EX-99.4 5 y01031exv99w4.htm EX-99.4: Q4 & FY 2004 CONSOLIDATED ACCOUNTS, F GAAP EX-99.4:
 

Exhibit 99.4

 

 

 

 

 

 

 

 

Total financial statements


Fourth quarter and full year 2004 consolidated accounts, French GAAP

 

 

 

 

 

 

 

 

 

 

(TOTAL LOGO)

 


 

CONSOLIDATED STATEMENTS OF INCOME
Total

                             
                For the year   For the year
Fourth quarter   Fourth quarter       ended 31,   ended 31,
2004   2003   Amounts in millions of euros (1)   December   December
(unaudited ) (unaudited )     2004   2003
 
 
                           
34,832     27,533    
Sales
    122,700       104,652  
(28,883 )   (23,090 )  
Operating expenses
    (101,141 )     (86,905 )
(1,794 )   (1,305 )  
Depreciation, depletion, and amortization of tangible assets
    (5,498 )     (4,977 )
 
 
                           
 
                           
           
Operating income
               
(75 )   (46 )  
Corporate
    (215 )     (209 )
4,230     3,184    
Business segments *
    16,276       12,979  
 
4,155     3,138    
Total operating income
    16,061       12,770  
 
(118 )   (121 )  
Interest expense, net
    (234 )     (232 )
29     56    
Dividend income on non-consolidated subsidiaries
    164       152  
(3 )   (1 )  
Dividends on subsidiaries’ redeemable preferred shares
    (6 )     (5 )
2,578     (432 )  
Other income (expense), net
    2,174       (1,060 )
(2,427 )   (1,185 )  
Provision for income taxes
    (8,316 )     (5,353 )
(675 )   218    
Equity in income (loss) of affiliates
    337       1,086  
 
 
                           
3,539     1,673    
Income before amortization of acquisition goodwill
    10,180       7,358  
 
                           
 
(225 )   (41 )  
Amortization of acquisition goodwill
    (308 )     (139 )
 
 
                           
3,314     1,632    
Consolidated net income
    9,872       7,219  
 
                           
 
77     42    
of which minority interest
    260       194  
 
 
                           
3,237     1,590    
NET INCOME **
    9,612       7,025  
 
                           
 
 
                           
5.31     2.54    
Earnings per share (euros) ***
    15.61       11.06  
 
                           
 
 
                           
 
                           
 
5,077     3,209    
*Operating income from business segments, adjusted for special items
    17,123       13,004  
 
2,504     1,633    
Net operating income from business segments, adjusted for special items
    8,792       6,973  
 
2,366     1,747    
**Net income, adjusted for special items
    8,886       7,344  
 
3.88     2.79    
***Earnings per share, adjusted for special items (euros)
    14.43       11.56  
 
 
                           
 
                           
 
                           
 
2,519     1,747    
**Adjusted net income (2)
    9,039       7,344  
 
4.13     2.79    
***Adjusted earnings per share (euros) (2)
    14.68       11.56  
 

 (1) Except for earnings per share

 (2) Net income, adjusted for special items and excluding equity share of amortization of goodwill and intangible assets related to the Sanofi-Aventis merger

 


 

CONSOLIDATED BALANCE SHEET
Total

                         
    Amounts in millions of euros
                 
    31/12/2004   30/09/2004   31/12/2003
        (unaudited)    
 
 
                       
ASSETS
                       
 
                       
NON-CURRENT ASSETS
                       
Intangible assets, net
    1,908       2,056       2,017  
Property, plant, and equipment, net
    36,422       37,398       36,286  
Equity affiliates : investments and loans
    9,874       8,420       7,833  
Other investments
    1,090       1,207       1,162  
Other non-current assets
    3,239       3,059       3,152  
 
Total non-current assets
    52,533       52,140       50,450  
 
 
                       
CURRENT ASSETS
                       
Inventories, net
    7,053       7,044       6,137  
Accounts receivable, net
    14,025       14,646       12,357  
Prepaid expenses and other current assets
    5,363       4,660       4,779  
Short-term investments
    1,350       1,356       1,404  
Cash and cash equivalents
    3,837       12,523       4,836  
 
Total current assets
    31,628       40,229       29,513  
 
TOTAL ASSETS
    84,161       92,369       79,963  
 
 
                       
LIABILITIES & SHAREHOLDERS’ EQUITY
                       
 
                       
