TotalEnergies: Second Quarter and First Half 2021 Results

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With adjusted results of $3.5 billion and EBITDA of $8.7 billion, TotalEnergies fully benefits from high hydrocarbon prices and allocates part of surplus revenues to share buybacks while continuing to grow renewables and electricity

PARIS, July 29, 2021--(BUSINESS WIRE)--

2Q21

Change
vs 2Q20

1H21

Change
vs 1H20

Oil price - Brent ($/b)

69.0

x2.3

65.0

+62%

Average price of LNG ($/Mbtu)

6.6

+50%

6.3

+17%

Variable cost margin - Refining Europe, VCM ($/t)

10.2

-29%

7.6

-64%

Adjusted net income (TotalEnergies share)(1)

- in billions of dollars (B$)

3.5

x27.5

6.5

x3.4

- in dollars per share

1.27

x60.8

2.38

x3.5

DACF(1) (B$)

6.8

+63%

12.5

+49%

Cash Flow from operations (B$)

7.6

x2.2

13.1

x2.8

Net income (TotalEnergies share) of 2.2 B$ in 2Q21

Net-debt-to-capital ratio(2) of 18.5% at June 30, 2021 vs. 19.5% at March 31, 2021

Hydrocarbon production of 2,747 kboe/d in 2Q21, a decrease of 3% compared to 2Q20

Second interim dividend set at 0.66 €/share

The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on July 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Company's second quarter 2021 accounts. On this occasion, Patrick Pouyanné said:

"In the second quarter, thanks to the progressive recovery of global demand and OPEC+ discipline, TotalEnergies benefited from oil and gas markets that were 13% and 28% higher respectively quarter to quarter. In this context, TotalEnergies reported $3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment, notably thanks to the action plans implemented during the crisis.

TotalEnergies generated cash flow (DACF) of $6.8 billion, an increase of more than $1 billion compared to the previous quarter, and, by maintaining investment discipline, generated net cash flow of $3.2 billion this quarter, which covered the interim dividend of $2.1 billion and allowed continued debt reduction, with gearing falling to 18.5%, below the announced objective of 20%. The organic cash breakeven was below $25/b for the quarter.

Given the strong second quarter results, the Board of Directors decided to distribute a second interim dividend for 2021, stable at € 0.66/share.

In addition, given the high hydrocarbon prices and gearing below 20%, in the respect of the strategy of TotalEnergies and consistent with the cash flow allocation scheme presented in February 2021, the Board of Directors decided to allocate up to 40% of the additional cash flow generated above $60/b to share buybacks.

The iGRP segment confirmed its first quarter performance with adjusted net income and cash flow of around $900 million. Growth in Renewables and Electricity continued with more than 500 MW of gross renewable power generation capacity commissioned in the quarter and the acquisition of a stake in a 640 MW offshore wind project under construction in Taiwan.

Exploration and Production fully leveraged the higher Brent price and, despite lower production in the second quarter, mainly due to planned maintenance, reported increases of about 10% over the previous quarter in adjusted net operating income and cash flow to $2.2 billion and $4.3 billion, respectively.

Downstream delivered very good performance, thanks to the strength of its integrated model, which allowed it to benefit from very high margins in petrochemicals and the rebound of Marketing & Services results to pre-crisis results, despite depressed European refining margins. Downstream adjusted net operating income and cash flow increased by about 70% to $900 million and $1.5 billion, respectively."

1. Highlights(3)

Sustainability

  • Total transforms and becomes TotalEnergies, with a new visual identity

  • 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 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 contract with Merck & Co. for the sale of 90 GWh/y renewable electricity in Spain for 10 years

  • 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

  • Sales contract for 50 GWh/y over 15 years with Air Liquide in Belgium

LNG

  • Remobilization of the Papua LNG project with a view to final investment decision in 2023

  • Agreement with Novatek to acquire 10% of Arctic Transshipment LLC, which will operate two LNG transshipment terminals under construction in Russia

  • Tolling agreement with GIP, for more than $750 million, for Gladstone LNG infrastructure in Australia

  • Withdrew from the Driftwood LNG project and sold TotalEnergies' stake in Tellurian Inc.

  • Signed contract with ArcelorMittal Nippon Steel for a 5-year supply of up to 0.5 Mt/y of LNG in India

  • Technical collaboration agreements with Siemens Energy and Technip Energies to develop low-carbon LNG technologies

Upstream

  • Started production of Zinia Phase 2, short-cycle development project on Block 17 in Angola

  • Significant new discovery on the Sapakara South well in Suriname

  • Awarded two new conventional offshore exploration permits in Suriname with partner Qatar Petroleum

  • Entry on Block 29 exploration permit in Angola as operator

  • Agreed to divest TotalEnergies 18% interest in the Sarsang block, in Iraqi Kurdistan

  • Divested TotalEnergies’ interest in Petrocedeño to PDVSA in Venezuela which led to the recognition of an exceptional capital loss of $1.38 billion during the quarter

Downstream

  • Started production of sustainable aviation biofuels in France and made, in partnership with Air France-KLM, Groupe ADP and Airbus, the first long-haul flight with sustainable air fuel (SAF) in France

  • Obtained concession for the expansion of the public charging network for electric vehicles of the City of Amsterdam, with 2,200 new charging points

  • Global partnership in the field of lubricants and electric mobility with Peugeot, Citroën, DS Automobiles, Opel and Vauxhall

