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Financial structure and financial costs (Tables)
12 Months Ended
Dec. 31, 2020
Financial structure, financial costs and financial instruments  
Schedule of non-current financial debt and related financial instruments

As of December 31, 2020

(M$)

(Assets) / Liabilities

    

Secured

    

Unsecured

    

Total

Non-current financial debt

 

7,849

 

52,354

 

60,203

of which hedging instruments of non-current financial debt (liabilities)

 

 

1,615

 

1,615

Non-current financial assets

 

(1,019)

 

(3,762)

 

(4,781)

of which hedging instruments of non-current financial debt (assets)

 

 

(3,221)

 

(3,221)

NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

6,830

 

48,592

 

55,422

Variable rate bonds or bonds after fair value hedge

 

 

16,553

 

16,553

Fixed rate bonds or bonds after cash flow hedge

 

 

28,080

 

28,080

Other floating rate debt

 

40

 

3,944

 

3,984

Other fixed rate debt

 

73

 

438

 

511

Lease obligations

 

7,736

 

 

7,736

Non-current financial assets excluding derivative financial instruments

(1,019)

(432)

(1,451)

Non-current instruments held for trading

 

 

9

 

9

NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

6,830

 

48,592

 

55,422

As of December 31, 2019

(M$)

(Assets) / Liabilities

    

Secured

    

Unsecured

    

Total

Non-current financial debt

 

6,438

 

41,335

 

47,773

of which hedging instruments of non-current financial debt (liabilities)

 

 

1,694

 

1,694

Non-current financial assets

 

(164)

 

(748)

 

(912)

of which hedging instruments of non-current financial debt (assets)

 

 

(512)

 

(512)

NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

6,274

 

40,587

 

46,861

Variable rate bonds or bonds after fair value hedge

 

 

19,340

 

19,340

Fixed rate bonds or bonds after cash flow hedge

 

 

20,499

 

20,499

Other floating rate debt

 

72

 

618

 

690

Other fixed rate debt

 

103

 

322

 

425

Lease obligations

6,263

6,263

Non-current financial assets excluding derivative financial instruments

 

(164)

 

(169)

 

(333)

Non-current instruments held for trading

 

 

(23)

 

(23)

NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

6,274

 

40,587

 

46,861

As of December 31, 2018

(M$)

(Assets) / Liabilities

    

Secured

    

Unsecured

    

Total

Non-current financial debt

 

1,870

 

38,259

 

40,129

of which hedging instruments of non-current financial debt (liabilities)

 

 

1,880

 

1,880

Non-current financial assets

 

 

(680)

 

(680)

of which hedging instruments of non-current financial debt (assets)

 

 

(613)

 

(613)

NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

1,870

 

37,579

 

39,449

Variable rate bonds or bonds after fair value hedge

 

 

20,570

 

20,570

Fixed rate bonds or bonds after cash flow hedge

 

 

15,672

 

15,672

Other floating rate debt

 

111

 

621

 

732

Other fixed rate debt

 

94

 

754

 

848

Financial lease obligations

 

1,665

 

 

1,665

Non-current instruments held for trading

 

 

(38)

 

(38)

NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS

 

1,870

 

37,579

 

39,449

Schedule of fair value of bonds after taking into account currency and interest rates swaps

Amount

Amount

Amount

after

after

after

Bonds after fair value hedge or

hedging as of

hedging as of

hedging as of

Range

Range of initial current rate

variable rate bonds

Currency of

December 31,

December 31,

December 31,

of current

before hedging

(M$)

    

issuance

    

2020

    

2019

    

2018

    

maturities

    

instruments

Bond

USD

6,253

6,276

6,276

2021 - 2028

2.218% - 3.883

%

Bond

USD

300

750

Bond

CHF

410

410

204

2026 - 2029

0.176% - 0.298

%

Bond

NZD

164

252

Bond

AUD

377

378

699

2021 - 2025

4.000% - 4.250

%

Bond

EUR

8,666

9,675

10,212

2021 - 2044

0.250% - 3.125

%

Bond

EUR

1,641

1,644

Bond

CAD

92

93

Bond

GBP

1,522

2,035

1,536

2022 - 2031

1.405% - 2.250

%

Bond

GBP

472

Bond

HKD

129

128

207

2025

2.920

%

Current portion (less than one year)

(2,699)

(3,661)

(3,679)

Principal financing entities(a)

14,658

17,438

18,666

TOTAL SE(b)

1,200

1,203

1,203

2022

0.500

%

Other consolidated subsidiaries

695

699

701

TOTAL VARIABLE RATE BONDS OR BONDS AFTER FAIR VALUE HEDGE

16,553

19,340

20,570

Amount

Amount

Amount

after

after

after

Bonds after cash flow hedge or

hedging as of

hedging as of

hedging as of

Range

Range of initial current rate

fixed rate bonds

Currency of

December 31,

December 31,

December 31,

of current

before hedging

(M$)

    

issuance

    

2020

    

2019

    

2018

    

maturities

    

instruments

Bond

 

EUR

 

15,259

 

10,246

 

9,268

 

2024 - 2044

 

0.696 % - 5.125

%

Bond

 

USD

 

11,524

 

8,565

 