SHAREHOLDERS’ EQUITY
                       
Common shares
    6,350       6,543       6,491  
Paid-in surplus and retained earnings
    33,266       34,307       30,408  
Cumulative translation adjustment
    (4,653 )     (2,997 )     (3,268 )
Treasury shares
    (3,703 )     (5,788 )     (3,225 )
 
Total shareholders’ equity
    31,260       32,065       30,406  
 
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES
    147       403       396  
 
MINORITY INTEREST
    629       674       664  
 
 
                       
LONG-TERM LIABILITIES
                       
Deferred income taxes
    6,063       5,591       5,443  
Employee benefits
    3,600       3,833       3,818  
Other liabilities
    6,449       6,225       6,344  
 
Total long-term liabilities
    16,112       15,649       15,605  
 
LONG-TERM DEBT
    9,734       10,666       9,783  
 
 
                       
CURRENT LIABILITIES
                       
Accounts payable
    11,672       12,052       10,304  
Other creditors and accrued liabilities
    11,084       10,753       8,970  
Short-term borrowings and bank overdrafts
    3,523       10,107       3,835  
 
Total current liabilities
    26,279       32,912       23,109  
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
    84,161       92,369       79,963  
 

 


 

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

                             
                For the year   For the year
Fourth quarter   Fourth quarter       ended 31,   ended 31,
2004   2003   Amounts in millions of euros   December   December
(unaudited ) (unaudited )     2004   2003
 
 
                           
           
CASH FLOW FROM OPERATING ACTIVITIES
               
 
                           
3,314     1,632    
Consolidated net income
    9,872       7,219  
 
                           
2,115     1,401    
Depreciation, depletion, and amortization
    6,090       5,305  
 
                           
479     201    
Long-term liabilities, valuation allowances, and deferred taxes
    466       (208 )
(181 )   (170 )  
Impact of coverage of pension benefit plans
    (181 )     (170 )
151     108    
Unsuccessful exploration costs
    414       359  
(2,936 )   55    
(Gains)/Losses on sales of assets
    (3,078 )     182  
707     (114 )  
Equity in income of affiliates (in excess of)/less than dividends received
    216       (603 )
16     12    
Other changes, net
    158       21  
 
3,665     3,125    
Cash flow from operating activities before changes in working capital
    13,957       12,105  
23     (843 )  
(Increase)/Decrease in operating assets and liabilities
    472       382  
 
3,688     2,282    
CASH FLOW FROM OPERATING ACTIVITIES (1)
    14,429       12,487  
 
 
                           
           
CASH FLOW USED IN INVESTING ACTIVITIES
               
 
                           
(2,670 )   (2,450 )  
Intangible assets and property, plant, and equipment additions
    (7,167 )     (6,365 )
(136 )   (109 )  
Exploration expenditures charged to expenses
    (374 )     (343 )
(94 )   (84 )  
Acquisitions of subsidiaries, net of cash acquired
    (131 )     (421 )
(101 )   (43 )  
Investments in equity affiliates and other securities
    (209 )     (123 )
(191 )   (124 )  
Increase in long-term loans
    (787 )     (476 )
 
(3,192 )   (2,810 )  
Total expenditures
    (8,668 )     (7,728 )
54     167    
Proceeds from sale of intangible assets and property, plant, and equipment
    225       315  
    86    
Proceeds from sale of subsidiaries, net of cash sold
    1       820  
359     129    
Proceeds from sale of non-current investments
    408       218  
241     196    
Repayment of long-term loans
    558       525  
 
654     578    
Total divestitures
    1,192       1,878  
6     8    
(Increase)/Decrease in short-term investments
    55       116  
 
(2,532 )   (2,224 )  
CASH FLOW USED IN INVESTING ACTIVITIES
    (7,421 )     (5,734 )
 
 
                           
           
CASH FLOW USED IN FINANCING ACTIVITIES
               
 
                           
           
Issuance and repayment of shares:
               
       
Parent company’s shareholders
    371       69  
(991 )   (478 )  
Purchase of treasury shares
    (3,554 )     (3,994 )
44     39    
Minority shareholders
    162       76  
(241 )      
Subsidiaries’ redeemable preferred shares
    (241 )      
           
Cash dividends paid:
               
(1,440 )      
— Parent company’s shareholders
    (4,293 )     (2,571 )
(62 )   (10 )  
— Minority shareholders
    (207 )     (124 )
549     830    
Net issuance/(repayment) of long-term debt
    2,249       2,108  
(7,384 )   (5,223 )  
Increase/(Decrease) in short-term borrowings and bank overdrafts
    (2,195 )     (2,153 )
(4 )   (1 )  
Other changes, net
    (6 )     (5 )
 
