Registration document 2007 - Total.com

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9 Consolidated statement of changes in shareholders’ equity TOTAL (in M€) TOTAL – Registration Document 2006 Common shares issued Paid-in Treasury shares Subsidiaries’ surplus and Cumulative Share redeemable retained transaction holders’ preferred Minority Total Number Amount earnings adjustment Number Amount equity shares interest equity As of January 1, 2004 649,118,236 6,491 27,360 - (37,112,105) (4,613) 29,238 396 683 30,317 Net income 2004 Items recognized directly - - 10,868 - - - 10,868 6 275 11,149 in equity Total excluding transactions - - 29 (1,429) - - (1,400) (14) (88) (1,502) with shareholders - - 10,897 (1,429) - - 9,468 (8) 187 9,647 Cash dividend Issuance of common - - (4,293) - - - (4,293) - (207) (4,500) shares (note 17) 5,770,804 58 478 - - - 536 - - 536 Purchase of treasury shares - - - - (22,550,000) (3,554) (3,554) - - (3,554) Sale of treasury shares Repayment of subsidiaries’ - - 14 - 715,686 61 75 - - 75 redeemable preferred shares Share-based payments - - - - - - - (241) - (241) (note 24) Transactions with - - 138 - - - 138 - - 138 shareholders Cancellation of purchased 5,770,804 58 (3,663) - (21,834,314) (3,493) (7,098) (241) (207) (7,546) shares (note 17) As of December 31, (19,873,932) (199) (2,877) - 19,873,932 3,076 - - - - 2004 635,015,108 6,350 31,717 (1,429) (39,072,487) (5,030) 31,608 147 663 32,418 Net income 2005 Items recognized directly - - 12,273 - - - 12,273 1 369 12,643 in equity (note 17) Total excluding transactions - - 418 2,850 - - 3,268 8 43 3,319 with shareholders - - 12,691 2,850 - - 15,541 9 412 15,962 Cash dividend Issuance of common - - (3,510) - - - (3,510) - (237) (3,747) shares (note 17) 1,176,756 12 88 - - - 100 - - 100 Purchase of treasury shares - - - - (18,318,500) (3,485) (3,485) - - (3,485) Sale of treasury shares Repayment of subsidiaries’ - - 34 - 2,066,087 226 260 - - 260 redeemable preferred shares Share-based payments - - - - - - - (156) - (156) (note 24) Transactions with - - 131 - - - 131 - - 131 shareholders Cancellation of purchased 1,176,756 12 (3,257) - (16,252,413) (3,259) (6,504) (156) (237) (6,897) shares (note 17) As of December 31, (21,075,568) (211) (3,647) - 21,075,568 3,858 - - - - 2005 615,116,296 6,151 37,504 1,421 (34,249,332) (4,431) 40,645 - 838 41,483 Net income 2006 Items recognized directly in equity - - 11,768 - - - 11,768 - 367 12,135 (note 17) Total excluding transactions - - (37) (2,595) - - (2,632) - (44) (2,676) with shareholders Four-for-one split of - - 11,731 (2,595) - - 9,136 - 323 9,459 shares par value 1,845,348,888 - - - (102,747,996) - - - - - Spin-off of Arkema - - (2,061) (209) - 16 (2,254) - (8) (2,262) Cash dividend Issuance of common - - (3,999) - - - (3,999) - (326) (4,325) shares (note 17) 12,322,769 30 469 - - - 499 - - 499 Purchase of treasury shares - - - - (78,220,684) (4,095) (4,095) - - (4,095) Sale of treasury shares Share-based payments - - - - 6,997,305 232 232 - - 232 (note 24) Transactions with - - 157 - - - 157 - - 157 shareholders Cancellation of purchased 1,857,671,657 30 (5,434) (209) (173,971,375) (3,847) (9,460) - (334) (9,794) shares (note 17) As of December 31, (47,020,000) (117) (2,341) - 47,020,000 2,458 - - - - 2006 2,425,767,953 6,064 41,460 (1,383) (161,200,707) (5,820) 40,321 - 827 41,148 172 Appendix 1 – Consolidated financial statements Consolidated statement of changes in shareholders’ equity
On February 13, 2007, the Board of Directors established and authorized the publication of the consolidated financial statements of TOTAL S.A. for the year ended December 31, 2006. INTRODUCTION The consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union, as of December 31, 2006. The preparation of financial statements in accordance with IFRS requires management to make estimates and apply assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of preparation of the financial statements and reported income and expenses for the period. Management reviews these estimates and assumptions on an ongoing basis, by reference to past experience and various other factors considered as reasonable which form the basis for assessing the book value of assets and liabilities. Actual results may differ significantly from these estimates, if different assumptions or circumstances apply. Lastly, where a specific transaction is not dealt with in any standards or interpretation, management applies its judgment to define and apply accounting policies that will lead to relevant and reliable information, so that the financial statements: • give a true and fair view of the Group’s financial position, financial performance and cash flows; • reflect the substance of transactions; • are neutral; • are prepared on a prudent basis; and • are complete in all material aspects. 1) Accounting policies The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities that have been measured at fair value. The accounting policies used by the Group are described below. A. Principles of consolidation The subsidiaries that are directly controlled by the parent company or indirectly controlled by other consolidated subsidiaries are fully consolidated. Appendix 1 – Consolidated financial statements Notes to the consolidated financial statement Notes to the consolidated financial statements Investments in jointly controlled entities are proportionately consolidated. Investments in associates, in which the Group has significant influence, are accounted for by the equity method. Significant influence is presumed when the Group holds, directly or indirectly (e.g. through subsidiaries), 20% or more of the voting rights. Companies in which ownership interest is less than 20%, but over which the Company has the ability to exercise significant influence, are also accounted for by the equity method. All significant intercompany balances, transactions and income have been eliminated. B. Business combinations Business combinations are accounted