Totalenergies Se · EURONEXT:TTE
Totalenergies — Total — Q1 2019 Earnings Presentation
21 slides from Totalenergies's earnings presentation, Apr 30, 2019
Slide 1: First quarter 2019 results summary and CEO commentary
With strong growth in production that reached 2.95 Mboe/d, up 9% year-on-year, the Group’s cash flow (DACF) increased by more than 15% year-on-year to $6.5 billion (B$), driven by the ramp-up in cash-accretive projects, including Egina in Nigeria, Ichthys in Australia and Kaombo in Angola. Cash flow
Slide 2: Highlights since the beginning of 2019
2019 data take into account the impact of the new rule IFRS16 "Leases", effective January 1, 2019. * Average €-$ exchange rate: 1.1358 in the first quarter 2019. ** 1Q18 and 4Q18 restated; historical data for 2017 and 2018 available on www.total.com . Highlights since the beginning of 2019 • Started
Slide 3: Gas prices fell by 11% in Europe and 30% in Asia
Gas prices fell by 11% in Europe and 30% in Asia year-on-year. * The indicators, which were changed in the first quarter of 2019, are shown on page 15. ** Consolidated subsidiaries. Brent was down 6% year-on-year to $63.1/b. The average liquids selling price was more resilient, particularly due to h
Slide 4: Hydrocarbon production and Exploration & Production analysis
Hydrocarbon production was 2,946 thousand barrels of oil equivalent per day (kboe/d) in first quarter 2019, an increase of 9% compared to last year, due to: +11% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo North in Angola and Egina
Slide 5: Hydrocarbon production by liquids and gas
1919 Hydrocarbon production 1019 4aig 1018 vs . 1Q18 EP (kboe/d) 2,428 2,408 2,359 43% Liquids (kbd) 1,563 1,541 1,445 +8% Gas (Mcfld) 4,707 4710 4976 5%
Slide 6: Exploration & Production results
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income) . *** Excluding financial charges, except those related to leases. Operating cash flow befor
Slide 7: Integrated Gas, Renewables & Power production and LNG sales
The year-on-year growth in liquids production is mainly related to the ramp up of condensate production from Ichthys in Australia. * The Group's equity production may be sold by Total or by the joint ventures. Total LNG sales doubled from a year ago with the start-up of Yamal LNG trains 2&3 in Russi
Slide 8: iGRP results
Adjusted net operating income for the iGRP sector was 592 M$ in the first quarter of 2019, up 23% year-on-year, thanks notably to the strong increase in LNG sales but impacted by lower gas prices. Operating cash flow before working capital changes increased by 55% year-on-year, thanks in particular
Slide 9: Refinery throughput and utilization rates
* Includes refineries in Africa reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year. Refinery throughput volumes increased by 2% in the first quarter 2019 compared to the first quarter 2018, as a result of improved use of facilities in the fir
Slide 10: Refining & Chemicals results
Operating cash flow before working capital changes increased by * Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases. With the European refining variable cost margin (VCM) up 11% year-on-y
Slide 11: Marketing & Services petroleum product sales
* Excludes trading and bulk refining sales Sales of petroleum products increased by 2% compared to last year, in line with market growth. > Results
Slide 12: Group adjusted net operating income and net income
Adjusted net operating income from the business segments was 3,413 M$ in the first quarter 2019, up 1% year-on-year, despite lower Brent prices. This strong resilience is linked to production growth in a context of continuing efforts to reduce costs. Adjusted net income (Group share) was 2,759 M$ in
Slide 13: Outlook for 2019
Since the start of the second quarter 2019, Brent has traded at around $70/b in a context of compliance with OPEC quotas, disrupted production in Venezuela and uncertainty in Libya. The environment remains volatile, however, with uncertainty around the evolution of non-OPEC supply and the impact of
Slide 14: Downstream (Refining & Chemicals and Marketing & Services)
> Downstream (Refining & Chemicals and Marketing & Services)
Slide 15: Adjustment items to net income (Group share)
Adjustment items to net income (Group share)
Slide 16: Special items and adjustments affecting net income
In millions of dollars 119 4a18 1018 Special items affecting net income (Group share) (14) (1,028) (198) Gain (loss) on asset sales - (2) (101) Restructuring charges (2) (32) (21) Impairments - (1,259) (12) Other (12) 267 (61) After-tax inventory effect : FIFO vs. replacement cost 388 (1,082) (48) E
Slide 17: Investments table
In millions of dollars Organic investments (a) capitalized exploration increase in non-current loans repayment of non-current loans Acquisitions (b) Asset sales (c) Other transactions with non-controlling interests (d) Net investments (a +b - c -d) 1018 2,620 114 1 (418) 3,688 2,169 4,139
Slide 18: Cash flow reconciliation
In millions of dollars Operating cash flow before working capital changes excluding financials charges (DACF) Financial charges Operating cash flow before working capital changes (a) (Increase) decrease in working capital Inventory effect Cash flow from operations Organic investments (b) Free cash f
Slide 19: Net-debt-to-capital ratio and return on capital employed
* The net-debt-to-capital ratio on March 31, 2019 includes the impact of the new IFRS 16 rule, effective January 1, 2019 . Return on average capital employed > Twelve months ended March 31, 2019
Slide 20: Return on average capital employed by segment
In millions of dollars Adjusted net operating income Capital employed at 2/31/2018* Capital employed at 3/31/2019* ROACE Exploration & Production 94s 93,278 90,051 92% Integrated Gas, Renewables & Power 2,630 30,998, 7238 TAM Refining & Chemicals 346 13,428 13,158 2% Marketing & Services 11828 7,409
Slide 21: Notes and forward-looking statements
* At replacement cost (excluding after-tax inventory effect). This press release presents the results for the first quarter 2019 from the consolidated financial statements of TOTAL S.A. as of March 31, 2019 (unaudited). The review procedures by the Statutory Auditors are underway. This document does