(9,529 )   (4,843 )  
CASH FLOW USED IN FINANCING ACTIVITIES
    (7,714 )     (6,594 )
 
(8,373 )   (4,785 )  
Net increase/decrease in cash and cash equivalents
    (706 )     159  
(313 )   (55 )  
Effect of exchange rates and changes in reporting entity on cash and cash equivalents
    (293 )     (289 )
12,523     9,676    
Cash and cash equivalents at the beginning of the year
    4,836       4,966  
 
3,837     4,836    
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
    3,837       4,836  
 

(1) Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 29 million of euros for the fourth quarter 2004, 316 million of euros for the year ended December 31, 2004.

 


 

BUSINESS SEGMENTS INFORMATION
Total

(unaudited)

                                                 
    Amounts in millions of euros
 
Fourth quarter 2004   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    6,448       23,139       5,245                     34,832  
Intersegment sales
    3,792       802       188       55       (4,837 )      
 
Total sales
    10,240       23,941       5,433       55       (4,837 )     34,832  
 
Depreciation, depletion, and amortization of tangible assets
    (736 )     (278 )     (775 )     (5 )             (1,794 )
 
Operating income
    3,460       1,108       (338 )     (75 )             4,155  
 
Amortization of intangible assets and acquisition goodwill
    (73 )     (28 )     (197 )     (6 )             (304 )
Equity in income (loss) of affiliates and other items
    (175 )     18       (85 )     2,200               1,958  
Tax on net operating income
    (1,938 )     (341 )     156       (320 )             (2,443 )
 
Net operating income
    1,274       757       (464 )     1,799               3,366  
 
Net cost of net debt
                                            (49 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (80 )
 
Net income
                                            3,237  
 
                                                 
Fourth quarter 2004                        
(special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
                                               
Intersegment sales
                                               
 
Total sales
                                               
 
Depreciation, depletion, and amortization of tangible assets
          (34 )     (593 )                   (627 )
 
Operating income
          (84 )     (763 )                   (847 )
 
Amortization of intangible assets and acquisition goodwill
    (68 )           (155 )                   (223 )
Equity in income (loss) of affiliates and other items
    (104 )     (25 )     (73 )     2,200               1,998  
Tax on net operating income
    24       32       279       (383 )             (48 )
 
Net operating income
    (148 )     (77 )     (712 )     1,817               880  
 
Net cost of net debt
                                             
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (9 )
 
Net income
                                            871  
 
                                                 
Fourth quarter 2004                        
(adjusted for special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    6,448       23,139       5,245                     34,832  
Intersegment sales
    3,792       802       188       55       (4,837 )      
 
Total sales
    10,240       23,941       5,433       55       (4,837 )     34,832  
 
Depreciation, depletion, and amortization of tangible assets
    (736 )     (244 )     (182 )     (5 )             (1,167 )
 
Operating income
    3,460       1,192       425       (75 )             5,002  
 
Amortization of intangible assets and acquisition goodwill
    (5 )     (28 )     (42 )     (6 )             (81 )
Equity in income (loss) of affiliates and other items
    (71 )     43       (12 )                   (40 )
Tax on net operating income
    (1,962 )     (373 )     (123 )     63               (2,395 )
 
Net operating income
    1,422       834       248       (18 )             2,486  
 
Net cost of net debt
                                            (49 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (71 )
 
Net income
                                            2,366  
 
 
                                               
 
                                               
 
Sanofi-Aventis merger accounting adjustments
                                               
 
Adjustment for equity share of amortization of goodwill and intangible assets
                                            153  
 
Adjusted net income
                                            2,519  
 
                                                 
Fourth quarter 2004   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Total expenditures
    2,246       623       292       31               3,192  
Divestitures at selling price
    322       73       54       205               654  
Cash flow from operating activities (1)
    3,077       159       327       125               3,688  
 

(1) In the Chemicals segment, this figure amounts to 356 millions of euros excluding an amount of 29 millions of euros paid relating to the Toulouse AZF plant explosion.