for using the purchase method. This method implies the recognition of the assets, liabilities and contingent liabilities of the companies acquired by the Group at their fair value. The difference between the acquisition cost of the shares and the total valuation, at fair value, of the acquired share of the assets, liabilities and contingent liabilities identified on the acquisition date is recorded as goodwill. If the cost of an acquisition is less than the fair value of the net assets of the subsidiary acquired, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. Any residual negative goodwill is recorded as net operating income. The analysis of goodwill is finalized within one year from the acquisition date. 9 C. Foreign currency translation The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency. (i) Monetary transactions Transactions denominated in foreign currencies are translated at the exchange rate prevailing at the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in “Other income” or “Other expenses”. (ii) Translation of financial statements denominated in foreign currencies Assets and liabilities of foreign entities are translated into euros on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates of the period. Foreign exchange TOTAL – Registration Document 2006 173
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Registration Document 2006
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Registration Document 2006 This is
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Key figures Selected financial info
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116,842 Key figures Operating and m
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Refined product sales including Tra
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Business overview History and strat
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Upstream TOTAL’s Upstream segment
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Exploration & Production Exploratio
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Production For the full year 2006,
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Presentation of production activiti
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Europe Business overview Exploratio
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Africa TOTAL has been present in Af
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this zone through its subsidiaries
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North America Since 2004, TOTAL has
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Trinidad & Tobago TOTAL holds a 30%
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TOTAL also has a 50% interest in th
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Europe TOTAL’s production in Euro
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K6-GT platform, in anticipation of
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The Group also holds a 20% interest
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Gas & Power The Gas & Power divisio
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Asia Pacific The Hazira re-gasifica
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In Morocco, Temasol, in which TOTAL
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Refining & Marketing As of December
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Refined products The table below se
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capacity oil recycling plant in Fra
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In 2006, the principal market bench
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Base Chemicals TOTAL’s Base Chemi
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Specialties TOTAL’s Specialties s
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Investments Main investments made o
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Property, Plant and Equipment TOTAL
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Board of Directors Executive Commit
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Management Report of the Board of D
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Market environment 2006 2005 2004 E
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Upstream results Liquids and gas pr
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Downstream results For the full yea
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Liquidity and capital resources Lon
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Research and development Research a
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Trends and outlook Outlook Since th
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Risk Factors Market risks p. 76 •
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The Group has implemented strict po
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The non-current debt in dollars des
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Grande Paroisse An explosion occurr
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Myanmar Under the Belgian “univer
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Risk management Risk evaluations le
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TOTAL, like other major internation
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Insurance and risk management Organ
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Corporate Governance Board of Direc
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Daniel Bouton 56 years old. Inspect
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Bertrand Jacquillat 62 years old. A
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Michel Pébereau 64 years old. Hono
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Management General Management On Ma
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Corporate Governance Compensation o
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Pensions and other commitments (Art
