TotalEnergies SE: First Quarter 2024 Results
With
in line with its ambitious 2024 objectives
1Q24 |
4Q23 |
Change
|
1Q23 |
Change
|
|
Net income ( |
5.7 |
5.1 |
+13% |
5.6 |
+3% |
Adjusted net income ( |
|
|
|
|
|
- in billions of dollars (B$) |
5.1 |
5.2 |
-2% |
6.5 |
-22% |
- in dollars per share |
2.14 |
2.16 |
-1% |
2.61 |
-18% |
Adjusted EBITDA(1) (B$) |
11.5 |
11.7 |
-2% |
14.2 |
-19% |
Cash flow from operations excluding working capital (CFFO)(1) (B$) |
8.2 |
8.5 |
-4% |
9.6 |
-15% |
Cash flow from operating activities (B$) |
2.2 |
16.2 |
-87% |
5.1 |
-58% |
The Board of Directors of
“Celebrating its 100th year anniversary in 2024,
During the first quarter, Oil & Gas production was 2.46 Mboe/d, benefiting from 6% quarter-to-quarter production growth in LNG and from start-ups at Mero 2 in
Integrated LNG achieved adjusted net operating income of
During the first quarter,
Downstream adjusted net operating income was
Given these strong results, in line with TotalEnergies’ ambitious 2024 objectives, the Board of Directors decided the distribution of a first interim dividend of 0.79 €/share for fiscal year 2024, an increase close to 7% compared to 2023, and authorized the Company to buy back shares for
(1) |
Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables. |
1. Highlights (2)
-
100th anniversary of
TotalEnergies onMarch 28, 2024 , and launch of the “100 for 100” operation:-
100
TotalEnergies free shares allocation plan to the 100,000 employees of the Company* -
€100 offer to the first new 100,000 electricity customers and to 100,000 individual gas station customers in
France subject to conditions
-
100
Social and environmental responsibility
- Publication of the Sustainability & Climate – 2024 Progress Report presenting the progress made by the Company in 2023 in the implementation of its strategy and its climate ambition
-
TotalEnergies ranks #1 in the Net Zero Standard for Oil & Gas benchmark published by Climate Action 100+ -
Launch of Care Together by
TotalEnergies program, reflecting the Company’s commitment to social responsibility towards its employees -
Continuation of the €1.99/L gas price cap in
France -
Launch of the 2024 annual share capital increase reserved for employees,
TotalEnergies ranking #1 in employee share ownership inEurope according to theEuropean Federation of Employee Share Ownership - Deployment of a generative artificial intelligence tool for all TotalEnergies’ employees
Upstream
-
Production start-up of the second phase of the Mero field in
Brazil -
Production start-up from the Akpo West field in
Nigeria -
Gas production restart at the Tyra offshore hub in
Denmark after a major redevelopment -
Agreements with OMV and Sapura Upstream Assets to acquire 100% of SapuraOMV shares, an independent gas producer and operator, in
Malaysia -
Acquisition of an interest in block 3B/4B, offshore
South Africa -
Positive appraisal of the Cronos gas discovery in block 6, in
Cyprus -
Expansion of the partnership with
Sonatrach in the Timimoun region inAlgeria - Creation of a joint venture with Vantage (75%/25%) to acquire the Tungsten Explorer drillship
-
Launch of an innovative subsea technology to separate and reinject CO2-rich gas at the Mero field in
Brazil
Downstream
-
Closing of the divestment of retail networks in
Belgium ,Luxemburg andthe Netherlands toCouche-Tard -
Partnership with Bapco Energies in
Bahrain in petroleum products trading -
Strategic partnership with Airbus in
Sustainable Aviation Fuels (SAF) -
Partnership with SINOPEC to jointly develop a SAF production unit at SINOPEC’s refinery in
China
Integrated LNG
-
Launch of the 1 Mt/y Marsa LNG project, which is a fully electrified and very low emissions (3 kg CO2/boe) LNG plant in
Oman , supplied by a 300 MW solar farm -
Acquisition of the 20% interest held by
Lewis Energy Group in the Dorado leases in the Eagle Ford shale gas play inTexas -
Signature of a long-term LNG contract to supply 0.8 Mt/y to
Sembcorp inSingapore for 16 years -
Extension of the 2 Mt/y LNG supply contract with
Sonatrach inAlgeria until 2025
-
Closing of the 1.5 GW acquisition of flexible power generation capacity in
Texas -
Launch of a new 75 MWh battery storage project, in
Belgium - Over 1.5 GW of PPAs signed with 600 industrial and commercial customers worldwide
Decarbonization and low-carbon molecules
-
Acquisition of carbon storage projects from Talos Low Carbon Solutions, in
the United States -
Creation of a joint-venture with Vanguard Renewables (50%/50%), a BlackRock subsidiary, to produce biomethane in
the United States - Founding member of the international “e-NG Coalition” to support the development of production and use of synthetic methane
(2) |
Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements. |
|
* |
Designates |
2. Key figures from TotalEnergies’ consolidated financial statements (1)
In millions of dollars, except effective tax rate, earnings per share and number of shares |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted EBITDA (1) |
11,493 |
11,696 |
-2% |
14,167 |
-19% |
Adjusted net operating income from business segments |
5,600 |
5,724 |
-2% |
6,993 |
-20% |
Exploration & Production |
2,550 |
2,802 |
-9% |
2,653 |
-4% |
Integrated LNG |
1,222 |
1,456 |
-16% |
2,072 |
-41% |
|
611 |
527 |
+16% |
370 |
+65% |
Refining & Chemicals |
962 |
633 |
+52% |
1,618 |
-41% |
Marketing & Services |
255 |
306 |
-17% |
280 |
-9% |
Contribution of equity affiliates to adjusted net income |
621 |
597 |
+4% |
1,079 |
-42% |
Effective tax rate (3) |
37.8% |
37.7% |
- |
41.4% |
- |
Adjusted net income ( |
5,112 |
5,226 |
-2% |
6,541 |
-22% |
Adjusted fully-diluted earnings per share (dollars) (4) |
2.14 |
2.16 |
-1% |
2.61 |
-18% |
Adjusted fully-diluted earnings per share (euros) (5) |
1.97 |
2.02 |
-2% |
2.43 |
-19% |
Fully-diluted weighted-average shares (millions) |
2,352 |
2,387 |
-1% |
2,479 |
-5% |
|
|
|
|
|
|
Net income ( |
5,721 |
5,063 |
+13% |
5,557 |
+3% |
|
|
|
|
|
|
Organic investments (1) |
4,072 |
6,139 |
-34% |
3,433 |
+19% |
Acquisitions net of assets sales (1) |
(500) |
(5,404) |
ns |
2,987 |
ns |
Net investments (1) |
3,572 |
735 |
x4,9 |
6,420 |
-44% |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
8,168 |
8,500 |
-4% |
9,621 |
-15% |
Debt Adjusted Cash Flow (DACF) (1) |
8,311 |
8,529 |
-3% |
9,774 |
-15% |
Cash flow from operating activities |
2,169 |
16,150 |
-87% |
5,133 |
-58% |
Gearing (1) of 10.5% at |
|
|
|
(3) |
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
|
(4) |
In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds. |
|
(5) |
Average €-$ exchange rate: 1.0858 in the first quarter 2024, 1.0751 in the fourth quarter 2023 and 1.0730 in the first quarter 2023. |
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
Brent ($/b) |
83.2 |
84.3 |
-1% |
81.2 |
+3% |
|
2.1 |
2.9 |
-28% |
2.7 |
-22% |
NBP ($/Mbtu) |
8.7 |
13.3 |
-35% |
16.1 |
-46% |
JKM ($/Mbtu) |
9.3 |
15.2 |
-39% |
16.5 |
-44% |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
78.9 |
80.2 |
-2% |
73.4 |
+7% |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
5.11 |
6.17 |
-17% |
8.89 |
-43% |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.58 |
10.28 |
-7% |
13.27 |
-28% |
Variable cost margin - Refining Europe, VCM (6),(10) ($/t) |
71.7 |
52.6 |
+36% |
90.7 |
-21% |
3.2 Greenhouse gas emissions (11)
GHG emissions (MtCO2e) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Scope 1+2 from operated facilities (12) |
8.2 |
7.9 |
+4% |
9.1 |
-10% |
of which Oil & Gas |
7.1 |
7.2 |
-1% |
7.6 |
-7% |
of which CCGT |
1.1 |
0.7 |
+57% |
1.5 |
-27% |
Scope 1+2 - equity share |
11.6 |
11.5 |
+1% |
12.8 |
-9% |
Estimated quarterly emissions. |
Scope 1+2 emissions from operated installations were up 4% quarter-to-quarter, given the perimeter effect related to gas-fired capacity acquisition in
Methane emissions (ktCH4) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Methane emissions from operated facilities |
8 |
9 |
-11% |
9 |
-11% |
Methane emissions - equity share |
9 |
11 |
-18% |
11 |
-18% |
Estimated quarterly emissions. |
Scope 3 emissions (MtCO2e) |
1Q24 |
2023 |
Scope 3 from Oil, Biofuels and Gas Worldwide (13) |
est. 85 |
355 |
(6) |
Does not include oil, gas and LNG trading activities, respectively. |
|
(7) |
Sales in $ / Sales in volume for consolidated affiliates. |
|
(8) |
Sales in $ / Sales in volume for consolidated affiliates. |
|
(9) |
Sales in $ / Sales in volume for consolidated and equity affiliates. |
|
(10) |
This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of |
|
(11) |
The six greenhouse gases in the |
|
(12) |
Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
|
(13) |
|
3.3 Production (14)
Hydrocarbon production |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Hydrocarbon production (kboe/d) |
2,461 |
2,462 |
- |
2,524 |
-2% |
Oil (including bitumen) (kb/d) |
1,322 |
1,341 |
-1% |
1,398 |
-5% |
Gas (including condensates and associated NGL) (kboe/d) |
1,139 |
1,121 |
+2% |
1,126 |
+1% |
|
|
|
|
|
|
Hydrocarbon production (kboe/d) |
2,461 |
2,462 |
- |
2,524 |
-2% |
Liquids (kb/d) |
1,482 |
1,506 |
-2% |
1,562 |
-5% |
Gas (Mcf/d) |
5,249 |
5,158 |
+2% |
5,191 |
+1% |
Hydrocarbon production was 2,461 thousand barrels of oil equivalent per day in the first quarter 2024, stable quarter-to-quarter thanks to production growth in LNG and from start-ups at Mero 2 in
Hydrocarbon production was up 1.5% year-on-year (excluding
-
+2% due to projects ramp-ups, including Mero 2 in
Brazil , Block 10 inOman , Tommeliten Alpha inNorway , and Absheron inAzerbaijan , - +1% due to lower planned maintenance and unplanned shutdowns,
-
+1% portfolio effect related to the entry in the producing fields of SARB Umm Lulu in the
United Arab Emirates , partially offset by the end of the Bongkot operating licenses inThailand , - -2.5% due to the natural decline of the fields.