 


 

BUSINESS SEGMENTS INFORMATION
Total

(unaudited)

                                                 
    Amounts in millions of euros
 
Fourth quarter 2003   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    5,151       18,041       4,335       6               27,533  
Intersegment sales
    2,896       577       176       34       (3,683 )      
 
Total sales
    8,047       18,618       4,511       40       (3,683 )     27,533  
 
Depreciation, depletion, and amortization of tangible assets
    (842 )     (228 )     (225 )     (10 )             (1,305 )
 
Operating income
    2,652       400       132       (46 )             3,138  
 
Amortization of intangible assets and acquisition goodwill
    (11 )     (26 )     (45 )     (6 )             (88 )
Equity in income (loss) of affiliates and other items
    70       (124 )     (225 )     123               (156 )
Tax on net operating income
    (1,316 )     (68 )     37       139               (1,208 )
 
Net operating income
    1,395       182       (101 )     210               1,686  
 
Net cost of net debt
                                            (53 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (43 )
 
Net income
                                            1,590  
 
                                                 
Fourth quarter 2003                        
(special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
                                               
Intersegment sales
                                               
 
Total sales
                                               
 
Depreciation, depletion, and amortization of tangible assets
                (17 )                   (17 )
 
Operating income
                (25 )                   (25 )
 
Amortization of intangible assets and acquisition goodwill
                                     
Equity in income (loss) of affiliates and other items
                (217 )                   (217 )
Tax on net operating income
                85                     85  
 
Net operating income
                (157 )                   (157 )
 
Net cost of net debt
                                             
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                             
 
Net income
                                            (157 )
 
                                                 
Fourth quarter 2003                        
(adjusted for special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    5,151       18,041       4,335       6               27,533  
Intersegment sales
    2,896       577       176       34       (3,683 )      
 
Total sales
    8,047       18,618       4,511       40       (3,683 )     27,533  
 
Depreciation, depletion, and amortization of tangible assets
    (842 )     (228 )     (208 )     (10 )             (1,288 )
 
Operating income
    2,652       400       157       (46 )             3,163  
 
Amortization of intangible assets and acquisition goodwill
    (11 )     (26 )     (45 )     (6 )             (88 )
Equity in income (loss) of affiliates and other items
    70       (124 )     (8 )     123               61  
Tax on net operating income
    (1,316 )     (68 )     (48 )     139               (1,293 )
 
Net operating income
    1,395       182       56       210               1,843  
 
Net cost of net debt
                                            (53 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (43 )
 
Net income
                                            1,747  
 
                                                 
Fourth quarter 2003   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Total expenditures
    1,748       704       327       31               2,810  
Divestitures at selling price
    119       346       94       19               578  
Cash flow from operating activities (1)
    2,190       (213 )     172       133               2,282  
 

(1) In the Chemicals segment, this figure amounts to 257 millions of euros excluding an amount of 85 millions of euros paid relating to the Toulouse AZF plant explosion.

 


 

BUSINESS SEGMENTS INFORMATION
Total

                                                 
 
    Amounts in millions of euros
 
For the year ended 31, December 2004   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    21,995       80,640       20,042       23               122,700  
Intersegment sales
    14,208       2,836       699       183       (17,926 )      
 
Total sales
    36,203       83,476       20,741       206       (17,926 )     122,700  
 
Depreciation, depletion, and amortization of tangible assets
    (3,196 )     (918 )     (1,353 )     (31 )             (5,498 )
 
Operating income
    12,820       3,133       323       (215 )             16,061  
 
Amortization of intangible assets and acquisition goodwill
    (89 )     (112 )     (284 )     (33 )             (518 )
Equity in income (loss) of affiliates and other items
    228       170       (265 )     2,691               2,824  
Tax on net operating income
    (7,273 )     (966 )     23       (152 )             (8,368 )
 
Net operating income
    5,686       2,225       (203 )     2,291               9,999  
 
Net cost of net debt
                                            (121 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (266 )
 
Net income
                                            9,612  
 
                                                 
For the year ended 31, December 2004                        
(special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
                                               
Intersegment sales
                                               
 
Total sales
                                               
 
Depreciation, depletion, and amortization of tangible assets
          (34 )     (593 )                   (627 )
 
Operating income
          (84 )     (763 )                   (847 )
 
Amortization of intangible assets and acquisition goodwill
    (68 )           (155 )                   (223 )
Equity in income (loss) of affiliates and other items
    (104 )     (25 )     (293 )     2,200               1,778  
Tax on net operating income
    24       32       352       (383 )             25  
 
Net operating income
    (148 )     (77 )     (859 )     1,817               733  
 
Net cost of net debt
                                             
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (7 )
 
