Registration document 2007 - Total.com
Registration document 2007 - Total.com
Registration document 2007 - Total.com
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3<br />
TOTAL S.A. 2006 parent <strong>com</strong>pany accounts<br />
and proposed dividend<br />
Net in<strong>com</strong>e for TOTAL S.A., the parent <strong>com</strong>pany, was 5,252 M€<br />
in 2006 <strong>com</strong>pared to 4,143 M€ in 2005. After reviewing the<br />
accounts, the Board of Directors decided to propose at the May<br />
11, <strong>2007</strong> shareholders’ meeting a dividend of 1.87 € per share<br />
for 2006, par value 2.50 € per share, an increase of 15%<br />
<strong>com</strong>pared to the previous year.<br />
68<br />
Management Report of the Board of Directors<br />
Summary of results and financial position<br />
Chemicals results<br />
Under IFRS rules for discontinued operations, the historical statements on in<strong>com</strong>e and ROACE have been restated to exclude the<br />
contribution of Arkema.<br />
(in M€) 2006 2005 2004<br />
Sales 19,113 16,765 14,886<br />
Adjusted operating in<strong>com</strong>e 1,215 1,148 960<br />
Adjusted net operating in<strong>com</strong>e (a) 884 967 936<br />
Cash flow from operating activities (b) 972 946 600<br />
Investments 995 1,115 949<br />
Divestments at selling price 128 59 122<br />
Return on average capital employed (ROACE) 13% 15% 15%<br />
Return on average capital employed excluding deferred tax credits related to Arkema activities 13% 12% 13%<br />
(a) Includes deferred tax changes related to Arkema activities of 18 M€ in 2006, 151 M€ in 2005 and 148 M€ in 2004.<br />
(b) Includes expenses related to AZF for 316 M€ in 2004, 77 M€ in 2005 and 57 M€ in 2006.<br />
For the full year 2006, adjusted net operating in<strong>com</strong>e for the<br />
Chemicals segment decreased by 9% to 884 M€ from 967 M€ in<br />
2005. However, excluding the deferred tax credits related to<br />
Arkema activities, it increased by 8%. Expressed in dollars, the<br />
corresponding $0.1 billion increase reflects the positive effects of<br />
growth and productivity programs.<br />
TOTAL – <strong>Registration</strong> Document 2006<br />
The ROACE for the Chemicals segment was 13% in 2006<br />
<strong>com</strong>pared to 15% in 2005 (12% in 2005 excluding the deferred<br />
tax credits related to Arkema).<br />
The pay-out ratio for TOTAL, based on adjusted net in<strong>com</strong>e,<br />
would be 34%, <strong>com</strong>pared to 32% in 2005.<br />
Taking into account the interim dividend of 0.87 € per share paid<br />
on November 17, 2006, the remaining 1.00 € per share will be<br />
paid on May 18, <strong>2007</strong>.