Registration document 2007 - Total.com

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3 TOTAL S.A. 2006 parent company accounts and proposed dividend Net income for TOTAL S.A., the parent company, was 5,252 M€ in 2006 compared to 4,143 M€ in 2005. After reviewing the accounts, the Board of Directors decided to propose at the May 11, 2007 shareholders’ meeting a dividend of 1.87 € per share for 2006, par value 2.50 € per share, an increase of 15% compared to the previous year. 68 Management Report of the Board of Directors Summary of results and financial position Chemicals results Under IFRS rules for discontinued operations, the historical statements on income and ROACE have been restated to exclude the contribution of Arkema. (in M€) 2006 2005 2004 Sales 19,113 16,765 14,886 Adjusted operating income 1,215 1,148 960 Adjusted net operating income (a) 884 967 936 Cash flow from operating activities (b) 972 946 600 Investments 995 1,115 949 Divestments at selling price 128 59 122 Return on average capital employed (ROACE) 13% 15% 15% Return on average capital employed excluding deferred tax credits related to Arkema activities 13% 12% 13% (a) Includes deferred tax changes related to Arkema activities of 18 M€ in 2006, 151 M€ in 2005 and 148 M€ in 2004. (b) Includes expenses related to AZF for 316 M€ in 2004, 77 M€ in 2005 and 57 M€ in 2006. For the full year 2006, adjusted net operating income for the Chemicals segment decreased by 9% to 884 M€ from 967 M€ in 2005. However, excluding the deferred tax credits related to Arkema activities, it increased by 8%. Expressed in dollars, the corresponding $0.1 billion increase reflects the positive effects of growth and productivity programs. TOTAL – Registration Document 2006 The ROACE for the Chemicals segment was 13% in 2006 compared to 15% in 2005 (12% in 2005 excluding the deferred tax credits related to Arkema). The pay-out ratio for TOTAL, based on adjusted net income, would be 34%, compared to 32% in 2005. Taking into account the interim dividend of 0.87 € per share paid on November 17, 2006, the remaining 1.00 € per share will be paid on May 18, 2007.
Liquidity and capital resources Long-term and short-term capital Management Report of the Board of Directors Liquidity and capital resources Long-term capital As of December 31 (in M€) 2006 2005 2004 Shareholders equity (Group share) (a) 38,890 39,477 30,640 Non-current financial debt 14,174 13,793 11,289 Hedging instruments of non-current financial debt (486) (477) (1,516) Total net non-current capital 52,578 52,793 40,413 (a) 2006 equity after the distribution subject to the approval of the shareholders’ meeting on May 11, 2007 of the 2006 dividend of 1.87 euro per share, par value 2.50, euros per share, taking into account the interim amount of 0.87 euro paid on November 17, 2006. Short-term capital As of December 31 (in M€) 2006 2005 2004 Current borrowings 5,858 3,920 3,614 Net current financial instruments (3,833) (301) (134) Net current financial debt 2,025 3,619 3,480 Cash and cash equivalents 2,493 4,318 3,860 Cash flow (in M€) 2006 2005 2004 Cash flow from operating activities 16,061 14,669 14,662 Changes in working capital adjusted for the pre-tax FIFO inventory effect 755 2,737 (466) Cash flow from operating activities before changes in working capital adjusted for the pre-tax FIFO inventory effect 16,816 17,406 14,196 Investments (11,852) (11,195) (8,904) Divestments at selling price 2,278 1,088 1,192 Net cash flow at replacement cost, before changes in working capital 7,242 7,299 6,484 Dividends paid 4,325 3,747 4,500 Share buy backs (a) 3,830 3,189 3,554 Net-debt-to-equity ratio at December 31 34% 32% 31% (a) Net of share buybacks connected to the exercise of the Company’s stock options. Cash flow from operations was 16,061 M€ in 2006 compared to 14,669 M€ in 2005. Adjusted cash flow (cash flow from operations before changes in working capital at replacement cost) was 16,816 M€, a decrease of 3% compared to 2005. Excluding the change in accounting presentation for exploration costs directly charged to expense, adjusted cash flow was 17,188 M€, a decrease of 1% compared to 2005. Net cash flow (1) was 6,487 M€ in 2006 compared to 4,562 M€ in 2005 and 6,950 M€ in 2004. Expressed in dollars, net cash flow was $8.1 billion, an increase of 44%. In 2006, the Group continued to buy back and cancel shares (2) . (1) Net cash flow = cash flow from operations – investments + divestments. (2) Information provided for in Article L 225-221 of the French Commercial Code with regards to transactions made by the Company on its own shares appear in the Special Report provided for in Article L 225-209 of the French Commercial Code (pages 133 to 135). 3 TOTAL – Registration Document 2006 69
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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,
Page 19 and 20: Presentation of production activiti
Page 21 and 22: Europe Business overview Exploratio
Page 23 and 24: Africa TOTAL has been present in Af
Page 25 and 26: this zone through its subsidiaries
Page 27 and 28: North America Since 2004, TOTAL has
Page 29 and 30: Trinidad & Tobago TOTAL holds a 30%
Page 31 and 32: TOTAL also has a 50% interest in th
Page 33 and 34: Europe TOTAL’s production in Euro
Page 35 and 36: K6-GT platform, in anticipation of
Page 37 and 38: The Group also holds a 20% interest
Page 39 and 40: Gas & Power The Gas & Power divisio
Page 41 and 42: Asia Pacific The Hazira re-gasifica
Page 43 and 44: In Morocco, Temasol, in which TOTAL
Page 45 and 46: Refining & Marketing As of December
Page 47 and 48: Refined products The table below se
Page 49 and 50: capacity oil recycling plant in Fra
Page 51 and 52: In 2006, the principal market bench
Page 53 and 54: Base Chemicals TOTAL’s Base Chemi
Page 55 and 56: Specialties TOTAL’s Specialties s