  • Partnership agreement with Uber to accelerate transition of VTC drivers to electric mobility in France

  • Acquired 20% stake in Hysetco, a French company owning the world's first fleet of hydrogen taxis, operated under the Hype brand, as well as hydrogen charging stations

2. Key figures from TotalEnergies’ consolidated financial statements(4)

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars, except effective tax rate,
earnings per share and number of shares

1H21

1H20

1H21
vs
1H20

8,667

8,170

3,909

x2.2

8,550

+1%

Adjusted EBITDA (5)

16,837

10,583

+59%

4,032

3,487

821

x4.9

3,589

+12%

Adjusted net operating income from business segments

7,519

3,121

x2.4

2,213

1,975

(209)

ns

2,022

+9%

Exploration & Production

4,188

494

x8.5

891

985

326

x2.7

429

x2.1

Integrated Gas, Renewables & Power

1,876

1,239

+51%

511

243

575

-11%

715

-29%

Refining & Chemicals

754

957

-21%

417

284

129

x3.2

423

-1%

Marketing & Services

701

431

+63%

740

520

11

x67.3

457

+62%

Contribution of equity affiliates to adjusted net income

1,260

669

+88%

34.3%

34.6%

-6.8%

33.0%

Effective tax rate (6)

34.4%

24.3%

3,463

3,003

126

x27.5

2,887

+20%

Adjusted net income (TotalEnergies share)

6,466

1,907

x3.4

1.27

1.10

0.02

x60.8

1.05

+21%

Adjusted fully-diluted earnings per share (dollars) (7)

2.38

0.68

x3.5

1.06

0.91

0.02

x53

0.94

+13%

Adjusted fully-diluted earnings per share (euros)*

1.97

0.62

x3.2

2,646

2,645

2,598

+2%

2,625

+1%

Fully-diluted weighted-average shares (millions)

2,644

2,598

+2%

2,206

3,344

(8,369)

ns

2,756

-20%

Net income (TotalEnergies share)

5,550

(8,335)

ns

2,802

2,379

2,201

+27%

3,028

-7%

Organic investments (8)

5,181

4,724

+10%

396

1,590

721

-45%

402

-2%

Net acquisitions (9)

1,986

1,823

+9%

3,198

3,969

2,922

+9%

3,430

-7%

Net investments (10)

7,167

6,547

+9%

6,352

5,366

3,644

+74%

6,807

-7%

Operating cash flow before working capital changes** (11)

11,718

7,409

+58%

6,761

5,750

4,143

+63%

7,308

-7%

Operating cash flow before working capital changes
w/o financial charges (DACF) (12)

12,511

8,420

+49%

7,551

5,598

3,479

x2.2

6,251

+21%

Cash flow from operations

13,149

4,778

x2.8

Data take into account the impact of the IFRS16 "Leases" rule, effective January 1, 2019.
* Average €-$ exchange rate: 1.2058 in the second quarter 2021 and 1.2053 in the first half 2021.
** 2Q20, 2Q19 and 1H20 data restated.

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment* – liquids and gas price realizations, refining margins

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

1H21

1H20

1H21
vs
1H20

69.0

61.1

29.6

x2.3

68.9

-

Brent ($/b)

65.0

40.1

+62%

3.0

2.7

1.8

+70%

2.5

+18%

Henry Hub ($/Mbtu)

2.9

1.8

+57%

8.7

6.8

1.7

x5.2

4.1

x2.1

NBP ($/Mbtu)

7.7

2.4

x3.2

10.0

10.0

2.1

x4.7

4.9

x2

JKM ($/Mbtu)

10.0

2.9

x3.5

62.9

56.4

23.4

x2.7

63.7

-1%

Average price of liquids ($/b)
Consolidated subsidiaries

59.7

33.8

+77%

4.43

4.06

2.61

+69%

3.82

+16%

Average price of gas ($/Mbtu)
Consolidated subsidiaries

4.23

2.99

+41%

6.59

6.08

4.40

+50%

5.69

+16%

Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates

6.33

5.42

+17%

10.2

5.3

14.3

-29%

27.6

-63%

Variable cost margin - Refining Europe, VCM ($/t)

7.6

21.0

-64%

* The indicators are shown on page 20

The average price of LNG increased by 8% in the second quarter 2021 compared to the previous quarter, benefiting from the lag effect of rising oil prices on long-term oil-linked LNG contracts and from the increase in natural gas prices for spot gas price LNG contracts.

3.2 Greenhouse gas emissions(13)

2Q21

1Q21

GHG emissions (MtCO2e)

2020

2020
(excluding
Covid effect)

7

8

Scope 1+2 from operated oil & gas facilities (14)

35.8

39

77

81

Scope 3 (15)

350

400

45

50

Scope 1+2+3 in Europe (16)

212

239

3.3 Production*

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Hydrocarbon production

1H21

1H20

1H21
vs
1H20

2,747

2,863

2,846

-3%

2,957

-7%

Hydrocarbon production (kboe/d)

2,805

2,966

-5%

1,258

1,272

1,315

-4%

1,407

-11%

Oil (including bitumen) (kb/d)

1,265

1,381

-8%

1,489

1,591

1,531

-3%

1,549

-4%

Gas (including condensates and associated NGL) (kboe/d)

1,540

1,584

-3%

2,747

2,863

2,846

-3%

2,957

-7%

Hydrocarbon production (kboe/d)

2,805

2,966

-5%

1,464

1,508

1,553

-6%

1,624

-10%

Liquids (kb/d)

1,486

1,626

-9%

7,017

7,400

7,045

-

7,309

-4%

Gas (Mcf/d)

7,208

7,302

-1%

* Company production = E&P production + iGRP production

Hydrocarbon production was 2,747 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2021, a decrease of 3% year-on-year, comprised of:

  • +2% due to the start-up and ramp-up of projects,

  • -2% due to the price effect,

  • -3% due to the natural decline of the fields.