When taking into account the Canadian oil sands assets disposals, production was down 2% year-on-year.
(14) |
Company production = E&P production + Integrated LNG production. |
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
Hydrocarbon production |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
EP (kboe/d) |
1,969 |
1,998 |
-1% |
2,061 |
-4% |
Liquids (kb/d) |
1,419 |
1,448 |
-2% |
1,500 |
-5% |
Gas (Mcf/d) |
2,937 |
2,946 |
- |
3,012 |
-2% |
4.1.2 Results
In millions of dollars, except effective tax rate |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
2,550 |
2,802 |
-9% |
2,653 |
-4% |
including adjusted income from equity affiliates |
145 |
130 |
+12% |
135 |
+7% |
Effective tax rate (15) |
48.5% |
47.7% |
- |
57.1% |
- |
|
|
|
|
|
|
Organic investments (1) |
2,041 |
3,117 |
-35% |
2,134 |
-4% |
Acquisitions net of assets sales (1) |
36 |
(4,306) |
ns |
1,938 |
-98% |
Net investments (1) |
2,077 |
(1,189) |
ns |
4,072 |
-49% |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
4,478 |
4,690 |
-5% |
4,907 |
-9% |
Cash flow from operating activities |
3,590 |
5,708 |
-37% |
4,536 |
-21% |
Exploration & Production adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) was
(15) |
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
4.2 Integrated LNG
4.2.1 Production
Hydrocarbon production for LNG |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Integrated LNG (kboe/d) |
492 |
464 |
+6% |
463 |
+6% |
Liquids (kb/d) |
63 |
58 |
+9% |
62 |
+1% |
Gas (Mcf/d) |
2,312 |
2,212 |
+5% |
2,179 |
+6% |
|
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Overall LNG sales |
10.7 |
11.8 |
-9% |
11.0 |
-3% |
incl. Sales from equity production* |
4.2 |
4.0 |
+5% |
4.0 |
+5% |
incl. Sales by |
9.3 |
10.8 |
-14% |
9.9 |
-6% |
* |
The Company’s equity production may be sold by |
Hydrocarbon production for LNG was up 6% quarter-to-quarter, thanks to higher installations availability, mainly on Ichthys in
In the first quarter 2024, LNG sales decreased by 9% quarter-to-quarter, mainly due to lower demand in
4.2.2 Results
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
1,222 |
1,456 |
-16% |
2,072 |
-41% |
including adjusted income from equity affiliates |
494 |
500 |
-1% |
786 |
-37% |
|
|
|
|
|
|
Organic investments (1) |
540 |
790 |
-32% |
396 |
+36% |
Acquisitions net of assets sales (1) |
(12) |
48 |
ns |
759 |
ns |
Net investments (1) |
528 |
838 |
-37% |
1,155 |
-54% |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
1,348 |
1,763 |
-24% |
2,081 |
-35% |
Cash flow from operating activities |
1,710 |
2,702 |
-37% |
3,536 |
-52% |
Integrated LNG adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) for Integrated LNG was
4.3
4.3.1 Productions, capacities, clients and sales
|
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Net power production (TWh) * |
9.6 |
8.0 |
+20% |
8.4 |
+14% |
o/w production from renewables |
6.0 |
5.5 |
+10% |
3.8 |
+56% |
o/w production from gas flexible capacities |
3.6 |
2.5 |
+42% |
4.5 |
-21% |
Portfolio of power generation net installed capacity (GW) ** |
19.5 |
17.3 |
+13% |
12.7 |
+54% |
o/w renewables |
13.7 |
13.0 |
+5% |
8.4 |
+64% |
o/w gas flexible capacities |
5.8 |
4.3 |
+35% |
4.3 |
+35% |
Portfolio of renewable power generation gross capacity (GW) **,*** |
84.1 |
80.1 |
+5% |
70.4 |
+19% |
o/w installed capacity |
23.5 |
22.4 |
+5% |
17.9 |
+31% |
Clients power - BtB and BtC (Million) ** |
6.0 |
5.9 |
+1% |
6.0 |
-1% |
Clients gas - BtB and BtC (Million) ** |
2.8 |
2.8 |
- |
2.8 |
- |
Sales power - BtB and BtC (TWh) |
14.9 |
13.9 |
+7% |
15.5 |
-4% |
Sales gas - BtB and BtC (TWh) |
35.7 |
30.7 |
+16% |
37.3 |
-4% |
* |
Solar, wind, hydroelectric and gas flexible capacities. |
|
** |
End of period data. |
|
*** |
Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of |
Net power production was 9.6 TWh in the first quarter 2024, up 20% quarter-to-quarter. Renewable production is up 10% quarter-to-quarter and gas flexible capacities production growth benefited from the 1.5 GW gas flexible capacity acquisition in
Gross installed renewable power generation capacity reached 23.5 GW at the end of the first quarter 2024, up by more than 1 GW quarter-to-quarter, including 0.5 GW installed in
4.3.2 Results
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
611 |
527 |
+16% |
370 |
+65% |
including adjusted income from equity affiliates |
(39) |
21 |
ns |
56 |
ns |
|
|
|
|
|
|
Organic investments (1) |
943 |
674 |
+40% |
577 |
+63% |
Acquisitions net of assets sales (1) |
735 |
532 |
+38% |
519 |
+42% |
Net investments (1) |
1,678 |
1,206 |
+39% |
1,096 |
+53% |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
692 |
705 |
-2% |
440 |
+57% |
Cash flow from operating activities |
(249) |
638 |
ns |
(1,285) |
ns |
Cash flow from operations excluding working capital (CFFO) for
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
1,217 |
939 |
+30% |
1,898 |
-36% |
|
|
|
|
|
|
Organic investments (1) |
520 |
1,504 |
-65% |
290 |
+79% |
Acquisitions net of assets sales (1) |
(1,258) |
(1,679) |
ns |
(229) |
ns |
Net investments (1) |
(738) |
(175) |
ns |
61 |
ns |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
1,770 |
1,692 |
+5% |
2,189 |
-19% |
Cash flow from operating activities |
(2,237) |
6,584 |
ns |
(1,524) |
ns |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
Refinery throughput and utilization rate* |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
1,424 |
1,381 |
+3% |
1,403 |
+2% |
|
382 |
444 |
-14% |
357 |
+7% |
Rest of |
618 |
582 |
+6% |
596 |
+4% |
Rest of world |
424 |
355 |
+19% |
450 |
-6% |
Utilization rate based on crude only** |
79% |
79% |
- |
78% |
- |
* |
Includes refineries in |
|
** |
Based on distillation capacity at the beginning of the year. |
Petrochemicals production and utilization rate |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Monomers* (kt) |
1,287 |
1,114 |
+16% |
1,295 |
-1% |
Polymers (kt) |
1,076 |
985 |
+9% |
1,111 |
-3% |
Steam cracker utilization rate** |
73% |
60% |
- |
75% |
- |
* |
Olefins. |
|
** |
Based on olefins production from steam crackers and their treatment capacity at the start of the year. |
Refining throughput was up 3% quarter-to-quarter mainly due to the restart of Satorp in
Petrochemicals production was up 16% quarter-to-quarter for monomers and 9% for polymers thanks to better steam cracker utilization rates in
4.5.2 Results
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
962 |
633 |
+52% |
1,618 |
-41% |
|
|
|
|
|
|
Organic investments (1) |
419 |
1,002 |
-58% |
198 |
x2,1 |
Acquisitions net of assets sales (1) |
(20) |
(11) |
ns |
5 |
ns |
Net investments (1) |
399 |
991 |
-60% |
203 |
+97% |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
1,291 |
1,173 |
+10% |
1,733 |
-26% |
Cash flow from operating activities |
(2,129) |
4,825 |
ns |
(851) |
ns |
Refining & Chemicals adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) of
4.6 Marketing & Services
4.6.1 Petroleum product sales
Sales in kb/d* |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
1,312 |
1,341 |
-2% |
1,360 |
-4% |
|
715 |
755 |
-5% |
757 |
-6% |
Rest of world |
597 |
587 |
+2% |
602 |
-1% |
* |
Excludes trading and bulk refining sales. |
Sales of petroleum products were down year-on-year by 4% in the first quarter 2024, mainly due to the lower industrial and commercial demand in
4.6.2 Results
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted net operating income |
255 |
306 |
-17% |
280 |
-9% |
|
|
|
|
|
|
Organic investments (1) |
101 |
502 |
-80% |
92 |
+10% |
Acquisitions net of assets sales (1) |
(1,238) |
(1,668) |
ns |
(234) |
ns |
Net investments (1) |
(1,137) |
(1,166) |
ns |
(142) |
ns |
|
|
|
|
|
|
Cash flow from operations excluding working capital (CFFO) (1) |
479 |
519 |
-8% |
456 |
+5% |
Cash flow from operating activities |
(108) |
1,759 |
ns |
(673) |
ns |
Marketing & Services adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) increased by 5% year-on-year to
5.
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was
-
versus
$5,724 million in the fourth quarter 2023, mainly due to softening gas prices but was partially compensated by higher refining margins, -
versus
$6,993 million in the first quarter 2023, mainly due to softening gas prices and refining margins.
