276) (62) (7,338)
Other
comprehensive
income - - 956 4,179 - - 5,135 381 5,516
Comprehensive
Income - - (6,320) 4,179 - - (2,141) 319 (1,822)
Dividend - - (7,899) - - - (7,899) (234) (8,133)
Issuance of
common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
Purchase of
treasury
shares - - - - - (2) (2) - (2)
Sale of treasury
shares(a) - - (236) - 4,314,545 236 - - -
Share-based
payments - - 157 - - - 157 - 157
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - 331 - - - 331 - 331
Payments on
perpetual
subordinated
notes - - (236) - - - (236) - (236)
Other operations
with
non-controlling
interests - - (17) (4) - - (21) (113) (134)
Other items - - (107) - - - (107) (17) (124)
As of December
31, 2020 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income of
the first
quarter 2021 - - 3,344 - - - 3,344 68 3,412
Other
comprehensive
income - - 502 (1,304) - - (802) (31) (833)
Comprehensive
Income - - 3,846 (1,304) - - 2,542 37 2,579
Dividend - - - - - - - (10) (10)
Issuance of
common shares - - - - - - - - -
Purchase of
treasury
shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury
shares(a) - - (216) - 4,569,755 216 - - -
Share-based
payments - - 14 - - - 14 - 14
Share
cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - 3,254 - - - 3,254 - 3,254
Payments on
perpetual
subordinated
notes - - (90) - - - (90) - (90)
Other operations
with
non-controlling
interests - - 27 (6) - - 21 (21) -
Other items - - 17 - - - 17 1 18
As of March 31,
2021 2,629,839,616 8,193 112,676 (11,566) (174,890) (8) 109,295 2,390 111,685
(a) Treasury shares related to the restricted stock grants.
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2021 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,514 5,502 19,201 17,513 7 - 43,737
Intersegment
sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from
sales 8,092 6,313 24,317 12,892 36 (13,017) 38,633
Operating
expenses (3,068) (5,218) (22,933) (12,076) (167) 13,017 (30,445)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,183) (471) (391) (255) (25) - (3,325)
Operating income 2,841 624 993 561 (156) - 4,863
Net income (loss)
from equity
affiliates and
other items 270 263 88 (34) (28) - 559
Tax on net
operating
income (1,180) (101) (280) (176) 38 - (1,699)
Net operating
income 1,931 786 801 351 (146) - 3,723
Net cost of net
debt (311)
Non-controlling
interests (68)
Net income -
group share 3,344
Integrated
1(st) quarter Exploration Gas, Refining Marketing
2021 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - (35) - - - - (35)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - (35) - - - - (35)
Operating
expenses - (8) 745 142 - - 879
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests - (145) - - - - (145)
Operating income
(b) - (188) 745 142 - - 699
Net income (loss)
from equity
affiliates and
other items (46) (49) 6 (35) (40) - (164)
Tax on net
operating
income 2 38 (193) (40) 2 - (191)
Net operating
income (b) (44) (199) 558 67 (38) - 344
Net cost of net
debt 6
Non-controlling
interests (9)
Net income -
group share 341
(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 - - 746 137 -
- On net
operating
income - - 606 98 -
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2021 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,514 5,537 19,201 17,513 7 - 43,772
Intersegment
sales 6,578 811 5,521 78 29 (13,017) -
Excise taxes - - (405) (4,699) - - (5,104)
Revenues from
sales 8,092 6,348 24,317 12,892 36 (13,017) 38,668
Operating
expenses (3,068) (5,210) (23,678) (12,218) (167) 13,017 (31,324)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,183) (326) (391) (255) (25) - (3,180)
Adjusted
operating
income 2,841 812 248 419 (156) - 4,164
Net income (loss)
from equity
affiliates and
other items 316 312 82 1 12 - 723
Tax on net
operating
income (1,182) (139) (87) (136) 36 - (1,508)
Adjusted net
operating
income 1,975 985 243 284 (108) - 3,379
Net cost of net
debt (317)
Non-controlling
interests (59)
Adjusted net
income - group
share 3,003
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2021 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,365 3,020 287 138 26 4,836
Total divestments 311 142 116 71 12 652
Cash flow from
operating
activities 3,736 780 996 665 (579) 5,598
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
4(th) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,257 5,231 15,052 16,393 10 - 37,943
Intersegment
sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from
sales 6,831 5,859 18,584 11,524 150 (10,600) 32,348
Operating
expenses (3,489) (5,569) (17,989) (10,776) (286) 10,600 (27,509)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,500) (354) (412) (241) (36) - (3,543)
Operating income 842 (64) 183 507 (172) - 1,296
Net income (loss)
from equity
affiliates and
other items 6 149 (54) (9) 112 - 204
Tax on net
operating
income 91 7 (93) (169) (72) - (236)
Net operating
income 939 92 36 329 (132) - 1,264
Net cost of net
debt (361)
Non-controlling
interests (12)
Net income -
group share 891
Integrated
4(th) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - 3 - - - - 3
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - 3 - - - - 3
Operating
expenses (49) (56) 133 17 31 - 76
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (355) - (16) - - - (371)
Operating income
(b) (404) (53) 117 17 31 - (292)
Net income (loss)
from equity
affiliates and
other items (25) (26) (191) (13) 107 - (148)
Tax on net
operating
income 300 (83) (60) (7) (157) - (7)
Net operating
income (b) (129) (162) (134) (3) (19) - (447)
Net cost of net
debt 10
Non-controlling
interests 24
Net income -
group share (413)
(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 - - 265 43 -
- On net
operating
income - - 192 32 -
Integrated
Exploration Gas, Refining Marketing
4(th) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,257 5,228 15,052 16,393 10 - 37,940
Intersegment
sales 5,574 628 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from
sales 6,831 5,856 18,584 11,524 150 (10,600) 32,345
Operating
expenses (3,440) (5,513) (18,122) (10,793) (317) 10,600 (27,585)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,145) (354) (396) (241) (36) - (3,172)
Adjusted
operating
income 1,246 (11) 66 490 (203) - 1,588
Net income (loss)
from equity
affiliates and
other items 31 175 137 4 5 - 352
Tax on net
operating
income (209) 90 (33) (162) 85 - (229)
Adjusted net
operating
income 1,068 254 170 332 (113) - 1,711
Net cost of net
debt (371)
Non-controlling
interests (36)
Adjusted net
income - group
share 1,304
Integrated
Exploration Gas, Refining Marketing
4(th) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,226 1,895 475 533 59 5,188
Total divestments 132 339 31 61 149 712
Cash flow from
operating
activities 3,046 575 1,514 648 (109) 5,674
INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,582 5,090 18,523 18,675 - - 43,870
Intersegment
sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from
sales 7,146 5,684 23,968 14,121 28 (12,370) 38,577
Operating
expenses (3,643) (4,992) (24,841) (13,799) (247) 12,370 (35,152)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,644) (334) (395) (244) (18) - (3,635)
Operating income 859 358 (1,268) 78 (237) - (210)
Net income (loss)
from equity
affiliates and
other items 423 399 (57) 10 124 - 899
Tax on net
operating
income (454) 8 335 (32) 28 - (115)
Net operating
income 828 765 (990) 56 (85) - 574
Net cost of net
debt (572)
Non-controlling
interests 32
Net income -
group share 34
Integrated
1(st) quarter Exploration Gas, Refining Marketing
2020 & Renewables & &
(adjustments)(a) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales - 2 - - - - 2
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales - 2 - - - - 2
Operating
expenses (10) (119) (1,589) (346) (55) - (2,119)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests - - - - - - -
Operating income
(b) (10) (117) (1,589) (346) (55) - (2,117)
Net income (loss)
from equity
affiliates and
other items 128 (75) (208) - - - (155)
Tax on net
operating
income 7 44 425 100 - - 576
Net operating
income (b) 125 (148) (1,372) (246) (55) - (1,696)
Net cost of net
debt (101)
Non-controlling
interests 50
Net income -
group share (1,747)
(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 - - (1,578) (218) -
- On net
operating
income - - (1,285) (154) -
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 (adjusted) Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Non-Group sales 1,582 5,088 18,523 18,675 - - 43,868
Intersegment
sales 5,564 594 6,095 89 28 (12,370) -
Excise taxes - - (650) (4,643) - - (5,293)
Revenues from
sales 7,146 5,682 23,968 14,121 28 (12,370) 38,575
Operating
expenses (3,633) (4,873) (23,252) (13,453) (192) 12,370 (33,033)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,644) (334) (395) (244) (18) - (3,635)
Adjusted
operating
