Registration document 2011 - tota - Total.com

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9 Consolidated Financial Statements Statutory auditor’s report on the Consolidated Financial Statements 1. Statutory auditor’s report on the Consolidated Financial Statements This is a free translation into English of the statutory auditors’ report on the consolidated financial statements issued in French and it is provided solely for the convenience of English-speaking users. The statutory auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented below the audit opinion on the consolidated financial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account balances, transactions or disclosures. This report also includes information relating to the specific verification of information given in the Group’s management report. This report should be read in conjunction with and construed in accordance with French law and professional auditing standards applicable in France. Year ended December 31, 2011 To the Shareholders, In compliance with the assignment entrusted to us by your General Shareholder’s Annual Meeting, we hereby report to you, for the year ended 31 December 2011, on: – the audit of the accompanying consolidated financial statements of TOTAL S.A.; – the justification of our assessments; – the specific verification required by law. These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidated financial statements based on our audit. I. Opinion on the consolidated financial statements We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2011 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. II. Justification of our assessments In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention the following matters: As stated in the Note “Introduction” to the consolidated financial statements, some accounting principles applied by TOTAL S.A. involve a significant amount of assumptions and estimates. Actual results may differ significantly from these estimates, if different assumptions or circumstances apply. The management reviews these estimates and assumptions on an ongoing basis, by reference to past experience and various other factors considered as reasonable which form the basis for assessing the carrying amount of assets and liabilities. These assumptions and estimates are principally related to the application of the successful efforts method for the oil and gas activities, the depreciation of long-lived assets, the provisions for dismantlement, removal and environmental costs, the valuation of retirement obligations and the determination of the current and deferred taxation. Detailed information relating to the application of these accounting principles is given in the notes to the consolidated financial statements. In order to assess the reasonableness of management’s estimates, we performed audit procedures, using sampling techniques, that entailed the review of the assumptions and calculations on which the estimates are based on, the comparison of prior years’ actual results to their related estimates and the review of management’s process for approving the estimates. Additionally, the notes to the financial statements were reviewed to ensure that appropriate information regarding the estimates used by management had been disclosed. These assessments were made as part of our audit of the consolidated financial statements taken as a whole; and therefore contributed to the opinion we formed which is expressed in the first part of this report. III. Specific verification As required by law we have also verified, in accordance with professional standards applicable in France, the information relative to the Group, given in the parent company’s management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Paris-La Défense, March 7, 2012 French original signed by KPMG Audit A division of KPMG S.A. Jay Nirsimloo 180 TOTAL. Registration Document 2011 The statutory auditors ERNST & YOUNG Audit Pascal Macioce Laurent Vitse
2. Consolidated statement of income TOTAL For the year ended December 31, (M€) (a) 2011 2010 2009 Sales (notes 4 and 5) 184,693 159,269 131,327 Excise taxes (18,143) (18,793) (19,174) Revenues from sales 166,550 140,476 112,153 Purchases net of inventory variation (note 6) (113,892) (93,171) (71,058) Other operating expenses (note 6) (19,843) (19,135) (18,591) Exploration costs (note 6) (1,019) (864) (698) Depreciation, depletion and amortization of tangible assets and mineral interests (7,506) (8,421) (6,682) Other income (note 7) 1,946 1,396 314 Other expense (note 7) (1,247) (900) (600) Financial interest on debt (713) (465) (530) Financial income from marketable securities & cash equivalents 273 131 132 Cost of net debt (note 29) (440) (334) (398) Other financial income (note 8) 609 442 643 Other financial expense (note 8) (429) (407) (345) Equity in income (loss) of affiliates (note 12) 1,925 1,953 1,642 Income taxes (note 9) (14,073) (10,228) (7,751) Consolidated net income 12,581 10,807 8,629 Group share 12,276 10,571 8,447 Non-controlling interests 305 236 182 Earnings per share (€) 5.46 4.73 3.79 Fully-diluted earnings per share (€) 5.44 4.71 3.78 (a) Except for per share amounts. Consolidated Financial Statements Consolidated statement of income 9 Registration Document 2011. TOTAL 181
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Registration Document 2011
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Registration Document 2011 This tra
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Key figures 1. Operating and market
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Sales Adjusted net income (Group sh