Hydrocarbon production was 2,747 kboe/d in the second quarter 2021, down 4% from the first quarter 2021, due to major maintenance shutdowns.

Hydrocarbon production was 2,805 kboe/d in the first half 2021, a decrease of 5%, comprised of:

  • +2% due to the start-up and ramp-up of projects, including North Russkoye in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in Brazil,

  • -1% portfolio effect, notably asset sales in the United Kingdom and Block CA1 in Brunei,

  • -2% due to planned maintenance and unplanned outages, notably in the United Kingdom, Australia, Norway and Nigeria,

  • -1% due to the price effect,

  • -3% due to the natural decline of the fields.

4. Analysis of business segments

4.1 Integrated Gas, Renewables & Power (iGRP)

4.1.1 Production and sales of Liquefied natural gas (LNG) and electricity

Hydrocarbon production for LNG

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Hydrocarbon production for LNG

1H21

1H20

1H21
vs
1H20

iGRP (kboe/d)

502

518

520

-3%

559

-10%

iGRP (kboe/d)

510

536

-5%

Liquids (kb/d)

52

64

66

-21%

73

-29%

Liquids (kb/d)

58

69

-17%

Gas (Mcf/d)

2,464

2,476

2,471

-

2,680

-8%

Gas (Mcf/d)

2,470

2,541

-3%

Liquefied Natural Gas in Mt

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Liquefied Natural Gas in Mt

1H21

1H20

1H21
vs
1H20

Overall LNG sales

10.5

9.9

10.4

+1%

8.5

+23%

Overall LNG sales

20.4

20.2

+1%

incl. Sales from equity production*

4.2

4.4

4.3

-4%

4.1

+3%

incl. Sales from equity production*

8.5

9.0

-5%

incl. Sales by TotalEnergies from equity production and third party
purchases

8.8

7.9

8.7

+1%

6.7

+31%

incl. Sales by TotalEnergies from equity production and third party purchases

16.7

16.5

+1%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures

Hydrocarbon production for LNG decreased year-on-year by 3% and 5% respectively in the second quarter 2021 and first half 2021, notably due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020 and the planned maintenance shutdown in the second quarter 2021 on Ichthys LNG's liquefaction trains in Australia.

Total LNG sales were stable year-on-year in the second quarter 2021 and the first half 2021.

2Q21

1Q21

2Q20

2Q21
vs
2Q20

Renewables & Electricity

1H21

1H20

1H21
vs
1H20

41.7

40.2

20.4

x2

Portfolio of renewable power generation gross capacity
(GW) (1),(2)

41.7

20.4

x2

8.3

7.8

5.1

+63%

o/w installed capacity

8.3

5.1

+63%

5.4

5.1

2.9

+89%

o/w capacity in construction

5.4

2.9

+89%

28.0

27.3

12.4

x2.3

o/w capacity in development

28.0

12.4

x2.3

22.6

21.2

11.2

x2

Gross renewables capacity with PPA (GW) (1),(2)

22.6

11.2

x2

30.7

30.1

13.6

x2.3

Portfolio of renewable power generation net capacity
(GW) (1),(2)

30.7

13.6

x2.3

4.0

3.8

2.3

+76%

o/w installed capacity

4.0

2.3

+76%

3.1

3.1

1.1

x3

o/w capacity in construction

3.1

1.1

x3

23.6

23.3

10.3

x2.3

o/w capacity in development

23.6

10.3

x2.3

5.1

4.7

2.9

+73%

Net power production (TWh) (3)

9.8

5.9

+67%

1.7

1.6

1.1

+47%

incl. Power production from renewables

3.2

1.8

+79%

5.8

5.7

4.2

+38%

Clients power - BtB and BtC (Million) (2)

5.8

4.2

+38%

2.7

2.7

1.7

+58%

Clients gas - BtB and BtC (Million) (2)

2.7

1.7

+58%

12.7

16.1

9.4

+35%

Sales power - BtB and BtC (TWh)

28.8

23.6

+22%

20.6

36.2

17.3

+19%

Sales gas - BtB and BtC (TWh)

56.8

50.9

+12%

291

344

91

x3.2

Proportionnal adjusted EBITDA Renewables and Electricity (M$) (4)

635

340

+87%

62

148

92

-32%

incl. from renewables business

210

184

+14%

(1) Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
(4) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables and Electricity affiliates, regardless of consolidation method.

Gross installed capacity of renewable electricity generation grew to 8.3 GW at the end of the second quarter 2021.

Net electricity production was 5.1 TWh in the second quarter 2021, an increase of 73% year-on-year, notably due to strong growth in renewable electricity generation and the acquisition of four CCGT plants in France and Spain in the fourth quarter of 2020.

Electricity and gas sales, seasonally lower in the second quarter, increased by 35% and 19% respectively in the second quarter 2021 compared to last year thanks to the growing number of customers, with TotalEnergies notably surpassing the 5 million customer mark (B2C and B2B) in France.

