Cash flow 


 
                             2Q20                                          1H20 
                              vs     In millions                            vs 
2Q20     1Q20       2Q19     2Q19    of dollars      1H20       1H19       1H19 
                                     Operating 
                                     cash flow 
                                     before 
                                     working 
                                     capital 
                                     changes w/o 
                                     financials 
                                     charges 
3,647    4,528      7,208    -49%    (DACF)          8,175      13,744     -41% 
                                     Financial 
(499)    (512)      (501)    ns      charges         (1,011)    (1,004)    ns 
                                     Operating 
                                     cash flow 
                                     before 
                                     working 
                                     capital 
                                     changes ( a 
3,148    4,016      6,707    -53%    )               7,164      12,740     -44% 
                                     (Increase) 
                                     decrease in 
                                     working 
431      (884)      (317)    ns      capital         (453)      (3,287)    ns 
                                     Inventory 
(42)     (1,796)    (40)     ns      effect          (1,838)    526        ns 
                                     capital gain 
                                     from 
                                     renewable 
                                     projects 
(17)     (44)       -        ns      sale            (61)       - 
                                     Organic loan 
                                     repayment 
                                     from equity 
(41)     7          (99)     ns      affiliates      (34)       (99)       ns 
                                     Cash flow 
                                     from 
3,479    1,299      6,251    -44%    operations      4,778      9,880      -52% 
 
                                     Organic 
                                     investments 
2,201    2,523      3,028    -27%    ( b )           4,724      5,811      -19% 
                                     Free cash 
                                     flow after 
                                     organic 
                                     investments, 
                                     w/o net 
                                     asset sales 
947      1,493      3,679    -74%    ( a - b )       2,440      6,929      -65% 
 
                                     Net 
                                     investments 
2,922    3,625      3,430    -15%    ( c )           6,547      6,520      - 
                                     Net cash 
                                     flow ( a - c 
226      391        3,277    -93%    )               617        6,220      -90%

Gearing ratio* 


 
In millions of dollars                06/30/2020  03/31/2020  06/30/2019 
Current borrowings                    16,154      18,521      16,221 
Net current financial assets          (6,159)     (6,412)     (3,110) 
Net financial assets classified as 
held for sale                         -           -           - 
Non-current financial debt            61,540      48,896      45,394 
Non-current financial assets          (2,431)     (1,133)     (771) 
Cash and cash equivalents             (29,727)    (21,634)    (26,723) 
Net debt (a)                          39,377      38,238      31,011 
of which leases                       7,383       7,309       7,015 
 
Shareholders' equity - Group share    101,205     112,006     116,862 
Non-controlling interests             2,334       2,428       2,362 
Shareholders' equity (b)              103,539     114,434     119,224 
 
Net-debt-to-capital ratio = a / (a + 
 b)                                   27.6%       25.0%       20.6% 
 
Net-debt-to-capital ratio excluding 
 leases                               23.6%       21.3%       16.8%

*The net-debt-to-capital ratios include the impact of the new IFRS 16 rule, effective January 1, 2019. 



  Return on average capital employed 


  > Twelve months ended June 30, 2020 

 
                            Integrated 
               Exploration  Gas,        Refining   Marketing 
In millions    &            Renewables  &          & 
of dollars     Production   & Power     Chemicals  Services   Group 
Adjusted net 
 operating 
 income        4,259        2,607       2,489      1,318      10,125 
Capital 
 employed at 
 06/30/2019*   90,633       37,290      12,300     8,535      148,617 
Capital 
 employed at 
 06/30/2020*   79,096       43,527      12,843     8,366      142,625 
ROACE          5.0%         6.5%        19.8%      15.6%      7.0% 
 


  > Twelve months ended March 31, 2020 

 
                            Integrated 
               Exploration  Gas,        Refining   Marketing 
In millions    &            Renewables  &          & 
of dollars     Production   & Power     Chemicals  Services   Group 
Adjusted net 
 operating 
 income        6,490        2,710       2,629      1,612      13,032 
Capital 
 employed at 
 03/31/2019*   90,051       37,235      13,153     8,255      148,463 
Capital 
 employed at 
 03/31/2020*   85,622       44,236      12,878     8,764      152,374 
ROACE          7.4%         6.7%        20.2%      18.9%      8.7% 
 


  * At replacement cost (excluding after-tax inventory effect). 


  This document does not constitute the Financial Report for the first half of 2020 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and will be available on the Total website total.com. This press release presents the results for the second quarter and half-year 2020 from the consolidated financial statements of TOTAL SE as of June 30, 2020. It contains information that was privileged until its release. 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 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 including those due to epidemics such as Covid-19. 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. 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 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/A filed with the United States Securities and Exchange Commission ("SEC"). 


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