TOTAL S.A. (Form: 6-K, Received: 05/05/2020 08:45:41)

TOTAL S.A.

Date: May 5, 2020

/s/ ANTOINE LARENAUDIE

Antoine LARENAUDIE

Group Treasurer

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 5, 2020

Commission File Number 001-10888

TOTAL S.A.

(Translation of registrant’s name into English)

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-224307, 333-224307-01, 333-224307-02 AND 333-224307-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (333-229950 AND 333-183144) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TOTAL S.A. is providing on this Form 6-K its results for the first three months ended March 31, 2020, and a description of certain recent developments relating to its business, as well as a capitalization table as of March 31, 2020.

TABLE OF CONTENTS

SIGNATURES

Exhibit Index

EX-99.1: Results for the Three Months Ended March 31, 2020

EX-99.2: Recent Developments

EX-99.3: Capitalization and Indebtedness

EXHIBIT INDEX


Exhibit 99.1		Results for the Three Months Ended March 31, 2020

Exhibit 99.2		Recent Developments

Exhibit 99.3		Capitalization and Indebtedness

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-17 of this exhibit concerning TOTAL S.A. and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TOTAL” or the “Group”) with respect to the first quarter of 2020 has been derived from TOTAL’s unaudited consolidated balance sheets as of March 31, 2020, unaudited statements of income, comprehensive income, cash flow, business segment information for the first quarter of 2020 and unaudited consolidated statements of changes in shareholders’ equity for the first quarter of 2020 presented on pages 18-30 and 35-36 of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2020, as amended on April 14, 2020.

A. KEY FIGURES


in millions of dollars (except earnings per share and number of shares)	1Q20			4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		43,870			49,280			51,205			-14	%
Adjusted net operating income^(a) from business segments		2,300			3,879			3,413			-33	%
• Exploration & Production		703			2,031			1,722			-59	%
• Integrated Gas, Renewables & Power		913			794			592			+54	%
• Refining & Chemicals		382			580			756			-49	%
• Marketing & Services		302			474			343			-12	%
Net income (loss) from equity affiliates		732			502			711			x1.0
Fully-diluted earnings per share ($)		(0.01	)		0.97			1.16			ns
Fully-diluted weighted-average shares (millions)		2,601			2,607			2,620			-1	%
Net income (Group share)		34			2,600			3,111			-99	%
Organic investments^(b)		2,523			4,291			2,784			-9	%
Net acquisitions^(c)		1,102			(80	)		306			x3.6
Net investments^(d)		3,625			4,211			3,090			+17	%
Cash flow from operations		1,299			6,599			3,629			-64	%
Of which:
• (increase)/decrease in working capital^(e)		(884	)		46			(2,970	)		ns
• financial charges		(512	)		(533	)		(503	)		ns

From 2019, data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

Environment* — liquids and gas price realizations, refining margins


	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Brent ($/b)		50.1		63.1		63.1		-21	%
Henry Hub ($/Mbtu)		1.9		2.4		2.9		-35	%
NBP ($/Mbtu)		3.1		5.1		6.3		-51	%
JKM ($/Mbtu)		3.6		5.8		6.6		-45	%

Average price of liquids ($/b) Consolidated subsidiaries		44.4		59.1		58.7		-24	%
Average price of gas ($/Mbtu) Consolidated subsidiaries		3.35		3.76		4.51		-26	%
Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates		6.32		6.52		7.20		-12	%

Variable cost margin – European refining, VCM ($/t)		26.3		30.2		33.0		-20	%

*	The indicators are shown on page 17.

^(a)	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See pages 3 et seq. “Analysis of business segment results” below for further details.

^(b)	“Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

^(c)	“Net acquisitions” = acquisitions—assets sales—other transactions with non-controlling interests (see page 14).

^(d)	“Net investments” = organic investments + net acquisitions (see page 14).

^(e)

The change in working capital as determined using the replacement cost method and, effective second quarter of 2019, including organic loan repayments from equity affiliates, and, effective first quarter of 2020, including capital gain from renewable projects sale was $(2,717) million in 1Q20, $(240) million in 4Q19, $(2,404) million in 1Q19. Effective second quarter of 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations. For information on the replacement cost method, refer to the second paragraph of “B. Analysis of business segment results”. See also “C. Group results – Cash Flow”. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 15 of this exhibit.

Production*


	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Hydrocarbon production (kboe/d)		3,086		3,113		2,946		+5	%
• Oil (including bitumen) (kb/d)		1,448		1,452		1,425		+2	%
• Gas (including condensates and associated NGL) (kboe/d)		1,638		1,661		1,521		+8	%

	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Hydrocarbon production (kboe/d)		3,086		3,113		2,946		+5	%
• Liquids (kb/d)		1,699		1,714		1,629		+4	%
• Gas (Mcf/d)**		7,560		7,563		7,167		+5	%

*	Group production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP)

**	1Q19 and 4Q19 data restated.

Hydrocarbon production was 3,086 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2020, an increase of 5% year-on-year, due to:

•

+8% related to the start-up and ramp-up of new projects, notably Culzean in the United Kingdom, Egina in Nigeria, Johan Sverdrup in Norway and Ichthys in Australia.

•

+2% due to lower prices and to portfolio effects, notably the increased interest in the DUC field in Denmark.

•

-3% due to the natural decline of fields.

•

-2% due notably to partial production halt in Libya and to the Tyra redevelopment in Denmark.

First quarter 2020 results

Pressured by the collapse of demand linked to Covid-19, oil prices fell sharply during March to an average of $50/b in the first quarter, down 21% year-on-year. Gas prices in Europe also fell sharply, down more than 50% year-on-year. In an environment of prices falling by more than 30% on average compared to the first quarter 2019, the Group’s cash flow (DACF)¹ decreased by 31% to $4.5 billion. Adjusted net income² decreased by 35% to $1.8 billion this quarter and return on equity stood at 9.8% with gearing³ at 21%.

Leading the Group’s low-carbon ambition, the iGRP segment generated $0.9 billion of cash flow⁴, an increase of 40% year-on-year thanks to a growth in LNG sales of nearly 30% and to the resilience of the sales price of its LNG production. In low-carbon electricity, the Group is accelerating growth by entering into renewable projects with gross installed capacity of more than 6 GW, particularly in India, Qatar and Spain.

In the first quarter, Upstream⁵ production grew by 5% year-on-year, driven by ramp-ups on projects, such as Culzean in the UK, Johan Sverdrup in Norway and Yamal in Russia. Impacted by lower prices, Exploration & Production cash flow⁴was $2.6 billion, down 39% year-on-year. Notably Exploration & Production made two discoveries in Surinam.

Downstream⁶ cash flow⁴ was $1.1 billion, down 37% year-on-year. In Europe, refining margins decreased by 20% and throughput volumes were down about 30% due to lower demand. Petrochemicals were resilient, benefiting from the fall in raw material prices. Retail network sales were down 10% year-on-year due to the impact of the Covid-19 crisis.

¹	Cash flow refers to DACF. “DACF” = debt adjusted cash flow, is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges.

²	Adjusted net income refers to adjusted net operating income, adjusted for special items, inventory valuation effect and the effect of changes in fair value. See pages 3 et seq. “Analysis of business segment results” below for further details.

³	Gearing refers to the net-debt-to-capital ratio. “Net-debt-to-capital-ratio” = net debt / (net debt + shareholders’ equity).

⁴	Operating cash flow before working capital changes is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases.

⁵

The Group upstream hydrocarbons activities include the oil and gas exploration and production activities of the Exploration & Production and the Integrated Gas, Renewables & Power segments. They do not include power generation facilities based on renewable sources or natural gas such as combined-cycle natural gas power plants.

⁶	Refining & Chemicals and Marketing & Services segments.

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision-maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or 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. In certain instances, certain transactions such as restructuring costs or asset 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 recur in following years.

In accordance with IAS 2, the Group values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. 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 price differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

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 TOTAL’s management and the accounting for these transactions under IFRS, which 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 recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s interim consolidated financial statements, see pages 23-25 and 35-36 of this exhibit.

The Group measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

B.1. Integrated Gas, Renewables & Power segment (iGRP)

Liquefied natural gas (LNG) production and sales and low carbon electricity


Hydrocarbon production for LNG	1Q20		4Q19		1Q19		1Q20 vs 1Q19
iGRP (kboe/d)		552		624		518		+7	%
• Liquids (kb/d)		73		74		66		+10	%
• Gas (Mcf/d)*		2,611		2,939		2,460		+6	%

LNG in Mt

1Q20

4Q19

1Q19

1Q20 vs
1Q19

Overall LNG sales

9.8

10.6

7.7

+27

• including sales from equity production**

4.7

4.2

3.8

+23

• including sales by TOTAL from equity production and third party purchases

7.8

9.6

6.0

+30

*	1Q19 and 4Q19 data restated.

**	The Group’s equity production may be sold by TOTAL or by joint ventures.


Low carbon electricity	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Gross renewables installed capacity (GW)*		3.0		3.0		1.8		+68	%
Net low carbon power production (TWh)**		2.9		3.5		2.7		+10	%
Clients gas and power –BtB and BtC (Million)*		5.9		5.8		5.4		+9	%
Sales gas and power – BtB and BtC (TWh)		47.8		34.9		47.9		—

*	Capacity at end of period.

**	Solar, wind, biogas, hydroelectric and CCGT plants.

Production increased by 7% year-on-year essentially linked to the ramp-up of Ichthys in Australia and Yamal LNG in Russia.

Total LNG sales increased by 27% year-on-year thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first two Cameron LNG trains in the US.

Gross installed renewable power generation capacity increased by 68% year-on-year to 3 GW. The Group continues to implement its integration strategy for the gas and electricity chain in Europe and saw the number of customers for gas and electricity grow to 5.9 million, up 9% year-on-year.

Results


in millions of dollars	1Q20		4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		5,090		4,292			6,419			-21	%
Operating income		358		326			322			+11	%
Net income (loss) from equity affiliates and other items		399		391			380			+5	%
Tax on net operating income		8		104			(173	)		ns
Net operating income		765		821			529			+45	%
Adjustments affecting net operating income		148		(27	)		63			x2.3
Adjusted net operating income*		913		794			592			+54	%
• including income from equity affiliates		248		353			255			-3	%
Organic investments		646		684			493			+31	%
Net acquisitions		1,137		(13	)		400			x2.8
Net investments		1,783		671			893			+100	%

*	Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income for the iGRP segment was $913 million in the first quarter of 2020, up 54% year-on-year and operating cash flow before working capital changes was up 40% in the same period to $852 million. The strong results compared to the first quarter of 2019 are due to the strong growth of LNG sales combined with resilient sales prices for the LNG portfolio, increasing use of regasification capacity in Europe and the strong performance of trading activities. The contribution of renewable activities also increased in the quarter.

Adjusted net operating income for the Integrated Gas, Renewables & Power segment excludes special items. In the first quarter of 2020, the exclusion of special items had a positive impact of $148 million on the segment’s adjusted net operating income, compared to a positive impact of $63 million in the first quarter of 2019.

In the first quarter of 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost¹and excluding financial charges, except those related to leases was $852 million, an increase of 40% compared to $610 million in the first quarter of 2019. In the first quarter of 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $(489) million, compared to $892 million in the first quarter of 2019.

B.2. Exploration & Production segment

Production

Hydrocarbon production

1Q20

4Q19

1Q19

1Q20 vs
1Q19

EP (kboe/d)

2,534

2,489

2,428

• Liquids (kb/d)

1,626

1,640

1,563

• Gas (Mcf/d)

4,949

4,624

4,707

Results


in millions of dollars, except effective tax rate	1Q20			4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		1,582			1,563			1,794			-12	%
Operating income		859			2,366			2,952			-71	%
Net income (loss) from equity affiliates and other items		423			166			194			x2.2
Effective tax rate*		59.6	%		38.0	%		48.6	%
Tax on net operating income		(454	)		(893	)		(1,424	)		-68	%
Net operating income		828			1,639			1,722			-52	%
Adjustments affecting net operating income		(125	)		392			—			ns
Adjusted net operating income**		703			2,031			1,722			-59	%
• including income from equity affiliates		390			247			213			+83	%
Organic investments		1,572			2,617			1,958			-20	%
Net acquisitions		(6	)		(224	)		38			ns
Net investments		1,566			2,393			1,996			-22	%

*	“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).

