Registration document 2007 - Total.com

11
Share cancellation
Pursuant to the authorization granted by the Shareholders’ Meeting held on May 7, 2002 to reduce the capital by cancellation of shares
held by the company within the limit of 10% of the outstanding capital every 24 months, the Board of Directors decided on July 18, 2006
to cancel 47,020,000 shares, par value 2.50 euros, at an average price of 52.31 euros per share.
Treasury shares (TOTAL shares held by the parent company TOTAL S.A.)
As of December 31, 2006, TOTAL S.A. held 60,869,439 of its own shares, representing 2.51% of its share capital, detailed as follows:
• 23,272,755 shares allocated to covering TOTAL share purchase option plans for Group employees and recorded in short-term
investments;
• 4,591,684 shares allocated to TOTAL restricted share plans for Group employees and recorded in short-term investments;
• 33,005,000 shares purchased for cancellation from July to December 2006 pursuant to the authorization granted by the Shareholders’
Meeting held on May 12, 2006. By decision of the Board of Directors held on January 10, 2007, 33,005,000 shares at the average
price of 52.52 euros per share were cancelled.
These shares are deducted from the consolidated shareholders’ equity.
TOTAL shares held by subsidiaries
As of December 31, 2006, TOTAL S.A. held indirectly, through its subsidiaries, 100,331,268 of its own shares i.e. 4.14% of the share
capital, detailed as follows:
• 2,023,672 shares held by a Group company, Total Nucléaire, directly held at 100% by TOTAL S.A.;
• 98,307,596 shares held by subsidiaries of Elf Aquitaine (Financière Valorgest, Sogapar and Fingestval).
These shares are deducted from the consolidated shareholders’ equity.
B) Reserves
As of December, 31
(in M€) 2006 2005 2004
Revaluation reserves 38 38 38
Legal reserves 740 740 740
Untaxed reserves 2,808 2,808 (a) 3 008
General reserves 390 390 (a) 195
Total 3,976 3,976 3,981
(a) Pursuant to the amended for 2004 Financial Act art 39-4, the variations are explained by the transfer of the net long-term appreciation reserve to an ordinary reserve after tax on the
long-term appreciation reserve.
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Appendix 3 - TOTAL S.A.
Parent company’s statutory financial statements
TOTAL - Registration Document 2006