5,040

 

2021 - 2060

 

2.829% - 4.250

%

Bond

HKD

208

202

187

2026

3.088

%

Bond

CHF

1,134

1,079

1,035

2024 - 2027

0.510% - 1.010

%

Bond

GBP

998

982

326

2024 - 2026

1.250% - 1.660

%

Bond

AUD

9

5

2025

4.000

%

Current portion (less than one year)

 

  

 

(1,500)

 

(1,250)

 

(946)

 

  

 

Principal financing entities(a)

 

  

 

27,632

 

19,829

 

14,910

 

  

 

  

Other consolidated subsidiaries

 

  

 

448

 

670

 

762

 

  

 

  

TOTAL BONDS AFTER CASH FLOW HEDGE OR FIXED RATE BONDS

 

  

 

28,080

 

20,499

 

15,672

 

  

 

  

(a)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TOTAL SE as to payment of principal, premium, if any, interest and any other amounts due:
-TOTAL CAPITAL is a wholly and directly owned subsidiary of TOTAL SE (except for one share held by each director). It acts as a financing vehicle for the Group. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TOTAL SE.
-TOTAL CAPITAL CANADA Ltd. is a wholly and directly owned subsidiary of TOTAL SE. It acts as a financing vehicle for the activities of the Group in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TOTAL SE.
-TOTAL CAPITAL INTERNATIONAL is a wholly and directly owned subsidiary of TOTAL SE (except for one share held by each director). It acts as a financing vehicle for the Group. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TOTAL SE.
(b)Debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge TOTAL's exposure to the exercise of the conversion rights under the bonds.  

Schedule of loan repayment schedule (excluding current portion)

    

    

of which hedging

    

    

of which hedging

    

    

 

instruments

instruments

Non-current

 

As of December 31,

of noncurrent

Non-current

of non-current

financial debt and

 

2020

Noncurrent

financial debt

financial

financial debt

related financial

 

(M$)

financial debt

(liabilities)

assets

(assets)

instruments

%

 

2022

 

9,932

 

142

 

(142)

 

(58)

 

9,790

 

18

%

2023

 

5,988

 

59

 

(268)

 

(218)

 

5,720

 

10

%

2024

 

6,340

 

115

 

(395)

 

(277)

 

5,945

 

11

%

2025

 

4,535

 

150

 

(260)

 

(212)

 

4,275

 

8

%

2026 and beyond

 

33,408

 

1,149

 

(3,716)

 

(2,456)

 

29,692

 

53

%

TOTAL

 

60,203

 

1,615

 

(4,781)

 

(3,221)

 

55,422

 

100

%

    

    

of which hedging

    

    

of which hedging

    

    

 

instruments

instruments

Non-current

 

As of December 31,

of noncurrent

Non-current

of non-current

financial debt and

 

2019

Noncurrent

financial debt

financial

financial debt

related financial

 

(M$)

 

financial debt

(liabilities)

assets

(assets)

instruments

%

2021

 

5,716

 

204

 

(101)

 

(9)

 

5,615

 

12

%

2022

 

6,226

 

433

 

(148)

 

(121)

 

6,078

 

13

%

2023

 

5,230

 

106

 

(67)

 

(18)

 

5,163

 

11

%

2024

 

5,885

 

139

 

(87)

 

(83)

 

5,798

 

12

%

2025 and beyond

 

24,716

 

812

 

(509)

 

(281)

 

24,207

 

52

%

TOTAL

 

47,773

 

1,694

 

(912)

 

(512)

 

46,861

 

100

%

of which hedging

of which hedging

 

instruments

instruments

Non-current

 

As of December 31,

of noncurrent

Non-current

of non-current

financial debt and

 

2018

Noncurrent

financial debt

financial

financial debt

related financial

 

(M$)

    

financial debt

    

(liabilities)

    

assets

    

(assets)

    

instruments

    

%

 

2020

 

5,442

 

386

 

(10)

 

 

5,432

 

14

%

2021

 

4,042

 

251

 

(76)

 

(57)

 

3,966

 

10

%

2022

 

5,262

 

448

 

(104)

 

(104)

 

5,158

 

13

%

2023

 

5,020

 

93

 

(37)

 

 

4,983

 

13

%

2024 and beyond

 

20,363

 

702

 

(453)

 

(452)

 

19,910

 

50

%

TOTAL

 

40,129

 

1,880

 

(680)

 

(613)

 

39,449

 

100

%

Schedule of analysis by currency and interest rate

As of December 31,

    

    

    

    

    

    

    

    

    

    

    

 

(M$)

    

2020

    

%

    

2019

    

%

    

2018

    

%

    

U.S. Dollar

 

48,609

 

88

%  

43,276

 

92

%  

38,120

 

97

%

Euro

 

3,144

 

6

%

2,639

 

6

%

1,103

 

3

%

Norwegian krone

 

72

 

0

%

81

 

0

%

27

 

0

%

Other currencies

 

3,597

 

6

%

865

 

2

%

199

 

0

%

TOTAL

 

55,422

 

100

%

46,861

 

100

%

39,449

 

100

%

As of December 31,

 

(M$)

    

2020

    

%

    

2019

    

%

    