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Within this framework, the Board’
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Members of the Audit Committee may
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Messrs. Bouton, Collomb, Desmarais,
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establishes and maintains procedure
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Employees, Share Ownership, Stock O
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Corporate Governance Employees, Sha
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TOTAL stock options Corporate Gover
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Corporate Governance Employees, Sha
Page 123 and 124: Corporate Governance Employees, Sha
Page 125 and 126: Restricted share plans as of Decemb
Page 127 and 128: TOTAL and its shareholders Listing
Page 129 and 130: Four-for-one stock split The Genera
Page 131 and 132: Information Summary TOTAL and its s
Page 133 and 134: Dividends Dividend policy In accord
Page 135 and 136: Share buybacks The General Meeting
Page 137 and 138: Summary table of transactions compl
Page 139 and 140: cancels and replaces the unused por
Page 141 and 142: which was approved by the French Co
Page 143 and 144: Shareholder structure Distribution
Page 145 and 146: Non-resident individual taxpayers e
Page 147 and 148: The Committee also worked on the co
Page 149 and 150: 2007 Calendar February 14 Results f
Page 151 and 152: Financial information Historical fi
Page 153 and 154: Additional information Financial in
Page 155 and 156: General information Share capital p
Page 157 and 158: Pursuant to this authorization, the
Page 159 and 160: Potential capital as of December 31
Page 161 and 162: General information Share capital J
Page 163 and 164: Directors’ Charter and Committees
Page 165 and 166: Other matters Employee incentives a
Page 167 and 168: Information on holdings General inf
Page 169 and 170: Statutory auditors’ report on the
Page 171 and 172: Consolidated statement of income TO
Page 173: Consolidated statement of cash flow
Page 177 and 178: G. Earnings per share Earnings per
Page 179 and 180: equal to the market price. For unli
Page 181 and 182: The net periodic pension cost is re
Page 183 and 184: (iii) Portion of intangible assets
Page 185 and 186: A. Information by business segment
Page 187 and 188: Appendix 1 - Consolidated financial
Page 195 and 196: ADJUSTMENTS TO OPERATING INCOME 200
Page 197 and 198: In 2006, gains and losses on sales
Page 201 and 202: Property, plant and equipment prese
Page 203 and 204: 14) Other non-current assets As of
Page 205 and 206: The variation of the weighted-avera
Page 207 and 208: 18) Employee benefits obligations P
Page 209 and 210: The components of the net periodic
Page 211 and 212: 20) Financial debt and related fina
Page 215 and 216: Impact on net income The amount of
Page 217 and 218: 23) Commitments and contingencies A
Page 219 and 220: Other guarantees given Non-consolid
Page 223 and 224: 25) Payroll and staff For the year
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The classification by strategy and
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B) Financial instruments related to
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29) Market risks Oil and gas market
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As a result of its policy for manag
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3) The Group has recorded provision
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Appendix 1 - Consolidated financial
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53.2% 95.7% Elf Aquitaine 99.5% 100
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Oil and gas reserves p. 238 • Cha
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Changes in liquids reserves Appendi
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Changes in liquids and gas reserves
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Costs incurred in oil and gas prope
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Appendix 2 - Supplemental oil and g
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Other information Accounting for ex
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Appendix 3 - TOTAL S.A. Special aud
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(Free translation of a French langu
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Balance Sheet (TOTAL S.A.) Appendix
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Statement of changes in Shareholder
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2) Property, plant and equipment As
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6) Shareholders’ equity A) Common
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7) Contingency reserves As of Decem
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11) Translation adjustment The appl
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20) Commitments As of December 31 (
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TOTAL share purchase options plans
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Appendix 3 - TOTAL S.A. Parent comp
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List of marketable securities held
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Distribution of earnings 2006 Net d
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Social and environmental informatio
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AVERAGE COMPENSATION PER MONTH - TO
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Environment Pursuant to French law
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Consolidated financial information
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European Cross Reference List 10. C
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TOTAL S.A. Registered Office: 2, pl
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Registration document 2007 - Total.com

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