Net income
                                            726  
 
                                                 
For the year ended 31, December 2004                        
(adjusted for special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    21,995       80,640       20,042       23               122,700  
Intersegment sales
    14,208       2,836       699       183       (17,926 )      
 
Total sales
    36,203       83,476       20,741       206       (17,926 )     122,700  
 
Depreciation, depletion, and amortization of tangible assets
    (3,196 )     (884 )     (760 )     (31 )             (4,871 )
 
Operating income
    12,820       3,217       1,086       (215 )             16,908  
 
Amortization of intangible assets and acquisition goodwill
    (21 )     (112 )     (129 )     (33 )             (295 )
Equity in income (loss) of affiliates and other items
    332       195       28       491               1,046  
Tax on net operating income
    (7,297 )     (998 )     (329 )     231               (8,393 )
 
Net operating income
    5,834       2,302       656       474               9,266  
 
Net cost of net debt
                                            (121 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (259 )
 
Net income
                                            8,886  
 
 
                                               
 
                                               
 
Sanofi-Aventis merger accounting adjustments
                                               
 
Adjustment for equity share of amortization of goodwill and intangible assets
                                            153  
 
Adjusted net income
                                            9,039  
 
                                                 
For the year ended 31, December 2004   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Total expenditures
    6,170       1,516       905       77               8,668  
Divestitures at selling price
    637       200       122       233               1,192  
Cash flow from operating activities (1)
    10,316       3,111       556       446               14,429  
 

(1) In the Chemicals segment, this figure amounts to 872 millions of euros excluding an amount of 316 millions of euros paid relating to the Toulouse AZF plant explosion.

                                                 
Balance sheet as of December 31, 2004   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Property, plant, and equipment, net
    24,143       6,904       5,188       187               36,422  
Intangible assets, net
    263       566       1,020       59               1,908  
Investments in equity affiliates
    1,430       1,241       554       5,772               8,997  
Total non-current assets
    27,715       10,046       7,744       7,028               52,533  
Capital employed (2)
    16,442       9,623       8,338       5,703               40,106  
 

(2) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 110 million of euros related to Toulouse AZF plant explosion.

 


 

BUSINESS SEGMENTS INFORMATION
Total

                                                 
    Amounts in millions of euros
 
For the year ended 31, December 2003   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    18,704       68,658       17,260       30               104,652  
Intersegment sales
    11,546       2,289       590       115       (14,540 )      
 
Total sales
    30,250       70,947       17,850       145       (14,540 )     104,652  
 
Depreciation, depletion, and amortization of tangible assets
    (3,289 )     (880 )     (773 )     (35 )             (4,977 )
 
Operating income
    10,476       1,970       533       (209 )             12,770  
 
Amortization of intangible assets and acquisition goodwill
    (22 )     (98 )     (151 )     (22 )             (293 )
Equity in income (loss) of affiliates and other items
    265       109       (614 )     569               329  
Tax on net operating income
    (5,460 )     (521 )     137       424               (5,420 )
 
Net operating income
    5,259       1,460       (95 )     762               7,386  
 
Net cost of net debt
                                            (162 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (199 )
 
Net income
                                            7,025  
 
                                                 
For the year ended 31, December 2003                        
(special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
                                               
Intersegment sales
                                               
 
Total sales
                                               
 
Depreciation, depletion, and amortization of tangible assets
                (17 )                   (17 )
 
Operating income
                (25 )                   (25 )
 
Amortization of intangible assets and acquisition goodwill
                                     
Equity in income (loss) of affiliates and other items
                (430 )     40               (390 )
Tax on net operating income
                106       (10 )             96  
 
Net operating income
                (349 )     30               (319 )
 
Net cost of net debt
                                             
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                             
 
Net income
                                            (319 )
 
                                                 
For the year ended 31, December 2003                        
(adjusted for special items)   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Non-Group sales
    18,704       68,658       17,260       30               104,652  
Intersegment sales
    11,546       2,289       590       115       (14,540 )      
 
Total sales
    30,250       70,947       17,850       145       (14,540 )     104,652  
 
Depreciation, depletion, and amortization of tangible assets
    (3,289 )     (880 )     (756 )     (35 )             (4,960 )
 
Operating income
    10,476       1,970       558       (209 )             12,795  
 
Amortization of intangible assets and acquisition goodwill
    (22 )     (98 )     (151 )     (22 )             (293 )
Equity in income (loss) of affiliates and other items
    265       109       (184 )     529               719  
Tax on net operating income
    (5,460 )     (521 )     31       434               (5,516 )
 