2018

    

%

    

Fixed rate

 

34,870

 

63

%  

26,985

 

58

%  

18,139

 

46

%

Floating rate

 

20,552

 

37

%

19,876

 

42

%

21,310

 

54

%

TOTAL

 

55,422

 

100

%

46,861

 

100

%

39,449

 

100

%

Schedule of current financial assets and liabilities

As of December 31,

(M$)

(Assets) / Liabilities

    

2020

    

2019

    

2018

Current financial debt(a)

 

11,305

 

8,710

 

8,316

Current lease obligations

 

1,206

 

1,202

 

Current portion of non-current financial debt

 

4,588

 

4,907

 

4,990

Current borrowings (note 14)

 

17,099

 

14,819

 

13,306

Current portion of hedging instruments of debt (liabilities)

 

104

 

424

 

295

Other current financial instruments (liabilities)

 

99

 

63

 

183

Other current financial liabilities (note 14)

 

203

 

487

 

478

Current deposits beyond three months

 

(4,436)

 

(3,611)

 

(3,536)

Non-traded marketable securities

(114)

Financial receivables on sub-lease, current

 

(111)

 

(145)

 

Current portion of hedging instruments of debt (assets)

 

(18)

 

 

(45)

Other current financial instruments (assets)

 

(65)

 

(122)

 

(73)

Current financial assets (note 14)

 

(4,630)

 

(3,992)

 

(3,654)

NET CURRENT BORROWINGS

 

12,672

 

11,314

 

10,130

(a)As of December 31, 2020,  December 31, 2019 and December 31, 2018, the current financial debt includes a commercial paper program in Total Capital and Total Capital Canada Ltd. Total Capital and  Total Capital Canada Ltd.are wholly-owned subsidiaries of TOTAL SE. They act as  financing vehicles for the activities of the Group . Their debt securities are fully and unconditionally guaranteed by TOTAL SE as to payment of principal, premium, if any, interest and any other amounts due.

Schedule of variations of financial debt

    

   

   

Non-cash changes

Change in 

As of 

 scope,

Reclassification 

As of

January 1,

Cash 

 including IFRS 5

   

Foreign 

   

Changes in 

   

Non-current / 

    

    

 December 31, 

(M$)

2020

changes

reclassification

currency

fair value

Current

Other

2020

Non-current financial instruments - assets(a) and non-current financial assets

(912)

(228)

3

(59)

(2,729)

118

(974)

(4,781)

Non-current financial debt

47,773

15,800

(456)

192

2,973

(8,711)

2,632

60,203

Non-current financial debt and related financial instruments

46,861

15,572

(453)

133

244

(8,593)

1,658

55,422

Current financial instruments - assets(a)

 

(268)

 

178

 

 

(6)

 

46

 

(118)

 

(26)

 

(194)

Current borrowings

 

14,819

 

(6,679)

 

6

 

(132)

 

188

 

8,711

 

186

 

17,099

Current financial instruments - liabilities(a)

 

487

 

 

(5)

 

8

 

(287)

 

 

 

203

Current financial debt and related financial instruments

 

15,038

 

(6,501)

 

1

 

(130)

 

(53)

 

8,593

 

160

 

17,108

Financial debt and financial assets classified as held for sale

 

301

 

 

(10)

 

22

 

 

 

 

313

FINANCIAL DEBT

 

62,200

 

9,071

 

(462)

 

25

 

191

 

 

1,818

 

72,843

(a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.

Non-cash changes

Change in

As of

 scope,

First

Reclassification

As of

 January 1,

Cash

 including IFRS 5

application

Foreign

Changes in

 Non-current /

 December 31,

(M$)

    

2019

    

 changes

    

 reclassification

    

IFRS 16

    

 currency

    

 fair value

    

 Current

    

Other

    

2019

Non-current financial instruments - assets(a) and non-current financial assets

 

(680)

 

21

 

12

 

(50)

 

4

 

(71)

 

144

 

(292)

 

(912)

Non-current financial debt

 

40,129

 

8,110

 

(731)

 

4,805

 

(48)

 

484

 

(6,661)

 

1,685

 

47,773

Non-current financial debt and related financial instruments

 

39,449

 

8,131

 

(719)

 

4,755

 

(44)

 

413

 

(6,517)

 

1,393

 

46,861

Current financial instruments - assets(a)

 

(118)

 

125

 

 

 

2

 

(32)

 

(144)

 

(101)

 

(268)

Current borrowings

 

13,306

 

(5,954)

 

(35)

 

750

 

184

 

(26)

 

6,661

 

(67)

 

14,819

Current financial instruments - liabilities(a)

 

478

 

 

 

 

(6)

 

15

 

 

 

487

Current financial debt and related financial instruments

 

13,666

 

(5,829)

 

(35)

 

750

 

180

 

(43)

 

6,517

 

(168)

 

15,038

Financial debt and financial assets classified as held for sale

 

 

 

301

 

 

 

 

 

 

301

FINANCIAL DEBT

 

53,115

 

2,302

 

(453)

 

5,505

 

136

 

370

 

 

1,225

 

62,200

(a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.