**	Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Exploration & Production adjusted net operating income was $703 million in the first quarter, down 59% year-on-year due to the sharp decrease in oil and gas prices at the end of the quarter.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the first quarter of 2020, the exclusion of special items had a negative impact of $125 million on the segment’s adjusted net operating income whereas there was no impact in the first quarter of 2019.

Operating cash flow excluding the change in working capital at replacement cost and effective second quarter of 2019 including organic loan repayments from equity affiliates provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 15 of this exhibit.

B.3. Downstream (Refining & Chemicals and Marketing & Services segments)

Results


in millions of dollars	1Q20			4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		37,198			43,419			42,990			-13	%
Operating income		(1,190	)		1,054			1,813			ns
Net income (loss) from equity affiliates and other items		(47	)		72			139			ns
Tax on net operating income		303			(103	)		(456	)		ns
Net operating income		(934	)		1,023			1,496			ns
Adjustments affecting net operating income		1,618			31			(397	)		ns
Adjusted net operating income*		684			1,054			1,099			-38	%
Organic investments		277			949			319			-13	%
Net acquisitions		(30	)		159			(131	)		ns
Net investments		247			1,108			188			+31	%

*	Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Refining & Chemicals segment

• Refinery and petrochemicals throughput and utilization rates


Refinery throughput and utilization rate*	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Total refinery throughput (kb/d)		1,444		1,509		1,862		-22	%
• France		255		282		592		-57	%
• Rest of Europe		756		756		823		-8	%
• Rest of world		433		471		447		-3	%
Utilization rate based on crude only**		69%		71%		89%

*	Includes refineries in Africa reported in the Marketing & Services segment.

**	Based on distillation capacity at the beginning of the year.

• Petrochemicals production and utilization rates


Petrochemicals production and utilization rate	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Monomers* (kt)		1,386		1,431		1,393		—
Polymers (kt)		1,202		1,169		1,297		-7	%
Vapocracker utilization rate**		83%		92%		87%

Olefins

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

Refinery throughput volumes decreased by 22% in the first quarter of 2020 year-on-year, mainly as a result of planned shutdowns at the Feyzin and Grandpuits refineries in France, Satorp in Saudi Arabia as well as the shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019.

Monomer production was stable year-on-year, while polymer production decreased by 7% due mainly to the closure of the polystyrene site at El Prat in Spain and a shutdown for planned maintenance on the Qatofin platform in Qatar.

Results


in millions of dollars	1Q20			4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		18,523			22,040			21,711			-15	%
Operating income		(1,268	)		579			1,244			ns
Net income (loss) from equity affiliates and other items		(57	)		57			149			ns
Tax on net operating income		335			(3	)		(292	)		ns
Net operating income		(990	)		633			1,101			ns
Adjustments affecting net operating income		1,372			(53	)		(345	)		ns
Adjusted net operating income*		382			580			756			-49	%
Organic investments		168			479			240			-30	%
Net acquisitions		(36	)		118			(124	)		ns
Net investments		132			597			116			+14	%

*	Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income for Refining & Chemicals was $382 million, down 49% year-on-year. The decrease was mainly due to a severely degraded global refining environment in the first quarter, low plant utilization and low demand at the end of the quarter. The impact of the shutdown of the Normandy distillation unit is estimated at $100 million for the quarter and $200 million over the year.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the first quarter of 2020, the exclusion of the inventory valuation effect had a positive impact of $1,285 million on the segment’s adjusted net operating income, compared to a negative impact of $345 million in the first quarter of 2019. In the first quarter of 2020, the exclusion of special items had a positive impact of $87 million on the segment’s adjusted net operating income, whereas it had no impact in the first quarter of 2019.

In the first quarter of 2020, the segment’s operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases was $674 million, a decrease of 39% compared to $1,104 million in the first quarter of 2019 for the same reasons mentioned above. In the first quarter of 2020, the segment’s cash flow from operating activities excluding financial charges, except those related to leases was $(1,183) million, compared to $(538) million in the first quarter of 2019. The difference between the operating cash flow excluding the change in working capital at replacement cost and excluding financial charges, except those related to leases and the cash flow from operating activities excluding financial charges, except those related to leases is mainly due to the decrease in the value of inventories linked to the decline in the price of oil.

B.4. Marketing & Services segment

Petroleum product sales


Sales in kb/d*	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Total Marketing & Services sales		1,656		1,835		1,836		-10	%
• Europe		906		1,033		1,012		-11	%
• Rest of world		750		801		824		-9	%

*	Excludes trading and bulk refining sales.

Sales of petroleum products decreased by 10% in the first quarter 2020, notably due to the impact of Covid-19 on demand, mainly in China and in France.

Results


in millions of dollars	1Q20			4Q19			1Q19			1Q20 vs 1Q19
Non-Group sales		18,675			21,379			21,279			-12	%
Operating income		78			475			569			-86	%
Net income (loss) from equity affiliates and other items		10			15			(10	)		ns
Tax on net operating income		(32	)		(100	)		(164	)		-80	%
Net operating income		56			390			395			-86	%
Adjustments affecting net operating income		246			84			(52	)		ns
Adjusted net operating income*		302			474			343			-12	%
Organic investments		109			471			80			+36	%
Net acquisitions		6			40			(8	)		ns
Net investments		115			511			72			+60	%

*	Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

Adjusted net operating income was $302 million in the first quarter 2020, a decrease of 12%, in line with the decrease in volumes.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the first quarter of 2020, the exclusion of the inventory valuation effect had a positive impact of $154 million on the segment’s adjusted net operating income, compared to a negative impact of $52 million in the first quarter of 2019. In the first quarter of 2020, the exclusion of special items had a positive impact of $92 million on the segment’s adjusted net operating income, whereas there was no impact in the first quarter of 2019.

C. GROUP RESULTS

Net income (Group share)

In the first quarter of 2020, net income (Group share) was $34 million, a decrease of 99% compared to $3,111 million in the first quarter of 2019.

Adjusted net income (Group share) was $1,781 million, a decrease of 35% year-on-year, due to lower Brent prices, natural gas prices and refining margins as well as the impact of the Covid-19 crisis on demand.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹.

Total adjustments affecting net income (Group share)² were $(1,747) million in the first quarter 2020, including $(1,414) million for the after-tax inventory effect linked to lower oil prices.

Fully-diluted shares and share buyback

The number of fully-diluted shares was 2,596 million on March 31, 2020.

In the framework of the shareholder return policy announced in February 2018, and the $5 billion buyback program for 2018-2020, the Group bought back shares at the start of the first quarter, while oil prices were around $60/b. 12.2 million shares were repurchased in the first quarter 2020 for $0.55 billion. In the context of the sharp decrease in oil prices, the buyback program was suspended at the beginning of March.

Acquisitions—asset sales

Acquisitions were $1.6 billion in the first quarter 2020, comprised notably of finalizing the acquisition of 37.4% of Adani Gas Limited in India and the payment for a second tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.

Asset sales were $542 million in the first quarter 2020, comprised notably of the sales of Block CA1 in Brunei, the Group’s interest in the Fos Cavaou regasification terminal in France, and 50% of a portfolio of solar and wind assets from Total Quadran in France.

Cash flow

The Group’s cash flow from operating activities decreased by 64% in the first quarter of 2020 compared to the first quarter of 2019 from $3,629 million to $1,299 million.

The change in working capital at replacement cost in the first quarter of 2020, which is the (increase)/decrease in working capital of $(884) million, as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $(1,796) million, was $(2,680) million, compared to $(2,404) million in the first quarter of 2019.

In the first quarter of 2020, operating cash flow excluding the change in working capital at replacement cost was $4,016 million, a decrease of 33% compared to $6,033 million in the first quarter of 2019. This operating cash flow includes organic loan repayments from equity affiliates, effective second quarter 2019, and capital gain from renewable projects sale, effective first quarter 2020. In the first quarter of 2020, operating cash flow excluding the change in working capital at replacement cost, without financial charges was $4,528 million, a decrease of 31% compared to $6,536 million in the first quarter of 2019.

The Group’s net cash flow³ was $391 million in the first quarter 2020 in the context of lower prices.

¹	Details shown on page 14 of this exhibit.

²	Details shown on pages 14 and 23-25 of this exhibit.

³	Net cash flow = operating cash flow before working capital changes—net investments (including other transactions with non-controlling interests). Details shown on page 15 of this exhibit.

D. PROFITABILITY

Return on equity was 9.8% for the twelve months ended March 31, 2020.

in millions of dollars

04/01/2019-
03/31/2020

01/01/2019-
12/31/2019

04/01/2018-
03/31/2019

Adjusted net income

11,079

12,090

13,810

Average adjusted shareholders’ equity

113,607

116,766

118,094

Return on equity (ROE)

9.8%

10.4%

11.7%

Return on average capital employed was 8.7% for the twelve months ended March 31, 2020.

in millions of dollars

04/01/2019-
03/31/2020

01/01/2019-
12/31/2019

04/01/2018-
03/31/2019

Adjusted net operating income

13,032

14,073

15,697

Average capital employed

150,418

143,674

146,210

ROACE

8.7%

9.8%

10.7%

E. 2020 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	+/-$2.9 B	+/-$3.3 B
European gas price – NBP ($/Mbtu)	+/- $1/Mbtu	+/-$0.35 B	+/-$0.35 B
Variable cost margin, European refining (VCM)	+/- $10/t	+/-$0.5 B	+/-$0.6 B

Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2020. 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 17.

**	In a $60/b Brent environment.

F. SUMMARY AND OUTLOOK

Since early March, the strong contraction in demand caused by the Covid-19 crisis has been exacerbated by sustained production, following the OPEC/non-OPEC meeting held on March 6. Despite the OPEC+ decision for exceptional production cuts reached during the April 9-12, 2020 meetings, demand remains well below supply, leading to overproduction and strong inventory builds. The anticipated gradual increase in demand linked to the end of the Covid-19 crisis may not bring a rapid resolution of the oil crisis given the time required to return inventories to normal levels.

TOTAL faces this period of economic and oil crisis with a low organic breakeven¹ and a solid balance sheet. The Group reacted to this new environment with an action plan, which has the objectives of preserving the value of its assets, maximizing the efficiency of its expenditures and positioning the Group in the best conditions to emerge strengthened from this period. All employees are mobilized in all the segments of the Group.

The Group has therefore decided to reduce net investments by 25% to $14 billion this year.

Given the less favorable context for Upstream asset sales, the $5 billion program for 2019-20 is maintained but refocused on infrastructure and real estate assets. Acquisitions will be adjusted in light of asset sales finalized within the framework of the $14 billion net investment.

The 2020 cost savings program has been increased to at least $1 billion, in addition to saving on energy costs by more than $1 billion, notably in Refining & Chemicals.

In Upstream, the Group now anticipates 2020 production of between 2.95 and 3 Mboe/d, at least a 5% reduction compared to the previous 2020 forecasts, taking into account the voluntary reductions in Canada, the exceptional quotas announced by OPEC+, lower local demand for gas and the situation in Libya.

Confirming its strategy to grow in the integrated gas and low-carbon electricity chain, the Group maintains its planned investment level of $1.5 to $2 billion a year in low-carbon electricity and continues to grow in LNG with the anticipated start-up of Cameron LNG Train 3. Taking into consideration the lower demand due to the global economic slowdown, TOTAL anticipates deferments in LNG uplifts during the second and third quarters of the year. Furthermore, the decrease in oil prices will negatively impact the LNG long-term contract prices from the second half.

In the Downstream, refining margins benefit from the low crude oil price but the significant demand decrease in Europe will weigh on refinery utilization rates in the coming months. The Group anticipates an average refinery global utilization rate between 70-75%, compared to 84% in 2019. Petrochemical volumes are not affected by the crisis and benefit from the drop in raw material prices thanks to the flexibility of steam-crackers that are able to adapt feedstocks to market conditions. The Group anticipates that Marketing & Services sales will return to near-normal levels once re-opening measures become widespread.

The new measures taken will allow the organic cash breakeven¹ to remain below $25/b in 2020, thus confirming Total’s resilience.

The Group’s priority is to generate a level of cash flow (DACF) that allows continued investing in profitable projects, to preserve an attractive return to shareholders and to maintain the strength of its balance sheet. The strategy successfully deployed during the 2015 crisis around the four priorities of HSE, operational excellence, cost reduction and cash flow mobilizes all the Group’s teams.

