Exhibit 99.7

Total financial statements

Third quarter and first nine months 2004 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME
Total

Third quarter			Third quarter				9 months			9 months
2004			2003			Amounts in millions of euros (1)	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
	31,111			24,469		Total sales		87,868			77,119
	(25,390	)		(20,307	)	Operating expenses		(72,258	)		(63,815	)
	(1,280	)		(1,264	)	Depreciation, depletion, and amortization of tangible assets		(3,704	)		(3,672	)
						Operating income
	(32	)		(41	)	Corporate		(140	)		(163	)
	4,473			2,939		Business segments *		12,046			9,795
	4,441			2,898		Total operating income		11,906			9,632
	(33	)		(27	)	Interest expense, net		(116	)		(111	)
	41			20		Dividend income on non-consolidated subsidiaries		135			96
	—			(1	)	Dividends on subsidiaries’ redeemable preferred shares		(3	)		(4	)
	(151	)		(134	)	Other income (expense), net		(404	)		(628	)
	(2,258	)		(1,317	)	Provision for income taxes		(5,889	)		(4,168	)
	423			342		Equity in income (loss) of affiliates		1,012			868
	2,463			1,781		Income before amortization of acquisition goodwill		6,641			5,685
	(26	)		(32	)	Amortization of acquisition goodwill		(83	)		(98	)
	2,437			1,749		Consolidated net income		6,558			5,587
	69			39		of which minority interest		183			152
	2,368			1,710		NET INCOME **		6,375			5,435
	3.86			2.71		Earnings per share (euros) ***		10.31			8.52
	4,473			2,939		* Operating income from business segments, adjusted for special items		12,046			9,795
	2,245			1,570		Net operating income from business segments, adjusted for special items		6,288			5,340
	2,380			1,710		** Net income (Group share), adjusted for special items		6,520			5,597
	3.87			2.71		*** Earnings per share, adjusted for special items (euros)		10.54			8.77
						(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET
Total

	Amounts in millions of euros
	September 30,			June 30,			December 31,			September 30,
	2004			2004			2003			2003
	(unaudited)			(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net		2,056			2,089			2,017			2,089
Property, plant, and equipment, net		37,398			37,547			36,286			37,146
Equity affiliates: investments and loans		8,420			8,215			7,833			8,078
Other investments		1,207			1,196			1,162			1,228
Other non-current assets		3,059			3,317			3,152			3,527
Total non-current assets		52,140			52,364			50,450			52,068
CURRENT ASSETS
Inventories, net		7,044			6,263			6,137			6,163
Accounts receivable, net		14,646			14,214			12,357			12,111
Prepaid expenses and other current assets		4,660			4,710			4,779			5,057
Short-term investments		1,356			1,369			1,404			1,413
Cash and cash equivalents		12,523			11,310			4,836			9,676
Total current assets		40,229			37,866			29,513			34,420
TOTAL ASSETS		92,369			90,230			79,963			86,488
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,543			6,538			6,491			6,788
Paid-in surplus and retained earnings		34,307			31,917			30,408			32,352
Cumulative translation adjustment		(2,997	)		(2,626	)		(3,268	)		(2,197	)
Treasury shares		(5,788	)		(5,133	)		(3,225	)		(6,662	)
Total shareholders’ equity		32,065			30,696			30,406			30,281
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		403			411			396			429
MINORITY INTEREST		674			625			664			637
LONG-TERM LIABILITIES
Deferred income taxes		5,591			5,665			5,443			5,628
Employee benefits		3,833			3,870			3,818			4,009
Other liabilities		6,225			6,426			6,344			6,623
Total long-term liabilities		15,649			15,961			15,605			16,260
LONG-TERM DEBT		10,666			10,759			9,783			9,849
CURRENT LIABILITIES
Accounts payable		12,052			11,214			10,304			9,496
Other creditors and accrued liabilities		10,753			10,012			8,970			10,771
Short-term borrowings and bank overdrafts		10,107			10,552			3,835			8,765
Total current liabilities		32,912			31,778			23,109			29,032
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		92,369			90,230			79,963			86,488