Non-cash changes

Change in

As of

 scope,

Reclassification

As of

 January 1,

Cash

 including IFRS 5

Foreign

Changes in

 Non-current /

 December 31,

(M$)

    

2018

    

 changes

    

 reclassification

    

 currency

    

 fair value

    

 Current

    

Other

    

2018

Non-current financial instruments - assets(a)

 

(679)

 

 

(72)

 

12

 

59

 

 

 

(680)

Non-current financial debt

 

41,340

 

649

 

4,708

 

(59)

 

62

 

(6,260)

 

(311)

 

40,129

Non-current financial debt and related financial instruments

 

40,661

 

649

 

4,636

 

(47)

 

121

 

(6,260)

 

(311)

 

39,449

Current financial instruments - assets(a)

 

(423)

 

 

 

10

 

295

 

 

 

(118)

Current borrowings

 

11,096

 

(3,990)

 

230

 

270

 

(514)

 

6,260

 

(46)

 

13,306

Current financial instruments - liabilities(a)

 

245

 

 

67

 

(11)

 

177

 

 

 

478

Current financial debt and related financial instruments

 

10,918

 

(3,990)

 

297

 

269

 

(42)

 

6,260

 

(46)

 

13,666

Financial debt classified as held for sale

 

 

 

 

 

 

 

 

FINANCIAL DEBT

 

51,579

 

(3,341)

 

4,933

 

222

 

79

 

 

(357)

 

53,115

Schedule of monetary changes in non-current financial debt

For the year ended December 31,

(M$)

    

2020

    

2019

    

2018

Issuance of non-current debt

 

16,075

 

8,668

 

3,938

Repayment of non-current debt

 

(275)

 

(538)

 

(3,289)

NET AMOUNT

 

15,800

 

8,131

 

649

Schedule of cash and cash equivalents

For the year ended December 31,

 

(M$)

    

2020

    

2019

    

2018

 

Cash

 

14,518

 

16,456

 

15,186

Cash equivalents

 

16,750

 

10,896

 

12,721

TOTAL

 

31,268

 

27,352

 

27,907

Schedule of net-debt-to-equity ratio

As of December 31,

 

(M$)

    

    

    

 

(Assets) / Liabilities

    

2020

    

2019

    

2018

Current borrowings(a)

 

15,893

13,617

13,093

Other current financial liabilities

 

203

487

478

Current financial assets(a)

 

(4,519)

(3,847)

(3,654)

Net financial assets and liabilities held for sale or exchange

 

313

301

(15)

Non-current financial debt(a)

 

52,467

41,510

38,464

Non-current financial assets(a)

 

(3,762)

(748)

(680)

Cash and cash equivalents

 

(31,268)

(27,352)

(27,907)

Net financial debt

 

29,327

23,968

19,779

Shareholders’ equity – Group share

 

103,702

116,778

115,640

Non-controlling interests

 

2,383

2,527

2,474

Shareholders’ equity

 

106,085

119,305

118,114

NET-DEBT-TO-CAPITAL RATIO EXCLUDING LEASES

 

21.7

%

16.7

14.3

%

Hedging of financial debt (Fair value hedge)  
Financial structure, financial costs and financial instruments  
Schedule of hedging instruments and items

For the year ended December 31 2020

 

(M$)

Cumulative FVH

    

Nominal

    

    

adjustments included

 

amount of

 

Carrying amount of

Carrying amount of

in the carrying amount

Line items in the

 

Hedging

    

hedging

 

hedging instruments

hedged items

    

of the hedged items

statement of

Hedged items

instruments

instruments

 

Assets

Liabilities

    

Assets

    

Liabilities

Assets

   

Liabilities

    

financial position

Interest Rate

Financial debt /

Bonds

 

Swaps

8,063

 

527

 

(15)

 

(8,586)

(1,136)

Financial assets

Cross Currency

Financial debt /

Bonds

 

Swaps

11,011

 

836

 

(211)

 

(11,109)

(98)

Financial assets

End of hedging (before 2018)

(47)

For the year ended December 31 2019

 

(M$)

Cumulative FVH

    

Nominal

    

    

adjustments included

 

amount of

 

Carrying amount of

Carrying amount of

in the carrying amount

Line items in the

 

Hedging

    

hedging

 

hedging instruments

 hedged items

of the hedged items

statement of

Hedged items

instruments

instruments

 

Assets

    

Liabilities

    

Assets

    

Liabilities

    

Assets

    

Liabilities

    

financial position

Bonds

Interest Rate
Swaps

8,012

270

(75)

(7,450)

(795)

Financial debt /
Financial assets

Bonds

 

Cross Currency
Swaps

14,357

124

(1,011)

(14,357)

1,290

Financial debt /
Financial assets

End of hedging (before 2018)

(71)

Cash flow hedge  
Financial structure, financial costs and financial instruments  
Schedule of hedging instruments

    

    

Nominal

    

    

    

    

    

Nature of

amount of

Carrying amount of

Line item in the

For the year ended December 31, 2020

hedging 

hedging

hedging instruments

statement of

(M$)

    

instruments

    

instruments

    

Assets

Liabilities

financial position

 

Interest Rate

 

 

 

 

Financial debt /

Bonds

Swaps

12,781

(1,441)

