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Shareholders' equity and share-based payments (Tables)
12 Months Ended
Dec. 31, 2020
Shareholders' equity and share-based payments  
Summary of share cancellation

 

 

 

 

 

Percentage

 

Number of shares

Buybacks for the purpose of

 

of the share

Fiscal

Board of Directors’

bought back and

cancellation of the

the shareholder

 

capital

year

    

decision date

    

cancelled 

    

dilution(a)

    

return policy(b)

    

cancelled(c)

 

2020

 

 

n/a(d)

 

 

2019

December 11, 2019

 

65,109,435 shares bought back between October 29, 2018 and September 9, 2019

 

34,860,133 shares issued as payment for the 1st, 2nd and 3rd 2018 interim dividends

 

30,249,302 shares

 

2.44

%

2018

December 12, 2018

 

44,590,699 shares bought back between February 9 and October 11, 2018

 

28,445,840 shares issued as payment for the 2nd and 3rd interim dividends as well as for the final 2017 dividends

 

16,144,859 shares

 

1.66

%

(a)Cancellation of the dilution for the shares issued, without discount, for the scrip dividend.
(b)Within the framework of the $5 billion share buyback program over the 2018-2020 period.  On March 23, 2020, in the context of the COVID-19 pandemic and the fall in the oil prices, TOTAL SE announced the suspension of its buyback programme. The Company had previously announced a $2 billion share buyback target for 2020 in a 60 $/b environment and has bought back $554 million.
(c)Percentage of the share capital that the cancelled shares represented on the operations’ date.
(d)TOTAL SE did not cancel any shares in the fiscal year 2020.
Schedule of variation of the number of shares composing the shares capital

As of December 31, 2017 (a)

    

    

2,528,989,616

2018 Capital increase reserved for employees

9,354,889

 

Capital increase as payment of the scrip dividend (second, third interim and final 2017 dividend, as well as the first 2018 interim dividend)

 

47,229,037

 

Exercise of TOTAL share subscription options

2,096,571

Capital increase in consideration for the acquisition of Maersk Olie og Gas A/S

97,522,593

 

Capital reduction by cancellation of treasury shares

 

(44,590,699)

As of December 31, 2018(b)

 

  

 

2,640,602,007

 

2019 Capital increase reserved for employees

 

10,047,337

Capital increase as payment of the scrip dividend (second and third 2018 interim dividend)

16,076,936

 

Exercise of TOTAL share subscription options

 

264,230

Capital reduction by cancellation of treasury shares

(65,109,435)

As of December 31, 2019(c)

 

  

 

2,601,881,075

 

Deferred contribution pursuant to the 2015 capital increase reserved for employees

 

18,879

2020 Capital increase reserved for employees

13,160,383

 

Capital increase as payment of the scrip dividend (final 2019 dividend)

 

38,063,688

AS OF DECEMBER 31, 2020 (d)

 

  

 

2,653,124,025

(a)Including 8,376,756 treasury shares deducted from consolidated shareholders’ equity.
(b)Including 32,473,281 treasury shares deducted from consolidated shareholders’ equity.
(c)Including 15,474,234 treasury shares deducted from consolidated shareholders’ equity.

(d)Including 24,392,703 treasury shares deducted from consolidated shareholders’ equity.

Schedule of ESOP completed by the company

Fiscal year

    

2020

    

2019

    

2018

Date of the ESOP

June 11, 2020

June 6, 2019

May 3, 2018

By virtue of

18th resolution of the EGM of June 1, 2018

18th resolution of the EGM of June 1, 2018

23rd resolution of the EGM of May 24, 2016

Subscriptions

  

  

Number of shares subscribed

12,952,925

9,845,111

9,174,817

Subscription price

26.20 euros

40.10 euros

37.20 euros

Free shares

  

  

Number of shares granted

207,458

202,226

180,072

By virtue of

19th resolution of the EGM of June 1, 2018

19th resolution of the EGM of June 1, 2018

24th resolution of the EGM of June 24, 2016

Deferred contribution

  