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

Third quarter			Third quarter				9 months			9 months
2004			2003			Amounts in millions of euros	2004			2003
(unaudited)			(unaudited)				(unaudited)			(unaudited)
						CASH FLOW FROM OPERATING ACTIVITIES
	2,437			1,749		Consolidated net income		6,558			5,587
	1,378			1,340		Depreciation, depletion, and amortization		3,975			3,904
	(49	)		(243	)	Long-term liabilities, valuation allowances, and deferred taxes		(13	)		(409	)
	81			90		Unsuccessful exploration costs		263			251
	4			(28	)	(Gains)/Losses on sales of assets		(142	)		127
	(332	)		(298	)	Equity in income of affiliates (in excess of)/less than dividends received		(491	)		(489	)
	121			6		Other changes, net		142			9
	3,640			2,616		Cash flow from operating activities before changes in working capital		10,292			8,980
	395			633		(Increase)/Decrease in operating assets and liabilities		449			1,225
	4,035			3,249		CASH FLOW FROM OPERATING ACTIVITIES (1)		10,741			10,205
						CASH FLOW USED IN INVESTING ACTIVITIES
	(1,648	)		(1,384	)	Intangible assets and property, plant, and equipment additions		(4,497	)		(3,915	)
	(80	)		(92	)	Exploration expenditures charged to expenses		(238	)		(234	)
	(28	)		(345	)	Acquisitions of subsidiaries, net of cash acquired		(37	)		(337	)
	(19	)		(42	)	Investments in equity affiliates and other securities		(108	)		(80	)
	(152	)		(53	)	Increase in long-term loans		(596	)		(352	)
	(1,927	)		(1,916	)	Total expenditures		(5,476	)		(4,918	)
	28			22		Proceeds from sale of intangible assets and property, plant, and equipment		171			148
	—			(1	)	Proceeds from sale of subsidiaries, net of cash sold		1			734
	8			21		Proceeds from sale of non-current investments		49			89
	149			108		Repayment of long-term loans		317			329
	185			150		Total divestitures		538			1,300
	13			263		(Increase)/Decrease in short-term investments		49			108
	(1,729	)		(1,503	)	CASH FLOW USED IN INVESTING ACTIVITIES		(4,889	)		(3,510	)
						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares:
	—			24		Parent company’s shareholders		371			69
	(655	)		(966	)	Purchase of treasury shares		(2,563	)		(3,516	)
	36			14		Minority shareholders		118			37
	—			—		Subsidiaries’ redeemable preferred shares		—			—
						Cash dividends paid:
	—			—		— Parent company’s shareholders		(2,853	)		(2,571	)
	(4	)		(6	)	— Minority shareholders		(145	)		(114	)
	460			(131	)	Net issuance/(repayment) of long-term debt		1,700			1,278
	(680	)		(437	)	Increase/(Decrease) in short-term borrowings and bank overdrafts		5,189			3,070
	1			(1	)	Other changes, net		(2	)		(4	)
	(842	)		(1,503	)	CASH FLOW FROM FINANCING ACTIVITIES		1,815			(1,751	)
	1,464			243		Net increase/decrease in cash and cash equivalents		7,667			4,944
	(251	)		(99	)	Effect of exchange rates and changes in reporting entity on cash and cash equivalents		20			(234	)
	11,310			9,532		Cash and cash equivalents at the beginning of the year or period		4,836			4,966
	12,523			9,676		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		12,523			9,676

