Registration Document 2005 - Total.com

Management Report
of the Board of Directors
Summary of results and financial position p. 62
• Overview of the 2005 fiscal year for TOTAL p. 62
• 2005 results p. 62
• Upstream results p. 65
• Downstream results p. 67
• Chemicals results p. 68
•
TOTAL S.A. 2005 parent company accounts
and proposed dividend p. 68
• Proposed stock split p. 68
• Adoption of IFRS rules p. 69
Liquidity and capital resources p. 71
• Long-term and short-term capital p. 71
• Cash flow p. 71
• Borrowing requirements and funding structure p. 72
• Condition for the use of external financing p. 72
• Anticipated sources of financing p. 72
Management Report of the Board of Directors
Content
TOTAL - Registration Document 2005
3
Research and development p. 73
Trends and outlook p. 74
• Outlook p. 74
• Risks and uncertainties p. 74
61