¹	“Organic breakeven” and “organic cash breakeven” refer to pre-dividend organic cash breakeven, defined as the Brent price for which the operating cash flow before working capital changes covers the organic investments.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and are often, but not always, preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “targets”, “estimates” or similar expressions.

Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:

•

material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals;

•

changes in currency exchange rates and currency devaluations;

•

the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL;

•

uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities;

•

uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals;

•

changes in the current capital expenditure plans of TOTAL;

•

the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;

•

the financial resources of competitors;

•

changes in laws and regulations, including tax and environmental laws and industrial safety regulations;

•

the quality of future opportunities that may be presented to or pursued by TOTAL;

•

the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally;

•

the ability to obtain governmental or regulatory approvals;

•

the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters;

•

the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;

•

changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;

•

the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and

•

the risk that TOTAL will inadequately hedge the price of crude oil or finished products.

For additional factors, you should read the information set forth under “Item 3. -3.2 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F/A for the year ended December 31, 2019.

OPERATING INFORMATION BY SEGMENT

• Group production (Exploration Production + iGRP)


Combined liquids and gas production by region (kboe/d)	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Europe and Central Asia		1,097		1,102		990		+11	%
Africa		701		703		697		+1	%
Middle East and North Africa		681		701		686		-1	%
Americas		372		368		373		-
Asia Pacific		235		239		201		+17	%
Total production		3,086		3,113		2,946		+5	%
• includes equity affiliates		753		768		709		+6	%


Liquids production by region (kb/d)	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Europe and Central Asia		404		373		352		+15	%
Africa		555		560		540		+3	%
Middle East and North Africa		516		560		522		-1	%
Americas		178		171		177		+1	%
Asia Pacific		47		50		39		+21	%
Total production		1,699		1,714		1,629		+4	%
• includes equity affiliates		214		212		217		-1	%


Gas production by region (Mcf/d)	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Europe and Central Asia		3,734		3,887		3,426		+9	%
Africa*		746		686		795		-6	%
Middle East and North Africa		912		792		905		+1	%
Americas		1,092		1,109		1,101		-1	%
Asia Pacific*		1,076		1,089		940		+14	%
Total production*		7,560		7,563		7,167		+5	%
• includes equity affiliates*		2,905		2,961		2,656		+9	%

*	1Q19 and 4Q19 data restated

• Downstream (Refining & Chemicals and Marketing & Services)


Petroleum product sales by region (kb/d)	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Europe		1,771		1,993		2,022		-12	%
Africa		683		737		658		+4	%
Americas		766		763		839		-9	%
Rest of world		444		526		616		-28	%
Total consolidated sales		3,663		4,019		4,135		-11	%
• includes bulk sales		497		508		557		-11	%
• includes trading		1,510		1,676		1,742		-13	%


*Petrochemicals production (kt)**	1Q20		4Q19		1Q19		1Q20 vs 1Q19
Europe		1,272		1,253		1,416		-10	%
Americas		664		630		614		8	%
Middle East and Asia		652		717		660		-1	%

*	Olefins, polymers

ADJUSTMENT ITEMS

Adjustment items to net income (Group share)


in millions of dollars	1Q20			4Q19			1Q19
Special items affecting net income (Group share)		(334	)		(666	)		(14	)

• Gain (loss) on asset sales		—			—			—
• Restructuring charges		(80	)		(5)			(2	)
• Impairments		—			(248	)		—
• Other		(254	)		(413	)		(12	)

After-tax inventory effect: FIFO vs. replacement cost		(1,414	)		57			388

Effect of changes in fair value		1			44			(22	)

Total adjustments affecting net income		(1,747	)		(565	)		352

INVESTMENTS — DIVESTMENTS


in millions of dollars	1Q20			4Q19			1Q19			1Q20 vs. 1Q19
Organic investments (a)		2,523			4,291			2,784			-9	%
• capitalized exploration		135			136			232			-42	%
• increase in non-current loans		279			319			130			x2.1
• repayment of non-current loans, excluding organic loan repayment from equity affiliates*		(117	)		(102	)		(134	)		ns
• change in debt from renewable projects (Group share)		(105	)		—			—			ns

Acquisitions (b)		1,644			266			669			x2.5

Asset sales (c)		542			357			363			+49	%
• change in debt from renewable projects (partner share)		61			—			—			ns

Other transactions with non-controlling interests (d)		—			(11	)		—			ns

Net investments (a+b-c-d)		3,625			4,211			3,090			+17	%
Organic loan repayment from equity affiliates* (e)		7			(275	)		—			ns
Change in debt from renewable projects financing** (f)		166			—			—			ns
Capex linked to capitalized leasing contracts (g)		24			—			—			ns
Cash flow used in investing activities (a+b-c+e+f+g)		3,774			3,925			3,090			+22	%

*	Effective second quarter of 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

**	Change in debt from renewable projects (Group share and partner share).

CASH FLOW


in millions of dollars	1Q20			4Q19			1Q19			1Q20 vs. 1Q19
Operating cash flow before working capital changes w/o financial charges (DACF)		4,528			7,372			6,536			-31	%
• Financial charges		(512	)		(533	)		(503	)		ns
Operating cash flow before working capital changes (a)		4,016			6,839			6,033			-33	%
• (Increase) decrease in working capital		(884	)		46			(2,970	)		ns
• Inventory effect		(1,796	)		(11	)		566			ns
• capital gain from renewable projects sale		(44	)		—			—			ns
• Organic loan repayment from equity affiliates		7			(275	)		—			ns

Cash flow from operations		1,299			6,599			3,629			-64	%

Organic investments (b)		2,523			4,291			2,784			-9	%

Free cash flow after organic investments, w/o net asset sales (a-b)		1,493			2,548			3,249			-54	%

Net investments (c)		3,625			4,211			3,090			+17	%

Net cash flow (a-c)		391			2,628			2,943			-87	%

GEARING RATIO


in millions of dollars	03/31/2020			12/31/2019			03/31/2019
Current borrowings		18,521			14,819			13,906
Net current financial assets		(6,412	)		(3,505	)		(2,722	)
Net financial assets classified as held for sale		—			301			227
Non-current financial debt		48,896			47,773			44,396
Hedging instruments of non-current debt		(1,133	)		(912	)		(637	)
Cash and cash equivalents		(21,634	)		(27,352	)		(25,432	)

Net debt (a)		38,238			31,124			29,738

Shareholders’ equity – Group share		112,006			116,778			117,993
Non-controlling interests		2,428			2,527			2,365

Shareholders’ equity (b)		114,434			119,305			120,358

Net-debt-to-capital ratio = a/(a+b)		25.0	%		20.7	%		19.8	%

Net-debt-to-capital ratio excluding leases		21.3	%		16.7	%		15.9	%

*	The net-debt-to-capital ratios include the impact of the new IFRS 16 rule, effective January 1, 2019.

RETURN ON AVERAGE CAPITAL EMPLOYED

• Twelve months ended March 31, 2020


in millions of dollars	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services
Adjusted net operating income	6,490	2,710	2,629	1,612
Capital employed at 3/31/2019*	90,051	37,235	13,153	8,255
Capital employed at 3/31/2020*	85,622	44,236	12,878	8,764

ROACE	7.4%	6.7%	20.2%	18.9%

• Full year 2019


in millions of dollars	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services
Adjusted net operating income	7,509	2,389	3,003	1,653
Capital employed at 12/31/2018*	89,400	34,746	10,559	6,442
Capital employed at 12/31/2019*	88,844	41,549	12,228	8,371

ROACE	8.4%	6.3%	26.3%	22.3%

•

Twelve months ended March 31, 2019


in millions of dollars	Exploration & Production	Integrated Gas, Renewables & Power	Refining & Chemicals	Marketing & Services
Adjusted net operating income	8,452	2,530	3,415	1,628
Capital employed at 3/31/2018*	93,276	30,996	13,428	7,409
Capital employed at 3/31/2019*	90,051	37,235	13,153	8,255

ROACE	9.2%	7.4%	25.7%	20.8%

*	At replacement cost (excluding after-tax inventory effect).

MAIN INDICATORS


	$/€		Brent ($/b)		Average liquids price* ($/b)		Average gas price* ($/Mbtu)		Average LNG price ($/Mbtu)**		Variable cost margin, European refining*** ($/t)
First quarter 2020		1.10		50.1		44.4		3.35		6.32		26.3
Fourth quarter 2019		1.11		63.1		59.1		3.76		6.52		30.2
Third quarter 2019		1.11		62.0		58.0		3.48		5.93		47.4
Second quarter 2019		1.12		68.9		63.7		3.82		5.69		27.6
First quarter 2019		1.14		63.1		58.7		4.51		7.20		33.0

Note: A new indicator; the “Average LNG price” has been introduced from 1Q20 to allow a better understanding of the integrated Gas (iG) performances. It represents the selling price of LNG equity production. 2019 quarterly data are provided.

*	Sales in $ / sales in volume for consolidated subsidiaries (excluding stock value variation).

**	Sales in $ / sales in volume for consolidated subsidiaries and equity affiliates (excluding stock value variation).

*** This indicator represents the average margin on variable costs realized by TOTAL’s European refining business (equal to the difference between the sales of refined products realized by TOTAL’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).

Disclaimer: Data is based on TOTAL’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the main indicators.

CONSOLIDATED STATEMENT OF INCOME

TOTAL


(unaudited)
	1^st quarter			4^th quarter			1^st quarter
(M$)^(a)	2020			2019			2019

Sales		43,870			49,280			51,205
Excise taxes		(5,293	)		(5,895	)		(6,081	)
Revenues from sales		38,577			43,385			45,124
Purchases, net of inventory variation		(28,068	)		(28,212	)		(29,721	)
Other operating expenses		(6,944	)		(7,090	)		(6,725	)
Exploration costs		(140	)		(231	)		(288	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,635	)		(4,431	)		(3,466	)
Other income		580			428			247
Other expense		(420	)		(235	)		(209	)
Financial interest on debt		(569	)		(606	)		(561	)
Financial income and expense from cash & cash equivalents		(155	)		51			(28	)
Cost of net debt		(724	)		(555	)		(589	)
Other financial income		188			143			160
Other financial expense		(181	)		(203	)		(195	)
Net income (loss) from equity affiliates		732			502			711
Income taxes		37			(852	)		(1,909	)

Consolidated net income		2			2,649			3,140

Group share		34			2,600			3,111
Non-controlling interests		(32	)		49			29

Earnings per share ($)		(0.01	)		0.98			1.17

Fully-diluted earnings per share ($)		(0.01	)		0.97			1.16

(a)	Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL


(unaudited)
		1^st quarter			4^th quarter			1^st quarter
(M$)	2020			2019			2019
Consolidated net income		2			2,649			3,140

Other comprehensive income
Actuarial gains and losses		133			(138	)		164
Change in fair value of investments in equity instruments		(164	)		16			33
Tax effect		(15	)		40			(45	)
Currency translation adjustment generated by the parent company		(1,976	)		2,461			(1,531	)

Items not potentially reclassifiable to profit and loss		(2,022	)		2,379			(1,379	)

Currency translation adjustment		(21	)		(654	)		806
Cash flow hedge		(1,524	)		(24	)		(127	)
Variation of foreign currency basis spread		56			(49	)		11
Share of other comprehensive income of equity affiliates, net amount		(1,223	)		82			388
Other		3			1			1
Tax effect		445			26			38

Items potentially reclassifiable to profit and loss		(2,264	)		(618	)		1,117

Total other comprehensive income (net amount)		(4,286	)		1,761			(262	)

Comprehensive income		(4,284	)		4,410			2,878

Group share		(4,171	)		4,319			2,840
Non-controlling interests		(113	)		91			38

CONSOLIDATED BALANCE SHEET

TOTAL


	March 31, 2020			December 31, 2019			March 31, 2019
(M$)		(unaudited)						(unaudited)

ASSETS
Non-current assets
Intangible assets, net		32,823			33,178			28,727
Property, plant and equipment, net		113,254			116,408			117,881
Equity affiliates : investments and loans		26,998			27,122			25,996
Other investments		1,660			1,778			1,468
Non-current financial assets		1,133			912			637
Deferred income taxes		6,694			6,216			6,246
Other non-current assets		2,537			2,415			2,156