(1) Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 65 millions of euros for the third quarter 2004, 287 millions of euros for the first nine months of 2004.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,899			20,979			5,228			5						31,111
Intersegment sales		3,984			838			220			75			(5,117	)		—
Total sales		8,883			21,817			5,448			80			(5,117	)		31,111
Depreciation, depletion, and amortization of tangible assets		(872	)		(212	)		(187	)		(9	)					(1,280	)
Operating income		3,406			752			315			(32	)					4,441
Amortization of intangible assets and acquisition goodwill		(6	)		(31	)		(28	)		(10	)					(75	)
Equity in income (loss) of affiliates and other items		132			36			(11	)		204						361
Tax on net operating income		(2,005	)		(236	)		(91	)		58						(2,274	)
Net operating income		1,527			521			185			220						2,453
Net cost of net debt																	(16	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(69	)
Net income																	2,368
Third quarter 2004
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			(18	)		—						(18	)
Tax on net operating income		—			—			6			—						6
Net operating income		—			—			(12	)		—						(12	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(12	)
Third quarter 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,899			20,979			5,228			5			—			31,111
Intersegment sales		3,984			838			220			75			(5,117	)		—
Total sales		8,883			21,817			5,448			80			(5,117	)		31,111
Depreciation, depletion, and amortization of tangible assets		(872	)		(212	)		(187	)		(9	)					(1,280	)
Operating income		3,406			752			315			(32	)					4,441
Amortization of intangible assets and acquisition goodwill		(6	)		(31	)		(28	)		(10	)					(75	)
Equity in income (loss) of affiliates and other items		132			36			7			204						379
Tax on net operating income		(2,005	)		(236	)		(97	)		58						(2,280	)
Net operating income		1,527			521			197			220						2,465
Net cost of net debt																	(16	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(69	)
Net income																	2,380
Third quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		1,381			351			200			(5	)					1,927
Divestitures at selling price		114			45			19			7						185
Cash flow from operating activities (1)		2,265			828			289			653						4,035

(1) In the Chemicals segment, this figure amounts to 354 millions of euros excluding an amount of 65 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,263			16,014			4,182			10			—			24,469
Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third quarter 2003
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			—			—						—
Tax on net operating income		—			—			—			—						—
Net operating income		—			—			—			—						—
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	—
Third quarter 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,263			16,014			4,182			10						24,469
Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		1,258			212			453			(7	)					1,916
Divestitures at selling price		85			63			10			(8	)					150
Cash flow from operating activities (1)		2,569			269			281			130						3,249

(1) In the Chemicals segment, this figure amounts to 583 millions of euros excluding an amount of 302 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			(180	)		491						866
Tax on net operating income		(5,335	)		(625	)		(133	)		168						(5,925	)
Net operating income		4,412			1,468			261			492						6,633
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(186	)
Net income																	6,375
9 months 2004
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			(220	)		—						(220	)
Tax on net operating income		—			—			73			—						73
Net operating income		—			—			(147	)		—						(147	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	2
Net income																	(145	)
9 months 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			40			491						1,086
Tax on net operating income		(5,335	)		(625	)		(206	)		168						(5,998	)
Net operating income		4,412			1,468			408			492						6,780
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(188	)
Net income																	6,520
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,924			893			613			46						5,476
Divestitures at selling price		315			127			68			28						538
Cash flow from operating activities (1)		7,239			2,952			229			321						10,741

(1) In the Chemicals segment, this figure amounts to 516 millions of euros excluding an amount of 287 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		13,553			50,617			12,925			24						77,119
Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4,144	)		(453	)		100			285						(4,212	)
Net operating income		3,864			1,278			6			552						5,700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,435
9 months 2003
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		13,553			50,617			12,925			24						77,119
Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4,144	)		(453	)		79			295						(4,223	)
Net operating income		3,864			1,278			198			522						5,862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,554			531			788			45						4,918
Divestitures at selling price		309			120			797			74						1,300
Cash flow from operating activities (1)		7,024			3,312			96			(227	)					10,205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion.

CONSOLIDATED STATEMENTS OF INCOME (Impact of special items)
Total
(unaudited)