TotalEnergies’ share of the EBITDA of the Renewables and Electricity activities was $291 million in the second quarter 2021, more than tripling over one year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.

4.1.2 Results

In millions of dollars

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars

1H21

1H20

1H21
vs
1H20

Adjusted net operating income*

891

985

326

x2.7

429

x2.1

Adjusted net operating income*

1,876

1,239

+51%

including income from equity affiliates

356

264

(69)

ns

195

+83%

including income from equity affiliates

620

179

x3.5

Organic investments

759

753

618

+23%

442

+72%

Organic investments

1,512

1,264

+20%

Net acquisitions

166

1,893

433

-62%

159

+4%

Net acquisitions

2,059

1,570

+31%

Net investments

925

2,646

1,051

-12%

601

+54%

Net investments

3,571

2,834

+26%

Operating cash flow before working capital changes **

904

1,059

1,051

-14%

969

-7%

Operating cash flow before working capital changes **

1,963

1,652

+19%

Cash flow from operations ***

567

780

1,389

-59%

641

-12%

Cash flow from operations ***

1,347

900

+50%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial expenses, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects. 2Q20, 2Q19 and 1H20 data restated (see note 11 on page 3).
*** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP sector was:

  • $891 million in the second quarter 2021, more than doubling over the year, thanks to higher LNG prices and the growing contribution from Renewables and Electricity,

  • $1,876 million in the first half 2021, an increase of 51% year-on-year for the same reasons as well as good performance by the trading activities in the first quarter 2021.

Operating cash flow before working capital changes:

  • Decreased 14% year-on-year to $904 million in the second quarter 2021, as the second quarter of 2020 benefited from excellent performance of trading activities in a context of high market volatility,

  • Increased 19% year-on-year to $1,963 million in the first half 2021, in line with the rise in LNG prices and the growing contribution of Renewables and Electricity.

4.2 Exploration & Production

4.2.1 Production

Hydrocarbon production

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Hydrocarbon production

1H21

1H20

1H21
vs
1H20

EP (kboe/d)

2,245

2,345

2,326

-3%

2,398

-6%

EP (kboe/d)

2,295

2,430

-6%

Liquids (kb/d)

1,412

1,444

1,487

-5%

1,551

-9%

Liquids (kb/d)

1,428

1,557

-8%

Gas (Mcf/d)

4,553

4,924

4,574

-

4,629

-2%

Gas (Mcf/d)

4,738

4,761

-

4.2.2 Results

In millions of dollars, except effective tax rate

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars, except effective tax rate

1H21

1H20

1H21
vs
1H20

Adjusted net operating income*

2,213

1,975

(209)

ns

2,022

+9%

Adjusted net operating income*

4,188

494

x8.5

including income from equity affiliates

279

270

48

239

+17%

including income from equity affiliates

549

438

+25%

Effective tax rate**

38.2%

41.0%

56.6%

39.5%

Effective tax rate**

39.5%

69.6%

Organic investments

1,559

1,279

1,112

+40%

1,995

-22%

Organic investments

2,838

2,684

+6%

Net acquisitions

231

(202)

311

-26%

204

+13%

Net acquisitions

29

305

-90%

Net investments

1,790

1,077

1,423

+26%

2,199

-19%

Net investments

2,867

2,989

-4%

Operating cash flow before working capital changes ***

4,262

3,824

1,810

x2.4

4,882

-13%

Operating cash flow before working capital changes ***

8,086

4,386

+84%

Cash flow from operations ***

4,835

3,736

910

x5.3

3,768

+28%

Cash flow from operations ***

8,571

4,833

+77%

* Details on adjustment items are shown in the business segment information annex to financial statements.** 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.

Adjusted net operating income for Exploration & Production was:

  • $2,213 million in the second quarter 2021 compared to a loss of $209 million in the second quarter 2020, thanks to the sharp rebound in oil and gas prices,

  • $4,188 million in the first half 2021, more than eight times higher in the first half 2020, for the same reasons.

Operating cash flow before working capital changes was $4,262 million in the second quarter 2021 compared to $1,810 million a year earlier and increased by 84% to $8,086 million in the first half 2021, in line with higher oil and gas prices.

4.3 Downstream (Refining & Chemicals and Marketing & Services)

4.3.1 Results

In millions of dollars

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars

1H21

1H20

1H21
vs
1H20

Adjusted net operating income*

928

527

704

+32%

1,138

-18%

Adjusted net operating income*

1,455

1,388

+5%

Organic investments

468

335

457

+2%

557

-16%

Organic investments

803

734

+9%

Net acquisitions

(1)

(103)

(20)

ns

38

ns

Net acquisitions

(104)

(50)

ns

Net investments

467

232

437

+7%

595

-22%

Net investments

699

684

+2%

Operating cash flow before working capital changes **

1,460

872

1,488

-2%

1,432

+2%

Operating cash flow before working capital changes **

2,332

2,552

-9%

Cash flow from operations **

2,669

1,661

1,899

+41%

2,269

+18%

Cash flow from operations **

4,330

317

x13.7

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

4.4 Refining & Chemicals

4.4.1 Refinery and petrochemicals throughput and utilization rates

Refinery throughput and utilization rate*

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Refinery throughput and utilization rate*

1H21

1H20

1H21
vs
1H20

Total refinery throughput (kb/d)

1,070

1,147

1,249

-14%

1,595

-33%

Total refinery throughput (kb/d)

1,109

1,347

-18%

France

148

114

205

-28%

447

-67%

France

131

230

-43%

Rest of Europe

495

660

595

-17%

679

-27%

Rest of Europe

578

676

-14%

Rest of world

427

373

449

-5%

469

-9%

Rest of world

400

441

-9%

Utlization rate based on crude only**

58%

58%

59%

77%

Utlization rate based on crude only**

58%

64%

* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year, excluding Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.

