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%
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04-29-21 0610ET