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