Financial assets

Cross Currency

Financial debt /

Bonds

 

Swaps

 

17,511

 

1,856

 

(32)

 

Financial assets

    

Nominal

    

    

 

Nature of

amount of

 

Carrying amount of

Line item in the

For the year ended December 31, 2019

 

hedging

hedging

 

hedging instruments

statement of

$M

instruments

instruments

 

Assets

Liabilities

    

financial position

Interest Rate

Financial debt /

Bonds

 

Swaps

12,782

 

25

 

(527)

 

Financial assets

Cross Currency

Financial debt /

Bonds

 

Swaps

12,604

 

19

 

(431)

 

Financial assets

Interest rate risk  
Financial structure, financial costs and financial instruments  
Schedule of sensitivity analysis on interest rate and foreign exchange risk

Change in fair value due to a change in

interest rate by

Assets / (Liabilities)

Carrying

Estimated

+10 basis

10 basis

(M$)

amount

fair value

points

points

As of December 31, 2020

 

  

 

  

 

  

 

  

Bonds (non-current portion, before swaps)

 

(46,239)

 

(52,246)

 

440

 

(440)

Swaps hedging bonds (liabilities)

 

(1,615)

 

(1,615)

 

 

Swaps hedging bonds (assets)

 

3,221

 

3,221

 

 

Total swaps hedging bonds (assets and liabilities)

 

1,606

 

1,606

 

(70)

 

70

Current portion of non-current debt after swaps (excluding lease obligations)

 

(4,674)

 

(4,696)

 

2

 

(2)

Other interest rates swaps

 

(73)

 

(73)

 

18

 

(18)

Currency swaps and forward exchange contracts

 

(6)

 

(6)

 

 

As of December 31, 2019

    

  

    

  

    

  

    

  

Bonds (non-current portion, before swaps)

 

(38,657)

 

(41,805)

 

247

 

(247)

Swaps hedging bonds (liabilities)

 

(1,694)

 

(1,694)

 

 

Swaps hedging bonds (assets)

 

512

 

512

 

 

Total swaps hedging bonds (assets and liabilities)

 

(1,182)

 

(1,182)

 

(44)

 

44

Current portion of non-current debt after swaps (excluding lease obligations)

 

(5,331)

 

(5,332)

 

1

 

(1)

Other interest rates swaps

 

(7)

 

(7)

18

 

(18)

Currency swaps and forward exchange contracts

 

89

 

89

 

As of December 31, 2018

 

  

 

  

 

  

 

  

Bonds (non-current portion, before swaps)

 

(34,975)

 

(36,127)

 

185

 

(185)

Swaps hedging bonds (liabilities)

 

(1,880)

 

(1,880)

 

 

Swaps hedging bonds (assets)

 

613

 

613

 

 

Total swaps hedging bonds (assets and liabilities)

 

(1,267)

 

(1,267)

 

(59)

 

59

Current portion of non-current debt after swaps (excluding capital lease obligations)

 

(5,027)

 

(5,027)

 

 

Other interest rates swaps

 

(37)

 

(37)

12

 

(12)

Currency swaps and forward exchange contracts

 

(34)

 

(34)

 

The impact of changes in interest rates on the cost of debt before tax is as follows:

For the year ended December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Cost of net debt

 

(2,110)

 

(2,352)

 

(2,121)

Interest rate translation of :

 

 

 

+ 10 basis points

 

29

 

27

 

29

‑10 basis points

 

(29)

 

(27)

 

(29)

Foreign exchange risk  
Financial structure, financial costs and financial instruments  
Schedule of sensitivity analysis on interest rate and foreign exchange risk

    

Dollar / Euro exchange

    

 Dollar / Pound sterling

    

Dollar / Ruble exchange

rates

exchange rates

rates

December 31, 2020

 

0.81

 

0.73

 

74.54

December 31, 2019

 

0.89

 

0.76

 

62.27

December 31, 2018

 

0.87

 

0.78

 

69.62

As of December 31, 2020

    

    

    

    

Pound

    

    

Other

(M$)

Total

Euro

Dollar

sterling

Ruble

currencies

Shareholders’ equity at historical exchange rate

 

113,958

 

28,893

 

60,613

 

4,494

 

9,913

 

10,045

Currency translation adjustment before net investment hedge

 

(10,279)

 

(2,448)

 

 

(1,726)

 

(4,253)

 

(1,852)

Net investment hedge – open instruments

 

23

 

23

 

 

 

 

Shareholders’ equity at exchange rate as of December 31, 2020

 

103,702

 

26,468

 

60,613

 

2,768

 

5,660

 

8,193

As of December 31, 2019

    

    

    

    

Pound

    

    

Other

(M$)

Total

Euro

Dollar

sterling

Ruble

currencies

Shareholders’ equity at historical exchange rate

 

128,281

 

37,687

 

66,005

 

5,635

 

9,900

 

9,054

Currency translation adjustment before net investment hedge

 

(11,501)

 

(4,443)

 

 

(1,830)

 

(3,355)

 

(1,873)

Net investment hedge – open instruments

 

(2)

 

(2)

 

 

 

 

Shareholders’ equity at exchange rate as of December 31, 2019

 

116,778

 

33,241

 

66,005

 

