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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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TotalEnergies : Financial report 1st half 2021 (pdf - 987 KB)

07/30/2021 | 02:09am EDT

Financial report

First half 2021

Table of contents

Certification of the person responsible for the

half-year financial report

1

Glossary

2

01

02

Half year financial report

3

Consolidated Financial Statements as of June 30, 2021

21

1.1 Highlights since the beginning of 2021

1.2  Key figures from TotalEnergies' consolidated financial statements 1.3  Key figures of environment, greenhouse gas emissions and production

    1. Environment - liquids and gas price realizations, refining margins
    2. Greenhouse gas emissions
    3. Production
  1. Analysis of business segments
    1. Integrated Gas, Renewables & Power (iGRP)
    2. Exploration-Production
    3. Downstream (Refining & Chemicals and Marketing & Services)
  2. TotalEnergiesresults
    1. Adjusted net operating income from business segments
    2. Adjusted net income (TotalEnergies share)
    3. Adjusted earnings per share
    4. Acquisitions - asset sales
    5. Net cash flow
    6. Profitability
  3. TotalEnergies SE accounts
  4. 2021 Sensitivities
  5. Summary and outlook
  6. Other information
    1. Operating information by segment

1.9.2  Adjustment items to net income (TotalEnergies share)

    1. Reconciliation of adjusted EBITDA with consolidated financial statements
    2. Investments - Divestments
    3. Cash-flow
    4. Gearing ratio
    5. Return on average capital employed
  1. Principal risks and uncertainties for the remaining six months of 2021
  2. Major related parties' transactions

3 2.1 Statutory Auditors' Review Report on the half-yearly Financial Information 21

5

2.2

Consolidated statement of income - half-yearly

22

6

2.3

Consolidated statement of comprehensive income - half-yearly

23

6

2.4

Consolidated statement of income - quarterly

24

6

2.5

Consolidated statement of comprehensive income - quarterly

25

6

2.6

Consolidated balance sheet

26

7

2.7

Consolidated statement of cash flow - half-yearly

27

7

2.8

Consolidated statement of cash flow - quarterly

28

8

2.9

Consolidated statement of changes in shareholders' equity

29

9

2.10 Notes to the Consolidated Financial Statements for the first

11

six months 2021

30

11

1)

Accounting policies

30

11

2)

Changes in the Company structure

30

11

3)

Business segment information

31

11

4) 

Shareholders' equity

42

11

5)

Financial debt

44

11

6)

Related parties

44

12

7)

Other risks and contingent liabilities

44

12

8)

Subsequent

events

44

12

13

13

15

15

16

17

17

18

18

18

The French language version of this Rapport financier semestriel (half-year financial report) was filed with the French Financial Markets Authority (Autorité des marchés financiers) on July 30, 2021 pursuant to paragraph III of Article L. 451-1-2 of the French Monetary and Financial Code

Financial report 1st half 2021

Certification of the person responsible for the half-year financial report

This translation is a non binding translation into English of the Chairman and Chief Executive Officer's certification issued in French, and is provided solely for the convenience of English-speaking readers.

"I certify, to the best of my knowledge, that the condensed Consolidated Financial Statements of TotalEnergies SE (the Corporation) for the first half of 2021 have been prepared in accordance with the applicable set of accounting standards and give a fair view of the assets, liabilities, financial position and profit or loss of the Corporation and all the entities included in the consolidation, and that the half-year financial report on pages 3 to 20 herein includes a fair review of the important events that have occurred during the first six months of the financial year and their impact on the financial statements, major related parties transactions and the principal risks and uncertainties for the remaining six months of the financial year.

The statutory auditors' report on the limited review of the above-mentioned condensed Consolidated Financial Statements is included on page 21 of this half-year financial report."

Courbevoie, July 29, 2021

Patrick Pouyanné

Chairman and Chief Executive Officer

1

Glossary

The terms "TotalEnergies" and "TotalEnergies company" as used in this document refer to TotalEnergies SE collectively with all of its direct and indirect consolidated companies located in or outside of France. The term "Corporation" as used in this document exclusively refers to TotalEnergies SE, which is the parent company of TotalEnergies company.

Abbreviations

€ :

euro

$ or dollar : US dollar

ADR :

American depositary receipt (evidencing an ADS)

ADS :

American depositary share (representing a share of a

company)

AMF :

Autorité des marchés financiers (French Financial Markets

Authority)

API :

American Petroleum Institute

CO2 :

carbon dioxide

DACF :

debt adjusted cash flow is defined as operating cash flow

before working capital changes without financial charges

EV :

electric vehicle

FLNG :

floating liquefied natural gas

FPSO :

floating production, storage and offloading

FSRU :

floating storage and regasification unit

GHG :

greenhouse gas

HSE :

health, safety and the environment

IFRS :

International Financial Reporting Standards

IPIECA :

International Petroleum Industry Environmental

Conservation Association

LNG :

liquefied natural gas

LPG :

liquefied petroleum gas

NGL :

natural gas liquids

NGV :

natural gas vehicle

OML :

oil mining lease

PPA :

Power Purchase Agreement

ROACE :

return on average capital employed

ROE :

return on equity

SEC :

United States Securities and Exchange Commission

VCM :

variable cost margin - Refining Europe

This indicator represents the average margin on variable costs realized by TotalEnergies' European refining busines. It is equal to the difference between the sales of refined products realized by TotalEnergies' European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons.