  

  

Number of shares granted

1,380

5,932

6,784

Number of beneficiaries

276

1,187

1,360

End of the acquisition period

June 11, 2025

June 6, 2024

May 3, 2023

Schedule of TOTAL shares held by TOTAL SE

As of December 31,

    

2020

    

2019

    

2018

 

Number of treasury shares held by TOTAL SE

 

24,392,703

 

15,474,234

 

32,473,281

 

Percentage of share capital

 

0.92

%

0.59

%

1.23

%

Of which shares acquired with the intention to cancel them

23,284,409

11,051,144

27,360,278

Of which shares allocated to TOTAL share performance plans for Group employees

 

1,055,446

4,357,324

 

5,044,817

 

Of which shares intended to be allocated to new share performance or purchase options plans

 

52,848

 

65,766

 

68,186

 

Schedule of weighted-average shares and diluted shares used to calculate earnings per share and fully-diluted earnings per share

    

2020

    

2019

    

2018

Number of shares as of January 1,

  

2,601,881,075

2,640,602,007

2,528,989,616

TOTAL shares held by TOTAL SE or by its subsidiaries and deducted from shareholders' equity

(15,474,234)

(32,473,281)

(8,376,756)

Evolution of the number of shares during the financial year (pro-rated)

  

 

 

Exercise of TOTAL share subscription options

  

 

157,153

 

1,351,465

Final grant of TOTAL performance shares

  

2,154,064

 

2,140,576

 

2,039,729

Capital increase reserved for employees

  

7,689,476

 

5,860,947

 

6,236,593

Capital increase as payment of the scrip dividend

17,445,857

12,360,894

26,352,572

Capital increase in consideration for the acquisition of Maersk Olie og Gas A/S

  

 

 

81,268,828

Buyback of TOTAL treasury shares including:

  

(11,669,489)

 

(27,026,481)

 

(30,405,112)

Shares repurchased in during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program

(10,666,710)

(24,818,443)

(30,102,242)

Shares repurchased in during the fiscal year to cover for the performance share plans

(1,002,779)

(2,208,038)

(302,870)

WEIGHTED-AVERAGE NUMBER OF SHARES

  

2,602,026,749

 

2,601,621,815

 

2,607,456,934

Dilutive effect

  

 

 

Grant of TOTAL share subscription or purchase options

  

 

33,636

 

296,830

Grant of TOTAL performance shares

  

 

14,593,030

 

13,794,896

Capital increase reserved for employees(a)

  

 

1,759,407

 

2,167,784

WEIGHTED-AVERAGE NUMBER OF DILUTED SHARES AS OF DECEMBER 31,(b)

  

2,602,026,749

 

2,618,007,888

 

2,623,716,444

(a)    Including the capital increase in consideration to the deferred contribution pursuant to the capital increase reserved for employees.

(b)    In 2020, the effect generated by the grant of TOTAL performance shares and by the capital increase reserved for employees (19,007,836 shares) is anti-dilutive. In accordance with IAS 33, the weighted-average number of diluted shares is therefore equal to the weighted-average number of shares.

Summary of dividends

2020 Dividend

    

First interim

    

Second interim

    

Third interim

    

Final

Amount

€0.66

€0.66

€0.66

€0.66

Set date

 

May 4, 2020

 

July 29, 2020

 

October 29, 2020

 

May 28, 2021

Ex-dividend date

 

September 25, 2020

 

January 4, 2021

 

March 25, 2021

 

June 24, 2021

Payment date

 

October 2, 2020

 

January 11, 2021

 

April 1, 2021

 

July 1, 2021

Detail of other comprehensive income

For the year ended December 31,

    

    

    

(M$)

    

2020

    

2019

    

2018

Actuarial gains and losses

  

    

(212)

  

    

(192)

  

    

(12)

Change in fair value of investments in equity instruments

533

142

Tax effect

 

  

 

65

 

  

 

53

 

  

 