5.2 Adjusted net income (1) (
Adjustments to net incomewere
-
$1.5 billion capital gain on disposal and revaluation of shares held and consolidated under the equity method, after the partial divestment of retail network inBelgium andLuxembourg and the full divestment inthe Netherlands , -
($0.2) billion in inventory effects and effects of changes in fair value, -
($0.7) billion impairment of the Company’s minority stake in and Maxeon, based on their market value.Sunpower
TotalEnergies’ average tax rate was stable at 37.8% in the first quarter 2024 versus 37.7% in the fourth quarter 2023.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were
As of
As part of its shareholder return policy,
5.4 Acquisitions – asset sales
Acquisitions were
-
the acquisition of 1.5 GW gas flexible capacity in
Texas , -
the acquisition of battery storage developer Kyon in
Germany , -
the acquisition of Talos Low Carbon Solutions, in the carbon storage industry in
the United States .
Divestments were
-
the closing of the retail network transaction with Alimentation Couche-Tard in
Belgium ,Luxemburg , andthe Netherlands , -
The sale of a 15% interest in Absheron, in
Azerbaijan , to ADNOC.
5.5 Net cash flow (1)
2024 first quarter cash flow from operating activities was
-
The reversal of the exceptional working capital release of
$2 billion in the fourth quarter 2023, -
$1.5 billion effect of higher oil and petroleum products prices on inventories at the end of the quarter, -
$1 billion seasonal effect on tax liabilities, -
$1 billion seasonal effect on gas and power distribution activities.
5.6 Profitability
Return on equity was 19.0% for the twelve months ended
In millions of dollars |
|
|
|
|||
|
|
|
||||
Adjusted net income (1) |
22,047 |
23,450 |
34,219 |
|||
Average adjusted shareholders' equity |
115,835 |
115,006 |
115,233 |
|||
Return on equity (ROE) |
19.0% |
20.4% |
29.7% |
Return on average capital employed (1) was 16.5% for the twelve months ended
In millions of dollars |
|
|
|
|||
|
|
|
||||
Adjusted net operating income (1) |
23,278 |
24,684 |
35,712 |
|||
Average capital employed (1) |
140,662 |
130,517 |
140,842 |
|||
ROACE (1) |
16.5% |
18.9% |
25.4% |
6.
Net income for
7. Annual 2024 Sensitivities (16)
Change |
Estimated impact on adjusted net operating income |
Estimated impact on cash flow from operations |
|
Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
Average liquids price (17) | +/- 10 $/b | +/- 2.3 B$ | +/- 2.8 B$ |
European gas price - NBP / TTF | +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ |
European Refining Margin Marker (ERM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 B$ |
(16) |
Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. |
|
(17) |
In a 80 $/b Brent environment. |
8. Outlook
Brent prices are strong at around
These elevated prices are impacting refining margins, which had been elevated since the beginning of the year.
Despite exiting winter at high gas storage levels, European gas prices have been trading within a range of
Given the evolution of oil and gas prices in recent months and the lag effect on price formulas,
Second quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d, impacted by planned maintenance that is partially compensated by ramp-ups of Mero 2 in
The second quarter 2024 refining utilization rate is anticipated to be above 85%, notably as the
The Company confirms net investments guidance of
* * * *
To listen to the conference call with Chairman & CEO
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
Upstream | |||||
Production | |||||
Combined liquids and gas production by region (kboe/d) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
570 |
592 |
-4% |
583 |
-2% |
|
463 |
451 |
+3% |
494 |
-6% |
|
815 |
788 |
+3% |
718 |
+13% |
|
352 |
376 |
-6% |
441 |
-20% |
|
261 |
256 |
+2% |
288 |
-9% |
|
2,461 |
2,462 |
- |
2,524 |
-2% |
includes equity affiliates |
346 |
331 |
+5% |
344 |
+1% |
Liquids production by region (kb/d) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
224 |
236 |
-5% |
235 |
-4% |
|
331 |
328 |
+1% |
371 |
-11% |
|
652 |
629 |
+4% |
578 |
+13% |
|
171 |
207 |
-17% |
263 |
-35% |
|
104 |
106 |
-1% |
116 |
-10% |
|
1,482 |
1,506 |
-2% |
1,562 |
-5% |
includes equity affiliates |
154 |
141 |
+9% |
150 |
+3% |
Gas production by region (Mcf/d) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
1,869 |
1,921 |
-3% |
1,879 |
-1% |
|
648 |
612 |
+6% |
615 |
+5% |
|
896 |
881 |
+2% |
772 |
+16% |
|
1,003 |
941 |
+7% |
994 |
+1% |
|
833 |
803 |
+4% |
931 |
-11% |
|
5,249 |
5,158 |
+2% |
5,191 |
+1% |
includes equity affiliates |
1,043 |
1,027 |
+2% |
1,054 |
-1% |
9.2 Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
1,774 |
1,789 |
-1% |
1,600 |
+11% |
|
591 |
610 |
-3% |
667 |
-11% |
|
1,033 |
1,055 |
-2% |
849 |
+22% |
Rest of world |
711 |
697 |
+2% |
623 |
+14% |
|
4,109 |
4,151 |
-1% |
3,739 |
+10% |
Includes bulk sales |
401 |
402 |
- |
387 |
+4% |
Includes trading |
2,397 |
2,408 |
- |
1,992 |
+20% |
Petrochemicals production* (kt) |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
|
990 |
845 |
+17% |
1,047 |
-5% |
|
645 |
528 |
+22% |
607 |
+6% |
|
727 |
725 |
- |
753 |
-3% |
* |
Olefins, polymers. |
9.3
9.3.1 Net power production
1Q24 |
4Q23 |
|||||||||||||
Net power production (TWh) | Solar | Onshore Wind |
Offshore Wind |
Gas | Others |
|
Solar | Onshore Wind |
Offshore Wind |
Gas | Others |
|
||
|
0.1 |
0.2 |
- |
1.8 |
0.0 |
2.2 |
|
0.1 |
0.3 |
- |
1.6 |
0.0 |
2.0 |
|
Rest of |
0.1 |
0.6 |
0.6 |
0.7 |
0.1 |
2.0 |
|
0.0 |
0.5 |
0.6 |
0.6 |
0.1 |
1.8 |
|
|
0.0 |
0.0 |
- |
- |
- |
0.0 |
|
0.0 |
0.0 |
- |
- |
- |
0.0 |
|
|
0.2 |
- |
- |
0.3 |
- |
0.5 |
|
0.2 |
- |
- |
0.3 |
- |
0.4 |
|
|
0.5 |
0.5 |
- |
0.7 |
- |
1.8 |
|
0.4 |
0.5 |
- |
- |
- |
0.9 |
|
|
0.2 |
0.7 |
- |
- |
- |
0.8 |
|
0.1 |
0.9 |
- |
- |
- |
1.0 |
|
|
1.6 |
0.2 |
- |
- |
- |
1.8 |
|
1.3 |
0.2 |
- |
- |
- |
1.5 |
|
Pacific |
0.3 |
0.0 |
0.1 |
- |
- |
0.4 |
|
0.3 |
0.0 |
0.1 |
- |
- |
0.4 |
|
|
2.9 |
2.3 |
0.7 |
3.6 |
0.1 |
9.6 |
|
2.4 |
2.3 |
0.7 |
2.5 |
0.1 |
8.0 |
9.3.2 Installed power generation net capacity
1Q24 |
|
4Q23 |
||||||||||||
Installed power generation net capacity (GW) (18) |
Solar |
Onshore
|
Offshore
|
Gas |
Others |
|
|
Solar |
Onshore
|
Offshore
|
Gas |
Others |
|
|
|
0.6 |
0.4 |
- |
2.6 |
0.1 |
3.7 |
|
0.5 |
0.3 |
- |
2.6 |
0.1 |
3.6 |
|
Rest of |
0.3 |
0.9 |
0.6 |
1.4 |
0.1 |
3.2 |
|
0.2 |
0.9 |
0.6 |
1.4 |
0.1 |
3.2 |
|
|
0.1 |
0.0 |
- |
- |
0.0 |
0.1 |
|
0.1 |
0.0 |
- |
- |
0.0 |
0.1 |
|
|
0.4 |
- |
- |
0.3 |
- |
0.7 |
|
0.4 |
- |
- |
0.3 |
- |
0.7 |
|
|
2.2 |
0.8 |
- |
1.5 |
0.3 |
4.9 |
|
2.0 |
0.8 |
- |
- |
0.2 |
3.0 |
|
|
0.4 |
0.9 |
- |
- |
- |
1.2 |
|
0.4 |
0.8 |
- |
- |
- |
1.2 |
|
|
4.0 |
0.5 |
- |
- |
- |
4.5 |
|
3.8 |
0.5 |
- |
- |
- |
4.3 |
|
Pacific |
1.0 |
0.0 |
0.1 |
- |
0.0 |
1.1 |
|
1.0 |
0.0 |
0.1 |
- |
0.0 |
1.1 |
|
|
9.0 |
3.5 |
0.7 |
5.8 |
0.6 |
19.5 |
|
8.5 |
3.4 |
0.7 |
4.3 |
0.5 |
17.3 |
(18) |
End-of-period data. |
9.3.3 Power generation gross capacity from renewables
1Q24 |
|
4Q23 |
||||||||||
Installed power generation gross capacity from renewables (GW) (19),(20) |
Solar |
Onshore
|
Offshore
|
Other |
|
|
Solar |
Onshore
|
Offshore
|
Other |
|
|
|
0.9 |
0.7 |
- |
0.1 |
1.7 |
|
0.9 |
0.6 |
- |
0.1 |
1.6 |
|
Rest of |
0.3 |
1.1 |
1.1 |
0.2 |
2.7 |
|
0.2 |
1.1 |
1.1 |
0.2 |
2.6 |
|
|
0.1 |
0.0 |
- |
0.0 |
0.2 |
|
0.1 |
0.0 |
- |
0.0 |
0.2 |
|
|
1.2 |
- |
- |
- |
1.2 |
|
1.2 |
- |
- |
- |
1.2 |
|
|
5.2 |
2.2 |
- |
0.6 |
8.0 |
|
4.9 |
2.1 |
- |
0.5 |
7.5 |
|
|
0.4 |
1.2 |
- |
- |
1.6 |
|
0.4 |
1.2 |
- |
- |
1.6 |
|
|
5.8 |
0.5 |
- |
- |
6.3 |
|
5.4 |
0.5 |
- |
- |
5.9 |
|
|
1.5 |
0.0 |
0.3 |
0.0 |
1.8 |
|
1.5 |
0.0 |
0.3 |
0.0 |
1.8 |
|
|
15.4 |
5.7 |
1.4 |
1.0 |
23.5 |
|
14.6 |
5.5 |
1.4 |
0.8 |
22.4 |
1Q24 |
4Q23 |
|||||||||||
Power generation gross capacity from renewables in construction (GW) (19),(20) | Solar | Onshore Wind |
Offshore Wind |
Other |
|
Solar | Onshore Wind |
Offshore Wind |
Other |
|
||
|
0.1 |
- |
0.0 |
0.0 |
0.2 |
0.2 |
0.0 |
0.0 |
0.0 |
0.2 |
||
Rest of |
0.4 |
0.0 |
- |
0.1 |
0.5 |
0.4 |
0.0 |
- |
0.1 |
0.5 |
||
|
0.3 |
- |
- |
0.1 |
0.4 |