Petrochemicals production and utilization rate

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Petrochemicals production and utilization rate

1H21

1H20

1H21
vs
1H20

Monomers* (kt)

1,424

1,405

1,391

+2%

993

+43%

Monomers* (kt)

2,829

2,778

+2%

Polymers (kt)

1,212

1,165

1,193

+2%

1,127

+8%

Polymers (kt)

2,377

2,395

-1%

Vapocracker utilization rate**

88%

87%

84%

64%

Vapocracker utilization rate**

88%

83%

* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput:

  • Decreased 14% in the second quarter 2021 compared to a year ago, mainly due to the prolonged voluntary economic shutdown of the Donges refinery given the low European margins, the planned major shutdown of the Leuna refinery in Germany, the shutdown of the Grandpuits refinery in the first quarter 2021 for its conversion to a zero-oil platform, and the sale of the Lindsey refinery in the United Kingdom. The decrease was partially offset by the restart of the Feyzin refinery, in France, and the distillation unit at the Normandy platform, following a fire at the end of 2019,

  • Decreased 18% in the first half 2021 compared to the previous year for the same reasons.

Monomer production increased slightly in the second quarter 2021 compared to a year ago thanks to the restart of the Feyzin refinery, in France, after a major shutdown in 2020.

Polymer production also increased slightly in the second quarter 2021 compared to a year ago, despite the major shutdown in the second quarter 2021 of the Feluy plant in Belgium.

4.4.2 Results

In millions of dollars

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars

1H21

1H20

1H21
vs
1H20

Adjusted net operating income*

511

243

575

-11%

715

-29%

Adjusted net operating income*

754

957

-21%

Organic investments

279

222

302

-8%

353

-21%

Organic investments

501

470

+7%

Net acquisitions

2

(57)

(15)

ns

(58)

ns

Net acquisitions

(55)

(51)

ns

Net investments

281

165

287

-2%

295

-5%

Net investments

446

419

+6%

Operating cash flow before working capital changes **

753

394

996

-24%

806

-7%

Operating cash flow before working capital changes **

1,147

1,670

-31%

Cash flow from operations **

2,232

996

1,080

x2.1

1,658

+35%

Cash flow from operations **

3,228

(103)

ns

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Adjusted net operating income for the Refining-Chemicals segment:

  • Decreased 11% year-on-year to $511 million in the second quarter 2021, due to still-depressed European refining margins that reflect the recovery in oil prices and the continued weak product demand, notably for distillates, linked to the reduced air transport, and to the outperformance of trading activities in the second quarter 2020. The second quarter 2021 results nevertheless benefited from the very good performance of petrochemicals,

  • Decreased 21% year-on-year to $754 million in the first half of 2021, for the same reasons.

Operating cash flow before working capital changes decreased by 24% year-on-year to 753 M$ in the second quarter 2021 and by 31% to 1,147 M$ in the first half 2021.

Cash flow from operations increased to $2,232 million in the second quarter 2021 from $1,080 million in the second quarter 2020, mainly due to a decrease in working capital requirements and a positive stock effect.

4.5 Marketing & Services

4.5.1 Petroleum product sales

Sales in kb/d*

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Sales in kb/d*

1H21

1H20

1H21
vs
1H20

Total Marketing & Services sales

1,473

1,442

1,301

+13%

1,860

-21%

Total Marketing & Services sales

1,458

1,478

-1%

Europe

791

776

740

+7%

1,004

-21%

Europe

783

823

-5%

Rest of world

682

666

561

+22%

856

-20%

Rest of world

674

656

+3%

* Excludes trading and bulk refining sales

Petroleum product sales volumes increased year-on-year by 13% in the second quarter 2021, thanks to the improving health situation and global economic rebound. The increase driven mainly by a recovery in the retail network sales.

4.5.2 Results

In millions of dollars

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars

1H21

1H20

1H21
vs
1H20

Adjusted net operating income*

417

284

129

x3.2

423

-1%

Adjusted net operating income*

701

431

+63%

Organic investments

189

113

155

+22%

204

-7%

Organic investments

302

264

+14%

Net acquisitions

(3)

(46)

(5)

ns

96

ns

Net acquisitions

(49)

1

ns

Net investments

186

67

150

+24%

300

-38%

Net investments

253

265

-5%

Operating cash flow before working capital changes **

707

478

492

+44%

626

+13%

Operating cash flow before working capital changes **

1,185

882

+34%

Cash flow from operations **

437

665

819

-47%

611

-28%

Cash flow from operations **

1,102

420

x2.6

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases

Adjusted net operating income was $417 million in the second quarter 2021 compared to $129 million a year earlier. This increase was mainly related to the increase in global sales volumes in a context of rising margins.

Operating cash flow before working capital changes was $707 million in the second quarter 2021 and $1,185 million in the first half.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income for the sectors was:

  • $4,032 million in the second quarter 2021, compared to $821 million in the second quarter 2020, due to higher oil and gas prices,

  • $7,519 million in the first half 2021, compared to $3,121 million a year earlier, for the same reasons.