Total non-current assets		185,099			188,029			183,111

Current assets
Inventories, net		11,556			17,132			17,075
Accounts receivable, net		18,029			18,488			19,321
Other current assets		19,429			17,013			16,237
Current financial assets		7,016			3,992			3,373
Cash and cash equivalents		21,634			27,352			25,432
Assets classified as held for sale		421			1,288			314

Total current assets		78,085			85,265			81,752

Total assets		263,184			273,294			264,863


LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		8,123			8,123			8,231
Paid-in surplus and retained earnings		119,935			121,170			123,702
Currency translation adjustment		(14,431	)		(11,503	)		(11,606	)
Treasury shares		(1,621	)		(1,012	)		(2,334	)

Total shareholders’ equity—Group share		112,006			116,778			117,993

Non-controlling interests		2,428			2,527			2,365

Total shareholders’ equity		114,434			119,305			120,358

Non-current liabilities
Deferred income taxes		10,462			11,858			11,339
Employee benefits		3,260			3,501			3,150
Provisions and other non-current liabilities		19,452			20,613			21,020
Non-current financial debt		48,896			47,773			44,396

Total non-current liabilities		82,070			83,745			79,905

Current liabilities
Accounts payable		22,123			28,394			26,416
Other creditors and accrued liabilities		25,102			25,749			23,361
Current borrowings		18,521			14,819			13,906
Other current financial liabilities		604			487			651
Liabilities directly associated with the assets classified as held for sale		330			795			266

Total current liabilities		66,680			70,244			64,600

Total liabilities & shareholders’ equity		263,184			273,294			264,863

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL


(unaudited)
		1^st quarter			4^th quarter			1^st quarter
(M$)^(a)	2020			2019			2019
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2			2,649			3,140
Depreciation, depletion, amortization and impairment		3,730			4,624			3,716
Non-current liabilities, valuation allowances and deferred taxes		(661	)		(672	)		140
(Gains) losses on disposals of assets		(209	)		(176	)		(173	)
Undistributed affiliates’ equity earnings		(587	)		267			(306	)
(Increase) decrease in working capital		(884	)		46			(2,970	)
Other changes, net		(92	)		(139	)		82

Cash flow from operating activities		1,299			6,599			3,629

CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(2,364	)		(4,015	)		(2,704	)
Acquisitions of subsidiaries, net of cash acquired		(188	)		(155	)		—
Investments in equity affiliates and other securities		(1,534	)		(170	)		(753	)
Increase in non-current loans		(295	)		(319	)		(130	)

Total expenditures		(4,381	)		(4,659	)		(3,587	)
Proceeds from disposals of intangible assets and property, plant and equipment		44			301			8
Proceeds from disposals of subsidiaries, net of cash sold		142			13			147
Proceeds from disposals of non-current investments		295			43			208
Repayment of non-current loans		126			377			134

Total divestments		607			734			497

Cash flow used in investing activities		(3,774	)		(3,925	)		(3,090	)

CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
—Parent company shareholders		—			1			1
—Treasury shares		(609	)		(620	)		(491	)
Dividends paid:
—Parent company shareholders		(1,882	)		(1,876	)		(1,830	)
—Non-controlling interests		—			(1	)		—
Net issuance (repayment) of perpetual subordinated notes		—			—			—
Payments on perpetual subordinated notes		(97	)		(56	)		(140	)
Other transactions with non-controlling interests		(48	)		160			(150	)
Net issuance (repayment) of non-current debt		42			84			1,250
Increase (decrease) in current borrowings		2,785			(1,131	)		(1,526	)
Increase (decrease) in current financial assets and liabilities		(2,995	)		(168	)		106
Cash flow from (used in) financing activities		(2,804	)		(3,607	)		(2,780	)

Net increase (decrease) in cash and cash equivalents		(5,279	)		(933	)		(2,241	)

Effect of exchange rates		(439	)		831			(234	)
Cash and cash equivalents at the beginning of the period		27,352			27,454			27,907

Cash and cash equivalents at the end of the period		21,634			27,352			25,432

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL


(unaudited)
							Paid-in surplus and retained earnings			Currency translation adjustment									Shareholders’ equity—Group Share			Non- controlling interests			Total shareholders’ equity
	Common shares issued												Treasury shares
(M$)	Number			Amount									Number			Amount
As of January 1, 2019		2,640,602,007			8,227			120,569			(11,313	)		(32,473,281	)		(1,843	)		115,640			2,474			118,114

Net income of the first quarter 2019		—			—			3,111			—			—			—			3,111			29			3,140
Other comprehensive income		—			—			22			(293	)		—			—			(271	)		9			(262	)
Comprehensive Income		—			—			3,133			(293	)		—			—			2,840			38			2,878
Dividend		—			—			—			—			—			—			—			—			—
Issuance of common shares		1,272,267			4			64			—			—			—			68			—			68
Purchase of treasury shares		—			—			—			—			(8,675,188	)		(491	)		(491	)		—			(491	)
Sale of treasury shares^(a)		—			—			—			—			2,210			—			—			—			—
Share-based payments		—			—			11			—			—			—			11			—			11
Share cancellation		—			—			—			—			—			—			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—			—			—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—			—			(75	)		—			—			—			(75	)		—			(75	)
Other operations with non-controlling interests		—			—			—			—			—			—			—			(150	)		(150	)
Other items		—			—			—			—			—			—			—			3			3

As of March 31, 2019		2,641,874,274			8,231			123,702			(11,606	)		(41,146,259	)		(2,334	)		117,993			2,365			120,358

Net income from April 1 to December 31, 2019		—			—			8,156			—			—			—			8,156			142			8,298
Other comprehensive income		—			—			(681	)		103			—			—			(578	)		59			(519	)
Comprehensive Income		—			—			7,475			103			—			—			7,578			201			7,779
Dividend		—			—			(7,730	)		—			—			—			(7,730	)		(115	)		(7,845	)
Issuance of common shares		25,116,236			70			1,201			—			—			—			1,271			—			1,271
Purchase of treasury shares		—			—			—			—			(43,714,148	)		(2,319	)		(2,319	)		—			(2,319	)
Sale of treasury shares^(a)		—			—			(219	)		—			4,276,738			219			—			—			—
Share-based payments		—			—			196			—			—			—			196			—			196
Share cancellation		(65,109,435	)		(178	)		(3,244	)		—			65,109,435			3,422			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—			—			(4	)		—			—			—			(4	)		—			(4	)
Payments on perpetual subordinated notes		—			—			(278	)		—			—			—			(278	)		—			(278	)
Other operations with non-controlling interests		—			—			55			—			—			—			55			108			163
Other items		—			—			16			—			—			—			16			(32	)		(16	)

As of December 31, 2019		2,601,881,075			8,123			121,170			(11,503	)		(15,474,234	)		(1,012	)		116,778			2,527			119,305

Net income of the first quarter 2020		—			—			34			—			—			—			34			(32	)		2
Other comprehensive income		—			—			(1,277	)		(2,928	)		—			—			(4,205	)		(81	)		(4,286	)
Comprehensive income		—			—			(1,243	)		(2,928	)		—			—			(4,171	)		(113	)		(4,284	)
Dividend		—			—			—			—			—			—			—			—			—
Issuance of common shares		—			—			—			—			—			—			—			—			—
Purchase of treasury shares		—			—			—			—			(13,236,044	)		(609	)		(609	)		—			(609	)
Sale of treasury shares^(a)		—			—			—			—			3,030			—			—			—			—
Share-based payments		—			—			31			—			—			—			31			—			31
Share cancellation		—			—			—			—			—			—			—			—			—
Net issuance (repayment) of perpetual subordinated notes		—			—			—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—			—			(72	)		—			—			—			(72	)		—			(72	)
Other operations with non-controlling interests		—			—			(44	)		—			—			—			(44	)		(4	)		(48	)
Other items		—			—			93			—			—			—			93			18			111

As of March 31, 2020		2,601,881,075			8,123			119,935			(14,431	)		(28,707,248	)		(1,621	)		112,006			2,428			114,434

^(a)	Treasury shares related to the restricted stock grants.

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)


1st quarter 2020
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,582			5,090			18,523			18,675			—			—			43,870
Intersegment sales		5,564			594			6,095			89			28			(12,370	)		—
Excise taxes		—			—			(650	)		(4,643	)		—			—			(5,293	)

Revenues from sales		7,146			5,684			23,968			14,121			28			(12,370	)		38,577
Operating expenses		(3,643	)		(4,992	)		(24,841	)		(13,799	)		(247	)		12,370			(35,152	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,644	)		(334	)		(395	)		(244	)		(18	)		—			(3,635	)

Operating income		859			358			(1,268	)		78			(237	)		—			(210	)
Net income (loss) from equity affiliates and other items		423			399			(57	)		10			124			—			899
Tax on net operating income		(454	)		8			335			(32	)		28			—			(115	)

Net operating income		828			765			(990	)		56			(85	)		—			574
Net cost of net debt																				(572	)
Non-controlling interests																				32

Net income—group share																				34

1st quarter 2020 (adjustments)^(a)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
Non-Group sales		—			2			—			—			—			—		2
Intersegment sales		—			—			—			—			—			—		—
Excise taxes		—			—			—			—			—			—		—

Revenues from sales		—			2			—			—			—			—		2
Operating expenses		(10	)		(119	)		(1,589	)		(346	)		(55	)		—		(2,119	)
Depreciation, depletion and impairment of tangible assets and mineral interests		—			—			—			—			—			—		—

Operating income^(b)		(10	)		(117	)		(1,589	)		(346	)		(55	)		—		(2,117	)
Net income (loss) from equity affiliates and other items		128			(75	)		(208	)		—			—			—		(155	)
Tax on net operating income		7			44			425			100			—			—		576

Net operating income^(b)		125			(148	)		(1,372	)		(246	)		(55	)		—		(1,696	)
Net cost of net debt																			(101	)
Non-controlling interests																			50

Net income—group share																			(1,747	)

^(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b)Of which inventory valuation effect
— On operating income		—			—			(1,578	)		(218	)		—
— On net operating income		—			—			(1,285	)		(154	)		—

1^st quarter 2020 (adjusted)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,582			5,088			18,523			18,675			—			—			43,868
Intersegment sales		5,564			594			6,095			89			28			(12,370	)		—
Excise taxes		—			—			(650	)		(4,643	)		—			—			(5,293	)

Revenues from sales		7,146			5,682			23,968			14,121			28			(12,370	)		38,575
Operating expenses		(3,633	)		(4,873	)		(23,252	)		(13,453	)		(192	)		12,370			(33,033	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,644	)		(334	)		(395	)		(244	)		(18	)		—			(3,635	)

Adjusted operating income		869			475			321			424			(182	)		—			1,907
Net income (loss) from equity affiliates and other items		295			474			151			10			124			—			1,054
Tax on net operating income		(461	)		(36	)		(90	)		(132	)		28			—			(691	)

Adjusted net operating income		703			913			382			302			(30	)		—			2,270
Net cost of net debt																				(471	)
Non-controlling interests																				(18	)

Adjusted net income—group share																				1,781

1^st quarter 2020


(M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany	Total
(M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany	Total
Total expenditures		1,659		2,291			226			160			45				4,381
Total divestments		121		344			79			46			17				607
Cash flow from operating activities		3,923		(489	)		(1,183	)		(399	)		(553	)			1,299

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)

4^th quarter 2019


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,292			22,040			21,379			6			—			49,280
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)

Revenues from sales		9,829			5,285			29,014			16,452			53			(17,248	)		43,385
Operating expenses		(4,156	)		(4,471	)		(28,084	)		(15,714	)		(356	)		17,248			(35,533	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,307	)		(488	)		(351	)		(263	)		(22	)		—			(4,431	)

Operating income		2,366			326			579			475			(325	)		—			3,421
Net income (loss) from equity affiliates and other items		166			391			57			15			6			—			635
Tax on net operating income		(893	)		104			(3	)		(100	)		(39	)		—			(931	)

Net operating income		1,639			821			633			390			(358	)		—			3,125
Net cost of net debt																				(476	)
Non-controlling interests																				(49	)

Net income—group share																				2,600

4^th quarter 2019 (adjustments)^(a)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
Non-Group sales		—			10			—			—			—			—		10
Intersegment sales		—			—			—			—			—			—		—
Excise taxes		—			—			—			—			—			—		—