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Shareholder base Estimates as of No
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Business overview Business overview
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2. Upstream TOTAL’s Upstream segm
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As of December 31, 2009, TOTAL’s
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2.3. Presentation of production act
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Indonesia 1968 Myanmar 1992 Thailan
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United Kingdom 1962 Middle East U.A
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In Kenya, TOTAL acquired in Septemb
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In the United States, the Group’s
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The next two wells, which were expl
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is expected to be transported to Ru
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- In addition to Alwyn and the Cent
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2.6. Number of net oil and gas well
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Asia Yadana Yadana (Myanmar) Ban-I
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2.9.3. Marketing To unlock value fr
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As of January 2012, TOTAL owns 66%
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3. Downstream The Downstream segmen
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The heavy conversion process of thi
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In Northern, Central and Eastern Eu
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The oil markets had ended 2010 sign
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4.1. Base Chemicals The Base Chemic
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4.1.2. Fertilizers Through its Fren
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5. Investments 5.1. Major investmen
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7. Property, plant and equipment TO
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Finance Refining & Marketing Financ
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Crude Oil Trading Finance Trading &
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Management Report The Management re
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- a Refining & Chemicals segment, a
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1.2.4. Investments - divestments In
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1.6. TOTAL S.A. 2011 results Net in
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2.5. Anticipated sources of financi
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3.6. Environment Environmental issu
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Risk factors Risk factors 4 1. Fina
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Trading & Shipping : value-at-risk
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1.8. Sensitivity analysis on intere
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1.10. Liquidity risk TOTAL S.A. has
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Customer receivables are subject to
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2.2. Management and monitoring of i
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egions, causing substantial decline
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3.4. Activities in Cuba, Iran, Suda
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and service contracts. In 2011, TOT
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4.3. Insurance policy The Group has
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Corporate governance Corporate gove
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Chairman of the Nominating & Govern
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- Permanent representative of Colam
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du Territoire et de l’Action Rég
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- Director of Europalia Internation
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- monitoring the quality of the inf
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6. COMMITTEES OF THE BOARD OF DIREC
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1.5.2. Compensation Committee Rules
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The term of office of the members o
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- examination of ethical issues (co
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1.8. Director independence At its m
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With regard to counterparty risks,
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Variable compensation is determined
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3. General Management 3.1. Manageme
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4.4. Fees received by the statutory
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total gross compensation as Chairma
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Chairman and Chief Executive Office
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The acquisition rate: - is equal to
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5.7.3. Directors’ fees and other
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5.8. TOTAL stock option grants Corp
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Page 135 and 136: Corporate governance 5 Compensation
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Page 139 and 140: 6. Employees, share ownership 6.1.
