Registration Document 2005 - Total.com

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9 Statutory auditors’ report on the consolidated financial statements For the year ended December 31, 2005 This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English-speaking readers. The Statutory auditors’ report includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented below the opinion on the consolidated financial statements. This information 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 captions or on information taken outside of the consolidated financial statements. This report together with the statutory auditors’ report addressing financial and accounting information in the Chairman’s report on internal control, should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicable in France. To the shareholders, Appendix 1 – Consolidated financial statements Statutory auditors’ report on the consolidated financial statements In compliance with the assignment entrusted to us by the Annual General Shareholders’ Meeting, we have audited the accompanying consolidated financial statements of TOTAL S.A. for the year ended December 31, 2005. The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statements based on our audit. The financial statements have been prepared for the first time on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union. They included 2004 figures restated according to IFRS for comparison purposes. 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and results of the group of consolidated companies in accordance with the IFRS as adopted by the European Union. II. jUSTIFICATION OF OUR ASSESSMENTS In accordance with the requirements of Article L.225-235 of the Commercial Code relating to the justification of our assessments, we bring to your attention the following matters: Some accounting principles applied by TOTAL involve a significant amount of judgments and estimates 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 evaluation 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. Our procedures relating to the material judgments or estimates made by the management and which can result from the application of these accounting principles enabled us to assess their reasonableness. The assessments were made in the context of our audit of the consolidated financial statements, taken as a whole, and therefore contributed to the formation of the unqualified opinion expressed in the first part of this report. III. SPECIFIC VERIFICATION In accordance with professional standards applicable in France, we have also verified the information given in the Group management report. We have no matters to report regarding its fair presentation and conformity with the consolidated financial statements. Paris la Défense, March 15, 2006 The statutory auditors ERNST & YOUNG AUDIT KPMG AUDIT Département de KPMG S.A. Gabriel Galet Philippe Diu René Amirkhanian 164 TOTAL - Registration Document 2005
Consolidated statement of income TOTAL (in millions of euros) (1) For the year ended December 31, Note 2005 2004 Sales (Notes 4 & 5) 143,168 121,998 Exercise taxes (20,550) (21,517) Revenues from sales 122,618 100,481 Purchases net of inventory variation (Note 6) (72,565) (58,556) Other operating expenses (Note 6) (20,164) (19,103) Unsuccessful exploration costs (Note 6) (431) (414) Depreciation, depletion, and amortization of tangible assets and leasehold rights (5,411) (5,722) Operating income (Note 4) Corporate (467) (349) Business segments * 24,514 17,035 Total operating income 24,047 16,686 Other income (Note 7) 177 3,139 Other expense (Note 7) (762) (1,197) Financial interest on debt (1,257) (737) Financial income from marketable securities & cash equivalents 943 572 Cost of net debt (314) (165) Other financial income (Note 8) 405 333 Other financial expense (Note 8) (269) (235) Income taxes (Note 9) (11,825) (8,570) Equity in income (loss) of affiliates (Note 12) 1,184 1,158 Consolidated net income 12,643 11,149 Group share ** 12,273 10,868 Minority interests and dividends on subsidiaries’ redeemable preferred shares 370 281 Earnings per share (euros) 20.91 17.99 Fully-diluted earnings per share (euros) *** 20.78 17.92 * Adjusted operating income from business segments 23,669 17,217 Adjusted net operating income from business segments 11,902 8,957 ** Adjusted net income 12,003 9,131 *** Adjusted fully-diluted earnings per share (euros) 20.33 15.05 (1) Except for per share amount. Appendix 1 – Consolidated financial statements Consolidated statement of income TOTAL - Registration Document 2005 9 165
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Registration Document 2005
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Registration Document 2005 This is
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Key figures Selected financial info
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104,652 2003 French GAAP Sales (M
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DOWNSTREAM Refined product sales (k
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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 TOTAL’s average daily
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Presentation of production activiti
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Europe Year of entry into the count
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Africa TOTAL has been present in Af
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Libya The Group’s share of produc
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North America The Group’s presenc
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On the Yucal Placer field, the init
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Commonwealth of Independent States
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The Netherlands TOTAL is the second
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Kuwait Since 1997, the Group has pr
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Gas & Power The Gas & Power sector
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Middle East In Qatar, negotiations
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TOTAL is pursuing decentralized rur
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Refining & Marketing On December 31
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Marketing The Group is one of the l
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the provinces of Shanghai, Jiangsu
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All of TOTAL’s trading activities
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Base Chemicals TOTAL’s Base Chemi
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Specialties TOTAL’s Specialties s
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trademarks. It is present on three
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Other activities E-Commerce In 2005