13

Currency translation adjustment generated by the parent company

 

  

 

7,541

 

  

 

(1,533)

 

  

 

(4,022)

Sub-total items not potentially reclassifiable to profit & loss

 

  

 

7,927

 

  

 

(1,530)

 

  

 

(4,021)

Currency translation adjustment

 

  

 

(4,645)

 

  

 

740

 

  

 

1,113

– Unrealized gain/(loss) of the period

 

 

(4,607)

 

 

800

 

 

1,238

– Less gain/(loss) included in net income

 

 

38

 

 

60

 

 

125

Cash flow hedge

 

 

(313)

 

  

 

(599)

 

  

 

25

– Unrealized gain/(loss) of the period

 

 

(175)

 

 

(552)

 

 

(94)

– Less gain/(loss) included in net income

 

 

138

 

 

47

 

 

(119)

Variation of foreign currency basis spread

28

1

(80)

– Unrealized gain/(loss) of the period

(22)

(57)

(80)

– Less gain/(loss) included in net income

(50)

(58)

Share of other comprehensive income of equity affiliates, net amount

 

 

(1,831)

 

 

408

 

  

 

(540)

– Unrealized gain/(loss) of the period

 

 

(1,841)

 

 

421

 

 

(495)

– Less gain/(loss) included in net income

 

 

(10)

 

 

13

 

 

45

Other

 

 

(8)

  

 

(3)

 

  

 

(5)

Tax effect

 

 

72

 

  

 

202

 

  

 

14

Sub-total items potentially reclassifiable to profit & loss

 

 

(6,697)

 

  

 

749

 

  

 

527

TOTAL OTHER COMPREHENSIVE INCOME, NET AMOUNT

 

  

 

1,230

 

  

 

(781)

 

  

 

(3,494)

The currency translation adjustment by currency is detailed in the following table:

As of December 31, 2020

Pound

Other

(M$)

    

Total

    

Euro

    

sterling

    

Ruble

    

currencies

Currency translation adjustment generated by the parent company

 

7,541

 

7,541

 

 

 

Currency translation adjustment

 

(4,645)

 

(4,668)

 

115

 

(12)

 

(80)

Currency translation adjustment of equity affiliates

 

(1,657)

 

(851)

 

(11)

 

(886)

 

91

TOTAL CURRENCY TRANSLATION ADJUSTMENT RECOGNIZED IN COMPREHENSIVE INCOME

 

1,239

 

2,022

 

104

 

(898)

 

11

As of December 31, 2019

    

    

    

Pound

    

    

Other

(M$)

    

Total

    

Euro

    

sterling

    

Ruble

    

currencies

Currency translation adjustment generated by the parent company

 

(1,533)

 

(1,533)

 

 

 

Currency translation adjustment

 

740

 

636

 

138

 

7

 

(41)

Currency translation adjustment of equity affiliates

 

607

 

149

 

(7)

 

530

 

(65)

TOTAL CURRENCY TRANSLATION ADJUSTMENT RECOGNIZED IN COMPREHENSIVE INCOME

 

(186)

 

(748)

 

131

 

537

 

(106)

As of December 31, 2018

    

    

    

Pound

    

    

Other

(M$)

    

Total

    

Euro

    

sterling

    

Ruble

    

currencies

Currency translation adjustment generated by the parent company

 

(4,022)

 

(4,022)

 

 

 

Currency translation adjustment

 

1,113

 

1,883

 

(431)

 

(10)

 

(329)

Currency translation adjustment of equity affiliates

 

(564)

 

343

 

14

 

(805)

 

(116)

TOTAL CURRENCY TRANSLATION ADJUSTMENT RECOGNIZED IN COMPREHENSIVE INCOME

 

(3,473)

 

(1,796)

 

(417)

 

(815)

 

(445)

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

    

2020

    

2019

2018

For the year ended December 31,

    

Pre-tax

    

Tax

    

Net

    

Pre-tax

    

Tax

    

Net

    

Pre-tax

    

Tax

    