3,805

 

6,545

 

7,182

As of December 31, 2018

    

    

    

    

Pound

    

    

Other

(M$)

Total

Euro

Dollar

sterling

Ruble

currencies

Shareholders’ equity at historical exchange rate

 

126,953

 

41,518

 

59,125

 

9,077

 

8,248

 

8,985

Currency translation adjustment before net investment hedge

 

(11,321)

 

(3,706)

 

 

(1,960)

 

(3,892)

 

(1,763)

Net investment hedge – open instruments

 

8

 

8

 

 

 

 

Shareholders’ equity at exchange rate as of December 31, 2018

 

115,640

 

37,820

 

59,125

 

7,117

 

4,356

 

7,222

Based on the 2020 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (Group share):

As of December 31, 2020

    

Pound

    

(M$)

Euro

    

sterling

    

Ruble

Impact of an increase of 10% of exchange rates on :

 

  

 

  

 

  

– shareholders equity

 

2,647

 

277

 

566

– net income (Group share)

 

(189)

 

(64)

 

29

Impact of a decrease of (10)% of exchange rates on :

 

 

 

– shareholders equity

 

(2,647)

 

(277)

 

(566)

– net income (Group share)

 

189

 

64

 

(29)

Liquidity risk  
Financial structure, financial costs and financial instruments  
Schedule of liquidity risk - maturity of financial assets and liabilities

As of December 31, 2020

    

Assets/(Liabilities)

Less than

    

    

    

    

    

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

 

 

(9,849)

 

(5,762)

 

(5,990)

 

(4,321)

 

(30,951)

 

(56,873)

Non-current financial assets excluding derivative financial instruments

59

42

45

46

1,259

1,451

Current borrowings

 

(17,099)

 

 

 

 

 

 

(17,099)

Other current financial liabilities

 

(203)

 

 

 

 

 

 

(203)

Current financial assets

 

4,630

 

 

 

 

 

 

4,630

Assets and liabilities available for sale or exchange

 

(313)

 

 

 

 

 

 

(313)

Cash and cash equivalents

 

31,268

 

 

 

 

 

 

31,268

Net amount before financial expense

 

18,283

 

(9,790)

 

(5,720)

 

(5,945)

 

(4,275)

 

(29,692)

 

(37,139)

Financial expense on non-current financial debt

 

(930)

 

(888)

 

(825)

 

(696)

 

(603)

 

(5,833)

 

(9,775)

Interest differential on swaps

 

(163)

 

(149)

 

(158)

 

(173)

 

(196)

 

(930)

 

(1,769)

NET AMOUNT

 

17,190

 

(10,827)

 

(6,703)

 

(6,814)

 

(5,074)

 

(36,455)

 

(48,683)

As of December 31, 2019

    

Assets/(Liabilities)

Less than

    

    

    

    

    

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

 

 

(5,683)

 

(6,102)

 

(5,172)

 

(5,802)

(24,435)

 

(47,194)

Non-current financial assets excluding derivative financial instruments

68

24

9

4

228

333

Current borrowings

 

(14,819)

 

 

 

 

 

 

(14,819)

Other current financial liabilities

 

(487)

 

 

 

 

 

 

(487)

Current financial assets

 

3,992

 

 

 

 

 

 

3,992

Assets and liabilities available for sale or exchange

 

(301)

 

 

 

 

 

 

(301)

Cash and cash equivalents

 

27,352

 

 

 

 

 

 

27,352

Net amount before financial expense

 

15,737

 

(5,615)

 

(6,078)

 

(5,163)

 

(5,798)

 

(24,207)

 

(31,124)

Financial expense on non-current financial debt

 

(807)

 

(724)

 

(650)

 

(594)

 

(482)

 

(2,215)

 

(5,472)

Interest differential on swaps

 

(350)

 

(325)

 

(297)

 

(255)

 

(224)

 

(1,046)

 

(2,497)

NET AMOUNT

 

14,580

 

(6,664)

 

(7,025)

 

(6,012)

 

(6,504)

 

(27,468)

 

(39,093)

As of December 31, 2018

    

Assets/(Liabilities)

Less than

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

 

 

(5,432)

 

(3,966)

 

(5,158)

 

(4,983)

(19,910)

 

(39,449)

Current borrowings

 

(13,306)

 

 

 

 

 

 

(13,306)

Other current financial liabilities

 

(478)

 

 

 

 

 

 

(478)

Current financial assets

 

3,654

 

 

 

 

 

 

3,654

Assets and liabilities available for sale or exchange

 

15

 

 

 

 

 

 

15

Cash and cash equivalents

 

27,907

 

 

 

 

 

 

27,907

Net amount before financial expense

 

17,792

 

(5,432)

 

(3,966)

 

(5,158)

 

(4,983)

 

(19,910)

 

(21,657)

Financial expense on non-current financial debt

 

(718)

 

(682)

 

(598)

 

(506)

 

(427)

 

(1,037)

 

(3,968)

Interest differential on swaps

 

(484)

 

(412)

 

(369)

 

(309)

 

(234)

 

(869)

 

(2,677)

NET AMOUNT

 

16,590

 

(6,526)

 

(4,933)

 

(5,973)