income 869 475 321 424 (182) - 1,907
Net income (loss)
from equity
affiliates and
other items 295 474 151 10 124 - 1,054
Tax on net
operating
income (461) (36) (90) (132) 28 - (691)
Adjusted net
operating
income 703 913 382 302 (30) - 2,270
Net cost of net
debt (471)
Non-controlling
interests (18)
Adjusted net
income - group
share 1,781
Integrated
Exploration Gas, Refining Marketing
1(st) quarter & Renewables & &
2020 Production & Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,659 2,291 226 160 45 4,381
Total divestments 121 344 79 46 17 607
Cash flow from
operating
activities 3,923 (489) (1,183) (399) (553) 1,299
Reconciliation of the information by business segment with Consolidated
Financial Statements
TOTAL
(unaudited)
Consolidated
1(st) quarter 2021 statement
(M$) Adjusted Adjustments(a) of income
Sales 43,772 (35) 43,737
Excise taxes (5,104) - (5,104)
Revenues from sales 38,668 (35) 38,633
Purchases net of inventory
variation (24,289) 891 (23,398)
Other operating expenses (6,868) (12) (6,880)
Exploration costs (167) - (167)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (3,180) (145) (3,325)
Other income 416 (58) 358
Other expense (192) (467) (659)
Financial interest on debt (466) - (466)
Financial income and expense from
cash & cash equivalents 87 8 95
Cost of net debt (379) 8 (371)
Other financial income 109 - 109
Other financial expense (130) - (130)
Net income (loss) from equity
affiliates 520 361 881
Income taxes (1,446) (193) (1,639)
Consolidated net income 3,062 350 3,412
Group share 3,003 341 3,344
Non-controlling interests 59 9 68
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st) quarter 2020 statement
(M$) Adjusted Adjustments(a) of income
Sales 43,868 2 43,870
Excise taxes (5,293) - (5,293)
Revenues from sales 38,575 2 38,577
Purchases net of inventory
variation (26,107) (1,961) (28,068)
Other operating expenses (6,786) (158) (6,944)
Exploration costs (140) - (140)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (3,635) - (3,635)
Other income 580 - 580
Other expense (191) (229) (420)
Financial interest on debt (567) (2) (569)
Financial income and expense from
cash & cash equivalents (10) (145) (155)
Cost of net debt (577) (147) (724)
Other financial income 188 - 188
Other financial expense (181) - (181)
Net income (loss) from equity
affiliates 658 74 732
Income taxes (585) 622 37
Consolidated net income 1,799 (1,797) 2
Group share 1,781 (1,747) 34
Non-controlling interests 18 (50) (32)
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
(1) Definition page 3.
(2) Excluding leases.
(3) Certain transitions referred to in the highlights are
subject to approval by authorities or to conditions as per the
agreements.
(4) 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 15.
(5) Group effective tax rate = (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).
(6) 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
(7) Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests.
(8) Net acquisitions = acquisitions -- assets sales -- other
transactions with non-controlling interests (see page 15).
(9) Net investments = organic investments + net acquisitions
(see page 15).
(10) Operating cash flow before working capital changes, is
defined as cash flow from operating activities before changes in
working capital at replacement cost, excluding the mark-to-market
effect of iGRP's contracts and including capital gain from
renewable projects sale (effective first quarter 2020). The
inventory valuation effect is explained on page 18. The
reconciliation table for different cash flow figures is on page
16.
(11) DACF = debt adjusted cash flow, is defined as operating
cash flow before working capital changes and financial charges.
(12) Adjustment items shown on page 18.
(13) Details shown on page 15 and in the appendix to the
financial statements.
(14) Net cash flow = operating cash flow before working capital
changes - net investments (including other transactions with
non-controlling interests).
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210429005516/en/
CONTACT: Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investors Relations: +44 (0) 207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2021
(END) Dow Jones Newswires
April 29, 2021 06:10 ET (10:10 GMT)
TotalEnergies (EU:TTE)
Historical Stock Chart
From Mar 2024 to Apr 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From Apr 2023 to Apr 2024