0.0 |
- |
- |
0.0 |
0.0 |
||
|
0.1 |
- |
- |
- |
0.1 |
0.1 |
- |
- |
- |
0.1 |
||
|
1.6 |
0.0 |
- |
0.2 |
1.8 |
1.4 |
0.1 |
- |
0.2 |
1.7 |
||
|
0.0 |
0.7 |
- |
0.0 |
0.7 |
0.0 |
0.4 |
- |
0.0 |
0.4 |
||
|
0.6 |
0.1 |
- |
- |
0.6 |
0.6 |
- |
- |
- |
0.6 |
||
|
0.1 |
0.0 |
0.4 |
- |
0.4 |
0.0 |
0.0 |
0.4 |
- |
0.4 |
||
|
3.1 |
0.8 |
0.4 |
0.4 |
4.8 |
2.8 |
0.6 |
0.4 |
0.3 |
4.1 |
1Q24 |
4Q23 |
|||||||||||
Power generation gross capacity from renewables in development (GW) (19),(20) | Solar | Onshore Wind |
Offshore Wind |
Other |
|
Solar | Onshore Wind |
Offshore Wind |
Other |
|
||
|
1.2 |
0.4 |
- |
0.0 |
1.6 |
0.7 |
0.4 |
- |
0.0 |
1.2 |
||
Rest of |
4.4 |
0.5 |
7.4 |
1.8 |
14.2 |
4.6 |
0.3 |
7.4 |
0.1 |
12.4 |
||
|
1.4 |
0.3 |
- |
0.0 |
1.7 |
1.1 |
0.3 |
- |
0.3 |
1.7 |
||
|
1.7 |
- |
- |
- |
1.7 |
1.5 |
0.7 |
- |
- |
2.2 |
||
|
10.3 |
3.1 |
4.1 |
4.8 |
22.3 |
8.2 |
3.4 |
4.1 |
5.4 |
21.1 |
||
|
1.5 |
1.2 |
- |
0.1 |
2.8 |
1.4 |
0.8 |
- |
0.4 |
2.6 |
||
|
4.5 |
0.2 |
- |
- |
4.7 |
4.7 |
0.2 |
- |
- |
4.9 |
||
|
3.2 |
0.1 |
2.6 |
1.0 |
6.9 |
2.9 |
0.4 |
2.9 |
1.3 |
7.5 |
||
|
28.2 |
5.8 |
14.1 |
7.7 |
55.9 |
25.3 |
6.5 |
14.4 |
7.5 |
53.7 |
(19) |
Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of |
|
(20) |
End-of-period data. |
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (
In millions of dollars |
1Q24 |
4Q23 |
1Q23 |
Net income ( |
5,721 |
5,063 |
5,557 |
Special items affecting net income ( |
805 |
180 |
(159) |
Gain (loss) on asset sales |
1,507 |
1,844 |
203 |
Restructuring charges |
- |
(51) |
- |
Impairments |
(644) |
(1,023) |
(60) |
Other * |
(58) |
(590) |
(302) |
After-tax inventory effect : FIFO vs. replacement cost |
124 |
(535) |
(391) |
Effect of changes in fair value |
(320) |
192 |
(434) |
|
609 |
(163) |
(984) |
Adjusted net income ( |
5,112 |
5,226 |
6,541 |
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Net income ( |
5,721 |
5,063 |
+13% |
5,557 |
+3% |
Less: adjustment items to net income ( |
(609) |
163 |
ns |
984 |
ns |
Adjusted net income ( |
5,112 |
5,226 |
-2% |
6,541 |
-22% |
Adjusted items |
|
|
|
|
|
Add: non-controlling interests |
100 |
57 |
+75% |
74 |
+35% |
Add: income taxes |
2,991 |
3,004 |
- |
4,090 |
-27% |
Add: depreciation, depletion and impairment of tangible assets and mineral interests |
2,942 |
3,060 |
-4% |
3,026 |
-3% |
Add: amortization and impairment of intangible assets |
92 |
115 |
-20% |
99 |
-7% |
Add: financial interest on debt |
708 |
660 |
+7% |
710 |
- |
Less: financial income and expense from cash & cash equivalents |
(452) |
(426) |
ns |
(373) |
ns |
Adjusted EBITDA |
11,493 |
11,696 |
-2% |
14,167 |
-19% |
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Adjusted items |
|
|
|
|
|
Revenues from sales |
51,883 |
54,765 |
-5% |
58,309 |
-11% |
Purchases, net of inventory variation |
(33,525) |
(36,651) |
ns |
(37,479) |
ns |
Other operating expenses |
(7,580) |
(6,956) |
ns |
(7,752) |
ns |
Exploration costs |
(88) |
(174) |
ns |
(94) |
ns |
Other income |
240 |
169 |
+42% |
77 |
x3,1 |
Other expense, excluding amortization and impairment of intangible assets |
(125) |
(150) |
ns |
(38) |
ns |
Other financial income |
282 |
276 |
+2% |
248 |
+14% |
Other financial expense |
(215) |
(180) |
ns |
(183) |
ns |
Net income (loss) from equity affiliates |
621 |
597 |
+4% |
1,079 |
-42% |
Adjusted EBITDA |
11,493 |
11,696 |
-2% |
14,167 |
-19% |
Adjusted items |
|
|
|
|
|
Less: depreciation, depletion and impairment of tangible assets and mineral interests |
(2,942) |
(3,060) |
ns |
(3,026) |
ns |
Less: amortization of intangible assets |
(92) |
(115) |
ns |
(99) |
ns |
Less: financial interest on debt |
(708) |
(660) |
ns |
(710) |
ns |
Add: financial income and expense from cash & cash equivalents |
452 |
426 |
+6% |
373 |
+21% |
Less: income taxes |
(2,991) |
(3,004) |
ns |
(4,090) |
ns |
Less: non-controlling interests |
(100) |
(57) |
ns |
(74) |
ns |
Add: adjustment ( |
609 |
(163) |
ns |
(984) |
ns |
Net income ( |
5,721 |
5,063 |
+13% |
5,557 |
+3% |
10.3 Investments – Divestments (
Reconciliation of Cash flow used in investing activities to Net investments
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Cash flow used in investing activities ( a ) |
3,467 |
632 |
x5,5 |
6,362 |
-46% |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
- |
ns |
Organic loan repayment from equity affiliates ( c ) |
3 |
3 |
- |
(6) |
ns |
Change in debt from renewable projects financing ( d ) * |
- |
(3) |
-100% |
3 |
-100% |
Capex linked to capitalized leasing contracts ( e ) |
103 |
71 |
+45% |
60 |
+72% |
Expenditures related to carbon credits ( f ) |
(1) |
32 |
ns |
1 |
ns |
Net investments ( a + b + c + d + e + f = g - i + h ) |
3,572 |
735 |
x4,9 |
6,420 |
-44% |
of which acquisitions net of assets sales ( g-i ) |
(500) |
(5,404) |
ns |
2,987 |
ns |
Acquisitions ( g ) |
1,074 |
698 |
+54% |
3,256 |
-67% |
Asset sales ( i ) |
1,574 |
6,102 |
-74% |
269 |
x5,9 |
Change in debt from renewable projects (partner share) |
- |
- |
ns |
(3) |
-100% |
of which organic investments ( h ) |
4,072 |
6,139 |
-34% |
3,433 |
+19% |
Capitalized exploration |
145 |
214 |
-32% |
205 |
-29% |
Increase in non-current loans |
538 |
683 |
-21% |
374 |
+44% |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(146) |
(91) |
ns |
(229) |
ns |
Change in debt from renewable projects ( |
- |
(3) |
-100% |
- |
ns |
* |
Change in debt from renewable projects ( |
10.4 Cash flow (
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
In millions of dollars |
1Q24 |
4Q23 |
1Q24
|
1Q23 |
1Q24
|
Cash flow from operating activities ( a ) |
2,169 |
16,150 |
-87% |
5,133 |
-58% |
(Increase) decrease in working capital ( b ) * |
(6,121) |
8,377 |
ns |
(3,989) |
ns |
Inventory effect ( c ) |
125 |
(724) |
ns |
(502) |
ns |
Capital gain from renewable project sales ( d ) |
- |
(0) |
-100% |
3 |
-100% |
Organic loan repayments from equity affiliates ( e ) |
3 |
3 |
- |
(6) |
ns |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
8,168 |
8,500 |
-4% |
9,621 |
-15% |
Financial charges |
(143) |
(29) |
ns |
(153) |
ns |
Debt Adjusted Cash Flow (DACF) |
8,311 |
8,529 |
-3% |
9,774 |
-15% |
|
|
|
|
|
|
Organic investments ( g ) |
4,072 |
6,139 |
-34% |
3,433 |
+19% |
Free cash flow after organic investments ( f - g ) |
4,096 |
2,361 |
+73% |
6,188 |
-34% |
|
|
|
|
|
|
Net investments ( h ) |
3,572 |
735 |
x4,9 |
6,420 |
-44% |
Net cash flow ( f - h ) |
4,596 |
7,765 |
-41% |
3,201 |
+44% |
* |
Changes in working capital are presented excluding the mark-to-market effect of |
10.5 Gearing ratio
In millions of dollars |
|
|
|
Current borrowings * |
16,068 |
7,869 |
16,280 |
Other current financial liabilities |
481 |
446 |
597 |
Current financial assets * , ** |
(5,969) |
(6,256) |
(7,223) |
Net financial assets classified as held for sale * |
(11) |
17 |
(38) |
Non-current financial debt * |
30,452 |
32,722 |
34,820 |
Non-current financial assets * |
(1,165) |
(1,229) |
(1,101) |
Cash and cash equivalents |
(25,640) |
(27,263) |
(27,985) |
Net debt ( a ) |
14,216 |
6,306 |
15,350 |
|
|
|
|
Shareholders’ equity ( |
118,409 |
116,753 |
115,581 |
Non-controlling interests |
2,734 |
2,700 |
2,863 |
Shareholders' equity (b) |
121,143 |
119,453 |
118,444 |
|
|
|
|
Gearing = a / ( a+b ) |
10.5% |
5.0% |
11.5% |
|
|
|
|
Leases (c) |
8,013 |
8,275 |
8,131 |
Gearing including leases ( a+c ) / ( a+b+c ) |
15.5% |
10.9% |
16.5% |
* |
Excludes leases receivables and leases debts. |
|
** |
Including initial margins held as part of the Company's activities on organized markets. |
10.6 Return on average capital employed
Twelve months ended |
|||||||
In millions of dollars |
Exploration &
|
Integrated
|
Integrated
|
Refining &
|
Marketing &
|
|
Company |
Adjusted net operating income |
10,839 |
5,350 |
2,094 |
3,998 |
1,433 |
|
23,278 |
Capital employed at |
67,658 |
34,183 |
18,982 |
10,115 |
8,811 |
|
139,830 |
Capital employed at |
64,968 |
36,678 |
22,890 |
9,360 |
8,013 |
|
141,494 |
ROACE |
16.3% |
15.1% |
10.0% |
41.1% |
17.0% |
|
16.5% |
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Acquisitions refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).