5.2 Adjusted net income (TotalEnergies share)

Adjusted net income (TotalEnergies share) was:

  • $3,463 million in the second quarter 2021 compared to $126 million a year earlier, due to the increase in oil and gas prices,

  • $6,466 million in the first half 2021 compared to $1,907 million a year earlier, for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and impact of changes in fair value(17).

Total net income adjustments(18) were $(1,257) million in the second quarter 2021, mainly comprised of the effect of the sale of TotalEnergies’ participation in Petrocedeño to PDVSA in Venezuela for an amount of $(1,379) million, a $375 million positive inventory effect and restructuring charges related to voluntary departures in France and Belgium.

The effective tax rate for TotalEnergies was 34.3% in the second quarter 2021, compared to -6.8% in the second quarter 2020. This negative tax rate in 2020 was due to the adjusted net operating loss in Exploration & Production, which has a high tax rate, and was not offset by the positive, less taxed, results from Downstream activities.

5.3 Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $1.27 in the second quarter 2021, calculated based on 2,646 million weighted-average diluted shares, compared to $0.02 a year earlier,

  • $2.38 in the first half 2021, calculated based on 2,644 million weighted-average diluted shares, compared to $0.68 a year earlier.

As of June 30, 2021, the number of fully-diluted shares was 2,654 million.

5.4 Acquisitions - asset sales

Acquisitions were:

  • $662 million in the second quarter 2021 and included notably the 23% stake in a 640 MW offshore wind project in Taiwan, the Fonroche Biogas in France, and Repsol's interest in the Tin Fouyé Tabankort II field in Algeria,

  • $2,870 million in the first half 2021, including the above items as well as the acquisition, for $2 billion, of a 20% interest in the renewable projects developer in India, Adani Green Energy Limited.

Asset sales were:

  • $266 million in the second quarter 2021 and included notably the sale of TotalEnergies’ interest in the TBG pipeline in Brazil, the sale of shares in Clean Energy Fuels Corp, and the sale of its interest in Tellurian Inc. in the United States,

  • $884 million in the first half 2021, including the above items as well as the sale in France of a 50% interest in a portfolio of renewable projects with a total capacity of 285 MW (100%), the sale of the 10% interest in onshore block OML 17 in Nigeria, a price supplement relating to the sale of Block CA1 in Brunei and the sale of the Lindsey refinery in the United Kingdom.

5.5 Net cash flow

TotalEnergies’ net cash flow(19) was:

  • $3,154 million in the second quarter 2021 compared to $722 million a year earlier, which takes into account the $2.7 billion increase in operating cash flow before changes in working capital and the slight increase of $276 million in net investments to $3,198 million in the second quarter 2021,

  • $4,551 million in the first half 2021 compared to $862 million a year earlier, which takes into account the $4.3 billion increase in operating cash flow before changes in working capital, partially offset by a $620 million increase in net investments to $7,167 million in the first half 2021.

5.6 Profitability

The return on equity was 8.4% for the twelve months ended June 30, 2021.

In millions of dollars

July 1, 2020

April 1, 2020

July 1, 2019

June 30, 2021

March 31, 2021

June 30, 2020

Adjusted net income

8,786

5,330

8,214

Average adjusted shareholders' equity

105,066

109,135

109,448

Return on equity (ROE)

8.4%

4.9%

7.5%

The return on average capital employed was 7.2% for the twelve months ended June 30, 2021.

In millions of dollars

July 1, 2020

April 1, 2020

July 1, 2019

June 30, 2021

March 31, 2021

June 30, 2020

Adjusted net operating income

10,252

6,915

10,125

Average capital employed

142,172

148,777

145,621

ROACE

7.2%

4.6%

7.0%

6. TotalEnergies SE accounts

Net income for TotalEnergies SE, the parent company, was €4,568 million in the first half 2021 compared to €4,710 in the first half 2020.

7. 2021 Sensitivities*

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**

+/- 10 $/b

+/- 2.7 B$

+/- 3.2 B$

European gas price - NBP

+/- 1 $/Mbtu

+/- 0.3 B$

+/- 0.25 B$

Variable cost margin, European refining (VCM)

+/- 10 $/t

+/- 0.4 B$

+/- 0.5 B$

* 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 2021. 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. Please find the indicators detailed page 20.
** In a 50 $/b Brent environment.

8. Summary and outlook

In a context of rebounding global demand for petroleum products, OPEC+ quotas in the first half 2021 contributed to a rapid drawdown of crude oil inventories, which fell below the average of the past five years. The price of oil has remained above $60/b since the beginning of February 2021 and broke through $70/b at the end of June. Recent OPEC+ decisions reinforce its collective discipline to adapt supply step by step to the growth in demand.

Given the outlook for OPEC+ quotas in the second half 2021, TotalEnergies anticipates its full-year 2021 hydrocarbon production to be around 2.85 Mboe/d. The start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

TotalEnergies anticipates that the higher oil prices observed in the first half 2021 will have a positive impact on its average realized price of LNG for the coming six months, given the lag effect on price formulas. It is expected to be more than $7.5/Mbtu in the third quarter 2021. In addition, gas markets in Asia and Europe are benefiting from the strong growth in demand linked to the global economic recovery.

TotalEnergies maintains discipline on expenses, with net investments expected to be between $12-13 billion in 2021, with half dedicated to future growth. For those growth investments, 50% will be dedicated to renewables and electricity.