	9 months 2004						9 months 2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		87,868			—			87,868			77,119
Operating expenses		(72,258	)		—			(72,258	)		(63,815	)
Depreciation, depletion, and amortization of tangible assets		(3,704	)		—			(3,704	)		(3,672	)
Operating income
Corporate		(140	)		—			(140	)		(163	)
Business segments		12,046			—			12,046			9,795
Total operating income		11,906			—			11,906			9,632
Interest expense, net		(116	)		—			(116	)		(111	)
Dividend income on non-consolidated subsidiaries		135			—			135			96
Dividends on subsidiaries’ redeemable preferred shares		(3	)		—			(3	)		(4	)
Other income (expense), net		(184	)		(220	)		(404	)		(466	)
Provision for income taxes		(5,962	)		73			(5,889	)		(4,168	)
Equity in income (loss) of affiliates		1,012			—			1,012			868
Income before amortization of acquisition goodwill		6,788			(147	)		6,641			5,847
Amortization of acquisition goodwill		(83	)		—			(83	)		(98	)
Consolidated net income		6,705			(147	)		6,558			5,749
of which minority interest		185			(2	)		183			152
NET INCOME		6,520			(145	)		6,375			5,597
	Third quarter 2004						Third quarter 2003
							Consolidated
	Adjusted for						statement of			Adjusted for
Amounts in millions of euros	special items			Special items			income			special items
Total sales		31,111			—			31,111			24,469
Operating expenses		(25,390	)		—			(25,390	)		(20,307	)
Depreciation, depletion, and amortization of tangible assets		(1,280	)		—			(1,280	)		(1,264	)
Operating income
Corporate		(32	)		—			(32	)		(41	)
Business segments		4,473			—			4,473			2,939
Total operating income		4,441			—			4,441			2,898
Interest expense, net		(33	)		—			(33	)		(27	)
Dividend income on non-consolidated subsidiaries		41			—			41			20
Dividends on subsidiaries’ redeemable preferred shares		—			—			—			(1	)
Other income (expense), net		(133	)		(18	)		(151	)		(134	)
Provision for income taxes		(2,264	)		6			(2,258	)		(1,317	)
Equity in income (loss) of affiliates		423			—			423			342
Income before amortization of acquisition goodwill		2,475			(12	)		2,463			1,781
Amortization of acquisition goodwill		(26	)		—			(26	)		(32	)
Consolidated net income		2,449			(12	)		2,437			1,749
of which minority interest		69			—			69			39
NET INCOME		2,380			(12	)		2,368			1,710

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR

THE FIRST NINE MONTHS OF 2004

(unaudited)

I. ACCOUNTING POLICIES

The consolidated financial statements of TOTAL and its subsidiaries (together, the Company or Group) have been prepared in accordance with generally accepted accounting principles in France (French “GAAP”) and comply with the principles and methodology relative to consolidated financial statements, Regulation No. 99-02 approved by the decree dated June 22, 1999 of the French Accounting Regulations Committee.

Furthermore, the Company applies the standards issued by the Financial Accounting Standard Board (FASB) which are compatible with the French Regulations and which contribute, in their current wording, to better reflect the assets and liabilities of the Company and the best comparability with the other oil majors, namely those from North America. The exceptions to the use of FASB standards are presented in the Annual Report as well as in the Annual Report under US Generally Accepted Accounting Principles (Form 20-F).

The accounting policies applied for the consolidated financial statements as of September 30, 2004 are the same as those used for the Financial Statements as of December 31, 2003.

II. CHANGES IN THE GROUP STRUCTURE

There were no major changes in the Group structure during the first nine months of 2004.

III. SPECIAL ITEMS

Special items of operating income

There were no special items affecting the operating income during the first nine months of 2004 and the first nine months of 2003.

Special items of net income

(in millions of euros)		Upstream		Downstream		Chemicals			Corporate		Total
9 months 2004	Restructuring charges		—		—		(43	)		—		(43	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			—		—
	Additional Toulouse- AZF reserve		—		—		(98	)		—		(98	)
	Other items		—		—		(4	)		—		(4	)
Total			—		—		(145	)		—		(145	)
9 months 2003	Restructuring charges		—		—		(34	)		—		(34	)
	Asset impairment		—		—		—			—		—
	Gain on assets’ sales		—		—		—			30		30
	Other items		—		—		(158	)		—		(158	)
Total			—		—		(192	)		30		(162	)

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

In the first nine months of 2004, the special items amount to (145) M€ and concern essentially an additional provision related to AZF plant explosion in Toulouse.

