Registration Document 2005 - Total.com

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9 Appendix 1 – Consolidated financial statements Notes to the consolidated financial statements 32. Transition to International Financial Reporting Standards (IFRS) Financial information presented in this document is based on the accounting policies as detailed in note 1 to the consolidated financial statements. The summarized reconciliation of shareholders’ equity and net income from French GAAP to IFRS as of January 1, 2004 and for the year ended December 31, 2004, respectively, is as follows: SHAREHOLDERS’ EQUITY (in millions of euros) As of january 1, 2004 As of December 31, 2004 French GAAP 30,406 31,260 Inventories/replacement cost (note 32.1) 1,028 1,503 Treasury shares (note 32.2) (1,388) (1,327) Employee benefits (note 32.3) Fixed assets (508) (403) • Component based-approach (note 32.4a) 210 215 • Impairment of assets (note 32.4b) (293) (352) • Goodwill amortization (note 32.6a) 161 Financial instruments IAS 39 (note 32.4c) Share-based payments (note 32.6b) 78 93 Equity-method affiliates’ IFRS restatement (note 32.6c) (53) 673 Other adjustments (note 32.4) (242) (215) IFRS 29,238 31,608 The summarized reconciliation of the net income Group share from French GAAP to IFRS for the year ended December 31, 2004 is as follows:. NET INCOME (in millions of euros) As of December 31, 2004 French GAAP 9,612 Inventories/replacement cost (note 32.1) Treasury shares (note 32.2) 478 Employee benefits (note 32.3) • Fixed assets 43 • Component based-approach (note 32.4a) 5 • Impairment of assets (note 32.4b) (58) • Goodwill amortization (note 32.6a) 161 Share-based payments (note 32.6b) (138) Financial instruments IAS 39 (note 32.4c) 12 Equity-method affiliates’ IFRS restatement (note 32.6c) 746 Other adjustments (note 32.4 - exel.32.4.c) 7 IFRS 10,868 220 TOTAL - Registration Document 2005
The consolidated balance sheet and income statement showing the reconciliation from French GAAP to IFRS is provided, respectively, in exhibits 1 and 2 of the current note. Modification of the Group’s accounting principles The main modifications of the Group’s accounting principles concern the following subjects: Note 32.1: inventories In accordance with IAS 2, the Group values inventories of petroleum products in the financial statements according to the FIFO (First-In, First-Out) method and other inventories using the weighted-average cost method. However, in the note setting forth information by business segment, the Group will continue to present the results of its Downstream segment according to the replacement cost method and those of its Chemicals segment according to the LIFO (Last-In, First-Out) method in order to ensure the comparability of the Group’s results with those of its leading competitors, mainly North American. Inventory valuation using the FIFO method, which implies the cancellation of the reserve for crude oil price changes, is reflected by an increase in the value of inventories and an increase in shareholders’ equity as of January 1, 2004. The effect on 2004 net income amounts to 478 million euros for fully consolidated entities. Note 32.2: Treasury shares In application of IAS 32 relating to financial instruments, treasury shares recorded under marketable securities in the financial statements prepared according to French GAAP, have been eliminated from shareholders’ equity. Note 32.3: Employee benefits The Group has decided to record unrecognized net actuarial losses and gains as of December 31, 2003 through retained earnings in accordance with IFRS 1. As of the transition date, the negative impact on shareholders’ equity results from a decrease in other non-current assets (pension assets) and an increase of provisions for employee benefit obligations. The effect on net income under IFRS results from the cancellation of the amortization of actuarial gains and losses as well as from immediate recognition of prior service costs vested (plan amendments) which were previously spread out under French GAAP. Appendix 1 – Consolidated financial statements Notes to the consolidated financial statements 9 Note 32.4: Other IFRS restatements The other restatements at the transition date are as follows: Note 32.4a: Component-based approach Pursuant to IAS 16 concerning tangible assets, the Group applies the component-based approach. The cost of major turnarounds of refineries and large petrochemical units are capitalized and depreciated over the period of time between two major turnarounds. The effect on shareholders’ equity as of January 1, 2004 results from the capitalization of turnaround and major inspection components (valued on the basis of the costs of the last major turnaround) net of the corresponding depreciation and the reversal of provisions for turnaround costs accounted for under French GAAP. This restatement concerns primarily the major refineries within the Downstream segment and, to a lesser extent, the petrochemical units within the Chemicals sector. Note 32.4b: Impairment of assets IAS 36 provides for the testing of assets for impairment purposes by comparison of the assets’ carrying values with the associated discounted future cash flows. The accounting policy previously applied by the Group (FAS 144) provides that the calculation be based on undiscounted cash flows. As of the transition date, this difference in methodology results in the impairment of some fixed assets mainly within the Upstream segment. Note 32.4c: Financial instruments (excluding treasury shares) The Group’s application of IAS 32 and IAS 39 as of January 1, 2004 leads to the following restatements: • publicly-traded equity securities Publicly-traded equity securities are classified as “available for sale” and are therefore valued at fair value. Changes in fair value of these securities are recorded through shareholders’ equity. • derivatives Derivatives are now recorded in the balance sheet whereas they were treated as off-balance sheet commitments under French GAAP. TOTAL - Registration Document 2005 221
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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
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Headcount, Employee shareholdings,
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Allocation of TOTAL share subscript
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TOTAL share subscription and purcha
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Allocation of TOTAL restricted shar
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Elf Aquitaine share subscription op
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TOTAL and its shareholders TOTAL sh
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Four-for-one stock split A proposal
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TOTAL share over the last 18 months
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Dividend payment on Stock Certifica
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• were repurchased under the auth
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These transactions may be carried o
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Shareholders Relationship between T
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The holdings of the principal share
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Shareholders Estimate of capital di
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The above-mentioned French forms ar
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• • • • On November 18 and
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2006 Calendar February 15 Results f
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Financial information Historical fi
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Additional information Financial in
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General information Share capital p
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• Authority to grant restricted e
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Potential capital as of December 31
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General information Articles of inc
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Shareholders’ Meetings Notices of
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Documents on display The documents
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Statutory auditors’ report on the
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Consolidated statement of income TO
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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
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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 -
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Page 217 and 218: Management of short-term interest r
Page 221: 31. Other information A. Research a
Page 225 and 226: Note 32.6: IFRS restatements with a
Page 227 and 228: Fixed assets Component Impairment o
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Page 231 and 232: 53.2% 95.7% Elf Aquitaine 99.5% 100
Page 233 and 234: Oil and gas reserves p. 232 • Cha
Page 235 and 236: Changes in liquids reserves Appendi
Page 237 and 238: Changes in liquids and gas reserves
Page 239 and 240: Costs incurred in oil and gas prope
Page 241 and 242: Standardized measure of discounted
Page 243 and 244: Other information Accounting for ex
Page 245 and 246: Appendix 3 - TOTAL S.A. Special aud
Page 247 and 248: Statutory auditors’ report on the
Page 249 and 250: Summary balance sheet at December 3
Page 251 and 252: Other five-year financial data TOTA
Page 253 and 254: Employment and environmental inform
Page 255 and 256: 4) Compensation TOTAL - Registratio
Page 257 and 258: Environment Pursuant to French Law
Page 259 and 260: Five-year consolidated financial in
Page 261 and 262: 10. CAPITAL RESOURCES 10.1. Informa
Page 264: TOTAL S.A. Registered Offi ce: 2, p
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Registration Document 2005 - Total.com

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