Page 57 and 58: Investments Main investments made o
Page 59 and 60: Property, Plant and Equipment TOTAL
Page 61 and 62: Board of Directors Executive Commit
Page 63 and 64: Management Report of the Board of D
Page 65 and 66: Market environment 2006 2005 2004 E
Page 67 and 68: Upstream results Liquids and gas pr
Page 69: Downstream results For the full yea
Page 73 and 74: Research and development Research a
Page 75 and 76: Trends and outlook Outlook Since th
Page 77 and 78: Risk Factors Market risks p. 76 •
Page 79 and 80: The Group has implemented strict po
Page 81 and 82: The non-current debt in dollars des
Page 83 and 84: Grande Paroisse An explosion occurr
Page 85 and 86: Myanmar Under the Belgian “univer
Page 87 and 88: Risk management Risk evaluations le
Page 89 and 90: TOTAL, like other major internation
Page 91 and 92: Insurance and risk management Organ
Page 93 and 94: Corporate Governance Board of Direc
Page 95 and 96: Daniel Bouton 56 years old. Inspect
Page 97 and 98: Bertrand Jacquillat 62 years old. A
Page 99 and 100: Michel Pébereau 64 years old. Hono
Page 101 and 102: Management General Management On Ma
Page 103 and 104: Corporate Governance Compensation o
Page 105 and 106: Pensions and other commitments (Art
Page 107 and 108: Within this framework, the Board’
Page 109 and 110: Members of the Audit Committee may
Page 111 and 112: Messrs. Bouton, Collomb, Desmarais,
Page 113 and 114: establishes and maintains procedure
Page 115 and 116: Employees, Share Ownership, Stock O
Page 117 and 118: Corporate Governance Employees, Sha
Page 119 and 120: TOTAL stock options Corporate Gover
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Corporate Governance Employees, Sha
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Corporate Governance Employees, Sha
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Restricted share plans as of Decemb
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TOTAL and its shareholders Listing
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Four-for-one stock split The Genera
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Information Summary TOTAL and its s
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Dividends Dividend policy In accord
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Share buybacks The General Meeting
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Summary table of transactions compl
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cancels and replaces the unused por
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which was approved by the French Co
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Shareholder structure Distribution
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Non-resident individual taxpayers e
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The Committee also worked on the co
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2007 Calendar February 14 Results f
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Financial information Historical fi
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Additional information Financial in
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General information Share capital p
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Pursuant to this authorization, the
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Potential capital as of December 31
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General information Share capital J
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Directors’ Charter and Committees
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Other matters Employee incentives a
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Information on holdings General inf
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Statutory auditors’ report on the
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Consolidated statement of income TO
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Consolidated statement of cash flow
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On February 13, 2007, the Board of
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G. Earnings per share Earnings per
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equal to the market price. For unli
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The net periodic pension cost is re
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(iii) Portion of intangible assets
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A. Information by business segment
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Appendix 1 - Consolidated financial
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ADJUSTMENTS TO OPERATING INCOME 200
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In 2006, gains and losses on sales
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Property, plant and equipment prese
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14) Other non-current assets As of
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The variation of the weighted-avera
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18) Employee benefits obligations P
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The components of the net periodic
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20) Financial debt and related fina
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Impact on net income The amount of
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23) Commitments and contingencies A
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Other guarantees given Non-consolid
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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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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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