The special items that had a positive impact in the first nine months of 2003 include gains on the sale of Sanofi-Synthélabo shares, while the negative impacts include, in the Chemicals segment, a restructuring charge and a 155 M€ provision related to investigations of anti-trust practices by the European Commission.

IV. SHAREHOLDERS’ EQUITY

Shares held by the parent company, TOTAL S.A.

As of September 30, 2004, TOTAL S.A. held 27,945,307 of its own shares, representing 4.27% of its share capital, detailed as follows:

— 9,765,307 shares allocated to covering share purchase option plans for Company employees; these shares are recorded as short-term investments and maintained within the total assets,

— 18,180,000 shares, of which 1,680,000 shares were purchased in November and December 2003, and 16,500,000 during the first nine months of 2004, pursuant to the authorization granted by the Ordinaries and Extraordinaries Shareholders’ Meetings held on May 6, 2003 and on May 14, 2004. These shares are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of September 30, 2004, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.83% of its share capital:

— 505,918 shares held by a consolidated subsidiary, Total Nucléaire, indirectly controlled by TOTAL S.A. These shares were initially acquired in order to realize short-term cash investments and are recorded in short-term investments in the consolidated financial statements;

— 24,576,899 shares held by subsidiaries of Elf Aquitaine, Financière Valorgest, Sogapar and Fingestval. These shares were deducted from the consolidated shareholders’ equity.

2

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

Consolidated statements of changes in shareholders’ equity

	Common shares issued						Paid-in surplus and retained			Cumulative translation			Treasury shares						Shareholders’
(in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
As of December 31, 2002		687,190,510			6,872			30,514			(830	)		(35,026,899	)		(4,410	)		32,146
Cash dividend		—			—			(2,571	)		—			—			—			(2,571	)
Net income for the 9 months		—			—			5,435			—			—			—			5,435
Issuance of common shares		1,529,923			15			92			—			—			—			107
Purchase of treasury shares		—			—			—			—			(27,715,000	)		(3,516	)		(3,516	)
Cancellation of repurchased shares		(9,900,000	)		(99	)		(1,165	)		—			9,900,000			1,264			—
Translation adjustments		—			—			—			(1,367	)		—			—			(1,367	)
Other changes, net		—			—			47			—			—			—			47
As of September 30, 2003		678,820,433			6,788			32,352			(2,197	)		(52,841,899	)		(6,662	)		30,281
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1,590			—			—			—			1,590
Issuance of common shares		397,803			4			21			—			—			—			25
Purchase of treasury shares		—			—			—			—			(3,515,000	)		(478	)		(478	)
Cancellation of repurchased shares		(30,100,000	)		(301	)		(3,614	)		—			30,100,000			3,915			—
Translation adjustments		—			—			—			(1,071	)		—			—			(1,071	)
Other changes, net		—			—			59			—			—			—			59
As of December 31, 2003		649,118,236			6,491			30,408			(3,268	)		(26,256,899	)		(3,225	)		30,406
Cash dividend		—			—			(2,853	)		—			—			—			(2,853	)
Net income of the 9 months		—			—			6,375			—			—			—			6,375
Issuance of common shares		5,195,630			52			445			—			—			—			497
Purchase of treasury shares		—			—			—			—			(16,500,000	)		(2,563	)		(2,563	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			271			—			—			271
Other changes, net		—			—			(68	)		—			—			—			(68	)
As of September 30, 2004		654,313,866			6,543			34,307			(2,997	)		(42,756,899	)		(5,788	)		32,065

3

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

There were no operations on these preferred shares during the first nine months of 2004.

