Registration document 2011 - tota - Total.com

TOTAL shares held by the Group subsidiaries
As of December 31, 2011, 2010 and 2009, TOTAL S.A. held
indirectly through its subsidiaries 100,331,268 of its own shares,
representing 4.24% of its share capital as of December 31, 2011,
4.27% of its share capital as of December 31, 2010 and 4.27% of
its share capital as of December 31, 2009 detailed as follows:
B) Reserves
As of December 31,
(M€) 2011 2010 2009
Revaluation reserves 48 48 37
Legal reserves 740 740 740
Untaxed reserves 2,808 2,808 2,808
General reserves 390 390 390
Total 3,986 3,986 3,975
7) Contingency reserves
As of December 31,
(M€)
Reserves for financial risks 3,467 832 - - 4,299 (a)
Reserves for operating risks (including note 8)
and compensation expense 261 282 (106) - 437 (b)
Reserves for non-recurring items 44 - (44) - -
Total 3,772 1,114 (150) - 4,736
(a) Reserves for financial risks are mainly comprised of a guarantee granted to an upstream financing subsidiary for €4,282 million.
(b) Reserves for operating risks are comprised of:
– €325 million for retirement benefits, pension plans and special termination plans, €9 million for long-service awards,
– and €97 million for restricted share grant. The calculation is based on the value of the shares bought to cover such plan and prorated basis based on the 2-year vesting period
following which grant of these restricted shares becomes final, subject to a performance condition (Note 23).
8) Employee benefits obligations
TOTAL S.A. enters into employee benefit and pension plans, pre-retirement and special termination benefits. Expenses for defined
contribution and multi-employers plans correspond to the contributions paid.
Provisions as of December 31, are as follows:
(M€) 2011 2010
Pension benefits and other benefits 325 155
Restructuring reserves - -
Provisions as of December 31 325 155
For defined benefit plans, commitments are determined using a prospective methodology called “projected unit credit method”. The
commitment actuarial value depends on various factors such as the length of service, life expectancy, employee turnover rate, salaries
revalorization and actualization assumptions.
In 2011, a provision for a pre-retirement scheme amounting to €172 million was booked.
The actuarial assumptions used as of December 31, are the following:
Gross amount
at beginning
of year
TOTAL S.A. 11
Notes to the Statutory Financial Statements
– 2,023,672 shares held by a consolidated subsidiary, Total
Nucléaire, 100% indirectly controlled by TOTAL S.A.; and
– 98,307,596 shares held by subsidiaries of Elf Aquitaine
(Financière Valorgest, Sogapar and Fingestval), 100% indirectly
controlled by TOTAL S.A.
These shares are deducted from the consolidated shareholders’ equity.
2011 2010
Discount rate 4.07% 4.36%
Average expected rate of salary increase 4,61% 4.38%
Average expected rate of return on plan assets 4.95% 5.28%
Average residual life expectancy of operations 10-20 years 10-20 years
2011
Increases Decreases Gross amount
at year-end
Used Unused
Registration Document 2011. TOTAL 307