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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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Total: First Quarter 2021 Results -3-

04/29/2021 | 04:10am EDT

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% 
 

(MORE TO FOLLOW) Dow Jones Newswires

04-29-21 0610ET

Stocks mentioned in the article
ChangeLast1st jan.
ADANI GREEN ENERGY LIMITED -0.92% 1120.7 Delayed Quote.7.46%
DJ INDUSTRIAL -0.15% 33919.84 Delayed Quote.13.00%
DOW JONES AFRICA TITANS 50 INDEX -0.46% 501.87 Delayed Quote.-5.14%
KT CORPORATION 0.15% 32550 End-of-day quote.35.63%
LONDON BRENT OIL 0.22% 74.58 Delayed Quote.45.09%
QATAR GAS TRANSPORT COMPANY LIMITED (NAKILAT) (QPSC) -0.43% 3.043 End-of-day quote.-4.31%
S&P AFRICA 40 INDEX -0.20% 164.01 Delayed Quote.-5.01%
TOTALENERGIES SE 2.45% 38.095 Real-time Quote.7.21%
WTI 0.02% 70.732 Delayed Quote.48.70%
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Financials (USD)
Sales 2021 170 B - -
Net income 2021 13 454 M - -
Net Debt 2021 34 978 M - -
P/E ratio 2021 9,00x
Yield 2021 7,13%
Capitalization 118 B 118 B -
EV / Sales 2021 0,90x
EV / Sales 2022 0,84x
Nbr of Employees 105 476
Free-Float 93,6%
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Number of Analysts 25
Last Close Price 44,38 $
Average target price 57,16 $
Spread / Average Target 28,8%
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Managers and Directors
Patrick PouyannÚ 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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