VI. LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary Total Capital during the first nine months of 2004:

— Debenture 2.375% 2003-2010 (200 million CHF)

— Debenture 4.875% 2004-2010 (250 million GBP)

— Debenture 3.75% 2004-2010 (500 million EUR)

— Debenture 6% 2004-2009 (150 million AUD)

— Debenture 4.875% 2004-2010 (100 million GBP)

— Debenture 4.875% 2004-2010 (150 million GBP)

— Debenture 4% 2004-2010 (100 million CAD)

— Debenture 5.75% 2004-2011 (100 million AUD)

— Debenture 4.875% 2004-2011 (200 million CAD)

— Debenture 5% 2002-2007 (75 million GBP)

— Debenture 3.25% 2003-2008 (100 million USD)

— Debenture 3.25% 2003-2008 (50 million USD)

— Debenture 3.25% 2003-2008 (50 million USD)

The Group has reimbursed debenture loans during the first nine months of 2004:

— Debenture 4% 2000-2004 (100 million CHF)

— Debenture 4% 2000-2004 (150 million CHF)

— Debenture 4% 2000-2004 (200 million CHF)

— Debenture 6.875% 1997-2004 (300 million USD)

— Debenture 2.25% 1999-2004 (250 million CHF)

— Debenture 7% 1994-2004 (1,500 million FRF)

In the context of its active cash management, the Group may increase temporarily its short-term borrowings, particularly in the form of commercial paper. The short-term borrowings and the cash and cash equivalents resulting from this cash management in the quarterly financial statements are not necessarily representative of a steady position.

VII. ACQUISITION OF AVENTIS BY SANOFI-SYNTHELABO

Following the acquisition of Aventis by Sanofi-Synthèlabo occurring in August 2004, Total’s share in Sanofi Aventis has been reduced to approximately 13.4%, leading to a dilutive gain estimated at 2.3 billion euros after tax. Considering that the current works aimed at determining precisely the impact of this transaction in the Sanofi-Synthèlabo’s accounts are yet in progress, Total has decided to defer the recording in its accounts until the 4^th quarter of 2004 in order to better assess the effects (dilutive gain and share of intermediate result). Consequently, the prior percentage for consolidation of Sanofi-Synthelabo has been maintained as of September 30, 2004 (25.6%).

4

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

VIII. INFORMATION BY BUSINESS SEGMENT

	Amounts in millions of euros
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			(180	)		491						866
Tax on net operating income		(5,335	)		(625	)		(133	)		168						(5,925	)
Net operating income		4,412			1,468			261			492						6,633
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(186	)
Net income																	6,375
9 months 2004
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			(220	)		—						(220	)
Tax on net operating income		—			—			73			—						73
Net operating income		—			—			(147	)		—						(147	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	2
Net income																	(145	)
9 months 2004
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		15,547			57,501			14,797			23						87,868
Intersegment sales		10,416			2,034			511			128			(13,089	)		—
Total sales		25,963			59,535			15,308			151			(13,089	)		87,868
Depreciation, depletion, and amortization of tangible assets		(2,460	)		(640	)		(578	)		(26	)					(3,704	)
Operating income		9,360			2,025			661			(140	)					11,906
Amortization of intangible assets and acquisition goodwill		(16	)		(84	)		(87	)		(27	)					(214	)
Equity in income (loss) of affiliates and other items		403			152			40			491						1,086
Tax on net operating income		(5,335	)		(625	)		(206	)		168						(5,998	)
Net operating income		4,412			1,468			408			492						6,780
Net cost of net debt																	(72	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(188	)
Net income																	6,520
9 months 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,924			893			613			46						5,476
Divestitures at selling price		315			127			68			28						538
Cash flow from operating activities (1)		7,239			2,952			229			321						10,741

(1) In the Chemicals segment, this figure amounts to 516 millions of euros excluding an amount of 287 millions of euros paid relating to the Toulouse AZF plant explosion.

5

TOTAL
 
Notes to the consolidated financial statements for the first nine months of 2004
 

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		13,553			50,617			12,925			24						77,119
Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4,144	)		(453	)		100			285						(4,212	)
Net operating income		3,864			1,278			6			552						5,700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,435
9 months 2003
(special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(adjusted for special items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		13,553			50,617			12,925			24						77,119
Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4,144	)		(453	)		79			295						(4,223	)
Net operating income		3,864			1,278			198			522						5,862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Total expenditures		3,554			531			788			45						4,918
Divestitures at selling price		309			120			797			74						1,300
Cash flow from operating activities (1)		7,024			3,312			96			(227	)					10,205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion.

6