Revenues from sales		—			10			—			—			—			—		10
Operating expenses		(45	)		(87	)		44			(102	)		(112	)		—		(302	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(525	)		(136	)		(9	)		—			—			—		(670	)

Operating income^(b)		(570	)		(213	)		35			(102	)		(112	)		—		(962	)
Net income (loss) from equity affiliates and other items		(22	)		(38	)		(13	)		(23	)		—			—		(96	)
Tax on net operating income		200			278			31			41			(73	)		—		477

Net operating income^(b)		(392	)		27			53			(84	)		(185	)		—		(581	)
Net cost of net debt																			(3	)
Non-controlling interests																			19

Net income—group share																			(565	)

^(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b)Of which inventory valuation effect
—On operating income		—			—			85			(96	)		—
—On net operating income		—			—			117			(60	)		—

4^th quarter 2019 (adjusted)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,563			4,282			22,040			21,379			6			—			49,270
Intersegment sales		8,266			993			7,739			203			47			(17,248	)		—
Excise taxes		—			—			(765	)		(5,130	)		—			—			(5,895	)

Revenues from sales		9,829			5,275			29,014			16,452			53			(17,248	)		43,375
Operating expenses		(4,111	)		(4,384	)		(28,128	)		(15,612	)		(244	)		17,248			(35,231	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,782	)		(352	)		(342	)		(263	)		(22	)		—			(3,761	)

Adjusted operating income		2,936			539			544			577			(213	)		—			4,383
Net income (loss) from equity affiliates and other items		188			429			70			38			6			—			731
Tax on net operating income		(1,093	)		(174	)		(34	)		(141	)		34			—			(1,408	)

Adjusted net operating income		2,031			794			580			474			(173	)		—			3,706
Net cost of net debt																				(473	)
Non-controlling interests																				(68	)

Adjusted net income—group share																				3,165

4^th quarter 2019


(M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate			Intercompany	Total
(M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate			Intercompany	Total
Total expenditures		2,633		747		664		571		44				4,659
Total divestments		256		342		69		62		5				734
Cash flow from operating activities		4,206		1,527		1,142		278		(554	)			6,599

INFORMATION BY BUSINESS SEGMENT

TOTAL

(unaudited)

1^st quarter 2019


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,794			6,419			21,711			21,279			2			—			51,205
Intersegment sales		7,716			627			8,017			162			27			(16,549	)		—
Excise taxes		—			—			(776	)		(5,305	)		—			—			(6,081	)

Revenues from sales		9,510			7,046			28,952			16,136			29			(16,549	)		45,124
Operating expenses		(4,029	)		(6,409	)		(27,334	)		(15,334	)		(177	)		16,549			(36,734	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,529	)		(315	)		(374	)		(233	)		(15	)		—			(3,466	)

Operating income		2,952			322			1,244			569			(163	)		—			4,924
Net income (loss) from equity affiliates and other items		194			380			149			(10	)		1			—			714
Tax on net operating income		(1,424	)		(173	)		(292	)		(164	)		60			—			(1,993	)

Net operating income		1,722			529			1,101			395			(102	)		—			3,645
Net cost of net debt																				(505	)
Non-controlling interests																				(29	)

Net income—group share																				3,111

1^st quarter 2019 (adjustments)^(a)


(M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
(M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
Non-Group sales		—		(27	)		—			—			—		—		(27	)
Intersegment sales		—		—			—			—			—		—		—
Excise taxes		—		—			—			—			—		—		—

Revenues from sales		—		(27	)		—			—			—		—		(27	)
Operating expenses		—		(58	)		492			74			—		—		508
Depreciation, depletion and impairment of tangible assets and mineral interests		—		—			—			—			—		—		—

Operating income^(b)		—		(85	)		492			74			—		—		481
Net income (loss) from equity affiliates and other items		—		6			2			—			—		—		8
Tax on net operating income		—		16			(149	)		(22	)		—		—		(155	)

Net operating income^(b)		—		(63	)		345			52			—		—		334
Net cost of net debt																	(4	)
Non-controlling interests																	22

Net income—group share																	352

^(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b)Of which inventory valuation effect
—On operating income		—		—			492			74			—
—On net operating income		—		—			345			52			—

1^st quarter 2019 (adjusted)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,794			6,446			21,711			21,279			2			—			51,232
Intersegment sales		7,716			627			8,017			162			27			(16,549	)		—
Excise taxes		—			—			(776	)		(5,305	)		—			—			(6,081	)

Revenues from sales		9,510			7,073			28,952			16,136			29			(16,549	)		45,151
Operating expenses		(4,029	)		(6,351	)		(27,826	)		(15,408	)		(177	)		16,549			(37,242	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,529	)		(315	)		(374	)		(233	)		(15	)		—			(3,466	)

Adjusted operating income		2,952			407			752			495			(163	)		—			4,443
Net income (loss) from equity affiliates and other items		194			374			147			(10	)		1			—			706
Tax on net operating income		(1,424	)		(189	)		(143	)		(142	)		60			—			(1,838	)

Adjusted net operating income		1,722			592			756			343			(102	)		—			3,311
Net cost of net debt																				(501	)
Non-controlling interests																				(51	)

Adjusted net income—group share																				2,759

1^st quarter 2019


(M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals			Marketing & Services		Corporate			Intercompany	Total
(M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals			Marketing & Services		Corporate			Intercompany	Total
Total expenditures		2,025		1,118		285			144		15				3,587
Total divestments		29		225		169			72		2				497
Cash flow from operating activities		3,936		892		(538	)		232		(893	)			3,629

Reconciliation of the information by business segment with Consolidated Financial Statements

TOTAL

(unaudited)

1^st quarter 2020


	Adjusted			Adjustments^(a)			Consolidated statement of income
(M$)	Adjusted			Adjustments^(a)			Consolidated statement of income
Sales		43,868			2			43,870
Excise taxes		(5,293	)		—			(5,293	)
Revenues from sales		38,575			2			38,577
Purchases net of inventory variation		(26,107	)		(1,961	)		(28,068	)
Other operating expenses		(6,786	)		(158	)		(6,944	)
Exploration costs		(140	)		—			(140	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,635	)		—			(3,635	)
Other income		580			—			580
Other expense		(191	)		(229	)		(420	)
Financial interest on debt		(567	)		(2	)		(569	)
Financial income and expense from cash & cash equivalents		(10	)		(145	)		(155	)
Cost of net debt		(577	)		(147	)		(724	)
Other financial income		188			—			188
Other financial expense		(181	)		—			(181	)
Net income (loss) from equity affiliates		658			74			732
Income taxes		(585	)		622			37
Consolidated net income		1,799			(1,797	)		2
Group share		1,781			(1,747	)		34
Non-controlling interests		18			(50	)		(32	)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

1^st quarter 2019


(M$)	Adjusted			Adjustments^(a)			Consolidated statement of income
Sales		51,232			(27	)		51,205
Excise taxes		(6,081	)		—			(6,081	)
Revenues from sales		45,151			(27	)		45,124
Purchases net of inventory variation		(30,238	)		517			(29,721	)
Other operating expenses		(6,716	)		(9	)		(6,725	)
Exploration costs		(288	)		—			(288	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,466	)		—			(3,466	)
Other income		200			47			247
Other expense		(73	)		(136	)		(209	)
Financial interest on debt		(557	)		(4	)		(561	)
Financial income and expense from cash & cash equivalents		(28	)		—			(28	)
Cost of net debt		(585	)		(4	)		(589	)
Other financial income		160			—			160
Other financial expense		(195	)		—			(195	)
Net income (loss) from equity affiliates		614			97			711
Income taxes		(1,754	)		(155	)		(1,909	)
Consolidated net income		2,810			330			3,140
Group share		2,759			352			3,111
Non-controlling interests		51			(22	)		29

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST THREE MONTHS 2020

(unaudited)

1) Accounting policies

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of March 31, 2020, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

The accounting principles applied for the consolidated financial statements at March 31, 2020, are consistent with those used for the financial statements at December 31, 2019, with the exception of standards or amendments that must be applied for periods beginning January 1, 2020.

On January 1, 2020, the Group applied the amendments to IFRS9 and IFRS7 relating to the IBOR reform. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform, and therefore maintain the hedge accounting qualification of interest rate derivatives. The Group is currently assessing the future impacts of these index changes.

The preparation of financial statements in accordance with IFRS for the closing as of March 31, 2020 requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2019.

The interim consolidated financial statements are impacted by the Covid-19 and oil crises described in note 7 Other risks and contingent liabilities. The Group has taken this environment into account in its estimates, notably those relating to inventory valuation, asset impairments, employee benefits and income taxes.

In particular, the value of petroleum and petrochemical inventories, that are measured according to the FIFO (First-in, First-Out) method, deteriorated as a result of the significant decrease in prices during the quarter, especially in the Refining and Chemicals business segment.

Regarding impairment tests, the Group has considered that long-term assumptions used in December 31,2019 annual impairment tests did not need to be reviewed, but has taken into account the decrease in prices for 2020. Application of these assumptions did not result in any asset impairment at March 31, 2020.

The sensitivity of impairment tests realized at December 31, 2019 to variation of oil and gas prices is described in note 3.D. to the notes to the Consolidated Financial Statements as at December 31, 2019.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

2) Changes in the Group Structure

2.1)

Main acquisitions and divestments

➣	Integrated Gas, Renewables & Power

•

On February 28, 2020, TOTAL finalized the acquisition of 37.4% interest in Adani Gas Limited, one of the 4 main distributors of city gas in India. To acquire 37.4% of equity shares of Adani Gas Limited, TOTAL launched a tender offer to public shareholders on October 14, 2019 that ended on January 14, 2020, then acquired the remaining shares from Adani on February 27 and 28, 2020.

➣	Exploration & Production

•

On March 31, 2020, TOTAL finalized the sale of its subsidiary Total E&P Deep Offshore Borneo BV which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei, to Shell.

2.2)

Divestment projects

➣	Exploration & Production

•

On July 10, 2019, Total announced the signature of an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd. The overall consideration for this deal that is subject to approval from the relevant authorities amounts to $635 million. At March 31, 2020, the assets and liabilities have been respectively classified in the consolidated balance sheet in “assets classified as held for sale” for an amount of $421 million and in “liabilities directly associated with the assets classified as held for sale” for an amount of $330 million. The assets concerned mainly include mineral interests and tangible assets.

3) Adjustment items

Description of the business segments

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 TOTAL and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices between business segments approximate market prices.

The organization of the Group’s activities is structured around the four followings segments:

An Exploration & Production segment;

An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;

A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;

In addition the Corporate segment includes holdings operating and financial activities.

Adjustment items

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified 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 be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) The inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) 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 according to the FIFO (First-In, First-Out) and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as adjustment items reflects for some transactions differences between internal measure of performance used by TOTAL’s management 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, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in the Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value.

The detail of the adjustment items is presented in the table below.

ADJUSTMENTS TO OPERATING INCOME


(M$)		Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total

1^st quarter 2020	Inventory valuation effect		—			—			(1,578	)		(218	)		—			(1,796	)
	Effect of changes in fair value		—			2			—			—			—			2
	Restructuring charges		(10	)		(8	)		—			—			—			(18	)
	Asset impairment charges		—			—			—			—			—			—
	Other items		—			(111	)		(11	)		(128	)		(55	)		(305	)

Total			(10	)		(117	)		(1,589	)		(346	)		(55	)		(2,117	)


1^st quarter 2019	Inventory valuation effect		—			—			492			74			—			566
	Effect of changes in fair value		—			(27	)		—			—			—			(27	)
	Restructuring charges		—			—			—			—			—			—
	Asset impairment charges		—			—			—			—			—			—
	Other items		—			(58	)		—			—			—			(58	)

Total			—			(85	)		492			74			—			481

ADJUSTMENTS TO NET INCOME, GROUP SHARE


(M$)		Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total

1^st quarter 2020	Inventory valuation effect		—			—			(1,281	)		(133	)		—			(1,414	)
	Effect of changes in fair value		—			1			—			—			—			1
	Restructuring charges		(3	)		(12	)		(65	)		—			—			(80	)
	Asset impairment charges		—			—			—			—			—			—
	Gains (losses) on disposals of assets		—			—			—			—			—			—
	Other items		128			(125	)		(22	)		(81	)		(154	)		(254	)

Total			125			(136	)		(1,368	)		(214	)		(154	)		(1,747	)


1^st quarter 2019	Inventory valuation effect		—			—			344			44			—			388
	Effect of changes in fair value		—			(22	)		—			—			—			(22	)
	Restructuring charges		—			(2	)		—			—			—			(2	)
	Asset impairment charges		—			—			—			—			—			—
	Gains (losses) on disposals of assets		—			—			—			—			—			—
	Other items		—			(12	)		—			—			—			(12	)

Total			—			(36	)		344			44			—			352

4) Shareholders’ equity

Treasury shares (TOTAL shares held directly by TOTAL S.A.)

