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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total SE    FP   FR0000120271

TOTAL SE

(FP)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 12/02 10:33:37 am
36.238 EUR   -0.25%
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Total: Third Quarter 2020 Results -4-

10/30/2020 | 07:56am EST

Total net income adjustments(4) were -$646 million in the third quarter 2020, essentially related to the conversion of the Grandpuits refinery in France and the sale of the Lindsey refinery in the United Kingdom.

The effective tax rate for the Group was 45.7% in the third quarter 2020, compared to -6.8% in the previous quarter and 30.7% in the third quarter 2019. The rate of 45.7% reflects negative adjusted net results in the Refining & Chemicals segment which reduces the base for calculating the Group rate.

> Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

   -- $0.29 in the third quarter 2020, calculated on the basis of a weighted 
      average of 2,637 million fully-diluted shares, compared to $1.13 in the 
      same period last year. 
 
   -- $0.97 in the first nine months 2020, calculated on the basis of a 
      weighted average of 2,612 million fully-diluted shares, compared to $3.20 
      in the same period last year. 
 

The number of fully-diluted shares was 2,644 million on September 30, 2020.

> Acquisitions - asset sales

Finalized acquisitions were:

   -- $150 million in the third quarter 2020, comprised notably of acquiring 
      51% of the Seagreen offshore wind project in the United Kingdom. 
 
   -- $2.7 billion in the first nine months 2020, comprised of the item above 
      as well as the acquisition in India of 50% of a portfolio of installed 
      solar activities from Adani Green Energy Limited, the closing of the 
      acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests 
      in Blocks 20 and 21 in Angola, and the payment for a second tranche 
      linked to taking the 10% stake in the Arctic LNG 2 project in Russia. 
 

Finalized asset sales were:

   -- $422 million in the third quarter 2020, comprised notably of the sale of 
      non-strategic assets in the UK North Sea. 
 
   -- $1.1 billion in the first nine months 2020, comprised notably of the sale 
      above, as well as closing the sale of Block CA1 in Brunei, the sale of 
      the Group's interest in the Fos Cavaou regasification terminal in France, 
      and 50% of the sale of a portfolio of solar and wind assets from Total 
      Quadran in France. 
 

> Net cash flow

Net cash flow(5) for the Group was:

   -- $1,879 million in the third quarter 2020 compared to $19 million in the 
      third quarter 2019, which takes into account a decrease in net 
      investments from $6,718 million to $1,912 million and a decrease in 
      operating cash flow before working capital changes from $6,737 million to 
      $3,791 million. 
 
   -- $2.7 billion in the first nine months 2020 compared to $6.1 billion in 
      the first nine months 2019, due to the decrease of $8.1 billion in 
      operating cash flow before working capital changes, partially offset by a 
      reduction in net investments of $4.8 billion. 
 

> Profitability

The return on equity was 5.5% for the twelve months ended September 30, 2020.

 
In millions of 
dollars             October 1, 2019    July 1, 2019   October 1, 2018 
                    September 30, 
                    2020               June 30, 2020  September 30, 2019 
Adjusted net 
 income             5,960              8,214          12,104 
Average adjusted 
 shareholders' 
 equity             108,885            109,448        117,037 
Return on equity 
 (ROE)              5.5%               7.5%           10.3% 
 

The return on average capital employed was 5.4% for the twelve months ended September 30, 2020.

 
In millions of 
dollars             October 1, 2019    July 1, 2019   October 1, 2018 
                    September 30, 
                    2020               June 30, 2020  September 30, 2019 
Adjusted net 
 operating income   7,801              10,125         14,094 
Average capital 
 employed           144,061            145,621        146,222 
ROACE               5.4%               7.0%           9.6% 
 

Total SE accounts

Net income for Total SE, the parent company, was EUR4,727 million in the first nine months 2020 compared to EUR5,934 million a year ago.

2020 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 $/b         +/- 2.9 B$          +/- 3.3 B$ 
European gas price 
 - NBP ($/Mbtu)      +/- 1 $/Mbtu       +/- 0.35 B$         +/- 0.35 B$ 
Variable cost 
 margin, European 
 refining (VCM)      +/- 10 $/t         +/- 0.5 B$          +/- 0.6 B$ 
 

* Sensitivities are revised once per year upon publication of the previous year's fourth quarter results. Sensitivities are estimates based on assumptions about the Group's portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-EUR sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 16.

