Registration document 2011 - tota - Total.com

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11 302 TOTAL S.A. Statutory Financial Statements of TOTAL S.A. as parent company 3.4. Statement of changes in shareholders’ equity (M€) Common shares issued General Number Amount Issue premiums As of January 1 2009 2,371,808,074 5,930 28,283 10,708 39 44,960 Balance of cash dividends paid (a) - - - (2,655) - (2,655) Net income 2009 - - - 5,634 - 5,634 Cash interim dividends paid for 2009 (b) - - - (2,660) - (2,660) Capital decrease (24,800,000) (62) (1,160) - - (1,222) Exercise of Elf Aquitaine share subscription options covered by the exchange guarantee 480,030 1 17 - - 18 Issuance of common shares 934,780 2 30 32 Changes in revaluation differences - - - - (2) (2) As of December 31 2009 2,348,422,884 5,871 27,170 11,027 37 44,105 Balance of cash dividends paid (c) - - - (2,662) - (2,662) Net income 2010 - - - 5,840 - 5,840 Cash interim dividends paid for 2010 (d) - - - (2,665) - (2,665) Capital decrease - - - - - - Issuance of common shares 1,218,047 3 38 - - 41 Changes in revaluation differences - - - 11 11 As of December 31 2010 2,349,640,931 5,874 27,208 11,540 48 44,670 Balance of cash dividends paid (e) - - - (2,685) - (2,685) Net income 2011 - - - 9,766 - 9,766 Cash interim dividends paid for 2011 (f) (g) - - - (4,058) (4,058) Issuance of common shares 5,223,665 13 160 173 Capital increase reserved for Group employees 8,902,717 22 288 - - 310 Changes in revaluation differences - - - - - - Expenses related to the capital increase reserved for employees - - (1) - - (1) As of December 31 2011 2,363,767,313 5,909 27,655 14,563 48 48,175 (a) Balance of the 2008 dividend paid in 2009: €2,655 million (€1.14 per share). (b) Interim dividend paid in 2009: €2,660 million (€1.14 per share). (c) Balance of the 2009 dividend paid in 2010: €2,662 million (€1.14 per share). (d) Interim dividend paid in 2010: €2,665 million (€1.14 per share). (e) Balance of the 2010 dividend paid in 2011: €2,685 million (€1.14 per share). (f) Interim dividend paid in 2011 for the 1st and 2nd quarter: €2,684 million (€0.57 per share per dividend). (g) Interim dividend not paid in 2011 for the 3rd quarter: €1,374 million (€0.57 per share). TOTAL. Registration Document 2011 reserves and retained earnings Revaluation reserve Total
4. Notes to the Statutory Financial Statements 1) Accounting policies The 2011 financial statements have been prepared in accordance with French Generally Accepted Accounting Principles (“French GAAP”). Property, plant and equipment Property, plant and equipment are carried at cost with the exception of assets that were acquired before 1976 for which the basis has been revalued pursuant to French regulations. They are depreciated by the straight-line method over their estimated useful life, as follows: Buildings 20 - 30 years Furniture and fixtures 5 - 10 years Transportation equipment 2 - 5 years Office equipment and furniture 5 - 10 years Computer equipment 3 - 5 years Investments and loans to consolidated subsidiaries and equity affiliates Investments in consolidated subsidiaries and equity affiliates are accounted for at the acquisition cost, or the appraised value for investments affected by the 1976 legal revaluation. Loans to consolidated subsidiaries and equity affiliates are stated at their nominal value. In the Upstream segment, in the absence of a development decision, allowances are recorded against investments and loans for an amount corresponding to the exploration costs incurred. When the existence of proved reserves is established, the value of the investments and loans is limited to the subsidiary expected pay-back evaluated at year-end. For other segments, allowances for impairment in value are calculated by reference to the Company’s equity in the underlying net assets, the fair value and usefulness of the investment. 2) Intangible assets and property, plant and equipment As of December 31 (M€) Inventories Inventories are valued at either the historical cost or the market value, whichever is lower. Cost for crude oil and refined product inventories is determined according to the First-In, First-Out (FIFO) method. Receivables and payables Receivables and payables are stated at nominal value. Allowances for doubtful debts are recorded when the actual value is inferior to the book value. Foreign currency transactions Receivables and payables denominated in foreign currencies are translated into euros at the year-end exchange rate. Translation differences for non-hedged items are recorded under “Translation adjustment” on the assets or liabilities side of the balance sheet. Unrealized exchange losses are recorded as provisions. Translation differences related to other foreign receivables and payables are recorded in the statement of income and offset by unrealized gains or losses from off-balance sheet hedging. Financial instruments 2011 2010 Cost Depreciation, depletion and amortization and valuation allowances TOTAL S.A. 11 Notes to the Statutory Financial Statements TOTAL S.A. uses financial instruments for hedging purposes only in order to manage its exposure to changes in interest rates and foreign exchange rates. As part of this policy, the Company enters into interest rate swap agreements and forward transactions. The difference between interest to be paid and interest to be received on these swaps or premiums and discounts on these forward transactions is recognized as interest expense or interest income on a prorated basis, over the life of the instruments. Net Net Headquarters (a) 375 (245) 130 141 Branch (A.D.G.I.L) (b) 489 (65) 424 432 Total intangible assets 864 (310) 554 573 Land 36 - 36 34 Buildings 93 (50) 43 46 Other 457 (356) 101 94 Total property, plant and equipment 586 (406) 180 174 Total (c) 1,450 (716) 734 747 (a) Including ongoing DD&A for €13 million in 2011 and €15 million in 2010, software for a gross amount of €206 million in 2011 and €184 million in 2010, and other for a gross amount of €156 million in 2011 and €146 million in 2010. (b) The subsidiaries’ depreciation, depletion and amortization related to commercial activity are accounted for as purchase cost of goods sold. (c) As of December 31, 2010, aggregate cost, depreciation and valuation allowance amounted respectively to €1,354 million and €607 million. Registration Document 2011. TOTAL 303
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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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If all the outstanding stock option
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Corporate governance 5 Compensation
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The grant of these performance shar
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6. Employees, share ownership 6.1.