Net operating income
    5,259       1,460       254       732               7,705  
 
Net cost of net debt
                                            (162 )
Minority interests and dividends on subsidiaries’ redeemable preferred shares
                                            (199 )
 
Net income
                                            7,344  
 
                                                 
For the year ended 31, December 2003   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Total expenditures
    5,302       1,235       1,115       76               7,728  
Divestitures at selling price
    428       466       891       93               1,878  
Cash flow from operating activities (1)
    9,214       3,099       268       (94 )             12,487  
 

(1) In the Chemicals segment, this figure amounts to 987 millions of euros excluding an amount of 719 millions of euros paid relating to the Toulouse AZF plant explosion.

                                                 
Balance sheet as of December 31, 2003   Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
 
Property, plant, and equipment, net
    23,443       6,750       5,867       226               36,286  
Intangible assets, net
    196       496       1,281       44               2,017  
Investments in equity affiliates
    1,564       1,057       545       3,703               6,869  
Total non-current assets
    27,104       9,586       8,482       5,278               50,450  
Capital employed (2)
    16,777       9,064       8,702       4,301               38,844  
 

(2) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 276 million of euros related to Toulouse AZF plant explosion.

 


 

CONSOLIDATED STATEMENTS OF INCOME (Impact of special items)
Total

                                 
    For the year ended 31, December 2004   For the year ended
                            31, December 2003
     
                    Consolidated    
Amounts in millions of euros   Adjusted for           statement of   Adjusted for
    special items   Special items   income   special items
 
Total sales
    122,700             122,700       104,652  
Operating expenses
    (100,921 )     (220 )     (101,141 )     (86,897 )
Depreciation, depletion, and amortization of tangible assets
    (4,871 )     (627 )     (5,498 )     (4,960 )
 
Operating income
                               
Corporate
    (215 )           (215 )     (209 )
Business segments
    17,123       (847 )     16,276       13,004  
 
Total operating income
    16,908       (847 )     16,061       12,795  
 
Interest expense, net
    (234 )           (234 )     (232 )
Dividend income on non-consolidated subsidiaries
    164             164       152  
Dividends on subsidiaries’ redeemable preferred shares
    (6 )           (6 )     (5 )
Other income (expense), net
    (403 )     2,577       2,174       (670 )
Provision for income taxes
    (8,341 )     25       (8,316 )     (5,449 )
Equity in income (loss) of affiliates
    1,164       (827 )     337       1,086  
 
Income before amortization of acquisition goodwill
    9,252       928       10,180       7,677  
 
Amortization of acquisition goodwill
    (113 )     (195 )     (308 )     (139 )
 
Consolidated net income
    9,139       733       9,872       7,538  
 
of which minority interest
    253       7       260       194  
 
NET INCOME
    8,886       726       9,612       7,344  
 
                                 
            Fourth quarter           Fourth quarter
            2004           2003
            (unaudited)           (unaudited)
     
                    Consolidated    
Amounts in millions of euros   Adjusted for           statement of   Adjusted for
    special items   Special items   income   special items
 
Total sales
    34,832             34,832       27,533  
Operating expenses
    (28,663 )     (220 )     (28,883 )     (23,082 )
Depreciation, depletion, and amortization of tangible assets
    (1,167 )     (627 )     (1,794 )     (1,288 )
 
Operating income
                               
Corporate
    (75 )           (75 )     (46 )
Business segments
    5,077       (847 )     4,230       3,209  
 
Total operating income
    5,002       (847 )     4,155       3,163  
 
Interest expense, net
    (118 )           (118 )     (121 )
Dividend income on non-consolidated subsidiaries
    29             29       56  
Dividends on subsidiaries’ redeemable preferred shares
    (3 )           (3 )     (1 )
Other income (expense), net
    (219 )     2,797       2,578       (215 )
Provision for income taxes
    (2,379 )     (48 )     (2,427 )     (1,270 )
Equity in income (loss) of affiliates
    152       (827 )     (675 )     218  
 
Income before amortization of acquisition goodwill
    2,464       1,075       3,539       1,830  
 
Amortization of acquisition goodwill
    (30 )     (195 )     (225 )     (41 )
 
Consolidated net income
    2,434       880       3,314       1,789  
 
of which minority interest
    68       9       77       42  
 
NET INCOME
    2,366       871       3,237       1,747