Registration document 2011 - tota - Total.com

1.10. Liquidity risk
TOTAL S.A. has confirmed credit lines granted by international
banks, which are calculated to allow it to manage its short-term
liquidity needs as required.
As of December 31, 2011, these credit lines amounted
to $10,139 million, of which $10,096 million was unused.
The agreements for the credit lines granted to TOTAL S.A.
do not contain conditions related to the Company’s financial ratios,
to its financial ratings from specialized agencies, or to the
The following tables show the maturity of the financial assets and liabilities of the Group as of December 31, 2011, 2010 and 2009
(see Note 20 to the Consolidated Financial Statements).
Risk factors 4
Financial risks
occurrence of events that could have a material adverse effect
on its financial position. As of December 31, 2011, the aggregate
amount of the principal confirmed credit lines granted by
international banks to Group companies, including TOTAL S.A.,
was $11,447 million, of which $11,154 million was unused.
The credit lines granted to Group companies other than TOTAL
S.A. are not intended to finance the Group’s general needs; they
are intended to finance either the general needs of the borrowing
subsidiary or a specific project.
As of December 31, 2011
Assets/(Liabilities) Less than 1-2 years 2-3 years 3-4 years 4-5 years More than Total
(M€) one year 5 years
Non-current financial debt
(notional value excluding interests) - (4,492) (3,630) (3,614) (1,519) (7,326) (20,581)
Current borrowings (9,675) - - - - - (9,675)
Other current financial liabilities (167) - - - - - (167)
Current financial assets 700 - - - - - 700
Cash and cash equivalents 14,025 - - - - - 14,025
Net amount before financial expense 4,883 (4,492) (3,630) (3,614) (1,519) (7,326) (15,698)
Financial expense on non-current financial debt (785) (691) (521) (417) (302) (1,075) (3,791)
Interest differential on swaps 320 331 221 120 55 44 1,091
Net amount 4,418 (4,852) (3,930) (3,911) (1,766) (8,357) (18,398)
As of December 31, 2010
Assets/(Liabilities) Less than 1-2 years 2-3 years 3-4 years 4-5 years More than Total
(M€) one year 5 years
Non-current financial debt
(notional value excluding interests) - (3,355) (3,544) (2,218) (3,404) (6,392) (18,913)
Current borrowings (9,653) - - - - - (9,653)
Other current financial liabilities (159) - - - - - (159)
Current financial assets 1,205 - - - - - 1,205
Cash and cash equivalents 14,489 - - - - - 14,489
Net amount before financial expense 5,882 (3,355) (3,544) (2,218) (3,404) (6,392) (13,031)
Financial expense on non-current financial debt (843) (729) (605) (450) (358) (1,195) (4,180)
Interest differential on swaps 461 334 153 33 2 (78) 905
Net amount 5,500 (3,750) (3,996) (2,635) (3,760) (7,665) (16,306)
As of December 31, 2009
Assets/(Liabilities) Less than 1-2 years 2-3 years 3-4 years 4-5 years More than Total
(M€) one year 5 years
Non-current financial debt
(notional value excluding interests) - (3,658) (3,277) (3,545) (2,109) (5,823) (18,412)
Current borrowings (6,994) - - - - - (6,994)
Other current financial liabilities (123) - - - - - (123)
Current financial assets 311 - - - - - 311
Cash and cash equivalents 11,662 - - - - - 11,662
Net amount before financial expense 4,856 (3,658) (3,277) (3,545) (2,109) (5,823) (13,556)
Financial expense on non-current financial debt (768) (697) (561) (448) (301) (1,112) (3,887)
Interest differential on swaps 447 233 100 25 (16) (55) 734
Net amount 4,535 (4,122) (3,738) (3,968) (2,426) (6,990) (16,709)
Registration Document 2011. TOTAL 75