Page 141 and 142: 6.3.1. Summary of transactions in t
Page 143 and 144: TOTAL and its shareholders TOTAL an
Page 145 and 146: 1.2. Share performance TOTAL share
Page 147 and 148: 1.2.7. TOTAL share price over the p
Page 149 and 150: 2.2. Dividend payment BNP Paribas S
Page 151 and 152: the Board of Directors decided on J
Page 153 and 154: - delivered to the holders of secur
Page 155 and 156: 4.4. Major shareholders 4.4.1. Chan
Page 157 and 158: 4.6. Shares held by members of the
Page 159 and 160: However, there are certain exceptio
Page 161 and 162: 6.4. Registered shareholding TOTAL
Page 163 and 164: Financial information Financial inf
Page 165 and 166: 4. Dividend policy The Company’s
Page 167 and 168: criminal chamber of the Court of Ap
Page 169 and 170: In October 2010, the Prosecutor’s
Page 171 and 172: General information General informa
Page 173 and 174: delegations of authority granted by
Page 175 and 176: 1.4. Potential share capital as of
Page 177 and 178: 2.3. Provisions of the by-laws gove
Page 179 and 180: 2.6. Shareholders’ meetings 2.6.1
Page 181 and 182: In 2011, TOTAL’s holdings in Sano
Page 183: Consolidated Financial Statements T
Page 187 and 188: 4. Consolidated balance sheet TOTAL
Page 189 and 190: 6. Consolidated statement of change
Page 191 and 192: Non-monetary contributions by ventu
Page 193 and 194: Intangible assets are carried at co
Page 195 and 196: when market data are not directly a
Page 197 and 198: - In June 2011, the IASB issued rev
Page 199 and 200: Since the acquisition date, sales a
Page 201 and 202: 4) Business segment information Fin
Page 203 and 204: For the year ended December 31, 201
Page 211 and 212: Adjustments to net income, Group sh
Page 213 and 214: 7) Other income and other expense F
Page 215 and 216: The net deferred tax variation in t
Page 217 and 218: 11) Property, plant and equipment C
Page 219 and 220: 12) Equity affiliates: investments
Page 221 and 222: In Group share, the main financial
Page 223 and 224: 15) Inventories As of December 31,
Page 225 and 226: 17) Shareholders’ equity Number o
Page 227 and 228: As of December 31, 2011, paid-in su
Page 229 and 230: The experience actuarial (gains) lo
Page 231 and 232: 19) Provisions and other non-curren
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Bonds after fair value hedge (M€)
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Bonds after cash flow hedge and fix
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C) Net-debt-to-equity ratio For its
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23) Commitments and contingencies A
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guarantees. As of December 31, 2011
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25) Share-based payments A) TOTAL s
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condition. This condition states th
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- varies on a straight-line basis b
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The following table summarizes SunP
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27) Statement of cash flows A) Cash
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As of December 31, 2010 (M€) Asse
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Assets and liabilities from financi
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As of December 31, 2010 (M€) Asse
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D) Fair value hierarchy The fair va
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As of December 31, 2009 Consolidate
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As part of its gas, power and coal
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As a result of this policy, the imp
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The following table sets forth fina
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its assets (as calculated under the
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e paid to those affected by the pol
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33) Other information Research and
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The business segments are identifie
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Supplemental oil and gas informatio
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1.3. Proved undeveloped reserves As
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(in million barrels of oil equivale
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Supplemental oil and gas informatio
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1.4.4. Changes in gas reserves Supp
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1.5. Results of operations for oil
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1.6. Cost incurred The following ta
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The standardized measure of discoun
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1.9. Changes in the standardized me
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2011 Natural gas production availab
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TOTAL S.A. The statutory Financial
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To be eligible for this supplementa
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3. Statutory Financial Statements o
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3.3. Statement of cash flow For the
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4. Notes to the Statutory Financial
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4) Other non-current assets A) Chan
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TOTAL shares held by the Group subs
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11) Translation adjustment The appl
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21) Commitments As of December 31 (
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- is equal to 100% if the average R
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D) TOTAL performance share grant Th
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24) Others Compensation for the adm
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5.2. Five-year financial data Share
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6. Consolidated financial informati
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Corporate social responsibility Cor
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TOTAL also hired 3,321 employees on
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1.5. Equal opportunity From recruit
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2.1. Occupational health and safety
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TOTAL particularly monitors hazardo
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The Group has therefore taken proac
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Social and economic development of
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commitment for TOTAL, adopting a pr
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4.3. TOTAL and new energies Althoug
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The selected sites and subsidiaries
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Assurance Opinion Completeness of d
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Glossary A Acreage Areas in which m
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MTO/OCP MTO (Methanols to Olefins)
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Cross reference lists Registration
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17. Employees 17.1. Number of emplo
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Registration Document concordance t
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PEFC/10-31-2043 This brochure is pr
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Registration document 2011 - tota - Total.com

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