In accordance with the shareholder return policy over 2018-2020 implemented since February 2018, TOTAL S.A. continued to repurchase its own shares until the suspension of this policy, which was announced on March 23, 2020 in the context the fall in the crude oil price to around $30 per barrel.

TOTAL S.A. has also repurchased shares to be allocated to free share grant plans.

As a result, as of March 31, 2020, TOTAL S.A. directly holds 28,707,248 TOTAL shares, representing 1.10% of its share capital, which are deducted from the consolidated shareholders’ equity and allocated as follows:


Shares to be cancelled (1)		23,284,409
	Repurchased during Q4 2019	11,051,144
	Repurchased during Q1 2020	12,233,265
Shares to be allocated as part of free share grant plans (2)		5,422,839
	2017 Plan	4,356,244
	2018 Plan	1,001,829
	Other Plans	64,766

Treasury shares Total	(1)+(2)	28,707,248

Dividend

TOTAL S.A. already paid three interim dividends for the fiscal year 2019.

The Board of Directors decided on February 5, 2020 to propose to the Shareholders’ meeting of May 29, 2020 to distribute a balance of €0.68 per share for the 2019 fiscal year dividend. The Board of Directors decided on May 4, 2020 to propose, subject to the approval of the Shareholders’ meeting of May 29, 2020, the option to pay this final dividend either in cash or in new shares of the company with a discount.


Dividend 2019	First interim	Second interim	Third interim	Final
Amount	€0.66	€0.66	€0.68	€0.68
Set date	April 25, 2019	July 24, 2019	October 29, 2019	May 29, 2020
Ex-dividend date	September 27, 2019	January 6, 2020	March 30, 2020	June 29, 2020
Payment date	October 1^st, 2019	January 8, 2020	April 1^st, 2020	July 16, 2020

The Board of Directors, during its May 4, 2020 meeting, set the first interim dividend for the fiscal year 2020 at €0.66 per share. This interim dividend will be paid in cash or in shares on October 2, 2020 (the ex-dividend date will be September 25, 2020).

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €(0.01) per share for the 1^stquarter 2020 (€0.88 per share for the 4^th quarter 2019 and €1.03 per share for the 1^stquarter 2019). Diluted earnings per share calculated using the same method amounted to €(0.01) per share for the 1^st quarter 2020 (€0.87 per share for the 4^th quarter 2019 and €1.02 per share for the 1^st quarter 2019).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

Other comprehensive income

Detail of other comprehensive income is presented in the table below:


(M$)	1^st quarter 2020					1^st quarter 2019
Actuarial gains and losses				133					164
Change in fair value of investments in equity instruments				(164	)				33
Tax effect				(15	)				(45	)
Currency translation adjustment generated by the parent company				(1,976	)				(1,531	)
Sub-total items not potentially reclassifiable to profit and loss				(2,022	)				(1,379	)

Currency translation adjustment				(21	)				806
– unrealized gain/(loss) of the period		(22	)				852
– less gain/(loss) included in net income		(1	)				46

Cash flow hedge				(1,524	)				(127	)
– unrealized gain/(loss) of the period		(1,543	)				(52	)
– less gain/(loss) included in net income		(19	)				75

Variation of foreign currency basis spread				56					11
– unrealized gain/(loss) of the period		42					(3	)
– less gain/(loss) included in net income		(14	)				(14	)

Share of other comprehensive income of equity affiliates, net amount				(1,223	)				388
– unrealized gain/(loss) of the period		(1,233	)				400
– less gain/(loss) included in net income		(10	)				12

Other				3					1

Tax effect				445					38
Sub-total items potentially reclassifiable to profit and loss				(2,264	)				1,117
Total other comprehensive income, net amount				(4,286	)				(262	)

Tax effects relating to each component of other comprehensive income are as follows:


	1^st quarter 2020									1^st quarter 2019
(M$)	Pre-tax amount			Tax effect			Net amount			Pre-tax amount			Tax effect			Net amount

Actuarial gains and losses		133			(50	)		83			164			(45	)		119
Change in fair value of investments in equity instruments		(164	)		35			(129	)		33			—			33
Currency translation adjustment generated by the parent company		(1,976	)		—			(1,976	)		(1,531	)		—			(1,531	)
Sub-total items not potentially reclassifiable to profit and loss		(2,007	)		(15	)		(2,022	)		(1,334	)		(45	)		(1,379	)
Currency translation adjustment		(21	)		—			(21	)		806			—			806
Cash flow hedge		(1,524	)		463			(1,061	)		(127	)		42			(85	)
Variation of foreign currency basis spread		56			(18	)		38			11			(4	)		7
Share of other comprehensive income of equity affiliates, net amount		(1,223	)		—			(1,223	)		388			—			388
Other		3			—			3			1			—			1
Sub-total items potentially reclassifiable to profit and loss		(2,709	)		445			(2,264	)		1,079			38			1,117
Total other comprehensive income		(4,716	)		430			(4,286	)		(255	)		(7	)		(262	)

5) Financial debt

The Group has not issued any bond during the first three months of 2020.

The Group reimbursed bonds during the first three months of 2020:

–

Bond 4.750% issued in 2014 and maturing in January 2020 (NZD 100 million);

–

Bond 2.125% issued in 2014 and maturing in January 2020 (CAD 100 million);

–

Bond Euribor 3 months + 30 basis points issued in 2014 and maturing in March 2020 (EUR 1 000 million).

In April 2020, the Group has issued a EUR 3,000 million bond in two tranches :

–

Bond 1.491% maturing in April 2027 (EUR 1,500 million) ;

–

Bond 1,994% maturing in April 2032 (EUR 1,500 million).

In April 2020, the Group has also put in place a new committed syndicated credit line with banking counterparties for an amount of USD 6,350 million and with a 12-month tenor (with the option to extend twice by a further 6 months at TOTAL’s hand).

6) Related parties

The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first quarter of 2020.

7) Other risks and contingent liabilities

TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group, other than those mentioned below.

Health and oil crises

The environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability.

The Covid-19 epidemic that began in December 2019, in China, has been impacting demand since the beginning of the first quarter 2020. In this context of oversupply, the decision on March 6, 2020 by OPEC and Russia to stop their cooperation on the markets caused crude oil prices to fall sharply, by around 30%.

Despite the OPEC+ agreement for exceptional production cuts agreement reached during April 9-12, 2020 meetings, demand remains well below supply, leading to overproduction and strong inventory builds. The anticipated gradual increase in demand linked to the end of the Covid-19 crisis may not bring a rapid resolution of the oil crisis given the time required to return inventories to normal levels.

TOTAL faces this period of economic and oil crisis with a low organic breakeven and a solid balance sheet. The Group reacted to this new environment with an action plan, which has the objectives of preserving the value of its assets, maximizing the efficiency of its expenditures and positioning the Group in the best conditions to emerge strengthened from this period. All employees are mobilized in all the segments of the Group.

Yemen

In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the Group holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

8) Information by business segment


1^st quarter 2020 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
1^st quarter 2020 (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,582			5,090			18,523			18,675			—			—			43,870
Intersegment sales		5,564			594			6,095			89			28			(12,370	)		—
Excise taxes		—			—			(650	)		(4,643	)		—			—			(5,293	)
Revenues from sales		7,146			5,684			23,968			14,121			28			(12,370	)		38,577
Operating expenses		(3,643	)		(4,992	)		(24,841	)		(13,799	)		(247	)		12,370			(35,152	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,644	)		(334	)		(395	)		(244	)		(18	)		—			(3,635	)
Operating income		859			358			(1,268	)		78			(237	)		—			(210	)
Net income (loss) from equity affiliates and other items		423			399			(57	)		10			124			—			899
Tax on net operating income		(454	)		8			335			(32	)		28			—			(115	)
Net operating income		828			765			(990	)		56			(85	)		—			574
Net cost of net debt																				(572	)
Non-controlling interests																				32
Net income—group share																				34

1^st quarter 2020 (adjustments)^(a)


(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
Non-Group sales		—			2			—			—			—			—		2
Intersegment sales		—			—			—			—			—			—		—
Excise taxes		—			—			—			—			—			—		—
Revenues from sales		—			2			—			—			—			—		2
Operating expenses		(10	)		(119	)		(1,589	)		(346	)		(55	)		—		(2,119	)
Depreciation, depletion and impairment of tangible assets and mineral interests		—			—			—			—			—			—		—
Operating income^(b)		(10	)		(117	)		(1,589	)		(346	)		(55	)		—		(2,117	)
Net income (loss) from equity affiliates and other items		128			(75	)		(208	)		—			—			—		(155	)
Tax on net operating income		7			44			425			100			—			—		576
Net operating income^(b)		125			(148	)		(1,372	)		(246	)		(55	)		—		(1,696	)
Net cost of net debt																			(101	)
Non-controlling interests																			50
Net income—group share																			(1,747	)

^(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b)Of which inventory valuation effect
—On operating income		—			—			(1,578	)		(218	)		—
—On net operating income		—			—			(1,285	)		(154	)		—


1^st quarter 2020 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
1^st quarter 2020 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,582			5,088			18,523			18,675			—			—			43,868
Intersegment sales		5,564			594			6,095			89			28			(12,370	)		—
Excise taxes		—			—			(650	)		(4,643	)		—			—			(5,293	)
Revenues from sales		7,146			5,682			23,968			14,121			28			(12,370	)		38,575
Operating expenses		(3,633	)		(4,873	)		(23,252	)		(13,453	)		(192	)		12,370			(33,033	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,644	)		(334	)		(395	)		(244	)		(18	)		—			(3,635	)
Adjusted operating income		869			475			321			424			(182	)		—			1,907
Net income (loss) from equity affiliates and other items		295			474			151			10			124			—			1,054
Tax on net operating income		(461	)		(36	)		(90	)		(132	)		28			—			(691	)
Adjusted net operating income		703			913			382			302			(30	)		—			2,270
Net cost of net debt																				(471	)
Non-controlling interests																				(18	)
Adjusted net income—group share																				1,781


1^st quarter 2020 (M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany	Total
1^st quarter 2020 (M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany	Total
Total expenditures		1,659		2,291			226			160			45				4,381
Total divestments		121		344			79			46			17				607
Cash flow from operating activities		3,923		(489	)		(1,183	)		(399	)		(553	)			1,299


1^st quarter 2019	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
(M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,794			6,419			21,711			21,279			2			—			51,205
Intersegment sales		7,716			627			8,017			162			27			(16,549	)		—
Excise taxes		—			—			(776	)		(5,305	)		—			—			(6,081	)
Revenues from sales		9,510			7,046			28,952			16,136			29			(16,549	)		45,124
Operating expenses		(4,029	)		(6,409	)		(27,334	)		(15,334	)		(177	)		16,549			(36,734	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,529	)		(315	)		(374	)		(233	)		(15	)		—			(3,466	)
Operating income		2,952			322			1,244			569			(163	)		—			4,924
Net income (loss) from equity affiliates and other items		194			380			149			(10	)		1			—			714
Tax on net operating income		(1,424	)		(173	)		(292	)		(164	)		60			—			(1,993	)
Net operating income		1,722			529			1,101			395			(102	)		—			3,645
Net cost of net debt																				(505	)
Non-controlling interests																				(29	)
Net income—group share																				3,111