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6.3.1. Summary of transactions in t
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TOTAL and its shareholders TOTAL an
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1.2. Share performance TOTAL share
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1.2.7. TOTAL share price over the p
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2.2. Dividend payment BNP Paribas S
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the Board of Directors decided on J
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- delivered to the holders of secur
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4.4. Major shareholders 4.4.1. Chan
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4.6. Shares held by members of the
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However, there are certain exceptio
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6.4. Registered shareholding TOTAL
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Financial information Financial inf
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4. Dividend policy The Company’s
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criminal chamber of the Court of Ap
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In October 2010, the Prosecutor’s
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General information General informa
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delegations of authority granted by
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1.4. Potential share capital as of
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2.3. Provisions of the by-laws gove
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2.6. Shareholders’ meetings 2.6.1
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In 2011, TOTAL’s holdings in Sano
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Consolidated Financial Statements T
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2. Consolidated statement of income
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4. Consolidated balance sheet TOTAL
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6. Consolidated statement of change
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Non-monetary contributions by ventu
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Intangible assets are carried at co
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when market data are not directly a
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- In June 2011, the IASB issued rev
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Since the acquisition date, sales a
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4) Business segment information Fin
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For the year ended December 31, 201
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Adjustments to net income, Group sh
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7) Other income and other expense F
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The net deferred tax variation in t
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11) Property, plant and equipment C
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12) Equity affiliates: investments
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In Group share, the main financial
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15) Inventories As of December 31,
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17) Shareholders’ equity Number o
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As of December 31, 2011, paid-in su
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The experience actuarial (gains) lo
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19) Provisions and other non-curren
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20) Financial debt and related fina
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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
Page 255 and 256: As of December 31, 2010 (M€) Asse
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Page 259 and 260: As of December 31, 2010 (M€) Asse
Page 261 and 262: D) Fair value hierarchy The fair va
Page 263 and 264: As of December 31, 2009 Consolidate
Page 265 and 266: As part of its gas, power and coal
Page 267 and 268: As a result of this policy, the imp
Page 269 and 270: The following table sets forth fina
Page 271 and 272: its assets (as calculated under the
Page 273 and 274: e paid to those affected by the pol
Page 275 and 276: 33) Other information Research and
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Page 279 and 280: Supplemental oil and gas informatio
Page 281 and 282: 1.3. Proved undeveloped reserves As
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Page 287 and 288: 1.4.4. Changes in gas reserves Supp
Page 289 and 290: 1.5. Results of operations for oil
Page 291 and 292: 1.6. Cost incurred The following ta
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Page 295 and 296: 1.9. Changes in the standardized me
Page 297 and 298: 2011 Natural gas production availab
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Page 309 and 310: 4) Other non-current assets A) Chan
Page 311 and 312: TOTAL shares held by the Group subs
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Page 323 and 324: 5.2. Five-year financial data Share
Page 325 and 326: 6. Consolidated financial informati
Page 327 and 328: Corporate social responsibility Cor
Page 329 and 330: TOTAL also hired 3,321 employees on
Page 331 and 332: 1.5. Equal opportunity From recruit
Page 333 and 334: 2.1. Occupational health and safety
Page 335 and 336: TOTAL particularly monitors hazardo
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Page 339 and 340: Social and economic development of
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Page 343 and 344: 4.3. TOTAL and new energies Althoug
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Page 347 and 348: Assurance Opinion Completeness of d
Page 349 and 350: Glossary A Acreage Areas in which m
Page 351 and 352: MTO/OCP MTO (Methanols to Olefins)
Page 353 and 354: Cross reference lists Registration
Page 355 and 356: 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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