In an environment of hydrocarbon prices that would remain in the second half of the year at the level of the first half ($65/b for Brent, $8/Mbtu for gas in Europe) and European refining margins of $10-15/t, TotalEnergies expects cash flow generation (DACF) of more than $25 billion in 2021 and a return on capital employed of more than 10%.

In this favorable context, the Company confirms its priorities in terms of cash flow allocation: invest in profitable projects to implement TotalEnergies' transformation strategy to a broad energy company, support the dividend through economic cycles, maintain a solid balance sheet and a minimum "A" long-term debt rating by sustainably anchoring the Company's gearing below 20%, and share additional revenues with its shareholders through share buybacks in the event of high prices.

* * * *

To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 15:00 (Paris time) please log on to totalenergies.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in the United States (code: 3586957).
The conference replay will be available on totalenergies.com after the event.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + iGRP)

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Combined liquids and gas
production by region (kboe/d)

1H21

1H20

1H21
vs
1H20

985

1,050

1,032

-4%

997

-1%

Europe and Central Asia

1,018

1,064

-4%

533

551

653

-18%

686

-22%

Africa

542

677

-20%

654

651

641

+2%

703

-7%

Middle East and North Africa

652

661

-1%

378

376

314

+20%

358

+6%

Americas

377

343

+10%

197

235

206

-4%

214

-8%

Asia-Pacific

216

220

-2%

2,747

2,863

2,846

-3%

2,957

-7%

Total production

2,805

2,966

-5%

750

729

699

+7%

750

-

includes equity affiliates

740

726

+2%

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Liquids production by region (kb/d)

1H21

1H20

1H21
vs
1H20

351

374

381

-8%

328

+7%

Europe and Central Asia

363

392

-8%

399

415

514

-22%

549

-27%

Africa

407

534

-24%

502

499

494

+2%

546

-8%

Middle East and North Africa

500

505

-1%

183

179

127

+44%

160

+15%

Americas

181

153

+19%

29

41

37

-21%

41

-29%

Asia-Pacific

35

42

-17%

1,464

1,508

1,553

-6%

1,624

-10%

Total production

1,486

1,626

-9%

213

201

199

+7%

225

-5%

includes equity affiliates

207

207

-

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Gas production by region (Mcf/d)

1H21

1H20

1H21
vs
1H20

3,411

3,636

3,506

-3%

3,639

-6%

Europe and Central Asia

3,523

3,620

-3%

680

693

706

-4%

703

-3%

Africa

686

726

-6%

847

843

818

+3%

866

-2%

Middle East and North Africa

845

865

-2%

1,095

1,100

1,047

+5%

1,107

-1%

Americas

1,098

1,069

+3%

984

1,128

968

+2%

994

-1%

Asia-Pacific

1,056

1,022

+3%

7,017

7,400

7,045

-

7,309

-4%

Total production

7,208

7,302

-1%

2,895

2,855

2,698

+7%

2,868

+1%

includes equity affiliates

2,875

2,802

+3%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Petroleum product sales by region (kb/d)

1H21

1H20

1H21
vs
1H20

1,521

1,558

1,449

+5%

2,018

-25%

Europe*

1,540

1,610

-4%

663

667

463

+43%

751

-12%

Africa

665

573

+16%

799

772

861

-7%

846

-6%

Americas

785

814

-3%

492

495

433

+13%

536

-8%

Rest of world

493

439

+12%

3,475

3,492

3,208

+8%

4,152

-16%

Total consolidated sales

3,483

3,435

+1%

334

402

366

-9%

535

-38%

Includes bulk sales*

368

432

-15%

1,668

1,648

1,541

+8%

1,757

-5%

Includes trading

1,658

1,525

+9%

* 1Q21 data adjusted

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

Petrochemicals production* (kt)

1H21

1H20

1H21
vs
1H20

1,166

1,346

1,275

-9%

1,318

-11%

Europe

2,512

2,547

-1%

725

510

637

+14%

475

+53%

Americas

1,235

1,301

-5%

744

714

672

+11%

327

x2.3

Middle East and Asia

1,459

1,324

+10%

* Olefins, polymers

9.3 Renewables

2Q21

1Q21

Installed power generation gross capacity (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.5

0.5

0.0

0.1

1.0

0.4

0.5

0.0

0.1

1.0

Rest of Europe

0.1

1.0

0.0

0.1

1.1

0.1

0.8

0.0

0.1

1.0

Africa

0.1

0.0

0.0

0.0

0.1

0.1

0.0

0.0

0.0

0.1

Middle East

0.3

0.0

0.0

0.0

0.3

0.3

0.0

0.0

0.0

0.3

North America

0.8

0.0

0.0

0.0

0.9

0.8

0.0

0.0

0.0

0.8

South America

0.4

0.1

0.0

0.0

0.5

0.2

0.1

0.0

0.0

0.3

India

3.5

0.1

0.0

0.0

3.6

3.4

0.1

0.0

0.0

3.5

Asia-Pacific

0.7

0.0

0.0

0.0

0.7

0.7

0.0

0.0

0.0

0.7

Total

6.4

1.8

0.0

0.1

8.3

6.1

1.5

0.0

0.1

7.8

2Q21

1Q21

Power generation gross capacity from renewables
in construction (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.3