 

(5,644)

 

(21,816)

 

(28,302)

Schedule of financial assets and liabilities related to operating activities

As of December 31,

Assets/(Liabilities)

    

(M$)

    

2020

    

2019

    

2018

Accounts payable

 

(23,574)

 

(28,394)

 

(26,134)

Other operating liabilities

 

(14,302)

 

(16,262)

 

(13,286)

including derivative financial instruments related to commodity contracts (liabilities)

 

(3,666)

 

(5,333)

 

(3,429)

Accounts receivable, net

 

14,068

 

18,488

 

17,270

Other operating receivables

 

8,043

 

11,506

 

9,733

including derivative financial instruments related to commodity contracts (assets)

 

1,428

 

4,791

 

2,731

TOTAL

 

(15,765)

 

(14,662)

 

(12,417)

Credit risk  
Financial structure, financial costs and financial instruments  
Schedule of maximum credit risk exposure

As of December 31,

Assets/(Liabilities)

    

(M$)

    

2020

    

2019

    

2018

Loans to equity affiliates (note 8)

 

5,129

 

3,999

 

4,755

Loans and advances (note 6)

 

2,458

 

1,982

 

1,877

Other non-current financial assets related to operational activities (note 6)

287

332

471

Non-current financial assets (note 15.1)

 

4,781

 

912

 

680

Accounts receivable (note 5)

 

14,068

 

18,488

 

17,270

Other operating receivables (note 5)

 

8,043

 

11,506

 

9,733

Current financial assets (note 15.1)

 

4,630

 

3,992

 

3,654

Cash and cash equivalents (note 15.1)

 

31,268

 

27,352

 

27,907

TOTAL

 

70,664

 

68,563

 

66,347

Financial instruments, excluding commodity contracts  
Financial structure, financial costs and financial instruments  
Schedule of impact on the statement of income per nature of financial instruments

For the year ended December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Loans and receivables

 

154

 

200

 

161

Financing liabilities and associated hedging instruments

 

(1,660)

 

(1,897)

 

(1,927)

Fair value hedge (ineffective portion)

 

12

 

(1)

 

(6)

Lease assets and obligations

 

(422)

 

(417)

 

Assets and liabilities held for trading

 

(194)

 

(237)

 

(349)

IMPACT ON THE COST OF NET DEBT

 

(2,110)

 

(2,352)

 

(2,121)

Schedule of maturity of derivative instruments

For the year ended December 31, 2020

Notional

Notional value schedule

 

(M$)

Fair

 

value

Fair

 

2022

 

 

 

 

 

2026

Assets / (Liabilities)

value

2021

value

 

and after

2022

2023

2024

2025

 

and after

Fair value hedge

Swaps hedging bonds (assets)

 

18

    

1,250

    

1,365

    

12,642

    

Swaps hedging bonds (liabilities)

 

(104)

 

1,445

 

(142)

 

3,737

 

Total swaps hedging bonds

 

(86)

 

2,695

 

1,223

 

16,379

 

4,350

3,858

2,087

1,630

4,454

Cash flow hedge

 

 

 

 

 

Swaps hedging bonds (assets)

 

 

 

1,856

 

16,259

 

Swaps hedging bonds (liabilities)

 

 

 

(1,473)

 

14,033

 

Total swaps hedging bonds

 

 

 

383

 

30,292

 

1,000

3,659

4,459

21,174

Forward exchange contracts related to operating activites (assets)

 

16

 

262

 

20

 

394

 

Forward exchange contracts related to operating activites (liabilities)

 

 

 

 

 

Total forward exchange contracts related to operating activities

 

16

 

262

 

20

 

394

 

276

118

Held for trading

 

 

 

 

 

Other interest rate swaps (assets)

 

10

 

22,011

 

84

 

3,214

 

Other interest rate swaps (liabilities)

 

(51)

 

7,693

 

(116)

 

3,695

 

Total other interest rate swaps

 

(41)

 

29,704

 

(32)

 

6,909

 

2,067

764

2,004

1,937

137

Currency swaps and forward exchange contracts (assets)

 

39

 

3,323

 

5

 

344

 

Currency swaps and forward exchange contracts (liabilities)

 

(48)

 

2,580

 

(2)

 

54

 

Total currency swaps and forward exchange contracts

 

(9)

 

5,903

 

3

 

398

 

189

145

64

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

For the year ended December 31, 2019

Notional

Notional value schedule

(M$)

Fair

value

Fair

2021

2025

Assets / (Liabilities)

value

 

2020

value

 

and after

 

2021

 

2022

 

2023

 

2024

 

and after

Fair value hedge

Swaps hedging bonds (assets)

    

469

10,896

Swaps hedging bonds (liabilities)

 

(423)

3,346

(736)

8,127

Total swaps hedging bonds

 

(423)

3,346

(267)

19,023

2,695

4,298

3,858

2,337

5,835

Cash flow hedge

 

Swaps hedging bonds (assets)

 

43

4,062

Swaps hedging bonds (liabilities)

 

(958)

21,324

Total swaps hedging bonds

 

(915)

25,386

1,000

3,659

20,727

Forward exchange contracts related to operating activites (assets)

 

