Registration document 2007 - Total.com

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4 Sensitivity analysis on interest rate and foreign exchange risk The tables below present the potential impact of an increase or decrease of 10% in the interest rate yield curves in each of the currencies on the fair value of the current financial instruments as of December 31, 2006 and 2005. As of December 31, 2006 (in M€) Change in fair Change in fair Estimated value with value with fair a 10% interest a 10% interest ASSETS/(LIABILITIES) Carrying amount value rate increase rate decrease Debenture loans (non-current portion, before swaps) (11,413) (11,413) 26 (26) Issue swaps and swaps hedging debenture loans (liabilities) (193) (193) Issue swaps and swaps hedging debenture loans (assets) 486 486 Total issue swaps and swaps hedging debenture loans – assets and liabilities 293 293 (26) 26 Fixed-rate bank loans (210) (207) 6 (6) Current portion of non-current debt after swap (excluding capital lease obligations) (2,140) (2,140) 1 (1) Other interest rates swaps 12 12 (1) 1 Currency swaps and forward exchange contracts (8) (8) 1 (1) Currency options - - - - As of December 31, 2005 (in M€) Change in fair Change in fair Estimated value with value with fair a 10% interest a 10% interest ASSETS/(LIABILITIES) Carrying amount value rate increase rate decrease Debenture loans (non-current portion, before swaps) (11,025) (11,025) 126 (129) Issue swaps and swaps hedging debenture loans (liabilities) (128) (128) Issue swaps and swaps hedging debenture loans (assets) 450 450 Total issue swaps and swaps hedging debenture loans – assets and liabilities 322 322 (115) 117 Fixed-rate bank loans (411) (406) 7 (7) Current portion of non-current debt after swap (excluding capital lease obligations) (920) (919) 1 (1) Other interest rates swaps 3 3 (3) 3 Currency swaps and forward exchange contracts 260 260 4 (4) Currency options - - - - As a result of its policy for the management of currency exposure previously described, the Group believes that its short-term currency exposure is not material. The Group’s sensitivity to long-term currency exposure is primarily influenced by the net equity of the subsidiaries whose functional accounting currency is the dollar and, to a lesser extent, the pound sterling and the Norwegian krone. This sensitivity is reflected by the historical evolution of the currency translation adjustment imputed in the statement of changes in shareholders’ equity which, in the course of the last three fiscal years, is essentially related to the evolution of the dollar and is set forth in the table below: Currency translation adjustments Euro-dollar exchange rate (in M€) As of December 31, 2006 1.32 (1,383) As of December 31, 2005 1.18 1,421 As of December 31, 2004 1.36 (1,429) 78 Risk Factors Market risks TOTAL – Registration Document 2006
The non-current debt in dollars described in note 20 to the consolidated financial statements page 209 is generally raised by the corporate treasury entities either in dollars or in euros, or in other currencies which are then systematically exchanged for dollars or euros according to the general corporate purposes, through issue swaps. The proceeds from these debt issuances are principally loaned to affiliates whose accounts are kept in dollars and any remaining balance is held in dollar-denominated investments. Thus, the net sensitivity of these positions to currency exposure is not material. The Group’s short-term currency swaps, the nominal amounts of which appear in note 27 to the consolidated financial statements (page 222), are used to attempt to optimize the centralized cash management of the Group. Thus the sensitivity to currency fluctuations which may be induced is likewise considered negligible. As a result of this policy, the impact of currency exchange on consolidated income, as illustrated in note 7 to the consolidated financial statements (page 194), has not been significant over the last three years despite the considerable fluctuation of the dollar (loss of 30 M€ in 2006, gain of 76 M€ in 2005, loss of 75 M€ in 2004). Liquidity risk Counterparty risk The Group has established standards for market transactions according to which bank counterparties must be approved in advance, based on an assessment of the counterparty’s financial soundness and its rating (Standard & Poors, Moody’s), which must be of high quality. An overall authorized credit limit is set for each bank and is divided among the subsidiaries and the Group’s central treasury entities according to their needs. Stock market risk Risk Factors Market risks 4 The Group holds interests in a number of publicly-traded companies (see note 13 to the consolidated financial statements, page 200). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company. TOTAL S.A. has confirmed lines of credit granted by international banks, which are calculated to allow it to manage its short-term liquidity needs as required (see page 70). The following tables show the maturity of the financial assets and debts of the Group as of December 31, 2006 and 2005 (see note 20 to the consolidated financial statements, page 209). ASSETS/(LIABILITIES) As of December 31, 2006 (in M€) Less than Between 1 and More than 1 year 5 years 5 years Total Financial debt after swaps (2,025) (10,733) (2,955) (15,713) Cash and cash equivalents 2,493 - - 2,493 Net amount 468 (10,733) (2,955) (13,220) As of December 31, 2005 (in M€) Less than Between 1 and More than 1 year 5 years 5 years Total Financial debt after swaps (3,619) (9,057) (4,259) (16,935) Cash and cash equivalents 4,318 - - 4,318 Net amount 699 (9,057) (4,259) (12,617) TOTAL – Registration Document 2006 79
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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,
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Presentation of production activiti
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Europe Business overview Exploratio
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Africa TOTAL has been present in Af
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this zone through its subsidiaries
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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 and 70: Downstream results For the full yea
Page 71 and 72: Liquidity and capital resources Lon
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: The Group has implemented strict po
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
Page 125 and 126: Restricted share plans as of Decemb
Page 127 and 128: TOTAL and its shareholders Listing
Page 129 and 130: 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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