Net

(M$)

amount

 

effect

 

amount

amount

 

effect

 

amount

amount

 

effect

 

amount

Actuarial gains and losses

(212)

 

47

 

(165)

(192)

 

55

 

(137)

(12)

 

13

 

1

Change in fair value of investments in equity instruments

533

18

551

142

(2)

140

Currency translation adjustment generated by the parent company

7,541

 

-

 

7,541

(1,533)

 

 

(1,533)

(4,022)

 

 

(4,022)

Sub-total items not potentially reclassifiable to profit & loss

7,862

 

65

 

7,927

(1,583)

 

53

 

(1,530)

(4,034)

 

13

 

(4,021)

Currency translation adjustment

(4,645)

 

-

 

(4,645)

740

 

 

740

1,113

 

 

1,113

Cash flow hedge

(313)

 

79

 

(234)

(599)

 

202

 

(397)

25

 

(6)

 

19

Variation of foreign currency basis spread

28

(7)

21

1

1

(80)

20

(60)

Share of other comprehensive income of equity affiliates, net amount

(1,831)

 

-

 

(1,831)

408

 

 

408

(540)

 

 

(540)

Other

(8)

 

-

 

(8)

(3)

 

 

(3)

(5)

 

 

(5)

Sub-total items potentially reclassifiable to profit & loss

(6,769)

 

72

 

(6,697)

547

 

202

 

749

513

 

14

 

527

TOTAL OTHER COMPREHENSIVE INCOME

1,093

 

137

 

1,230

(1,036)

 

255

 

(781)

(3,521)

 

27

 

(3,494)

Schedule of share-based payment expense

As of December 31,

    

    

    

(M$)

2020

2019

2018

Total restricted shares plans

 

176

 

180

 

264

SunPower plans

 

26

 

26

 

21

Capital increase reserved for employees

 

12

 

27

 

30

TOTAL

 

214

 

233

 

315

TOTAL share subscription or purchase option plans  
Shareholders' equity and share-based payments  
Summary of share subscription or purchase option plans

    

    

    

    

 

Weighted

 

average

 

2010 Plan

2011 Plan

Total

exercise price

 

Date of the shareholders’ meeting

 

5/21/2010

 

5/21/2010

 

  

 

  

Award date (a)

 

9/14/2010

 

9/14/2011

 

  

 

  

Strike price

 

38.20

33.00

  

 

  

Expiry date

 

9/14/2018

 

9/14/2019

 

  

 

  

Number of options

 

  

 

  

 

  

 

  

Existing options as of January 1, 2018

 

1,950,372

 

490,568

 

2,440,940

 

37.15

Granted

 

 

 

 

Cancelled(b)

 

(79,139)

 

 

(79,139)

 

38.20

Exercised

 

(1,871,233)

 

(225,338)

 

(2,096,571)

 

37.64

Existing options as of January 1, 2019

 

 

265,230

 

265,230

 

33.00

Granted

 

 

 

 

Cancelled(b)

 

 

(1,000)

 

(1,000)

 

33.00

Exercised

 

 

(264,230)

 

(264,230)

 

33.00

Existing options as of January 1, 2020

 

 

 

 

n/a

(a)The grant date is the date of the Board meeting awarding the share subscription or purchase options.
(b)Out of the options canceled in 2018 and 2019, (i) 79,139 options that were not exercised expired on September 14, 2018 due to expiry of 2010 Plan and (ii) 1,000 options that were not exercised expired on September 14, 2019 due to expiry of 2011 Plan.
TOTAL performance share plans  
Shareholders' equity and share-based payments  
Summary of performance share plans and restricted stock activities

    

2015

    

2016

    

2017

    

2018

    

2019

    

2020

    

Total

Date of the shareholders’ meeting

 

5/16/2014

 

5/24/2016

 

5/24/2016

 

5/24/2016

 

6/1/2018

 

1/6/2018

 

  

Award date

 

7/28/2015

 

7/27/2016

 

7/26/2017

 