Units of measurement

b = barrel(1) b = billion

Bcm = billion of cubic meters boe = barrel of oil equivalent btu = British thermal unit

cf = cubic feet

CO2e = CO2 equivalent /d = per day

GtCO2 = billion of CO2 tons GW = gigawatt

GWh = gigawatt hour k = thousand

km = kilometer m = meter

= cubic meter(1) M = million

MW = megawatt PJ = petajoule t = (Metric) ton

toe = ton of oil equivalent TWh = terawatt hour

W = watt

Wac = AC watt

Wp = watt-peak or watt of peak power /y = per year

Conversion table

1 acre ≈ 0.405 hectares

1 b = 42 gallons US ≈ 159 liters

1 b/d of crude oil ≈ 50 t/y of crude oil 1 km ≈ 0.62 miles

1 m³ ≈ 35.3 cf

1 Mt de LNG ≈ 48 Bcf of gas

1 Mt/y of LNG ≈ 131 Mcf/d of gas

1 t of oil ≈ 7.5 b of oil (assuming a specific gravity of 37° API)

1 boe = 1 b of crude oil ≈ 5,399 cf of gas in 2020(2)

(5,395 cf in 2019 and 5,387 cf in 2018)

  1. Liquid and gas volumes are reported at international standard metric conditions (15°C and 1 atm).
  2. Natural gas is converted to barrels of oil equivalent using a ratio of cubic feet of natural gas per one barrel. This ratio is based on the actual average equivalent energy content of TotalEnergies' natural gas reserves during the applicable periods and is subject to change. The tabular conversion rate is applicable to TotalEnergies natural gas reserves on a Company-wide basis.

2

Financial report - First half 2021

Half year financial report

01

Highlights since the beginning of 2021

01Half year financial report

1.1 Highlights since the beginning of 2021(1)

Sustainability

  • Total transforms and becomes TotalEnergies, with a new visual identity
  • TotalEnergies' Board of Directors takes the initiative to submit a resolution on the Company's ambition for sustainable development and energy transition toward carbon neutrality
  • Consistent with its climate policy, TotalEnergies withdraws from the American Petroleum Institute
  • Inauguration of L'Industreet, a campus for training young people in the industry profession, TotalEnergies' flagship action for social responsibility in France
  • 3rd place globally and 1st place for the sector Oil and Gas in the BloombergNEF ranking on the alignment of corporate strategies with the United Nations' Sustainable Development Goals
  • TotalEnergies and Chevron decide to suspend distribution of dividends from gas transport company in Myanmar
  • Partnership with Novatek to reduce emissions from LNG production, develop large-scale carbon capture and storage, and study carbon-free hydrogen and ammonia projects
  • Partnership with GHGSat for satellite-based monitoring of methane emissions at sea

Renewables and Electricity

  • Acquired in India 20% of Adani Green Energy
    Limited (AGEL), the largest solar developer in the world
  • Secured with Macquarie rights to seabed lease to jointly develop 1.5 GW offshore wind project in the UK
  • Acquired 4 GW portfolio of solar and energy storage projects in the US
  • Farmed down 50% of two renewables portfolios in France representing close to 340 MW
  • Acquired 23% stake in 640 MW offshore wind project under construction in Taiwan
  • Acquisition by Adani Green Energy Ltd., in which TotalEnergies has a 20% stake, of a portfolio of 5 GW of renewable electricity generation capacity in operation and under construction in India that will contribute 1 GW to TotalEnergies' target of 35 GW in 2025
  • Signed major green power sale agreement to
    Orange to develop 80 MW of solar farms in France
  • Signed contract with Merck & Co. for the sale of 90 GWh/y renewable electricity in Spain for 10 years
  • Sales contract for 50GWh/y over 15 years with
    Air Liquide in Belgium
  • Partnered with Microsoft to support digital innovation and carbon neutrality goals
  • Partnership with Amazon to supply (474 MW) renewable electricity to its data centers in Europe and the United States, and to accelerate TotalEnergies digital transformation

(1) Certain transactions referred to in the highlights are subject to approval by authorities or to conditions as per the agreements.

Financial report - First half 2021

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

TotalEnergies SE published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 06:08:08 UTC.


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Sales 2021 171 B - -
Net income 2021 13 514 M - -
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