Registration document 2007 - Total.com

Management Report of the
Board of Directors
Summary of results and financial position p. 62
• 2006 overview p. 62
• 2006 results p. 62
• Upstream results p. 65
• Downstream results p. 67
• Chemicals results p. 68
• TOTAL S.A. 2006 parent company accounts and
proposed dividend p. 68
Liquidity and capital resources p. 69
• Long-term and short-term capital p. 69
• Cash flow p. 69
• Borrowing requirements and funding structure p. 70
• Condition for the use of external financing p. 70
• Anticipated sources of financing p. 70
Management Report of the Board of Directors
Contents
Research and development p. 71
Trends and outlook p. 73
• Outlook p. 73
• Risks and uncertainties p. 73
TOTAL – Registration Document 2006
3
61