Adjusted net income (
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Net Acquisitions (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Net Acquisitions each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate
This press release presents the results for the first quarter of 2024 from the consolidated financial statements of
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2,
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore,
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The
CONSOLIDATED STATEMENT OF INCOME |
||||||
|
||||||
(unaudited) |
||||||
|
1st quarter |
|
4th quarter |
|
1st quarter |
|
(M$)(a) |
2024 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
Sales |
56,278 |
|
59,237 |
|
62,603 |
|
Excise taxes |
(4,395) |
|
(4,472) |
|
(4,370) |
|
Revenues from sales |
51,883 |
|
54,765 |
|
58,233 |
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
(33,780) |
|
(37,150) |
|
(38,351) |
|
Other operating expenses |
(7,643) |
|
(7,166) |
|
(7,785) |
|
Exploration costs |
(88) |
|
(174) |
|
(92) |
|
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,942) |
|
(3,539) |
|
(3,062) |
|
Other income |
1,758 |
|
2,685 |
|
341 |
|
Other expense |
(315) |
|
(802) |
|
(300) |
|
|
|
|
|
|
|
|
Financial interest on debt |
(708) |
|
(660) |
|
(710) |
|
Financial income and expense from cash & cash equivalents |
472 |
|
439 |
|
393 |
|
Cost of net debt |
(236) |
|
(221) |
|
(317) |
|
|
|
|
|
|
|
|
Other financial income |
306 |
|
303 |
|
258 |
|
Other financial expense |
(215) |
|
(189) |
|
(183) |
|
|
|
|
|
|
|
|
Net income (loss) from equity affiliates |
18 |
|
(136) |
|
960 |
|
|
|
|
|
|
|
|
Income taxes |
(2,942) |
|
(3,339) |
|
(4,071) |
|
Consolidated net income |
5,804 |
|
5,037 |
|
5,631 |
|
|
5,721 |
|
5,063 |
|
5,557 |
|
Non-controlling interests |
83 |
|
(26) |
|
74 |
|
Earnings per share ($) |
2.42 |
|
2.11 |
|
2.23 |
|
Fully-diluted earnings per share ($) |
2.40 |
|
2.09 |
|
2.21 |
|
(a) Except for per share amounts. |
|
|
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|
|
|||
|
|
|
|
|
|
(unaudited) |
|||||
|
1st quarter |
|
4th quarter |
|
1st quarter |
(M$) |
2024 |
|
2023 |
|
2023 |
Consolidated net income |
5,804 |
|
5,037 |
|
5,631 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
(2) |
|
(251) |
|
3 |
Change in fair value of investments in equity instruments |
40 |
|
(17) |
|
4 |
Tax effect |
(8) |
|
42 |
|
(8) |
Currency translation adjustment generated by the parent company |
(1,506) |
|
3,025 |
|
1,466 |
Items not potentially reclassifiable to profit and loss |
(1,476) |
|
2,799 |
|
1,465 |
Currency translation adjustment |
1,099 |
|
(3,182) |
|
(1,250) |
Cash flow hedge |
807 |
|
701 |
|
1,202 |
Variation of foreign currency basis spread |
(15) |
|
(16) |
|
(3) |
share of other comprehensive income of equity affiliates, net amount |
(76) |
|
(144) |
|
(98) |
Other |
2 |
|
3 |
|
3 |
Tax effect |
(219) |
|
(212) |
|
(336) |
Items potentially reclassifiable to profit and loss |
1,598 |
|
(2,850) |
|
(482) |
|
122 |
|
(51) |
|
983 |
|
|
|
|
|
|
Comprehensive income |
5,926 |
|
4,986 |
|
6,614 |
|
5,870 |
|
4,995 |
|
6,550 |
Non-controlling interests |
56 |
|
(9) |
|
64 |
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(M$) |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets, net |
33,193 |
|
33,083 |
|
33,234 |
Property, plant and equipment, net |
109,462 |
|
108,916 |
|
107,499 |
Equity affiliates : investments and loans |
31,256 |
|
30,457 |
|
29,997 |
Other investments |
1,895 |
|
1,543 |
|
1,209 |
Non-current financial assets |
2,308 |
|
2,395 |
|
2,357 |
Deferred income taxes |
3,165 |
|
3,418 |
|
4,772 |
Other non-current assets |
4,328 |
|
4,313 |
|
2,709 |
|
185,607 |
|
184,125 |
|
181,777 |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Inventories, net |
20,229 |
|
19,317 |
|
22,786 |
Accounts receivable, net |
24,198 |
|
23,442 |
|
24,128 |
Other current assets |
20,615 |
|
20,821 |
|
28,153 |
Current financial assets |
6,319 |
|
6,585 |
|
7,535 |
Cash and cash equivalents |
25,640 |
|
27,263 |
|
27,985 |
Assets classified as held for sale |
525 |
|
2,101 |
|
668 |
|
97,526 |
|
99,529 |
|
111,255 |
|
283,133 |
|
283,654 |
|
293,032 |
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
Common shares |
7,548 |
|
7,616 |
|
7,828 |
Paid-in surplus and retained earnings |
129,937 |
|
126,857 |
|
123,357 |
Currency translation adjustment |
(14,167) |
|
(13,701) |
|
(12,784) |
|
(4,909) |
|
(4,019) |
|
(2,820) |
|
118,409 |
|
116,753 |
|
115,581 |
Non-controlling interests |
2,734 |
|
2,700 |
|
2,863 |
|
121,143 |
|
119,453 |
|
118,444 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Deferred income taxes |
11,878 |
|
11,688 |
|
11,300 |
Employee benefits |
1,941 |
|
1,993 |
|
1,840 |
Provisions and other non-current liabilities |
20,961 |
|
21,257 |
|
21,270 |
Non-current financial debt |
38,053 |
|
40,478 |
|
42,915 |
|
72,833 |
|
75,416 |
|
77,325 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
37,647 |
|
41,335 |
|
36,037 |
Other creditors and accrued liabilities |
32,949 |
|
36,727 |
|
42,578 |
Current borrowings |
17,973 |
|
9,590 |
|
17,884 |
Other current financial liabilities |
481 |
|
446 |
|
597 |
Liabilities directly associated with the assets classified as held for sale |
107 |
|
687 |
|
167 |
|
89,157 |
|
88,785 |
|
97,263 |
|
283,133 |
|
283,654 |
|
293,032 |
CONSOLIDATED STATEMENT OF CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|||||
|
1st quarter |
|
4th quarter |
|
1st quarter |
(M$) |
2024 |
|
2023 |
|
2023 |
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
5,804 |
|
5,037 |
|
5,631 |
Depreciation, depletion, amortization and impairment |
3,036 |
|
3,815 |
|
3,187 |
Non-current liabilities, valuation allowances and deferred taxes |
292 |
|
(268) |
|
314 |
(Gains) losses on disposals of assets |
(1,610) |
|
(2,609) |
|
(252) |
Undistributed affiliates' equity earnings |
288 |
|
940 |
|
(349) |
(Increase) decrease in working capital |
(5,686) |
|
8,308 |
|
(3,419) |
Other changes, net |
45 |
|
927 |
|
21 |
Cash flow from operating activities |
2,169 |
|
16,150 |
|
5,133 |
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
(3,420) |
|
(5,076) |
|
(4,968) |
Acquisitions of subsidiaries, net of cash acquired |
(759) |
|
(10) |
|
(136) |
Investments in equity affiliates and other securities |
(488) |
|
(1,066) |
|
(1,407) |
Increase in non-current loans |
(538) |
|
(683) |
|
(389) |
|
(5,205) |
|
(6,835) |
|
(6,900) |
Proceeds from disposals of intangible assets and property, plant and equipment |
337 |
|
2,776 |
|
68 |
Proceeds from disposals of subsidiaries, net of cash sold |
1,218 |
|
3,333 |
|
183 |
Proceeds from disposals of non-current investments |
34 |
|
- |
|
49 |
Repayment of non-current loans |
149 |
|
94 |
|
238 |
|
1,738 |
|
6,203 |
|
538 |
Cash flow used in investing activities |
(3,467) |
|
(632) |
|
(6,362) |
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
- Parent company shareholders |
- |
|
- |
|
- |
- |
(2,006) |
|
(2,964) |
|
(2,103) |
Dividends paid: |
|
|
|
|
|
- Parent company shareholders |
(1,903) |
|
(1,869) |
|
(1,844) |
- Non-controlling interests |
(6) |
|
(17) |
|
(21) |
Net issuance (repayment) of perpetual subordinated notes |
- |
|
- |
|
- |
Payments on perpetual subordinated notes |
(159) |
|
(54) |
|
(158) |
Other transactions with non-controlling interests |
(17) |
|
(16) |
|
(86) |
Net issuance (repayment) of non-current debt |
42 |
|
(21) |
|
118 |
Increase (decrease) in current borrowings |
3,536 |
|
(8,458) |
|
(1,274) |
Increase (decrease) in current financial assets and liabilities |
271 |
|
360 |
|
1,394 |
Cash flow from (used in) financing activities |
(242) |
|
(13,039) |
|
(3,974) |
Net increase (decrease) in cash and cash equivalents |
(1,540) |
|
2,479 |
|
(5,203) |
Effect of exchange rates |
(83) |
|
53 |
|
162 |
Cash and cash equivalents at the beginning of the period |
27,263 |
|
24,731 |
|
33,026 |
