Registration document 2007 - Total.com

Downstream results
For the full year 2006, adjusted net operating income for the
Downstream segment was 2,784 M€ compared to 2,916 M€ in
2005, a decrease of 5%.
Expressed in dollars, adjusted net operating income for the
Downstream segment was $3.5 billion, a decrease of $0.1 billion
compared to 2005. The decrease was due to a weaker refining
environment, partially offset by favorable market effects, which
had a negative impact estimated at $0.65 billion. Performance
Management Report of the Board of Directors
Summary of results and financial position
Operating Information
(kb/d) 2006 2005 2004
Refinery throughput (a) 2,454 2,410 2,496
Refined product sales (b) 3,786 3,792 3,761
(a) Includes share of CEPSA.
(b) Includes Trading and share of CEPSA.
Refinery throughput increased by 2% to 2,454 kb/d in 2006 from
2,410 kb/d in 2005. The refinery utilization rate based on crude
oil processed was 88% in 2006, unchanged compared to 2005.
Highlights of 2007 should include the contribution of the distillate
hydrocracker at Normandy as well as turnarounds, more than in
2006, but most of them affecting refineries only partially.
Refined product sales were 3,786 kb/d in 2006, unchanged
compared to 2005.
Results
(in M€) 2006 2005 2004
Adjusted operating income 3,644 3,899 3,235
Adjusted net operating income 2,784 2,916 2,331
Cash flow from operating activities 3,626 2,723 3,269
Investments 1,775 1,779 1,675
Divestments at selling price 428 204 200
Return on average capital employed (ROACE) 23% 28% 25%
improvement contributed $0.3 billion and volumes recuperated
from losses in 2005 (strikes in France and aftermath of Hurricane
Rita in the United States) added an estimated $0.25 billion.
The ROACE for the Downstream segment was 23% in 2006
compared to 28% in 2005. The decrease is due notably to
weaker refining margins.
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TOTAL – Registration Document 2006 67