1

29

Forward exchange contracts related to operating activites (liabilities)

 

Total forward exchange contracts related to operating activites

 

1

29

Held for trading

 

Other interest rate swaps (assets)

 

11

23,522

50

2,225

Other interest rate swaps (liabilities)

 

(24)

16,007

(44)

3,475

Total other interest rate swaps

 

(13)

39,529

6

5,700

2,217

1,463

18

1,820

182

Currency swaps and forward exchange contracts (assets)

 

111

6,446

17

431

Currency swaps and forward exchange contracts (liabilities)

 

(39)

4,455

131

Total currency swaps and forward exchange contracts

 

72

10,901

17

562

529

33

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

For the year ended December 31, 2018

Notional

Notional value schedule

(M$)

    

Fair

value

Fair

2020

2024

Assets / (Liabilities)

value

 

2019

value

 

and after

 

2020

 

2021

 

2022

 

2023

 

and after

Fair value hedge

Swaps hedging bonds (assets)

 

45

1,345

235

3,712

Swaps hedging bonds (liabilities)

 

(208)

1,874

(1,281)

16,225

Total swaps hedging bonds

 

(163)

3,219

(1,046)

19,937

3,346

1,945

4,309

3,858

6,479

Cash flow hedge

 

Swaps hedging bonds (assets)

 

378

10,043

Swaps hedging bonds (liabilities)

 

(87)

969

(599)

11,265

Total swaps hedging bonds

 

(87)

969

(221)

21,308

21,308

Forward exchange contracts related to operating activites (assets)

 

2

39

4

Forward exchange contracts related to operating activites (liabilities)

 

Total forward exchange contracts related to operating activites

 

2

39

4

4

Held for trading

 

Other interest rate swaps (assets)

 

7

17,001

57

2,515

Other interest rate swaps (liabilities)

 

(79)

20,816

(22)

2,686

Total other interest rate swaps

 

(72)

37,817

35

5,201

2,186

1,004

56

1

1,954

Currency swaps and forward exchange contracts (assets)

 

66

10,500

11

44

Currency swaps and forward exchange contracts (liabilities)

 

(104)

9,107

(7)

34

Total currency swaps and forward exchange contracts

 

(38)

19,607

4

78

65

12

1

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

Schedule of fair value hierarchy for financial instruments

    

Quoted prices in

    

    

    

active markets

Prices based

Prices based on

for identical

on observable

non observable

As of December 31, 2020

 assets

data

data

(M$)

(level 1)

(level 2)

(level 3)

Total

Fair value hedge instruments

 

 

1,137

 

 

1,137

Cash flow hedge instruments

 

 

408

 

 

408

Assets and liabilities held for trading

 

 

(68)

 

 

(68)

Equity instruments

706

706

TOTAL

 

706

 

1,477

 

 

2,183

    

Quoted prices in

    

    

    

active markets

Prices based

Prices based on

 

for identical

on observable

non observable

 

As of December 31, 2019

 assets

data

data

 

(M$)

(level 1)

(level 2)

(level 3)

Total

Fair value hedge instruments

 

 

(690)

 

 

(690)

Cash flow hedge instruments

 

 

(915)

 

 

(915)

Assets and liabilities held for trading

 

 

82

 

 

82

Equity instruments

 

240

 

 

 

240

TOTAL

 

240

 

(1,523)

 

 

(1,283)

    

Quoted prices in

    

    

    

active markets

Prices based

Prices based on

 

for identical

on observable

non observable

 

As of December 31, 2018

 assets

data

data

 

(M$)

(level 1)

(level 2)

(level 3)

Total

Fair value hedge instruments

 

(1,209)

 

 

(1,209)

Cash flow hedge instruments

 

 

(306)

 

 

(306)

Assets and liabilities held for trading

 

 

(71)

 

 

(71)

Equity instruments

 

94

 

 

 

94

TOTAL

 

94

 

(1,586)

 

 

(1,492)

Financial instruments, excluding commodity contracts | Hedging of financial debt (Fair value hedge)  
Financial structure, financial costs and financial instruments  
Schedule of impact of the hedging strategies

For the year ended December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Revaluation impact at market value of bonds

 

(4,004)

 

(762)

 

1,332

Swap hedging of bonds

 

4,016

 

761

 

(1,338)

INEFFECTIVE PORTION OF THE FAIR VALUE HEDGE

 

12

 

(1)

 

(6)

Financial instruments, excluding commodity contracts | Net investment hedge and other  
Financial structure, financial costs and financial instruments  
Schedule of impact of the hedging strategies

For the year ended December 31,

    

As of

    

    

As of

(M$)

January 1,

Variations

    

Disposals

December 31

2020

 

(717)

 

(71)

 

(788)

2019

 

(724)

 

7

 

(717)

2018

 

(762)

 

38

 

(724)

Financial instruments, excluding commodity contracts | Cash flow hedge  
Financial structure, financial costs and financial instruments  
Schedule of impact of the hedging strategies

For the year ended December 31,

(M$)

    

2020

    

2019

    

2018

Profit (Loss) recorded in other comprehensive income of the period

(327)

(585)

24

Recycled amount from other comprehensive income to the income statement of the period

 

139

 

47

 

(116)