3/14/2018

 

3/13/2019

 

3/18/2020

 

  

Date of the final award (end of the vesting period)

 

7/29/2018

 

7/28/2019

 

7/27/2020

 

3/15/2021

 

3/14/2022

 

3/20/2023

 

  

Transfer authorized as from

 

7/29/2020

 

7/29/2021

 

7/28/2022

 

3/16/2023

 

3/15/2024

 

3/21/2025

 

  

Grant date IFRS 2 fair value

35.90

35.37

35.57

36.22

40.11

12.40

  

Number of performance shares

 

 

  

Outstanding as of January 1, 2018

4,697,305

5,607,100

5,679,039

 

 

15,983,444

Notified

6,083,145

 

 

6,083,145

Cancelled

(621,568)

(61,840)

(26,640)

(12,350)

 

 

(722,398)

Finally granted

(4,075,737)

(2,040)

(1,480)

 

 

(4,079,257)

Outstanding as of January 1, 2019

5,543,220

5,650,919

6,070,795

 

 

17,264,934

Notified

-

6,447,069

 

 

6,447,069

Cancelled

(1,267,392)

(41,220)

(41,260)

(39,246)

 

 

(1,389,118)

Finally granted

(4,275,828)

(1,840)

(1,100)

(180)

 

 

(4,278,948)

Outstanding as of January 1, 2020

5,607,859

6,028,435

6,407,643

 

 

18,043,937

Notified

 

6,727,352

 

6,727,352

Cancelled

(1,313,687)

(55,830)

(44,289)

 

(18,691)

 

(1,432,497)

Finally granted

(4,294,172)

(10,740)

(10,890)

 

(1,773)

 

(4,317,575)

OUTSTANDING AS OF DECEMBER 31, 2020

5,961,865

6,352,464

 

6,706,888

 

19,021,217

Summary of grant rate by ranking

Ranking

Grant rate

1st place

 

180%

2nd place

 

130%

3rd place

80%

4th and 5th places

 

0%

SunPower plans  
Shareholders' equity and share-based payments  
Summary of performance share plans and restricted stock activities

Restricted Stock Awards and Units

    

    

Weighted-Average Grant Date

 Fair Value Per  Share 

Shares (in thousands)

(in dollars) (a)

Outstanding as of January 1st, 2018

 

7,293

 

11.83

Granted

 

4,449

 

7.77

Vested (b)

 

(2,266)

 

14.45

Forfeited

 

(1,816)

 

10.10

Outstanding as of January 1st, 2019

 

7,660

 

9.11

Granted

 

5,430

 

6.82

Vested (b)

 

(2,460)

 

9.65

Forfeited

 

(1,304)

 

8.28

Outstanding as of January 1st, 2020

 

9,326

 

7.75

Granted

 

12,797

 

11.10

Vested (b)

 

(3,596)

 

9.88

Forfeited

 

(11,360)

 

7.07

OUTSTANDING AS OF DECEMBER 31, 2020

 

7,167

 

13.75

(a)SunPower estimates the fair value of the restricted stock unit awards as the stock price on the grant date.
(b)Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.
Capital increase reserved for employees  
Shareholders' equity and share-based payments  
Schedule of assumptions used for valuation of the cost

The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2020 were the following:

For the year ended December 31,

    

2020

Date of the Board of Directors meeting that decided the issue

 

September 18, 2019

Reference price (€) (a)

 

32.75

Subscription price (€) (b)

 

26.20

Number of shares issued (in millions) (c)

 

13.16

Risk free interest rate over five years (%)

 

(0.392)

Employees loan financing rate (%) (d)

 

4.73

Non transferability cost (% of the reference's share price)

 

19.27

(a)Average of the closing prices of the TOTAL shares over the twenty trading sessions preceding April 29th, 2020, the date of the Chairman and CEO’s decision setting the subscription price and opening date of the subscription period.
(b)Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro.
(c)Including the free shares issued.
(d)Average of 5 year consumer’s credit rates..