Registration Document 2005 - Total.com

Downstream results
(in millions of euros) 2005
IFRS
Management Report of the Board of Directors
Summary of results and financial position
2004
IFRS
2004
French GAAP
TOTAL - Registration Document 2005
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2003
French GAAP
Adjusted operating income 3,899 3,235 3,217 1,970
Net adjusted operating income 2,916 2,331 2,302 1,460
Cash flow from operating activities 2,723 3,269 3,111 3,099
Investments 1,779 1,675 1,516 1,235
Divestments at selling price 204 200 200 466
Return on average capital employed 28% 25% 25% 15%
Adjusted net operating income from the Downstream segment rose
to 2,916 million euros in 2005 from 2,331 million euros in 2004, an
increase of 25% in 2005 compared to 2004.
Expressed in dollars, the increase in adjusted net operating income
from the Downstream segment was 0.7 billion dollars. The stronger
Downstream environment had a positive impact estimated at
Operating Information
0.8 billion dollars. Self-help programs contributed about 0.15 billion
dollars, but this contribution was more than offset by an estimated
-0.25 billion dollars for the combined impact of strikes in France
and Hurricane Rita in the US.
The Downstream ROACE increased to 28% in 2005 from 25%
in 2004.
2005 2004 2003
Refinery throughput (kb/d)* 2,410 2,496 2,481
Refined product sales** (kb/d) 3,885 3,771 3,652
* Includes share of Cepsa.
** Includes trading and share of Cepsa.
Refinery throughput declined by 3% to 2,410 kb/d in 2005 from
2,496 kb/d in 2004. The refinery utilization rate was 88% in 2005.
Excluding the impacts of the strikes in France and Hurricane Rita in
the US, the refinery utilization rate was 91% in 2005, 1% below the
rate for 2004 due to a larger program of major turnarounds.
There are fewer major turnarounds scheduled for 2006.
Refined product sales rose to 3,885 kb/d in 2005, an increase of
3% compared to 2004.
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