Registration Document 2005 - Total.com

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4 Risk factors Market risks Sensitivity analysis on interest rate and foreign exchange risk The table below presents the potential impact on the fair value of the current financial instruments as of December 31, 2005, of an increase or xdecrease of 10% in the interest rate yield curves in each of the currencies. As of December 31, 2005 (in millions of euros) ASSETS/(LIABILITIES) Carrying amount 78 TOTAL - Registration Document 2005 Estimated fair value Change in fair value with a 10% interest rate increase Change in fair value with a 10% interest rate decrease Debenture loans (non-current portion, before swaps) (11,025) (11,025) 126 (129) Issue swaps and swaps hedging debenture loans (liabilities) (128) (128) (62) 63 Issue swaps and swaps hedging debenture loans (assets) 450 450 (53) 54 Fixed-rate bank loans (411) (406) 7 (7) Current portion of non-current debt (excluding capital lease obligations) after swap (920) (919) 1 (1) Other interest rates swaps 3 3 (3) 3 Currency swaps and forward exchange contracts 260 260 4 (4) Currency options - - - - As of December 31, 2004 (in millions of euros) ASSETS / (LIABILITIES) Carrying amount Estimated fair value Change in fair value with a 10% interest rate increase Change in fair value with a 10% interest rate decrease Debenture loans (non-current portion, before swaps) (9,727) (9,727) 110 (112) Issue swaps and swaps hedging debenture loans (liabilities) - - - - Issue swaps and swaps hedging debenture loans (assets) 1,476 1,476 (107) 109 Fixed-rate bank loans (288) (274) 8 (9) Current portion of non-current debt (excluding capital lease obligations) after swap (2,199) (2,199) 1 (1) Other interest rates swaps 11 11 - - Currency swaps and forward exchange contracts (317) (317) - - Currency options - - - - As a result of its policy for the management of currency exposure previously described, the Group believes that its short-term currency exposure is not material. The Group’s sensitivity to long-term currency exposure is primarily attributable to the net equity of the subsidiaries whose functional currency is the dollar and, to a lesser extent, the pound sterling and the Norwegian krone. This sensitivity is reflected by the historical evolution of the currency translation adjustment imputed in the statement of changes in shareholders’ equity which, in the course of the last two fiscal years, was essentially related to the evolution of the dollar and is set forth in the table below: Currency translation adjustments €/$ exchange rates (in millions of euros) December 31, 2005 1.18 1,421 December 31, 2004 1.36 (1,429)
The non-current debt in dollars described in note 20 to the consolidated financial statements (page 200) is generally raised by the central treasury entities either in dollars or in euros, or in other currencies which are then systematically exchanged for dollars or euros according to general corporate needs, though issue swaps. The proceeds from these debt issuances are principally loaned to affiliates whose accounts are kept in dollars and any remaining balance is held in dollar-denominated investments. Thus, the net sensitivity of these positions to currency exposure is not material. Short-term currency swaps for which the nominal amount appears in note 27 to the consolidated financial statements (page 210) are used with the aim of optimization of centralized management of the cash of the Group. Thus the sensitivity to currency fluctuations which may be induced is likewise considered negligible. As a result of this policy, the impact of currency exchange on consolidated net income, as illustrated in note 7 to the consolidated financial statements (page 187), has not been significant despite the considerable fluctuation of the dollar (positive 78 M€ in 2005, negative 75 M€ in 2004). Liquidity risk Management of counterparty risk Risk factors Market risks 4 The Group has established standards for market transactions according to which bank counterparties must be approved in advance, based on an assessment of the counterparty’s financial soundness and its rating (Standard & Poors, Moody’s), which must be of high quality. An overall authorized credit limit is set for each bank and is divided among the subsidiaries and the Group’s central treasury entities according to their needs. Stock market risk The Group holds interests in a number of publicly-traded companies (see note 13 to the consolidated financial statements, page 192). The market values of these holdings fluctuate due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company. TOTAL S.A. has confirmed lines of credit granted by international banks, which would allow it to manage its short-term liquidity needs as required. (see page 72). The following table shows the maturity of the financial assets and debts of the Group as of December 31, 2005 (see note 20 to the consolidated financial statements, page 200). As of December 31, 2005 (in millions of euros) Less than Between 1 year More than ASSETS/(LIABILITIES) 1 year and 5 years 5 years Total Financial debt after swaps (3,619) (9,057) (4,259) (16,935) Cash and cash equivalents 4,318 - - 4,318 Net amount 699 (9,057) (4,259) (12,617) As of December 31, 2004 (in millions of euros) Less than Between 1 year More than ASSETS/(LIABILITIES) 1 year and 5 years 5 years Total Financial debt after swaps (3,480) (6,637) (3,136) (13,253) Cash and cash equivalents 3,860 - - 3,860 Net amount 380 (6,637) (3,316) (9,393) TOTAL - Registration Document 2005 79