** In a 60 $/b Brent environment.

Summary and outlook

The oil market environment remains uncertain and will depend notably on the speed of the global demand recovery, affected by the Covid-19 pandemic.

Oil prices have remained above $40/b since June, supported by strong compliance with OPEC+ quotas and lower hydrocarbon production in North America. In this context, given the quotas, the Group now anticipates full-year 2020 production below 2.9 Mboe/d.

Total anticipates that the increase in oil prices over the second and third quarters will have a positive impact on its average LNG selling price in the fourth quarter, which is expected to be over $4/Mbtu.

In the Downstream, since the beginning of the fourth quarter, European refining margins have averaged more than $10/t and remain fragile given the low demand for jet fuel that weighs on the valuation of all distillates. In this context, the Group expects the Downstream to contribute more than $4.5 billion to the Group's cash flow in 2020.

In this context, the Group maintains strong discipline on spending. The Group's operating cost reduction program will surpass its objective with savings of more than $1 billion in 2020. Net investments will be less than $13 billion in 2020, including $2 billion for renewables and electricity.

The Group's priority is the generation of a level of cash flow that allows it to continue to invest in profitable projects, support the dividend and maintain a solid balance sheet. The Group's teams remain fully committed to the four priorities of HSE, operational excellence, cost reduction and cash flow generation.

* * * * *

To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:00 (Paris time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 2124019).

The conference replay will be available on total.com after the event.

* * * * *

Operating information by segment

> Group production (Exploration & Production + iGRP)

 
                     3Q20   Combined liquids and gas                     9M20 
                      vs    production by region                          vs 
3Q20   2Q20   3Q19    3Q19  (kboe/d)                       9M20   9M19    9M19 
969    1,032  1,004  -3%    Europe and Central Asia        1,032  997    +4% 
598    653    733    -18%   Africa                         651    705    -8% 
576    641    720    -20%   Middle East and North Africa   633    703    -10% 
343    314    363    -5%    Americas                       343    364    -6% 
229    206    221    +4%    Asia-Pacific                   223    212    +5% 
2,715  2,846  3,040  -11%   Total production               2,882  2,981  -3% 
667    699    698    -4%    includes equity affiliates     706    719    -2% 
 
                     3Q20                                                9M20 
                      vs    Liquids production by region                  vs 
3Q20   2Q20   3Q19    3Q19  (kb/d)                         9M20   9M19    9M19 
359    381    367    -2%    Europe and Central Asia        381    349    +9% 
458    514    583    -21%   Africa                         509    558    -9% 
432    494    562    -23%   Middle East and North Africa   481    543    -12% 
144    127    163    -11%   Americas                       150    167    -10% 
44     37     44     -1%    Asia-Pacific                   42     41     +3% 
1,437  1,553  1,720  -16%   Total production               1,563  1,658  -6% 
197    199    210    -6%    includes equity affiliates     203    217    -6% 
 
                     3Q20                                                9M20 
                      vs    Gas production by region                      vs 
3Q20   2Q20   3Q19    3Q19  (Mcf/d)                        9M20   9M19    9M19 
3,284  3,506  3,431  -4%    Europe and Central Asia        3,507  3,498  - 
713    706    768    -7%    Africa*                        722    755    -4% 
801    818    866    -8%    Middle East and North Africa   844    879    -4% 
1,115  1,047  1,124  -1%    Americas                       1,085  1,111  -2% 
1,060  968    1,011  +5%    Asia-Pacific*                  1,035  982    +5% 
6,973  7,045  7,200  -3%    Total production*              7,193  7,225  - 
2,540  2,698  2,635  -4%    includes equity affiliates*    2,714  2,719  - 
 

* 3Q19 and 9M19 data restated

(MORE TO FOLLOW) Dow Jones Newswires

10-30-20 0855ET

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TOTAL SE -0.36% 36.235 Real-time Quote.-26.16%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.20% 75.223 Delayed Quote.23.37%
WTI 0.84% 44.835 Delayed Quote.-26.33%
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Financials (USD)
Sales 2020 126 B - -
Net income 2020 -6 845 M - -
Net Debt 2020 38 839 M - -
P/E ratio 2020 -16,5x
Yield 2020 7,10%
Capitalization 115 B 115 B -
EV / Sales 2020 1,22x
EV / Sales 2021 1,10x
Nbr of Employees 107 776
Free-Float 91,1%
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Technical analysis trends TOTAL SE
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 23
Average target price 48,73 $
Last Close Price 43,86 $
Spread / Highest target 33,5%
Spread / Average Target 11,1%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
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