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Organizational structure Position o
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Executive Committee Trading & Shipp
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Management Report of the Board of D
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Market environment Management Repor
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Upstream results (in millions of eu
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Downstream results (in millions of
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Adoption of IFRS rules The principa
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Liquidity and capital resources Lon
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Research and development Research a
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Risk factors Market risks p. 76 •
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Financial markets related risks Wit
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The non-current debt in dollars des
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Grande Paroisse An explosion occurr
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Myanmar Under the Belgian “univer
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Risk management Risk evaluations le
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ILSA - Other US regulations In 2001
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Insurance and risk management Organ
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Corporate governance Board of Direc
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Anne Lauvergeon 46 years old. Indep
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Additional information required und
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Statutory auditors Statutory audito
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Executive Officers’ Compensation
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Report of the Chairman of the Board
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july 19: • estimated earnings for
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Nominating & Compensation Committee
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The hydrocarbon reserves are review
Page 115 and 116: Headcount, Employee shareholdings,
Page 117 and 118: Allocation of TOTAL share subscript
Page 119 and 120: TOTAL share subscription and purcha
Page 121 and 122: Allocation of TOTAL restricted shar
Page 123 and 124: Elf Aquitaine share subscription op
Page 125 and 126: TOTAL and its shareholders TOTAL sh
Page 127 and 128: Four-for-one stock split A proposal
Page 129 and 130: TOTAL share over the last 18 months
Page 131 and 132: Dividend payment on Stock Certifica
Page 133 and 134: • were repurchased under the auth
Page 135 and 136: These transactions may be carried o
Page 137 and 138: Shareholders Relationship between T
Page 139 and 140: The holdings of the principal share
Page 141 and 142: Shareholders Estimate of capital di
Page 143 and 144: The above-mentioned French forms ar
Page 145 and 146: • • • • On November 18 and
Page 147 and 148: 2006 Calendar February 15 Results f
Page 149 and 150: Financial information Historical fi
Page 151 and 152: Additional information Financial in
Page 153 and 154: General information Share capital p
Page 155 and 156: • Authority to grant restricted e
Page 157 and 158: Potential capital as of December 31
Page 159 and 160: General information Articles of inc
Page 161 and 162: Shareholders’ Meetings Notices of
Page 163 and 164: Documents on display The documents
Page 165: Statutory auditors’ report on the
Page 169 and 170: Consolidated statement of cash flow
Page 171 and 172: Notes to the consolidated financial
Page 173 and 174: The cost of employee-reserved capit
Page 175 and 176: K. Impairment of long-lived assets
Page 177 and 178: Crude oil costs include raw materia
Page 179 and 180: Fair value option In June 2005, the
Page 181 and 182: A. Information by business segment
Page 183 and 184: Appendix 1 - Consolidated financial
Page 187 and 188: C. Adjusting items by business segm
Page 189 and 190: 7. Other income and other expense A
Page 191 and 192: RECONCILIATION BETwEEN PROVISION FO
Page 193 and 194: 12. Equity affiliates: investments
Page 195 and 196: 14. Other non-current assets Append
Page 197 and 198: Capital increase reserved for Group
Page 199 and 200: The Group expects to contribute 371
Page 201 and 202: 19. Other non-current liabilities A
Page 203 and 204: (in millions of euros) TOTAL CAPITA
Page 205 and 206: Impact on net income Appendix 1 - C
Page 207 and 208: 23. Commitments and contingencies A
Page 209 and 210: B. TOTAL share purchase plan Append
Page 211 and 212: 25. Payroll and staff Appendix 1 -
Page 215 and 216: B. Financial instruments related to
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Management of short-term interest r
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Appendix 1 - Consolidated financial
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31. Other information A. Research a
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The consolidated balance sheet and
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Note 32.6: IFRS restatements with a
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Fixed assets Component Impairment o
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Fixed assets Component Impairment o
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53.2% 95.7% Elf Aquitaine 99.5% 100
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Oil and gas reserves p. 232 • 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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Standardized measure of discounted
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Other information Accounting for ex
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Appendix 3 - TOTAL S.A. Special aud
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Statutory auditors’ report on the
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Summary balance sheet at December 3
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Other five-year financial data TOTA
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Employment and environmental inform
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4) Compensation TOTAL - Registratio
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Environment Pursuant to French Law
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Five-year consolidated financial in
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10. CAPITAL RESOURCES 10.1. Informa
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TOTAL S.A. Registered Offi ce: 2, p
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Registration Document 2005 - Total.com

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