Cash and cash equivalents at the end of the period |
25,640 |
|
27,263 |
|
27,985 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(unaudited) |
|||||||||||||||||
|
Common shares issued |
Paid-in surplus and retained earnings |
Currency translation adjustment |
|
|
|
Shareholders' equity - Share |
Non-controlling interests |
|
|
|||||||
(M$) |
Number |
Amount |
|
Number |
Amount |
|
|
||||||||||
As of |
2,619,131,285 |
8,163 |
123,951 |
(12,836) |
|
(137,187,667) |
(7,554) |
|
111,724 |
2,846 |
|
114,570 |
|||||
Net income of the first quarter 2023 |
- |
- |
5,557 |
- |
|
- |
- |
|
5,557 |
74 |
|
5,631 |
|||||
Other comprehensive income |
- |
- |
913 |
80 |
|
- |
- |
|
993 |
(10) |
|
983 |
|||||
Comprehensive Income |
- |
- |
6,470 |
80 |
|
- |
- |
|
6,550 |
64 |
|
6,614 |
|||||
Dividend |
- |
- |
- |
- |
|
- |
- |
|
- |
(21) |
|
(21) |
|||||
Issuance of common shares |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|||||
Purchase of treasury shares |
- |
- |
- |
- |
|
(33,842,858) |
(2,703) |
|
(2,703) |
- |
|
(2,703) |
|||||
Sale of treasury shares(a) |
- |
- |
(395) |
- |
|
6,446,384 |
395 |
|
- |
- |
|
- |
|||||
Share-based payments |
- |
- |
54 |
- |
|
- |
- |
|
54 |
- |
|
54 |
|||||
Share cancellation |
(128,869,261) |
(335) |
(6,707) |
- |
|
128,869,261 |
7,042 |
|
- |
- |
|
- |
|||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|||||
Payments on perpetual subordinated notes |
- |
- |
(77) |
- |
|
- |
- |
|
(77) |
- |
|
(77) |
|||||
Other operations with non-controlling interests |
- |
- |
39 |
(28) |
|
- |
- |
|
11 |
(25) |
|
(14) |
|||||
Other items |
- |
- |
22 |
- |
|
- |
- |
|
22 |
(1) |
|
21 |
|||||
As of |
2,490,262,024 |
7,828 |
123,357 |
(12,784) |
|
(35,714,880) |
(2,820) |
|
115,581 |
2,863 |
|
118,444 |
|||||
Net income from |
- |
- |
15,827 |
- |
|
- |
- |
|
15,827 |
52 |
|
15,879 |
|||||
Other comprehensive income |
- |
- |
1,074 |
(917) |
|
- |
- |
|
157 |
(33) |
|
124 |
|||||
Comprehensive Income |
- |
- |
16,901 |
(917) |
|
- |
- |
|
15,984 |
19 |
|
16,003 |
|||||
Dividend |
- |
- |
(7,611) |
- |
|
- |
- |
|
(7,611) |
(290) |
|
(7,901) |
|||||
Issuance of common shares |
8,002,155 |
22 |
361 |
- |
|
- |
- |
|
383 |
- |
|
383 |
|||||
Purchase of treasury shares |
- |
- |
- |
- |
|
(110,857,719) |
(6,464) |
|
(6,464) |
- |
|
(6,464) |
|||||
Sale of treasury shares(a) |
- |
- |
(1) |
- |
|
17,042 |
1 |
|
- |
- |
|
- |
|||||
Share-based payments |
- |
- |
237 |
- |
|
- |
- |
|
237 |
- |
|
237 |
|||||
Share cancellation |
(86,012,344) |
(234) |
(5,030) |
- |
|
86,012,344 |
5,264 |
|
- |
- |
|
- |
|||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(1,107) |
- |
|
- |
- |
|
(1,107) |
- |
|
(1,107) |
|||||
Payments on perpetual subordinated notes |
- |
- |
(217) |
- |
|
- |
- |
|
(217) |
- |
|
(217) |
|||||
Other operations with non-controlling interests |
- |
- |
(9) |
- |
|
- |
- |
|
(9) |
110 |
|
101 |
|||||
Other items |
- |
- |
(24) |
- |
|
- |
- |
|
(24) |
(2) |
|
(26) |
|||||
As of |
2,412,251,835 |
7,616 |
126,857 |
(13,701) |
|
(60,543,213) |
(4,019) |
|
116,753 |
2,700 |
|
119,453 |
|||||
Net income of the first quarter 2024 |
- |
- |
5,721 |
- |
|
- |
- |
|
5,721 |
83 |
|
5,804 |
|||||
Other comprehensive income |
- |
- |
614 |
(465) |
|
- |
- |
|
149 |
(27) |
|
122 |
|||||
Comprehensive Income |
- |
- |
6,335 |
(465) |
|
- |
- |
|
5,870 |
56 |
|
5,926 |
|||||
Dividend |
- |
- |
- |
- |
|
- |
- |
|
- |
(6) |
|
(6) |
|||||
Issuance of common shares |
- |
- |
- |
- |
|
- |
- |
|
- |
- |
|
- |
|||||
Purchase of treasury shares |
- |
- |
- |
- |
|
(30,581,230) |
(2,556) |
|
(2,556) |
- |
|
(2,556) |
|||||
Sale of treasury shares(a) |
- |
- |
- |
- |
|
2,957 |
- |
|
- |
- |
|
- |
|||||
Share-based payments |
- |
- |
59 |
- |
|
- |
- |
|
59 |
- |
|
59 |
|||||
Share cancellation |
(25,405,361) |
(68) |
(1,597) |
- |
|
25,405,361 |
1,665 |
|
- |
- |
|
- |
|||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(1,679) |
- |
|
- |
- |
|
(1,679) |
- |
|
(1,679) |
|||||
Payments on perpetual subordinated notes |
- |
- |
(71) |
- |
|
- |
- |
|
(71) |
- |
|
(71) |
|||||
Other operations with non-controlling interests |
- |
- |
- |
- |
|
- |
- |
|
- |
(17) |
|
(17) |
|||||
Other items |
- |
- |
33 |
(1) |
|
- |
1 |
|
33 |
1 |
|
34 |
|||||
As of |
2,386,846,474 |
7,548 |
129,937 |
(14,167) |
|
(65,716,125) |
(4,909) |
|
118,409 |
2,734 |
|
121,143 |
|||||
(a)
|
INFORMATION BY BUSINESS SEGMENT |
|||||||
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1st quarter 2024 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
|||||||
(M$) |
|||||||||||||||
External sales |
1,318 |
2,659 |
7,082 |
24,533 |
20,671 |
15 |
- |
56,278 |
|||||||
Intersegment sales |
9,735 |
3,495 |
790 |
8,143 |
269 |
63 |
(22,495) |
- |
|||||||
Excise taxes |
- |
- |
- |
(170) |
(4,225) |
- |
- |
(4,395) |
|||||||
Revenues from sales |
11,053 |
6,154 |
7,872 |
32,506 |
16,715 |
78 |
(22,495) |
51,883 |
|||||||
Operating expenses |
(4,444) |
(4,784) |
(7,565) |
(30,888) |
(16,096) |
(229) |
22,495 |
(41,511) |
|||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,917) |
(321) |
(97) |
(376) |
(206) |
(25) |
- |
(2,942) |
|||||||
Net income (loss) from equity affiliates and other items |
97 |
495 |
(615) |
68 |
1,480 |
27 |
- |
1,552 |
|||||||
Tax on net operating income |
(2,261) |
(284) |
(40) |
(255) |
(108) |
55 |
- |
(2,893) |
|||||||
Adjustment (a) |
(22) |
38 |
(1,056) |
93 |
1,530 |
(4) |
- |
579 |
|||||||
Adjusted net operating income |
2,550 |
1,222 |
611 |
962 |
255 |
(90) |
- |
5,510 |
|||||||
Adjustment (a) |
|
|
|
|
|
|
|
579 |
|||||||
Net cost of net debt |
|
|
|
|
|
|
|
(285) |
|||||||
Non-controlling interests |
|
|
|
|
|
|
|
(83) |
|||||||
Net income - |
|
|
|
|
|
|
|
5,721 |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||||||||||
|
|||||||||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
|||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
|||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
1st quarter 2024 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
|||||||
(M$) |
|||||||||||||||
|
2,294 |
565 |
1,739 |
435 |
144 |
28 |
- |
5,205 |
|||||||
|
306 |
50 |
62 |
38 |
1,281 |
1 |
- |
1,738 |
|||||||
Cash flow from operating activities |
3,590 |
1,710 |
(249) |
(2,129) |
(108) |
(645) |
- |
2,169 |
INFORMATION BY BUSINESS SEGMENT |
|||||||
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
4th quarter 2023 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
||||||||
(M$) |
||||||||||||||||
External sales |
1,622 |
3,050 |
7,350 |
24,372 |
22,826 |
17 |
- |
59,237 |
||||||||
Intersegment sales |
10,630 |
3,651 |
1,276 |
8,796 |
157 |
26 |
(24,536) |
- |
||||||||
Excise taxes |
- |
- |
- |
(216) |
(4,256) |
- |
- |
(4,472) |
||||||||
Revenues from sales |
12,252 |
6,701 |
8,626 |
32,952 |
18,727 |
43 |
(24,536) |
54,765 |
||||||||
Operating expenses |
(5,084) |
(5,289) |
(7,787) |
(32,367) |
(18,289) |
(210) |
24,536 |
(44,490) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,334) |
(440) |
(97) |
(394) |
(236) |
(38) |
- |
(3,539) |
||||||||
Net income (loss) from equity affiliates and other items |
(370) |
560 |
(17) |
(158) |
1,917 |
(71) |
- |
1,861 |
||||||||
Tax on net operating income |
(2,371) |
(217) |
(156) |
76 |
(718) |
91 |
- |
(3,295) |
||||||||
Adjustment (a) |
(709) |
(141) |
42 |
(524) |
1,095 |
(7) |
- |
(244) |
||||||||
Adjusted net operating income |
2,802 |
1,456 |
527 |
633 |
306 |
(178) |
- |
5,546 |
||||||||
Adjustment (a) |
|
|
|
|
|
|
|
(244) |
||||||||
Net cost of net debt |
|
|
|
|
|
|
|
(265) |
||||||||
Non-controlling interests |
|
|
|
|
|
|
|
26 |
||||||||
Net income - |
|
|
|
|
|
|
|
5,063 |
||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of |
||||||||||||||||
4th quarter 2023 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
||||||||
(M$) |
||||||||||||||||
|
3,080 |
855 |
1,241 |
1,011 |
588 |
60 |
- |
6,835 |
||||||||
|
4,362 |
28 |
32 |
22 |
1,754 |
5 |
- |
6,203 |
||||||||