1^st quarter 2019 (adjustments)^(a) (M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
1^st quarter 2019 (adjustments)^(a) (M$)	Exploration & Production		Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
Non-Group sales		—		(27	)		—			—			—		—		(27	)
Intersegment sales		—		—			—			—			—		—		—
Excise taxes		—		—			—			—			—		—		—
Revenues from sales		—		(27	)		—			—			—		—		(27	)
Operating expenses		—		(58	)		492			74			—		—		508
Depreciation, depletion and impairment of tangible assets and mineral interests		—		—			—			—			—		—		—
Operating income^(b)		—		(85	)		492			74			—		—		481
Net income (loss) from equity affiliates and other items		—		6			2			—			—		—		8
Tax on net operating income		—		16			(149	)		(22	)		—		—		(155	)
Net operating income^(b)		—		(63	)		345			52			—		—		334
Net cost of net debt																	(4	)
Non-controlling interests																	22
Net income—group share																	352

^(a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b)Of which inventory valuation effect
—On operating income		—		—			492			74			—
—On net operating income		—		—			345			52			—


1^st quarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
1^st quarter 2019 (adjusted) (M$)	Exploration & Production			Integrated Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,794			6,446			21,711			21,279			2			—			51,232
Intersegment sales		7,716			627			8,017			162			27			(16,549	)		—
Excise taxes		—			—			(776	)		(5,305	)		—			—			(6,081	)
Revenues from sales		9,510			7,073			28,952			16,136			29			(16,549	)		45,151
Operating expenses		(4,029	)		(6,351	)		(27,826	)		(15,408	)		(177	)		16,549			(37,242	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,529	)		(315	)		(374	)		(233	)		(15	)		—			(3,466	)
Adjusted operating income		2,952			407			752			495			(163	)		—			4,443
Net income (loss) from equity affiliates and other items		194			374			147			(10	)		1			—			706
Tax on net operating income		(1,424	)		(189	)		(143	)		(142	)		60			—			(1,838	)
Adjusted net operating income		1,722			592			756			343			(102	)		—			3,311
Net cost of net debt																				(501	)
Non-controlling interests																				(51	)
Adjusted net income—group share																				2,759


1^st quarter 2019 (M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals			Marketing & Services		Corporate			Intercompany	Total
1^st quarter 2019 (M$)	Exploration & Production		Integrated Gas, Renewables & Power		Refining & Chemicals			Marketing & Services		Corporate			Intercompany	Total
Total expenditures		2,025		1,118		285			144		15				3,587
Total divestments		29		225		169			72		2				497
Cash flow from operating activities		3,936		892		(538	)		232		(893	)			3,629

9) Reconciliation of the information by business segment with consolidated financial statements


1^st quarter 2020 (M$)	Adjusted			Adjustments^(a)			Consolidated statement of income

Sales		43,868			2			43,870
Excise taxes		(5,293	)		—			(5,293	)
Revenues from sales		38,575			2			38,577
Purchases net of inventory variation		(26,107	)		(1,961	)		(28,068	)
Other operating expenses		(6,786	)		(158	)		(6,944	)
Exploration costs		(140	)		—			(140	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,635	)		—			(3,635	)
Other income		580			—			580
Other expense		(191	)		(229	)		(420	)
Financial interest on debt		(567	)		(2	)		(569	)
Financial income and expense from cash & cash equivalents		(10	)		(145	)		(155	)
Cost of net debt		(577	)		(147	)		(724	)
Other financial income		188			—			188
Other financial expense		(181	)		—			(181	)
Net income (loss) from equity affiliates		658			74			732
Income taxes		(585	)		622			37
Consolidated net income		1,799			(1,797	)		2
Group share		1,781			(1,747	)		34
Non-controlling interests		18			(50	)		(32	)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


1^st quarter 2019 (M$)	Adjusted			Adjustments^(a)			Consolidated statement of income
Sales		51,232			(27	)		51,205
Excise taxes		(6,081	)		—			(6,081	)
Revenues from sales		45,151			(27	)		45,124
Purchases net of inventory variation		(30,238	)		517			(29,721	)
Other operating expenses		(6,716	)		(9	)		(6,725	)
Exploration costs		(288	)		—			(288	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,466	)		—			(3,466	)
Other income		200			47			247
Other expense		(73	)		(136	)		(209	)
Financial interest on debt		(557	)		(4	)		(561	)
Financial income and expense from cash & cash equivalents		(28	)		—			(28	)
Cost of net debt		(585	)		(4	)		(589	)
Other financial income		160			—			160
Other financial expense		(195	)		—			(195	)
Net income (loss) from equity affiliates		614			97			711
Income taxes		(1,754	)		(155	)		(1,909	)
Consolidated net income		2,810			330			3,140
Group share		2,759			352			3,111
Non-controlling interests		51			(22	)		29

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

10) Post-closing

There was no post closing event except for those mentioned in note 5 and note 7.

Exhibit 99.2

RECENT DEVELOPMENTS

TOTAL adopts a new climate ambition to get to net zero by 2050—supporting EU’s carbon neutrality target, TOTAL commits to become a net zero emission company for all its european businesses by 2050

On May 5, 2020, Total (together with its direct and indirect consolidated companies located in or outside of France, “TOTAL” or the “Group”) announced its ambition to get to net-zero emissions by 2050 together with society for its global business across its production and energy products used by its customers.

Through a joint statement developed between Total S.A. and institutional investors – as participants in the global investor initiative Climate 100+¹ – TOTAL sets forth 3 major steps towards achieving this ambition:

Three major steps to get TOTAL to net zero:

1. Net zero across TOTAL’s worldwide operations by 2050 or sooner (scope 1+2)

2. Net zero across all its production and energy products used by its customers in Europe² by 2050 or sooner (scope 1+2+3)

3. 60% or more reduction in the average carbon intensity of energy products used worldwide by TOTAL customers by 2050 (less than 27.5 gCO2/MJ) - with intermediate steps of 15% by 2030 and 35% by 2040 (scope 1 + 2 + 3)

This ambition is supported by the strategy to develop TOTAL as a broad-energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integrated parts of its business. TOTAL firmly believes this low-carbon strategy provides a competitive advantage which creates long term value for its shareholders.

TOTAL confirms its target of a renewable generation gross capacity of 25 GW in 2025 and intends to continue to expand its business to become a leading international player in renewable energies. TOTAL currently allocates more than 10% of its Capex to low carbon electricity, the highest level among the Majors. To actively contribute to the energy transition, TOTAL intends to further increase its allocation of Capex in favor of low carbon electricity to 20% by 2030 or sooner.

Total announces the first 2020 interim dividend of €0.66/share, stable year on year

The Board of Directors met on May 4, 2020, and declared the distribution of the 2020 first interim dividend at €0.66/share, stable compared to the 2019 first interim dividend. This interim dividend will be paid in cash exclusively according to the following timetable:


*In 2020*	Shareholders	ADS holders
Ex-dividend date	September 25	September 23

Payment date	October 2	October 16

Furthermore, the Board of Directors decided on February 5, 2020, to propose to the Shareholders’ Meeting on May 29, 2020, the distribution of a 2019 final dividend of €0.68/share. The Board of Directors of May 4, 2020, decided to offer the shareholders, subject to approval at the Shareholders’ Meeting on May 29, 2020, the option to receive the 2019 final dividend in cash or in new shares of the Company with a discount, each choice being exclusive of the other.

Hence, shareholders and American Depositary Share (ADS) holders will be given the option to receive the dividend either in cash or in new shares, by instructing their financial advisors, according to the following timetable:


*In 2020*	Shareholders	ADS holders
Ex-dividend date	June 29	June 25

Period to opt in for the payment in new shares	July 1 to July 10 (inclusive)	June 29 to July 7 (inclusive)

Payment in cash or in new shares	July 16	July 23

Action plan strengthened

On May 5, 2020, TOTAL announced the strengthening of its action plan with revised objectives as follows:

–

Net investments further reduced to less than $14 billion for the year, a decrease of nearly 25% compared to the $18 billion announced in February 2020. Investments in low-carbon electricity will be maintained between $1.5 and $2 billion.

–

Operating cost reduction increased to more than $1 billion, plus savings of more than $1 billion on energy costs.

–

The Group strengthened its liquidity position in April by issuing $3 billion in bonds and drawing $6 billion in credit lines. In addition, in a $30/b environment, the Group anticipates an improvement in its working capital position of $1 billion by year-end 2020 compared to year-end 2019.

TOTAL acquires Tullow’s entire interest in the Uganda Lake Albert project

On April 23, 2020, TOTAL announced that it entered into an agreement with Tullow, through which TOTAL shall acquire Tullow’s entire interest in the Uganda Lake Albert development project including the East African Crude Oil Pipeline.

The overall consideration paid by TOTAL to Tullow will be $575 million, with an initial payment of $500 million at closing and $75 million when the partners will take the final investment decision to launch the project. In addition, conditional payments may be made to Tullow based on production and oil price, which will be triggered when Brent prices are above $62 per barrel. The terms of the transaction have been discussed with the relevant Ugandan government and tax authorities and agreement in principle has been reached on the tax treatment of the transaction.

Under the terms of the deal, TOTAL will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System. The transaction is subject to the approval of Tullow’s shareholders, to customary regulatory and government approvals and to China National Offshore Oil Corporation’s (CNOOC) preemptive right to acquire 50% of Tullow’s interest.

TOTAL wins over 135 MW of projects in the latest French national solar tender

On April 22, 2020, TOTAL announced that, through Total Quadran, a wholly-owned affiliate of the Group dedicated to developing and producing renewable energy in France, it was awarded 131 megawatt-peak (MWp) of solar projects – or 20% of the total up for the seventh round of the CRE 4 (French Energy Regulatory Commission) tender for ground-mounted solar parks, as well as 5.6 MWp of solar facilities in the French Overseas departments and collectivities (ZNI Zones Non Interconnectées au réseau métropolitain intercontinental – Renewable energy in France’s overseas departments and territories).

More than half of the capacities awarded fall under TOTAL’s program to solarize its industrial facilities and reuse industrial brownfield sites, including:

•

TOTAL’s future largest ground-mounted solar plant in France: the 50 MWp solar plant in Valenciennes is the largest project awarded in the call for tenders and Total Quadran’s biggest solar plant to date. It will be installed on TOTAL’s former refinery site that has been redeveloped by RETIA Réhabilitation Environnementale de Terrains Industriels Anciens : an affiliate specialized in cleanup and reclamation operations. It is expected that the solar plant will supply green electricity to nearly 32,000 people. The plant is scheduled to come on stream in 2022.

•

the largest photovoltaic power plant of the Greater Paris Region: located near the Grandpuits refinery, the 25 MWp solar plant is expected to the largest in the Greater Paris Region. It is expected to generate enough renewable electricity to cover the needs of nearly 17,000 people. The plant is scheduled to come on stream by 2022.

The projects of Lavéra (3 MWp), located in Bouches-du-Rhône, Serpaize (5 MWp) and Brignoud (4 MWp), both in Isère, all located on industrial brownfield sites were also included in the winning CRE 4.7 tender.

Clean Marine Fuels: TOTAL charters its first LNG-powered Very Large Crude Carriers

On April 7, 2020, TOTAL announced that it signed a pioneering agreement to charter its first two LNG-powered VLCCs (Very Large Crude Carrier). The two vessels, which are able to carry about 300,000 tons of crude oil each, will be delivered in 2022 and will join the time chartered fleet of TOTAL. These VLCCs will be chartered to Malaysian shipowner AET.

¹	According to TOTAL’s evaluation, participants to Climate Action 100+ own more than 25% of TOTAL’s shares.

²	Europe means the EU + Norway + UK

The vessels have been designed with LNG propulsion to benefit from reduced greenhouse gas emissions and with the latest technologies to further lower their consumption.

The supply of LNG for these two LNG-powered VLCCs will be provided by Total Marine Fuels Global Solutions, TOTAL’s dedicated business unit in charge of worldwide bunkering activities.

TOTAL keeps the pace of divestments with asset sales in Brunei, Sierra Leone and Liberia

On April 7, 2020, TOTAL announced that in line with its strategy of actively managing its asset portfolio and its objective to divest $5 billion over 2019-2020, it is pursuing the divestments of several non-core assets in both Exploration-Production (Brunei) and Marketing & Services (Sierra Leone and Liberia). These divestments represent a global value of more than $400 million.

Brunei – Sale of Interest in Offshore Block

Following the approval of the competent authorities, TOTAL closed the sale to Shell¹ of its wholly owned subsidiary Total E&P Deep Offshore Borneo BV, which holds an 86.95% interest in Block CA1. TOTAL was the operator of the block, alongside partners Murphy Oil (8.05%) and Petronas (5%) and the production of this block was 5 kboe/d net to TOTAL in 2019.