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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
Page 29 and 30: On the Yucal Placer field, the init
Page 31 and 32: Commonwealth of Independent States
Page 33 and 34: The Netherlands TOTAL is the second
Page 35 and 36: Kuwait Since 1997, the Group has pr
Page 37 and 38: Gas & Power The Gas & Power sector
Page 39 and 40: Middle East In Qatar, negotiations
Page 41 and 42: TOTAL is pursuing decentralized rur
Page 43 and 44: Refining & Marketing On December 31
Page 45 and 46: Marketing The Group is one of the l
Page 47 and 48: the provinces of Shanghai, Jiangsu
Page 49 and 50: All of TOTAL’s trading activities
Page 51 and 52: Base Chemicals TOTAL’s Base Chemi
Page 53 and 54: Specialties TOTAL’s Specialties s
Page 55 and 56: trademarks. It is present on three
Page 57 and 58: Other activities E-Commerce In 2005
Page 59 and 60: Organizational structure Position o
Page 61 and 62: Executive Committee Trading & Shipp
Page 63 and 64: Management Report of the Board of D
Page 65 and 66: Market environment Management Repor
Page 67 and 68: Upstream results (in millions of eu
Page 69 and 70: Downstream results (in millions of
Page 71 and 72: Adoption of IFRS rules The principa
Page 73 and 74: Liquidity and capital resources Lon
Page 75 and 76: Research and development Research a
Page 77 and 78: Risk factors Market risks p. 76 •
Page 79: Financial markets related risks Wit
Page 83 and 84: Grande Paroisse An explosion occurr
Page 85 and 86: Myanmar Under the Belgian “univer
Page 87 and 88: Risk management Risk evaluations le
Page 89 and 90: ILSA - Other US regulations In 2001
Page 91 and 92: Insurance and risk management Organ
Page 93 and 94: Corporate governance Board of Direc
Page 95 and 96: Anne Lauvergeon 46 years old. Indep
Page 97 and 98: Additional information required und
Page 103 and 104: Statutory auditors Statutory audito
Page 105 and 106: Executive Officers’ Compensation
Page 107 and 108: Report of the Chairman of the Board
Page 109 and 110: july 19: • estimated earnings for
Page 111 and 112: Nominating & Compensation Committee
Page 113 and 114: 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
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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
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Notes to the consolidated financial
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The cost of employee-reserved capit
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K. Impairment of long-lived assets
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Crude oil costs include raw materia
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Fair value option In June 2005, the
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A. Information by business segment
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Appendix 1 - Consolidated financial
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C. Adjusting items by business segm
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7. Other income and other expense A
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RECONCILIATION BETwEEN PROVISION FO
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12. Equity affiliates: investments
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14. Other non-current assets Append
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Capital increase reserved for Group
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The Group expects to contribute 371
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19. Other non-current liabilities A
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(in millions of euros) TOTAL CAPITA
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Impact on net income Appendix 1 - C
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23. Commitments and contingencies A
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B. TOTAL share purchase plan Append
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25. Payroll and staff Appendix 1 -
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B. Financial instruments related to
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Management of short-term interest r
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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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