Cash flow from operating activities |
5,708 |
2,702 |
638 |
4,825 |
1,759 |
518 |
- |
16,150 |
INFORMATION BY BUSINESS SEGMENT |
|||||||
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1st quarter 2023 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
|||||||
(M$) |
|||||||||||||||
External sales |
1,954 |
4,872 |
8,555 |
24,855 |
22,359 |
8 |
- |
62,603 |
|||||||
Intersegment sales |
10,728 |
5,999 |
1,685 |
9,061 |
120 |
57 |
(27,650) |
- |
|||||||
Excise taxes |
- |
- |
- |
(184) |
(4,186) |
- |
- |
(4,370) |
|||||||
Revenues from sales |
12,682 |
10,871 |
10,240 |
33,732 |
18,293 |
65 |
(27,650) |
58,233 |
|||||||
Operating expenses |
(4,762) |
(9,445) |
(9,831) |
(31,892) |
(17,787) |
(161) |
27,650 |
(46,228) |
|||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,066) |
(288) |
(47) |
(414) |
(224) |
(23) |
- |
(3,062) |
|||||||
Net income (loss) from equity affiliates and other items |
68 |
804 |
(70) |
52 |
243 |
(21) |
- |
1,076 |
|||||||
Tax on net operating income |
(3,398) |
(205) |
(111) |
(325) |
(119) |
63 |
- |
(4,095) |
|||||||
Adjustment (a) |
(129) |
(335) |
(189) |
(465) |
126 |
- |
- |
(992) |
|||||||
Adjusted net operating income |
2,653 |
2,072 |
370 |
1,618 |
280 |
(77) |
- |
6,916 |
|||||||
Adjustment (a) |
|
|
|
|
|
|
|
(992) |
|||||||
Net cost of net debt |
|
|
|
|
|
|
|
(293) |
|||||||
Non-controlling interests |
|
|
|
|
|
|
|
(74) |
|||||||
Net income - |
|
|
|
|
|
|
|
5,557 |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
|||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
|||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
1st quarter 2023 |
Exploration & Production |
Integrated LNG |
|
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
|
|||||||
(M$) |
|||||||||||||||
|
4,052 |
1,195 |
1,234 |
225 |
159 |
35 |
- |
6,900 |
|||||||
|
31 |
49 |
149 |
8 |
301 |
- |
- |
538 |
|||||||
Cash flow from operating activities |
4,536 |
3,536 |
(1,285) |
(851) |
(673) |
(130) |
- |
5,133 |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
|
2024 |
2023 |
2023 |
1st quarter 2023 |
|
|
Cash flow used in investing activities ( a ) |
1,988 |
(1,282) |
4,021 |
-51% |
|
Other transactions with non-controlling interests ( b ) |
- |
- |
- |
ns |
|
Organic loan repayment from equity affiliates ( c ) |
- |
- |
- |
ns |
|
Change in debt from renewable projects financing ( d ) * |
- |
- |
- |
ns |
|
Capex linked to capitalized leasing contracts ( e ) |
90 |
61 |
50 |
80% |
|
Expenditures related to carbon credits ( f ) |
(1) |
32 |
1 |
ns |
|
Net investments ( a + b + c + d + e + f = g - i + h ) |
2,077 |
(1,189) |
4,072 |
-49% |
|
of which net acquisitions of assets sales ( g - i ) |
36 |
(4,306) |
1,938 |
-98% |
|
Acquisitions ( g ) |
327 |
39 |
1,946 |
-83% |
|
Assets sales ( i ) |
291 |
4,345 |
8 |
x36.4 |
|
Change in debt from renewable projects (partner share) |
- |
- |
- |
ns |
|
of which organic investments ( h ) |
2,041 |
3,117 |
2,134 |
-4% |
|
Capitalized exploration |
136 |
208 |
204 |
-33% |
|
Increase in non-current loans |
42 |
61 |
44 |
-5% |
|
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(15) |
(17) |
(23) |
ns |
|
Change in debt from renewable projects ( |
- |
- |
- |
ns |
|
*Change in debt from renewable projects ( |
1.2 Integrated LNG
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
|
2024 |
2023 |
2023 |
1st quarter 2023 |
|
|
Cash flow used in investing activities ( a ) |
515 |
827 |
1,146 |
-55% |
|
Other transactions with non-controlling interests ( b ) |
- |
- |
- |
ns |
|
Organic loan repayment from equity affiliates ( c ) |
1 |
- |
1 |
ns |
|
Change in debt from renewable projects financing ( d ) * |
- |
- |
- |
ns |
|
Capex linked to capitalized leasing contracts ( e ) |
12 |
11 |
8 |
50% |
|
Expenditures related to carbon credits ( f ) |
- |
- |
- |
ns |
|
Net investments ( a + b + c + d + e + f = g - i + h ) |
528 |
838 |
1,155 |
-54% |
|
of which net acquisitions of assets sales ( g - i ) |
(12) |
48 |
759 |
ns |
|
Acquisitions ( g ) |
- |
56 |
769 |
-100% |
|
Assets sales ( i ) |
12 |
8 |
10 |
20% |
|
Change in debt from renewable projects (partner share) |
- |
- |
- |
ns |
|
of which organic investments ( h ) |
540 |
790 |
396 |
36% |
|
Capitalized exploration |
9 |
6 |
1 |
x9 |
|
Increase in non-current loans |
173 |
179 |
143 |
21% |
|
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(37) |
(20) |
(38) |
ns |
|
Change in debt from renewable projects ( |
- |
- |
- |
ns |
|
*Change in debt from renewable projects ( |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
1.3
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
|
2024 |
2023 |
2023 |
1st quarter 2023 |
|
|
Cash flow used in investing activities ( a ) |
1,677 |
1,209 |
1,085 |
55% |
|
Other transactions with non-controlling interests ( b ) |
- |
- |
- |
ns |
|
Organic loan repayment from equity affiliates ( c ) |
- |
1 |
6 |
-100% |
|
Change in debt from renewable projects financing ( d ) * |
- |
(3) |
3 |
-100% |
|
Capex linked to capitalized leasing contracts ( e ) |
1 |
(1) |
2 |
-50% |
|
Expenditures related to carbon credits ( f ) |
- |
- |
- |
ns |
|
Net investments ( a + b + c + d + e + f = g - i + h ) |
1,678 |
1,206 |
1,096 |
53% |
|
of which net acquisitions of assets sales ( g - i ) |
735 |
532 |
519 |
42% |
|
Acquisitions ( g ) |
736 |
535 |
537 |
37% |
|
Assets sales ( i ) |
1 |
3 |
18 |
-94% |
|
Change in debt from renewable projects (partner share) |
- |
- |
(3) |
-100% |
|
of which organic investments ( h ) |
943 |
674 |
577 |
63% |
|
Capitalized exploration |
- |
- |
- |
ns |
|
Increase in non-current loans |
305 |
318 |
163 |
87% |
|
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(61) |
(28) |
(121) |
ns |
|
Change in debt from renewable projects ( |
- |
(3) |
- |
ns |
|
*Change in debt from renewable projects ( |
1.4 Refining & Chemicals
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
|
2024 |
2023 |
2023 |
1st quarter 2023 |
|
|
Cash flow used in investing activities ( a ) |
397 |
989 |
217 |
83% |
|
Other transactions with non-controlling interests ( b ) |
- |
- |
- |
ns |
|
Organic loan repayment from equity affiliates ( c ) |
2 |
2 |
(14) |
ns |
|
Change in debt from renewable projects financing ( d ) * |
- |
- |
- |
ns |
|
Capex linked to capitalized leasing contracts ( e ) |
- |
- |
- |
ns |
|
Expenditures related to carbon credits ( f ) |
- |
- |
- |
ns |
|
Net investments ( a + b + c + d + e + f = g - i + h ) |
399 |
991 |
203 |
97% |
|
of which net acquisitions of assets sales ( g - i ) |
(20) |
(11) |
5 |
ns |
|
Acquisitions ( g ) |
9 |
1 |
4 |
x2.3 |
|
Assets sales ( i ) |
29 |
12 |
(1) |
ns |
|
Change in debt from renewable projects (partner share) |
- |
- |
- |
ns |
|
of which organic investments ( h ) |
419 |
1,002 |
198 |
x2.1 |
|
Capitalized exploration |
- |
- |
- |
ns |
|
Increase in non-current loans |
7 |
28 |
11 |
-36% |
|
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(7) |
(8) |
(8) |
ns |
|
Change in debt from renewable projects ( |
- |
- |
- |
ns |
|
*Change in debt from renewable projects ( |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
1.5 Marketing & Services
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
|
2024 |
2023 |
2023 |
1st quarter 2023 |
|
|
Cash flow used in investing activities ( a ) |
(1,137) |
(1,166) |
(142) |
ns |
|
Other transactions with non-controlling interests ( b ) |
- |
- |
- |
ns |
|
Organic loan repayment from equity affiliates ( c ) |
- |
- |
- |
ns |
|
Change in debt from renewable projects financing ( d ) * |
- |
- |
- |
ns |
|
Capex linked to capitalized leasing contracts ( e ) |
- |
- |
- |
ns |
|
Expenditures related to carbon credits ( f ) |
- |
- |
- |
ns |
|
Net investments ( a + b + c + d + e + f = g - i + h ) |
(1,137) |
(1,166) |
(142) |
ns |
|
of which net acquisitions of assets sales ( g - i ) |
(1,238) |
(1,668) |
(234) |
ns |
|
Acquisitions ( g ) |
2 |
67 |
- |
ns |
|
Assets sales ( i ) |
1,240 |
1,735 |
234 |