Sierra Leone and Liberia – Sale of Marketing & Services Businesses

TOTAL signed an agreement to sell its marketing and services businesses in Liberia and Sierra Leone to Conex Oil & Gas Holdings Ltd., a regional player in petroleum products import, distribution and supply chain management in West Africa. It consists of a network of 63 service stations, general trade fuel sales and petroleum products import and storage operations.

The sale of these two affiliates is expected to be completed in the second quarter of 2020.

Suriname: TOTAL announces a second discovery in Block 58

On April 2, 2020, TOTAL announced that TOTAL and Apache Corporation have made a second significant discovery with the Sapakara West-1 well on Block 58 offshore Suriname. It follows the previous discovery at Maka Central-1.

The well was drilled by a water depth of about 1,000 meters and encountered light oil and gas condensate, in multiple stacked reservoirs in Upper Cretaceous Campanian and Santonian formations. Further testing will be carried out to appraise the resources and productivity of the reservoir.

The Sapakara West-1 exploration well was drilled by Apache as operator with 50% working interest and with TOTAL as the JV partner with 50% working interest. The next exploration well will be drilled on the Kwaskwasi prospect, with a fourth exploration well to be planned back-to-back on the Keskesi prospect. TOTAL will become operator of the Block after the drilling of the 4th well.

Renewables: TOTAL expands in wind power in France with the acquisition of Global Power Wind France

On March 20, 2020, TOTAL announced that it is continuing its growth in renewable energy in France with a substantial investment in wind power.

TOTAL, through Total Quadran—its 100% renewable developer and producer in France, acquires 100% of Global Wind Power (GWP) France, a company with a 1000-megawatt (MW) portfolio of onshore wind projects, including 250 MW scheduled to come on stream by 2025.

GWP’s teams will join Total Quadran, adding to the Group’s existing expertise in order to speed up the wind power development in France.

¹	Dordtsche Petroleum Maatschappij BV

Annual Shareholders’ Meeting to be held on May 29, 2020

The Board of Directors of TOTAL S.A. met on March 18, 2020 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, and decided to convene the Ordinary and Extraordinary Shareholders’ Meeting to be held on May 29, 2020.

The legal notice of the meeting was published in the Bulletin des Annonces Légales Obligatoires (Mandatory Legal Notice Bulletin) on March 25, 2020 and is available on TOTAL S.A.’s website.

In the context of the coronavirus (Covid-19) epidemic and the efforts to prevent its spread, and in compliance with the statement made by the Autorité des marchés financiers (French financial markets authority) in its press release dated March 6, 2020, the Board of Directors invites its shareholders to vote by post or through the Internet, without physically attending the shareholders’ meeting. The conditions applying to physical attendance at the Shareholders’ Meeting may change, in accordance with sanitary and/or legal requirements. Consequently, shareholders are invited to regularly read the pages dedicated to the 2020 Shareholders’ Meeting on TOTAL S.A.’s website.

Upon the proposal of the Governance and Ethics Committee, the Board of Directors decided to propose to the Shareholders’ Meeting to renew for a period of three years the terms as Directors of Patricia Barbizet, Marie-Christine Coisne-Roquette and Mark Cutifani, whose existing terms expire following this 2020 Shareholders’ Meeting.

The Board of Directors also decided to propose to the Shareholders’ Meeting the appointment of Mr. Jérôme Contamine as Director, in particular for his knowledge of the energy sector and his expertise in finance.

The Board also thanks Carlos Tavares, who, given his responsibilities as head of the PSA Group engaged in a major merger, did not chose to request the renewal of his mandate as director, for the quality of his participation in the work of the Board of Directors and its Committees since May 26, 2017.

Subject to the renewal of her Director’s mandate by the Shareholders’ Meeting, the Board of Directors is considering appointing Marie-Christine Coisne-Roquette in the functions as Lead Independent Director at the end of the Shareholders’ Meeting, replacing Patricia Barbizet, who has been Lead Independent Director since December 19, 2015.

In view of the need to adapt the bylaws of the company to the provisions of the French PACTE law of May 22, 2019, and in particular those regarding Directors representing employees (the threshold above which a second Director representing employees must be appointed lowered from twelve to eight), by which a second Director representing employees will be designated in the six months following the Shareholders’ Meeting, the Board of Directors of TOTAL S.A. also decided to submit to the approval of the shareholders at the Shareholders’ Meeting the project to convert TOTAL S.A. into a European company (Societas Europaea or SE).

The legal status of European company, which is common to all the countries in the European Union and has been adopted by an increasing number of companies in France and in Europe, will reflect more accurately the economic and social reality of the Group and fully recognize its European dimension. The project to convert TOTAL S.A. into a European company will not affect its governance, activities, tax affairs, the organization of the company, the places of stock exchange listing, or the location of its registered office, which will remain in France.

On this occasion, the Board of Directors is also proposing other statutory amendments, including updating TOTAL S.A.’s corporate purpose so as to adapt it to its strategy, which integrates climate change-related challenges, by extending it to all forms of energy, including electricity produced from renewable energies, as well as the taking into account the social and environmental challenges in the duties of the Board of Directors.

Furthermore, the Board of Directors will submit to the approval of the shareholders at the Shareholders’ Meeting the compensation of Executive and non Executive Directors as presented in the Report on corporate governance. In particular, it will be proposed to the shareholders to approve, on the one hand, the compensation policy for members of the Board of Directors regarding the cap amount and the allocation rules, and on the other hand, the components of the compensation for fiscal year 2019 as well as the compensation policy for fiscal year 2020 for Mr. Patrick Pouyanné, Chairman and Chief Executive Officer. The total amount (fixed, variable portions and performance shares) of Mr. Patrick Pouyanné thus increased by 6% between 2018 and 2019 after a decrease by 3% in 2018 compared to 2017. In 2019, it represented 46 times the average compensation and 59 times the median compensation of TOTAL S.A.’s employees

Finally, the Board of Directors approved the documents which will be submitted to the approval of the shareholders at the Shareholders’ Meeting to be held on May 29, 2020, including the Management Report on the Group’s situation. This Report by the Board of Directors is included in TOTAL S.A.’s annual report on Form 20-F, which is available on TOTAL S.A.’s website. The document includes notably a description of the main risks to which the Group is exposed.

Indicative ex-dividend dates for 2021 dividend

The Board of Directors met on March 18, 2020 and decided that, subject to decisions by the Board of Directors and the Shareholders’ Meeting at which the 2021 financial statements, allocation of earnings and final dividend will be approved, the ex-dividend dates of the interim and the final dividends for 2021 will be as follows:


Type of coupon		Ex-dividend dates
First interim		September 21, 2021
Second interim		January 3, 2022
Third interim		March 22, 2022
Final		June 21, 2022

The above ex-dividend dates relate to the shares of TOTAL S.A. listed on the Euronext Paris.

UK: TOTAL makes a new gas and condensates discovery in the North Sea

On March 17, 2020, TOTAL announced that it, as operator, and its partners made an encouraging discovery with the Isabella 30/12d-11 well on the license P1820, located in the Central North Sea offshore U.K., about 40 kilometers south of the Elgin-Franklin Field and 170 kilometers east of Aberdeen.

The well was drilled in a water depth of about 80 meters and encountered 64 meters net pay of lean gas and condensate and high-quality light oil, in Upper Jurassic and Triassic sandstone reservoirs. The analysis of the data and results are ongoing to assess the discovered resources and to determine the appraisal program required to confirm commerciality.

The P1820 license is operated by TOTAL with a 30% working interest, alongside Neptune Energy (50%), Ithaca Energy (10%) and the wholly owned subsidiary of Edison, Euroil Exploration (10%).

TOTAL to build the largest battery-based energy storage project in France

On March 12, 2020, TOTAL announced the development of renewable energy that is intermittent and decentralized requires the security of the electricity grid through flexible electricity storage capacities, especially in the form of batteries.

TOTAL launched a battery-based energy storage project in Mardyck, at the Flandres Center, in Dunkirk’s port district. With a storage capacity of 25 megawatt hours (MWh) and output of 25 MW of power, the new lithium-ion energy storage system will be the largest in France. It will be used to provide fast reserve services to support the stability of the French power grid. It is part of government policy to support the development of electrical capacity through capacity mechanisms.

Scheduled for commissioning in late 2020, the new storage system, which represents an investment of around €15 million, will be based on Saft’s Intensium Max 20 High Energy solution and will comprise 11 integrated 2.3 MWh containers, designed and manufactured at Saft’s production site in Bordeaux.

Renewables: TOTAL to develop 25 MW of solar rooftops in Thailand

On March 6, 2020, TOTAL announced that it, through its affiliate Total Solar Distributed Generation, signed a binding contract to provide 25 megawatt-peak (MWp) of solar rooftops for 24 facilities of one of the largest food companies in Thailand, Betagro.

Each one of these projects benefits from a 20-year Power Purchase Agreement (PPA).

Equipped with over 62,000 solar panels, the projects are designed to generate nearly 38 GWh of renewable electricity per year, helping Betagro shrink its carbon footprint by 26,000 tons of CO₂ over the life of the solar rooftops while providing about 15% of the company’s total power consumption.

Spain : TOTAL to enter into the solar market with a pipeline of 2 GW of projects

On February 6, 2020, TOTAL announced that it, through its wholly owned affiliate Total Solar International, established its presence on the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy and to develop nearly 2 gigawatts (GW) of solar projects.

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Establishment of a Joint Venture with Powertis with an Initial 800 MW Portfolio of Projects

Total Solar International and Powertis, a developer of utility-scale solar plants in Europe and South America, agreed to establish a joint venture (65%/35%) to develop solar PV projects in Spain. Powertis will bring to this joint venture a pipeline of 800 MW of early stage projects and the JV will develop further new projects as well.

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Acquisition of a 1.2 GW Portfolio of Projects developed by Solarbay

Total Solar International signed an agreement to acquire 100% of a portfolio of solar PV projects which are being developed by the Spanish company Solarbay. The projects, which will be located in the regions of Andalusia, Aragon and Castile-La Mancha, represent a cumulative capacity of up to 1.2 GW.

The first project of these pipelines is set to begin operations by the end of 2020, with the ambition that all projects of both portfolios will be in service in 2023. Success fees will be paid by TOTAL to Solarbay and Powertis along the steps of development of the projects.

Exhibit 99.3

CAPITALIZATION AND INDEBTEDNESS OF TOTAL

(unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of March 31, 2020, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$”) or in euros (“euros” or “€”).


	At March 31, 2020
	(in millions of dollars)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		5,158
Current financial debt		13,363
Current portion of financial instruments for interest rate swaps liabilities		334
Other current financial instruments — liabilities		270
Financial liabilities directly associated with assets held for sale		-

Total current financial debt		19,125

Non-current financial debt		48,896
Non-controlling interests		2,428
Shareholders’ equity
Common shares		8,123
Paid-in surplus and retained earnings		119,935
Currency translation adjustment		(14,431	)
Treasury shares		(1,621	)

Total shareholders’ equity — Group share		112,006

Total capitalization and non-current indebtedness		163,330

As of March 31, 2020, TOTAL S.A. had an authorized share capital of 3,586,672,195 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,601,881,075 ordinary shares (including 28,707,248 treasury shares from shareholders’ equity).

As of March 31, 2020, approximately $6,600 million of the Group’s non-current financial debt was secured and approximately $42,296 million was unsecured, and all of the Group’s current financial debt of $13,363 million was unsecured. As of March 31, 2020, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. Since March 31, 2020, Total Capital International issued non-current financial debt of an aggregate of €3.0 billion principal amount, in two tranches of €1.5 billion maturing in 7 years and 12 years (or approximately $3.2 billion using the €/$ exchange rate on April 24, 2020 of €1=$1.0798 as released by the Board of Governors of the Federal Reserve System on April 27, 2020). In addition, in April, TOTAL S.A. drew in the amount of $6,350 million representing current financial indebtedness under a syndicated committed facility with an initial 12-month tenor and the option to extend tenor twice by an additional 6 months at TOTAL’s election. For more information about TOTAL’s off balance sheet commitments and contingencies, see Note 13.1 of the Notes to TOTAL’s audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 20, 2020, as amended on April 14, 2020.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since March 31, 2020.