0.1

0.0

0.1

0.5

0.3

0.0

0.0

0.1

0.4

Rest of Europe

0.1

0.1

1.1

0.0

1.3

0.1

0.3

1.1

0.0

1.5

Africa

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Middle East

0.8

0.0

0.0

0.0

0.8

0.8

0.0

0.0

0.0

0.8

North America

0.3

0.0

0.0

0.0

0.3

0.3

0.0

0.0

0.0

0.3

South America

0.0

0.2

0.0

0.0

0.2

0.2

0.2

0.0

0.0

0.3

India

0.9

0.2

0.0

0.0

1.1

0.9

0.4

0.0

0.0

1.3

Asia-Pacific

0.5

0.0

0.6

0.0

1.1

0.4

0.0

0.0

0.0

0.5

Total

2.8

0.6

1.8

0.1

5.4

2.9

0.9

1.1

0.1

5.1

2Q21

1Q21

Power generation gross capacity from renewables
in development (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

3.2

0.8

0.0

0.0

4.0

3.2

1.0

0.0

0.0

4.2

Rest of Europe

5.3

0.3

2.3

0.0

7.9

5.2

0.3

2.3

0.0

7.8

Africa

0.4

0.1

0.0

0.2

0.6

0.1

0.1

0.0

0.0

0.2

Middle East

0.1

0.0

0.0

0.0

0.1

0.2

0.0

0.0

0.0

0.2

North America

3.5

0.2

0.0

0.7

4.3

3.4

0.2

0.0

0.7

4.2

South America

0.6

1.0

0.0

0.0

1.7

0.8

0.8

0.0

0.0

1.6

India

6.2

0.1

0.0

0.0

6.3

6.2

0.1

0.0

0.0

6.2

Asia-Pacific

1.1

0.0

2.1

0.0

3.2

0.8

0.0

2.1

0.0

2.9

Total

20.3

2.5

4.4

0.8

28.0

19.8

2.5

4.4

0.7

27.3

(1) Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021.
(2) End-of-period data.

In operation

In construction

In development

Gross renewables capacity covered by PPA
at 06/30/2021 (GW)

Solar

Onshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

Europe

0.6

1.5

X

2.2

0.3

X

0.8

X

1.4

4.0

0.3

X

X

4.3

Asia

4.5

X

X

4.6

2.2

0.3

0.6

-

3.1

3.9

X

-

-

4.0

North America

0.8

X

X

0.8

0.3

X

-

X

0.3

0.3

X

-

X

0.4

Rest of World

0.5

X

X

0.7

X

X

-

X

X

0.4

X

-

X

0.7

Total

6.3

1.8

X

8.2

2.8

0.6

1.4

X

5.0

8.6

0.5

X

0.2

9.3

In operation

In construction

In development

PPA average price at 06/30/2021
($/MWh)

Solar

Onshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

Europe

239

120

X

154

68

X

61

X

64

42

73

X

X

46

Asia

85

X

X

84

47

56

187

-

77

40

X

-

-

40

North America

155

X

X

158

26

X

-

X

31

31

X

-

X

49

Rest of World

82

X

X

82

X

X

-

X

X

97

X

-

X

97

Total

107

112

X

108

48

66

106

X

70

43

79

X

145

45

10. Adjustment items to net income (TotalEnergies share)

2Q21

1Q21

2Q20

2Q19

In millions of dollars

1H21

1H20

(1,588)

(342)

(8,321)

(56)

Special items affecting net income (TotalEnergies share)

(1,930)

(8,655)

(1,379)

-

-

-

Gain (loss) on asset sales*

(1,379)

-

(110)

(161)

(20)

(31)

Restructuring charges

(271)

(100)

(49)

(144)

(8,101)

(57)

Impairments

(193)

(8,101)

(50)

(37)

(200)

32

Other

(87)

(454)

375

689

(94)

(28)

After-tax inventory effect : FIFO vs. replacement cost

1,064

(1,508)

(44)

(6)

(80)

(47)

Effect of changes in fair value

(50)

(79)

(1,257)

341

(8,495)

(131)

Total adjustments affecting net income

(916)

(10,242)

* including $(1,379) million related to the effect of the sale of TotalEnergies’ participation in Petrocedeño to PDVSA in Venezuela

11. Reconciliation of adjusted EBITDA with consolidated financial statements

11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

2Q21

1Q21

2Q20

2Q21
vs
2Q20

2Q19

2Q21
vs
2Q19

In millions of dollars

1H21

1H20

1H21
vs
1H20

2,206

3,344

(8,369)

ns

2,756

-20%

Net income - TotalEnergies share

5,550

(8,335)

ns

1,257

(341)

8,495

-85%

131

x9.6

Less: adjustment items to net income (TotalEnergies share)

916

10,242

-91%

3,463

3,003

126

x27.5

2,887

+20%

Adjusted net income - TotalEnergies share

6,466

1,907

x3.4

Adjusted items

88

59

(31)

ns

73

+21%

Add: non-controlling interests

147

(13)

ns

1,485

1,446

(95)

ns

1,322

+12%

Add: income taxes

2,931

490

x6

3,105

3,180

3,302

-6%

3,597

-14%

Add: depreciation, depletion and impairment of tangible assets and mineral interests

6,285

6,937

-9%

94

103

77

+22%

65

+45%

Add: amortization and impairment of intangible assets

197

155

+27%

501

466

527

-5%

564

-11%

Add: financial interest on debt

967

1,094

-12%

(69)

(87)

3

ns

42

ns

Less: financial income and expense from cash & cash equivalents

(156)

13

ns

8,667

8,170

3,909

x2.2

8,550