x5.3 |
|
Change in debt from renewable projects (partner share) |
- |
- |
- |
ns |
|
of which organic investments ( h ) |
101 |
502 |
92 |
10% |
|
Capitalized exploration |
- |
- |
- |
ns |
|
Increase in non-current loans |
11 |
99 |
11 |
ns |
|
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(26) |
(12) |
(39) |
ns |
|
Change in debt from renewable projects ( |
- |
- |
- |
ns |
|
*Change in debt from renewable projects ( |
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
2024 |
2023 |
2023 |
1st quarter 2023 |
|
Cash flow from operating activities ( a ) |
3,590 |
5,708 |
4,536 |
-21% |
(Increase) decrease in working capital ( b ) |
(888) |
1,018 |
(371) |
ns |
Inventory effect ( c ) |
- |
- |
- |
ns |
Capital gain from renewable project sales ( d ) |
- |
- |
- |
ns |
Organic loan repayments from equity affiliates ( e ) |
- |
- |
- |
ns |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
4,478 |
4,690 |
4,907 |
-9% |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
2.2 Integrated LNG
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
2024 |
2023 |
2023 |
1st quarter 2023 |
|
Cash flow from operating activities ( a ) |
1,710 |
2,702 |
3,536 |
-52% |
(Increase) decrease in working capital ( b ) * |
363 |
939 |
1,456 |
-75% |
Inventory effect ( c ) |
- |
- |
- |
ns |
Capital gain from renewable project sales ( d ) |
- |
- |
- |
ns |
Organic loan repayments from equity affiliates ( e ) |
1 |
- |
1 |
ns |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
1,348 |
1,763 |
2,081 |
-35% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. |
2.3 Integrated Power
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
2024 |
2023 |
2023 |
1st quarter 2023 |
|
Cash flow from operating activities ( a ) |
(249) |
638 |
(1,285) |
ns |
(Increase) decrease in working capital ( b ) * |
(941) |
(66) |
(1,715) |
ns |
Inventory effect ( c ) |
- |
- |
- |
ns |
Capital gain from renewable project sales ( d ) |
- |
- |
3 |
-100% |
Organic loan repayments from equity affiliates ( e ) |
- |
1 |
6 |
-100% |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
692 |
705 |
440 |
57% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
2.4 Refining & Chemicals
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
2024 |
2023 |
2023 |
1st quarter 2023 |
|
Cash flow from operating activities ( a ) |
(2,129) |
4,825 |
(851) |
ns |
(Increase) decrease in working capital ( b ) |
(3,526) |
4,161 |
(2,183) |
ns |
Inventory effect ( c ) |
108 |
(507) |
(415) |
ns |
Capital gain from renewable project sales ( d ) |
- |
- |
- |
ns |
Organic loan repayments from equity affiliates ( e ) |
2 |
2 |
(14) |
ns |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
1,291 |
1,173 |
1,733 |
-26% |
|
|
|
|
|
2.5 Marketing & Services
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
1st quarter 2024 vs |
2024 |
2023 |
2023 |
1st quarter 2023 |
|
Cash flow from operating activities ( a ) |
(108) |
1,759 |
(673) |
ns |
(Increase) decrease in working capital ( b ) |
(604) |
1,457 |
(1,042) |
ns |
Inventory effect ( c ) |
17 |
(217) |
(87) |
ns |
Capital gain from renewable project sales ( d ) |
- |
- |
- |
ns |
Organic loan repayments from equity affiliates ( e ) |
- |
- |
- |
ns |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
479 |
519 |
456 |
5% |
|
|
|
|
|
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
|
|
|
|
|
|
|
|
|
(In millions of dollars) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Inter Company |
Company |
Adjusted net operating income 1 st quarter 2024 |
2,550 |
1,222 |
611 |
962 |
255 |
(90) |
- |
5,510 |
Adjusted net operating income 4 th quarter 2023 |
2,802 |
1,456 |
527 |
633 |
306 |
(178) |
- |
5,546 |
Adjusted net operating income 3 rd quarter 2023 |
3,138 |
1,342 |
506 |
1,399 |
423 |
80 |
- |
6,888 |
Adjusted net operating income 2 nd quarter 2023 |
2,349 |
1,330 |
450 |
1,004 |
449 |
(248) |
- |
5,334 |
Adjusted net operating income ( a ) |
10,839 |
5,350 |
2,094 |
3,998 |
1,433 |
(436) |
- |
23,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet as of March 31, 2024 |
|
|
|
|
|
|
|
|
Property plant and equipment intangible assets net |
84,713 |
25,054 |
13,626 |
12,089 |
6,508 |
665 |
- |
142,655 |
Investments & loans in equity affiliates |
2,889 |
14,387 |
8,831 |
4,142 |
1,007 |
|
- |
31,256 |
Other non-current assets |
3,626 |
2,500 |
1,280 |
715 |
1,236 |
31 |
- |
9,388 |
Inventories, net |
1,428 |
1,010 |
657 |
13,390 |
3,744 |
- |
- |
20,229 |
Accounts receivable, net |
6,329 |
8,061 |
6,819 |
20,658 |
9,822 |
983 |
(28,474) |
24,198 |
Other current assets |
6,404 |
8,918 |
5,939 |
2,674 |
3,288 |
5,024 |
(11,632) |
20,615 |
Accounts payable |
(6,347) |
(9,053) |
(6,565) |
(32,774) |
(10,361) |
(874) |
28,327 |
(37,647) |
Other creditors and accrued liabilities |
(9,053) |
(10,425) |
(6,071) |
(6,449) |
(5,656) |
(7,074) |
11,779 |
(32,949) |
Working capital |
(1,239) |
(1,489) |
779 |
(2,501) |
837 |
(1,941) |
- |
(5,554) |
Provisions and other non-current liabilities |
(25,021) |
(3,774) |
(1,902) |
(3,678) |
(1,235) |
830 |
- |
(34,780) |
Assets and liabilities classified as held for sale - Capital employed |
- |
- |
276 |
131 |
- |
- |
- |
407 |
Capital Employed (Balance sheet) |
64,968 |
36,678 |
22,890 |
10,898 |
8,353 |
(415) |
- |
143,372 |
Less inventory valuation effect |
- |
- |
- |
(1,538) |
(340) |
- |
- |
(1,878) |
Capital Employed at replacement cost ( b ) |
64,968 |
36,678 |
22,890 |
9,360 |
8,013 |
(415) |
- |
141,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet as of March 31, 2023 |
|
|
|
|
|
|
|
|
Property plant and equipment intangible assets net |
88,954 |
24,420 |
7,172 |
11,476 |
8,036 |
675 |
- |
140,733 |
Investments & loans in equity affiliates |
2,344 |
13,013 |
9,580 |
4,471 |
589 |
- |
- |
29,997 |
Other non-current assets |
3,253 |
3,034 |
445 |
656 |
1,077 |
225 |
- |
8,690 |
Inventories, net |
1,486 |
1,520 |
883 |
14,637 |
4,260 |
- |
- |
22,786 |
Accounts receivable, net |
6,514 |
10,988 |
8,273 |
18,509 |
8,777 |
1,843 |
(30,776) |
24,128 |
Other current assets |
6,131 |
14,144 |
9,492 |
2,732 |
3,409 |
2,922 |
(10,677) |
28,153 |
Accounts payable |
(5,493) |
(12,295) |
(6,951) |
(29,927) |
(10,469) |
(1,751) |
30,849 |
(36,037) |
Other creditors and accrued liabilities |
(10,938) |
(16,778) |
(8,855) |
(7,018) |
(5,220) |
(4,373) |
10,604 |
(42,578) |
Working capital |
(2,300) |
(2,421) |
2,842 |
(1,067) |
757 |
(1,359) |
- |
(3,548) |
Provisions and other non-current liabilities |
(24,812) |
(3,863) |
(1,213) |
(3,789) |
(1,273) |
540 |
- |
(34,410) |
Assets and liabilities classified as held for sale - Capital employed |
219 |
- |
156 |
88 |
- |
- |
- |
463 |
Capital Employed (Balance sheet) |
67,658 |
34,183 |
18,982 |
11,835 |
9,186 |
81 |
- |
141,925 |
Less inventory valuation effect |
- |
- |
- |
(1,720) |
(375) |
- |
- |
(2,095) |
Capital Employed at replacement cost ( c ) |
67,658 |
34,183 |
18,982 |
10,115 |
8,811 |
81 |
- |
139,830 |
|
|
|
|
|
|
|
|
|
ROACE as a percentage ( a / average ( b + c )) |
16.3% |
15.1% |
10.0% |
41.1% |
17.0% |
|
|
16.5% |
Alternative Performance Measures (Non-GAAP) |
|
|
|
(unaudited) |
|
4. Reconciliation of consolidated net income to adjusted net operating income
|
|
|
|
(in millions of dollars) |
1st quarter |
4th quarter |
1st quarter |
2024 |
2023 |
2023 |
|
Consolidated net income ( a ) |
5,804 |
5,037 |
5,631 |
Net cost of net debt ( b ) |
(285) |
(265) |
(293) |
Special items affecting net operating income |
792 |
113 |
(167) |
Gain (loss) on asset sales |
1,507 |
1,844 |
203 |
Restructuring charges |
- |
(51) |
- |
Impairments |
(644) |
(1,070) |
(60) |
Other |
(71) |
(610) |
(310) |
After-tax inventory effect: FIFO vs. replacement cost |
107 |
(549) |
(391) |
Effect of changes in fair value |
(320) |
192 |
(434) |
|
579 |
(244) |
(992) |
Adjusted net operating income ( a - b - c ) |
5,510 |
5,546 |
6,916 |
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